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Home My WebLink About1.05 Title Commitment711 E. Valley Rd, Unit 201B Basalt, CO 81621 Phone: 970-366-4111 Fax: 970-672-1576 www.titlecorockies.com COMMITMENT TRANSMITTAL Commitment Ordered By: Joseph Edwards Klein Cote Edwards Citron LLC 101 South Mill Street, Ste. 200 Aspen, CO 81611 Phone: 970-925-8700 Fax: 970-925-3977 email: jee@kceclaw.com Inquiries should be directed to: Priscilla Cooper Title Company of the Rockies 711 E. Valley Rd, Unit 201B Basalt, CO 81621 Phone: 970-366-4111 Fax: 970-672-1576 email: PProhl-Cooper@TitleCoRockies.com Commitment Number:7001197-C Buyer's Name(s):purchaser with contractual rights under a purchaser agreement with the vesting order Seller's Name(s):Spring Valley Holdings, LLC, a Delaware limited liability company Property:TBD Spring Valley Ranch, Glenwood Springs, CO 81601 Section: 33 Township: 6 Range: 88, County of Garfield, State of Colorado. TBD Spring Valley Ranch, Glenwood Springs, CO 81601 Quarter: NW Section: 26 Township: 6 Range: 88, County of Garfield, State of Colorado. TBD Spring Valley Ranch, Glenwood Springs, CO 81601 Section: 20 Township: 6 Range: 88 , County of Garfield, State of Colorado. TBD Spring Valley Ranch, Glenwood Springs, CO 81601 Section: 16 Township: 6 Range: 88, County of Garfield, State of Colorado. COPIES / MAILING LIST purchaser with contractual rights under a purchaser agreement with the vesting order Spring Valley Holdings, LLC, a Delaware limited liability company COLORADO NOTARIES MAY REMOTELY NOTARIZE REAL ESTATE DEEDS AND OTHER DOCUMENTS USING REAL-TIME AUDIO-VIDEO COMMUNICATION TECHNOLOGY. YOU MAY CHOOSE NOT TO USE REMOTE NOTARIZATION FOR ANY DOCUMENT. Service Beyond Expectation in Colorado for: Eagle, Garfield, Grand, Pitkin and Summit Counties. (Limited Coverage: Jackson, Lake, Park and Routt Counties) Locations In: Avon/Beaver Creek, Basalt, Breckenridge, Grand Lake and Winter Park. (Closing Services available in Aspen and Glenwood Springs). Page 1 of 1 November 9, 2021 12:35 PM 711 E. Valley Rd, Unit 201B Basalt, CO 81621 Phone: 970-366-4111 Fax: 970-672-1576 www.titlecorockies.com Commitment Ordered By: Joseph Edwards Klein Cote Edwards Citron LLC 101 South Mill Street, Ste. 200 Aspen, CO 81611 Phone: 970-925-8700 Fax: 970-925-3977 email: jee@kceclaw.com Inquiries should be directed to: Priscilla Cooper Title Company of the Rockies 711 E. Valley Rd, Unit 201B Basalt, CO 81621 Phone: 970-366-4111 Fax: 970-672-1576 email: PProhl-Cooper@TitleCoRockies.com Commitment Number:7001197-C Buyer's Name(s):purchaser with contractual rights under a purchaser agreement with the vesting order Seller's Name(s):Spring Valley Holdings, LLC, a Delaware limited liability company Property:TBD Spring Valley Ranch, Glenwood Springs, CO 81601 Section: 33 Township: 6 Range: 88, County of Garfield, State of Colorado. TBD Spring Valley Ranch, Glenwood Springs, CO 81601 Quarter: NW Section: 26 Township: 6 Range: 88, County of Garfield, State of Colorado. TBD Spring Valley Ranch, Glenwood Springs, CO 81601 Section: 20 Township: 6 Range: 88 , County of Garfield, State of Colorado. TBD Spring Valley Ranch, Glenwood Springs, CO 81601 Section: 16 Township: 6 Range: 88, County of Garfield, State of Colorado. TITLE CHARGES These charges are based on issuance of the policy or policies described in the attached Commitment for Title Insurance, and includes premiums for the proposed coverage amount(s) and endorsement(s) referred to therein, and may also include additional work and/or third party charges related thereto. If applicable, the designation of “Buyer” and “Seller” shown below may be based on traditional settlement practices in Garfield County, Colorado, and/or certain terms of any contract, or other information provided with the Application for Title Insurance. Owner’s Policy Premium: Loan Policy Premium: Additional Lender Charge(s): Additional Other Charge(s): Tax Certificate: Total Endorsement Charge(s): TBD Charge(s): TOTAL CHARGES: $250.00 $250.00 Service Beyond Expectation in Colorado for: Eagle, Garfield, Grand, Pitkin and Summit Counties. (Limited Coverage: Jackson, Lake, Park and Routt Counties) Locations In: Avon/Beaver Creek, Basalt, Breckenridge, Grand Lake and Winter Park. (Closing Services available in Aspen and Glenwood Springs). CM-2 (ALTA Commitment for Title Insurance (6-17-06)(WLTIC Edition (9/26/07) ALTA Commitment For Title Insurance (Adopted 06-17-06) (Revised 08-01-2016) COMMITMENT FOR TITLE INSURANCE ISSUED BY WESTCOR LAND TITLE INSURANCE COMPANY NOTICE IMPORTANT-READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT. THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED. THE COMPANY'S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT. THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON. COMMITMENT TO ISSUE POLICY Subject to the Notice; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and the Commitment Conditions, WESTCOR LAND TITLE INSURANCE COMPANY, a South Carolina Corporation (the “Company”), commits to issue the Policy according to the terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Policy Amount and the name of the Proposed Insured. If all of the Schedule B, Part I-Requirements have not been met within six (6) months after the Commitment Date, this Commitment terminates and the Company's liability and obligation end. IN WITNESS WHEREOF, WESTCOR LAND TITLE INSURANCE COMPANY has caused its corporate name and seal to be hereunto affixed and by these presents to be signed in facsimile under authority of its by-laws, effective as of the date of Commitment shown in Schedule A. Issued By: WESTCOR LAND TITLE INSURANCE COMPANY Title Company of the Rockies, LLC 10 W Beaver Creek Blvd., Suite 221, PO Box 980 Avon, CO 81620-0980 Phone: (970) 949-9497 Westcor Land Title Insurance Company ALTA Commitment -2006 (6-17-06) (Reverse side of Cover) CONDITIONS The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument.1. If the proposed Insured has or acquired actual knowledge of any defect, lien, encumbrance, adverse claim2. 