36827A CommitmentIssued by
Commerc ial Part ners Ti tle, LLC200 South Sixth Street
Suite 1300Minneapolis, MN 55402
Te l: (612) 337-2470
Fax: (612) 337-2471
File No.36827A
ALTA Commi tment
Notes for Informati on (36827A.PFD/36827A/73)
ISSUED BY
COM MERCIAL PA RTNERS TI TL E,LLC
AS AGENT FOR
STEWART TITL E GUARANTY COMPANY
COM MITMENT NUM BER 3 6827A
NOTES F OR INFORMAT ION
THE FOLLOWING I S PROVIDE D FOR INFORMAT IONAL PURP OSES AND WI LL NOT APPEAR ON THE FINAL POLICY:
A.This Commitment was prepared by:
Commercial Partners Title, LLC
200 South Sixth Street, Suite 1300
Minneapolis, MN 55402
Ph one: (612) 337-2470
Fax: (612) 337-2471
Please direct questions regarding this Commitment to: Michael Viola, Underwriting Attorney, at (612)
337-2496 and direct questions regarding the closing to: Sharon Ruane, Commercial Closer, at (612)
337-2472.
If you would like to arrange for additional parties to receive this documentation, please contact our
Pr oduction Department at (612) 337-2470.
B.Upon our receipt and review of a standard form of affidavit disclosing no adverse matters, Item Nos. 1, 2,
4, 5 and 6 of Schedule B will be deleted from the final policy. Item No. 8 will be modified to reflect the
interests of specific tenants. A c urrent survey, certified to Commercial Partners Title, LLC and Stewart
Title Guaranty Company, will be required to delete Item No. 3 of Schedule B from the final policy.
C.We require a Well Disclosure Certificate be completed and furnished at the time of closing for all deeds
that require a Certificate of Real Estate Value.
OR
The following statement must be added to the deed: The seller certifies that the seller does not know of
any wells on the described real property.
D.The Tax Reform Act of 1986 requires that the seller provide the following information at the time of
closing:
1. Tax Identification Number
2. Full F orwarding Address
E.Commercial Partners Title, LLC does not have the Abstract of Title for the subject property.
F.The legal description at Item No. 4 of Schedule A is related to the property address of 455 Pond
Pr omenade, Chanhassen, MN.
ISSUED BY
COM MERCIAL PA RTNERS TI TL E,LLC
200 S. 6th St., Suite 1300, Minneapolis, MN 55402
AS AGENT FOR
STEWART TITL E GUARANTY COMPANY
ALTA Commi tment
Sc hedul e A (6-17-06)
Va lid Only if Sc hedul e B and
Cover are Attac hed
(36827A.PFD/36827A/73)
COM MITMENT
Reference Name:So lomon Real Estate Group
SCHEDULE A
1.Commitment Date:June 9, 2014 at 07:00 AM File No. 36827A
Po licy (or Policies) to be issued:Am ount2.
(a)Owner's Policy ALTA Own. Policy (6/06)To Be Determined
Pr oposed Insured:
To Be Determined
ALTA Loan Policy (6/06)(b)Loan Policy
Pr oposed Insured:
(c) ALTA Loan Policy (6/06)
Pr oposed Insured:
The estate or interest in the land described or referred to in the Commitment and covered herein is a Fee
Sim ple, and title thereto is at the effective date vested in:
3.
VOP I, LLC, a Minnesota limited liability company (Lot 1)
Community Bank Corporation, a Minnesota banking corporation (Lot 2)
4.The land referred to in this Commitment is described as follows:
Lots 1 and 2, Block 1, Villages on the Ponds Eighth Addition, Carver County, Minnesota.
Ab stract Property
ALTA Commi tment
Sc hedul e B (6-17-06)(36827A.PFD/36827A/73)
ISSUED BY
COM MERCIAL PA RTNERS TI TL E,LLC
AS AGENT FOR
STEWART TITL E GUARANTY COMPANY
COM MITMENT NUM BER 3 6827A
SCHEDULE B -PA RT I
REQUIREMENTS
Instruments creating and/or perfecting the priority of the estate or interest(s) to be insured, the form and
execution of which shall be satisfactory to the Company, must be executed, delivered and duly filed for record.
