5. Commitment ORTE748152BFILE NO. ORTE748152B
Commitment for Title Insurance
Issued By Old Republic National 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, Old Republic National Title
Insurance Company, a Florida 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 6 months after the Commitment Date, this Commitment terminates and the
Company’s liability and obligation end.
This page is only a part of a 2016 ALTA Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule B, Part I – Requirements; and Schedule B, Part II – Exceptions.
Issued through the Office of:
Old Republic National Title Insurance Company
400 Second Avenue South
Minneapolis, MN 55401
Phone: 612-371-1111
ORT Form 4690 6/06 Rev. 8-1-16
ALTA Commitment for Title Insurance
COMMITMENT CONDITIONS
1. DEFINITIONS
“Knowledge ” or “Known”: Actual or imputed knowledge, but not constructive notice imparted by the Public Records.(a)
“Land”: The land described in Schedule A and affixed improvements that by law constitute real property. The term “Land” does not include any(b)
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.
“Mortgage”: A mortgage, deed of trust, or other security instrument, including one evidenced by electronic means authorized by law.(c)
“Policy”: Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company(d)
pursuant to this Commitment.
“Proposed Insured”: Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this(e)
Commitment.
“Proposed Policy Amount”: Each dollar amount specified in Schedule A as the Proposed Policy Amount of each Policy to be issued(f)
pursuant to this Commitment.
“Public Records”: Records established under state statutes at the Commitment Date for the purpose of imparting constructive notice of(g)
matters relating to real property to purchasers for value and without Knowledge.
“Title”: The estate or interest described in Schedule A.(h)
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:
the Notice;(a)
the Commitment to Issue Policy;(b)
the Commitment Conditions;(c)
Schedule A;(d)
Schedule B, Part I —Requirements;(e)
Schedule B, Part II—Exceptions; and(f)
a counter-signature by the Company or its issuing agent that may be in electronic form.(g)
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;
eliminate, with the Company ’s written consent, any Schedule B, Part II —Exceptions; or(ii)
acquire the Title or create the Mortgage covered by this Commitment.(iii)
(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.
This page is only a part of a 2016 ALTA Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule B, Part I – Requirements; and Schedule B, Part II – Exceptions.
FILE NO. ORTE748152B
(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
Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment.(a)
Any claim must be based in contract and must be restricted solely to the terms and provisions of this Commitment.(b)
Until the Policy is issued, this Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject(c)
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.
The deletion or modification of any Schedule B, Part II—Exception does not constitute an agreement or obligation to provide coverage(d)
beyond the terms and provisions of this Commitment or the Policy.
Any amendment or endorsement to this Commitment must be in writing and authenticated by a person authorized by the Company.(e)
When the Policy is issued, all liability and obligation under this Commitment will end and the Company’s only liability will be under the(f)
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. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule B, Part I – Requirements; and Schedule B, Part II – Exceptions.
ORT Form 4690 6/06 Rev. 8-1-16
ALTA Commitment for Title Insurance
SCHEDULE A
APPLICATION NO.: ORTE748152B
1.Effective Date: May 3, 2022 at 7:00 A.M.
2.Policy (or Policies) to be issued:
(a) 'ALTA' OWNER'S POLICY 6-17-06 Amount: $1,000.00
PROPOSED INSURED:
To Be Determined
(b) 'ALTA' LOAN POLICY 6-17-06 Amount:
PROPOSED INSURED:
3.The Estate or interest in land described or referred to in this Commitment is Fee Simple
4.Title to the Fee Simple estate or interest in the land is at the Effective Date vested in:
TMSC of Chanhassen, LLC, a Minnesota limited liability company
Vesting Deed
5.The land referred to in this Commitment is described as follows:
That part of Tracts A and B below:
Tract A:
That part of the Southeast Quarter of the Southeast Quarter of Section 10, Township 116
North, Range 23 West, Carver County, Minnesota, described as follows: Beginning at a
point on the south line of said Southeast Quarter of the Southeast Quarter, distant 195.0 feet
west of the southeast corner thereof; thence west along said south line a distance of 361.00
feet; thence northerly parallel to the east line of said Southeast Quarter of the Southeast
Quarter a distance of 593.20 feet; thence deflecting to the right at an angle of 62 degrees 00
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ALTA Commitment 2006
APPLICATION NO.: ORTE748152B
minutes 00 seconds a distance of 150 feet, more or less, to the center line of creek; thence
easterly along said centerline of the creek to its intersection with a line drawn northerly and
parallel with said east line from the point of beginning; thence southerly along said parallel
line to the point of beginning;
Tract B:
That part of the Southeast Quarter of the Southeast Quarter of Section 10, Township 116
North, Range 23 West, Carver County, Minnesota, described as follows: Beginning at a point
on the south line of said Southeast Quarter of the Southeast Quarter distant 195.0 feet west of
the southeast corner thereof; thence northerly parallel with the east line of said Southeast
Quarter of the Southeast Quarter to its intersection with the center line of the creek; thence
easterly along said center line of the creek to its intersection with the east line of said Southeast
Quarter of the Southeast Quarter; thence southerly along said east line to the southeast corner
of said Southeast Quarter of the Southeast Quarter; thence west along said south line to the
point of beginning; which lies northerly of the northerly boundary of Minnesota Department
of Transportation Right of Way Plat Numbered 10-09 as the same is on file and of record in
the office of the County Recorder in and for said county.
Abstract Property
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ALTA Commitment 2006
APPLICATION NO.: ORTE748152B
SCHEDULE B - SECTION I
REQUIREMENTS
The following requirements must be met:
1.This commitment is for informational purposes only. If a policy is to be issued we must be
advised for further requirements.
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ALTA Commitment 2006
APPLICATION NO.: ORTE748152B
SCHEDULE B - SECTION II
EXCEPTIONS
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:
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.
1.Any discrepancies, conflicts, easements, boundary line disputes, encroachments or
protrusions, or overlapping of improvements which would be disclosed by an inspection and
accurate survey of the premises.
2.Rights and claims of parties in possession.
3.Mechanics', Contractors', or Materialmen's liens and lien claims, if any, where no notice
thereof appears on record.
4.Any facts, rights, interests or claims which are not shown by the public record, but which
could be ascertained or by making inquiry of person(s) in possession thereof.
5.Liens, encumbrances, or claims thereof, which are not shown by the public record.
There are no levied or pending special assessments.6.
The date of the special assessment search is December 8, 2021.
Taxes for the year 2022 in the amount of $2,894.00 are half paid. (Base tax amount7.
$2,894.00.) (Tax No. 25.0101000.)
Taxes for the year 2022 in the amount of $6,456.00 are not paid plus penalty on first half.
(Base tax amount $6,456.00.) (Tax No. 25.0101100.)
Rights of adjoining property owners in the use of the creek running through subject8.
property.
Mortgage executed by TMSC of Chanhassen, LLC, a Minnesota limited liability company9.
in favor of Highland Bank, a Minnesota banking corporation, dated December 15, 2021,
filed December 16, 2021, as Document No. A739063, in the original amount of
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ALTA Commitment 2006
APPLICATION NO.: ORTE748152B
$845,000.00.
NOTE: If there are any questions concerning this commitment for title insurance, please
contact Rick Zilka at rzilka@oldrepublictitle.com or call (612) 371-1178.
NOTE: If there are any questions concerning the closing of this transaction, please
contact Beth Heimer at bheimer@oldrepublictitle.com or call (612)371-3859.
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ALTA Commitment 2006