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HomeMy WebLinkAbout1.09 Title CommitmentCommonwealth Title Company of Garfield County, Inc. 127 E. 5th Street Rifle, CO 81650 Phone (970) 625-3300 / Fax (970) 625-3305 1322 Grand Avenue Glenwood Springs, CO 81601 Phone (970) 945-4444 / Fax (970) 945-4449 Date: May 28, 2020 File No. 2005021-1 Property Address. 28485 Highway 6 & 24, Rifle Garfield & Hecht, P.C. 901 Grand Avenue, Suite 201 Glenwood Springs, CO 81601 Attn: Nicole Garrimone-Campagna Email: ncampagna@garfieldhecht.com COMMITMENT FOR TITLE INSURANCE SCHEDULE A File No. 2005021-1 1. Effective Date: May 26, 2020 at 7:59 AM 2. Policy or Policies to be issued: (a) ALTA OWNER POLICY (ALTA 6-1 7-06) Proposed Insured: (b) ALTA LOAN POLICY (ALTA 6-17-06) Proposed Insured: $N/A 3. The Estate or interest in the land described or referred to in the Commitment and covered herein is Fee Simple and is at the effective date hereof vested in: Rifle Real Estate Solutions I LLC, a Colorado limited liability company 4. The land referred to in this Commitment is situated in the County of Garfield, State of Colorado and described as follows: Lot 1 Big R Commercial Park Subdivision According to the plat thereof recorded November 7, 2007 as Reception No. 736855 TITLE CHARGES Informational Commitment $293.00 COUNTERSIGNED: Pa-!-ri,ck, P. 131A-rwe,U. American Land Title Association Schedule A (Rev'd 6-06) Authorized Officer or Agent Valid Only if Schedule B and Cover Are Attached Issuing Agent: Commonwealth Title Company of Garfield County, Inc. 127 East 5th Street Rifle, CO 81650 File No. 2005021-1 SCHEDULE B - SECTION 1 The Following are the requirements to be complied with prior to the issuance of said policy or policies. Any other instrument recorded subsequent to the date hereof may appear as an exception under Schedule B of the policy to be issued. Unless otherwise noted, all documents must be recorded to the office of the Clerk and Recorder of the County in which said property is located. 1. 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. This is an informational only commitment and no policy will be issued hereunder. 5. Receipt of satisfactory Improvement Survey Plat certified to the Company (i) prepared from an on -the -ground inspection by a registered land surveyor licensed in the State of Colorado; (ii) currently dated, showing the location of the Property and all improvements, fences, easements, roads, rights -of -way and encroachments or other matters identified in Schedule B - Section 2 of this Commitment, to the extent such matters are capable of being shown, (iii) containing a legal description of the boundaries of the Property by metes and bounds or other appropriate legal description; and (iv) meeting the criteria of Colorado Revised Statute 38-51-102(9), as amended, for an Improvement Survey Plat. NM 6 American Land Title Association Commitment Schedule B - Section 1 - Form 1004-5 DISCLOSURES Colorado Division of Insurance Regulation 8-1-2, Section 5, Paragraph F provides: "Whenever a title entity provides the closing and settlement service that is in conjunction with the issuance of an owner's policy of title insurance, it shall update the title commitment from the date of issuance to be as reasonably close to the time of closing as permitted by the real estate records. Such update shall include all impairments of record at the time of closing or as close thereto as permitted by the real estate records. The title insurance company shall be responsible to the proposed insured(s) subject to the terms and conditions of the title commitment, other than the effective date of the title commitment, for all undisclosed matters that appear of record prior to the time of closing." Provided Commonwealth Title Insurance Company of Garfield County, Inc. conducts the closing of the insured transaction and is responsible for recording the legal documents from the transaction, exception number 5 will not appear on the Owner's Title Policy and the Lenders Policy when issued. This Notice is required by Colorado Division of Insurance Regulation 8-1-2, Section 5, Paragraph G. Pursuant to Colorado Division of Insurance Regulation 8-1-2, notice is hereby given that affirmative mechanic's lien protection for the prospective insured owner may be available upon compliance with the following conditions: A. The land described in Schedule A of this Commitment must be a single family residence, which includes a condominium or townhouse unit. B. No labor or materials may have been furnished by mechanics or materialmen for purposes of construction on the land described in Schedule A of this Commitment within the past 6 months. C. The Company must receive appropriate affidavits indemnifying the Company against all unfiled mechanic's and materialmen's liens. D. Any deviation from conditions A through C above is subject to such additional requirements or information as the Company may deem necessary; or, at its option, the Company may refuse to delete the exception. No coverage will be given under any circumstances for labor or material for which the insured has contracted for or agreed to pay. Colorado Division of Insurance Regulation 8-1-2, Section 5, Paragraph M. Pursuant to Colorado Division of Insurance Regulation 8-1-3, notice is hereby given of the availability of a Closing Protection Letter which may, upon request, be provided to certain parties to the transaction. Pursuant to C.R.S. §10-11-122, notice is hereby given that: A) The subject real property may be located in a special taxing district; B) A Certificate of Taxes Due listing each taxing jurisdiction may be obtained from the