HomeMy WebLinkAbout06.0 Evidence of OwnershipWRIGHT LAW ASPEN, LLP
Gary A. Wright
gary@wrightlawaspen.com
10 October 2017
Glenn Hartmann, Senior Planner
Garfield County Community Development
108 8th Street, Suite 401
Glenwood Springs, Colorado 81601
Re: Proof of Ownership
Aspen Polo Partners, LLP
Dear Mr Hartmann:
715 West Main Street, Suite 201
Aspen, Colorado 81611
Telephone: (970) 925-5625
Facsimile: (970) 925-5663
I am writing this letter on behalf of my Aspen Polo Partners, LLP, a Colorado limited
liability partnership. This letter is given to satisfy the Proof of Ownership requirement for any
building permit or land use application.
Aspen Polo Partners, LLP is the record owner of the real property located in Carbondale,
Garfield County, Colorado at 16411 Old Highway 82.
I confirm that as of the date of this letter, record title to the above-described property
above is vested in Aspen Polo Partners, LLP, pursuant to the Special Warranty Deed recorded on
1 June 2017 as Reception# 893042.
Please contact me if you have questions.
Bv:
Sincerely,
WGHT LAW ASPEN, LLP
ary A. Wright
www.wrightlawaspen.com
,s, AuF're,
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FirstAmerican Title"
Owner's Policy of Title Insurance
ISSUED BY
First American Title Insurance Company
Owner's Policy
POLICY NUMBER
5011408-0031862e
Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the
Company at the address shown in Section 18 of the Conditions.
COVERED RISKS
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B, AND THE
CONDITIONS, FIRST AMERICAN TITLE INSURANCE COMPANY, a Nebraska corporation (the "Company") insures, as of Date of Policy and, to
the extent stated in Covered Risks 9 and 10, after Date of Policy, against loss or damage, not exceeding the Amount of Insurance, sustained or
incurred by the Insured by reason of:
1. Title being vested other than as stated in Schedule A.
2. Any defect in or lien or encumbrance on the Title. This Covered Risk includes but is not limited to insurance against loss from
(a) A defect in the Title caused by
(i) forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation;
(ii) failure of any person or Entity to have authorized a transfer or conveyance;
(iii) a document affecting Title not properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered;
(iv) failure to perform those acts necessary to create a document by electronic means authorized by law;
(v) a document executed under a falsified, expired, or otherwise invalid power of attorney;
(vi) a document not properly filed, recorded, or indexed in the Public Records including failure to perform those acts by electronic means
authorized by law; or
(vii) a defective judicial or administrative proceeding.
(b) The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but unpaid.
(Covered Risks Continued on Page 2)
In Witness Whereof, First American Title Insurance Company has caused its corporate name to be hereunto affixed by its authorized officers as of
Date of Policy shown in Schedule A.
First American Title Insurance Company
Dennis J. Gilmore
President
Jeffrey S. Robinson
Secretary
For Reference:
File #: 17003690
Issued By:
Attorney's Title Insurance Agency of Aspen, LLC
715 West Main Street, Suite 202
Aspen, CO 81611
(This Policy is valid only when Schedules A and B are attached) This jacket was created electronically and constitutes an original document
ANTI -FRAUD STATEMENT: Pursuant to CRS 10.1.128(6)(a), It is unlawful to knowingly provide false, incomplete, or misleading facts or
information to an insurance_ company for the purpose of defrauding or attempting to defraud the company. Penalties may include
imprisonment, fines, denial of insurance and civil damages. Any insurance company or agent of an insurance company who knowingly
provides false, incomplete, or misleading facts or information to a policyholder or claimant for the purpose of defrauding or attempting to
defraud the policyholder or claimant with regard to a settlement or award payable from insurance proceeds shall be reported to the
Colorado division of insurance within the department of regulatory agencies.
This anti -fraud statement is affixed to and made a part of this policy.
Copyright 2006-2009 American Land Title Association. All rights reserved. The use of thls form is restricted to ALTA licensees and ALTA members in good standing as of the date of use.
All other uses are prohibited. Reprinted under license from the American Land TIUe Association.
Form 5011408 (7-1-14)
Page 1 •of 5 I ALTA Owner's Policy of Title Insurance (6-17-06)
Colorado
Policy #: 5011408-0031862e
COVERED RISKS (Continued)
(c) 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. The term "encroachment" includes encroachments of existing improvements located on the Land
onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land.
3. Unmarketable Title.
4. No right of access to and from the Land.
5. The violation or enforcement of any law, ordinance, permit, or governmental regulation (including those relating to building and zoning)
restricting, regulating, prohibiting, or relating to
(a) the occupancy, use, or enjoyment of the Land
(b) the character, dimensions, or location of any improvement erected on the Land;
(c) the subdivision of land; or
(d) environmental protection
if a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but only to the
extent of the violation or enforcement referred to in that notice.
