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HomeMy WebLinkAboutConcert Hall Plaza - Title Insurance.pdf Chicago Title Insurance Company ALTA COMMITMENT Our Order No. V50004534-3 Schedule A Cust. Ref.: Property Address: 616 W. LIONSHEAD CIR. VAIL, CO 81658 1. Effective Date: March 17, 2004 at 5:00 P.M. 2. Policy to be Issued, and Proposed Insured: "ALTA" Owner's Policy 10-17-92 $1,900,000.00 Proposed Insured: KIM HUGHES "ALTA" Loan Policy 10-17-92 $1,425,000.00 Proposed Insured: FIRSTBANK OF VAIL, ITS SUCCESSORS AND/OR ASSIGNS 3. The estate or interest in the land described or referred to in this Commitment and covered herein is: A Fee Simple 4. Title to the estate or interest covered herein is at the effective date hereof vested in: STANDARD FEDERAL BANK N.A. 5. The land referred to in this Commitment is described as follows: SEE ATTACHED PAGE(S) FOR LEGAL DESCRIPTION Our Order No. V50004534-3 LEGAL DESCRIPTION PARCEL A: CONDOMINIUM UNITS 104, 105, 106, 200, 201, 202, 203, 204, 205, 206 AND 300 CONCERT HALL PLAZA CONDOMINIUMS, ACCORDING TO THE AMENDED CONDOMINIUM MAP OF CONCERT HALL PLAZA CONDOMINIUMS RECORDED OCTOBER 15, 1992 IN BOOK 591 AT PAGE 494, AND AS DEFINED AND DESCRIBED IN THE DECLARATION RECORDED OCTOBER 15, 1992 IN BOOK 591 AT PAGE 493, COUNTY OF EAGLE, STATE OF COLORADO. PARCEL B: DECLARANT'S RIGHT AS DESCRIBED IN INSTRUMENT RECORDED OCTOBER 15, 1992 IN BOOK 591 AT PAGE 493, ASSIGNMENT AND ASSUMPTION RECORDED OCTOBER 5, 2000 AT RECEPTION NO. 740834 AND ASSIGNMENT RECORDED AT RECEPTION NO. , COUNTY OF EAGLE, STATE OF COLORADO. ALTA COMMITMENT Schedule B - Section 1 (Requirements) Our Order No. V50004534-3 The following are the requirements to be complied with: Item (a) Payment to or for the account of the grantors or mortgagors of the full consideration for the estate or interest to be insured. Item (b) Proper instrument(s)creating the estate or interest to be insured must be executed and duly filed for record, to-wit: Item(c) Payment of all taxes, charges or assessments levied and assessed against the subject premises which are due and payable. Item(d) Additional requirements, if any disclosed below: I. EVIDENCE SATISFACTORY TO THE COMPANY THAT STANDARD FEDERAL BANK N.A. IS AN ENTITY CAPABLE OF CONVEYING TITLE TO SUBJECT PROPERTY. 2. ASSIGNMENT OF DECLARANT'S RIGHTS FROM STANDARD FEDERAL BANK N.A. TO KIM HUGHES TO BE RECORDED IN EAGLE COUNTY. 3. EVIDENCE SATISFACTORY TO THE COMPANY THAT THE TERMS, CONDITIONS AND PROVISIONS OF THE TOWN OF VAIL TRANSFER TAX HAVE BEEN SATISFIED. 4. WARRANTY DEED FROM STANDARD FEDERAL BANK N.A. TO KIM HUGHES CONVEYING SUBJECT PROPERTY. 5. DEED OF TRUST FROM KIM HUGHES TO THE PUBLIC TRUSTEE OF EAGLE COUNTY FOR THE USE OF FIRSTBANK OF VAIL TO SECURE THE SUM OF$1,425,000.00. THE FOLLOWING DELETIONS/MODIFICATIONS ARE FOR THE OWNER'S POLICY. NOTE: ITEMS 1-3 OF THE GENERAL EXCEPTIONS ARE HEREBY DELETED. UPON THE APPROVAL OF THE COMPANY AND THE RECEIPT OF A NOTARIZED FINAL LIEN AFFIDAVIT, ITEM NO. 4 OF THE GENERAL EXCEPTIONS WILL BE AMENDED AS FOLLOWS: ITEM NO. 4 OF THE GENERAL EXCEPTIONS IS DELETED AS TO ANY LIENS OR FUTURE LIENS RESULTING FROM WORK OR MATERIAL FURNISHED AT THE REQUEST OF STANDARD FEDERAL BANK N.A.. CHICAGO TITLE INSURANCE COMPANY SHALL HAVE NO LIABILITY FOR ANY LIENS ALTA COMMITMENT Schedule B - Section 1 (Requirements) Our Order No. V50004534-3 Continued: ARISING FROM WORK OR MATERIAL FURNISHED AT THE REQUEST OF KIM HUGHES. NOTE: ITEM 5 OF THE GENERAL EXCEPTIONS WILL BE DELETED IF LAND TITLE GUARANTEE COMPANY CONDUCTS THE CLOSING OF THE CONTEMPLATED TRANSACTION(S) AND RECORDS THE DOCUMENTS IN CONNECTION THEREWITH. NOTE: UPON PROOF OF PAYMENT OF ALL TAXES, ITEM 6 WILL BE AMENDED TO READ: TAXES AND ASSESSMENTS FOR THE YEAR 2004 AND SUBSEQUENT YEARS, A LIEN NOT YET DUE AND PAYABLE. ITEM 7 UNDER SCHEDULE B-2 WILL BE DELETED UPON PROOF THAT THE WATER AND SEWER CHARGES ARE PAID UP TO DATE. "<x*""" NOTICE OF FEE CHANGE, EFFECTIVE SEPTEMBER 1, 2002 Pursuant to Colorado Revised Statute 30-10-421, "The county clerk and recorder shall collect a surcharge of$1.00 for each document received for recording or filing in his or her office. The surcharge shall be in addition to any other fees permitted by statute." a ALTA COMMITMENT Schedule B - Section 2 (Exceptions) Our Order No. V50004534-3 The policy or policies to be issued will contain exceptions to the following 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. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, and any facts which a correct survey and inspection of the premises would disclose and which are not shown by the public records. 4. Any lien, or right to a lien, for services, labor or material theretofore 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 hereof but prior to the date the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. 6. Taxes or special assessments which are not shown as existing liens by the public records. 7. Liens for unpaid water and sewer charges, if ally. 8. In addition, the owner's policy will be subject to the mortgage, if any, noted in Section 1 of Schedule B hereof. 9. RIGHT OF PROPRIETOR OF A VEIN OR LODE TO EXTRACT AND REMOVE HIS ORE THEREFROM SHOULD THE SAME BE FOUND TO PENETRATE OR INTERSECT THE PREMISES AS RESERVED IN UNITED STATES PATENT RECORDED MAY 24, 1904, IN BOOK 48 AT PAGE 503 AND IN UNITED STATES PATENT RECORDED SEPTEMBER 04, 1923, IN BOOK 93 AT PAGE 98. THE EXISTENCE OF THE EASEMENT SHOWN AS ITEM NO. 9, SCHEDULE B-2, WILL NOT AFFECT OUR ABILITY TO ATTACH COLORADO ENDORSEMENT NO. 103.1 TO OUR OWNERS POLICY WHEN ISSUED. 10. RIGHT OF WAY FOR DITCHES OR CANALS CONSTRUCTED BY THE AUTHORITY OF THE UNITED STATES AS RESERVED IN UNITED STATES PATENT RECORDED MAY 24, 1904, IN BOOK 48, AT PAGE 503 AND RECORDED SEPTEMBER 04, 1923, IN BOOK 93 AT PAGE 98. 11. RESTRICTIVE COVENANTS, WHICH DO NOT CONTAIN A FORFEITURE OR REVERTER CLAUSE, BUT OMITTING ANY COVENANT OR RESTRICTION BASED ON RACE, COLOR, RELIGION, SEX, HANDICAP, FAMILIAL STATUS OR NATIONAL ORIGIN UNLESS AND ONLY TO THE EXTENT THAT SAID COVENANT(A) IS EXEMPT UNDER CHAPTER 42, SECTION 3607 OF THE UNITED STATES CODE OR (B) RELATES TO HANDICAP BUT DOES NOT DISCRIMINATE AGAINST HANDICAPPED PERSONS. AS CONTAINED IN INSTRUMENT ALTA COMMITMENT Schedule B - Section 2 (Exceptions) Our Order No. V50004534-3 The policy or policies to be issued will contain exceptions to the following unless the same are disposed of to the satisfaction of the Company: RECORDED OCTOBER 18, 1971, IN BOOK 221 AT PAGE 991 AND AS AMENDED IN INSTRUMENT RECORDED AUGUST 12, 1977, IN BOOK 258 AT PAGE 453. 12, THOSE PROVISIONS, COVENANTS AND CONDITIONS, EASEMENTS AND RESTRICTIONS, WHICH ARE A BURDEN TO THE CONDOMINIUM UNIT DESCRIBED IN SCHEDULE A, AS CONTAINED IN INSTRUMENT RECORDED OCTOBER 15, 1992 IN BOOK 591 AT PAGE 493 11 EXISTING LEASES AND TENANCIES. 14. TERMS, CONDITIONS AND PROVISIONS OF LICENSE AGREEMENT BY AND BETWEEN THE TOWN OF VAIL, COLORADO MUNICIPAL CORPORATION AND SELBY TOFEL AND ASSOCIATES, A COLORADO GENERAL PARTNERSHIP DAYED DECEMBER 18, 1986 RECORDED DECEMBER 31, 1986 IN BOOK 455 AT PAGE 115. 15. TERMS, CONDITIONS AND PROVISIONS OF LICENSE AGREEMENT BETWEEN THE TOWN OF VAIL AND VAIL INVESTMENT COMPANY, A COLORADO LIMITED PARTNERSHIP RECORDED JUNE 10, 1987 IN BOOK 464 AT PAGE 121. 16. EASEMENTS, RESERVATIONS AND RESTRICTIONS AS SHOWN OR RESERVED ON THE CONDOMINIUM MAP RECORDED OCTOBER 15, 1992 IN BOOK 591 AT PAGE 494. NOTE: NOT INCLUDING DECLARANTS RESERVED AIR SPACE AS SHOWN ON CONDOMINIUM MAP AS REFERENCED ABOVE. 17. USE RESTRICTION AS CONTAINED IN WARRANTY DEED RECORDED OCTOBER 22, 1992 IN BOOK 592 AT PAGE 97. LAND TITLE GUARANTEE COMPANY DISCLOSURE STATEMENTS Note: Pursuant to CRS 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 may be obtained from the County Treasurer's authorized agent. C) The 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: Effective September I, 1997, CRS 30-10-406 requires that all documents received for recording or filing in the clerk and recorder's office shall contain a top margin of at least one inch and a left, right and bottom margin of at least one half of an inch. The clerk and recorder may refuse to record or file any document that does not conform, except that, the requirement for the top margin shall not apply to documents using forms on which space is provided for recording or filing information at the top margin of the document. Note: Colorado Division of Insurance Regulations 3-5-1, Paragraph C of Article VII 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 Land Title Guarantee Company 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 Lenders 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 material-men 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 un-filed mechanic's and material-men'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 he 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. Note: Pursuant to CRS 10-11-123, notice is hereby given: This notice applies to owner's policy commitments containing a mineral severance instrument exception, or exceptions, in Schedule B, Section 2. 