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842982-2 MN Commitment - Revised 7_25_2018 Form No. 1068-2 Commitment No.: Page Number: NCS-842982-2- MPLS 1 121 South 8th Street, Suite 1250 Minneapolis, MN 55402 July 25, 2018 Keith Ulstad United Properties 651 Nicollet Mall Ste 450 Minneapolis, MN 55402-1657 Phone: (952)893-8857 Fax: (952)842-2297 Customer Reference: Chanhassen Frontier Title Officer: Phone: Email: Order Number: NCS-842982-2-MPLS Escrow Officer: Marissa J. Ulstad Phone: 612-305-2036 Property: Market Street, Chanhassen, MN Attached please find the following item(s): Commitment Thank You for your confidence and support. We at maintain the fundamental principle: Customer First! Form No. 1068-2 Commitment No.: Page Number: NCS-842982-2- MPLS 2 First American Title Insurance Company INFORMATION 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 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 Page Agreement to Issue Policy 3 Schedule A 1. Commitment Date 4 2. Policies to be Issued, Amounts and Proposed Insured 4 3. Interest in the Land and Owner 4 4. Description of the Land 4 Schedule B-1 - Requirements Schedule B-2 - Exceptions Conditions YOU SHOULD READ THE COMMITMENT VERY CAREFULLY. If you have any questions about the Commitment, please contact the issuing office. Form No. 1068-2 Commitment No.: Page Number: NCS-842982-2- MPLS 3 COMMITMENT FOR TITLE INSURANCE Issued by First 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 six months 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-1. The Exceptions in Schedule B-2. The Conditions. This Commitment is not valid without Schedule A and Sections 1 and 2 of Schedule B. Form No. 1068-2 Commitment No.: Page Number: NCS-842982-2- MPLS 4 Revision Information: Revision No. 1 - Revised Effective Date, Tax and Assessment Information, Sch. A, Nos. 3 (A), 3(B) & 4, Sch. B-1, No. 9, Sch. B-2, Nos. 14; Intentionally Deleted Sch. B-1, Nos. 6, 7 & 8, Sch. B-2, Nos. 15, 16, 18, 19, 20, 21, 26, 28, 29 & 30; Added Sch. B-2, Nos. 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41 & 42. (ja) SCHEDULE A 1. Commitment Date: July 13, 2018 at 7:30 A.M. 2. Policy or Policies to be issued: Amount (A) ALTA Owner's Policy $ Proposed Insured: (B) ALTA Loan Policy $24,400,000.00 2006 Policy Proposed Insured: Bremer Bank 3. (A) The estate or interest in the land described in this Commitment is: Fee Simple as to Parcels 1, 2, and 3; Easements as to Parcels 4, 5, 6, 7, 8, and 9. (B) Title to said estate or interest at the date hereof is vested in: Chanhassen Frontier LLC, a Delaware limited liability company 4. The land referred to in this Commitment is situated in the City of Chanhassen, County of Carver, State of Minnesota, and is described as follows: Parcel 1: Lot 2, Block 1, Frontier Cinema Addition, Carver County, Minnesota. Parcel 2: Outlot A, Frontier Cinema Addition, Carver County, Minnesota, EXCEPT that part thereof now platted into Chanhassen Transit Station, described as follows: Commencing at the Southeast corner of said Outlot A, Frontier Cinema Addition, Carver County, Minnesota; thence North 00 degrees 33 minutes, 26 seconds West, an assumed bearing, along the East line of said Outlot A, a distance of 110.00 feet; thence North 17 degrees 52 minutes 40 seconds East along said East line of Outlot A, a distance of 6.11 feet to the point of beginning; thence North 11 degrees 09 minutes 45 seconds West a distance of 98.29 feet; thence North 78 degrees 50 minutes 15 seconds East a distance of 31.70 feet to said East line of Outlot A; thence southerly along said East line of Outlot A to the point of beginning. Form No. 1068-2 Commitment No.: Page Number: NCS-842982-2- MPLS 5 Parcel 3: Lot 3, Block 1, Chanhassen Transit Station, Carver County, Minnesota, EXCEPT that part of said Lot 3 lying southerly of Lot 2, Block 1, said Chanhassen Transit Station, and easterly of the following described line: Beginning at the Northeast corner of Outlot A, Frontier Cinema Addition, said Carver County, Minnesota; thence North 00 degrees 33 minutes 27 seconds West, assumed bearing along the Northerly extension of the East line of said Outlot A, a distance of 40.00 feet; thence South 89 degrees 26 minutes 33 seconds West a distance of 54.37 feet to the southerly extension of the West line of said Lot 2; thence North 00 degrees 01 minutes 05 seconds West, along said line extended a distance of 78.92 feet to the southern most corner of said West line and said line there terminating. All Registered Property Certificate of Title no. 39785.0 Parcel 4: Non-exclusive easement for the benefit of Parcel 1 for the ingress and egress by vehicles and pedestrians