6. An enforcement action based on the exercise of a governmental police power not covered by Covered Risk 5 if a notice of the enforcement
action, describing any part of the Land, is recorded in the Public Records, but only to the extent of the enforcement referred to in that notice.
7. The exercise of the rights of eminent domain if a notice of the exercise, describing any part of the Land, is recorded in the Public Records.
8. Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge.
9. Title being vested other than as stated in Schedule A or being defective
(a) as a result of the avoidance in whole or in part, or from a court order providing an alternative remedy, of a transfer of all or any part of the
title to or any interest in the Land occurring prior to the transaction vesting Title as shown in Schedule A because that prior transfer
constituted a fraudulent or preferential transfer under federal bankruptcy, state insolvency, or similar creditors' rights laws; or
(b) because the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential transfer under federal bankruptcy, state
insolvency, or similar creditors' rights laws by reason of the failure of its recording in the Public Records
(i) to be timely, or
(ii) to impart notice of its existence to a purchaser for value or to a judgment or lien creditor.
10. Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been created or attached or has
been filed or recorded in the Public Records subsequent to Date of Policy and prior to the recording of the deed or other instrument of transfer in
the Public Records that vests Title as shown in Schedule A.
The Company will also pay the costs, attorneys' fees, and expenses incurred in defense of any matter insured against by this Policy, but only to the
extent provided in the Conditions.
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of
this policy, and the Company will not pay loss or damage, costs,
attorneys' fees, or expenses that arise by reason of:
1. (a) Any law, ordinance, permit, or governmental regulation
(including those relating to building and zoning) restricting,
regulating, prohibiting, or relating to
(i) the occupancy, use, pr enjoyment of the Land;
(ii) the character, dimensions, or location of any
improvement erected on the Land;
(iii) the subdivision of land; or
(iv) environmental protection;
or the effect of any violation of these laws, ordinances, or
governmental regulations. This Exclusion 1(a) does not
modify or limit the coverage provided under Covered Risk 5.
(b) Any governmental police power. This Exclusion 1(b) does
not modify or limit the coverage provided under Covered
Risk 6.
2. Rights of eminent domain. This Exclusion does not modify or
limit the coverage provided under Covered Risk 7 or 8.
3. Defects, liens, encumbrances, adverse claims, or other matters
(a) created, suffered, assumed, or agreed to by the Insured
Claimant;
(b) not Known to the Company, not recorded in the Public
Records at Date of Policy, but Known to the Insured
Claimant and not disclosed in writing to the Company by the
Insured Claimant prior to the date the Insured Claimant
became an Insured under this policy;
(c) resulting in no loss or damage to the Insured Claimant;
(d) attaching or created subsequent to Date of Policy (however,
this does not modify or limit the coverage provided under
Covered Risk 9 and 10); or
(e) resulting in loss or damage that would not have been
sustained if the Insured Claimant had paid value for the
Title.
4. Any claim, by reason of the operation of federal bankruptcy, state
insolvency, or similar creditors' rights laws, that the transaction
vesting the Title as shown in Schedule A, is
(a) a fraudulent conveyance or fraudulent transfer; or
(b) a preferential transfer for any reason not stated in Covered
Risk 9 of this policy.
5. Any lien on the Title for real estate taxes or assessments
imposed by governmental authority and created or attaching
between Date of Policy and the date of recording of the deed or
other instrument of transfer in the Public Records that vests Title
as shown in Schedule A.
1 Form 5011408 (7-1-14) Page 2 of 5 I
ALTA Owner's Policy of Title Insurance (6-17-06)
Colorado
Policy #: 5011408-0031862e
CONDITIONS
1. DEFINITION OF TERMS
The following terms when used in this policy mean:
(a) "Amount of Insurance": The amount stated in Schedule A, as
may be increased or decreased by endorsement to this policy,
increased by Section 8(b), or decreased by Sections 10 and
11 of these Conditions.
(b) "Date of Policy: The date designated as "Date of Policy" in
Schedule A.
(c) "Entity": A corporation, partnership, trust, limited liability
company, or other similar legal entity.
(d) "Insured": The Insured named in Schedule A.
(i) The term "Insured" also includes
(A) successors to the Title of the Insured by operation
of law as distinguished from purchase, including
heirs, devisees, survivors, personal representatives,
or next of kin;
(B) successors to an Insured by dissolution, merger,
consolidation, distribution, or reorganization;
(C) successors to an Insured by its conversion to
another kind of Entity;
(D) a grantee of an Insured under a deed delivered
without payment of actual valuable consideration
conveying the Title
(1) if the stock, shares, memberships, or other
equity interests of the grantee are wholly-
owned by the named Insured,
if the grantee wholly owns the named Insured,
if the grantee is wholly-owned by an affiliated
Entity of the named Insured, provided the
affiliated Entity and the named Insured are both
wholly-owned by the same person or Entity, or
(4) if the grantee is a trustee or beneficiary of a
trust created by a written instrument
established by the Insured named in Schedule
A for estate planning purposes.
