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PPoolliiccyy NNoo..:: 77117700--11--11SS--0022331100--22002200..7722115566--221199221177665555
72156 Miscellaneous Guarantee Face Page 00_156Page 1 of 1
CHICAGO TITLE INSURANCE COMPANY
GUARANTEE
CHICAGO TITLE INSURANCE COMPANY, a Florida Corporation, herein called the Company, guarantees the Assured against
actual loss not exceeding the liability amount stated in Schedule A which the Assured shall sustain by reason of any incorrectness in the assurances set forth in Schedule A.
1.No guarantee is given nor liability assumed with respect to the identity of any party named or referred to in Schedule A or with respect to the validity, legal effect or priority of any matter shown therein.
2.The Company’s liability hereunder shall be limited to the amount of actual loss sustained by the Assured because of reliance upon the assurance herein set forth, but in no event shall the Company’s liability exceed the liability amount set forth in Schedule A.
PLEASE NOTE CAREFULLY THE LIABILITY EXCLUSIONS AND LIMITATIONS AND THE SPECIFIC ASSURANCES AFFORDED BY
THIS GUARANTEE. IF YOU WISH ADDITIONAL LIABILITY, OR ASSURANCES OTHER THAN AS CONTAINED HEREIN, PLEASE
CONTACT THE COMPANY FOR FURTHER INFORMATION AS TO THE AVAILABILITY AND COST.
CHICAGO TITLE INSURANCE COMPANY
By:
President
Attest:
Countersigned:
By: Authorized Officer or AgentGerald R. WineAmerican Land Title Company of Montana1800 W Koch StBozeman, MT 59715Tel:406-587-5563Fax:406-587-8038
Secretary
Note: This endorsement shall not be valid or binding
until countersigned by an authorized signatory.
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SCHEDULE A
Policy Number:72156-219217655
Platting Certificate 1S-02310
Order No.:1S-02310
Liability: $200.00 Fee: $160.00
Dated:October 29, 2020 at 12:00 AM.
Assured:The County of Gallatin and in the City of Bozeman in Montana.
The assurances referred to on the face page hereof are:
That, according to the public records which, under the recording laws, impart constructive notice of matters relative to thefollowing described real property:
N1/2SW1/4SW1/4 of Section 23, Township 2 South, Range 5 East, P.M.M., Gallatin County, Montana. Deed Reference:Film 146, Page 3339, records of Gallatin County, Montana.
Title to said real property is vested in:Buffalo Run Bozeman, LLC, a Colorado limited liability company
Subject to the matters shown below under Exceptions, which Exceptions are not necessarily shown in the order of theirproperty.
Exceptions:
1.Unpatented mining claims; reservations or exceptions in the United States Patents or in Acts authorizing theissuance thereof; water rights, claims or title to water.
2.Any right, title, or interest in minerals in or under said land including, but not limited to, metals, oil, gas, coal, otherhydrocarbons, sand gravel or other common variety materials, stone, mineral rights, mining rights, easementrights, water rights, claims or title to water or other matters relating thereto, whether expressed or implied andwhether or not shown by the public records.
3.Taxes for the year 2020 and subsequent years. Taxes for the year 2019 are paid. Taxes for the year 2020 are alien not yet due or payable. (Taxes for the year 2019 - first half - $3,313.28, second half - $3,313.28. Parcel No.RGG33381.) [Gallatin County tax information attached]
4.County road rights-of-way the existence of which is dependent in whole or in part upon writings which have notbeen recorded and indexed as conveyances in the Office of the Clerk and Recorder pursuant to Title 70, Chapter21 MCA.
5.Pipeline Right of Way Easement to The Montana Power Company recorded July 6, 1990 in Film 111, page 3178,records of Gallatin County, Montana, including the terms and provisions therein.
6.Findings of Fact Conclusions of Law and Order recorded September 30, 2014, as Document No. 2493279,records of Gallatin County, Montana, including the terms and provisions therein.
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SCHEDULE A
Policy Number:72156-219217655
Platting Certificate 1S-02310
7.Deed of Trust from Yellowstone Investment Group, Professional LLC,a Montana limited liability company to Ann E.Davey, Attorney at Law, as Trustee, and Yellowstone Bank, as Beneficiary, in the amount of $884,706.50, datedNovember 7, 2019 and recorded November 7, 2019, as Document No. 2663928.