SCHEDULE B -PA RT II
EXCEPT IONS
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.
1.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 for value of record the estate or interest or mortgage thereon covered by this
commitment.
2.Rights or claims of parties in possession not shown by the public records.
3.An y 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.Ea sements or claims of easements not shown by the public records.
5.An y 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.Ta xes or special assessments which are not shown as existing l iens by the public records.
7.General and special taxes and assessments as hereafter listed, if any (all amounts shown being
exclusive of interest, penalties and costs):
A.Real estate taxes payable in 2014 are $26,868.00 and are half paid.
Ba se tax $26,868.00 Property Identification No. 25.8330010 (Lot 1)
Real estate taxes payable in 2014 are $55,248.00 and are half paid.
Ba se tax $55,248.00 Property Identification No. 25.8330010 (Lot 2)
NOTE:There are no delinquent taxes of record.
B.Levied or pending assessments of record if any.
NOTE:An assessment search has been requested and the results of that search will follow by
supplemental commitment.
8.Rights or claims of tenants, as tenants only, in possession under unrecorded leases.
ISSUED BY
COM MERCIAL PA RTNERS TI TL E,LLC
AS AGENT FOR
STEWART TITL E GUARANTY COMPANY
COM MITMENT NUM BER 3 6827A
SCHEDULE B -Part II - EXCEPT IONS
(Continued)
ALTA Commi tment
Sc hedul e B (6-17-06)(36827A.PFD/36827A/73)
9.In the event this transaction involves new construction or if there has been construction on the
property during the last six months, including any tenant improvements, please immediately contact
the closer or underwriting attorney listed in the Notes for Information page of this commitment to
discuss the transaction.
If the transaction involves a construction mortgage or is a vacant land acquisition mortgage no
construction related work can be performed on the property until after the mortgage is recorded and
pictures have been taken at the site, in order to establish priority for the construction mortgage.
Indemnities will be required at closing from the appropriate parties, depending upon the nature of the
transaction.
10.Combination Mortgage, Assignment of Rents, Security Agreement and Fixture Filing Statement dated
February 20, 2004, filed February 23, 2004, as Document No. A380110, executed by VOP I, LLC, a
Minnesota limited liability company, as mortgagor, to M &I Marshall &Ilsley Bank, a W isconsin banking
corporation, as mortgagee, in the original principal amount of $1,470,000.00.
Am ended by Modification of Mortgage dated June 30, 2009, filed August 13, 2009, as Document No.
A5 05989.
Am ended by Loan Modification Agreement dated June 30, 2011, filed August 15, 2011, as Document
No. A541230.
Am ended, by Loan Modification Agreement dated October 31, 2011, filed December 22, 2011, as
Document No. A5 47276.
11 .UCC F inancing Statement filed February 23, 2004, as Document No. A380111 , between VOP I, LLC, a
Minnesota limited liability company, as debtor, and M&I Marshall &Ilsley Bank, as secured party.
Continued by continuation filed August 28, 2008, as Document No. A488462.
12.Real Estate Mortgage dated April 20, 2012, filed April 24, 2012, as Document No. A553744, executed
by VOP I, LLC, a Minnesota limited liability company, as mortgagor, to Central Bank, as mortgagee, in
the original principal amount of $516,000.00.
13.Real Estate Mortgage dated December 12, 2005, filed February 28, 2006, as Document No. A4 35707,
executed by VOP I, LLC, a Minnesota limited liability company, as mortgagor, to Community Bank
Corporation, as mortgagee, in the original principal amount of $100,000.00.
Su bordinated to mortgage filed April 24, 2012, as Document No. A553744, by Subordination
Ag reement dated April 17, 2012, filed April 24, 2012, as Document No. A553745.
ISSUED BY
COM MERCIAL PA RTNERS TI TL E,LLC
AS AGENT FOR
STEWART TITL E GUARANTY COMPANY
COM MITMENT NUM BER 3 6827A
SCHEDULE B -Part II - EXCEPT IONS
(Continued)
ALTA Commi tment
Sc hedul e B (6-17-06)(36827A.PFD/36827A/73)
Am ended by Modification of Mortgage dated June 11, 2012, filed July 9, 2012, as Document No.