(ii) With regard to (A), (B), (C), and (D) reserving, however, all
rights and defenses as to any successor that the Company
would have had against any predecessor Insured.
"Insured Claimant": An Insured claiming loss or damage.
"Knowledge" or "Known": Actual knowledge, not constructive
knowledge or notice that may be imputed to an Insured by
reason of the Public Records or any other records that impart
constructive notice of matters affecting the Title.
"Land": The land described in Schedule A, and affixed
improvements that by law constitute real property. The term
"Land" does not include any property beyond the lines of the
area described in Schedule A, nor any right, title, interest,
estate, or easement in abutting streets, roads, avenues,
alleys, lanes, ways, or waterways, but this does not modify or
limit the extent that a right of access to and from the Land is
insured by this policy.
(h) "Mortgage": Mortgage, deed of trust, trust deed, or other
security instrument, including one evidenced by electronic
means authorized by law.
"Public Records": Records established under state statutes at
Date of Policy for the purpose of imparting constructive notice
of matters relating to real property to purchasers for value and
without Knowledge. With respect to Covered Risk 5(d),
"Public Records" shall also include environmental protection
(e)
(f)
(g)
(2)
(3)
(1)
liens filed in the records of the clerk of the United States
District Court for the district where the Land is located.
"Title": The estate or interest described in Schedule A.
"Unmarketable 'Title": Title affected by an alleged or apparent
matter that would permit a prospective purchaser or lessee of
the Title or lender on the Title to be released from the
obligation to purchase, lease, or lend if there is a contractual
condition requiring the delivery of marketable title.
2. CONTINUATION OF INSURANCE
The coverage of this policy shall continue in force as of Date of
Policy in favor of an Insured, but only so long as the Insured retains
an estate or interest in the Land, or holds an obligation secured by
a purchase money Mortgage given by a purchaser from the
Insured, or only so long as the Insured shall have liability by reason
of warranties in any transfer or conveyance of the Title. This policy
shall not continue in force in favor of any purchaser from the
Insured of either (i) an estate or interest in the Land, or (ii) an
obligation secured by a purchase money Mortgage given to the
Insured.
3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT
The Insured shall notify the Company promptly in writing (i) in case
of any litigation as set forth in Section 5(a) of these Conditions,
(ii) in case Knowledge shall come to an Insured hereunder of any
claim of title or interest that is adverse to the Title, as insured, and
that might cause loss or damage for which the Company may be
liable by virtue of this policy, or (iii) if the Title, as insured, is
rejected as Unmarketable Title. If the Company is prejudiced by
the failure of the Insured Claimant to provide prompt notice, the
Company's liability to the Insured Claimant under the policy shall
be reduced to the extent of the prejudice.
4. PROOF OF LOSS
In the event the Company is unable to determine the amount of
loss or damage, the Company may, at its option, require as a
condition of payment that the Insured Claimant fumish a signed
proof of loss. The proof of loss must describe the defect, lien,
encumbrance, or other matter insured against by this policy that
constitutes the basis of loss or damage and shall state, to the
extent possible, the basis of calculating the amount of the loss or
damage.
5. DEFENSE AND PROSECUTION OF ACTIONS
(a)
(b)
Upon written request by the Insured, and subject to the
options contained in Section 7 of these Conditions, the
Company, at its own cost and without unreasonable delay,
shall provide for the defense of an Insured in litigation in which
any third party asserts a claim covered by this policy adverse
to the Insured. This obligation is limited to only those stated
causes of action alleging matters insured against by this
policy. The Company shall have the right to select counsel of
its choice (subject to the right of the Insured to object for
reasonable cause) to represent the Insured as to those stated
causes of action. It shall not be liable for and will not pay the
fees of any other counsel. The Company will not pay any
fees, costs, or expenses incurred by the Insured in the
defense of those causes of action that allege matters not
insured against by this policy.
The Company shall have the right, in addition to the options
contained in Section 7 of these Conditions, at its own cost, to
institute and prosecute any action or proceeding or to do any
other act that in its opinion may be necessary or desirable to
Form 5011408 (7-1-14) Page 3 of 5
ALTA Owner's Policy of Title Insurance (6-17-06)
Colorado
Policy #: 5011408-0031862e CONDITIONS (Continued)
establish the Title, as insured, or to prevent or reduce loss or
damage to the Insured. The Company may take any
appropriate action under the terms of this policy, whether or
not it shall be liable to the Insured. The exercise of these
rights shall not be an admission of liability or waiver of any
provision of this policy. If the Company exercises its rights
under this subsection, it must do so diligently.
(c) Whenever the Company brings an action or asserts a defense
as required or permitted by this policy, the Company may
pursue the litigation to a final determination by a court of
competent jurisdiction, and it expressly reserves the right, in
its sole discretion, to appeal any adverse judgment or order.
