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Home My WebLink About1.11 Attorney Response to Completeness ReviewBALCOMBli,,'GREEN WATER LAW I REAL ESTATE I LITIGATION I BUSINESS EST4 1953 Timothy A. Thulson Direct Dial (970) 928-3462 Receptionist (970) 945-6546 tim@balcombgreen.com June 19, 2017 Via Hand Delivery Patrick Waller Senior Planner Garfield County Community Development Department 108 8' Street, Suite 401 Glenwood Springs, CO 81601 Re: Response to Completeness Review/Red Barn Guest Ranch Dear Mr. Waller: The following is in response to your Completeness letter of May 24, 2017, and pertains to items 2, 3 and 9, to wit; 2. The data sheets for the two additional identified parcels are attached herewith; 3. The severed mineral rights for the property were identified from the Grantor Grantee index search of the chain of title for the property as identified within the provided Title Commitment hereinbelow; and 9. The Title Commitment for the property setting forth the relevant easements which, for all intents and purposes is limited to the county road right-of-way for County Roads 214 and 262, are provided herewith. Should you have any further questions or concerns regarding any of the above please feel free to contact me at your convenience. Sincerely, By: 6111 Timothy A. Thulson ASPEN ( BASALT I GLENWOOD SPRINGS I LAMAR Post Office Box 790 1 Glenwood Springs, Colorado 81602 1 800.836.5928 1 970.945.6546 1 BalcombGreen.com Commonwealth Title Company of Garfield County, Inc. 127 E. 5th Street Rifle, CO 81650 Phone (970) 625-3300 / Fax (970) 625-3305 1322 Grand Avenue Glenwood Springs, CO 81601 Phone (970) 945-4444 / Fax (970) 945-4449 Date: March 2, 2017 File No. 1610063-2 Property Address. 345 Mid Valley Lane, New Castle Listine Aeent Selling Agent Mirr Ranch Group Roaring Fork Sotheby's International,Realty: 915 South Pearl Street 214 Eighth Street, Suite 100 DENVER, CO 80209 Glenwood Springs, CO 81601 Attn: Tommy Latousek Attn: Mike Deer Email: tommy@mirrranchgroup.com Email: mikedeer@sopris.net Lender Bridge Investment Group Holdings, LLC 11082 Turret Drive SAN DIEGO, CA 92131 Attn: Bob Hallock Email: b.hallock@bridge-igh.com Seller Buyer Infinity Properties Incorporated Email: Attorney Fred B. Chaney Garfield & Hecht Email:ari@bluevaseholdings.com; vedax@pipeline.com 420 7th Street, Suite 100 Glenwood Springs, CO 81601 Email:dmcconaughy@garfieldhecht.com Closing Contacts Glenwood Springs office - 970-945-4444 Linda Gabossi - linda@cwtrifle.com Connie Rose Robertson - connie@cwtrifle.com Jessica Reed - jessica@cwtrifle.com Rifle office - 970-625-3300 Denna Conwell - denna@cwtrifle.com Patti Reich - patti@cwtrifle.com COMMITMENT FOR TITLE INSURANCE SCHEDULE A File No. 1610063-2 1. Effective Date: February 22, 2017 at 7:59 AM 2. Policy or Policies to be issued: (a) ALTA OWNER POLICY (ALTA 6-17-06) Proposed Insured: Infinity Properties Incorporated (b) ALTA LOAN POLICY (ALTA 6-17-06 Proposed Insured: Bridge Investment Group Holdings, LLC, Its Successors and/or Assigns $1,305,000.00 $955,000.00 3. The Estate or interest in the land described or referred to in the Commitment and covered herein is Fee Simple and is at the effective date hereof vested in: Fred B. Chaney 4. The land referred to in this Commitment is situated in the County of Garfield, State of Colorado and described as follows: See Attached Exhibit "A" TITLE CHARGES Owner's Policy Standard Coverage $2,734.00 Owner's Extended Coverage 65.00 Mortgagee's Policy 125.00 Tax Certificate 15.00 Form 100 50.00 Form 8.1 50.00 Form 100.30215.00 — - ._...__................_ .... _ . . Form 116 100.00 Delete Standard Exceptions (Lender's) N/C COUNTERSIGNED: patY' ckp. Bamew Authorized Officer or Agent Valid Only if Schedule B and Cover Are Attached American Land Title Association Issuing Agent: Schedule A Commonwealth Title Company of Garfield County, Inc. (Rev'd 6-06) 127 East 5th Street Rifle, CO 81650 File No. 1610063-2 EXHIBIT "A" A tract of land situated in the Southeast '/4 Northwest '/4 and the Northeast '/4 Southwest '/4 of Section 6, Township 6 South, Range 91 West of the Sixth Principal Meridian, being more particularly described as follows: Beginning at a point on the southerly right-of-way fence of a County Road whence the Northwest Corner of said Section 6 bears North 33°35'41" West 2,632.47 feet; thence along said right-of-way fence the following courses: South 88°01'13" East 548.55 feet; thence South 86°32'34" East 265.09 feet; thence South 68°53'42" East 85.61 feet; thence South 28°45'57" East 442.94 feet; thence South 00°27'29" East 428.64 feet to the centerline of the Ware and Hinds Ditch; thence along said Ditch centerline the following courses: South 51°43'16" West 138.49 feet; thence South 76°56'13" West 134.52 feet; thence North 87°43'10" West 185.83 feet; thence South 87°48'14" West 120.88 feet; thence North 48°48'42" West 111.11 feet; thence North 44°46'12" West 91.02 feet; thence North 57°02'43" West 175.44 feet; thence North 50°58'37" West 65.75 feet; thence North 48°17'09" West 182.27 feet; North 41°50'16" West 169.04 feet; thence. North 57°26'40" West 31.13 feet; thence leaving said ditch centerline on a course bearing North 07°14'07" East 461.33 feet TO THE POINT OF BEGINNING. File No. 1610063-2 SCHEDULE B - SECTION 1 The Following are the requirements to be complied with prior to the issuance of said policy or policies. Any other instrument recorded subsequent to the date hereof may appear as an exception under Schedule B of the policy to be issued. Unless otherwise noted, all documents must be recorded to the office of the Clerk and Recorder of the County in which said property is located. 