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HomeMy WebLinkAbout5_TITLE COMMITMENT - 120 E OliveMontana Title & Escrow, Inc. Policy Issuing Agent for Old Republic National Title Insurance Company Commitment for Title Insurance Issued by Old Republic National Title Insurance Company subject to conditions and stipulations as set forth herein Thank you for choosing Montana Title & Escrow, Inc. As Your Title Company Contact Information: 1925 N. 22nd Avenue Suite 102 Bozeman, MT 59718 Phone:(406) 587-7702 Fax:(406) 587-2891 Montana Title & Escrow, Inc. Policy Issuing Agent for Old Republic National Title Insurance Company Montana Title & Escrow, Inc. COMMITMENT Commitment Issued By: Order Number: M-18975 Montana Title & Escrow, Inc. 1925 N. 22nd Avenue, Suite 102 Suite 102 Bozeman, MT 59718 Escrow Officer:Tammy Redfern Phone:(406)587-7702 Fax:(406)587-2891 Escrow Officer Email:tredfern@montanatitle.com Email Loan Docs To:7001edocs@montanatitle.com Customer Reference: Property Address:120 East Olive Street, Bozeman, MT 59715 Dated as of June 28, 2016 Title Officer:Brian Mills Title Officer Email:bmills@montanatitle.com EXPLANATION OF CHARGES 2006 ALTA Standard Owners Policy $895.50 Total Estimated Charges: $895.50 Montana Title & Escrow, Inc. Policy Issuing Agent for Old Republic National Title Insurance Company In an effort to assure that your transaction goes smoothly, please review the following checklist and contact your escrow officer or title officer if you answer "Yes" to any of the following questions: ●●Will you be using a Power of Attorney? ●●Are any of the parties in title incapacitated or deceased? ●●Has a change in marital status occurred for any of the Principals? ●●Will the property be transferred into a trust, partnership, corporation or limited liability company? ●●Has there been any construction on the property in the last 6 months? Remember, all parties signing documents must have a driver's license or other valid photo ID. It is recommended that all documents be signed in blue ink. Order No:M-18975 Montana Title & Escrow, Inc. Policy Issuing Agent for Old Republic National Title Insurance Company COMMITMENT FOR TITLE INSURANCE Issued by ________________________________________________________________________________________ Old Republic National Title Insurance Company Old Republic National Title Insurance Company, a Florida corporation (“Company”), for a valuable consideration, commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the Proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest in the land described or referred to in Schedule A, upon payment of the premiums and charges and compliance with the Requirements; all subject to the provisions of Schedules A and B and to the Conditions of this Commitment. This Commitment shall be effective only when the identity of the Proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A by the Company. All liability and obligation under this Commitment shall cease and terminate 180 days after the Effective Date or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue the policy or policies is not the fault of the Company. The Company will provide a sample of the policy form upon request. This Commitment shall not be valid or binding until countersigned by a validating officer or authorized signatory. IN WITNESS WHEREOF, Old Republic National Title Insurance Company has caused its corporate name and seal to be affixed by its duly authorized officers on the date shown in Schedule A. Issued By: Montana Title & Escrow, Inc. 1925 N. 22nd Avenue Bozeman, MT 59718 Agent ID: B25817 __________________________________ Authorized Countersignature Montana Title & Escrow, Inc. Policy Issuing Agent for Old Republic National Title Insurance Company CONDITIONS 1.The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument. 2.If the proposed Insured has or acquired actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions. 3.Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and Conditions and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. 4.This Commitment is a contract to issue one or more title insurance policies and is not an abstract of title or a report of the condition of title. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment. 5.The policy to be issued contains an arbitration clause. All arbitrable matters when the Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. You may review a copy of the arbitration rules at <http://www.alta.org/>. NOTICE FEDERAL FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT OF 1980 (FIRPTA) Upon the sale of United States real property, by a non-resident alien, foreign corporation, partnership or trust, the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), and as revised by the Tax Reform Act of 1984 (26 USCA 897 (C)(1)(A)(1) and 26 USCA 1445), Revised by the Path Act of 2015, These changes may be reviewed in full in H.R. 2029, now known as Public Law 114-113. See Section 324 of the law for the full text of FIRPTA changes. Effective February 27, 2016, the amendments to FIRPTA contained in the PATH Act have increased the holdback rate from 10% of gross proceeds to 15% of gross proceeds of the sale, regardless of whether the actual tax due may exceed (or be less than) the amount withheld if ANY of the following conditions are met: 1. If the amount realized (generally the sales price) is $300,000 or less, and the property will be used by the Transferee as a residence (as provided for in the current regulations), no monies need be withheld or remitted to the IRS. 2. If the amount realized exceeds $300,000 but does not exceed $1,000,000, and the property will be used by the Transferee as a residence, (as provided for in the current regulations) then the withholding rate is 10% on the full amount realized (generally the sales prices) 3. If the amount realized exceeds $1,000,000, then the withholding rate is 15% on the entire amount, regardless of use by the Transferee. The exemption for personal use as a residence does not apply in this scenario. If the purchaser who is required to withhold income tax from the seller fails to do so, the purchaser is subject to fines and penalties as provided under Internal Revenue Code Section 1445. Escrow Holder will, upon written instructions from the purchaser, withhold Federal Income Tax from the seller and will deposit said tax with the Internal Revenue Service, together with IRS Forms 8288 and 8288-A. The fee charged for this service is $25.00 payable to the escrow holder. Order No.: M-18975 Montana Title & Escrow, Inc. Policy Issuing Agent for Old Republic National Title Insurance Company COMMITMENT - SCHEDULE A 1.Effective Date:June 20, 2016 at 7:30AM 2.Policy or Policies to be Issued: 2006 ALTA Standard Owners Policy Proposed Insured:Liability:Premium: MERCANTILE, LLC $250,000.00 $895.50 Proposed Insured:Liability:Premium: 3.The interest in the land described or referred to in this Commitment and covered herein is: Fee Simple 4.Title to the estate or interest covered herein is at the effective date hereof vested in: ATWELL & ASSOCIATES, LLC 5.The land referred to in this Commitment is described as follows: See Exhibit "A" Attached For Legal Description Inquiries should be directed to: Montana Title & Escrow, Inc. 1925 N. 22nd Avenue Suite 102 Bozeman, MT 59718 Escrow Officer:Tammy Redfern Title Officer:Brian Mills Phone:(406) 587-7702 Fax:(406) 587-2891 Order No.: M-18975 Montana Title & Escrow, Inc. Policy Issuing Agent for Old Republic National Title Insurance Company Exhibit “A” Legal Description THE WEST 40 FEET OF LOTS 1, 2, 3, AND 4 OF DAWES SUBDIVISION, A PORTION OF BLOCK "C" BLACK'S ADDITION TO BOZEMAN, MONTANA, AND FRACTIONAL LOT 17 OF LINDLEY AND GUY'S ADDITION TO BOZEMAN, MONTANA, ACCORDING TO THE OFFICIAL PLAT THEREOF ON FILE AND OF RECORD IN THE OFFICE OF THE COUNTY CLERK AND RECORDER, GALLATIN COUNTY, MONTANA. [DEED REFERENCE: FILM 51, PAGE 1604] TOGETHER WITH A STRIP OF LAND 8 FEET IN