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. Liability of the Company under this Commitment shall be only to the named proposed Insured and such3. 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. This Commitment is a contract to issue one or more title insurance policies and is not an abstract of title4. 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. The policy to be issued contains an arbitration clause. All arbitrable matters when the Amount of5. 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/>. (Reverse side of Cover) Westcor Land Title Insurance Company Joint Notice of Privacy Policy of Westcor Land Title Insurance Company and Title Company of the Rockies, LLC Westcor Land Title Insurance Company (“WLTIC”) and Title Company of the Rockies, LLC value their customers and are committed to protecting the privacy of personal information. In keeping with that philosophy, we each have developed a Privacy Policy, set out below, that will endure the continued protection of your nonpublic personal information and inform you about the measures WLTIC and Title Company of the Rockies, LLC take to safeguard that information. This notice is issued jointly as a means of paperwork reduction and is not intended to create a joint privacy policy. Each company's privacy policy is separately instituted, executed, and maintained. Who is Covered We provide our Privacy Policy to each customer when they purchase a WLTIC title insurance policy. Generally, this means that the Privacy Policy is provided to the customer at the closing of the real estate transaction. Information Collected In the normal course of business and to provide the necessary services to our customers, we may obtain nonpublic personal information directly from the customer, from customer-related transactions, or from third parties such as our title insurance agent, lenders, appraisers, surveyors and other similar entities. Access to Information Access to all nonpublic personal information is limited to those employees who have a need to know in order to perform their jobs. These employees include, but are not limited to, those in departments such as closing, legal, underwriting, claims and administration and accounting. Information Sharing Generally, neither WLTIC nor Title Company of the Rockies, LLC shares nonpublic personal information that it collects with anyone other than those individuals necessary needed to complete the real estate settlement services and issue its title insurance policy as requested by the consumer. WLTIC or Title Company of the Rockies, LLC may share nonpublic personal information as permitted by law with entities with whom WLTIC or Title Company of the Rockies, LLC has a joint marketing agreement. Entities with whom WLTIC or Title Company of the Rockies, LLC have a joint marketing agreement have agreed to protect the privacy of our customer's nonpublic personal information by utilizing similar precautions and security measures as WLTIC and Title Company of the Rockies, LLC use to protect this information and to use the information for lawful purposes. WLTIC or Title Company of the Rockies, LLC , however, may share information as required by law in response to a subpoena, to a government regulatory agency or to prevent fraud. Information Security WLTIC and Title Company of the Rockies, LLC , at all times, strive to maintain the confidentiality and integrity of the personal information in its possession and has instituted measures to guard against its unauthorized access. We maintain physical, electronic and procedural safeguards in compliance with federal standards to protect that information. The WLTIC Privacy Policy can be found on WLTIC's website at www.wltic.com COMMITMENT FOR TITLE INSURANCE Issued by as agent for Westcor Land Title Insurance Company SCHEDULE A Reference:Commitment Number: 7001197-C 1.Effective Date: October 18, 2021, 7:00 am Issue Date: November 08, 2021 2.Policy (or Policies) to be issued: ALTA Owner's Policy (6-17-06)Policy Amount: Amount to be Determined Premium:Amount to be Determined Proposed Insured:purchaser with contractual rights under a purchaser agreement with the vesting order 3.The estate or interest in the land described or referred to in this Commitment is Parcels 1 and 2, Fee Simple and Parcel 3 Easement 4.The Title is, at the Commitment Date, vested in: Spring Valley Holdings, LLC, a Delaware limited liability company 5.The land referred to in this Commitment is described as follows: FOR LEGAL DESCRIPTION SEE SCHEDULE A CONTINUED ON NEXT PAGE For Informational Purposes Only - APN: 218733100152 / R008906 et. al Countersigned Title Company of the Rockies, LLC By: Staci Stamps This page is only a part of a 2016 ALTA ® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) 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 Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part II Page 1 Commitment No: 7001197-C SCHEDULE A (continued) LEGAL DESCRIPTION The Land referred to herein is located in the County of Garfield, State of Colorado, and described as follows: 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°0120" 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 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 2 Commitment No: 7001197-C 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 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 W1/2SW1/4 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°00'49" 