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Title CommitmentForm No. 6443 (2006) ALTA Plain Language Commitment NATIC NORTH AMERICAN TITLE INSURANCE COMPANY INFORMATION Print Date /Time: 02/19/14 / 01:57-PM crry RECEIVED oEP, MAY 0 9 2014 0RWAS6EN PIANNIN(i0Fgr The Title Insurance Commitment is a legal contract between you and the company. it is issued to show the basis on which we will issue a Title Insurance Policy to you. The Policy will insure you against certain risks to the land title, subject to the limitations shown in the Policy. The Company will give you a sample of the Policy form, if you ask. The Policy contains an arbitration clause. All arbitrable matters when the Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or you as the exclusive remedy of the parties. You may review a copy of the arbitration rules at <http. /lwwwalta.orgh. The Commitment is based on the land title as of the Commitment Date. Any changes in the land title or the transaction may affect the Commitment and the Policy. The Commitment is subject to its Requirements, Exceptions and Conditions. THIS INFORMATION IS NOT PART OF THE TITLE INSURANCE COMMITMENT. TABLE OF CONTENTS AGREEMENT TO ISSUE POLICY SCHEDULE A 1. Commitment Date 2. Policies to be Issued, Amounts and Proposed Insureds 3. Interest in the Land and Owner 4. Description of the Land SCHEDULE B-1 — REQUIREMENTS SCHEDULE B -II — EXCEPTIONS CONDITIONS YOU SHOULD READ THE COMMITMENT VERY CAREFULLY. If you have any questions about the Commitment, please contact the issuing office. Form No. 6443 (2006) ALTA Plain Language Commitment COMMITMENT FOR TITLE INSURANCE ISSUED BY aNAT/C NORTH AMERICAN TITLE INSURANCE COMPANY AGREEMENT TO ISSUE POLICY We agree to issue a policy to you according to the terms of this Commitment. When we show the policy amount and your name as the proposed insured in Schedule A, this Commitment becomes effective as of the Commitment Date shown in Schedule A. If the Requirements shown in this Commitment have not been met within 180 days after the Commitment Date, our obligation under this Commitment will end. Also, our obligation under this Commitment will end when the Policy is issued and then our obligation to you will be under the Policy. Our obligation under this Commitment is limited by the following: The Provisions in Schedule A. The Requirements in Schedule B -I The Exceptions in Schedule B -II. The Conditions on page 3. This Commitment is not valid without SCHEDULE A and Section I and II of SCHEDULE B. NORTH AMERICAN TITLE INSURANCE COMPANY BY Emilio Fernandez, PRESIDENT ATTEST Jefferson E. Howeth, SECRETARY s 4;1 1S\ILE INSb, ti a INLLRPORATED `, p S\srp—is. isse c44f00.� \ \P CONDITIONS 1. DEFINITIONS (a) "Mortgage" means mortgage, deed of trust or other security instrument. (b) "Public Records" means title records that give constructive notice of matters affecting your title according to the state statutes where your land is located. 2. LATER DEFECTS The Exceptions in Schedule B - Section II may be amended to show any defects, liens or encumbrances that appear for the first time in the public records or are created or attach between the Commitment Date and the date on which all of the Requirements (a) and (c) of Schedule B - Section I are met. We shall have no liability to you because of this amendment. 3. EXISTING DEFECTS If any defects, liens or encumbrances existing at Commitment Date are not shown in Schedule B, we may amend Schedule B to show them. If we do amend Schedule B to show these defects, liens or encumbrances, we shall be liable to you according to Paragraph 4 below unless you knew of this information and did not tell us about it in writing. 4. LIMITATION OF OUR LIABILITY Our only obligation is to issue to you the Policy referred to in this Commitment, when you have met its Requirements. If we have any liability to you for any loss you incur because of an error in this Commitment, our liability will be limited to your actual loss caused by your relying on this Commitment when you acted in good faith to: Comply with the Requirements shown in Schedule B - Section I or Eliminate with our written consent any Exceptions shown in Schedule B - Section 11. We shall not be liable for more than the Policy Amount shown in Schedule A of this Commitment and our liability is subject to the terms of the Policy form to be issued to you. 5. CLAIMS MUST BE BASED ON THIS COMMITMENT Any claim, whether or not based on negligence, which you may have against us concerning the title to the land must be based on this Commitment and is subject to its terms. OFNATIC NORTH AMERICAN TITLE INSURANCE COMPANY 1855 Gateway Boulevard, Suite 600 Concord, CA 94520 Western States: 800- 869 -3434 