WIDTH ADJOINING THE WEST LINE OF LOT 4 AND A PORTION OF LOT 3, BEING A PORTION OF THAT ALLEY VACATED BY ORDINANCE NO. 896 RECORDED JULY 30, 1970 IN FILM 7, PAGE 1534, RECORDS OF GALLATIN COUNTY, MONTANA. Order No.: M-18975 Montana Title & Escrow, Inc. Policy Issuing Agent for Old Republic National Title Insurance Company SCHEDULE B - Part I REQUIREMENTS The following requirements must be met and completed to the satisfaction of the Company before its Policy of Title Insurance will be issued: 1.Instruments necessary to create the estate or interest to be insured must be properly executed, delivered and duly filed for record. 2. WE FIND NO OPEN MORTGAGES OF RECORD. ESCROW PLEASE CONFIRM BEFORE CLOSING. 3. THIS COMPANY WILL REQUIRE THE FOLLOWING TO INSURE A LOAN BY OR A CONVEYANCE FROM THE VESTEE CORPORATION NAMED HEREIN: (A) A COPY OF THE CORPORATION BY-LAWS OR ARTICLES. (B) AN ORIGINAL OR CERTIFIED COPY OF THE RESOLUTION AUTHORIZING THE SUBJECT TRANSACTION. 4. IF AN OWNER'S TITLE INSURANCE POLICY HAS BEEN ISSUED BY ANY TITLE INSURER WITHIN TWO YEARS A CREDIT MAY BE AVAILABLE TOWARDS THE OWNERS TITLE INSURANCE POLICY FOR THIS TRANSACTION. WE WILL REQUIRE PROOF OF THE AMOUNT INSURED AND PREMIUM PAID. Order No.: M-18975 Montana Title & Escrow, Inc. Policy Issuing Agent for Old Republic National Title Insurance Company SCHEDULE B - Part II STANDARD EXCEPTIONS Schedule B of the policy or policies to be issued will contain exception to the following matters unless the same are disposed of to the satisfaction of the Company. A.Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the Effective Date but prior to the date the proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment. B.Standard Exceptions (1)Any facts, rights, interests, or claims which are not shown by the public records but which could be ascertained by an inspection of the land or which may be asserted by persons in possession, or claiming to be in possession, thereof. (2)Easements, liens, encumbrances, or claims thereof, which are not shown by the Public Records. (3)Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land, and that is not shown by the Public Records (4)Any lien, or right to a lien, imposed by law for services, labor, or material heretofore or hereafter furnished, which lien, or right to a lien, is not shown by the Public Records (5)(a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) Indian Treaty or aboriginal rights, including, but not limited to, easements or equitable servitudes; or, (d) water rights, claims or title to water, whether or not the matters excepted under (a),(b),(c) or (d) are shown by the Public Records. (6)Taxes or assessments which are not now payable or which 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; proceedings by a public agency which 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. (7)Any service, installation, connection, maintenance or construction charges for sewer, water, electricity, or garbage collection or disposal or other utilities unless shown as an existing lien by the Public Records. Order No.: M-18975 Montana Title & Escrow, Inc. Policy Issuing Agent for Old Republic National Title Insurance Company SCHEDULE B - Part II SPECIAL EXCEPTIONS At the date hereof, exceptions to coverage in addition to the printed Exceptions and Exclusions in said policy form would be as follows: 1. GENERAL TAXES FOR THE YEAR 2016, A LIEN IN THE PROCESS OF ASSESSMENT, NOT YET DUE OR PAYABLE. TAX NOTE: TAXES, SPECIAL AND GENERAL, ASSESSMENT DISTRICTS AND SERVICE AREAS, FOR THE YEAR 2015. PARCEL NO. RGH6299. 1ST INSTALLMENT:$ 557.43 PAID 2ND INSTALLMENT:$ 557.42 PAID TAX NOTE: CITY TAXES, SPECIAL AND GENERAL, ASSESSMENT DISTRICTS AND SERVICE AREAS FOR THE YEAR 2015-2016. ACCOUNT NO. 146810.: 1ST INSTALLMENT:$ 48.28 PAID 2ND INSTALLMENT:$ 48.28 PAID 2. NO LIABILITY IS ASSUMED FOR ANY SPECIAL ASSESSMENTS, SNOW REMOVAL, SEWER ASSESSMENT OR GARBAGE ASSESSMENT NOT SET FORTH IN THE ASSESSMENT BOOKS OF THE CITY OF BOZEMAN. 