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HomeMy WebLinkAbout13 title commitment 2IIIS TITLE COMPANY of the rockies 132 W. Main St. Ste. B Aspen, CO 81611 Phone: (970) 920-9299 Fax: (970) 920-5352 www.titlecorockies.com COMMITMENT TRANSMITTAL Commitment Ordered By: Mike Gerbaz Aspen Snowmass Sotheby's International Realty 606 East Hyman Ave Aspen, CO 81611 Phone: 970-925-2811 Fax: email: MGerbaz@clre.com Inquiries should be directed to: Kelli Burbach Title Company of the Rockies 132 W. Main St. Ste. B Aspen, CO 81611 Phone: (970) 920-9299 Fax: (970) 920-5352 email: kburbach@titlecorockies.com Commitment Number: Buyer's Name(s): Seller's Name(s): Property: 0905120-05 Karla H. Miller General Property Mortgage, Inc. 110 Weeping Willow Lane, Carbondale, CO 81623 Lot 7, Roaring Fork Preserve Subdivision, Garfield County, Colorado Karla H. Miller 110 Weeping Willow Lane Carbondale, CO 81623 James Cardamone Coldwell Banker Mason Morse 0290 Highway 133 Carbondale, CO 81623 Phone: 970-963-3300 Fax: 970-963-0879 email: jcardamone@masonmorse.com Lynn Reiff Wells Fargo Home Mortgage P.O. Box 773088 320 S. Lincoln Ave. Steamboat Springs, CO 80487 Phone: 970-879-8586 Fax: 970-879-4056 email: lynn.reiff@wellsfargo.com COPIES / MAILING LIST General Property Mortgage, Inc. 623 Clayton Street Denver, CO 80206 Mike Gerbaz Aspen Snowmass Sotheby's International Realty 606 East Hyman Ave Aspen, CO 81611 Phone: 970-925-2811 email: MGerbaz@clre.com Service Beyond Expectation in Colorado for: Eagle, Garfield, Grand, Pitkin and Summit Counties. (Limited Coverage: Jackson, Lake, Park and Rontt Counties) Locations In: Avon/Beaver Creek, Basalt, Breckenridge, Granby, and Winter Park. (Closing Services available in Aspen and Glenwood Springs). IIIS TITLE COMPANY of the rockies 132 W. Main St. Ste. B Aspen, CO 81611 Phone: (970) 920-9299 Fax: (970) 920-5352 www.tidecorockies.com Commitment Ordered By: Mike Gerbaz Aspen Snowmass Sotheby's International Realty 606 East Hyman Ave Aspen, CO 81611 Phone: 970-925-2811 Fax: email: MGerbaz@clre.com Inquiries should be directed to: Kelli Burbach Title Company of the Rockies 132 W. Main St. Ste. B Aspen, CO 81611 Phone: (970) 920-9299 Fax: (970) 920-5352 email: kburbach@titlecorockies.com Commitment Number: Buyer's Name(s): Seller's Name(s): 0905120-05 Karla H. Miller General Property Mortgage, Inc. Property: 110 Weeping Willow Lane, Carbondale, CO 81623 Lot 7, Roaring Fork Preserve Subdivision, Garfield County, Colorado TITLE CHARGES These charges are based on issuance of the policy or policies described in the attached Commitment for Title Insurance, and includes premiums for the proposed coverage amount(s) and endorsement(s) referred to therein, and may also include additional work and/or third party charges related thereto. If applicable, the designation of "Buyer" and "Seller" shown below may be based on traditional settlement practices in Garfield County, Colorado, and/or certain terms of any contract, or other information provided with the Application for Title Insurance. Owner's Policy Premium: Loan Policy Premium: Additional Lender Charge(s): Additional Other Charge(s): Tax Certificate: Total Endorsement Charge(s): TBD Charge(s): $1,097.00 $75.00 $25.00 $290.00 TOTAL CHARGES: $1,487.00 Service Beyond Expectation in Colorado for: Eagle, Garfield, Grand, Pitkin and Summit Counties. (Limited Coverage: Jackson, Lake, Park and Routt Counties) Locations In: Avon/Beaver Creek, Basalt, Breckenridge, Granby, and Winter Park. (Closing Services available in Aspen and Glenwood Springs). Land Title Insurance Company iiii. WESTCOR ALTA Commitment Form (6-17-06) COMMITMENT FOR TITLE INSURANCE ISSUED BY WESTCOR LAND TITLE INSURANCE COMPANY Westcor Land Title Insurance Company, a California corporation ("Company"), for a valuable consideration, commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the Proposed Insured named in Schedule A , as owner or mortgagee of the estate or interest in the land described or referred to in Schedule A, upon payment of the premiums and charges and compliance with the Requirements; all subject to the provisions of Schedules A and B and to the Conditions of this Commitment. This Commitment shall be effective only when the identity of the Proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A by the Company. All liability and obligation under this Commitment shall cease and terminate six (6) months after the Effective Date or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue the policy or policies is not the fault of the Company. The Company will provide a sample of the policy form upon request. IN WITNESS WHEREOF, WESTCOR LAND TITLE INSURANCE COMPANY has caused its corporate name and seal to be hereunto affixed and by these presents to be signed in facsimile under authority of its by-laws, effective as of the date of Commitment shown in Schedule A. Issued By: TITLE COMPANY of the rockies The Title Company of the Rockies 132 W. Main Street, Suite B Aspen, CO 81611 Phone: (970) 920-9299 WESTCOR TITLE INSURANCE COMPANY HOME OFFICE 201 N. New York Avenue, Suite 200 Winter Park, Florida 32789 Telephone: (407) 629-5842 O'XMAA rnv,droM MAL Senviaty CM -2 (ALTA Commitment for Title Insurance (6-17-06) (WLTIC Edition (9/26/07) CONDITIONS 1. The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument. 