as set forth in Access Easement Agreement dated April 7, 2004, recorded May 20, 2004, as Document No. A387172. Parcel 5: Non-exclusive easement for ingress and egress by vehicles and pedestrians as set forth in Access and Utility Easement Agreement, dated May 25, 2018, recorded May 30, 2018, as Document No. A662708. Parcel 6: Non-exclusive easement for ingress and egress by vehicles and pedestrians as set forth in Easement Declaration dated October 24, 1990, recorded October 30, 1990 as Document No. A119111, as amended by Easement Declaration (First Amendment), dated July 18, 1997, recorded July 24, 1997, as Document No. A213640, and further amended by Amendment No. 2 to Easement Declaration, dated, May 25, 2018, recorded May 30, 2018, as Document No. A662700. Parcel 7: Non-exclusive easement for parking by vehicles as set forth in Parking Easement Agreement, dated May 25, 2018, recorded May 30, 2018, as Document No. A662709. Parcel 8: Non-exclusive, temporary easement for ingress, egress and access for construction purposes as set forth in Temporary Construction Easement, and Demolition, Landscaping and Construction Agreement, and Landscaping Easement, dated May 25, 2018, recorded May 30, 2018, as Document No. A662712. Parcel 9: Non-exclusive easement for ingress and egress by vehicles and pedestrians as set forth in Access Easement Agreement, dated May 25, 2018, recorded May 30, 2018, as Document No. A662707. Form No. 1068-2 Commitment No.: Page Number: NCS-842982-2- MPLS 6 SCHEDULE B SECTION ONE REQUIREMENTS The following requirements must be met: 1. Pay the agreed amounts for the interest in the land and/or the mortgage to be insured. 2. Pay us the premiums, fees and charges for the policy. 3. Documents satisfactory to us creating the interest in the land and/or the mortgage to be insured must be signed, delivered and recorded. 4. Evidence satisfactory to the Company that the execution and delivery of the instruments evidencing the estates to be insured were properly authorized. 5. The standard form of Seller's and/or Purchaser's Affidavit, satisfactory to the Company, is required. 6. This item has been intentionally deleted. 7. This item has been intentionally deleted. 8. This item has been intentionally deleted. 9. Mortgage from Chanhassen Frontier LLC, a Delaware limited liability company, to Bremer Bank in the amount of $ 24,400,000.00. 10. Additional requirements, if any, to be determined. Form No. 1068-2 Commitment No.: Page Number: NCS-842982-2- MPLS 7 SCHEDULE B SECTION TWO EXCEPTIONS Any policy we issue will have the following exceptions unless they are taken care of to our satisfaction: 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. Discrepancies, conflicts in boundary lines, shortages in area, encroachments, or any other fact which a correct survey would disclose, and which are not shown by 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 said land or by making inquiry of persons in possession thereof. 4. Easements, claims of easement or encumbrances which are 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 in 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 payable in the year 2018 in the amount of $206,142.00 total; first half due on or before May 15, 2018 is paid, second half due on or before October 16, 2018 is unpaid. Base tax: $206,142.00. Tax Parcel No. 25.2830033 8. Special assessments levied after the date hereof. 9. Levied assessments for Downtown Transit Parking Ramp Improvement with a remaining balance in the amount of $10,946.44. An additional $11,603.22 has been certified for collection with the 2018 real estate taxes. Levied assessments for ReApportion - Downtown Transit Parking Ramp Improvement with a remaining balance in the amount of $70,358.70. An additional $74,580.23 has been certified for collection with the 2018 real estate taxes. Levied assessments for Downtown Parking Ramp Improvement with a remaining balance in the amount of $42,589.80. An additional $45,145.19 has been certified for collection with the 2018 real estate taxes. Form No. 1068-2 Commitment No.: Page Number: NCS-842982-2- MPLS 8 Levied assessments for Sewer Access Charge with a remaining balance in the amount of $1,826.25. An additional $730.50 has been certified for collection with the 2018 real estate taxes. There are no pending special assessments of record as of the date hereof. 10. Rights of tenants under unrecorded leases. 11. This item has been intentionally deleted. 12. Terms, conditions and easement for utility, street and drainage purposes, including any incidental rights, in favor of the City of Chanhassen, a Minnesota municipal corporation, as contained in the Easement Agreement dated July 31, 1987, recorded July 28, 1988 as Document No. A97955. 