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 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 3 Commitment No: 7001197-C 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°51'39" 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°27'28" 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: 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°4827" 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°14'21" 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°06'46" 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°33'26" 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" FOR A 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°03'23" E 1570.16 FEET; This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 4 Commitment No: 7001197-C 9.THENCE ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 715.00 FEET, AND A CENTRAL ANGLE OF 29°05'27" 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" FOR A 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" FOR A 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 20 OF SAID SECTION 29; THENCE N 00°34'26" 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°32'35" E 431.30 FEET TO THE SOUTHWEST CORNER OF A PARCEL OF LAND DESCRIBED IN BOOK 527 AT 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 AT PAGE 951 S 89°32'20" E 431.36 FEET; THENCE THE FOLLOWING TWO COURSES ALONG THE SOUTHERLY BOUNDARY OF A PARCEL OF LAND DESCRIBED IN BOOK 872 AT 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 AT 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 AT PAGE 112; THENCE S 33°33'03" E 149.53 FEET ALONG THE SOUTHWESTERLY BOUNDARY OF A PARCEL OF LAND DESCRIBED IN BOOK 621 AT PAGE 219 IN THE OFFICE OF THE GARFIELD COUNTY This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 5 Commitment No: 7001197-C CLERK AND RECORDER; THENCE S 81°36'23" E 135.95 FEET ALONG THE SOUTHERLY BOUNDARIES OF PARCELS OF LAND DESCRIBED IN BOOK 621 AT PAGE 219 AND IN BOOK 965 AT 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 AT PAGE 509; THENCE THE FOLLOWING THREE COURSES ALONG THE SOUTHEASTERLY BOUNDARY OF SAID PARCEL DESCRIBED IN BOOK 965, PAGE 509: 1.THENCE S 81°42'23" 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 AT 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 AT PAGE 803: 1.THENCE S 81°42'37" E 123.19 FEET; 2.THENCE N 21°00'23" 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 NO. 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; 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 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 6 Commitment No: 7001197-C 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 AT 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 AT 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 AT PAGE 596; THENCE S 00°01'52" W 114.31 FEET ALONG THE EASTERLY BOUNDARY OF SAID PARCEL OF LAND DESCRIBED IN BOOK 495 AT PAGE 596 TO THE SOUTHEAST CORNER OF SAID PARCEL OF LAND DESCRIBED IN BOOK 495 AT PAGE 596; THENCE THE FOLLOWING FOUR COURSES ALONG THE SOUTHERLY BOUNDARY OF SAID PARCEL OF LAND DESCRIBED IN BOOK 495 AT 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 AT 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 AT PAGE 802: 1. THENCE S 13°45'40" E 111.74 FEET; 2. THENCE S 89°58'08" E 101.60 FEET; This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 7 Commitment No: 7001197-C 3. THENCE S 00°01'52" W 69.06 FEET; 4. THENCE S 88°48'28" 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 AT PAGE 802 AND BOOK 736 AT 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 AT PAGE 345; THENCE ALONG THE SOUTHERLY AND WESTERLY BOUNDARIES OF SAID PARCEL OF LAND DESCRIBED IN BOOK 736 AT PAGE 345 THE FOLLOWING FIVE COURSES: 1. THENCE N 74°53'28" 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 AT 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 AT 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 AT PAGE 691 IN THE OFFICE OF THE GARFIELD COUNTY CLERK AND RECORDER; WHENCE THE This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 8 Commitment No: 7001197-C 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 01°00'28" E 2568.63 FEET ALONG THE WESTERLY BOUNDARY OF SAID PARCEL OF LAND DESCRIBED IN BOOK 938 AT PAGE 691 TO A POINT ON THE WESTERLY BOUNDARY OF A PARCEL OF LAND DESCRIBED IN BOOK 638 AT PAGE 941 IN THE OFFICE OF THE 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 AT 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 86°11'17" 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: This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 9 Commitment No: 7001197-C 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 S 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. 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 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 10 Commitment No: 7001197-C 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" FOR A 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 15°49'57" 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 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°42'24" 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°10'27" 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 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 11 Commitment No: 7001197-C 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°39'21" 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. 