2. If the proposed Insured has or acquired actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations. 3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and Conditions and Stipulations and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. 4. This Commitment is a contract to issue one or more title insurance policies and is not an abstract of title or a report of the condition of title. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment. S. The policy to be issued 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 the Insured as the exclusive remedy of the parties. You may review a copy of the arbitration rules at< http://www.alta.org/> Westcor Land Title Insurance Company Joint Notice of Privacy Policy of Westcor Land Title Insurance Company and The Title Company of the Rockies Westcor Land Title Insurance Company ("WLTIC") and The Title Company of the Rockies value their customers and are committed to protecting the privacy of personal information. In keeping with that philosophy, we each have developed a Privacy Policy, set out below, that will endure the continued protection of your nonpublic personal information and inform you about the measures WLTIC and The Title Company of the Rockies take to safeguard that information. This notice is issued jointly as a means of paperwork reduction and is not intended to create a joint privacy policy. Each company's privacy policy is separately instituted, executed, and maintained. Who is Covered We provide our Privacy Policy to each customer when they purchase a WLTIC title insurance policy. Generally, this means that the Privacy Policy is provided to the customer at the closing of the real estate transaction. Information Collected In the normal course of business and to provide the necessary services to our customers, we may obtain nonpublic personal information directly from the customer, from customer -related transactions, or from third parties such as our title insurance agent, lenders, appraisers, surveyors and other similar entities. Access to Information Access to all nonpublic personal information is limited to those employees who have a need to know in order to perform their jobs. These employees include, but are not limited to, those in departments such as closing, legal, underwriting, claims and administration and accounting. Information Sharing Generally, neither WLTIC nor The Title Company of the Rockies shares nonpublic personal information that it collects with anyone other than those individuals necessary needed to complete the real estate settlement services and issue its title insurance policy as requested by the consumer. WLTIC or The Title Company of the Rockies may share nonpublic personal information as permitted by law with entities with whom WLTIC or The Title Company of the Rockies has a joint marketing agreement. Entities with whom WLTIC or The Title Company of the Rockies have a joint marketing agreement have agreed to protect the privacy of our customer's nonpublic personal information by utilizing similar precautions and security measures as WLTIC and The Title Company of the Rockies use to protect this information and to use the information for lawful purposes. WLTIC or The Title Company of the Rockies, however, may share information as required by law in response to a subpoena, to a government regulatory agency or to prevent fraud. Information Security WLTIC and The Title Company of the Rockies, at all times, strive to maintain the confidentiality and integrity of the personal information in its possession and has instituted measures to guard against its unauthorized access. We maintain physical, electronic and procedural safeguards in compliance with federal standards to protect that information. The WLTIC Privacy Policy can be found on WLTIC's website at www.wltic. com COMMITMENT for TITLE INSURANCE plTITLE COMPANY of the rockies issued by as agent for WESTCOR LAND TITLE INSURANCE COMPANY Reference: Commitment Ordered By: Mike Gerbaz Aspen Snowmass Sotheby's International Realty 606 East Hyman Ave Aspen, CO 81611 Phone: 970-925-2811 Fax: email: MGerbaz@clre.com Commitment