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HomeMy WebLinkAbout05.0 Title CommitmentOctober 13, 2009 stewart title of colorado Glenwood Springs Division 1620 Grand Avenue Glenwood Springs, Colorado 81601 Order No.: 20060297-C7 Address: to Spring Valley Holdings, LLC Thank you for using Stewart Title! In connection with the above Order Number, please find attached the following: TITLE COMMITMENT: AMENDED COMMITMENT: X * Please direct all TITLE questions to: SUSAN SARVER Phone: 970-945-5434 E-mail: susan.sarver@stewart.com Fax: 800-521-9086 Client: Spring Valley Holdings, LLC Attn: Doreen Herriott Doreen@sopris.net PLEASE READ CAREFULLY 1. This is a Commitment to issue one or more policies of title insurance in our Standard Form when the Requirements set forth in the Commitment have been satisfied. 2. Only the policies shown are committed to. If there are any changes in the transaction, order an endorsement from us. Stewart Title reserves the right to add and/or delete Requirements and/or Exceptions accordingly. 3. The effective date shown on Schedule A of this Commitment is important. NOTHING after that date has been considered by us. 4. This Commitment is good for 6 months only. Extensions should be ordered from us, if they are needed. Please do not hesitate to contact us if we can be of further service. Thank you. ALTA Commitment (6/17/06) 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 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 Iiability 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 Stewart Title 1620 Grand Avenue Glenwood Springs, Colorado 81601 Phone Number: (970) 945-5434 ALTA Commitment (6/17/06) rstewart title guaranty company RA - Senior Chairman of tie Board Chairman of the Board 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 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. 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< http://www. alta.org/> . stewart titleuaran g tY company 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.O. Box 2029, Houston, Texas 77252. COMMITMENT FOR TITLE INSURANCE SCHEDULE A 1. Effective Date: September 18, 2009 at 8:00 a.m. Order No.: 20060297-C7 2. Policy or Policies To Be Issued: Amount of Insurance (a) A.L.T.A. Owner's (6/17/06) (Standard) $ TBD Proposed Insured: To Be Determined (b) A.L.T.A. Loan (6117106) (Extended) To Be Determined, its successors and/or assigns 3. The estate or interest in the land described or referred to in this Commitment and covered herein is: Fee Simple as to Parcels 1 and 2; Easement Interest as to Parcel 3 4. Title to the Fee Simple as to Parcels 1 and 2; Easement Interest as to Parcel 3 5. estate or interest in said land is at the effective date hereof vested in: SPRING VALLEY HOLDINGS, LLC, A DELAWARE LIMITED LIABILITY COMPANY AS TO PARCEL 1 (EXCEPTING PARCEL 2 [THE "DIRECTOR'S PARCEL"] WHICH LIES WITHIN PARCEL 1; SEE VESTING BELOW FOR PARCEL 2) SPRING VALLEY HOLDINGS, LLC, A DELAWARE LIMITED LIABILITY COMPANY AS TO AN UNDIVIDED 90% INTEREST IN PARCEL 2 (THE "DIRECTOR'S PARCEL") SPRING VALLEY HOLDINGS, LLC, A DELAWARE LIMITED LIABILITY COMPANY, INSURED TO RIGHTS IN THE NON-EXCLUSIVE EASEMENT INTEREST DESCRIBED AS PARCEL 3, SUBJECT TO THE TERMS, CONDITIONS AND OBLIGATIONS OF SAID AGREEMENT DESCRIBED AS PARCEL 3 6. The land referred to in this Commitment is described as follows: SEE ATTACHED LEGAL DESCRIPTION Purported Address: Glenwood Springs, Colorado STATEMENT OF CHARGES These charges are due and payable before a Policy can be issued: To Be Determined ALTA Commitment (6/17/06) — Schedule A stewart Page 1 of 12 title guaranty company SCHEDULE A Order No.: 20060297-C7 LEGAL DESCRIPTION PARCEL 1 A PARCEL OF LAND LOCATED IN SECTIONS 14, 15, 16, 20, 21, 22, 23, 26, 27, 28, 29, 32, 33, AND 34, TOWNSHIP 6 SOUTH, RANGE 88 WEST, SIXTH PRINCIPAL MERIDIAN BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF SAID SECTION 20 BEING A 2 -INCH ALUMINUM CAP (P.E.L.S. 5933); THENCE S 88°16'08" E 2627.19 FEET ALONG THE NORTH LINE OF SAID SECTION 20 TO THE NORTH QUARTER CORNER OF SAID SECTION 20 BEING A 2 -INCH ALUMINUM CAP (P.E.L.S. 5933); THENCE S 88°15'48" E 2625.91 FEET ALONG THE NORTH LINE OF SAID SECTION 20 TO THE NORTHEAST CORNER OF SAID SECTION 20 BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE SAID CORNER ALSO BEING ON THE WEST LINE OF SAID SECTION 16; THENCE N 00°00'14" W 2631.77 FEET ALONG THE WEST LINE OF SAID SECTION 16 TO THE EAST QUARTER CORNER OF SECTION 17, T. 6 S., R. 88 W., 6TH P.M. BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE; THENCE N 00°08'04" W 340.70 FEET CONTINUING ALONG THE WEST LINE OF SAID SECTION 16 TO THE WEST QUARTER CORNER OF SAID SECTION 16 BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE; THENCE N 00°01'47" E 1047.99 FEET CONTINUING ALONG THE WEST LINE OF SAID SECTION 16 TO THE SOUTHWEST CORNER OF A PARCEL OF LAND DESCRIBED IN BOOK 795, PAGE 980 IN THE OFFICE OF THE GARFIELD COUNTY CLERK AND RECORDER; THENCE THE FOLLOWING THREE COURSES ALONG THE BOUNDARY OF SAID PARCEL DESCRIBED IN BOOK 795, PAGE 980: 1. THENCE N 89°16'47" E 334.10 FEET; 2. THENCE N 03°35'47" E 252.06 FEET; 3. THENCE N 88°27'52" W 349.87 FEET TO A POINT ON THE WEST LINE OF SAID SECTION 16; THENCE N 00°01'47" E 977.15 FEET ALONG THE WEST LINE OF SAID SECTION 16 TO THE NORTHEAST CORNER OF SAID SECTION 17 BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE; THENCE N 00°01'20" W 344.80 FEET CONTINUING ALONG THE WEST LINE OF SAID SECTION 16 TO THE NORTHWEST CORNER OF SAID SECTION 16 BEING A 2- 1/2 INCH GLO BRASS CAP FOUND IN PLACE; THENCE N 89°57'15" E 2703.26 FEET ALONG THE NORTH LINE OF SAID SECTION 16 TO THE NORTH QUARTER CORNER OF SAID SECTION 16 BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE; THENCE N 89°57'09" E 2637.87 FEET CONTINUING ALONG THE NORTH LINE OF SAID SECTION 16 TO THE NORTHEAST CORNER OF SAID SECTION 16 BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE; THENCE N 89°58'17" E 2638.56 FEET ALONG THE NORTH LINE OF SAID SECTION 15 TO THE NORTH QUARTER CORNER OF SAID SECTION 15 BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE; THENCE S 89°59'36" E 1318.31 FEET CONTINUING ALONG THE NORTH LINE OF SAID SECTION 15 TO THE WEST LINE OF THE NE1/4NE1/4 OF SAID SECTION 15 BEING A 3 -INCH ALUMINUM CAP (L.S. 15710) FOUND IN PLACE WHENCE THE NORTHEAST CORNER OF SAID SECTION 15 BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE BEARS S 89°59'36" E 1318.31 FEET; THENCE S 00°00'09" E 1312.36 FEET ALONG THE WEST LINE OF THE NE1/4NE1/4 OF SAID SECTION 15 TO THE SOUTHWEST CORNER OF THE NE1/4NE1/4 OF SAID SECTION 15 BEING A 3 -INCH ALUMINUM CAP (L.S. 15710) FOUND IN ALTA Commitment (6/17/06)— Schedule A Page 2 of 12 Estewart title guaranty company PLACE; THENCE N 89°55'46" E 1317.67 FEET ALONG THE SOUTH LINE OF THE NE1/4NE1/4 OF SAID SECTION 15 TO THE SOUTHEAST CORNER OF THE NE1/4NE1/4 OF SAID SECTION 15 BEING A 3 -INCH ALUMINUM CAP (L.S. 15710) FOUND IN PLACE; THENCE S 89°58'46" E 1320.64 FEET ALONG THE NORTH LINE OF THE SW1/4NW1/4 OF SAID SECTION 14 TO THE NORTHEAST CORNER OF THE SW1/4NW1/4 OF SAID SECTION 14 BEING A 3 -INCH ALUMINUM CAP (L.S. 15710) FOUND IN PLACE; THENCE S 00°01'34" W 