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HomeMy WebLinkAboutTitle Report_2.pdfstewart title View your transaction progress 24/7 via Stewart Online Ask us about your login today! Date: File Number: April 5, 2016 01330-77357 Property: 1740 Sierra Trail, Vail, CO 81657 Please direct all Closing inquiries to: Trudy Matarese Phone: Fax: Email Address: tmatarese@stewart.com Lender: BRELF II, LLC, a Washington Limited Liability 600 University St Seattle, WA 98101 Attn: Shawn Chatwin Phone: Email Address: shawn@pyattbroadmark.com Delivery Method: emailed BORROWER: 1740 Sierra Trail, LLC Delivery Method: email Stewart Title 97 Main St, Edwards, CO 81632 WIRED FUNDS ARE REQUIRED ON ALL CASH PURCHASE TRANSACTIONS. PLEASE FEEL FREE TO CONTACT THE ESCROW OFFICE AS NOTED ON THIS PAGE. We Appreciate Your Business and Look Forward to Serving You in the Future. ste\Nart title AL TA COMMITMENT FORM COMMITMENT FOR TITLE INSURANCE ISSUED BY STEWART TITLE GUARANTY COMPANY STEWART TITLE GUARANTY COMPANY, a Texas Corporation ("Company"), for a valuable consideration, commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the Proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest in the land described or referred to in Schedule A, upon payment of the premiums and charges and compliance with the Requirements; all subject to the provisions of Schedules A and B and to the Conditions of this Commitment. This Commitment shall be effective only when the identity of the Proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A by the Company. All liability and obligation under this Commitment shall cease and terminate six months after the Effective Date or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue the policy or policies is not the fault of the Company. The Company will provide a sample of the policy form upon request. This Commitment shall not be valid or binding until countersigned by a validating officer or authorized signatory. IN WITNESS WHEREOF, Stewart Title Guaranty Company has caused its corporate name and seal to be affixed by its duly authorized officers on the date shown in Schedule A Stewart Title 97 Main St, Edwards, CO 81632 /~z~ Matt Morris President and CEO ~ Secretary For purposes of this form the "Stewart Title" logo featured above is the represented logo for the underwriter, Stewart Title Guaranty Company. Copyright 2006-2009 American Land Title Association. All rights reserved. The use of this Form is restricted to AL TA licensees and AL TA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment Form 06-17-06 File No.: 01330-77357 Page 1 of 2 AMFRTCAN LAND TITLE A:-.,~OCJAT IOI\ CONDITIONS 1. The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument. 2. If the proposed Insured has or acquired actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions. 3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and Conditions and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. 4. This Commitment is a contract to issue one or more title insurance policies and is not an abstract of title or a report of the condition of title. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment. 5. The policy to be issued contains an arbitration clause. Alf arbitrable matters when the Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. You may review a copy of the arbitration rules at< http://www.alta.org!>. STEWART TITLE GUARANTY COMPANY All notices required to be given the Company and any statement in writing required to be furnished the Company shall be addressed to it at P.O. Box 2029, Houston, Texas 77252. Copyright 2006-2009 American Land Title Association. All rights reserved. The use of this Form is restricted to AL TA licensees and AL TA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. AL TA Commitment Form 06-17 -06 File No.: 01330-77357 Page 2 of 2 AMERICAN LAND TTTLE AS~OCIAIW!'J AL TA COMMITMENT FOR TITLE INSURANCE SCHEDULE A ISSUED BY STEWART TITLE GUARANTY COMPANY File No.: 01330-77357 1. Effective Date: March 29, 2016 at 8:00AM 2. Policy or Policies To Be Issued (a) AL TA Owner's Proposed Insured: 1740 Sierra Trail, LLC (b) AL TA Loan (2006 Standard) Proposed Insured: BRELF II, LLC, a Washington Limited Liability 3. The estate or interest in the land described or referred to in this Commitment is: FEE SIMPLE 4. Title to the said estate or interest in the land is at the Effective Date vested in: 1740 Sierra Trail, LLC, a Colorado limited liability company 5. The land referred to in this Commitment is described as follows: See Exhibit "A" Attached Hereto Purported Address: 1740 