13. This item has been intentionally deleted. 14. Easements for driveway and parking purposes as contained in the Easement Declaration dated October 24, 1990, recorded October 30, 1990 as Document No. A119111. Above Easement Declaration was modified by Easement Declaration (First Amendment), dated July 18, 1997, recorded July 24, 1997, as Document No. A213640. Above Easement Declaration was modified by Amendment 2 to Easement Declaration, dated May 25, 2018, recorded May 30, 2018, as Document No. A662700. 15. This item has been intentionally deleted. 16. This item has been intentionally deleted. 17. Terms, conditions and easement for gas pipeline purposes, including any incidental rights, in favor of Minnegasco, a division of NorAm Energy Corp., a Delaware corporation, as contained in the Easement dated October 7, 1997, recorded November 5, 1997 as Document No. A217929. 18. This item has been intentionally deleted. 19. This item has been intentionally deleted. 20. This item has been intentionally deleted. 21. This item has been intentionally deleted. 22. Terms, conditions and easements for ingress, egress, access, parking and shelter purposes as contained in the Agreement for Easement Parking, Access, and Passenger Shelter, and Maintenance Obligations dated April 7, 2004, recorded May 20, 2004 as Document No. A387169. Above Agreement for Easement Parking, Access, and Passenger Shelter, and Maintenance Obligations was modified by Partial Release of Easements, dated January 4, 2010, recorded January 4, 2010, as Document No. A513004. Above Agreement for Easement Parking, Access, and Passenger Shelter, and Maintenance Obligations was modified by Release of Easements, dated January 4, 2010, recorded January 4, 2010, as Document No. A513005. Form No. 1068-2 Commitment No.: Page Number: NCS-842982-2- MPLS 9 23. Terms, conditions and easement for access purposes as contained in the Access Easement Agreement dated April 7, 2004, recorded May 20, 2004 as Document No. A387172. 24. Easement for sanitary sewer and watermain purposes, including any incidental rights, in favor of the City of Chanhassen as contained in the Grant of Permanent Easement dated December 14, 2009, recorded December 29, 2009 as Document No. A512765. 25. Easement for street, drainage and utility purposes, including any incidental rights, in favor of the City of Chanhassen as contained in the Grant of Permanent Easement dated December 14, 2009, recorded December 29, 2009 as Document No. A512766. 26. This item has been intentionally deleted. 27. Terms and conditions of the Public Improvement and Special Assessment Agreement dated November 23, 2009, recorded January 4, 2010 as Document No. A513009. 28. This item has been intentionally deleted. 29. This item has been intentionally deleted. 30. This item has been intentionally deleted. 31. Terms and conditions of the Special Assessment Agreement dated December 14, 2016, recorded April 18, 2018 as Document No. A660795. 32. Terms, conditions and easements as contained in the Access and Utility Easement Agreement dated May 25, 2018, recorded May 30, 2018 as Document No. A662708. 33. Terms and conditions of the Parking Easement Agreement dated May 25, 2018, recorded May 30, 2018 as Document No. A662709. 34. Terms, conditions and easements as contained in the Temporary Construction Easement, and Demolition, Landscaping and Construction Agreement, and Landscaping Easement dated May 25, 2018, recorded May 30, 2018 as Document No. A662712. 35. Terms, conditions and easements as contained in the Access Easement Agreement dated May 25, 2018, recorded May 30, 2018 as Document No. A662707. 36. Terms, conditions and easements as contained in the Access and Parking Easement Agreement dated May 25, 2018, recorded May 30, 2018 as Document No. A662710. 37. Terms and conditions of the Public Improvement and Special Assessment Agreement dated May 25, 2018, recorded May 30, 2018 as Document No. A662711. 38. Terms, conditions and obligations as contained in the Contract For Private Redevelopment dated May 25, 2018, recorded May 30, 2018 as Document No. A662713. 39. Terms, conditions and obligations as contained in the Stormwater Facilities Maintenance Declaration dated May 25, 2018, recorded May 30, 2018 as Document No. A662714. 40. Terms and conditions of the Declaration dated May 25, 2018, recorded May 30, 2018 as Document No. A662715. Form No. 1068-2 Commitment No.: Page Number: NCS-842982-2- MPLS 10 41. Terms and conditions of the Site Plan Agreement #2017-11 dated June 10, 2017, recorded June 5, 2018 as Document No. A662994. 