1312.94 FEET ALONG THE EAST LINE OF THE SW1/4NW1/4 OF SAID SECTION 14 TO THE SOUTHEAST CORNER OF THE SW1/4NW1/4 OF SAID SECTION 14 BEING A 2 -INCH ALUMINUM CAP (P.E.L.S. 5933); THENCE S 00°01'19" E 2647.58 FEET ALONG THE EAST LINE OF THE W1/2SW1/4 OF SAID SECTION 14 TO THE SOUTHEAST CORNER OF THE W 1/2SW 114 OF SAID SECTION 14 BEING A 2 -INCH ALUMINUM CAP (P.E.L.S. 5933); THENCE S 89°59'40" E 1318.39 FEET ALONG THE NORTH LINE OF SAID SECTION 23 TO THE NORTH QUARTER CORNER OF SAID SECTION 23 BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE; THENCE S 00°05'23" E 5277.46 FEET ALONG THE EAST LINE OF THE W1/2 OF SAID SECTION 23 TO THE SOUTH QUARTER CORNER OF SAID SECTION 23 BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE; THENCE S 00°00149" W 5529.94 FEET ALONG THE EAST LINE OF THE W1/2 OF SAID SECTION 26 TO THE SOUTH QUARTER CORNER OF SAID SECTION 26 BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE; THENCE S 84°59'30" W 31.37 FEET ALONG THE SOUTH LINE OF SAID SECTION 26 TO THE NORTH QUARTER CORNER OF SECTION 35, T. 6 S., R. 88 W., 6TH P.M., BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE; THENCE S 84°41'15" W 1292.34 FEET ALONG THE SOUTH LINE OF SAID SECTION 26 TO THE SOUTHEAST CORNER OF LOT 14 OF SAID SECTION 26 BEING A 2 -INCH ALUMINUM CAP (P.E.L.S. 5933); THENCE N 00°21'37" E 372.49 FEET ALONG THE EAST LINE OF SAID LOT 14, SECTION 26 TO THE NORTHEAST CORNER OF SAID LOT 14 BEING A 2 -INCH ALUMINUM CAP (P.E.L.S. 5933); THENCE N 89°53'31" W 1611.72 FEET ALONG THE NORTH LINE OF SAID LOT 14 TO THE NORTHWEST CORNER OF SAID LOT 14 BEING A 2 -INCH ALUMINUM CAP (P.E.L.S. 5933); THENCE S 00°00'14" W 525.17 FEET ALONG THE WEST LINE OF SAID LOT 14 TO THE SOUTHWEST CORNER OF SAID SECTION 26 BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE; THENCE N 89°14'59" W 2647.44 FEET ALONG THE SOUTH LINE OF SAID SECTION 27 TO THE SOUTH QUARTER CORNER OF SAID SECTION 27 BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE; THENCE N 89°17'11" W 1319.72 FEET ALONG THE NORTH LINE OF SAID SECTION 34 TO THE NORTHEAST CORNER OF THE W1/2NW1/4 OF SAID SECTION 34 BEING A 2 -INCH ALUMINUM CAP (P.E.L.S. 5933) WHENCE THE NORTHWEST CORNER OF SAID SECTION 34 BEING A 2 -1/2 -INCH GLO BRASS CAP FOUND IN PLACE BEARS N 89°17'11" W 1319.72 FEET; THENCE S 00°05'58" E 2466.04 FEET ALONG THE EAST LINE OF THE W1/2NW1/4 OF SAID SECTION 34 TO THE SOUTHEAST CORNER OF THE W1/2NW1/4 OF SAID SECTION 34 BEING A 2 -INCH ALUMINUM CAP (P.E.L.S. 5933); THENCE S 89°5139" W 1389.27 FEET ALONG THE SOUTH LINE OF THE W1/2NW1/4 OF SAID SECTION 34 TO THE WEST QUARTER CORNER OF SAID SECTION 34 BEING A 2 -INCH ALUMINUM CAP (P.E.L.S. 5933); THENCE N 88°27'45" W 2511.99 FEET ALONG THE SOUTH LINE OF THE NE1/4 OF SAID SECTION 33 TO THE CENTER QUARTER CORNER OF SAID SECTION 33 BEING A 3 INCH ALUMINUM CAP (COUNTY SURVEYOR) FOUND IN PLACE; THENCE N 88°2728" W 1112.41 FEET ALONG THE SOUTH LINE OF LOT 6, OF SAID SECTION 33 TO THE SOUTHWEST CORNER OF SAID LOT 6 BEING A 3 INCH ALUMINUM CAP (COUNTY SURVEYOR) FOUND IN PLACE; THENCE N 01°56'25" E 838.15 FEET ALONG THE WEST LINE OF SAID LOT 6 TO THE SOUTHEAST CORNER OF LOT 5 OF SAID SECTION 33 BEING A 3 INCH ALUMINUM CAP (COUNTY SURVEYOR) FOUND IN PLACE; THENCE N 89°14'27" W 1072.10 FEET ALONG THE SOUTH LINE OF SAID LOT 5 TO A POINT ON THE NORTHERLY RIGHT-OF-WAY OF GARFIELD COUNTY ROAD 119; THENCE THE FOLLOWING SEVENTEEN COURSES ALONG THE NORTHERLY RIGHT-OF-WAY OF SAID COUNTY ROAD 119: ALTA Commitment (6/17/06)— Schedule A Page 3 of 12 stewart title guaranty company 1. THENCE ALONG THE ARC OF A NON -TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 190.00 FEET, AND A CENTRAL ANGLE OF 38°53'15" FOR A DISTANCE ALONG THE CURVE OF 128.96 FEET; THE CHORD OF SAID CURVE BEARS N 70°21'49" W A DISTANCE OF 126.50 FEET; 2. THENCE N 89°48'27" W 335.07 FEET TO A POINT ON THE WEST LINE OF SAID SECTION 33 WHENCE THE NORTHWEST CORNER OF SAID SECTION 33 BEING A 3 -INCH COUNTY SURVEYOR'S ALUMINUM CAP FOUND IN PLACE BEARS N 01°1421" E 1729.72 FEET; 3. THENCE N 89°48'27" W 746.63 FEET 4. THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 9975.00 FEET, AND A CENTRAL ANGLE OF 01°23'23" FOR A DISTANCE ALONG THE CURVE OF 241.95 FEET; THE CHORD OF SAID CURVE BEARS N 89°06146" W A DISTANCE OF 241.94 FEET; 5. THENCE N 88°25'04" W 886.82 FEET; 6. THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 30.00 FEET, AND A CENTRAL ANGLE OF 101°43'17" FOR A DISTANCE ALONG THE CURVE OF 53.26 FEET; THE CHORD OF SAID CURVE BEARS N 37°3326" W A DISTANCE OF 46.54 FEET; 7. THENCE N 13°18'13" E 1531.48 FEET; 8. THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 715.00 FEET, AND A CENTRAL ANGLE OF 15°55'12" FORA DISTANCE ALONG THE CURVE OF 198.67 FEET; THE CHORD OF SAID CURVE BEARS N 05°20'37" E A DISTANCE OF 198.03 FEET TO A POINT ON THE SOUTH LINE OF SAID SECTION 29 WHENCE THE SOUTHEAST CORNER OF SAID SECTION 29 BEARS S 89°0323" E 1570.16 FEET; 9. THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 715.00 FEET, AND A CENTRAL ANGLE OF 29°0527" FOR A DISTANCE ALONG THE CURVE OF 363.03 FEET; THE CHORD OF SAID CURVE BEARS N 17°09'43" W A DISTANCE OF 359.14 FEET; 10. THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 1853.11 FEET, AND A CENTRAL ANGLE OF 14°56'46" FOR A DISTANCE ALONG THE CURVE OF 483.40 FEET; THE CHORD OF SAID CURVE BEARS N 39°10'49" W A DISTANCE OF 482.03 FEET; 11. THENCE N 46°39'12" W 512.11 FEET; 12. THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 544.29 FEET, AND A CENTRAL ANGLE OF 29°19'12" FORA DISTANCE ALONG THE CURVE OF 278.53 FEET; THE CHORD OF SAID CURVE BEARS N 61°18'49" W A DISTANCE OF 275.50 FEET; 13. THENCE N 75°58'25" W 274.72 FEET; 14. THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 777.56 FEET, AND A CENTRAL ANGLE OF 10°01'45" FORA DISTANCE ALONG THE CURVE OF 136.11 FEET; THE CHORD OF SAID CURVE BEARS N 70°57'32" W A DISTANCE OF 135.93 FEET; 15. THENCE N 65°56'40" W 288.79 FEET; 16. THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 934.49 FEET, AND A CENTRAL ANGLE OF 12°43'09" FOR A DISTANCE ALONG THE CURVE OF 207.45 FEET; THE CHORD OF SAID CURVE BEARS N 59°35'05" W A DISTANCE OF 207.03 FEET; 17. THENCE N 53°13'30" W 363.38 FEET TO A POINT ON THE WEST LINE OF LOT 26 OF SAID SECTION 29; THENCE N 00°30'27" E 619.90 FEET ALONG THE WEST LINE OF SAID LOT 26 TO THE NORTHWEST CORNER OF SAID LOT 26; THENCE N 90°00'00" W 65.41 FEET TO A FENCE POST WITH A PK -NAIL IN THE TOP AND ACCEPTED AS THE SOUTHWEST CORNER OF LOT ALTA Commitment (6/17/06) - Schedule A EStewa t Page 4 of 12 title guaranty company 20 OF SAID SECTION 29; THENCE N 00°3426" E 2165.03 FEET ALONG THE ACCEPTED WEST LINE OF LOTS 20, 16, AND 8 OF SAID SECTION 29 TO A RED PLASTIC CAP (P.L.S. 27929); THENCE N 00°3T35" E 431.30 FEET TO THE SOUTHWEST CORNER OF A PARCEL OF LAND DESCRIBED IN BOOK 527, PAGE 951 IN THE OFFICE OF THE GARFIELD COUNTY CLERK AND RECORDER; THENCE ALONG THE SOUTHERLY BOUNDARY OF SAID PARCEL OF LAND DESCRIBED IN BOOK 527, PAGE 951 S 89°3220" E 431.36 FEET; THENCE THE FOLLOWING TWO COURSES ALONG THE SOUTHERLY BOUNDARY OF A PARCEL OF LAND DESCRIBED IN BOOK 872, PAGE 768 IN THE OFFICE OF THE GARFIELD COUNTY CLERK AND RECORDER: 1. THENCE