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 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 12 Commitment No: 7001197-C 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°37'34" 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°06'49" 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") 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; This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 13 Commitment No: 7001197-C 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 For each policy to be issued as identified in Schedule A, Item 2, the Company shall not be liable under this commitment until it receives a specific designation of a Proposed Insured, and has revised this commitment identifying that Proposed Insured by name. As provided in Commitment Condition 4, the Company may amend this commitment to add, among other things, additional exceptions or requirements after the designation of the Proposed Insured. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 14 Commitment No: 7001197-C This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 15 Commitment No: 7001197-C COMMITMENT FOR TITLE INSURANCE Issued by Westcor Land Title Insurance Company SCHEDULE B, PART I Requirements 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 effective date hereof may appear as an exception under Schedule B of the policy to be issued. Unless otherwise noted, all documents must be recorded in the office of the clerk and recorded of the county in which said property is located. All of the following Requirements must be met: 1.The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions. 2.Pay the agreed amount for the estate or interest to be insured. 3.Pay the premiums, fees, and charges for the Policy to the Company. 4.Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records. Release by the Public Trustee of Garfield County of the Deed of Trust from for the use of BBVA USA, an5. Alabama banking corporation (FKA Compass Bank), to secure $25,000,000.00, dated June 30, 2015, and recorded June 30, 2015 at Reception No. 864702. NOTE: First Amended and Restated Deed of Trust recorded April 29, 2020 at Reception No. 934688. The Company or its duly authorized agent receives and approves a Land Survey Plat, Improvement Survey6. Plat or ALTA survey properly certified by a registered surveyor or engineer. Deed from Spring Valley Holdings, LLC, a Delaware limited liability company to purchaser with7. contractual rights under a purchaser agreement with the vesting order. NOTE: Duly executed real property transfer declaration, executed by either the Grantor or Grantee, to accompany the Deed mentioned above, pursuant to Article 14 of House Bill No. 1288-CRA 39-14-102. NOTE: Statement of Authority for Spring Valley Holdings, LLC, a Delaware limited liability company, recorded April 29, 2020 at Reception No. 934687, discloses that the names and addresses of the manager(s) or member(s) authorized to act on behalf of the limited liability company are as follows: This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part I Page 16 Commitment No: 7001197-C Stephanie Zimmerman, Manager One Towne Square, Ste. 1913 Southfield, MI 48076 NOTE: EXCEPTION NO. 5 UNDER SCHEDULE B, SECTION 2 OF THIS COMMITMENT WILL NOT APPEAR IN THE POLICY OR POLICIES TO BE ISSUED PURSUANT HERETO, PROVIDED THAT (A) THE DOCUMENTS CONTEMPLATED BY THE REQUIREMENTS SET FORTH IN SCHEDULE B, SECTION 1 OF THIS COMMITMENT ARE SUBMITTED TO AND APPROVED AND RECORDED BY THE COMPANY OR ITS DULY AUTHORIZED AGENT, AND (B) AN EXAMINATION OF THE RECORDS IN THE OFFICE OF THE CLERK AND RECORDER FOR GARFIELD COUNTY, COLORADO BY THE COMPANY OR ITS DULY AUTHORIZED AGENT DISCLOSES THAT NO DEFECTS, LIENS, ENCUMBRANCES, ADVERSE CLAIMS OR OTHER MATTERS HAVE BEEN RECORDED IN SUCH RECORDS SUBSEQUENT TO THE EFFECTIVE DATE HEREOF. THE COMPANY RESERVES THE RIGHT TO CONDUCT AN ADDITIONAL SEARCH OF THE RECORDS IN THE OFFICE OF THE CLERK AND RECORDER FOR GARFIELD COUNTY, COLORADO FOR JUDGMENT LIENS, TAX LIENS OR OTHER SIMILAR OR DISSIMILAR INVOLUNTARY MATTERS AFFECTING THE GRANTEE OR GRANTEES, AND TO MAKE SUCH ADDITIONAL REQUIREMENTS AS IT DEEMS NECESSARY, AFTER THE IDENTITY OF THE GRANTEE OR GRANTEES HAS BEEN DISCLOSED TO THE COMPANY. NOTE: THIS COMMITMENT IS ISSUED UPON THE EXPRESS AGREEMENT AND UNDERSTANDING THAT THE APPLICABLE PREMIUMS, CHARGES AND FEES SHALL BE PAID BY THE APPLICANT IF THE APPLICANT AND/OR ITS DESIGNEE OR NOMINEE CLOSES THE TRANSACTION CONTEMPLATED BY OR OTHERWISE RELIES UPON THE COMMITMENT, ALL IN ACCORDANCE WITH THE RULES AND SCHEDULES OF RATES ON FILE WITH THE COLORADO DEPARTMENT OF INSURANCE. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part I - continued Page 17 Commitment No: 7001197-C SCHEDULE B, PART II Exceptions THIS COMMITMENT DOES NOT REPUBLISH ANY COVENANT, CONDITION, RESTRICTION, OR LIMITATION CONTAINED IN ANY DOCUMENT REFERRED TO IN THIS COMMITMENT TO THE EXTENT THAT THE SPECIFIC COVENANT, CONDITION, RESTRICTION, OR LIMITATION VIOLATES STATE OR FEDERAL LAW BASED ON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY, HANDICAP, FAMILIAL STATUS, OR NATIONAL ORIGIN. Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company. Any loss or damage, including attorney fees, by reason of the matters shown below: Any facts, right, interests, or claims which are not shown by the Public Records but which could be1. ascertained by an inspection of said Land or by making inquiry of persons in possession thereof. Easements or claims of easements, not shown by the Public Records.2. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that3. would be disclosed by an accurate and complete land survey of the Land. 4. Any lien, or right to a lien for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the Public Records. 5. Defects, liens, encumbrances, adverse claims or other matters, if any created, first appearing in the Public Records or attaching subsequent to the effective date hereof, but prior to the date of the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. 