Number: 0905120-05 Inquiries should be directed to: Kelli Burbach Title Company of the Rockies 132 W. Main St. Ste. B Aspen, CO 81611 Phone: (970) 920-9299 Fax: (970) 920-5352 email: kburbach@titlecorockies.com Reference Property Address: 110 Weeping Willow Lane, Carbondale, CO 81623 SCHEDULE A Effective Date: July 24, 2014, 7:00 am 2. Policy (or Policies) to be issued: a) ALTA Owner's Policy (6-17-06) Proposed Insured: Karla H. Miller b) ALTA Loan Policy (6-17-06) Proposed Insured: Issue Date: August 14, 2014 Policy Amount: $700,000.00 Premium: $1,157.00 Policy Amount: $350,000.00 Premium: $305.00 Wells Fargo Home Mortgage, its Successors and/or Assigns as their interests may appear 3. The estate or interest in the Land described or referred to in this Commitment is: Fee Simple and Title to said estate or interest is at the Effective Date vested in: General Property Mortgage, Inc., a Colorado corporation 4. The Land referred to in this Commitment is located in the County of Garfield, State of Colorado, and is described as follows: Lot 7, ROARING FORK PRESERVE, according to the Plat thereof filed May 23, 2002, at Reception No. 603992. Alta Commitment - 2006 Schedule A Commitment No. 0905120-05 Schedule B -I Requirements COMMITMENT FOR TITLE INSURANCE SCHEDULE B - SECTION I REQUIREMENTS THE FOLLOWING ARE THE REQUIREMENTS TO BE COMPLIED WITH: Item (a) Payment to or for the account of the grantors or mortgagors of the full consideration for the estate or interest to be insured. Item (b) Proper instrument(s) creating the estate or interest to be insured must be executed and duly filed for record, to wit: 1. Release by the Public Trustee of Garfield County of the Deed of Trust from General Property Mortgage, Inc. for the use of Horizon Banks, N.A., to secure $740,000.00, dated July 3, 2007, and recorded July 25, 2007, at Reception No. 729017. NOTE: Assignment of Rents recorded July 25, 2007, at Reception No. 729018, given in connection with the above Deed of Trust. NOTE: Disburser's Notice by Horizon Banks, N.A., recorded July 25, 2007, at Reception No. 729019. 2. Termination Statement for Financing Statement from General Property Mortgage, Inc., debtor(s), to Horizon Banks, N.A., secured party, recorded September 26, 2007, at Reception No. 733890, giving notice of a security interest under the Uniform Commercial Code. NOTE: UCC Financing Statement Amendment recorded April 2, 2012, at Reception No. 816763. 3. Release by the Public Trustee of Garfield County of the Deed of Trust from General Property Mortgage Inc. for the use of Colorado Capital Bank, to secure $200,000.00, dated March 10, 2010, and recorded March 11, 2010, at Reception No. 783120. NOTE: Assignment of the above Deed of Trust to First -Citizens Bank & Trust Company, recorded May 24, 2012, at Reception No. 819105. 4. Deed from General Property Mortgage, Inc., a Colorado corporation to Karla H. Miller. NOTE: Duly executed real property transfer declaration, executed by either the Grantor or Grantee, to accompany the Deed mentioned above, pursuant to Article 14 of House Bill No. 1288 - CRA 39-14-102. 5. Evidence satisfactory to the Company or its duly authorized agent that all dues and/or assessments levied by the Homeowners Association have been paid through the date of closing. 6. Deed of Trust from Karla H. Miller to the Public Trustee of Garfield County for the use of Wells Fargo Home Mortgage, to secure $350,000.00. The Owner's Policy, when issued, will not contain Exceptions No. 1, 2, 3 and 4 provided that: (A) The enclosed form, of indemnity agreement or final affidavit and agreement is properly executed and acknowledged by the party(ies) indicated and returned to the Company or its duly authorized agent, and Alta Commitment - 2006 Schedule B-1 Requirements Commitment No. 0905120-05 Schedule B -I Requirements (continued) (B) The applicable scheduled charges in the amount of $60.00, are paid to the Company or its duly authorized agent. The Mortgage Policy, when issued, will not contain Exceptions No. 1, 2, 3 and 4, and will contain Endorsement Form 100.1 provided that: (A) The enclosed form of indemnity agreement or final affidavit and agreement is properly executed and acknowledged by the party(ies) indicated and returned to the Company or its duly authorized agent, and (B) Applicable scheduled charges in the amount of $75.00 are paid to the Company or its duly authorized agent. The Mortgage Policy, when issued, will contain the following Endorsement Form(s), provided that applicable scheduled charges in the amount(s) following each endorsement are paid to the Company or its duly authorized agent. 