Eastern States: 800 - 374 -8475 S10NA 70.4618 Rw. 11r202013 ISSUED BY Printed Date:February 19, 2014 NORTH AMERICAN TITLE COMPANY AS AGENT FOR NORTH AMERICAN TITLE INSURANCE COMPANY COMMITMENT NUMBER: 40852 -14 -15991 SCHEDULE A 1. Commitment Date: December 30, 2013 at 08:00 AM Revised Date: 2. Policy (or Policies) to be issued: Policy Amount (a) 2006 ALTA Owner's Policy $ 1,250,000.00 Proposed Insured: U.S. Home Corporation , a Delaware Corporation (b) 2006 ALTA Loan Policy Proposed Insured: 3. Fee Simple interest in the Land described in this Commitment is owned, at the Commitment Date, by: Premier Bank, a Minnesota Corporation The Fee Ownership was established by Torrens Certificate of Title No. 36636.0 dated October 22, 2013. 4. The Land referred to in the Commitment is described as follows: SEE SCHEDULE A CONTINUED ATTACHED HERETO FOR INFORMATIONAL PURPOSES ONLY: TORRENS Property Carver County Property Address: XXXX, Excelsior, MN 55331 Counter Signed: Authorized Signatory Underwriter Name and Address: North American Title Insurance Company 1855 Gateway Blvd., Suite 600 Concord, CA 94520 2006 ALTA Commitment Schedule A Issuing Agem Name and Address: North American Title Company 5001 American Blvd., Suite 300 Bloomington, MN 55437 (40852- 14- 15991.PFD/40852-14-15991/31) S2461NU 3679 R.. 8/232010 ISSUED BY NORTH AMERICAN TITLE COMPANY AS AGENT FOR NORTH AMERICAN TITLE INSURANCE COMPANY COMMITMENT NUMBER: 40852 -14 -15991 SCHEDULE B - SECTION 1 REQUIREMENTS The following requirements must be met: a. Pay the agreed amounts for the interest in the land and/or according to the mortgage to be insured. b. Pay us the premiums, fees and charges for the policy. c. Documents satisfactory to us creating the interest in the land and/or the mortgage to be insured must be signed, delivered and recorded: Payment of the following delinquent utilities: a. Parcel No. 25.0050510, water and sewer: $27.06. Parcel No. 25.0050600, water and sewer: $24.60. Note: The above amounts reflect service through November 30, 2013. Contact the municipality for updated payoffs prior to closing. 2. Removal of the following Memorials from Certificate of Title No. 36636.0: a. Mortgage between Derrick Investors, LLC, a Minnesota limited liability company, and Stephen Spartz, dated May 5, 2005, filed May 5, 2005 as Document No. 152466. b. Subordination Agreement by John Wartman, as Attorney In Fact for Stephen Spartz, and Premier Banks, a Minnesota banking corporation dated May 5, 2005, and filed June 17, 2005 as Document No. 153220. C. Stipulation for Order, Court File No. 10 -CV -11 -407, dated December 17, 2013 and filed December 20, 2013 as Document No. 191124. 3. If survey coverage is desired, North American Title Company will require that an ALTA /AGSM Land Title Survey certified to North American Title Company and North American Title Insurance Company, be submitted prior to closing. Upon review, North American Title Company reserves the right to make additional requirements and/or exceptions. 4. Limited Warranty Deed from Premier Bank, a Minnesota corporation, to U.S. Home Corporation, a Delaware corporation. 5. The subject property is Torrens; Certificate Number 36636.0. 6. Informational Note: The appropriate searches to determine status of title have been conducted. The Company will not, however, guarantee compliance with City, State, or County requirements regarding inspections. d. You must tell us in writing the name of anyone not referred to in this Commitment who will get an interest in the land or who will make a loan on the land. We may then make additional requirements or exceptions. e. Affidavit of Mortgagor or Affidavit of Buyer is required on all transactions. On sale transactions, North American Title Company requires a Sellers Affidavit and a Certificate of Real Estate Value. f. If an Owner's Policy of Title Insurance is not ordered at the closing, the Company's "Notice of Availability of Owner's Title Insurance" form must be signed by the buyers. g. The "gap period" will be insured if this transaction is closed by North American Title Company. The gap refers to the gap from the effective date of this commitment to the closing date and the gap from the closing COMMITMENT NUMBER 40852 -14 -15991 SCHEDULE B - SECTION I REQUIREMENTS (Continued) date to the recording date of the instrument to be insured. h. This Commitment is for the exclusive use of this Company and its affiliates in closing the transaction described herein. Anyone else closing off this Commitment shall be liable to this Company for all loss and damage, including payment of all charges and fees incurred related to the preparation of this commitment. i. If the property is subject to any private assessments for association dues or otherwise, we must be provided a current statement showing all sums are paid or the amount of any outstanding charges. j. NOTE: The following is not a part of Schedule B, and is shown for information only. This will not be included on the final loan policy. PLEASE BE ADVISED THAT THE FOLLOWING INFORMATION IS REQUIRED AT CLOSING: 1) Seller's Tax Information Number or Social Security Number. 