42. Terms and conditions of the unrecorded Lease dated on or about September 22, 2017, between Chanhassen Frontier LLC, a Delaware limited liability company, Landlord, and Aldi Inc. (Minnesota), a Minnesota corporation, Tenant, as evidenced by the Memorandum of Lease dated June 4, 2018, recorded June 5, 2018 as Document No. A662995. Form No. 1068-2 Commitment No.: Page Number: NCS-842982-2- MPLS 11 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 the title according to the state law where the land is located. 2. LATER DEFECTS The Exceptions in Schedule B - Section Two may be amended to show any defects, liens or encumbrances that appear for the first time in the public records or are created or attached between the Commitment Date and the date on which all of the Requirements (a) and (c) of Schedule B - Section One 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 One or eliminate with our written consent any Exceptions shown in Schedule B - Section Two. 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. Form No. 1068-2 Commitment No.: Page Number: NCS-842982-2- MPLS 12 Privacy Policy We Are Committed to Safeguarding Customer Information In order to better serve your needs now and in the future, we may ask you to provide us with certain information. We understand that you may be concerned about what we will do with such information - particularly any personal or financial information. We agree that you have a right to know how we will utilize the personal information you provide to us. Therefore, together with our parent company, The First American Corporation, we have adopted this Privacy Policy to govern the use and handling of your personal information. Applicability This Privacy Policy governs our use of the information which you provide to us. It does not govern the manner in which we may use information we have obtained from any other source, such as information obtained from a public record or from another person or entity. First American has also adopted broader guidelines that govern our use of personal information regardless of its source. First American calls these guidelines its Fair Information Values, a copy of which can be found on our website at www.firstam.com. Types of Information Depending upon which of our services you are utilizing, the types of nonpublic personal information that we may collect include: • Information we receive from you on applications, forms and in other communications to us, whether in writing, in person, by telephone or any other means; • Information about your transactions with us, our affiliated companies, or others; and • Information we receive from a consumer reporting agency. Use of Information We request information from you for our own legitimate business purposes and not for the benefit of any nonaffiliated party. Therefore, we will not release your information to nonaffiliated parties except: (1) as necessary for us to provide the product or service you have requested of us; or (2) as permitted by law. We may, however, store such information indefinitely, including the period after which any customer relationship has ceased. Such information may be used for any internal purpose, such as quality control efforts or customer analysis. We may also provide all of the types of nonpublic personal information listed above to one or more of our affiliated companies. Such affiliated companies include financial service providers, such as title insurers, property and casualty insurers, and trust and investment advisory companies, or companies involved in real estate services, such as appraisal companies, home warranty companies, and escrow companies. Furthermore, we may also provide all the information we collect, as described above, to companies that perform marketing services on our behalf, on behalf of our affiliated companies, or to other financial institutions with whom we or our affiliated companies have joint marketing agreements. Former Customers Even if you are no longer our customer, our Privacy Policy will continue to apply to you. Confidentiality and Security We will use our best efforts to ensure that no unauthorized parties have access to any of your information. We restrict access to nonpublic personal information about you to those individuals and entities who need to know that information to provide products or services to you. We will use our best efforts to train and oversee our employees and agents to ensure that your information will be handled responsibly and in accordance with this Privacy Policy and First American's Fair Information Values. We currently maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.