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40123 Title Commitment40123 40123 ALTA Commitment Notes for Information (40123.PFD/40123/58) ISSUED BY COMMERCIAL PARTNERS TITLE,LLC AS AGENT FOR OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY COMMITMENT NUMBER 40123 NOTES FOR INFORMATION THE FOLLOWING IS PROVIDED FOR INFORMATIONAL PURPOSES AND WILL 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 Phone: (612) 337-2470 Fax: (612) 337-2471 Please direct questions regarding this Commitment to: Doug Berg, Underwriting Attorney, at (612) 337-2475 and direct questions regarding the closing to: Michele Malacko, Commercial Closer, at (612) 337-2487. If you would like to arrange for additional parties to receive this documentation, please contact our Production 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, 3, 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. C.Commercial Partners Title, LLC does not have the Abstract of Title for the subject property. D.The legal description at Item No. 4 of Schedule A is related to the property address of 9170 Great Plains Boulevard, Chanhassen, MN. ISSUED BY COMMERCIAL PARTNERS TITLE,LLC 200 S. 6th St., Suite 1300, Minneapolis, MN 55402 AS AGENT FOR OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY ALTA Commitment Schedule A (6-17-06) Valid OnlyifSchedule B and Cover are Attached (40123.PFD/40123/58) COMMITMENT Reference Name:Giannetti Properties, LLC SCHEDULE A 1.Commitment Date:April 9, 2015 at 07:00 AM File No. 40123 Policy (or Policies) to be issued:Amount2. (a)Owner's Policy ALTA Own. Policy (6/06) Proposed Insured: ALTA Loan Policy (6/06)(b)Loan Policy To Be Determined Proposed Insured: To Be Determined (c) Loan Policy ALTA Loan Policy (6/06) Proposed Insured: The estate or interest in the land described or referred to in the Commitment and covered herein is a Fee Simple, and title thereto is at the effective date vested in:3. Giannetti Properties, LLC, a Minnesota limited liability company 4.The land referred to in this Commitment is described as follows: SEE EXHIBIT A ATTACHED HERETO (40123.PFD/40123/58)ALTA Commitment Exhibit A ISSUED BY COMMERCIAL PARTNERS TITLE,LLC AS AGENT FOR OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY COMMITMENT NUMBER 40123 EXHIBIT A PROPERTY DESCRIPTION The land referred to in this Commitment is described as follows: All that part of the Northerly 730.00 feet of the North Half of the Southwest Quarter of Section 24, Township 116, Range 23, as measured along the West line thereof and lying Westerly of the centerline of State Highway No. 101. The centerline of said Highway No. 101 is described as follows: Beginning at a point on the North line of the Southwest Quarter of Section 24, Township 116, Range 23, a distance of 632.52 feet East of the Northwest corner of said Southwest Quarter; the bearing of the North line of the Southwest Quarter is assumed to be South 88 degrees 46 minutes 29 seconds East. Thence South 4 degrees 24 minutes 47 seconds West a distance of 413.72 feet; thence on a tangential curve, concave to the East having a central angle of 11 degrees 38 minutes 21 seconds and a radius of 1962.29 feet a distance of 398.62 feet. Thence South 7 degrees 13 minutes 34 seconds East tangent to the last described curve, a distance of 217.65 feet; thence on a tangential curve, concave to the West having a central angle of 14 degrees 29 minutes 17 seconds and a radius of 1166.15 feet a distance of 294.88 feet, more or less, to a point on the South line of the North Half of the Southwest Quarter of Section 24 and thence terminating said point distance 660.44 feet Easterly of the Southwest corner of the North Half of the Southwest Quarter. EXCEPTING THEREFROM Parcel 71C of the Minnesota Department of Transportation Right-of-Way Plat No. 10-19, as the same is on file and of record in the office of the County Recorder in and for Carver County, Minnesota. Carver County, Minnesota Abstract Property ALTA Commitment Schedule B (6-17-06)(40123.PFD/40123/58) ISSUED BY COMMERCIAL PARTNERS TITLE,LLC AS AGENT FOR OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY COMMITMENT NUMBER 40123 SCHEDULE B -PART 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 -PART 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. 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.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 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 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 2015 are $14,128.00 and are half paid. Base tax $14,128.00 Property Identification No. 25.0242900 NOTE:There are no delinquent taxes of record. B.There are no levied or pending assessments of record. 