2) Seller's full address after the closing. 3) Identification will be required from all parties required to sign documents at closing. - END OF SCHEDULE B - SECTION I - ALTA Commitment Schedule B - Section 1 (06/17106) ( 40852 -14- 15991. PFD/40852 -14- 15991/31) S24MN(YrC.3669 Rev. 823/211/) ISSUED BY NORTH AMERICAN TITLE COMPANY AS AGENT FOR NORTH AMERICAN TITLE INSURANCE COMPANY COMMITMENT NUMBER: 40852 -14 -15991 SCHEDULE B - SECTION II EXCEPTIONS Any policy we issue will have the following exceptions unless they are taken care of to our satisfaction. 1. 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. The term "encroachment" includes encroachments of existing improvements located on the Land onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land. 2. Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 13 of the Loan Policy, and 1 through 9 of the Owner's Policy, that has been created or attached or has been filed or recorded in the Public Records subsequent to Date of Commitment and prior to the recording of the Insured Mortgage in the Public Records (when a Loan Policy is to be issued) and prior to the recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A (when an Owner's Policy is to be issued). 3. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the Effective Date of the Commitment but prior to the date the Proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment. 4. Any lien or right to lien for services, labor or materials heretofore or hereafter furnished, imposed by law and not shown by the public records. 5. Easements or claims of easements, not shown by the public records. 6. All assessments and Taxes for the year 2014 and thereafter. 7. No coverage is provided for municipal code compliance matters and fees including, but not limited to, utilities, water or sewer services, or fees for trees, weeds, grass, and snow or garbage removal, police boarding, vacant building registration and zoning. 8. Rights of parties in actual possession of all or any part of the premises. 9. Taxes due and payable in 2013 in the amount of $1,714.00, total. First half taxes: paid, Second half taxes: paid, Base tax $1,714.00, Special assessments $0.00, Non - Homestead Property, Parcel No. 25.0050510. (Parcel A) 10. Taxes due and payable in 2013 in the amount of $4,690.00, total. First half taxes: paid, Second half taxes: paid, Base tax $4,690.00, Special assessments $0.00, Non - Homestead Property, Parcel No. 25.0050600. (Parcel B) 11. Taxes due and payable in prior years are paid in full. 12 . There are no pending assessments. COMMITMENT NUMBER 40852 -14 -15991 SCHEDULE B - SECTION II EXCEPTIONS (Continued) 13. Terms and conditions of the Conditional Use Permit allowing a private stable, dated June 17, 1987, filed December 3, 1987 as Document No. 54958. Note: Resolution No. 2013 -45A, which repeals the Conditional Use Permit dated December 17, 1987, was filed October 30, 2013 as Document No. 190597. It appears that the Conditional Use Permit filed as Document No. 54958 no longer aff ects the subject property, yet is listed as a Memorial on the Certificate of Title. North American Title Company will not undertake to remove the above Conditional Use Permit and Resolution from Certificate of Title No. 36636, nor will it pay the costs of said removal. 14. Subject to Trunk Highway 7, as described in the Final Certificate dated April 16, 1956 and filed June 1 1956 as Document No. 5992. 15. Subject to any minerals or mineral rights reserved to the State of Minnesota. 16. Facts as would be disclosed on an ALTA/ACSM Land Title Survey. THE FOLLOWING IS INCLUDED FOR INFORMATIONAL PURPOSES AND WILL NOT APPEAR ON ANY FINAL POLICIES ISSUED: a. To schedule a closing, please contact our Scheduling Department at 952 - 943 -1620. b. For questions regarding this commitment, please contact Cathy Busch at cbusch@nat.com. - END OF SCHEDULE B - SECTION II - ALTA Commitment Schedule B - Section II (06/17106) S24MN0TG3670 Rev. 1/3/11 (40852-14-15991 PFD/40852-14-15991/31) ISSUED BY NORTH AMERICAN TITLE COMPANY AS AGENT FOR NORTH AMERICAN TITLE INSURANCE COMPANY COMMITMENT NUMBER: 40852 -14 -15991 SCHEDULE A CONTINUED PROPERTY DESCRIPTION The Land referred to in this Commitment is described as follows Parcel A: That part of the following described property: All