6. (a) Taxes or assessments that are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the Public Records; (b) proceedings by a public agency that may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records. The effect of inclusions in any of the following district authorities: Garfield County - Social Service:7. 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. Right of the proprietor of a vein or lode to extract and remove his ore therefrom, should the same be8. found to penetrate or intersect the premises hereby granted, as reserved in United States Patent recorded as follows: DATE RECORDED BOOK PAGE RECEPTION NO. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part II Page 18 Commitment No: 7001197-C August 8, 1896 in Book 12 at Page 430 at Reception No. 19517 April 11, 1923 in Book 112 at Page 388 at Reception No. 82446 March 26, 1965 in Book 364 at Page 486 at Reception No. 229186 September 8, 1896 in Book 12 at Page 435 at Reception No. 19569 June 2, 1916 in Book 71 at Page 606 at Reception No. 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. Right of way for ditches or canals constructed by the authority of the United States, as reserved in United9. States Patent recorded: DATE RECORDED BOOK PAGE RECEPTION NO. August 8, 1896 in Book 12 at Page 430 at Reception No. 19517 September 8, 1896 in Book 12 at Page 435 at Reception No. 19569 September 1, 1906 in Book 56 at Page 557 at Reception No. 32339 December 7, 1912 in Book 71 at Page 582 at Reception No. 45724 June 2, 1916 in Book 71 at Page 606 at Reception No. 54279 April 7, 1923 in Book 112 at Page 558 at Reception No. 82381 April 11, 1923 in Book 112 at Page 388 at Reception No. 82446 February 28, 1926 in Book 112 at Page 435 at Reception No. 94056 October 31, 1939 in Book 194 at Page 590 at Reception No. 137373 May 20, 1940 in Book 194 at Page 617 at Reception No. 139733 February 26, 1952 in Book 263 at Page 231 at Reception No. 178627 February 26, 1952 in Book 263 at Page 232 at Reception No. 178628 February 26, 1952 in Book 263 at Page 233 at Reception No. 178629 February 26, 1952 in Book 263 at Page 234 at Reception No. 178630 February 26, 1952 in Book 263 at Page 235 at Reception No. 178631 February 26, 1952 in Book 263 at Page 236 at Reception No. 178632 February 26, 1952 in Book 263 at Page 237 at Reception No. 178633 February 26, 1952 in Book 263 at Page 238 at Reception No. 178634 February 26, 1952 in Book 263 at Page 239 at Reception No. 178635 February 26, 1952 in Book 263 at Page 240 at Reception No. 178636 February 26, 1952 in Book 263 at Page 241 at Reception No. 178637 March 3, 1952 in Book 263 at Page 271 at Reception No. 178688 March 3, 1952 in Book 263 at Page 276 at Reception No. 178689 March 3, 1952 in Book 263 at Page 282 at Reception No. 178690 March 26, 1965 in Book 364 at Page 486 at Reception No. 229186 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. All rights under an application by the Glenwood High Line Railway Company, approved November 9, 189310. under Act of March 3, 1875, being an application for right of way, as reserved in United States Patent This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part II - continued Page 19 Commitment No: 7001197-C 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. Conveyance from the U.S. to Scott C. Hopkins, excepting and excluding that tract of land described and11. 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. Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and12. 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 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. Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and13. 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 J. Gamba, P.E. & P.L.S. No. 28036. Reservation unto the U.S., its permitee or licensee, the right to enter upon, occupy and use, any part or all of14. 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. Excepting and reserving, however, to the U.S., all the coal and other minerals in the lands so entered and15. 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. Reservation unto the U.S., its permitee or licensee, the right to enter upon, occupy and use, any part or all of16. 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 This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part II - continued Page 20 Commitment No: 7001197-C 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. Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and17. 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. Reservation unto the U.S., its permitee or licensee, the right to enter upon, occupy and use, any part or all of18. 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. Reservation unto the U.S., its permitee or licensee, the right to enter upon, occupy and use, any part or all of19. 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. Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and20. 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 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 Right of Way for private use, extending from the residence by Quit Claim Deed from John W.21. 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. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part II - continued Page 21 Commitment No: 7001197-C Affidavit from the Public Service Company of Colorado, purported owner of easements for electric22. transmission lines and telephone and telegraph lines, recorded March 9, 1959 in Book 315 at Page 525 as Reception No. 204592. Excepting an easement and right-of-way over and across existing roadways for purposes of ingress and23. 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. Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and24. 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 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. Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and25. 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. Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and26. 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 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. Reservation of a non-exclusive easement and right-of-way for roadway access as disclosed in Warranty27. Deed recorded April 19, 1977 in Book 495 at Page 593 as Reception No. 277986. A non-exclusive easement and right-of-way for roadway access purposes; together with a covenant running28. 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. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part II - continued Page 22 Commitment No: 7001197-C Twenty-four foot or fifteen foot easements for roadway access, pipelines, and utilities as granted in the following Deeds: RECORDING DATE RECEPTION NO. October 4, 1977 in Book 501 at Page 393 at Reception No. 281051 October 4, 1977 in Book 501 at Page 395 at Reception No. 281052 November 2, 1977 in Book 502 at Page 387 at Reception No. 281588 November 3, 1977 in Book 502 at Page 467 at Reception No. 281622 January 6, 1978 in Book 504 at Page 751 at Reception No. 282773 Resolutions by the Board of County Commissioners of Garfield County:29. RESOLUTION # RECORDING DATE BOOK PAGE RECEPTION NO. 80-248 October 24, 1980 in Book 558 at Page 439 at Reception No. 308660 84-126 July 12, 1984 in Book 652 at Page 840 at Reception No. 353974 84-127 July 12, 1984 in Book 652 at Page 842 at Reception No. 353975 87-106 October 13, 1987 in Book 722 at Page 745 at Reception No. 386620 94-135 December 6, 1994 in Book 924 at Page 728 at Reception No. 471850 94-141 December 13, 1994 in Book 925 at Page 340 at Reception No. 472056 2000-95 December 1, 2000 in Book 1212 at Page 159 at Reception No. 572999 2002-07 January 15, 2002 in Book 1321 at Page 72 at Reception No. 595731 2003-98 December 2, 2003 in Book 1543 at Page 420 at Reception No. 642016 2003-99 December 2, 2003 in Book 1543 at Page 430 at Reception No. 642017 2005-83 November 8, 2005 in Book 1743 at Page 888 at Reception No. 686066 2005-84 November 8, 2005 in Book 1743 at Page 894 at Reception No. 686067 2008-55 April 22, 2008 at Reception No. 747015 2008-56 April 22, 2008 at Reception No. 747016 Right-of-Way and twenty foot wide easement together with right to clear all trees and brush, by machine30. work or otherwise, within said easement, and the further right to cut frees, 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. Terms, agreements, provisions, conditions and obligations of Easement Agreements recorded as follows and31. 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: This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part II - continued Page 23 Commitment No: 7001197-C Thirty foot roadway easement from Spring Valley Holding USA, Ltd. To Hopkins Ranch, Ltd. recorded32. 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. Easements granting perpetual easements for the transmission, distribution, or both, of electricity and for the33. 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. Memorandum of Agreement on Boundary Line among F. Peter Simmons, Dorothy M. Simmons and Spring34. Valley Ranch recorded April 26, 1995 in Book 938 at Page 691 as Reception No. 477245. Twenty foot easement for road and utility purposes as disclosed in Warranty Deed recorded October 9, 196735. 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. Utility Relocation Agreement for electrical transmission lines recorded September 08, 1998 in Book 1087 at36. Page 614 as Reception No. 531850. Perpetual easement for the transmission, distribution, or both, of electricity and for the transmission of37. 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. Director's Parcel Agreement recorded June 4, 2002 in Book 1360 at Page 460 as Reception No. 604722;38. and Corrected Director's Parcel Agreement recorded June 6, 2002 in Book 1361 at Page 102 as Reception No. 604872. Pre-inclusion and Wastewater Treatment Plant Development Agreement recorded August 30, 2001 in Book39. 1282 at Page 8 as Reception No. 587475. Sixty foot wide access and utility easement together with obligations as disclosed by Easement Agreement40. 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. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part II - continued Page 24 Commitment No: 7001197-C Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and41. 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. Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and42. 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. Excepting and reserving, however, to the U.S. all the coal and other minerals in the lands so entered and43. 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. Terms, conditions, provisions and obligations contained in the Memorandum of Water Allotment Contract44. recorded February 16, 2006 at Reception No. 692412. Terms, conditions, provisions and obligations contained in the Resolution No. 2008-55 recorded April 22,45. 