County Treasurer's authorized agent; C) The information regarding special districts and the boundaries of such districts may be obtained from the Board of County Commissioners, the County Clerk and Recorder, or the County Assessor; and D) The company will not issue its policy of policies of title insurance contemplated by the commitment until it has been provided a Certificate of Taxes due 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 C.R.S. §30-10-406 requires that all documents received for recording or filing in the clerk and recorder's office shall contain a top margin of at least one inch and a left, right, and bottom margin of at least one half of an inch. The clerk and recorder may refuse to record or file any document that does not conform. Pursuant to C.R.S. §10-11-123, notice is hereby given: This notice applies to owner's policy commitments containing a mineral severance instrument exception, or exceptions, in Schedule B, Section 2. A) That there is recorded evidence that a mineral estate has been severed, leased, or otherwise conveyed from the surface estate and that there is a substantial likelihood that a third party holds some or all interest in oil, gas, other minerals, or geothermal energy in the property; and B) That such mineral estate may include the right to enter and use the property without the surface owner's permission. If the transaction includes a sale of the property and the price exceeds $100,000.00, the seller must comply with the disclosure/withholding provisions of C.R.S. §39-22-604.5 (Nonresident withholding). Pursuant to C.R.S. §38-35-125(2), no person or entity that provides closing and settlement services for a real estate transaction shall disburse funds as a part of such services until those funds have been received and are available for immediate withdrawal as a matter of right. Colorado Division of Insurance Regulation 8-1-2, Section 5, Paragraph J. "Good Funds Law" C.R.S. §39-14-102 requires that a real property transfer declaration accompany any conveyance document presented for recordation in the State of Colorado. Said declaration shall be completed and signed by either the grantor or grantee and Section 38-35-109 (2) of the Colorado Revised Statutes, 1973, requires that a notation of the purchasers legal address, (not necessarily the same as the property address) be included on the face of the deed to be recorded. File No. 2005021-1 SCHEDULE B - SECTION 2 Schedule B of the Policy or Policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the company: 1. Rights or claims of parties in possession not shown by the Public records. 2. Easements, or claims of easements, not shown by the public records. 3. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, and any facts, which a correct survey and inspection of the premises would disclose, and which are not shown by the public records. 4. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the public records. 5. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this commitment. 6. Any and all unpaid taxes, assessments and unredeemed tax sales. 7. Any lien or charge on account of the inclusion of subject property in an improvement district. 8. Any and all water rights, claims, or title to water, whether or not the matters excepted are shown by the public record. 9. Right of the proprietor of a vein or lode to extract and remove his ore therefrom, should the same be found to penetrate or intersect the premises hereby granted, and a right of way for ditches or canals as constructed by the authority of the United States, as reserved in United States Patent recorded October 29, 1900 in Book 12 at Page 545 and in patent recorded July 14, 1939 in Book 73 at Page 207. 10. Reservation of all minerals and mineral rights, including oil and gas, on and in connection with said lands as reserved by Helen H. Carroll formerly Helen H. Wilson and formerly Helen Hickox, Frank A. Conner and Marie Chenoweth in deed recorded January 19, 1968 in Book 391 at Page 479 and any and all interests therein or assignments thereof. 11. Terms and conditions of Garfield County Resolution No. 81-198 providing for an exemption from the Garfield County Subdivision regulations as more particularly described in the resolution recorded June 30, 1981 in Book 575 at Page 748. 12. Terms and conditions of Special Use Permit recorded November 17, 1987 in Book 724 at Page 532. 13. Terms and conditions of resolution No. 92-031 concerning the approval of a zone district amendment recorded April 14, 1992 in Book 828 at Page 496. 14. Non-exclusive easement granted to Public Service Company of Colorado in instrument recorded June 6, 1995 in Book 943 at Page 189. 15. Reservation of rights of way for existing irrigation ditches as described in deed recorded January 6, 1995 in Book 927 at Page 709. 16. Terms and conditions of Garfield County Resolution No. 99-106 concerning an zone district amendment recorded October 6, 1999 in Book 1154 at Page 69. 17. Terms and conditions of Memorandum of Water Allotment Contract recorded June 23, 2004 in Book 1598 at Page 597. 18. Easement and right of way for any existing irrigation ditches, laterals, canals or pipelines. 19. Terms, conditions and all matters set forth in Garfield County Resolution No. 2004-132 concerned with the approval of a preliminary plan application for the Big-R Commercial Subdivision Preliminary Plan recorded December 22, 2004 in Book 1650 at Page 110. 20. Terms and conditions of Oil and Gas Lease by and between Big R Enterprises, LLC , as Lessor and Apollo Energy, LLC, as Lessee, recorded April 15, 2005 in Book 1679 at Page 233 and any and all interests therein or assignments there of. 21. Garfield County Resolution No. 2007-32 recorded April 16, 2007 in Book 1915 at Page 539. 