that part of Section 5, Township 116 North of Range 23 West described as follows: Beginning at a judicial landmark on the north line of said Section 5, a distance of 478.5 feet East of the South Quarter Corner of Section 32, Township 117 North of Range 23 West; thence East along the north line of said Section 5 to the Northwesterly line of the right -of -way of State Trunk Highway No. 7 which right -of -way is set forth and described in Case No. 9902 on file in the office of the Clerk of District Court, Carver County, Minnesota; thence Southwesterly along said right -of -way to its intersection with a line drawn through the point of beginning and forming an interior angle of 90 degrees 35 minutes with the north line of said Section 5; thence North to beginning, according to the United States Government Survey thereof and situate in Carver County, Minnesota. That lies Westerly of Line A described as follows: Commencing at the North Quarter Corner of said Section 5; thence North 89 degrees 17 minutes 13 seconds East, along the North line of the North Half of Section 5, a distance of 201.07 feet to the point of beginning of said Line A; thence South 05 degrees 25 minutes 46 seconds West, a distance of 154.51 feet; thence 165.71 feet Southerly on a non - tangential curve, concave Westerly, having a radius of 60.00 feet, a center angle of 158 degrees 14 minutes 39 seconds, a chord bearing of South 03 degrees 48 minutes 07 seconds West, and a chord distance of 117.84 feet; thence South 30 degrees 22 minutes 28 seconds East, not tangent to said curve, a distance of 24.59 feet to the Northerly right -of -way of said Minnesota State Trunk Highway No. 7 and said Line A there terminating. AND Parcel B: All that part of Section 5, Township 116 N., Range 23 W. described as follows, to wit: Commencing at the Southwest corner of the Southeast Quarter of Section 32, Township 117 N., Range 23 W.; thence easterly along the North line of said Section 5, Township 116, Range 23 a distance of 478.5 feet; thence south 585.2 feet; thence South 62 degrees West 687.5 feet; thence North 16 degrees 30 minutes West 196.6 feet; thence South 73 degrees 18 minutes West 198.5 feet; thence North 16 degrees 20 minutes West 795.8 feet to the North line of said Section 5; thence Easterly along said North line of said Section 5 a distance of 598.2 feet to the point of beginning, the East line of said property above described runs in a North and South direction. Excepting from above the following described parcel of land: That part of Section 5, Township 116, Range 23, Carver County, Minnesota, described as follows: Commencing at the Southwest corner of the Southeast Quarter of Section 32, Township 117, Range 23, Hennepin County, Minnesota; thence Easterly along the North line of said Section 5 a distance of 478.5 feet; thence south a distance of 585.2 feet; thence South 62 degrees West a distance of 445.5 feet to the point of beginning of the land to be described; thence continuing South 62 degrees West a distance of 242.0 feet; thence North 16 degrees 30 minutes West a distance of 196.6 feet; thence South 73 degrees 18 minutes West 198.5 feet; thence ALTA Commitment Schedule C 524MNOTC.3671 RevA6 /16/16 (40852- 14- 15991.PFD/40852- 1415991/31) SCHEDULE C (Continued) Commitment Number: 40852 -14 -15991 North 16 degrees 20 minutes West a distance of 795.8 feet to the North line of said section; thence East along the said North line of said section a distance of 313.7 feet to a point 284.5 feet West of the Southwest corner of the Southeast Quarter of Section 32, Township 117, Range 23, Hennepin County, Minnesota; thence South 25 degrees 12 minutes East 868.1 feet to the point of beginning. Excepting from above the following described parcel of land: All that part of Section 5, Township 116 North of Range 23 West described as follows, to -wit: Commencing at a point which is determined as follows: Commencing at the Southwest corner of the Southeast Quarter of Section 32, Township 117, Range 23 West, thence Easterly along the North line of said Section 5, Township 116, Range 23 a distance of 478.5 feet, thence South 585.2 feet; thence South 62 degrees West 687.5 feet, thence North 16 degrees 30 minutes West 196.6 feet, to a point of beginning of land to be described; thence South 73 degrees 18 minutes West 198.5 feet, thence North 16 degrees 20 minutes West 219.45 feet, thence Northeasterly 198.5 feet along a line parallel with the Southerly line of the tract conveyed herein, thence Southeasterly 219.45 feet along a line parallel to the Westerly line of the tract conveyed herein to point of beginning. ALTA Commitment Schedule C SMNINMC.3671 Rev. 116 1161116 ( 40852- 14- 15991.PFD/40852 -14- 15991/31)