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. 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. Form DISCLOSURE 09/01/02 JOINT NOTICE OF PRIVACY POLICY Fidelity National Financial Group of Companies/Chicago Title Insurance Company and Land Title Guarantee Company July 1, 2001 We recognize and respect the privacy expectations of today's consumers and the requirements of applicable federal and state privacy laws. Wbelieve that making you aware of how we use your non-public personal information ("Personal Information"), and to whom it is disclosed, will form the basis for a relationship of trust between us and the public that we serve. This Privacy Statement provides that explanation. We reserve the right to change this Privacy Statement from time to time consistent with applicable privacy laws. In the course of our business, we may collect Personal Information about you from the following sources: * From applications or other forms we receive from you or your authorized representative; * From your transactions with, or from the services being performed by, us, our affiliates, or others; * From our internet web sites; * From the public records maintained by governmental entities that we either obtain directly from those entities, or from our affiliates or others; and * From consumer or other reporting agencies. Our Policies Regarding the Protection of the Confidentiality and Security of Your Personal Information We maintain physical, electronic and procedural safeguards to protect your Personal Information from unauthorized access or intrusion. We limit access to the Personal Information only to those employees who need such access in connection with providing products or services to you or for other legitimate business purposes. Our Policies and Practices Regarding the Sharing of Your Personal Information We may share your Personal Information with our affiliates, such as insurance companies, agents, and other real estate settlement service providers. We also may disclose your Personal Information: * to agents, brokers or representatives to provide you with services you have requested; * to third-party contractors or service providers who provide services or perform marketing or other functions on our behalf; and x to others with whom we enter into joint marketing agreements for products or services that we believe you may find of interest. In addition, we will disclose your Personal Lnformation when you direct or give us permission, when we are required by law to do so, or when we suspect fraudulent or criminal activities. We also may disclose your Personal Information when otherwise permitted by applicable privacy laws such as, for example, when disclosure is needed to enforce our rights arising out of any agreement, transaction or relationship with you. One of the important responsibilities of some of our affiliated companies is to record documents in the public domain. Such documents may contain your Personal Information. Right to Access Your Personal Information and Ability to Correct Errors Or Request Changes Or Deletion Certain states afford you the right to access your Personal Information and, under certain circumstances, to find out to whom your Personal Information has been disclosed. Also, certain states afford you the right to request correction, amendment or deletion of your Personal Information. We reserve the right, where permitted by law, to charge a reasonable fee to cover the costs incurred in responding to such requests. All requests submitted to the Fidelity National Financial Group of Companies/Chicago Title Insurance Company shall be in writing, and delivered to the following address: Privacy Compliance Officer Fidelity National Financial, Inc. 4050 Calle Real, Suite 220 Santa Barbara, CA 93110 Multiple Products or Services If we provide you with more than one financial product or service, you nay receive more than one privacy notice from us. We apologize for any inconvenience this may cause you. Form PRIV.POL.CHI