S 50°51'48" E 497.50 FEET; 2. THENCE S 57°58'21" E 57.39 FEET TO A POINT ON THE SOUTHERLY BOUNDARY OF A PARCEL OF LAND DESCRIBED IN BOOK 915, PAGE 112 IN THE OFFICE OF THE GARFIELD COUNTY CLERK AND RECORDER; THENCE S 57°58'21" E 305.00 FEET ALONG THE SOUTHERLY BOUNDARY OF SAID PARCEL OF LAND DESCRIBED IN BOOK 915, PAGE 112; THENCE S 33°33'03" E 149.53 FEET ALONG THE SOUTHWESTERLY BOUNDARY OF A PARCEL OF LAND DESCRIBED IN BOOK 621, PAGE 219 IN THE OFFICE OF THE GARFIELD COUNTY CLERK AND RECORDER; THENCE S 81°36'23" E 135.95 FEET ALONG THE SOUTHERLY BOUNDARIES OF PARCELS OF LAND DESCRIBED IN BOOK 621, PAGE 219 AND BOOK 965, PAGE 509 IN THE OFFICE OF THE GARFIELD COUNTY CLERK AND RECORDER TO A POINT ON THE BOUNDARY OF SAID PARCEL OF LAND DESCRIBED IN BOOK 965, PAGE 509; THENCE THE FOLLOWING THREE COURSES ALONG THE SOUTHEASTERLY BOUNDARY OF SAID PARCEL DESCRIBED IN BOOK 965, PAGE 509: 1. THENCE S 81°4223" E 302.25 FEET; 2. THENCE N 05°12'20" E 149.94 FEET; 3. THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 55.23 FEET, AND A CENTRAL ANGLE OF 40°33'24" FOR A DISTANCE ALONG THE CURVE OF 39.09 FEET; THE CHORD OF SAID CURVE BEARS N 25°28'41" E A DISTANCE OF 38.28 FEET TO A POINT ON THE SOUTHERLY BOUNDARY OF A PARCEL OF LAND DESCRIBED IN BOOK 808, PAGE 803 IN THE OFFICE OF THE GARFIELD COUNTY CLERK AND RECORDER; THENCE THE FOLLOWING THREE COURSES ALONG THE EASTERLY BOUNDARY OF SAID PARCEL DESCRIBED IN BOOK 808, PAGE 803: 1. THENCE S 81°42'37" E 123.19 FEET; 2. THENCE N 21°0023" W 820.84 FEET TO A POINT ON THE SOUTH LINE OF SAID SECTION 20 WHENCE THE SOUTH QUARTER CORNER OF SAID SECTION 20 BEING A 2 -INCH ALUMINUM CAP (P.E.L.S. 5933) BEARS N 88°32'13" W 248.98 FEET; 3. THENCE N 21°00'23" W 137.24 FEET TO A POINT ON THE NORTHERLY RIGHT-OF-WAY OF GARFIELD COUNTY ROAD 115; THENCE THE FOLLOWING TWO COURSES ALONG THE NORTHERLY RIGHT-OF-WAY OF SAID COUNTY ROAD 115: 1. THENCE ALONG THE ARC OF A NON -TANGENT CURVE TO THE RIGHT HAVING A RADIUS OF 5288.82 FEET, AND A CENTRAL ANGLE OF 02°43'04" FOR A DISTANCE ALONG THE CURVE OF 250.87 FEET; THE CHORD OF SAID CURVE BEARS N 73°59'48" W A DISTANCE OF 250.84 FEET; 2. THENCE N 72°38'16" W 1244.87 FEET TO A POINT ON THE ACCEPTED EAST LINE OF LOT 4 OF SAID SECTION 20 WHENCE THE SOUTHEAST CORNER OF A PARCEL OF LAND RECORDED UNDER RECEPTION NUMBER 467225 IN THE OFFICE OF THE GARFIELD COUNTY CLERK AND RECORDER BEING A 2 -INCH ALUMINUM CAP (P.E.L.S. 5933) AND ACCEPTED AS A POINT ON THE EAST LINE OF SAID LOT 4 BEARS S 01°51'02" W 9.41 FEET; ALTA Commitment (6/17/06) - Schedule A Estewart Page 5 of 12 title guaranty company THENCE N 01°51'02" E 490.79 FEET ALONG THE ACCEPTED EAST LINE OF SAID LOT 4 TO THE NORTHEAST CORNER OF SAID LOT 4 BEING A 2 -INCH ALUMINUM CAP (P.E.L.S. 5933); THENCE N 88°18'52" W 1429.59 FEET ALONG THE NORTH LINE OF SAID LOT 4 AND LOT 3 OF SAID SECTION 20 TO THE NORTHWEST CORNER OF SAID LOT 3 BEING A 2 -INCH ALUMINUM CAP (P.E.L.S. 5933) WHENCE THE SOUTHWEST CORNER OF SAID LOT 20 BEING A 2-1/2 INCH ALUMINUM CAP (P.L.S. 27929) FOUND IN PLACE BEARS S 00°06'31" E 1008.11 FEET; THENCE N 00°06'31" W 1630.93 FEET ALONG THE WEST LINE OF SAID SECTION 20 TO THE WEST QUARTER CORNER OF SAID SECTION 20 BEING A 2 -INCH ALUMINUM CAP (P.E.L.S. 5933); THENCE N 00°04'12" E 2632.88 FEET ALONG THE WEST LINE OF SAID SECTION 20 TO THE NORTHWEST CORNER OF SAID SECTION 20 BEING THE POINT OF BEGINNING EXCEPTING THE FOLLOWING FIVE PARCELS: 1) MIDDLE EXCEPTION PARCEL LEGAL DESCRIPTION A PARCEL OF LAND LOCATED IN THE EAST HALF OF SECTION 29 AND THE NORTHWEST QUARTER OF SECTION 28, TOWNSHIP 6 SOUTH, RANGE 88 WEST, OF THE SIXTH PRINCIPAL MERIDIAN, SAID PARCEL BEING FURTHER DESCRIBED AS FOLLOWS: BEGINNING AT A POINT ON THE EASTERLY LINE OF SAID SECTION 29 WHENCE THE NORTHEAST CORNER OF SECTION 29 BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE BEARS N 01°09'28" E 1250.72 FEET THENCE S 01°09'28" W 346.32 FEET ALONG THE EAST LINE OF SAID SECTION 29 TO A POINT ON THE NORTHERLY LINE OF A PARCEL OF LAND DESCRIBED IN BOOK 495, PAGE 596 IN THE OFFICE OF THE GARFIELD COUNTY CLERK AND RECORDER, WHENCE THE WEST QUARTER CORNER OF SAID SECTION 28 BEING A 3 INCH ALUMINUM CAP (COUNTY SURVEYOR) BEARS S 01°09'28" E 987.24 FEET; THENCE S 88°09'03" E 557.11 FEET ALONG THE NORTHERLY LINE OF SAID PARCEL OF LAND DESCRIBED IN BOOK 495, PAGE 596 TO A POINT ON THE SOUTHERLY RIGHT-OF- WAY LINE OF GARFIELD COUNTY ROAD 115; THENCE ALONG THE ARC OF A NON - TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 826.12 FEET, AND A CENTRAL ANGLE OF 17°50'11" FOR A DISTANCE ALONG THE CURVE OF 257.17 FEET; THE CHORD OF SAID CURVE BEARS S 64°07'08" E A DISTANCE OF 256.14 FEET ALONG THE SOUTHERLY RIGHT-OF-WAY OF SAID COUNTY ROAD 115; THENCE S 73°02'14" E 43.18 FEET CONTINUING ALONG THE SOUTHERLY RIGHT-OF-WAY LINE OF SAID COUNTY ROAD 115 TO A POINT IN THE EASTERLY LINE OF SAID PARCEL OF LAND DESCRIBED IN BOOK 495, PAGE 596; THENCE S 00°01'52" W 114.31 FEET ALONG THE EASTERLY BOUNDARY OF SAID PARCEL OF LAND DESCRIBED IN BOOK 495, PAGE 596 TO THE SOUTHEAST CORNER OF SAID PARCEL OF LAND DESCRIBED IN BOOK 495, PAGE 596; THENCE THE FOLLOWING FOUR COURSES ALONG THE SOUTHERLY BOUNDARY OF SAID PARCEL OF LAND DESCRIBED IN BOOK 495, PAGE 596: 1. THENCE N 89°58'08" W 327.05 FEET; 2. THENCE S 54°10'41" W 185.54 FEET; 3. THENCE N 42°16'19" W 154.20 FEET; 4. THENCE S 59°30'35" W 216.33 FEET TO A POINT ON THE BOUNDARY OF A PARCEL OF LAND DESCRIBED IN BOOK 988, PAGE 802 IN THE OFFICE OF THE GARFIELD COUNTY CLERK AND RECORDER; THENCE THE FOLLOWING SIX COURSES AROUND THE EASTERLY, NORTHERLY, AND SOUTHERLY BOUNDARIES OF SAID PARCEL OF LAND DESCRIBED IN BOOK 988, PAGE 802: 1. THENCE S 13°45'40" E 111.74 FEET; ALTA Commitment (6/17/06) — Schedule A Page 6 of 12 Estewart title guaranty company 2. THENCE S 89°58'08" E 101.60 FEET; 3. THENCE S 00°01'52" W 69.06 FEET; 4. THENCE S 88°4828" E 25.57 FEET; 5. THENCE S 00°37'24" E 148.37 FEET; 6. THENCE S 14°45'31" E 57.78 FEET; THENCE S 58°03'40" W 625.36 FEET ALONG THE SOUTHERLY BOUNDARIES OF PARCELS OF LAND DESCRIBED IN BOOK 988, PAGE 802 AND BOOK 736, PAGE 345 IN THE OFFICE OF THE GARFIELD COUNTY CLERK AND RECORDER TO A POINT ON THE SOUTHERLY BOUNDARY OF SAID PARCEL OF LAND DESCRIBED IN BOOK 736, PAGE 345; THENCE ALONG THE SOUTHERLY AND WESTERLY BOUNDARIES OF SAID PARCEL OF LAND DESCRIBED IN BOOK 736, PAGE 345 THE FOLLOWING FIVE COURSES: 1. THENCE N 74°5328" W 35.87 FEET; 2. THENCE N 66°59'35" W 380.19 FEET; 3. THENCE N 50°53'55" W 27.02 FEET; 4. THENCE N 25°54'08" W 19.09 FEET; 5. THENCE N 05°08'09" W 580.16 FEET TO A POINT ON THE WESTERLY BOUNDARY OF A PARCEL OF LAND DESCRIBED IN BOOK 886, PAGE 329 IN THE OFFICE OF THE GARFIELD COUNTY CLERK AND RECORDER; THENCE ALONG THE WESTERLY AND NORTHERLY BOUNDARIES OF SAID PARCEL OF LAND DESCRIBED IN BOOK 886, PAGE 329 THE FOLLOWING THREE COURSES: 1. THENCE N 05"36'42" W 538.91 FEET 2. THENCE N 04°18'35" W 374.95 FEET; 3. THENCE N 82°52'22" E 323.76 FEET TO A POINT ON THE SOUTHERLY RIGHT-OF-WAY LINE OF SAID GARFIELD COUNTY ROAD 115; THENCE ALONG THE SAID RIGHT-OF-WAY LINE THE FOLLOWING THREE COURSES: 1. THENCE ALONG THE ARC OF A NON -TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 