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HomeMy WebLinkAbout1.10 Commitment for title isuranceALTA Commitment (6/17106) ALTA Commitment Form COMMITMENT FOR TITLE INSURANCE Issued by stewart title guaranty company Stewart Title Guaranty Company, a Texas 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 13 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 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. This commitment shall not be valid or binding until countersigned by a validating officer or authorized signatory. IN WITNESS WHEREOF, Stewart Title Guaranty Company has caused its corporate name and seal to be hereunto affixed by its duly authorized officers on the date shown in Schedule A. Countersigned: Informational Purposes only; it is understood and agreed that STEWART TITLE COLORADO — GLEN WOOD SPRINGS DIVISION neither assumes, nor will be charged with any financial obligation or liability whatever on account of any statement contained herein Stewart Title of Colorado - Glenwood Springs Division 1620 Grand Avenue Glenwood Springs, Colorado 81601 Phone Number: (970) 945-5434 ALTA Commitment (6117/06) �•stewart 104-) Senior Chairman of the Soard Chairman Witte 8oard President 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 Iiability 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 13, or (e) 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. 5. 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< htto://www.alta.orel>. stewart ► titleuarant J Y company p Y All notices required to be given the Company and any statement in writing required to be furnished the Company shall be addressed to it at P.Q. Box 2029, Houston, Texas 77252. COMMITMENT FOR TITLE INSURANCE SCHEDULE A 1. Effective Date: December 11, 2008 at 8:00 a.m. Order No.: 20060156-C2 2. Policy or Policies To Be Issued: Amount of Insurance (a) A.L.T.A. Owner's (6/17/06) (Standard) $ TBD Proposed Insured: No Insurance is offere; this is an infortnational purposes only title commitment (b) A.L.T.A. Loan (6/17/06) 3. The estate or interest in the land described or referred to in this Commitment and covered herein is: Fee Simple 4. Title to the Fee Simple estate or interest in said land is at the effective date hereof vested in; Mahan Properties, a partnership 5. The land referred to in this Commitment is described as follows: SEE ATTACHED LEGAL DESCRIPTION ALTA Commitment (6/17/06) — Schedule A Page 1°12 STATEMENT OF CHARGES These charges are due and payable before a Policy can be issued: Hourly Rate Only rstewart title guaranty company SCHEDULE A Order No.: 20060156-C2 LEGAL DESCRIPTION TOWNSHIP 7 SOUTH, RANGE 89 WEST OF THE 6TH P.M. SECTION 9: W1/2SW1/4NE1/4 County of Garfield State of Colorado ALTA Commitment (6/17/06) — Schedule A Page 2 of 2 T Stewart title guaranty company COMMITMENT FOR TITLE INSURANCE SCHEDULE B — Section 1 REQUIREMENTS Order Number: 20060156-C2 The following are the requirements to be complied with: 1. Payment to or for the account of the grantor(s) or mortgagor(s) of the the estate or interest to be insured. 2. Proper instrument(s) creating the estate or interest to be insured must filed for record. 3. Execution of Affidavit as to Debts and Liens, which is attached or will be provided at closing. 4. Payment of all taxes and assessments currently due and payable, if any. full consideration for be executed and duly 5. Certificate of dismissal, issued by the Clerk of the Court, in Civil Action No, 89CV177-3, in the District Court of the County of Garfield entitled Denis Hines, Kathleen Schiavi Harris, and Sharon Stephenson, Plaintiff vs. James P. Mahan, Roberta Katz Mahan, Jeffrey R. Fitzsimmons, and the Board of the County Commissioners of Garfield County, Defendants. Notice of Lis Pendens recorded May 23, 1989 in Book 754 at Page 721 as Reception No. 401653. 6. Recordation of a Statement of Authority for Mahan Properties, a partnership. 7. Release by the Public Trustee of Garfield County of the Deed of Trust from Mahan Properties, a partnership for the use of Alpine Bank to secure $100,000.00 dated February 20, 2002, and recorded February 28, 2002, in Book 1333 at Page 211 as Reception No. 598139. ****NOTE: THIS ISA LINE OF CREDIT AND THE ACCOUNT MUST BE CLOSED**** 8. Release by the Public Trustee of Garfield County of the Deed of Trust from Mahan Properties, a partnership for the use of Alpine Bank to secure $100,000.00 dated December 22, 2005, and recorded January 9, 2006, in Book 1762 at Page 472 as Reception No. 690118. ****NOTE: THIS ISA LINE OF CREDIT AND THE ACCOUNT MUST BE CLOSED**** 9. Deed from vested owner, vesting fee simple title in purchaser(s). Order No.: 20060156-02 ALTA Commitment (6/17/06)- Schedule B Page 1 of 1 r stewart title guaranty company COMMITMENT FOR TITLE INSURANCE SCHEDULE B — Section 2 EXCEPTIONS Order Number: 20060156-C2 The policy or policies to be issued will contain exceptions to the following unless the same are disposed of to the satisfaction of the Company: 1. Rights or claims of parties in possession, not shown by the public records. 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 and not shown by the public records. 