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Commitment from Land Title - 1-27-2021Date: Number: Class/DescriptionFile Number AmountClient's File #Transactee Memo 01/26/2021 Land Title, Inc. 2200 County Road C West Suite 2205 Roseville, MN 55113 651.638.1900 Options Real Estate, Inc. PO Box 33 Maple Plain, MN 55359 69157 Invoice Lotus Holdings, LLC Title Commitment $400.00630084 Total $400.00 $400.00Total Due When you provide a check as payment, you authorize us to use information from the check to make a one-time electronic fund transfer from your account. In certain circumstances, such as for technical or processing reasons, we may process your payment as a check transaction. Due Upon Receipt This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; Schedule B, Part II—Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Form 5030000 (1-31-17) Page 1 of 9 ALTA Commitment for Title Insurance (8-1-16) LT File No.: 630084 ALTA Commitment for Title Insurance ISSUED BY First American Title Insurance Company Commitment COMMITMENT FOR TITLE INSURANCE Issued By FIRST AMERICAN TITLE INSURANCE COMPANY NOTICE IMPORTANT—READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT. THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED. THE COMPANY’S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT. THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON. COMMITMENT TO ISSUE POLICY Subject to the Notice; Schedule B, Part I—Requirements; Schedule B, Part II—Exceptions; and the Commitment Conditions, First American Title Insurance Company, a Nebraska Corporation (the “Company”), commits to issue the Policy according to the terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Policy Amount and the name of the Proposed Insured. If all of the Schedule B, Part I—Requirements have not been met within six months after the Commitment Date, this Commitment terminates and the Company’s liability and obligation end. First American Title Insurance Company Dennis J. Gilmore, President Greg L. Smith, Secretary Countersigned by: Dennis J. Unger, Vice President Authorized Countersignature Land Title, Inc. Company Name Roseville, MN City, State If this jacket was created electronically, it constitutes an original document. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; Schedule B, Part II—Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Form 5030000 (1-31-17) Page 2 of 9 ALTA Commitment for Title Insurance (8-1-16) LT File No.: 630084 COMMITMENT CONDITIONS 1. DEFINITIONS (a) “Knowledge” or “Known”: Actual or imputed knowledge, but not constructive notice imparted by the Public Records. (b) “Land”: The land described in Schedule A and affixed improvements that by law constitute real property. The term “Land” does not include any property beyond the lines of the area described in Schedule A, nor any right, title, interest, estate, or easement in abutting streets, roads, avenues, alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to and from the Land is to be insured by the Policy. (c) “Mortgage”: A mortgage, deed of trust, or other security instrument, including one evidenced by electronic means authorized by law. (d) “Policy”: Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company pursuant to this Commitment. (e) “Proposed Insured”: Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment. (f) “Proposed Policy Amount”: Each dollar amount specified in Schedule A as the Proposed Policy Amount of each Policy to be issued pursuant to this Commitment. (g) “Public Records”: Records established under state statutes at the Commitment Date for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge. (h) “Title”: The estate or interest described in Schedule A. 2.If all of the Schedule B, Part I—Requirements have not been met within the time period specified in the Commitment to Issue Policy, this Commitment terminates and the Company’s liability and obligation end. 3.The Company’s liability and obligation is limited by and this Commitment is not valid without: (a) the Notice; (b) the Commitment to Issue Policy; (c) the Commitment Conditions; (d) Schedule A; (e) Schedule B, Part I—Requirements; (f) Schedule B, Part II—Exceptions; and (g) a counter-signature by the Company or its issuing agent that may be in electronic form. 4. COMPANY’S RIGHT TO AMEND The Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect, lien, encumbrance, adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment Condition 5. The Company shall not be liable for any other amendment to this Commitment. 