8.Rights or claims of tenants, as tenants only, in possession under unrecorded leases. ISSUED BY COMMERCIAL PARTNERS TITLE,LLC AS AGENT FOR OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY COMMITMENT NUMBER 40123 SCHEDULE B -Part II - EXCEPTIONS (Continued) ALTA Commitment Schedule B (6-17-06)(40123.PFD/40123/58) 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.Submit the following documentation prior to closing for review and approval: Copies of Good Standing Certificate for Seller and/or Buyer/Borrower and Resolutions authorizing both the transaction and execution of documents (or incumbency certificate with the authorizing resolutions), or other evidence acceptable to the Company. 11.Easement for pipeline, in favor of Great Lakes Pipe Line Co., as created in document dated July 25, 1954, filed August 28, 1954, as Document No. 86726. Deeded to Williams Brothers Pipe Line Company by Deed dated March 15, 1966, filed April 4, 1966, as Document No. 110063. Amended by Partial Release of Right of Way dated March 6, 1985, filed April 1, 1985, as Document No. 70394. Amendment to Articles of Incorporation changing the corporate name from Williams Brothers Pipe Line Company to Williams Pipe Line Company dated April 23, 1986, filed December 23, 1986, as Document No. 83256, and Name Change from Williams Pipe Line Company to Williams Pipe Line Company LLC, a Delaware Limited Liability Company dated April 23, 1986, filed December 23, 1986, as Document No. 325662. Quit Claim Deed with reservations in favor of the State of Minnesota dated July 20, 2007, filed August 27, 2007, as Document No. A470510. 12.Rights of State of Minnesota as shown in Minnesota Department of Transportation Right of Way Plat No. 10-19 filed October 19, 2004, as Document No. 399300, and in Final Certificate filed August 27, 2009, as Document No. A506726. ISSUED BY COMMERCIAL PARTNERS TITLE,LLC AS AGENT FOR OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY COMMITMENT NUMBER 40123 SCHEDULE B -Part II - EXCEPTIONS (Continued) ALTA Commitment Schedule B (6-17-06)(40123.PFD/40123/58) 13.16.5 foot utility easement to Northwestern Bell as per Document No. 94211, as shown in Document No. 399300. 14.Reservation of all minerals and mineral rights by the State of Minnesota, shown as an exception to title on prior title insurance policy provided to Commercial Partners Title, LLC. 15.Subject to the following matters as shown on the survey prepared by Pioneer Engineering dated February 7, 2007: a) Existing driveway is located in the highway right of way. b) A fence runs diagonally across the South property line. It is not clear whose fence it is and it may signify that the adjoiners to the South may claim an interest in subject property. c)There are overhead power lines along the North side of the property without an easement. d) Highway right of way on the Northeast corner of the property without an easement. END OF SCHEDULE B EXCEPTIONS SEE ATTACHED FOR ADDITIONAL INFORMATION REGARDING THIS FILE EXHIBIT A LEGAL DESCRIPTION All that part of the Northerly 730.00 feet of the North Half of the Southwest Quarter of Section 24, Township 116, Range 23, as measured along the West line thereof and lying Westerly of the centerline of State Highway No. 101. The centerline of said Highway No. 101 is described as follows: Beginning at a point on the North line of the Southwest Quarter of Section 24, Township 116, Range 23, a distance of 632.52 feet East of the Northwest corner of said Southwest Quarter; the bearing of the North line of the Southwest Quarter is assumed to be South 88 degrees 46 minutes 29 seconds East. Thence South 4 degrees 24 minutes 47 seconds West a distance of 413.72 feet; thence on a tangential curve, concave to the East having a central angle of 11 degrees 38 minutes 21 seconds and a radius of 1962.29 feet a distance of 398.62 feet. Thence South 7 degrees 13 minutes 34 seconds East tangent to the last described curve, a distance of 217.65 feet; thence on a tangential curve, concave to the West having a central angle of 14 degrees 29 minutes 17 seconds and a radius of 1166.15 feet a distance of 294.88 feet, more or less, to a point on the South line of the North Half of the Southwest Quarter of Section 24 and thence terminating said point distance 660.44 feet Easterly of the Southwest corner of the North Half of the Southwest Quarter. EXCEPTING THEREFROM Parcel 71C of the Minnesota Department of Transportation Right-of-Way Plat No. 10-19, as the same is on file and of record in the office of the County Recorder in and for Carver County, Minnesota. Carver County, Minnesota Abstract Property