6. DUTY OF INSURED CLAIMANT TO COOPERATE
(a) In all cases where this policy permits or requires the Company
to prosecute or provide for the defense of any action or
proceeding and any appeals, the Insured shall secure to the
Company the right to so prosecute or provide defense in the
action or proceeding, including the right to use, at its option,
the name of the Insured for this purpose. Whenever
requested by the Company, the Insured, at the Company's
expense, shall give the Company all reasonable aid (i) in
securing evidence, obtaining witnesses, prosecuting or
defending the action or proceeding, or effecting settlement,
and (ii) in any other lawful act that in the opinion of the
Company may be necessary or desirable to establish the Title
or any other matter as insured. If the Company is prejudiced
by the failure of the Insured to furnish the required
cooperation, the Company's obligations to the Insured under
the policy shall terminate, including any liability or obligation to
defend, prosecute, or continue any litigation, with regard to the
matter or matters requiring such cooperation.
(b) The Company may reasonably require the Insured Claimant to
submit to examination under oath by any authorized
representative of the Company and to produce for
examination, inspection, and copying, at such reasonable
times and places as may be designated by the authorized
representative of the Company, all records, in whatever
medium maintained, including books, ledgers, checks,
memoranda, correspondence, reports, e-mails, disks, tapes,
and videos whether bearing a date before or after Date of
Policy, that reasonably pertain to the loss or damage. Further,
if requested by any authorized representative of the Company,
the Insured Claimant shall grant its permission, in writing, for
any authorized representative of the Company to examine,
inspect, and copy all of these records in the custody or control
of a third party that reasonably pertain to the loss or damage.
All information designated as confidential by the Insured
Claimant provided to the Company pursuant to this Section
shall not be disclosed to others unless, in the reasonable
judgment of the Company, it is necessary in the administration
of the claim. Failure of the Insured Claimant to submit for
examination under oath, produce any reasonably requested
information, or grant permission to secure reasonably
necessary information from third parties as required in this
subsection, unless prohibited by law or governmental
regulation, shall terminate any liability of the Company under
this policy as to that claim.
1 Form 5011408 (7-1-14) Page 4 of 5 I
7. OPTIONS TO PAY OR OTHERWISE SETTLE
CLAIMS; TERMINATION OF LIABILITY
In case of a claim under this policy, the Company shall have the
following additional options:
(a) To Pay or Tender Payment of the Amount of Insurance.
To pay or tender payment of the Amount of Insurance under
this policy together with any costs, attorneys' fees, and
expenses incurred by the Insured Claimant that were
authorized by the Company up to the time of payment or
tender of payment and that the Company is obligated to pay.
Upon the exercise by the Company of this option, all liability
and obligations of the Company to the Insured under this
policy, other than to make the payment required in this
subsection, shall terminate, including any liability or obligation
to defend, prosecute, or continue any litigation.
(b) To Pay or Otherwise Settle With Parties Other Than the
Insured or With the Insured Claimant.
To pay or otherwise settle with other parties for or in the
name of an Insured Claimant any claim insured against
under this policy. In addition, the Company will pay any
costs, attorneys' fees, and expenses incurred by the
Insured Claimant that were authorized by the Company
up to the time of payment and that the Company is
obligated to pay; or
(ii) To pay or otherwise settle with the Insured Claimant the
loss or damage provided for under this policy, together
with any costs, attorneys' fees, and expenses incurred by
the Insured Claimant that were authorized by the
Company up to the time of payment and that the
Company is obligated to pay.
Upon the exercise by the Company of either of the options
provided for in subsections (b)(i) or (ii), the Company's
obligations to the Insured under this policy for the claimed loss
or damage, other than the payments required to be made,
shall terminate, including any liability or obligation to defend,
prosecute, or continue any litigation.
8. DETERMINATION AND EXTENT OF LIABILITY
This policy is a contract of indemnity against actual monetary loss
or damage sustained or incurred by the Insured Claimant who has
suffered loss or damage by reason of matters insured against by
this policy.
(a) The extent of liability of the Company for loss or damage
under this policy shall not exceed the lesser of
(i) the Amount of Insurance; or
(ii) the difference between the value of the Title as insured
and the value of the Title subject to the risk insured
against by this policy.
(b) If the Company pursues its rights under Section 5 of these
Conditions and is unsuccessful in establishing the Title, as
insured,
(i) the Amount of Insurance shall be increased by 10%, and
(ii) the Insured Claimant shall have the right to have the loss
or damage determined either as of the date the claim
was made by the Insured Claimant or as of the date it is
settled and paid.
In addition to the extent of liability under (a) and (b), the
Company will also pay those costs, attorneys' fees, and
expenses incurred in accordance with Sections 5 and 7 of
these Conditions.
(i)
(c)
ALTA Owner's Policy of Title Insurance (6-17-06)
Colorado
Policy #: 5011408-0031862e CONDITIONS (Continued)
9. LIMITATION OF LIABILITY
(a) If the Company establishes the Title, or removes the alleged
defect, lien, or encumbrance, or cures the lack of a right of
access to or from the Land, or cures the claim of
Unmarketable Title, all as insured, in a reasonably diligent
manner by any method, including litigation and the completion
of any appeals, it shall have fully performed its obligations
with respect to that matter and shall not be liable for any loss
or damage caused to the Insured.