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 the proposed insured acquires of record, for value, the estate or interest or mortgage thereon covered by this commitment. 6. Unpatented mining claims, reservations or exceptions in patents, or in acts authorizing the issuance thereof. 7. Water rights, claims or title to water. 8. Any and all unpaid taxes and assessments and any unredeemed tax sales. 9. The effect of inclusions in any general or specific water conservancy, fire protection, soil conservation or other district or inclusion in any water service or street improvement area. 10. Right or 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 March 8, 1902 in Book 12 at Page 588 as Reception No. 25874. 11. Right of way for ditches or canals constructed by the authority of the United States, as reserved in United States Patent recorded March 8, 1902 in Book 12 at Page 588 as Reception No. 25874. 12. Matters related to the mineral estate as disclosed by Deed recorded May 21, 1974 in Book 459 at Page 353 as Reception No. 263096, and any and all assignments of record, or otherwise, thereof, or interests therein. 13. Road Easement Agreement recorded August 12, 1976 in Book 477 at Page 372 as Reception No. Order No.: 20060156-C2 ALTA Commitment (6/17/06) - Schedule 13 2 Page 1 of 2 Stewart title guaranty company 268826. 114. Easement as disclosed by Deed recorded March 11, 1976 in Book 483 at Page 421 as Reception No. 271689. 15, Protective Covenants and Deed Restrictions and other adverse matters as disclosed by Deed recorded March 11, 1976 in Book 483 at Page 421 as Reception No. 271689. /6. Road Easement as disclosed by Quit Claim Deed recorded September 20, 1979 in Book 535 at Page 602 as Reception No. 297769. 17. Any adverse matters disclosed on the Improvement Location Certificate dated September 30, 1986 by High Country Surveyors. 18. Resolution No. 2002-71 recorded July 15, 2002 in Book 1369 at Page 677 as Reception No. 607030. 19. Resolution No. 2004-68 recorded August 20, 2004 in Book 1615 at Page 520 as Reception No. 658361. Order No.: 20060156-C2 ALTA Commitment (6117/06)—Schedule B 2 f Y VGL �I Faget oil L-- title guaranty company DISCLOSURES Order Number: 20060156-C2 Note: Pursuant to C.R.S. 10-11-122, notice is hereby given that: A. The subject real property may be located in a special taxing district; B. A certificate of taxes due listing each taxing jurisdiction shall be obtained from the county treasurer or the county treasurer's authorized agent; C. Information regarding special districts and the boundaries of such districts may be obtained from the board of county commissioners, the county clerk and recorder, or the county assessor. Note: Colorado Division of Insurance Regulations 3-5-1, Subparagraph (7) (E) requires that "Every title insurance company shall be responsible to the proposed insured(s) subject to the terms and conditions of the title insurance commitment, other than the effective date of the title insurance commitment, for all matters which appear of record prior to the time of recording whenever the title insurance company, or its agent, conducts the closing and settlement service that is in conjunction with its issuance of an owners policy of title insurance and is responsible for the recording and filing of legal documents resulting from the transaction which was closed." Provided that Stewart Title of Colorado — Glenwood Springs Division conducts the closing of the insured transaction and is responsible for recording the legal documents from the transaction, exception number 5 will not appear on the Owner's Title Policy and the Lender's Title Policy when issued, Note: Affirmative Mechanic's Lien Protection for the Owner may be available (typically by deletion of Exception No. 4 of Schedule B, Section 2 of the Commitment from the Owner's Policy to be issued) 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 have been furnished by mechanics or materialmen for purposes of construction on the land described in Schedule A of this Commitment within the past 6 months. C. The Company must receive an appropriate affidavit indemnifying the Company against unfiled mechanic's and Materialmen's Liens. D. The Company must receive payment of the appropriate premium. E. If there has been construction, improvements or major repairs undertaken on the property to be purchased or mortgaged, within six months prior to the Date of the Commitment, the requirements to obtain coverage for unrecorded lines will include; disclosure of certain construction information; financial information as to the seller, the builder and/or the contractor; payment of the appropriate premium; fully executed Indemnity agreements satisfactory to the company; and, any additional requirements as may be necessary after an examination of the aforesaid information by the Company. No coverage will be given under any circumstances for labor or material for which the insured has contracted for or agreed to pay. Note: Pursuant to CR.S. 10-11-123, notice is hereby given: A. That there is recorded evidence that a mineral estate has been severed, leased or otherwise