A5 58001.
Am ended by Modification of Mortgage dated September 9, 2013, filed September 20, 2013, as
Document No. A5 84452.
Am ended by Modification of Mortgage dated February 19, 2014, filed March 19, 2014, as Document
No. A591747.
14.Ea sement for electric transmission line purposes, in favor of Northern States Power Company, a
Minnesota corporation, as created in document dated January 19, 1988, filed February 29, 1988, as
Document No. 94131.
15.Ea sement for sewer and other purposes, in favor of Metropolitan Waste Control Commission, as
created in document dated February 12, 1988, filed March 1, 1988, as Document No. 94144.
16.Ea sement for telecommunication line purposes, in favor of Northwestern Bell Telephone Company, as
created in document dated May 25, 1989, filed June 8, 1989, as Document No. 105872.
17.Minnesota Department of Transportation Right of Way Plat No. 10-3 filed March 14, 1991, as
Document No. 122284.
18.Resolution No. 96-80 by the City of Chanhassen adopted September 23, 1996, filed October 30, 1996,
as Document No. 202741.
19.Ea sement for utilities and drainage as shown on the recorded plat of Villages on the Ponds.
20.Te rms and conditions of PUD/Development Contract for Villages on the Ponds, Phase I dated
Se ptember 23, 1996, filed December 31, 1996, as Document No. 205417, by and between the City of
Chanhassen, a Minnesota municipal corporation, and Ausmar Development Co. LLC, a Minnesota
limited liability company.
Am ended by Ad dendum "A" to Villages on the Ponds Development Contract/PUD Agreement dated
Se ptember 22, 1997, filed June 11, 1999, as Document No. 251282.
Am ended by Ad dendum "B" to Villages on the Ponds Development Contract/PUD Agreement dated
May 11, 1998, filed August 13, 1998, as Document No. A233012.
Am ended by Ad dendum "C" to Villages on the Ponds Development Contract/PUD Agreement dated
ISSUED BY
COM MERCIAL PA RTNERS TI TL E,LLC
AS AGENT FOR
STEWART TITL E GUARANTY COMPANY
COM MITMENT NUM BER 3 6827A
SCHEDULE B -Part II - EXCEPT IONS
(Continued)
ALTA Commi tment
Sc hedul e B (6-17-06)(36827A.PFD/36827A/73)
June 14, 1999, filed August 11, 1999, as Document No. A255115.
Am ended by Ad dendum "D" to Villages on the Ponds Development Contract/PUD Agreement dated
June 14, 1999, filed October 15, 1999, as Document No. A258780.
Am ended by First Am endment to Villages on the Ponds Development Contract/PUD Agreement dated
Au gust 20, 2001, filed January 15, 2003, as Document No. 337542.
Am ended by Second Amendment to Villages on the Ponds Development Contract/PUD Agreement
dated November 26, 2001, filed May 7, 2002, as Document No. A315168.
Am ended by Third Am endment to Villages on the Ponds Develo pment Contract/PUD Agreement dated
Ap ril 8, 2002, filed January 22, 2003, as Document No. A338091.
21.Te rms and conditions of Declaration of Common Interest Comm unity No. 20 for Villages on the Ponds,
dated March 19, 1997, filed March 24, 1997, as Document No. 208539.
22.Ea sement for utilities and drainage as shown on the recorded plat of Villages on the Ponds Second
Ad dition.
23.Assessments Agreement dated October 12, 1999, filed October 15, 1999, as Document No. A2 58783,
by and between Au smar Development Company, LLC, a Minnesota limited liability company, and
Warm Water Pools, LLC, a Minnesota limited liability company.
24.Drainage and Storm Sewer Easement Agreement dated May 2, 2000, filed May 15, 2000, as
Document No. A2 68942, by and between Northcott Company, a South Dakota general partnership,
and Ausmar Development Company, LLC, a Minnesota limited liability company.
25.Drainage and Storm Sewer Easement Agreement dated May 26, 2000, filed June 5, 2000, as
Document No. A2 69921, by and between Lake Susan Apartment Homes, LLC, a Minnesota limited
liability company, and Ausmar Development Company, LLC, a Minnesota limited liability company.