(b) In the event of any litigation, including litigation by the
Company or with the Company's consent, the Company shall
have no liability for loss or damage until there has been a final
determination by a court of competent jurisdiction, and
disposition of all appeals, adverse to the Title, as insured.
(c) The Company shall not be liable for loss or damage to the
Insured for liability voluntarily assumed by the Insured in
settling any claim or suit without the prior written consent of
the Company.
10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION
OF LIABILITY
All payments under this policy, except payments made for costs,
attorneys' fees, and expenses, shall reduce the Amount of
Insurance by the amount of the payment.
11. LIABILITY NONCUMULATIVE
The Amount of Insurance shall be reduced by any amount the
Company pays under any policy insuring a Mortgage to which
exception is taken in Schedule B or to which the Insured has
agreed, assumed, or taken subject, or which is executed by an
Insured after Date of Policy and which is a charge or lien on the
Title, and the amount so paid shall be deemed a payment to the
Insured under this policy.
12. PAYMENT OF LOSS
When liability and the extent of loss or damage have been
definitely fixed in accordance with these Conditions, the payment
shall be made within 30 days.
13. RIGHTS OF RECOVERY UPON PAYMENT OR "SETTLEMENT
(a) Whenever the Company shall have settled and paid a claim
under this. policy, it shall be subrogated and entitled to the
rights of the Insured Claimant in the Title and all other rights
and remedies in respect to the claim that the Insured Claimant
has against any person or property, to the extent of the
amount of any loss, costs, attorneys' fees, and expenses paid
by the Company. If requested by the Company, the Insured
Claimant shall execute documents to evidence the transfer to
the Company of these rights and remedies. The Insured
Claimant shall permit the Company to sue, compromise, or
settle in the name of the Insured Claimant and to use the
name of the Insured Claimant in any transaction or litigation
involving these rights and remedies.
If a payment on account of a claim does not fully cover the
loss of the Insured Claimant, the Company shall defer the
exercise of its right to recover until after the Insured Claimant
shall have recovered its loss.
(b) The Company's right of subrogation includes the rights of the
Insured to indemnities, guaranties, other policies of insurance,
or bonds, notwithstanding any terms or conditions contained
in those instruments that address subrogation rights.
14. ARBITRATION
Either the Company or the Insured may demand that the claim or
controversy shall be submitted to arbitration pursuant to the Title
Insurance Arbitration Rules of the American Land Title Association
("Rules"). Except as provided in the Rules, there shall be no
joinder or consolidation with claims or controversies of other
persons. Arbitrable matters may include, but are not limited to, any
controversy or claim between the Company and the Insured arising
out of or relating to this policy, any service in connection with its
issuance or the breach of a policy provision, or to any other
controversy or claim arising out of the transaction giving rise to this
policy. 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. All arbitrable matters when the Amount
of Insurance is in excess of $2,000,000 shall be arbitrated only
when agreed to by both the Company and the Insured. Arbitration
pursuant to this policy and under the Rules shall be binding upon
the parties. Judgment upon the award rendered by the
Arbitrator(s) may be entered in any court of competent jurisdiction.
15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE
CONTRACT
(a) This policy together with all endorsements, if any, attached to
it by the Company is the entire policy and contract between
the Insured and the Company. In interpreting any provision of
this policy, this policy shall be construed as a whole.
(b) Any claim of loss or damage that arises out of the status of the
Title or by any action asserting such claim shall be restricted
to this policy.
(c) Any amendment of or endorsement to this policy must be in
writing and authenticated by an authorized person, or
expressly incorporated by Schedule A of this policy.
(d) Each endorsement to this policy issued at any time is made a
part of this policy and is subject to all of its terms and
provisions. Except as the endorsement expressly states, it
does not (i) modify any of the terms and provisions of the
policy, (ii) modify any prior endorsement, (iii) extend the Date
of Policy, or (iv) increase the Amount of Insurance.
16. SEVERABILITY
In the event any provision of this policy, in whole or in part, is held
invalid or unenforceable under applicable law, the policy shall be
deemed not to include that provision or such part held to be invalid,
but all other provisions shall remain in full force and effect.
17. CHOICE OF LAW; FORUM
(a) Choice of Law: The Insured acknowledges the Company has
underwritten the risks covered by this policy and determined
the premium charged therefor in reliance upon the law
affecting interests in real property and applicable to the
interpretation, rights, remedies, or enforcement of policies of
title insurance of the jurisdiction where the Land is located.
Therefore, the court or an arbitrator shall apply the law of the
jurisdiction where the Land is located to determine the validity
of claims against the Title that are adverse to the Insured and
to interpret and enforce the terms of this policy. In neither
case shall the court or arbitrator apply its conflicts of law
principles to determine the applicable law.