993.47 FEET, AND A CENTRAL ANGLE OF 03°01'08" FOR A DISTANCE ALONG THE CURVE OF 52.35 FEET; THE CHORD OF SAID CURVE BEARS S 34°41'10" E A DISTANCE OF 52.34 FEET; 2. THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 480.00 FEET, AND A CENTRAL ANGLE OF 36°06'40" FOR A DISTANCE ALONG THE CURVE OF 302.52 FEET; THE CHORD OF SAID CURVE BEARS S 54°15'04" E A DISTANCE OF 297.54 FEET; 3. THENCE S 72°18'24" E 273.90 FEET TO THE POINT OF BEGINNING 2) EAST EXCEPTION PARCEL LEGAL DESCRIPTION A PARCEL OF LAND LOCATED IN SECTION 28, TOWNSHIP 6 SOUTH, RANGE 88 WEST, OF THE SIXTH PRINCIPAL MERIDIAN BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTH QUARTER CORNER OF SECTION 28 BEING A 2 -INCH ALUMINUM CAP (P.E.L.S. 5933); THENCE N 88°33'15" W 1084.24 FEET ALONG THE SOUTH LINE OF SECTION 28 TO A POINT ON THE WESTERLY BOUNDARY OF A PARCEL OF LAND DESCRIBED IN BOOK 938, PAGE 691 IN THE OFFICE OF THE GARFIELD COUNTY CLERK AND RECORDER; WHENCE THE SOUTHWEST CORNER OF SECTION 28 BEING A 3 INCH COUNTY SURVEYOR ALUMINUM CAP FOUND IN PLACE BEARS S 88°33'15" E 1495.74 FEET; THENCE N O1°00'28" E 2568.63 FEET ALONG THE WESTERLY BOUNDARY OF SAID PARCEL OF LAND DESCRIBED IN BOOK 938, PAGE 691 TO A POINT ON THE WESTERLY BOUNDARY OF A PARCEL OF LAND DESCRIBED IN BOOK 638, PAGE 941 IN THE OFFICE OF THE ALTA Commitment (6/17/06)- Schedule A TSteVa t Page 7 of 12 title guaranty company GARFIELD COUNTY CLERK AND RECORDER; THENCE N 01°01'12" E 691.65 FEET ALONG THE WESTERLY BOUNDARY OF SAID PARCEL OF LAND DESCRIBED IN BOOK 638, PAGE 941 TO A POINT ON THE SOUTHERLY RIGHT-OF-WAY LINE OF GARFIELD COUNTY ROAD 115; THENCE ALONG THE SOUTHERLY RIGHT-OF-WAY LINE OF SAID COUNTY ROAD 115 THE FOLLOWING SEVEN COURSES: 1. ALONG THE ARC OF A NON -TANGENT CURVE TO THE RIGHT HAVING A RADIUS OF 594.56 FEET, AND A CENTRAL ANGLE OF 41°58'28" FOR A DISTANCE ALONG THE CURVE OF 435.57 FEET; THE CHORD OF SAID CURVE BEARS S 43°10'12" E A DISTANCE OF 425.90 FEET; 2. THENCE S 22°10'58" E 307.62 FEET; 3. THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 1421.75 FEET, AND A CENTRAL ANGLE OF 15°49'57" FOR A DISTANCE ALONG THE CURVE OF 392.87 FEET; THE CHORD OF SAID CURVE BEARS S 30°05'57" E A DISTANCE OF 391.63 FEET; 4. THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 370.00 FEET, AND A CENTRAL ANGLE OF 32°43'14" FOR A DISTANCE ALONG THE CURVE OF 211.30 FEET; THE CHORD OF SAID CURVE BEARS S 21°39'19" E A DISTANCE OF 208.44 FEET; 5. THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 2437.42 FEET, AND A CENTRAL ANGLE OF 28°42'24" FOR A DISTANCE ALONG THE CURVE OF 1221.22 FEET; THE CHORD OF SAID CURVE BEARS S 19°38'54" E A DISTANCE OF 1208.48 FEET; 6. THENCE S 34°00'06" E 1152.91 FEET; 7. THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 430.00 FEET, AND A CENTRAL ANGLE OF 23°03'17" FOR A DISTANCE ALONG THE CURVE OF 173.02 FEET; THE CHORD OF SAID CURVE BEARS S 45°31'45" E A DISTANCE OF 171.86 FEET TO A POINT ON THE SOUTH LINE OF SECTION 28; WHENCE THE SOUTHEAST CORNER OF SECTION 28 BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE BEARS S 86011'17" E 1745.44 FEET; THENCE N 86°11'17" W 829.99 FEET ALONG THE SOUTH LINE OF SECTION 28 TO THE POINT OF BEGINNING 3) SECTION 15 EXCEPTION PARCEL LEGAL DESCRIPTION A PARCEL OF LAND BEING THE NORTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 15, TOWNSHIP 6 SOUTH RANGE 88 WEST, OF THE SIXTH PRINCIPAL MERIDIAN, SAID PARCEL BEING FURTHER DESCRIBED AS FOLLOWS: BEGINNING AT THE WEST QUARTER CORNER OF SAID SECTION 15 BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE, THENCE N 89°51'07" E 1323.59 FEET ALONG THE NORTH LINE OF THE NW1/4SW1/4 OF SAID SECTION 15 TO THE NORTHEAST CORNER OF THE NW1/4SW1/4 OF SAID SECTION 15; THENCE S 00°01'49" E 1540.50 FEET ALONG THE EAST LINE OF THE NW1/4SW1/4 OF SAID SECTION 15 TO THE SOUTHEAST CORNER OF THE NW1/4SW1/4; THENCE S 89°58'25" W 1323.59 FEET ALONG THE SOUTH LINE OF THE NW1/4SW1/4 OF SAID SECTION 15 TO THE SOUTHWEST CORNER OF THE NW1/4SW1/4 OF SAID SECTION 15; WHENCE THE SOUTHWEST CORNER OF SAID SECTION 15 BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE BEARS 5 00°01'49" E 1537.70 FEET; THENCE N 00°01'49" W 1537.70 FEET ALONG THE WEST LINE OF THE NW1/4SW1/4 OF SAID SECTION 15 TO THE NORTHWEST CORNER OF THE NW1/4SW1/4 OF SAID SECTION 15 BEING THE POINT OF BEGINNING ALTA Commitment (6/17/O6) - Schedule A Ste t Page 8 of 12 V Vi.Ititle guaranty company 4) GARFIELD COUNTY ROAD 115 EXCEPTION PARCEL LEGAL DESCRIPTION A PARCEL OF LAND LOCATED IN SECTIONS 20, 29, 28, 33, AND 34, TOWNSHIP 6 SOUTH, RANGE 88 WEST, OF THE SIXTH PRINCIPAL MERIDIAN, SAID PARCEL BEING A 60 FOOT WIDE RIGHT-OF-WAY EXTENDING THIRTY FEET ON EACH SIDE OF THE FOLLOWING DESCRIBED CENTERLINE FOR GARFIELD COUNTY ROAD 115, SAID CENTERLINE BEING FURTHER DESCRIBED AS FOLLOWS: BEGINNING AT A POINT FROM WHENCE THE SOUTHWEST CORNER OF SAID SECTION 20 BEARS S89°59'26"W A DISTANCE OF 2853.70 FEET, SAID SECTION CORNER BEING A 2-1/2 INCH ALUMINUM CAP FOUND IN PLACE; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 5318.82 FEET, AND A CENTRAL ANGLE OF 04°16'52" FOR A DISTANCE ALONG THE CURVE OF 397.42 FEET; THE CHORD OF SAID CURVE BEARS S 77°43'40" E A DISTANCE OF 397.32 FEET; THENCE S 79°52'05" E 121.04 FEET TO A POINT ALONG THE SECTION LINE COMMON TO SAID SECTIONS 20 AND 29 FROM WHENCE THE QUARTER CORNER COMMON TO SAID SECTIONS 20 AND 29 BEING A 2 -INCH ALUMINUM CAP BEARS N88°32'13"W 720.55 FEET; THENCE S 79°52'05" E 331.86 FEET; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 900.00 FEET, AND A CENTRAL ANGLE OF 20°29'08" FOR A DISTANCE ALONG THE CURVE OF 321.79 FEET; THE CHORD OF SAID CURVE BEARS S 69°37'31" E A DISTANCE OF 320.08 FEET; THENCE S 59°22'57" E 217.30 FEET; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 1081.34 FEET, AND A CENTRAL ANGLE OF 35°38'00" FOR A DISTANCE ALONG THE CURVE OF 672.50 FEET; THE CHORD OF SAID CURVE BEARS S 41°33'57" E A DISTANCE OF 661.72 FEET; THENCE S 23°44'57" E 73.66 FEET; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 963.47 FEET, AND A CENTRAL ANGLE OF 12°26'47" FOR A DISTANCE ALONG THE CURVE OF 209.29 FEET; THE CHORD OF SAID CURVE BEARS S 29°58'21" E A DISTANCE OF 208.88 FEET; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 450.00 FEET, AND A CENTRAL ANGLE OF 36°06'40" FOR A DISTANCE ALONG THE CURVE OF 283.62 FEET; THE CHORD OF SAID CURVE BEARS S 54°15'04" E A DISTANCE OF 278.95 FEET; THENCE S 72°18'24" E 264.99 FEET TO A POINT ALONG THE SECTION LINE COMMON TO SAID SECTIONS 28 AND 29 FROM WHENCE THE NORTHEAST CORNER OF SAID SECTION 29 BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE BEARS N01°09'28"E 1219.42 FEET; THENCE S 72°18'24" E 167.61 FEET; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 377.41 FEET, AND A CENTRAL ANGLE OF 25°33'14" FOR A DISTANCE ALONG THE CURVE OF 168.32 FEET; THE CHORD OF SAID CURVE BEARS S 59°31'47" E A DISTANCE OF 166.93 FEET; THENCE S 46°45'10" E 235.64 FEET; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 796.12 FEET, AND A CENTRAL ANGLE OF 26°17'03" FOR A DISTANCE ALONG THE CURVE OF 365.22 FEET; THE CHORD OF SAID CURVE BEARS S 59°53'42" E A DISTANCE OF 362.02 FEET; THENCE S 73°02'14" E 636.67 