Sierra Trail Vail, CO 81657 File No.: 01330-77357 STATEMENT OF CHARGES These charges are due and payable before a policy can be issued: Construction Loan Rate 2006 Loan Policy: Tax Certificate: $614.00 $25.00 Amount of Insurance $0.00 $330,000.00 AL TA COMMITMENT FOR TITLE INSURANCE SCHEDULE A ISSUED BY STEWART TITLE GUARANTY COMPANY EXHIBIT "A" LEGAL DESCRIPTION File No.: 01330-77357 Lot 22, VAIL VILLAGE WEST FILING NO. 1 according to the plat recorded October 25, 1963 as Reception No. 98135 COUNTY OF EAGLE, STATE OF COLORADO. COMMITMENT FOR TITLE INSURANCE SCHEDULE B -PART I ISSUED BY STEWART TITLE GUARANTY COMPANY File No.: 01330-77357 The following requirements must be met: 1. Payment to or for the account of the grantor(s) or mortgagor(s) of the full consideration for the estate or interest to be insured. 2. Proper instrument(s) creating the estate or interest to be insured must be executed and duly filed for record. 3. Evidence satisfactory to Stewart Title Guaranty Company of payment of all outstanding taxes and assessments as certified by the County Treasurer. 4. Execution of Affidavit as to Debts and Liens and its return to Stewart Title Guaranty Company. NOTE: If work has been performed on, or in connection with, the subject property (architectural drawings, soils testing, foundation work, installation of materials), please notify the Company's escrow officer within 10 days of receipt of this title commitment. 5. Relating to 1740 Sierra Trail, LLC, a Colorado limited liability company, The Company requires for its review the following: Copy of the Operating Agreement and the regulations of the limited liability company and any amendments thereof Note: The Colorado Secretary of State shows this LLC in good standing. 6. NOTE: Statement of Authority for 1740 Sierra Trail, LLC, a Colorado limited liability company recorded December 9, 2013 as Reception No. 201324289, discloses the following persons as those authorized to transact business on behalf of said entity: Keith Novick If there have been any amendments or changes to the management of the entity, written documentation reflecting the changes and a new Statement of Authority will be required 7. Release by the Public Trustee of the Deed of Trust from 17 40 Sierra Trail for the use of Montegra Capital Resources to secure $146,250.00, recorded December 9, 2013, as Reception No. 201324291. NOTE: Said Deed of Trust was modified as Reception No. 201523532. NOTE: Said Deed of Trust was modified as Reception No. 201421054. 8. Release by the Public Trustee of the Deed of Trust from 17 40 Sierra Trail LLC for the use of Walnut Grove Associates LLC to secure $343,267.00, recorded January 23, 2015, as Reception No. 201501583. 9. Deed of Trust from the Borrower to the Public Trustee for the use of the proposed lender to secure the loan. NOTE: The vesting deed is shown as follows: Warranty Deed recorded December 9, 2013, as Reception No. 201324290. COMMITMENT FOR TITLE INSURANCE SCHEDULE B • PART I ISSUED BY STEWART TITLE GUARANTY COMPANY COMMITMENT FOR TITLE INSURANCE SCHEDULE B-PART II ISSUED BY STEWART TITLE GUARANTY COMPANY File No.: 01330-77357 Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company: 1. Rights or claims of parties in possession, not shown by the public records. 2. Easements, or claims of easements, not shown by the public records. 3. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the title that would be disclosed by an accurate and complete land survey of the Land and not shown by the public records. 4. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the public records. 5. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the Effective Date but prior to the date the proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment. 6. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) Minerals of whatsoever kind, subsurface and surface substances, in, on, under and that may be produced from the Land, together with all rights, privileges, and immunities relating thereto, whether or not the matters excepted under (a), (b) or (c) are shown by the Public Records or listed in Schedule B. 7. Water rights, claims or title to water. 8. Any and all unpaid taxes and assessments and any unredeemed tax sales. 9. The effect of inclusions in any general or specific water conservancy, fire protection, soil conservation or other district or inclusion in any water service or street improvement area. 10. Reservations or exceptions in Patents, or in Acts authorizing the issuance thereof, including the reservation of a right of way for ditches or canals constructed by the authority of the United States, as reserved in United States Patent recorded October 4, 1918 in Book 93 at Page 101 and Patented recorded June 15, 1918 in Book 93 at Page 15. 