(b) Choice of Forum: Any litigation or other proceeding brought
by the Insured against the Company must be filed only in a
state or federal court within the United States of America or its
territories having appropriate jurisdiction.
18. NOTICES, WHERE SENT
Any notice of claim and any other notice or statement in writing
required to be given to the Company under this policy must be given
to the Company at First American Title Insurance Company, Attn:
Claims National Intake Center, 1 First American Way, Santa Ana,
California 92707. Phone: 888-632.1642.
Form 5011408 (7-1-14) Page 5 of 5
ALTA Owner's Policy of Title Insurance (6-17-06)
Colorado
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Owner's Policy of Title Insurance
ISSUED BY
First American Title Insurance Company
Schedule A
POLICY NUMBER
5011408-0031862e
Name and Address of Title Insurance Company:
FIRST AMERICAN TITLE INSURANCE COMPANY, 600 S. Cherry Street, Suite 715, Denver, Colorado 80246
File No.: 17003690
Address Reference: 16411 Old State Highway 82, Carbondale, CO Amount of Insurance: $7,200,000.00
81623
Premium: $11,849.00
1. Name of Insured:
Aspen Polo Partners, LLP, a Colorado limited liability partnership
2. The estate or interest in the Land that is insured by this policy is:
Fee simple
3. Title is vested in:
Aspen Polo Partners, LLP, a Colorado limited liability partnership
4. The Land referred to in this policy is described as follows:
SEE SCHEDULE C ATTACHED HERETO
Winter Van Alstine, Authorized Agent
Authorized Countersignature
(This Schedule A valid only when Schedule B is attached)
Date of Policy: June 1, 2017 at 10:35 AM
Form 5011400-A (7-1-14)
Page 1 of 1 I ALTA Owner's Policy of Title Insurance (6-17-06)
Schedule A
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Owner's ,Policy of Title Insurance
ISSUED BY
First American Title Insurance Company
Schedule B
POLICY NUMBER
5011408-0031862e
File No.: 17003690
EXCEPTIONS FROM COVERAGE
This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses)
which arise by reason of:
1. Any facts, rights, interests, or claims that are not shown by the Public Records, but which could be ascertained by
an inspection of the Land or by making inquiry of the persons in possession thereof.
2. Easements, or claims of easements, not shown by the Public Records.
3. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, and any facts which a correct survey
and inspection of the Land would disclose, and which are not shown by the Public Records.
4. Any lien, or right to a lien, for services, labor or material theretofore or hereafter furnished, imposed by law and not
shown in the Public Records.
5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof;
(c) water rights, claims or title to water, whether or not the matters excepted under (a), (b), or (c) are shown by the
Public Records.
6. Taxes and assessments for the year 2017, and subsequent years, a lien not yet due or payable.
7. Right of way for ditches or canals constructed by the authority of the United States, as reserved in the United
States Patent dated 30 June 1892, and recorded 2 May 1903, in Book 73 at Page 167, as Reception No. 082729;
and as reserved in the United States Patent dated 5 June 1894 and recorded 11 August 1894 in Book 12 at Page
333 as Reception No. 017568.
8. Right of the proprietor of a vein or lode to extract and remove his ore therefrom, should the same be found to
penetrate or intersect the premises hereby granted, and right of way for ditches or canals constructed by the
authority of the United States, as described in the United States Patent dated 5 June 1894 and recorded 11
August 1894 in Book 12 at Page 333 as Reception No. 017568 and as described in the United States Patent dated
30 June 1892, and recorded 2 May 1903, in Book 73 at Page 167, as Reception No. 082729.
9. Terms, conditions, provisions, agreements and obligations specified in the deed reserving an undivided one-half
interest in and to any and all oil, gas rights and any and all assignments therof or interests therein on or under said
land described in the deed recorded dated 10 January 1944 and recorded 10 January 1944 in Book 208 at Page
584 as Reception No. 150766.
10. Terms, conditions, provisions, agreements and obligations specified in the deed reserving an undivided one-half
interest in and to any and all oil, gas rights and any and all assignments therof or interests therein on or under said
land described in the deed dated 4 April 1961 and recorded 12 April 1961 in Book 333 at Page 302 as Reception
No. 213359.
Form 5011408-B (7-1-14)
Page 1 of 3 1 ALTA Owner's Policy of Title Insurance (6-17-06)
Colorado - Schedule B
SCHEDULE B
(Continued)
11. Terms, conditions, provisions, agreements and obligations specified under the Right-of-way Easement dated 25
August 1961 and recorded 19 October 1961 in Book 337 at Page 229 as Reception No. 215432.
12. Terms, conditions, provisions, agreements and obligations specified under the Right-of-way Easement dated 8
November 1973 and recorded 31 January 1974 in Book 454 at Page 467 as Reception No. 261611.