8.1 $50.00 115.2 $105.00 Alta Commitment - 2006 Schedule B -I Requirements (continued) Commitment No. 0905120-05 Schedule B -II Exceptions COMMITMENT FOR TITLE INSURANCE 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. Any loss or damage, including attorney fees, by reason of the matters shown below: 1. 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. 2. Easements or claims of easements, 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. 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. 5. 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 of the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. 6. (a) Taxes or assessments that 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; (b) proceedings by a public agency that may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records. 7. Any water rights or claims or title to water in, on or under the land. 8. Right of the Proprietor of a vein or lode to extract and remove his ore therefrom, should the same be found to penetrate or intersect the premises hereby granted, as reserved in United States Patent recorded June 1, 1899, in Book 12 at Page 511. 9. Right of way for ditches or canals constructed by the authority of the United States, as reserved in United States Patent recorded June 1, 1899, in Book 12 at Page 511. 10. Resolution of the Board of County Commissioners of Garfield County recorded August 21, 2001, in Book 1279 at Page 57 as Resolution No. 60. 11. Easement and right of way for emergency access purposes as set forth in Deed of Easement recorded May 23, 2002, in Book 1357 at Page 209. 12. Sixty foot road easement conveyed in Deed recorded December 30, 1999, in Book 1166 at Page 920 and Quit Claim Deed recorded May 23, 2002, in Book 1357 at Page 211. 13. Restrictions, which do not contain a forfeiture or reverter clause, but omitting any covenants or restrictions, if any, including, but not limited to those based upon race, color, religion, sex, sexual Alta Commitment - 2006 Schedule B -II Exceptions Commitment No. 0905120-05 Schedule B -II Exceptions (continued) orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law,as contained in instrument recorded May 31, 2002, in Book 1359 at Page 128, as amended by instrument recorded August 8, 2006, in Book 1830 at Page 102. 14. Easement and right of way for an electric transmission or distribution line or system and related appurtenances, as granted to Holy Cross Electric Association, Inc., by instrument recorded October 17, 2002, in Book 1396 at Page 502, said easement being more particularly described therein. 15. Easements, rights of way and all other matters as shown on the Plat of Roaring Fork Preserve, filed May 23, 2002, at Reception No. 603992. 16. Terms, agreements, provisions, conditions and obligations as contained in Trench, Conduit and Vault Agreement recorded November 4, 2002, in Book 1403 at Page 120. 17. Terms, agreements, provisions, conditions and obligations as contained in Declaration of Covenants and Easements recorded March 26, 2007, in Book 1905 at Page 769. 18. Terms, agreements, provisions, conditions and obligations as contained in Ditch Operating Agreement recorded January 6, 2010, at Reception No. 780164. Alta Commitment - 2006 Schedule B -II Exceptions (continued) Note 1: Colorado Division of Insurance Regulations 3-5-1, Paragraph C of Article VII, requires that "Every Title entity shall be responsible for all matters which appear of record prior to the time of recording whenever the Title entity conducts the closing and is responsible for recording or filing of legal documents resulting from the transaction which was closed." (Gap Protection) Note 2: Exception No. 4 of Schedule B, Section 2 of this Commitment may be deleted from the Owner's Policy to be issued hereunder upon compliance with the following conditions: A. The Land described in Schedule A of this commitment must be a single-family residence, which includes a condominium or townhouse unit. B. No labor or materials may have been furnished by mechanics or materialmen for purpose of construction on the Land described in Schedule A of this Commitment within the past 13 months. C. The Company must receive an appropriate affidavit indemnifying the Company against unfiled mechanic's and materialmen's liens. D. Any deviation from conditions A though C above is subject to such additional requirements or Information as the Company may deem necessary, or, at its option, the Company may refuse to delete the exception. E. Payment of the premium for said coverage. Note 3: The following disclosures are hereby made pursuant to § 10-11-122, C.R.S.: (i) The subject real property may be located in a special taxing district; (ii) A certificate of taxes due listing each taxing jurisdiction shall be obtained from the County Treasurer or the County