1. Warranty deed from Fred B. Chaney vesting fee simple title in Infinity Properties Incorporated. 2. Deed of Trust from Infinity Properties Incorporated to the Public Trustee of Garfield County for the use of Bridge Investment Group Holdings, LLC. 3. Release of record by the Public Trustee of the Deed of Trust from Fred B. Chaney for the use of Bank of America, N.A. showing an original amount of $925,000.00, dated July 3, 2009 and recorded July 20, 2009 as Reception No. 771764. view 4. Recordation of a Statement of Authority for Infinity Properties Incorporated, a Corporation, evidencing the existence of the entity and authority of the person authorized to execute instruments conveying, encumbering or otherwise affecting title to real property on behalf of the entity, and containing the other information required by CRS 38-30-172, evidencing the existence of said entity prior to its acquisition of title to the land herein. 5. The Company must be furnished a copy of the following for Infinity Properties Incorporated: (1) the articles of incorporation, (2) written bylaws and all amendments thereto, (3) current shareholder list, (4) a certificate of good standing (or current registration) of said corporation; and (5) evidence satisfactory to the Company that all necessary consents, authorizations, resolutions, notices and actions relating to the sale and the execution and delivery of the deed as required under applicable law and the governing documents have been conducted, given or properly waived. 6. Deleted. 7. Execution of a Final Affidavit and Agreement indemnifying the Company against unfiled mechanic's and materialmen's liens. 8. Receipt of satisfactory approval from Commonwealth Land Title for the issuance of the policy described herein. NM 6 American Land Title Association Commitment Schedule B - Section 1 - Form 1004-5 DISCLOSURES Colorado Division of Insurance Regulation 8-1-2, Section 5, Paragraph F provides: "Whenever a title entity provides the closing and settlement service that is in conjunction with the issuance of an owner's policy of title insurance, it shall update the title commitment from the date of issuance to be as reasonably close to the time of closing as permitted by the real estate records. Such update shall include all impairments of record at the time of closing or as close thereto as permitted by the real estate records. The title insurance company shall be responsible to the proposed insured(s) subject to the terms and conditions of the title commitment, other than the effective date of the title commitment, for all undisclosed matters that appear of record prior to the time of closing." Provided Commonwealth Title Insurance Company of Garfield County, Inc. 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 Lenders Policy when issued. This Notice is required by Colorado Division of Insurance Regulation 8-1-2, Section 5, Paragraph G. NOTE: 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 purposes of construction on the land described in Schedule A of this Commitment within the past 6 months. C. The Company must receive appropriate affidavits indemnifying the Company against all unfiled mechanic's and materialmen's liens. D. Any deviation from conditions A through 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. No coverage will be given under any circumstances for labor or material for which the insured has contracted for or agreed to pay. Colorado Division of Insurance Regulation 8-1-2, Section 5, Paragraph M. 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 may be obtained from the County Treasurer's authorized agent. C) The 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. 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 of an inch. The clerk and recorder may refuse to record or file any document that does not conform. Pursuant to C.R.S. §10-11-123, notice is hereby given: This notice applies to owner's policy commitments containing a mineral severance instrument exception, or exceptions, in Schedule B, Section 2. 