Loading...
968464 ALTA Commit for Title Ins w Arb (8-1-16)-MN - Revised 5182023 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American Title Insurance Company. Thi s 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. 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 50012227 (8-14-18) Page 1 of 8 ALTA Commitment for Title Insurance (8-1-16) Minnesota Commitment ALTA Commitment for Title Insurance ISSUED BY First American Title Insurance Company File No: NCS-968464-MPLS 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, t his Commitment terminates and the Company's liability and obligation end. 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. Thi s 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. 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 g ood standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Form 50012227 (8-14-18) Page 2 of 8 ALTA Commitment for Title Insurance (8-1-16) Minnesota 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; and (f) Schedule B, Part II—Exceptions. 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. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American Title Insurance Company. Thi s 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. 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 g ood standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Form 50012227 (8-14-18) Page 3 of 8 ALTA Commitment for Title Insurance (8-1-16) Minnesota 6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT (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. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American Title Insurance Company. Thi s 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. 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 g ood standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Form 50012227 (8-14-18) Page 4 of 8 ALTA Commitment for Title Insurance (8-1-16) Minnesota Schedule A ALTA Commitment for Title Insurance ISSUED BY First American Title Insurance Company File No: NCS-968464-MPLS Transaction Identification Data for reference only: Issuing Agent: First American Title Insurance Company National Commercial Services Issuing Office: 121 South 8th Street, Suite 1250, Minneapolis, MN 55402 Commitment No.: NCS-968464-MPLS Issuing Office File No.: NCS-968464-MPLS Property Address: 2970 Water Tower Place, Chanhassen, MN Revision No.: 1 - 5/18/2023 - Revised Effective Date and Tax Information; and Added Sch. B-2, Nos. 21 & 22. (ja) SCHEDULE A 1. Commitment Date: May 11, 2023 at 8:00 AM 2. Policy to be issued: (a) ALTA® Owner's Policy Proposed Insured: Proposed Policy Amount: $ (b) ALTA® Loan 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: LTF Real Estate Company, Inc., a Minnesota corporation 5. The Land referred to in this Commitment is described as follows: Real property in the City of Chanhassen, County of Carver, State of Minnesota, described as follows: Lot 1, Block 1, Arboretum Business Park 5th Addition, Carver County, Minnesota. Abstract and Registered Property Certificate of Title No. 35576 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American Title Insurance Company. Thi s 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. 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 g ood standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Form 50012227 (8-14-18) Page 5 of 8 ALTA Commitment for Title Insurance (8-1-16) Minnesota Schedule BI & BII ALTA Commitment for Title Insurance ISSUED BY First American Title Insurance Company File No: NCS-968464-MPLS Commitment No.: NCS-968464-MPLS SCHEDULE B, PART I Requirements All of the following Requirements must be met: 1. This commitment has been prepared for information purposes only and does not reflect requirements which must be satisfied for the issuance of any title insurance policy pursuant to this commitment. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American Title Insurance Company. Thi s 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. 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 g ood standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Form 50012227 (8-14-18) Page 6 of 8 ALTA Commitment for Title Insurance (8-1-16) Minnesota Schedule BI & BII (Cont.) ALTA Commitment for Title Insurance ISSUED BY First American Title Insurance Company File No: NCS-968464-MPLS Commitment No.: NCS-968464-MPLS 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. 2. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other facts which a correct survey would disclose, and which are not shown by the Public Records. 3. Any facts, rights, interests, or claims which are not shown by the Public Records but which could be ascertained by an inspection of the Land or by making inquiry of persons in possession thereof. 4. Easements, or claims of easement, not shown by the Public Records. 5. Any lien, or right to lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the Public Records. 6. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the Public Records. 7. Real estate taxes and assessments due and payable in the year 2023 in the total amount of $11,862.00. The first half installment due on or before May 15, 2023 is paid. The second half installment due on or before October 16, 2023 is not paid. Base tax $11,862.00. Current tax parcel number: 25.0780010. 8. Levied and pending special assessments, if any. 9. Rights of tenants under unrecorded leases. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American Title Insurance Company. Thi s 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. 