2008 at Reception No. 747015. Terms, conditions, provisions and obligations contained in the Order for Inclusion recorded April 25, 200846. at Reception No. 747386 and recorded April 25, 2008 at Reception No. 747388. Covenants, conditions, restrictions, notes; easements, reservations and rights of ways as shown on the Plat of47. Spring Valley Ranch P.U.D. recorded October 21, 2010 at Reception No. 793243 and First Amended Plat thereto recorded December 5, 2012 at Reception No. 828064. Terms, conditions, provisions and obligations contained in the Subdivision Improvements Agreement Phase48. I Spring Valley Ranch Subdivision recorded October 21, 2010 at Reception No. 793244. Covenants, conditions, and restrictions contained in the Master Declaration of Covenants, Conditions and49. Restrictions for Spring Valley Ranch P.U.D. recorded October 21, 2010 at Reception No. 793245. Terms, conditions, provisions and obligations contained in the Development Agreement Spring Valley50. Ranch P.U.D. recorded October 21, 2010 at Reception No. 793248 and First Amendment thereto recorded December 5, 2012 at Reception No. 828067 and Amended and Restated Development Agreement recorded July 19, 2017 at Reception No. 894969. Terms, conditions, provisions and obligations contained in the Quit Claim Deed Highgrange Pass Road51. Right-of-Way recorded December 5, 2012 at Reception No. 828063. This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part II - continued Page 25 Commitment No: 7001197-C Terms, conditions, provisions and obligations contained in the Resolution No. 2012-95 recorded December52. 5, 2012 at Reception No. 828066. Terms, conditions, provisions and obligations contained in the Well Sharing Agreement Well SVR2153. recorded December 5, 2011 at Reception No. 811551. Terms, conditions, restrictions and easement provisions contained in the Quit Claim Deed recorded July 19,54. 2017 at Reception No. 894962. Terms, conditions, provisions and obligations contained in the Resolution No. 2017-31 recorded July 19,55. 2017 at Reception No. 894968. Adverse matters disclosed on the ALTA/ACSM Land Title Survey of Spring Valley Ranch P.U.D. by Gamba56. & 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; This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part II - continued Page 26 Commitment No: 7001197-C This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Westcor Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II-Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part II - continued Page 27 Commitment No: 7001197-C DISCLOSURE STATEMENTS Note 1: Colorado Division of Insurance Regulations 3-5-1, Paragraph C of Article VII, requires that "Every Title entity shall be responsible for all matters which appear of record prior to the time of recording whenever the Title entity conducts the closing and is responsible for recording or filing of legal documents resulting from the transaction which was closed.” (Gap Protection) Note 2: Exception No. 4 of Schedule B, Section 2 of this Commitment may be deleted from the Owner's Policy to be issued hereunder upon compliance with the following conditions: The Land described in Schedule A of this commitment must be a single-family residence, which includes a1. condominium or townhouse unit. No labor or materials may have been furnished by mechanics or materialmen for purpose of construction on2. the Land described in Schedule A of this Commitment within the past 13 months. The Company must receive an appropriate affidavit indemnifying the Company against unfiled mechanic's3. and materialmen's liens. Any deviation from conditions A though C above is subject to such additional requirements or Information4. as the Company may deem necessary, or, at its option, the Company may refuse to delete the exception. Payment of the premium for said coverage.5. Note 3: The following disclosures are hereby made pursuant to §10-11-122, C.R.S.: The subject real property may be located in a special taxing district;(i) A certificate of taxes due listing each taxing jurisdiction shall be obtained from the County Treasurer or the(ii) County Treasurer's authorized agent; and Information regarding special districts and the boundaries of such districts may be obtained from the(iii) County Commissioners, the County Clerk and Recorder, or the County Assessor. Note 4: If the sales price of the subject property exceeds $100,000.00, the seller shall be required to comply with the disclosure or withholding provisions of C.R.S. §39-22-604.5 (Non-resident withholding). Note 5: Pursuant to C.R.S. §10-11-123 Notice is hereby given: (a)If there is recorded evidence that a mineral estate has been severed, leased or otherwise conveyed from the surface estate then there is a substantial likelihood that a third party holds some or all interest in oil, gas, other minerals, or geothermal energy in the property, and (b)That such mineral estate may include the right to enter and use the property without the surface owner's permission. Note 6: Effective September 1, 1997, C.R.S. §30-10-406 requires that all documents received for recording or filing in the clerk and recorder's office shall contain a top margin of at least one inch and a left, right and bottom margin of at least one-half inch the clerk and recorder may refuse to record or file any document that does not conform. Note 7: Our Privacy Policy: We will not reveal nonpublic personal customer information to any external non-affiliated organization unless we have been authorized by the customer, or are required by law. Note 8: Records: Regulation 3-5-1 Section 7 (N) provides that each title entity shall maintain adequate documentation and records sufficient to show compliance with this regulation and Title 10 of the Colorado Revised Statutes for a period of not less than seven (7) years, except as otherwise permitted by law. Note 9: Pursuant Regulation 3-5-1 Section 9 (F) notice is hereby given that “A title entity shall not earn interest on fiduciary funds unless disclosure is made to all necessary parties to a transaction that interest is or has been earned. Said disclosure must offer the opportunity to receive payment of any interest earned on such funds beyond any administrative fees as may be on file with the division. Said disclosure must be clear and conspicuous, and may be made at any time up to and including closing.” Be advised that the