5. LIMITATIONS OF LIABILITY (a) The Company’s liability under Commitment Condition 4 is limited to the Proposed Insured’s actual expense incurred in the interval between the Company’s delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the Proposed Insured’s good faith reliance to: (i) comply with the Schedule B, Part I—Requirements; (ii) eliminate, with the Company’s written consent, any Schedule B, Part II—Exceptions; or (iii) acquire the Title or create the Mortgage covered by this Commitment. (b) The Company shall not be liable under Commitment Condition 5(a) if the Proposed Insured requested the amendment or had Knowledge of the matter and did not notify the Company about it in writing. (c) The Company will only have liability under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment included the added matter when the Commitment was first delivered to the Proposed Insured. (d) The Company’s liability shall not exceed the lesser of the Proposed Insured’s actual expense incurred in good faith and described in Commitment Conditions 5(a)(i) through 5(a)(iii) or the Proposed Policy Amount. (e) The Company shall not be liable for the content of the Transaction Identification Data, if any. (f) In no event shall the Company be obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I— Requirements have been met to the satisfaction of the Company. (g) In any event, the Company’s liability is limited by the terms and provisions of the Policy. 6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; Schedule B, Part II—Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Form 5030000 (1-31-17) Page 3 of 9 ALTA Commitment for Title Insurance (8-1-16) LT File No.: 630084 (a) Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment. (b) Any claim must be based in contract and must be restricted solely to the terms and provisions of this Commitment. (c) Until the Policy is issued, this Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject matter of this Commitment and supersedes all prior commitment negotiations, representations, and proposals of any kind, whether written or oral, express or implied, relating to the subject matter of this Commitment. (d) The deletion or modification of any Schedule B, Part II—Exception does not constitute an agreement or obligation to provide coverage beyond the terms and provisions of this Commitment or the Policy. (e) Any amendment or endorsement to this Commitment must be in writing and authenticated by a person authorized by the Company. (f) When the Policy is issued, all liability and obligation under this Commitment will end and the Company’s only liability will be under the Policy. 7. IF THIS COMMITMENT HAS BEEN ISSUED BY AN ISSUING AGENT The issuing agent is the Company’s agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is not the Company’s agent for the purpose of providing closing or settlement services. 8. PRO-FORMA POLICY The Company may provide, at the request of a Proposed Insured, a pro-forma policy illustrating the coverage that the Company may provide. A pro-forma policy neither reflects the status of Title at the time that the pro-forma policy is delivered to a Proposed Insured, nor is it a commitment to insure. 9. ARBITRATION The Policy contains an arbitration clause. All arbitrable matters when the Proposed Policy Amount is $2,000,000 or less shall be arbitrated at the option of either the Company or the Proposed Insured as the exclusive remedy of the parties. A Proposed Insured may review a copy of the arbitration rules at http://www.alta.org/arbitration. ALTA COMMITMENT FOR TITLE INSURANCE SCHEDULE A ISSUED BY FIRST AMERICAN TITLE INSURANCE COMPANY This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; Schedule B, Part II—Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Form 5030000 (1-31-17) Page 4 of 9 ALTA Commitment for Title Insurance (8-1-16) LT File No.: 630084 Transaction Identification Data for reference only: Issuing Agent: Land Title, Inc. Issuing Office: 2200 County Road C West, Suite 2205, Roseville, MN 55113 Issuing Office’s ALTA® Registry ID: Loan ID Number: Commitment Number: 630084 Issuing Office File Number: 630084 Property Address: 7851 Park Drive, Chanhassen, MN 55317 1. Commitment Date: November 6, 2020 at 7:00 am 2. Policy to be issued: (a)2006 ALTA® Owner’s Policy Proposed Insured: Proposed Policy Amount:$ (b)2006 ALTA® Loan Policy Proposed Insured: Proposed Policy Amount:$ (c)_____ ALTA® _____ Policy Proposed Insured: Proposed Policy Amount:$ 3. The estate or interest in the Land described or referred to in this Commitment is FEE SIMPLE. 4. The Title is, at the Commitment Date, vested in: Lotus Holdings LLC, a Minnesota limited liability company 5. The Land is described as follows: See Attached Exhibit A. Torrens Property Certificate of Title No(s): 35228.0 Carver County, State of Minnesota ALTA COMMITMENT FOR TITLE INSURANCE SCHEDULE A ISSUED BY FIRST AMERICAN TITLE INSURANCE COMPANY Commitment Number: 630084 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; Schedule B, Part II—Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Form 5030000 (1-31-17) Page 5 of 9 ALTA Commitment for Title Insurance (8-1-16) LT File No.: 630084 EXHIBIT A Lot 2, Block 3, Chanhassen Lakes Busines Park, Carver County, Minnesota. Torrens Property ALTA COMMITMENT FOR TITLE INSURANCE SCHEDULE B PART I ISSUED BY FIRST AMERICAN TITLE INSURANCE COMPANY Commitment Number: 630084 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; Schedule B, Part II—Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Form 5030000 (1-31-17) Page 6 of 9 ALTA Commitment for Title Insurance (8-1-16) LT File No.: 630084 SCHEDULE B, PART I Requirements All of the following Requirements must be met: A. The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions. B. Pay the agreed amount for the estate or interest to be insured. C. Pay the premiums, fees, and charges for the Policy to the Company. D. Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records. E. This is an Informational Commitment only. There are no requirements. ALTA COMMITMENT FOR TITLE INSURANCE SCHEDULE B PART II ISSUED BY FIRST AMERICAN TITLE INSURANCE COMPANY Commitment Number: 630084 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; Schedule B, Part II—Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Form 5030000 (1-31-17) Page 7 of 9 ALTA Commitment for Title Insurance (8-1-16) LT File No.: 630084 SCHEDULE B, PART II Exceptions THIS COMMITMENT DOES NOT REPUBLISH ANY COVENANT, CONDITION, RESTRICTION, OR LIMITATION CONTAINED IN ANY DOCUMENT REFERRED TO IN THIS COMMITMENT TO THE EXTENT THAT THE SPECIFIC COVENANT, CONDITION, RESTRICTION, OR LIMITATION VIOLATES STATE OR FEDERAL LAW BASED ON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY, HANDICAP, FAMILIAL STATUS, OR NATIONAL ORIGIN. The Policy will not insure against loss or damage resulting from the terms and provisions of any lease or easement identified in Schedule A, and will include the following Exceptions unless cleared to the satisfaction of the Company: 1. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the Public Records, or attaching subsequent to the Commitment Date but prior to the date the Proposed Insured acquires for value the Title or Mortgage covered by this Commitment. NOTE: Upon closing with Land Title, Inc., Item 1 on Schedule B, Part II will be deleted. The Final Policy will extend coverage as to the gap between the Effective Date listed in Item 1 of Schedule A and the date of recording of the instruments creating the interest to be insured. 2. Rights or claims of parties in possession 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. 4. Easements or claims of easements, which are not shown by the public records. 5. 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. 6. Taxes or special assessments which are not shown as existing liens by the records. 7. General and special taxes and assessments as hereafter listed, if any (all amounts shown being exclusive of interest, penalties and costs). 8. No coverage is provided for municipal code compliance matters and fees including, but not limited to, utilities, right of way maintenance, water or sewer services, or fees for tree, weeds, grass, and snow or garbage removal, police boarding, vacant building registration and zoning. ALTA COMMITMENT FOR TITLE INSURANCE SCHEDULE B PART II ISSUED BY FIRST AMERICAN TITLE INSURANCE COMPANY Commitment Number: 630084 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; Schedule B, Part II—Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Form 5030000 (1-31-17) Page 8 of 9 ALTA Commitment for Title Insurance (8-1-16) LT File No.: 630084 9.Tax I.D. No.: 25-1900180 Taxes for the year 2020: $14,372.00, Total, are 1st 1/2 Paid, 2nd 1/2 Paid, Base Tax: $14,174.00 (Non-Homestead). 2021 Tax information not yet available. NOTE: 1st Half Taxes are payable on or before May 15th and 2nd Half Taxes are payable on or before October 15th. 10. Levied and pending special assessments, if any. 11. Drainage and utility easements over the subject property as shown on the recorded plat of Chanhassen Lakes Business Park. 12. Easement in favor of City of Chanhassen dated July 14, 1987, filed August 4, 1987 as Document Number 53171. 13. Conditional Use Permit by City of Chanhassen dated October 14, 1988, filed December 1, 1988 as Document Number T59326 14. Site Plan Approval by City of Chanhassen dated November 10, 1988, filed December 1, 1988 as Document Number T59327 15. Assessors Agreement dated May 12, 1989, filed November 8, 1989 as Document Number T63051. 16. Assessors Agreement dated May 12, 1989, fi8led August 13, 1997 as Document Number T97842 17. Mortgage executed by LOotus Holdings LLC, a Minnesota limited liability company, dated May 27, 2011, filed June 7, 2011 as Document Number T179791 in the amount of $414,000.00, in favor of Stearns Bank National Association. 18. Assignment of Rents by and between Lotus Holdings LLC, limited liability company, and Stearns Bank National Association, dated May 27, 2011, filed June 7, 2011 as Document Number T179792 19. UCC Financing Statement by and between Lotus Holdings LLC, debtor, and Stearns Bank National Association, secured party, filed June 7, 2011 as Document Number T179793 and Continuation filed March 14, 2016 as Document Number T198476 20. Certificate of Title contains the following recital that no longer affects the subject property: Subject to covenants and restrictions dated August 13,l 1979, filed August 21, 1979, as Document Number ALTA COMMITMENT FOR TITLE INSURANCE SCHEDULE B PART II ISSUED BY FIRST AMERICAN TITLE INSURANCE COMPANY Commitment Number: 630084 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; Schedule B, Part II—Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Form 5030000 (1-31-17) Page 9 of 9 ALTA Commitment for Title Insurance (8-1-16) LT File No.: 630084 43770 in Book 41 of Miscellaneous at page 254 through 268. If it is desired this recital is to be deleted an Examiners Directive will be necessary. 21. If there are any questions regarding this Commitment, please contact Jon Edstrom at (651) 697-6127 or by email at jedstrom@LandTitleInc.com.