3. MINERALS OF WHATSOEVER KIND, SUBSURFACE AND SURFACE SUBSTANCES, INCLUDING BUT NOT LIMITED TO COAL, LIGNITE, OIL, GAS, URANIUM, CLAY, ROCK, SAND AND GRAVEL IN, ON, UNDER AND THAT MAY BE PRODUCED FROM THE LAND, TOGETHER WITH ALL RIGHTS, PRIVILEGES, AND IMMUNITIES RELATING THERETO, WHETHER OR NOT APPEARING IN THE PUBLIC RECORDS OR LISTED IN SCHEDULE B. THE COMPANY MAKES NO REPRESENTATION AS TO THE PRESENT OWNERSHIP OF ANY SUCH INTERESTS. 4. TERMS, PROVISIONS, CONDITIONS, AS CONTAINED IN EASEMENT AGREEMENT BETWEEN WF WESTERN HOLDINGS, LLC AND CHARLES AND AUDREY S. CROMWELL RECORDED OCTOBER 17, 2014, AS DOCUMENT NO. 2494829, OFFICIAL RECORDS. ********************* END OF SCHEDULE B ********************* *** INFORMATIONAL NOTES: THE POLICY TO BE ISSUED CONTAINS AN ARBITRATION CLAUSE. ALL ARBITRABLE MATTERS WHEN THE AMOUNT OF INSURANCE IS $2,000,000 OR LESS SHALL BE ARBITRATED AT THE OPTION OF EITHER THE COMPANY OR THE INSURED AS THE EXCLUSIVE REMEDY OF THE PARTIES. YOU MAY REVIEW A COPY OF THE ARBITRATION RULES AT ~WWW.ALTA.ORG~. IF THE PROPOSED INSURED UNDER THE POLICY TO ISSUE HAS ANY QUESTIONS CONCERNING THE COVERAGE OR EXCLUSIONS FROM COVERAGE, THE COMPANY WILL BE PLEASED TO PROVIDE AN EXPLANATION. PLEASE CONTACT THE TITLE OFFICER NAMED ON SCHEDULE A OF THIS COMMITMENT. PRIVACY POLICY NOTICE Purpose Of This Notice Title V of the Gramm-Leach-Bailey Act (GLBA) generally prohibits any financial institution, directly or through its affiliates, from sharing nonpublic personal information about you with a nonaffiliated third party unless the institution provides you with a notice of is privacy policies and practices, such as the type of information that it collects about you and the categories of a persons or entities to whom it may be disclosed. In compliance with the GLBA, we are providing you with this document which notifies you of the privacy policies and practices of: American Guaranty Title Insurance Company Old Republic National Title Insurance Company Montana Title and Escrow Company Placer Title Company National Closing Solutions, Inc.Placer Title Insurance Agency of Utah National Closing Solutions of Alabama, LLC Stewart Title Guaranty Company National Closing Solutions of Arkansas, LLC Stewart Title Insurance Company National Closing Solutions of Maryland, Inc.Westcor Land Title Insurance Company North Idaho Title Insurance Company Wyoming Title and Escrow Company North American Title Insurance Company We may collect nonpublic personal information about you from the following sources: Information we receive from you, such as an application or other forms. Information about your transactions we secure from our files, or from our affiliates or others. Information we receive from a consumer reporting agency. Information we receive from others involved in your transaction, such as the real estate agent or lender. Unless it is specifically stated otherwise in an amended Privacy Policy Notice, no additional nonpublic personal information will be collected about you. We may disclose any of the above information that we collect about our customers or former customers to our affiliates or to nonaffiliated third parties as permitted by law. We also may disclose this information about our customers or former customers to the following types of nonaffiliated companies that perform marketing services on our behalf or with whom we have joint marketing agreements: Financial service providers such as companies engaged in banking, consumer finances, securities and insurance. Nonfinancial companies such as envelope stuffers and other fulfillment service providers. We do not disclose any nonpublic personal information about you with anyone for any purpose that is not specifically permitted by law. We restrict access to nonpublic personal information about you to those employees who need to know that information in order to provide products or services to you. We maintain physical, electronic and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.