11. A ten percent non-participating royalty in and to proceeds derived from the sale of any minerals of whatsoever kind and nature produced and mined from said premises, and recorded in Book 166 at Page 407 and any and all assignments thereof or interests therein. 12. Protective Covenants recorded October 25, 1963 in Book 178 at Page 149 as Reception No. 98186, and amendment recorded December 6, 1963 in Book 178 at Page 345 as Reception No. 983383, and amendment recorded February 16, 1970 in Book 217 at Page 75 as Reception No. 112633. 13. All matters as shown on the plat of Vail Village West Filing No. 1, recorded as Reception No. 98135 14. Easement between the County of Eagle, State of Colorado and Gas Facilities Inc., as contained in the instrument recorded August 11, 1965 in Book 190 at Page 405 as Reception No. 101914. COMMITMENT FOR TITLE INSURANCE SCHEDULE B-PART II ISSUED BY STEWART TITLE GUARANTY COMPANY 15. Pending disbursement of the full proceeds of the loan secured by the Mortgage set forth under Schedule A hereof, this policy insures only to the extent of the amount actually disbursed, but increases as each disbursement is made in good faith and without knowledge of any defects in, or objections to, the title up to the face amount of the Policy. • DISCLOSURES File No.: 01330-77357 Pursuant to C.R.S. 10-11-122, notice is hereby given that: A. THE SUBJECT REAL PROPERTY MAY BE LOCATED IN A SPECIAL TAXING DISTRICT, B. A CERTIFICATE OF TAXES DUE LISTING EACH TAXING JURISDICTION SHALL BE OBTAINED FROM THE COUNTY TREASURER OR THE COUNTY TREASURER'S AUTHORIZED AGENT; C. INFORMATION REGARDING SPECIAL DISTRICTS AND THE BOUNDARIES OF SUCH DISTRICTS MAY BE OBTAINED FROM THE BOARD OF COUNTY COMMISSIONERS, THE COUNTY CLERK AND RECORDER, OR THE COUNTY ASSESSOR Note: Colorado Division of Insurance Regulations 3-5-1, Subparagraph (7) (E) requires that "Every title entity shall be responsible for all matters which appear of record prior to the time of recording whenever the title entity conducts the closing and is responsible for recording or filing of legal documents resulting from the transaction which was closed." Provided that Stewart Title of Colorado conducts the closing of the insured transaction and is responsible for recording the legal documents from the transaction, exception number 5 will not appear on the Owner's Title Policy and the Lender's Title Policy when issued. Note: Affirmative Mechanic's Lien Protection for the Owner may be available (typically by deletion of Exception No. 4 of Schedule B, Section 2 of the Commitment from the Owner's Policy to be issued) upon compliance with the following conditions: A. The land described in Schedule A of this commitment must be a single-family residence, which includes a condominium or townhouse unit. B. No labor or materials have been furnished by mechanics or materialmen for purposes of construction on the land described in Schedule A of this Commitment within the past 6 months. C. The Company must receive an appropriate affidavit indemnifying the Company against unfiled Mechanic's and Materialmen's Liens. D. The Company must receive payment of the appropriate premium. E. If there has been construction, improvements or major repairs undertaken on the property to be purchased, within six months prior to the Date of the Commitment, the requirements to obtain coverage for unrecorded liens will include: disclosure of certain construction information; financial information as to the seller, the builder and/or the contractor; payment of the appropriate premium; fully executed Indemnity agreements satisfactory to the company; and, any additional requirements as may be necessary after an examination of the aforesaid information by the Company. No coverage will be given under any circumstances for labor or material for which the insured has contracted for or agreed to pay. To comply with the provisions of C.R.S. 10-11-123, the Company makes the following disclosure: a. That there is recorded evidence that a mineral estate has been severed, leased or otherwise conveyed from the surface estate and that there is a substantial likelihood that a third party holds some or all interest in oil, gas, other minerals, or geothermal energy in the property; and b. That such mineral estate may include the right to enter and use the property without the surface owner's permission. NOTE: THIS DISCLOSURE APPLIES ONLY IF SCHEDULE B, SECTION 2 OF THE TITLE COMMITMENT HEREIN INCLUDES AN EXCEPTION FOR SEVERED MINERALS. NOTHING HEREIN CONTAINED WILL BE DEEMED TO OBLIGATE THE COMPANY TO PROVIDE ANY OF THE COVERAGES REFERRED TO HEREIN, UNLESS THE ABOVE CONDITIONS ARE FULLY SATISFIED. STG Privacy Notice Stewart Title Companies WHAT DO THE STEWART TITLE COMPANIES DO WITH YOUR PERSONAL INFORMATION? Federal and applicable state law and regulations give consumers the right to limit some but not all sharing. Federal and applicable state law regulations also require us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand how we use your personal information. This privacy notice is distributed on behalf of the Stewart Title Guaranty Company and its title affiliates (the Stewart Title Companies), pursuant to Title V of the Gramm-Leach-Bliley Act (GLBA). The types of personal information we collect and share depend on the product or service that you have sought through us. This information can include social security numbers and driver's license number. All financial companies, such as the Stewart Title Companies, need to share customers' personal information to run their everyday business-to process transactions and maintain customer accounts. In the section below, we list the reasons that we can share customers' personal information; the reasons that we choose to share; and whether you can limit this sharing. Reasons we can share your personal Do we share Can you limit this sharing? information. For our everyday business purposes--to process your transactions and maintain your account. This may include running the business and managing customer accounts, such as processing transactions, mailing, Yes No and auditing services, and responding to court orders and legal investigations. For our marketing purposes -to offer our products and services Yes No to vou. For .ioint marketing with other financial companies No We don't share For our affiliates' everyday business purposes--information about your transactions and experiences. Affiliates are companies related by common ownership or control. They can be financial and non-financial Yes No companies. Our affiliates may include companies with a Stewart name; financial comvanies, such as Stewart Title Company For our affiliates' everyday business purposes--information about No We don't share your creditworthiness. For our affiliates to market to you -For your convenience, Stewart has Yes, send your first and last name, developed a means for you to opt out from its affiliates marketing even the email address used in your though such mechanism is not legally required. transaction, your Stewart file Yes number and the Stewart office location that IS handling your transaction by email to 011tout@stewart.com or fax to 1-800-335-9591. For non-affiliates to market to you. Non-affiliates are companies not related by common ownership or control. They can be financial and non-No We don't share financial comoanies. We may disclose your personal information to our affiliates or to non -affiliates as permitted by law. If you request a transaction with a non-affiliate, such as a third party insurance company, we will disclose your personal information to that non-affiliate. [We do not control their subsequent use of information, and suggest you refer to their privacy notices.] SHARING PRACTICES How often do the Stewart Title companies notify me We must notify you about our sharing practices when you request a transaction. about their practices? How do the Stewart Title Companies protect my To protect your personal information from unauthorized access and use, we use personal information? security measures that comply with federal law. These measures include computer, file, and building safelmards. How do the Stewart Title Companies collect my We collect your personal information, for example, when you personal information? • request insurance-related services • provide such information to us We also collect your personal information from others, such as the real estate agent or lender involved in your transaction, credit reporting agencies, affiliates or other companies. What sharing can I limit? Although federal and state law give you the right to limit sharing (e.g., opt out) in certain instances we do not share your personal information in those instances. Contact us: If you have any questions about this privacy notice, please contact us at: Stewart Title Guaranty Company, 1980 Post Oak Blvd., Privacy Officer, Houston, Texas 77056 File No.: 01330-77357 Revised 11-19-2013