FEET; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 624.56 FEET, AND A CENTRAL ANGLE OF 50°51'15" FORA DISTANCE ALONG THE CURVE OF 554.35 FEET; THE CHORD OF SAID CURVE BEARS S 47°36'36" E A DISTANCE OF 536.33 FEET; THENCE S 22°10'58" E 307.62 FEET; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 1391.75 FEET, AND A CENTRAL ANGLE OF 15049'57" FOR A DISTANCE ALONG THE CURVE OF 384.58 FEET; THE CHORD OF SAID CURVE BEARS S 30°05'57" E A DISTANCE OF 383.36 FEET; THENCE ALONG THE ARC OF A CURVE TO THE ALTA Commitment (6/17/06) - Schedule A Page 9 of 12 stewart title guaranty company RIGHT HAVING A RADIUS OF 400.00 FEET, AND A CENTRAL ANGLE OF 32°43'14" FOR A DISTANCE ALONG THE CURVE OF 228.43 FEET; THE CHORD OF SAID CURVE BEARS S 21°39'19" E A DISTANCE OF 225.34 FEET; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 2407.42 FEET, AND A CENTRAL ANGLE OF 28°4224" FOR A DISTANCE ALONG THE CURVE OF 1206.18 FEET; THE CHORD OF SAID CURVE BEARS S 19°38'54" E A DISTANCE OF 1193.61 FEET; THENCE S 34°00'06" E 1152.91 FEET; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 400.00 FEET, AND A CENTRAL ANGLE OF 25°53'11" FOR A DISTANCE ALONG THE CURVE OF 180.72 FEET; THE CHORD OF SAID CURVE BEARS S 46°56'42" E A DISTANCE OF 179.19 FEET; THENCE S 59°53'17" E 38.40 FEET TO A POINT ALONG THE SECTION LINE COMMON TO SAID SECTIONS 28 AND 33 FROM WHENCE THE QUARTER CORNER COMMON TO SAID SECTIONS 28 AND 33 BEING A 2 -INCH ALUMINUM CAP BEARS N86°11'17"W 896.52 FEET; THENCE S 59°53'17" E 421.00 FEET; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 779.79 FEET, AND A CENTRAL ANGLE OF 35°42'49" FOR A DISTANCE ALONG THE CURVE OF 486.06 FEET; THE CHORD OF SAID CURVE BEARS S 42°01'52" E A DISTANCE OF 478.23 FEET; THENCE S 24°1027" E 644.62 FEET; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 882.82 FEET, AND A CENTRAL ANGLE OF 26°58'38" FOR A DISTANCE ALONG THE CURVE OF 415.67 FEET; THE CHORD OF SAID CURVE BEARS S 10°41'09" E A DISTANCE OF 411.84 FEET; THENCE S 02°48'10" W 238.01 FEET; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 729.53 FEET, AND A CENTRAL ANGLE OF 37°41'54" FOR A DISTANCE ALONG THE CURVE OF 480.00 FEET; THE CHORD OF SAID CURVE BEARS S 16°02'47" E A DISTANCE OF 471.39 FEET; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 200.00 FEET, AND A CENTRAL ANGLE OF 53°37'43" FOR A DISTANCE ALONG THE CURVE OF 187.20 FEET; THE CHORD OF SAID CURVE BEARS S 61°42'35" E A DISTANCE OF 180.44 FEET; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 2171.07 FEET, AND A CENTRAL ANGLE OF 08°19'31" FOR A DISTANCE ALONG THE CURVE OF 315.47 FEET; THE CHORD OF SAID CURVE BEARS N 87°18'48" E A DISTANCE OF 315.19 FEET TO A POINT ALONG THE SECTION LINE COMMON TO SAID SECTIONS 33 AND 34 FROM WHENCE THE NORTHEAST CORNER OF SAID SECTION 33 BEING A 2-1/2 INCH GLO BRASS CAP FOUND IN PLACE BEARS N01°30'32"E 2209.86 FEET; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 2171.07 FEET, AND A CENTRAL ANGLE OF 15°20'11" FOR A DISTANCE ALONG THE CURVE OF 581.13 FEET; THE CHORD OF SAID CURVE BEARS N 75°28'57" E A DISTANCE OF 579.40 FEET; THENCE ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 280.00 FEET, AND A CENTRAL ANGLE OF 55°26'50" FOR A DISTANCE ALONG THE CURVE OF 270.97 FEET; THE CHORD OF SAID CURVE BEARS S 84°27'44" E A DISTANCE OF 260.52 FEET; THENCE S 56°44'19" E 393.81 FEET; THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 669.07 FEET, AND A CENTRAL ANGLE OF 21°3921" FOR A DISTANCE ALONG THE CURVE OF 252.89 FEET; THE CHORD OF SAID CURVE BEARS S 67°34'00" E A DISTANCE OF 251.38 FEET FROM WHENCE THE SAID NORTHEAST CORNER OF SECTION 33 BEARS N28°52'13"W 2741.66 FEET; SUCH PARCEL BEING A 60 FOOT RIGHT-OF-WAY (30 FEET ON EACH SIDE OF THE ABOVE DESCRIBED CENTERLINE) THE RIGHT-OF-WAY LINES OF SAID RIGHT-OF-WAY SHALL BE PROLONGED OR SHORTENED TO BEGIN AND END ON AND CONFORM TO THE PROPERTY BOUNDARY LINES. ALTA Commitment (6/17/06)- Schedule A Page 10 of 12 rstewart title guaranty company 5) GARFIELD COUNTY ROAD 114 EXCEPTION PARCEL LEGAL DESCRIPTION A PARCEL OF LAND LOCATED IN THE NORTHEAST QUARTER OF SECTION 33, TOWNSHIP 6 SOUTH, RANGE 88 WEST, OF THE SIXTH PRINCIPAL MERIDIAN, SAID PARCEL BEING THE RIGHT-OF-WAY FOR GARFIELD COUNTY ROAD 114 AND THE INTERSECTION OF GARFIELD COUNTY ROAD 114 WITH GARFIELD COUNTY ROAD 115, SAID PARCEL BEING FURTHER DESCRIBED AS FOLLOWS: BEGINNING AT A POINT ON THE SOUTHERN LINE OF THE NORTHEAST QUARTER OF SAID SECTION 33 WHENCE THE EAST QUARTER CORNER FOR SAID SECTION 33 BEING A 2 -INCH ALUMINUM CAP BEARS S 88°27'45" E 551.40 FEET SAID POINT ALSO BEING A POINT ON THE EASTERLY RIGHT-OF-WAY OF GARFIELD COUNTY ROAD 114; THENCE N 88°27'45" W 77.11 FEET ALONG SAID SOUTHERN LINE OF THE NORTHEAST QUARTER TO A POINT ON THE WESTERLY BOUNDARY OF SAID COUNTY ROAD 114, WHENCE THE CENTER QUARTER FOR SAID SECTION 33 BEING A 2 -1/2 -INCH ALUMINUM CAP FOUND IN PLACE BEARS N 88°27'45" W 1883.48 FEET; THENCE THE FOLLOWING TWO COURSES ALONG THE WESTERLY RIGHT-OF-WAY OF SAID COUNTY ROAD 114: 1. N 40°27'03" E 99.05 FEET; 2. THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 270.00 FEET, AND A CENTRAL ANGLE OF 69°20'35" FOR A DISTANCE ALONG THE CURVE OF 326.77 FEET; THE CHORD OF SAID CURVE BEARS N 05°46'46" E A DISTANCE OF 307.19 FEET TO A POINT ON THE SOUTHERLY RIGHT-OF-WAY OF GARFIELD COUNTY ROAD 115; THENCE THE FOLLOWING THREE COURSES ALONG THE SOUTHERN RIGHT-OF-WAY OF COUNTY ROAD 115: 1. ALONG THE ARC OF A NON -TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 759.53 FEET, AND A CENTRAL ANGLE OF 06°00'12" FOR A DISTANCE ALONG THE CURVE OF 79.58 FEET; THE CHORD OF SAID CURVE BEARS S 31°53'38" E A DISTANCE OF 79.55 FEET; 2. THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 230.00 FEET, AND A CENTRAL ANGLE OF 53°37'43" FOR A DISTANCE ALONG THE CURVE OF 215.28 FEET; THE CHORD OF SAID CURVE BEARS S 61°42'35" E A DISTANCE OF 207.51 FEET; 3. THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 2201.07 FEET, AND A CENTRAL ANGLE OF 03°41'58" FOR A DISTANCE ALONG THE CURVE OF 142.12 FEET; THE CHORD OF SAID CURVE BEARS N 89°3T34" E A DISTANCE OF 142.09 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY OF GARFIELD COUNTY ROAD 114; THENCE THE FOLLOWING TWO COURSES ALONG THE EASTERLY RIGHT-OF-WAY OF COUNTY ROAD 114: 1. ALONG THE ARC OF A NON -TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 470.00 FEET, AND A CENTRAL ANGLE OF 47°19'32" FOR A DISTANCE ALONG THE CURVE OF 388.21 FEET; THE CHORD OF SAID CURVE BEARS S 64%6'49" W A DISTANCE OF 377.27 FEET; 2. THENCE S 40°27'03" W 70.18 FEET TO THE POINT OF BEGINNING THE RIGHT-OF-WAY LINES OF SAID RIGHT-OF-WAY SHALL BE PROLONGED OR SHORTENED TO BEGIN AND END ON AND CONFORM TO THE PROPERTY BOUNDARY LINES. PARCEL 2 (THE "DIRECTOR'S PARCEL"): ALTA Commitment (6/17/06) — Schedule A Page 11 of 12 Estewart title guaranty company A PARCEL OF LAND WITHIN SECTION 33, TOWNSHIP 6 SOUTH, RANGE 88 WEST OF THE 6TH PRINCIPAL MERIDIAN AND BEING FURTHER DESCRIBED AS FOLLOWS: COMMENCING AT THE TRUE POINT OF BEGINNING, WHENCE THE CENTER OF SECTION 33, BEING A 2 -1/2 -INCH ALUMINUM CAP, BEARS N 88°27'45" W A DISTANCE OF 123.09 FEET; THENCE N 00°00'00" E A DISTANCE OF 1398.31 FEET; THENCE S 90°00'00" E A