Treasurer's authorized agent; and (iii) Information regarding special districts and the boundaries of such districts may be obtained from the County Commissioners, the County Clerk and Recorder, or the County Assessor. Note 4: If the sales price of the subject property exceeds $100,000.00, the seller shall be required to comply with the disclosure or withholding provisions of C.R.S. §39-22- 604.5 (Non-resident withholding). Note 5: Pursuant to C.R.S. §10-11-123 Notice is hereby given: (a) If there is recorded evidence that a mineral estate has been severed, leased or otherwise conveyed from the surface estate then there is a substantial likelihood that a third party holds some or all interest in oil, gas, other minerals, or geothermal energy in the property, and (b) That such mineral estate may include the right to enter and use the property without the surface owner's permission. Note 6: Effective September 1, 1997, C.R.S. §30-10-406 requires that all documents received for recording or filing in the clerk and recorder's office shall contain a top margin of at least one inch and a left, right and bottom margin of at least one-half inch the clerk and recorder may refuse to record or file any document that does not conform. Note 7: Our Privacy Policy: We will not reveal nonpublic personal customer information to any external non- affiliated organization unless we have been authorized by the customer, or are required by law. Note 8: Records: Regulation 3-5-1 Section 7 (N) provides that each title entity shall maintain adequate documentation and records sufficient to show compliance with this regulation and Title 10 of the Colorado Revised Statutes for a period of not less than seven (7) years, except as otherwise permitted by law. Note 9: Pursuant Regulation 3-5-1 Section 9 (F) notice is hereby given that "A title entity shall not earn interest on fiduciary funds unless disclosure is made to all necessary parties to a transaction that interest is or has been earned. Said disclosure must offer the opportunity to receive payment of any interest earned on such funds beyond any administrative fees as may be on file with the division. Said disclosure must be clear and conspicuous, and may be made at any time up to and including closing." Be advised that the closing agent will or could charge an Administrative Fee for processing such an additional services request and any resulting payee will also be subjected to a W-9 or other required tax documentation for such purpose(s). Be further advised that, for many transactions, the imposed Administrative Fee associated with such an additional service may exceed any such interest earned. Therefore, you may have the right to some of the interest earned over and above the Administrative Fee, if applicable (e.g., any money over any administrative fees involved in figuring the amounts earned). Note 10: Pursuant to Regulation 3-5-1 Section 9 (G) notice is hereby given that "Until a title entity receives written instructions pertaining to the holding of fiduciary funds, in a form agreeable to the title entity, it shall comply with the following: 1. The title entity shall deposit funds into an escrow, trust, or other fiduciary account and hold them in a fiduciary capacity. 2. The title entity shall use any funds designated as "earnest money" for the consummation of the transaction as evidenced by the contract to buy and sell real estate applicable to said transaction, except as otherwise provided in this section. If the transaction does not close, the title entity shall: a. Release the eamest money funds as directed by written instructions signed by both the buyer and seller; or b. If acceptable written instructions are not received, uncontested funds shall be held by the title entity for 180 days from the scheduled date of closing, after which the title entity shall retum said funds to the payor. 3. In the event of any controversy regarding the funds held by the title entity (notwithstanding any termination of the contract), the title entity shall not be required to take any action unless and until such controversy is resolved. At its option and discretion, the title entity may: a. Await any proceeding; or b. Interplead all parties and deposit such funds into a court of competent jurisdiction, and recover court costs and reasonable attorney and legal fees; or c. Deliver written notice to the buyer and seller that unless the title entity receives a copy of a summons and complaint or claim (between buyer and seller), containing the case number of the lawsuit or lawsuits, within 120 days of the title entity's written notice delivered to the parties, title entity shall return the funds to the depositing party." Disclosure Statements