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 g ood standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Form 50012227 (8-14-18) Page 7 of 8 ALTA Commitment for Title Insurance (8-1-16) Minnesota 10. Easements for drainage and utility purposes as shown on the recorded plat of Arboretum Business Park 2nd Addition, dated June 5, 1998, recorded July 8, 1998, as Document No. T102657 and as Document No. A230784, and on the plat of Arboretum Business Park 5th Addition, dated July 31, 2003, recorded August 1, 2003, as Document No. T139112 and as Document No. A360697. 11. Terms and conditions of the Interim Use Permit No. 97-1 dated May 27, 1997, recorded September 12, 1997, as Document No. T98259 and as Document No. A215745. 12. Terms and conditions of the Wetland Alteration Permit #97-1 dated July 28, 1997, recorded September 12, 1997, as Document No. T98260 and as Document No. A215746. 13. Terms, conditions, covenants, restrictions, assessments, obligations and provisions as contained in the Development Contract/PUD Agreement, dated August 25, 1997, recorded September 12, 1997, as Document No. T98262, and as Document No. A215748. Above Development Contract/PUD Agreement was modified by Addendum "A" to Development Contract/PUD Agreement, dated September 22, 1997, recorded February 18, 1998, as Document No. T100332, and as Document No. A222435. Above Development Contract/PUD Agreement was modified by Addendum "B" to Development Contract/PUD Agreement, dated May 11, 1998, recorded July 8, 1998, as Document No. T102658, and as Document No. A230785. Above Development Contract/PUD Agreement was modified by First Amendment to Arboretum Business Park Development Contract/PUD Agreement, dated August 20, 2001, recorded December 4, 2001, as Document No. T123316, and as Document No. A301836. Above Development Contract/PUD Agreement was modified by Second Amendment to Arboretum Business Park Development Contract/PUD Agreement, dated December 10, 2001, recorded September 12, 2003, as Document No. T140561, and as Document No. A366168. Above Development Contract/PUD Agreement was modified by Third Amendment to Arboretum Business Park Development Contract/PUD Agreement, dated April 14, 2003, recorded December 3, 2003, as Document No. T142928, and as Document No. A374407. Above Development Contract/PUD Agreement was modified by Fourth Amendment to Arboretum Business Park Development Contract/PUD Agreement, dated June 9, 2008, recorded June 23, 2008, as Document No. T167415, and as Document No. A485615. Above Development Contract/PUD Agreement was modified by Certificate of Completion, dated January 12, 2012, recorded February 10, 2012, as Document No. T182417, and as Document No. A549670. 14. Terms, conditions, and easement for turnaround purposes, together with any incidental rights, in favor of the City of Chanhassen, as contained in the Grant of Temporary Turnaround Easement, dated June 29, 1998, recorded July 8, 1998, as Document No. A230789. 15. Terms, conditions, covenants, easements, restrictions, assessments, obligations and provisions as contained in the Declaration of Easements and Restrictions dated July 31, 2003, recorded August 1, 2003, as Document No. T139113 and as Document No. as Document No. A360698. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by First American Title Insurance Company. Thi s 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. 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 g ood standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Form 50012227 (8-14-18) Page 8 of 8 ALTA Commitment for Title Insurance (8-1-16) Minnesota 16. Terms, conditions, covenants, easements, restrictions, assessments, obligations and provisions as contained in the Easement Agreement dated August 28, 2006, recorded September 21, 2006, as Document No. A450258. 17. Terms, conditions, covenants, easements, restrictions, assessments, obligations and provisions as contained in the Easement Agreement dated August 28, 2006, recorded September 21, 2006, as Document No. T160081 and recorded September 22, 2006, as Document No. A450273. 18. Terms, conditions, easement for highway purposes, and incidental rights, including the right to construct and maintain snow fences, in favor of the State of Minnesota, as contained in the Warranty Deed, dated May 23, 1924, recorded July 5, 1924, as Document No. A41799 in Book 33 of Deeds, Page 76. 19. Terms, conditions, easement for highway purposes, and incidental rights, including access restrictions, and the right to erect snow fences, as contained in the Final Certificate, dated April 16, 1956, recorded July 21, 1956, as Document No. A90086 in Book L of Miscellaneous Records, Page 466. 20. The following appear as memorials on the current Certificate of Title: a. Easement, in favor of The Minnesota Valley Electric Cooperative, dated November 30, 1937, recorded June 20, 1938, in Book 43 of Deeds, Page 68. b. Quit Claim Deed, dated October 27, 1970, recorded October 29, 1970, as Document No. A10312 in Book 102 of Deeds, Page 92. c. Notice of Lis Pendens, dated February 1, 1977, February 9, 1977, as Document No. T24128. d. Final Certificate, dated March 24, 1980, recorded April 21, 1980, as Document No. T31518. 21. Terms, conditions, covenants and obligations as contained in the Declaration, dated September 11, 2019, recorded September 16, 2019, as Document No. T211055, and as Document No. A683194. 22. Terms and conditions of Site Plan Agreement #2019-06, dated August 26, 2019, recorded September 23, 2019, as Document No. T211109, and as Document No. A683465.