closing agent will or could charge an Administrative Fee for processing such an additional Page 28 services request and any resulting payee will also be subjected to a W-9 or other required tax documentation for such purpose(s). Be further advised that, for many transactions, the imposed Administrative Fee associated with such an additional service may exceed any such interest earned. Therefore, you may have the right to some of the interest earned over and above the Administrative Fee, if applicable (e.g., any money over any administrative fees involved in figuring the amounts earned). Note 10: Pursuant to Regulation 3-5-1 Section 9 (G) notice is hereby given that “Until a title entity receives written instructions pertaining to the holding of fiduciary funds, in a form agreeable to the title entity, it shall comply with the following: The title entity shall deposit funds into an escrow, trust, or other fiduciary account and hold them in a1. fiduciary capacity. The title entity shall use any funds designated as “earnest money” for the consummation of the transaction2. as evidenced by the contract to buy and sell real estate applicable to said transaction, except as otherwise provided in this section. If the transaction does not close, the title entity shall: Release the earnest money funds as directed by written instructions signed by both the buyer and seller;(a) or If acceptable written instructions are not received, uncontested funds shall be held by the title entity for(b) 180 days from the scheduled date of closing, after which the title entity shall return said funds to the payor. In the event of any controversy regarding the funds held by the title entity (notwithstanding any termination3. of the contract), the title entity shall not be required to take any action unless and until such controversy is resolved. At its option and discretion, the title entity may: Await any proceeding; or(a) Interplead all parties and deposit such funds into a court of competent jurisdiction, and recover court(b) costs and reasonable attorney and legal fees; or Deliver written notice to the buyer and seller that unless the title entity receives a copy of a summons(c) and complaint or claim (between buyer and seller), containing the case number of the lawsuit or lawsuits, within 120 days of the title entity's written notice delivered to the parties, title entity shall return the funds to the depositing party.” Page 29 Commitment No: 7001197-C Title Company of the Rockies Disclosures 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 will refuse to record or file any document that does not conform to the requirements of this section. Pursuant to C.R.S. 30-10-406(3)(a). The company will not issue its policy or policies of title insurance contemplated by this commitment until it has been provided a Certificate of Taxes due or other equivalent documentation from the County Treasurer or the County Treasurer's authorized agent: or until the Proposed Insured has notified or instructed the company in writing to the contrary. Pursuant to C.R.S. 10-11-122. 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 withdrawals as a matter ofright. Pursuant to C.R.S. 38-35-125(2). The Company hereby notifies the proposed buyer in the current transaction that there may be recorded evidence that the mineral estate, or portion thereof, has been severed, leased, or otherwise conveyed from the surface estate. If so, there is a substantial likelihood that a third party holds some or all interest in the oil, gas, other minerals, or geothermal energy in the subject property. Such mineral estate may include the right to enter and use the property without the surface owner's permission. Pursuant to C.R.S. 10-11-123. If this transaction includes a sale of property and the sales price exceeds $100,000.00, the seller must comply withthe disclosure/withholding requirements of said section. (Nonresident withholding) Pursuant to C.R.S. 39-22-604.5. Notice is hereby given that: The subject property may be located in a special taxing district. A Certificate of Taxes due listing each taxing jurisdiction shall be obtained from the County Treasurer or the County Treasurer's authorizedagent. 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. Pursuant to C.R.S. 10-11-122. Notice is hereby given that: Pursuant to Colorado Division of Insurance Regulation 8-1-2; "Gap Protection" -When this Company conducts the closing and is responsible for recording or filing the legal documents resulting from the transaction, the Company shall be responsible for all matters which appear on the record prior to such time or recording or filing; and "Mechanic's Lien Protection" - If you are the buyer of a single family residence, you may request mechanic's lien coverage to be issued on your policy of Insurance. If the property being purchased has not been the subject of construction, improvements or repairs in the last six months prior to the date of this commitment, the requirements will be payment of the appropriate premium and the completion of an Affidavit and Indemnity by the seller. If the property being purchased was constructed, improved or repaired within six months prior to the date of this commitment the requirements may involve disclosure of certain financial information, payment of premiums, and indemnity, among others. The general requirements stated above are subject to revision and approval by the Company. Pursuant to C.R.S. 10-11-122. Notice is hereby given that an ALTA Closing Protection Letter is available, upon request, to certain parties to the transaction as noted in the title commitment. Pursuant to Colorado Division of Insurance Regulation 8-1. 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. Page 30