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. If the transaction includes a sale of the property and the price exceeds $100,000.00, the seller must comply with the disclosure/withholding provisions of C.R.S. §39-22-604.5 (Nonresident withholding). Pursuant to C.R.S. §38-35-125(2), no person or entity that provides closing and settlement services for a real estate transaction shall disburse funds as a part of such services until those funds have been received and are available for immediate withdrawal as a matter of right. Colorado Division of Insurance Regulation 8-1-2, Section 5, Paragraph J. "Good Funds Law" C.R.S. §39-14-102 requires that a real property transfer declaration accompany any conveyance document presented for recordation in the State of Colorado. Said declaration shall be completed and signed by either the grantor or grantee. Section 38-35-109 (2) of the Colorado Revised Statutes, 1973, requires that a notation of the purchasers legal address, (not necessarily the same as the property address) be included on the face of the deed to be recorded. File No. 1610063-2 SCHEDULE B - SECTION 2 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: I. Rights or claims of parties in possession not shown by the Public records. Note: This exception will be deleted on the final policy upon compliance with the requirements herein. 2. Easements, or claims of easements, not shown by the public records. Note: This exception will be deleted on the final policy upon compliance with the requirements herein. 3. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, and any facts, which a correct survey and inspection of the premises would disclose, and which are not shown by the public records. Note: This exception will be deleted on the final policy upon compliance with the requirements herein. 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. Note: Exception No. 4 will be deleted upon receipt of Final Affidavits and Agreements indemnifying the Company against unfiled mechanic's and materialmen's liens. 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. Note: Exception 5 will be deleted on the final policy if Commonwealth Title Company of Garfield County, Inc. closes the proposed transaction and records the applicable instruments of conveyance. 6. Any and all unpaid taxes, assessments and unredeemed tax sales. Note: Exception 6 will read: "General taxes and assessments for the year 2016 and thereafter, not yet due and payable." on the final policy if Commonwealth Title Company of Garfield County, Inc. closes the proposed transaction. 7. Any lien or charge on account of the inclusion of subject property in an improvement district. 8. Any and all water rights, claims, or title to water, whether or not the matters excepted are shown by the public record. 9. 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 and a right of way for ditches or canals as constructed by the authority of the United States, as reserved in United States Patent recorded February 24, 1896 in Book 12 at Page 409. view 10. 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 and a right of way for ditches or canals as constructed by the authority of the United States, as reserved in United States Patent recorded March 18, 1902 in Book 56 at Page 441. view 11. Map and Statement of the Ware and Hinds Ditch, filed July 16, 1896 as Reception No. 19478. ("Image Missing" - Garfield County Clerk) 12. Decree, Map and Statement for the Nelson Enlargement of the Ware and Hinds Ditch recorded December 4, 1897 in Book 39 at Page 315 as Reception No. 20513. 13. Reservation of an undivided one-half interest in and to all oil, gas and other minerals as described in deed recorded August 14, 1950 in Book 252 at Page 61 and any interests therein or assignments thereof. 14. Terms, conditions and all matters set forth in Garfield County Resolution No. 79-125 recorded October 12, 1979 in Book 537 at Page 199. 15. Right of way for County Road No. 214 and 262. 16. Easement and rights of way for all ditches, canals, laterals, pipelines and utilities as constructed and in place. 17. Possessory rights outside of fence, apparent easement for overhead utilities, easement for the Ware & Hinds Ditch and all matters shown on Improvement Location Certificate prepared by Divide Creek Surveyors Inc. dated November 17, 2016, Proj. 10/29/2015. NOTE: EXCEPTION(S)1, 2,3 and 4 WILL NOT APPEAR IN THE POLICIES TO BE ISSUED HEREUNDER. The Owner's Policy of Title Insurance committed for in this Commitment, if any, shall contain, in addition to the Items set forth in Schedule B - Section 2, the following items: (1) The Deed of Trust, if any, required under Schedule B - Section 1. (2) Unpatented mining claims; reservations or exceptions in patents or in Acts authorizing the issuance thereof (3) any and all unpaid taxes, assessments and unredeemed tax sales. NOTE: The policy (s) of insurance may contain a clause permitting arbitration of claims at the request of either the Insured or the Company. Upon request, the Company will provide a copy of this clause and the accompanying arbitration rules prior to the closing of the transaction. American Land Title Association Commitment Schedule B - Section 2 Form 1004-12 COMMONWEALTH TITLE COMPANY PRIVACY POLICY We Are Committed to Safeguarding Customer Information In order to better serve your needs now and in the