DISTANCE OF 942.50 FEET; THENCE S 00°04'09" E A DISTANCE OF 680.56 FEET; THENCE S 34°36'11" E A DISTANCE OF 919.80 FEET TO A POINT ON THE SOUTH LINE OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SAID SECTION 33; THENCE N 88°27'45" W A DISTANCE OF 333.30 FEET ALONG THE SAID SOUTH LINE TO THE CENTER EAST SIXTEENTH CORNER OF SAID SECTION 33 BEING A 2 -1/2 -INCH ALUMINUM CAP; THENCE N 88°27'45" W A DISTANCE OF 1132.90 FEET ALONG THE SOUTH LINE OF THE SOUTHWEST QUARTER OF THE NORTHEAST QUARTER OF SAID SECTION 33 TO THE POINT OF BEGINNING PARCEL 3: Thirty foot roadway easement from Hopkins Ranch Ltd. to Spring Valley Holding USA Recorded September 10, 1993 in Book 875 at Page 126 as Reception No. 452323 and re-recorded January 13, 1994 in Book 889 at Page 681 as Reception No. 457969. COUNTY OF GARFIELD STATE OF COLORADO ALTA Commitment (6/17/06)— Schedule A Page 12 of 12 stewart title guaranty company COMMITMENT FOR TITLE INSURANCE SCHEDULE B — Section 1 REQUIREMENTS Order Number: 20060297-C7 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 full consideration for the estate or interest to be insured. 2. Proper instrument(s) creating the estate or interest to be insured must be executed and duly 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. 5. Recordation of a Statement of Authority for SPRING VALLEY HOLDINGS, LLC, A DELAWARE LIMITED LIABILITY COMPANY. (Form available from Stewart Title) 6. Release by the Public Trustee of Garfield County of the Deed of Trust from SPRING VALLEY HOLDINGS, LLC, a Delaware limited liability company for the use of BANK OF AMERICA, N.A. dated NOVEMBER 18, 2005, recorded NOVEMBER 21, 2005, in Book 1747 at Page 378 as Reception No. 686805. NOTE: Assignment of Leases and Rents and Other Income (Garfield County, Colorado) recorded November 21, 2005 in Book 1747 at Page 427 as Reception No. 686806. Modification of Deed of Trust and Assignment of Leases and Rents, filed in connection with the above Deed of Trust recorded October 13, 2008 as Reception No. 757160.4 7. Deed from vested owner, vesting fee simple title in purchaser(s). 8. Deed of Trust from the Borrower to the Public Trustee for the use of the proposed lender to secure the loan. Order No.: 20060297-C7 ALTA Commitment (6/17/06) — Schedule B 1 Page 1 of 1 Estewart title guaranty company COMMITMENT FOR TITLE INSURANCE SCHEDULE B — Section 2 EXCEPTIONS Order Number: 20060297-C7 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 of the following district authorities: Garfield County - Social Service; Garfield County - Capital Expend; Garfield County -Road and Bridge; Colorado Mountain College; School District RE -1; Colorado River Water Conservancy; Basalt Water Conservancy; Spring Valley Sanitation; Garfield County. 10. Farm and Pasture Lease dated January 1, 2003 by and among Spring Valley Development, Inc., Spring Valley Holdings, USA, Ltd., and Nieslanik Ranch, LLC. 11. 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 as follows: DATE RECORDED BOOK PAGE RECEPTION NO. August 8, 1896 12 430 19517 April 11, 1923 112 388 82446 March 26, 1965 364 486 229186 Order No.: 20060297-C7 ALTA Commitment (6/17/06)-- Schedule B 2 Page 1 of 7 Estewart title guaranty company September 8, 1896 12 435 19569 September 1, 1906 56 557 32339 June 2, 1916 71 606 54279 and as shown on the ALTA/ACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba & Associates, Inc., dated November 15, 2005, by Michael J. Gamba, P.E. & P.L.S. No. 28036. 12. Right of way for ditches or canals constructed by the authority of the United States, as reserved in United States Patent recorded as DATE RECORDED August 8, 1896 December 7, 1912 April 11, 1923 February 28, 1926 October 31, 1939 February 26, 1952 February 26, 1952 February 26, 1952 February 26, 1952 February 26, 1952 February 26, 1952 March 3, 1952 March 3, 1952 March 3, 1952 March 26, 1965 September 8, 1896 September 1, 1906 June 2, 1916 April 7, 1923 May 20, 1940 February 26, 1952 February 26, 1952 February 26, 1952 February 26, 1952 February 26, 1952 follows: BOOK PAGE 12 430 71 582 112 388 112 435 194 590 263 234 263 235 263 236 263 237 263 238 263 240 263 271 263 276 263 272 364 486 12 435 56 557 71 606 112 558 194 617 263 231 263 233 263 239 263 241 263 232 RECEPTION NO. 19517 45724 82446 94056 137373 178630 178631 178632 178633 178634 178636 178688 178689 178690 229186 19569 32339 54279 82381 139733 178627 178629 178635 178637 178628 AND AS SHOWN ON THE ALTA/ACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba & Associates, Inc., dated November 15, 2005, by Michael J. Gamba, P.E. & P.L.S. No. 28036. 13. All rights under an application by the Glenwood High Line Railway Company, approved November 9, 1893 under Act of March 3, 1875, being an application for right of way, as reserved in United States Patent recorded December 7, 1912 in Book 71 at Page 582 as Reception No. 45724 and as shown on the ALTA/ACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba & Associates, Inc., dated November 15, 2005, by Michael J. Gamba, P.E. & P.L.S. No. 28036. 14. Conveyance from the U.S. to Scott C. Hopkins, excepting and excluding that tract of land described and included in Power Site Reserve No. 542 created by Executive Order of August 25, 1916, under the Act of Congress approved June 25, 1910 (36 Stat. 847d) as reserved in United States Patent recorded April 11, 1923 in Book 112 at Page 388 as Reception No. 82446. 15. Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and patented, together with the right to prospect for, mine and remove the same pursuant to the Act of December 29, 1916 (39 Stat. 862) as reserved in United States Patent recorded October 31, 1939 in Book Order No.: 20060297-C7 ' A , ALTA Commitment (6/17/06)- Schedule B2 S uraYart Page 2 of -title guaranty company 194 at Page 590 as Reception No. 137373 AND AS SHOWN ON THE ALTA/ACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba & Associates, Inc., dated November 15, 2005, by Michael J. Gamba, P.E. & P.L.S. No. 28036. 16. Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and patented, together with the right to prospect for, mine, and remove the same pursuant to the Act of December 29, 1916 (39 Stat. 862) as reserved in United States Patent recorded February 26, 1962 in Book 263 at Page 232 as Reception No. 178628 and as shown on the ALTA/ACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba & Associates, Inc., dated November 15, 2005, by Michael 3. Gamba, P.E. & P.L.S. No. 28036. 17. Reservation unto the U.S., its permitee or licensee, the right to enter upon, occupy and use, any part or all of that portion of the NE1/4NE1/4 of Section 28, lying with in 50 ft. of the centerline of the transmission line right of way of the Central Colorado Power Company for the purposes provided in the Act of June 10, 1920 (41 Stat. 1063), and subject to the conditions and limitations of Section 24 of said Act as reserved in United States Patent recorded February 26, 1952 in Book 263 at Page 235 as Reception No. 178631 AND AS SHOWN ON THE ALTA/ACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba & Associates, Inc., dated November 15, 2005, by Michael J. Gamba, P.E. & P.L.S. No. 28036 18. Excepting and reserving, however, to the U.S., all the coal and other minerals in the lands so entered and patented, together with the right to prospect for, mine and remove the same pursuant to the Act of December 29, 1916 (39 Stat. 862) as reserved in United States Patent recorded February 26, 1952 in Book 263 at Page 236 as Reception No. 178632 AND AS SHOWN ON THE ALTA/ACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba & Associates, Inc., dated November 15, 2005, by Michael J. Gamba, P.E. & P.L.S. No. 28036. 