13. Terms, conditions, provisions, agreements and obligations specified under the Right-of-way Easement dated 21
October 1975 and recorded 22 October 1975 in Book 479 at Page 875 as Reception No. 269894.
14. Terms, conditions, provisions, agreements and obligations specified under the Order of Possession and Rights of
Access document dated 13 May 1992 and recorded 26 August 1992 in Book 840 at Page 224 as Reception No.
438360.
15. Terms, conditions, provisions, agreements and obligations specified under the Rule & Order and Rights of Access
document dated 8 November 1993 and recorded 27 December 1993 in Book 887 at Page 640 as Reception No.
457087.
16. Terms, conditions, provisions, agreements and obligations specified under the Quit Claim Deed for Water Rights,
dated August 31, 2006, and recorded September 1, 2006, as Reception No. 705846.
17. Terms, conditions, provisions, agreements and obligations specified under Resolution No. 2007 -PC -05, A
Resolution Concerned With an Amendment to the Garfield County Comprehensive Plan, Study Area I, By the
Garfield County Planning Commission, dated 11 June 2007 and recorded 14 December 2007 as Reception No.
739330.
18. Terms, conditions, provisions, agreements and obligations specified under Resolution No. 2009-81, A Resolution
Concerned With Approving the Planned Unit Development and Preliminary Plan for the TCI Lane Ranch PUD and
Retracting and Replacing Resolution 2009-71 (in its entirety) In Order To Correct Scriveners Errors in the PUD
Guide for the TCI Lane Ranch Planned Unit Development, dated 7 December 2009 and recorded 9 December
2009 as Reception No. 778758.
19. Terms, conditions, provisions, agreements and obligations specified under the Land Use Change Permit dated 9
February 2010 and recorded 10 February 2010 as Reception No. 781907.
20. Terms, conditions, provisions, agreements and obligations specified under the Land Use Change Permit recorded
21 May 2010 as Reception No. 786310.
21. Terms, conditions, provisions, agreements and obligations specified under Resolution No. 2010-57, A Resolution
Concerned With the Approval of an Extension for the TCI Lane Ranch PUD Preliminary Plan Located East of
Catherine Store and CR 100 on Old Highway 82, Garfield County, dated 19 July 2010 and recorded 4 August 2010
as Reception No. 789509.
22. Terms, conditions, provisions, agreements and obligations specified under Resolution 2010-101, A Resolution of
Approval For and Amendment to the TCI Lane Ranch Planned Unit Development To Remove the Designation of
"Employee Units" From the Development Site Plan, dated 20 December 2010 and recorded 5 January 2011 as
Reception No. 796752.
23. Terms, conditions, provisions, agreements and obligations specified under the Fencing Agreement dated 8 June
2012 and recorded 27 August 2012 as Reception No. 823180.
24. Terms, conditions, provisions, agreements and obligations specified under Resolution 2013-58, A Resolution
Concerned With the Approval of a Third Extension for the TCI Lane Ranch PUD Preliminary Plan, dated 3
September 2013 and recorded 4 September 2013 as Reception No. 840245; and under Resolution No. 2015-49,
A Resolution Concerned With the Approval of a Fourth Extension for the TCI Lane Ranch PUD Preliminary Plan,
dated8 September 2015 and recorded 9 September 2015 as Reception No. 867726.
Form 5011408-B (7-1-14)
Page 2 of 3 ALTA Owner's Policy of Title Insurance (6-17-06)
Colorado - Schedule B
SCHEDULE B
(Continued)
25. Terms, conditions, provisions, agreements and obligations specified under Resolution No. 2016-37, A Resolution
of Approval for a Correction to Resolution No. 2010-101 Which Granted Approval for the Removal of "Employee
Units" from the TCI Lane Ranch Development Site Plan, dated 2 May 2016 and recorded 3 May 2016 as
Reception No. 876726.
26. Terms, conditions, provisions, agreements and obligations specified under Resolution No. 2016-59, A Resolution
Concerned With the Approval of a Fifth Extension for the TCI Lane Ranch PUD Preliminary Plan, dated 12
September 2016 and recorded 13 September 2016 as Reception No. 882266.
27. Any existing leases or tenancies, and any and all parties claiming by, through or under said lessees.
28. Right of way for ditches that traverse the property, and river tributaries, as show on the ALTA/NSPS Land Title
Survey, provided by High Country Engineering, Inc., dated March 16, 2017, as File 1701-ALTA.DWG.
29. Any loss or damage due to the fence lines nor coinciding with the property boundaries, as show on the
ALTA/NSPS Land Title Survey, provided by High Country Engineering, Inc., dated March 16, 2017, as File
1701-ALTA.DWG.
30. Overhead Electric Line, as show on Page 2 of the ALTA/NSPS Land Title Survey, provided by High Country
Engineering, Inc., dated March 16, 2017, as File 1701-ALTA.DWG.
31. Any rights, interests or easements in favor of the United States, the State of Colorado or the public, which exists or
are claimed to exist in and over the present and past bed, banks, waters or river tributaries of The Roaring Fork
River.