22. Terms and conditions of Big R Commercial Park Subdivision, Subdivision Improvements Agreement recorded November 7, 2007 as Reception No. 736856. (Continued) File No. 2005021-1 SCHEDULE B - SECTION 2 (Continued) 23. Terms and conditions of Declaration of Covenants, Conditions and Restrictions for Big R Commercial Park recorded November 7, 2007 as Reception No. 736857. First Amendment recorded March 28, 2018 as Reception No. 904848, Amended and Restated Declaration of Covenants recorded May 13, 2020 as Reception No. 935330. 24. Terms and conditions of Water Well Community Sharing and Maintenance Agreement recorded April 22, 1996 in Book 974 at Page 803. 25. Reservation of Mineral Rights in instrument recorded December 19, 2007 as Reception No. 739643 and any and all assignments thereof or interests therein. 26. Reservation of all mineral rights in instrument recorded December 19, 2007 as Reception No. 739644 and any and all assignments thereof or interests therein. 27. Easement granted to Public Service Company of Colorado in instrument recorded September 18, 2009 as Reception No. 775325. 28. Terms and conditions of Lessors Assignment (well testing) recorded December 19, 2007 as Reception No. 739646. 29. Easements, rights of way and all other matters shown on the Final Subdivision Plat Big R Commercial Park Subdivision recorded November 7, 2007 as Reception No. 736855. 30. Easement granted to Big R Lot Owners Association Inc. in instrument recorded March 2, 2020 as Reception No. 932477. The Owner's Policy of Title Insurance committed for in this Commitment, if any, shall contain, in addition to the Items set forth in Schedule B - Section 2, the following items: (1) The Deed of Trust, if any, required under Schedule B - Section 1. (2) Unpatented mining claims; reservations or exceptions in patents or in Acts authorizing the issuance thereof. (3) any and all unpaid taxes, assessments and unredeemed tax sales. NOTE: The policy (s) of insurance may contain a clause permitting arbitration of claims at the request of either the Insured or the Company. Upon request, the Company will provide a copy of this clause and the accompanying arbitration rules prior to the closing of the transaction. American Land Title Association Commitment Schedule B - Section 2 Form 1004-12 COMMONWEALTH TITLE COMPANY PRIVACY POLICY We Are Committed to Safeguarding Customer Information In order to better serve your needs now and in the future, we may ask you to provide us with certain information. We understand that you may be concerned about what we will do with such information - particularly any personal or financial information. We agree that you have a right to know how we will utilize the personal information you provide to us. Therefore, we have adopted this Privacy Policy to govern the use and handling of your personal information. Applicability This Privacy Policy governs our use of the information which you provide to us. It does not govern the manner in which we may use information we have obtained from any other source, such as information obtained from a public record or from another person or entity. Types of Information Depending upon which of our services you are utilizing, the types of nonpublic personal information that we may collect include: • • Information we receive from you on applications, forms and in other communications to us, whether in writing, in person, by telephone or any other means. Information about your transactions with us, our affiliated companies, or others; and • Information we receive from a consumer reporting agency. Use of Information We request information from you for our own legitimate business purposes and not for the benefit of any nonaffiliated party. Therefore, we will not release your information to nonaffiliated parties except: (1) as necessary for us to provide the product or service you have requested of us; or (2) as permitted by law. We may, however, store such information indefinitely, including the period after which any customer relationship has ceased. Such information may be used for any internal purpose, such as quality control efforts or customer analysis. We may also provide all of the types of nonpublic personal information listed above to one or more of our affiliated companies. Such affiliated companies include financial service providers, such as title insurers, property and casualty insurers, and trust and investment advisory companies, or companies involved in real estate services, such as appraisal companies, home warranty companies, and escrow companies. Furthermore, we may also provide all the information we collect, as described above to companies that perform marketing services on our behalf, on behalf of our affiliated companies, or to other financial institutions with whom we or our affiliated companies have joint marketing agreements. Former Customers Even if you are no longer our customer, our Privacy Policy will continue to apply to you. Confidentiality and Security We will use our best efforts to ensure that no unauthorized parties have access to any of your information. We restrict access to nonpublic personal information about you to those individuals and entities who need to know that information to provide products or services to you. We will use our best efforts to train and oversee our employees and agents to ensure that your information will be handled responsibly and in accordance with this Privacy Policy. We currently maintain physical, electronic and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.