19. Reservation unto the U.S., its permitee or licensee, the right to enter upon, occupy and use, any part or all of that portion of the E1/2NW1/4 and the NE1/4SW1/4 of Section 21 for the purposes provided in the Act of June 10, 1920 (41 Stat. 1063), and subject to the conditions and limitations of Sec. 24 of said Act, as reserved in United States Patent recorded February 26, 1952 in Book 263 at Page 237 as Reception No. 178633 AND AS SHOWN ON THE ALTA/ACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba & Associates, Inc., dated November 15, 2005, by Michael J. Gamba, P.E. & P.L.S. No. 28036. 20. Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and patented, together with the right to prospect for, mine and remove the same pursuant to the Act of December 29, 1916 (39 Stat. 862) and reservation unto the U.S., its permitee or licensee, the right to enter upon, occupy and use, any part or all of that portion of the W1/2SW1/4 of Sec. 27, Lot 1 of Sec. 21 and the NW1/4NE1/4 of Sec. 17, lying within 50 ft. of the centerline of the transmission line right of way of the Colo. Power Company for the purposes provided in the Act of June 10, 1920 (41 Stat. 1063), and subject to the conditions and limitations of Sec. 24 of said Act as amended by the Act of August 26, 1935 (49 Stat. 846) as reserved in United States Patent recorded February 26, 1952 in Book 263 at Page 238 as Reception No. 178634 AND AS SHOWN ON THE ALTA/ACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba & Associates, Inc., dated November 15, 2005, by Michael J. Gamba, P.E. & P.L.S. No. 28036. 21. Reservation unto the U.S., its permitee or licensee, the right to enter upon, occupy and use, any part or all of that portion of the SE1/4NE1/4 of Sec. 28 lying within 50 ft. of the centerline of the transmission line right of way of the Central Colorado Power Co. for the purposes provided in the Act of June 10, 1920 (41 Stat 1063) and subject to the conditions and limitations of Sec. 24 of said Act as reserved in United States Patent recorded February 26, 1952 in Book 263 at page 240 as Reception No. 178636 AND AS SHOWN ON THE ALTA/ACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba & Associates, Inc., dated November 15, 2005, by Michael J. Gamba, P.E. & P.L.S. No. 28036. Order No.: 20060297-C7 ALTA Commitment (6117/06)- Schedule B 2 Page 3 of 7 C__.Vte stewart art title guaranty company 22. Reservation unto the U.S., its permitee or licensee, the right to enter upon, occupy and use, any part or all of that portion of the Lots 3 and 4 of Sec. 16, lying within 50 ft. of the centerline of the transmission line right of way of the Central Colorado Power Company for the purposes provided in the Act of June 10, 1920 (41 Stat. 1063) and subject to the conditions and limitations of Sec. 24 of said Act as reserved in United States Patent recorded March 3, 1952 in Book 263 at Page 276 as Reception No. 178689. AND AS SHOWN ON THE ALTA/ACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba & Associates, Inc., November 15, 2005, by Michael J. Gamba, P.E. & P.L.S. No. 28036. 23. Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and patented, together with the right to prospect for, mine, and remove the same pursuant to the Act of December 29, 1916 (39 Stat. 862) as reserved in United States Patent recorded March 3, 1952 in Book 263 at Page 272 as Reception No. 178690 AND AS SHOWN ON THE ALTAIACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba & Associates, Inc., dated November 15, 2005, by Michael J. Gamba, P.E. & P.L.S. No. 28036. 24. Thirty foot Right of Way for private use, extending from the residence by Quit Claim Deed from John W. Hopkins, Raymond C. Hopkins and Bernard A. Hopkins to Margaret K. Hopkins recorded July 5, 1951, in Book 259 at Page 190 as Reception No. 176573. 25. Affidavit from the Public Service Company of Colorado, purported owner of easements for electric transmission lines and telephone and telegraph lines, recorded March 9, 1959 in Book 315 at Page 525 as Reception No. 204592. 26. Excepting an easement and right-of-way over and across existing roadways for purposes of ingress and egress, together with any and all grazing rights and privileges as disclosed in Deed recorded June 24, 1965 in Book 367 at Page 185 as Reception No. 230466 and in Deed recorded June 24, 1965 in Book 367 at Page 188 as Reception No. 230467. 27. Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and patented, together with the right to prospect for, mine, and remove the same pursuant to the Act of December 29, 1916 (39 Stat. 862) as reserved in United States Patent recorded May 20, 1940 in Book 194 at Page 617 as Reception No. 139733 AND AS SHOWN ON THE ALTAIACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba & Associates, Inc., dated November 15, 2005, by Michael J. Gamba, P.E. & P.L.S. No. 28036. 28. Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and patented, together with the right to prospect for, mine, and remove the same pursuant to the Act of December 29, 1916 (39 Stat. 862) as reserved in United States patent recorded February 26, 1952 in Book 263 at Page 231 as Reception No. 178627 AND AS SHOWN ON THE ALTA/ACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba & Associates, Inc., dated November 15, 2005, by Michael J. Gamba, P.E. & P.L.S. No. 28036. 29. Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and patented, together with the right to prospect for, mine, and remove the same pursuant to the Act of December 29, 1916 (39 Stat. 862) as reserved in United States Patent recorded February 26, 1952 in Book 263 at Page 239 as Reception No. 178635 AND AS SHOWN ON THE ALTAJACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba & Associates, Inc., dated November 15, 2005, by Michael J. Gamba, P.E. & P.L.S. No. 28036. 30. Reservation of a non-exclusive easement and right-of-way for roadway access as disclosed in Warranty Order No.: 20060297-C7 ALTA Commitment (6/17/06)- Schedule B 2 eY V a. t Page 4 of 7 title guaranty company Deed recorded April 19, 1977 in Book 495 at Page 593 as Reception No. 277986. 31. A non-exclusive easement and right-of-way for roadway access purposes; together with a covenant running with the title to a certain parcel of land that grantors covenant and agree that they will not erect or construct any residential or commercial building structures upon a certain parcel more particularly described in following recited Special Warranty Deed; all as disclosed in Special Warranty Deed recorded April 19, 1977 in Book 495 at Page 596 as Reception No. 277987. 