32. Deed of Trust from Aspen Polo Partners, LLP, a Colorado limited liability partnership, to the Public Trustee of
Pitkin County for the benefit of Franklin Mountain Polo, LLC, to secure an indebtedness in the principal sum of
$3,600,000.00, dated May 31, 2107, and recorded June 1, 2017, as Reception No. 893045.
33. Terms, conditions, provisions, agreements and obligations specified under the Bargain and Sale Deed and
Assignment Water Rights, dated May 25, 2017, and recorded June 1, 2017, as Reception No. 893043.
34. Terms, conditions, provisions, agreements and obligations specified under the Assignment and Assumption of
Contracts and Permits, dated May 30, 2017, and recorded June 1, 2017, as Reception No. 893044.
Form 5011408-B (7-1-14)
Page 3 of 3 I ALTA Owner's Policy of Title Insurance (6-17-06)
Colorado - Schedule B
R�� �y.��ek
-
Firs t American Title's
Owner's Policy of Title Insurance
ISSUED BY
First American Title Insurance Company
Schedule C
POLICY NUMBER
5011408-0031862e
File No.: 17003690
LEGAL DESCRIPTION
The Land referred to in this policy is described as follows:
A tract of land situated in Lots 8, 9, and 10 of Section 31 and in Lots 5 and 13 of Section 32, all in Township 7 South,
Range 87 West of the 6th Principal Meridian, Garfield County, Colorado, lying Southerly of and adjacent to the Southerly
right of way line of Old State Highway 82 and being more particularly described as follows:
Beginning at a point on said Southerly right of way line whence a stone found in place for the witness corner to the
Northeast corner of said section 31 bears N 26 degrees 00' 43" E 1433.52 feet; thence S 79 degrees 58' 52" E 2125.37
feet along said Southerly right of way line to the Northwest corner of a parcel of land described in Book 1013 at Page 423
of the records of the Garfield County Clerk and Recorder; thence along the Westerly boundary line of said parcel on the
following two (2) courses: S 04 degrees 55' 00" W 461.90 feet; thence S 01 degrees 00' 00" E 861.25 feet to a point on the
Northerly right of way line of the Roaring Fork Transit Authority Railroad right of way; thence 169.57 feet along said
Northerly railroad right of way line on the arc of a 1565.69 foot radius curve to the left, the chord of which bears S 54
degrees 32' 43" W 169.49 feet to a point on the Southerly boundary line of said Lot 13; thence N 89 degrees 54' 14" W
651.37 feet along the Southerly boundary line of said Lot 13 to the Northeast corner of said Lot 10; thence S 00 degrees
10' 37" E 354.80 feet along the Easterly boundary line of said Lot 10 to a point in the center of the Roaring Fork River;
thence along the center of said Roaring Fork River on the following seven (7) courses: S 86 degrees 53' 04" W 294.14
feet; thence S 85 degrees 32' 23" W 117.60 feet; thence S 78 degrees 29' 25" W 123.94 feet; thence S 89 degrees 17' 47"
W 118.54 feet; thence S 67 degrees 42' 27" W 386.40 feet; thence S 62 degrees 48' 18" W 124.67 feet; thence S 57
degrees 58' 42" W 235.29 feet to a point on the Easterly boundary line of Blue Creek Ranch recorded as Reception No.
623535 in the records of the Garfield County Clerk and Recorder; thence along the Easterly boundary line of said Blue
Creek Ranch on the following three (3) courses: N 00 degrees 10' 37" W 736.64 feet; thence N 89 degrees 54' 14" W
231.46 feet; thence N 00 degrees 02' 13" W 1677.90 feet to the Southwest corner of a parcel of land described in Book
333 at Page 511 of the Garfield County records; thence S 79 degrees 52' 12" E 278.00 feet along the Southerly boundary
line of the parcel described in said Book 333 at Page 511 to the Southeast corner of said parcel; thence N 00 degrees 02'
13" W 156.69 feet along the Easterly boundary line of said parcel to the point of beginning; Garfield County, Colorado.
IForm 5000000-C (7-1-14)
Page 1 of 1 I Schedule C
FfrstAmerican T rIe"
COLORADO FORM 110.1 GENERAL ENDORSEMENT
Issued by
First American Title Insurance Company
Attached to and made a part of Policy No.: 5011408-0031862e File No.: 17003690
Said Policy is hereby amended by deleting paragraph 1, 2, 3, 4 of Schedule B.
This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the
terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv)
increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is
inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this
endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.
Dated: June 1, 2017
First American Title Insurance Company
1
Dennis J. Gilmore, President Jeffrey S: Robinson Secretary
Winte
'
a, i1 ►I�.�..
I Istine, nl thori -e:
Authorized Countersignature
Agent
Form 50-C0110.1 (7-1-14)
Page 1 of 1 I Colorado Form 110.1 General Endorsement Deleting Items Schedule B (4-1-94)