future, we may ask you to provide us with certain information. We understand that you may be concerned about what we will do with such information - particularly any personal or financial information. We agree that you have a right to know how we will utilize the personal information you provide to us. Therefore, we have adopted this Privacy Policy to govern the use and handling of your personal information. Applicability This Privacy Policy governs our use of the information which you provide to us. It does not govern the manner in which we may use information we have obtained from any other source, such as information obtained from a public record or from another person or entity. Types of Information Depending upon which of our services you are utilizing, the types of nonpublic personal information that we may collect include: Information we receive from you on applications, forms and in other communications to us, whether in writing, in person, by telephone or any other means. 0 Information about your transactions with us, our affiliated companies, or others; and 0 Information we receive from a consumer reporting agency. Use of Information We request information from you for our own legitimate business purposes and not for the benefit of any nonaffiliated party. Therefore, we will not release your information to nonaffiliated parties except: (1) as necessary for us to provide the product or service you have requested of us; or (2) as permitted by law. We may, however, store such information indefinitely, including the period after which any customer relationship has ceased. Such information may be used for any internal purpose, such as quality control efforts or customer analysis. We may also provide all of the types of nonpublic personal information listed above to one or more of our affiliated companies. Such affiliated companies include financial service providers, such as title insurers, property and casualty insurers, and trust and investment advisory companies, or companies involved in real estate services, such as appraisal companies, home warranty companies, and escrow companies. Furthermore, we may also provide all the information we collect, as described above to companies that perform marketing services on our behalf, on behalf of our affiliated companies, or to other financial institutions with whom we or our affiliated companies have joint marketing agreements. Former Customers Even if you are no longer our customer, our Privacy Policy will continue to apply to you. Confidentiality and Security We will use our best efforts to ensure that no unauthorized parties have access to any of your information. We restrict access to nonpublic personal information about you to those individuals and entities who need to know that information to provide products or services to you. We will use our best efforts to train and oversee our employees and agents to ensure that your information will be handled responsibly and in accordance with this Privacy Policy. We currently maintain physical, electronic and procedural safeguards that comply with federal regulations to guard your nonpublic personal information. Accouni Account: R015061 Location Account Number R015061 Parcel Number 2181-061-00-109 Situs Address 005097 214 COUNTY RD City New Castle Tax Area 015 - 2H -SF - 015 Legal Summary Section: 6 Township: 6 Range: 91 A TR. 1N THE SWNE. Transfers Sale Date 01/01/1900 01/01/1900 01/01/1900 01/01/1900 "fax History Tax Year Taxes *2017 $1,774.92 2016 $1,439.68 * Estimated Owner Information Owner Name STAPLETON, HOWARD M & MARGO L Owner Address 5097 COUNTY ROAD 214 NEW CASTLE, CO 81647-9784 Sale Price Images • Photo • Sketch rage 1 of 1 Assessment History Actual (2017) $489,000 Assessed $35,210 Tax Area: 015 Mill Levy: 50.4090 Type Actual Assessed Acres SQFT Units Improvement $379,000 $27,290 0.000 0.000 2.000 Land $110,000 $7,920 3.990 0.000 0.000 Doc Description Deeds Deeds Deeds Deeds http://act.garfield-county.conVassessor/taxweb/account.jsp?accountNum=RO15061 6/19/2017 Accouni Account: R015037 Location Account Number R015037 Parcel Number 2181-062-00-048 Situs Address 004555 214 COUNTY RD 4555 PEACH VALLEY RD City Silt Silt Tax Area 015 - 2H -SF - 015 Legal Summary Section: 6 Township: 6 Range: 91 A TR OF LAND IN THE SWNW. Sale Date 01/01%1900 01 / 17/2003 01/1712003 01/17;2003 03.120'2008 05/12"2008 05/09/2008 Tax History Tax Year Taxes * Estimated Page 1 of 1 Owner Information Assessment History Owner Name KUERSTEN, FRED & Actual (2017) $398,710 LINDA L Assessed $28,710 Owner Address 4555 COUNTY RD Tax Area: 015 Mill Levy: 50.4090 214 Type Actual Assessed Acres SQFT Units SILT, CO 81652 Improvement $318,710 $22,950 0.000 0.000 1.000 Land $80,000 $5,760 6.063 0.000 0.000 Sale Price Doc Description Deeds AFFIDAVIT QUIT CLAIM DEED 1A Sl ;R91 iN"1' OUI`f CLAIM DEED C<)RRIC"['lON QLII1' CLAIM CORRECTION QUIT CLAIM Images • Photo *2017 $1,447.24 Sketch 2016 $1,653.40 http://act.garfield-county.com/assessor/taxweb/account.jsp?accountNum=RO 15037 6/19/2017