32. Twenty-four foot or fifteen foot easements for roadway access, pipelines, and utilities as granted in the following Deeds: RECEPTION NO BOOK PAGE RECORDING DATE 281051 501 393 October 4, 1977 281052 501 395 October 4, 1977 281588 502 387 November 2, 1977 281622 502 467 November 3, 1977 282773 504 751 January 6, 1978 33. Resolutions by the Board of County Commissioners of Garfield County: RESOLUTION # RECEPTION NO. BOOK PAGE Recording Date 80-248 308660 558 439 October 24, 1980 84-126 353974 652 840 July 12, 1984 84-127 353975 652 842 July 12, 1984 87-106 386620 722 745 October 13, 1987 94-135 471850 924 728 December 6, 1994 94-141 472056 925 340 December 13, 1994 2000-95 572999 1220 159 December 1, 2000 2002-07 595731 1321 72 January 15, 2002 2003-98 642016 1543 420 December 2, 2003 2003-99 642017 1543 430 December 2, 2003 2005-83 686066 1743 888 November 8, 2005 2005-84 686067 1743 894 November 8, 2005 2008-55 747015 April 22, 2008 111 2008-56 747016 April 22, 2008-11 34. Right -of -Way and twenty foot wide easement together with right to clear all trees and brush, by machine work or otherwise, within said easement, and the further right to cut trees, even though outside of said easement, which are tall enough to strike the wires in falling and agreement that all poles, wire and other facilities installed by Grantee shall remain the property of Grantee, and shall be removable at the option of Grantee as disclosed by Holy Cross Electric Association, Inc. Right -of -Way Easement recorded November 19, 1984 in Book 660 at Page 166 as Reception No. 357370. 35. Terms, agreements, provisions, conditions and obligations of Easement Agreements recorded as follows and as shown on the ALTA/ACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba & Associates, Inc., dated November 15, 2005, by Michael J. Gamba, P.E. & P.L.S. No. 28036: Thirty foot roadway easement from Spring Valley Holding USA, Ltd. To Hopkins Ranch, Ltd. recorded September 10, 1993 in Book 875 at Page 129 as Reception No. 452324 and re-recorded February 2, 1994 in Book 891 at Page 668 as Reception No. 458816. 36. Easements granting perpetual easements for the transmission, distribution, or both, of electricity and for the Order No.: 20060297-C7 ALTA Commitment (6/17/06) -- Schedule B 2 Page 5 of 7 Estewart title guaranty company transmission of communication signals on, over, under and across the described premises together with full rights of entry to, among other activities, exercise authority to cut, remove, trim or otherwise control all trees, brush, and other growth on or overhanging said premises and restrictions as disclosed by Easement recorded July 15, 1994 IN Book 908 at Page 836 as Reception No. 465897 and as shown on the ALTA/ACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba & Associates, Inc., dated November 15, 2005, by Michael J. Gamba, P.E. & P.L.S. No. 28036. 37. Memorandum of Agreement on Boundary Line among F. Peter Simmons, Dorothy M. Simmons and Spring Valley Ranch recorded April 26, 1995 in Book 938 at Page 691 as Reception No. 477245. 38. Twenty foot easement for road and utility purposes as disclosed in Warranty Deed recorded October 9, 1967 in Book 388 at Page 331 as Reception No. 239151 and as shown on the ALTA/ACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba & Associates, Inc., dated November 15, 2005, by Michael J. Gamba, P.E. & P.L.S. No. 28036. 39. Utility Relocation Agreement for electrical transmission lines recorded September 08, 1998 in Book 1087 at Page 614 as Reception No. 531850. 40. Perpetual easement for the transmission, distribution, or both, of electricity and for the transmission of communication signals on, over, under and across the described premises together with full rights of entry to, among other activities, exercise authority to cut, remove, trim or otherwise control all trees, brush, and other growth on or overhanging said premises and restrictions as disclosed by Public Service Company of Colorado Easement for recorded September 29, 1998 in Book 1090 at Page 657 as Reception No. 532924. 41. Director's Parcel Agreement recorded June 4, 2002 in Book 1360 at Page 460 as Reception No. 604722; and Corrected Director's Parcel Agreement recorded June 6, 2002 in Book 1361 at Page 102 as Reception No. 604872. 42. Pre -inclusion and Wastewater Treatment Plant Development Agreement recorded August 30, 2001 in Book 1282 at Page 8 as Reception No. 587475. 43. Sixty foot wide access and utility easement together with obligations as disclosed by Easement Agreement recorded January 18, 2002 in Book 1322 at Page 335 as Reception No. 596026 and as shown on the ALTA/ACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba & Associates, Inc., dated November 15, 2005 by Michael J. Gamba, P.E. & P.L.S. No. 28036. 44. Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and patented, together with the right to prospect for, mine and remove the same pursuant to the Act of December 29, 1916 (39 Stat. 862) as reserved in United States Patent recorded February 26, 1952 in Book 263 at Page 236 as Reception No. 178632. 45. Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and patented, together with the right to prospect for, mine, and remove the same pursuant to the Act of December 29, 1916 (39 Stat. 862) as reserved in United States Patent recorded May 20, 1940 in Book 194 at Page 617 as Reception No. 139733. 46. Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and patented, together with the right to prospect for, mine, and remove the same pursuant to the Act of December 29, 1916 (39 Stat. 862) as reserved in United States patent recorded February 26, 1952 in Book 263 at Page 231 as Reception No. 178627. Order No.: 20060297-C7 ALTA Commitment (6/17/06)— Schedule 13 2 Page 6 of 7 Estewart title guaranty company 47. Adverse matters disclosed on the ALTA/ACSM Land Title Survey of Spring Valley Ranch F.U.D. by Gamba & Associates, Inc., dated November 15, 2005 by Michael J. Gamba, P.E. & P.L.S. No. 28036: (1) Hopkins Reservoir; (2) Landis Creek Road easement and right-of-way; (3) survey notes; (4) ditches; (5) possessory rights associated with fences; (6) house and garage encroachment and corresponding Deed overlap from the East Exception Parcel; (7) underground water line (in Section 29); (8) overhead electric lines and utility poles; (9) roads; Order No.: 20060297-C7 ALTA Commitment (6/17/06)— Schedule B 2 Page 7 of 7 Estewart title guaranty company DISCLOSURES Order Number: 20060297-C7 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. 13. 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 Iines 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 far which the insured has contracted for or agreed to pay. Note: Pursuant to C.R.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 property; 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 B, 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. 20060297-C7 Stewart Title 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 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. EXHIBIT 2 Stewart Title 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 . 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.