26.Assignment and Assumption of Easements dated November 30, 2000, filed January 24, 2001, as
Document No. A2 81203, by and between Xcel Energy Inc., a Minnesota corporation, and Northern
States Power Company, a Minnesota corporation.
27.Grant of Easement dated October 31, 2001, filed November 20, 2001, as Document No. A3 00873, by
and among Au smar Development Company, LLC, a Minnesota limited liability company, VOP I, LLC, a
Minnesota limited liability company, and CHCR, LLC, a Minnesota limited liability company.
ISSUED BY
COM MERCIAL PA RTNERS TI TL E,LLC
AS AGENT FOR
STEWART TITL E GUARANTY COMPANY
COM MITMENT NUM BER 3 6827A
SCHEDULE B -Part II - EXCEPT IONS
(Continued)
ALTA Commi tment
Sc hedul e B (6-17-06)(36827A.PFD/36827A/73)
28.Ea sement for utilities and drainage as shown on the recorded plat of Villages on the Ponds Eighth
Ad dition.
29.Ea sement Agreement dated November 27, 2002, filed December 27, 2002, as Document No.
A3 35597, by and between VOP I, LLC, a Minnesota limited liability company, and Peregrine
Corporation, a Minnesota corporation.
30.Restrictive Covenant dated November 27, 2002, filed December 27, 2002, as Document No. A3 35598,
by and between VOP I, LLC, a Minnesota limited liability company, and Peregrine Corporation, a
Minnesota corporation.
31.Te rms and conditions of Regulatory Agreement, dated May 1, 2003, filed May 14, 2003, as Document
No. A350728, by and among VOP I, LLC, a Minnesota limited liability company, W ells Fargo Bank
Minnesota, National Association, a national banking association, and the City of Chanhassen, a
Minnesota municipal corporation.
32.Te rms and conditions of Easement Agreement dated November 29, 2004, filed March 9, 2005, as
Document No. A4 09331, by and between VOP I, LLC, a Minnesota limited liability company, and
Community Bank Corporation, a Minnesota banking corporation.
33.Minnesota Department of Transportation Right of Way Plat No. 10-31 filed December 14, 2005, as
Document No. 431062.
34.Covenants, conditions, restrictions, obligations and easements contained in Wetland Alteration Permit
96-5 filed December 31, 1996, as Document No. 205418.
35.Pu blic Ponding Easement in favor of the City of Chanhassen as evidenced by a Final Certificate filed
February 17, 1991, as Document No. 121904.
36.Te rms and conditions of a Construction and Maintenance Easem ent Agreement by and between
Northcott Company, a South Dakota general partnership and Ausmar Development Company, LLC, a
Minnesota limited liability company dated May 2, 2000, filed May 15, 2000, as Document No. 268941.
37.Te rms and conditions of City of Chanhassen Site Plan Permit 20 02-7, Villages on the Ponds Bank
Office Building Special Provision dated January 5, 2004, filed February 26, 2004, as Document No.
A3 80414. (Lot 2)
38.Su bject to a lack of direct access to a publically dedicated road as it relates to Lot 2, Block 1, Villages
on the Ponds Eigth Addition.
ISSUED BY
COM MERCIAL PA RTNERS TI TL E,LLC
AS AGENT FOR
STEWART TITL E GUARANTY COMPANY
COM MITMENT NUM BER 3 6827A
SCHEDULE B -Part II - EXCEPT IONS
(Continued)
ALTA Commi tment
Sc hedul e B (6-17-06)(36827A.PFD/36827A/73)
39.We have been informed that the property described at Item No. 4 of Schedule A is being platted as a
part of the current transaction. The new plat must be recorded prior to closing or, if it is to be recorded
with the other closing documents, it must be signed by all appropriate parties and governmental
agencies, including the county surveyor, prior to closing. In addition, real estate taxes must be paid in
full for all of the underlying tax parcels for the year in which the plat is recorded.
END OF SCHEDUL E B EXCEPT IONS
SEE ATTACHED F OR ADDITIONAL INFORMAT ION REGARDING THIS FILE
EXHIBIT A
LEGAL DESCRIPT ION
Lots 1 and 2, Block 1, Villages on the Ponds Eighth Addition, Carver County, Minnesota.
Ab stract Property