conveyed from the surface estate and that there is a substantial likelihood that a third party holds some or all interest in oil, gas, other minerals, or geothermal energy in the properly; and B. That such mineral estate may include the right to enter and use the property without the surface owner's permission, This notice applies to owner's policy commitments containing a mineral severance, leasing, or other conveyance instrument exception, or exceptions, in Schedule 13, Section 2. NOTHING HEREIN CONTAINED WILL BE DEEMED TO OBLIGATE THE COMPANY TO PROVIDE ANY OF THE COVERAGES REFERRED TO HEREIN UNLESS THE ABOVE CONDITIONS ARE FULLY SATISFIED. Order No. 20060156-C2 Stewart Title of Colorado • Glenwood Springs Division Disclosures EXHIBIT 1 Stewart Title Guaranty Company Privacy Policy Notice PURPOSE OF THIS NOTICE Title V of the Gramm -Leach -Bliley Act (GLBA) generally prohibits any financial institution, directly or through its affiliates, from sharing nonpublic personal information about you with a nonaffiliated third party unless the institution provides you with a notice of its privacy policies and practices, such as the type of information that it collects about you and the categories of persons or entities to whom it may be disclosed. In compliance with the GLBA, we are providing you with this document, which notifies you of the privacy policies and practices of Stewart Title Guaranty Company We may collect nonpublic personal information about you from the following sources: • Information we receive from you, such as on applications or other forms. • Information about your transactions we secure from our files, or from our affiliates or others. • Information we receive from a consumer reporting agency. • Information that we receive from others involved in your transaction, such as the real estate agent or lender. Unless it is specifically stated otherwise in an amended Privacy Policy Notice, no additional nonpublic personal information will be collected about you. We may disclose any of the above information that we collect about our customers or former customers to our affiliates or to nonaffiliated third parties as permitted by law. We also may disclose this information about our customers or former customers to the following types of nonaffiliated companies that perform marketing services on our behalf or with whom we have joint marketing agreements: • Financial service providers such as companies engaged in banking, consumer finance, securities and insurance. • Non-financial companies such as envelope stutters and other fulfillment service providers. WE DO NOT DISCLOSE ANY NONPUBLIC PERSONAL INFORMATION ABOUT YOU WITH ANYONE FOR ANY PURPOSE THAT IS NOT SPECIFICALLY PERMITTED BY LAW. We restrict access to nonpublic personal information about you to those employees who need to know that information in order to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information. EXHIBIT 2 Stewart Title of Colorado - Glenwood Springs Division Privacy Policy Notice PURPOSE OF THIS NOTICE Title V of the Gramm -Leach -Bliley Act (GLBA) generally prohibits any financial institution, directly or through its affiliates, from sharing nonpublic personal information about you with a nonaffiliated third party unless the institution provides you with a notice of its privacy policies and practices, such as the type of information that it collects about you and the categories of persons or entities to whom it may be disclosed. In compliance with the GLBA, we are providing you with this document, which notifies you of the privacy policies and practices of Stewart Title of Colorado - Glenwood Springs Division . We may collect nonpublic personal information about you from the following sources: • Information we receive from you, such as on applications or other forms. • Information about your transactions we secure from our files, or from our affiliates or others, • Information we receive from a consumer reporting agency. • Information that we receive from others involved in your transaction, such as the real estate agent or lender. Unless it is specifically stated otherwise in an amended Privacy Policy Notice, no additional nonpublic personal information will be collected about you. We may disclose any of the above information that we collect about our customers or former customers to our affiliates or to nonaffiliated third parties as permitted by law. We also may disclose this information about our customers or former customers to the following types of nonaffiliated companies that perform marketing services on our behalf or with whom we have joint marketing agreements: • Financial service providers such as companies engaged in banking, consumer finance, securities and insurance. • Non-financial companies such as envelope stuffers and other fulfillment service providers. WE DO NOT DISCLOSE ANY NONPUBLIC PERSONAL INFORMATION ABOUT YOU WITH ANYONE FOR ANY PURPOSE THAT IS NOT SPECIFICALLY PERMITTED BY LAW. We restrict access to nonpublic personal information about you to those employees who need to know that information in order to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.