8.No search has been made for unpatented mining claims; reservations or exceptions in the United States Patentsor in acts authorizing the issuance thereof; water rights; claims or title to water. Any liability thereon is excludedfrom coverage of this certificate.
END OF SCHEDULE A
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Platting Certificate 1S-02310
Guarantee Conditions and Stipulations (12/15/95)
SCHEDULE OF EXCLUSIONS FROM COVERAGE OF THIS GUARANTEE
1.Except to the extent that specific assurances are provided in Schedule A of this Guarantee, the Companyassumes no liability for loss or damage by reason of the following:
a.Defects, liens, encumbrances, adverse claims or other matters against the title, whether or not shown bythe public records.
b.(1) Taxes or assessments of any taxing authority that levies taxes or assessments on real property; or, (2)Proceedings by a public agency which may result in taxes or assessments, or notices of suchproceedings, whether or not the matters excluded under (1) or (2) are shown by the records of the taxingauthority or by the public records.
c.(1) Unpatented mining claims; (2) reservations or exceptions in patents or in Acts authorizing the issuancethereof; (3) water rights, claims or title to water, whether or not the matters excluded under (1), (2) or (3)are shown by the public records.
2.Notwithstanding any specific assurances which are provided in Schedule A of this Guarantee, the Companyassumes no liability for loss or damage by reason of the following:
a.Defects, liens, encumbrances, adverse claims or other matters affecting the title to any property beyondthe lines of the land expressly described in the description set forth in Schedule (A), (C) or in Part 2 of thisGuarantee, or title to streets, roads, avenues, lanes, ways or waterways to which such land abuts, or theright to maintain therein vaults, tunnels, ramps or any structure or improvements; or any rights oreasements therein, unless such property, rights or easements are expressly and specifically set forth insaid description.
b.Defects, liens, encumbrances, adverse claims or other matters, whether or not shown by the publicrecords; (1) which are created, suffered, assumed or agreed to by one or more of the Assureds; (2) whichresult in no loss to the Assured; or (3) which do not result in the invalidity or potential invalidity of anyjudicial or non-judicial proceeding which is within the scope and purpose of the assurances provided.c.The identity of any party shown or referred to in Schedule A.
d.The validity, legal effect or priority of any matter shown or referred to in this Guarantee.
(Continued)
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Platting Certificate 1S-02310
GUARANTEE CONDITIONS AND STIPULATIONS
1.Definition of Terms.
The following terms when used in the Guarantee mean:
a.the “Assured”: the party or parties named as the Assured in this Guarantee, or on a supplemental writingexecuted by the Company.
b.“land”: the land described or referred to in Schedule (A)(C) or in Part 2, and improvements affixed theretowhich by law constitute real property. The term “land” does not include any property beyond the lines ofthe area described or referred to in Schedule (A)(C) or in Part 2, nor any right, title, interest, estate oreasement in abutting streets, roads, avenues, alleys, lanes, ways or waterways.
c.“mortgage”: mortgage, deed of trust, trust deed, or other security instrument.
d.“public records”: records established under state statutes at Date of Guarantee for the purpose ofimparting constructive notice of matters relating to real property to purchasers for value and withoutknowledge.
e.“date”: the effective date.
2.Notice of Claim to be Given by Assured Claimant.
An Assured shall notify the Company promptly in writing in case knowledge shall come to an Assured hereunder ofany claim of title or interest which is adverse to the title to the estate or interest, as stated herein, and which mightcause loss or damage for which the Company may be liable by virtue of this Guarantee. If prompt notice shall notbe given to the Company, then all liability of the Company shall terminate with regard to the matter or matters forwhich prompt notice is required; provided, however, that failure to notify the Company shall in no case prejudicethe rights of any Assured under this Guarantee unless the Company shall be prejudiced by the failure and thenonly to the extent of the prejudice.
3.No Duty to Defend or Prosecute.
The Company shall have no duty to defend or prosecute any action or proceeding to which the Assured is a party,notwithstanding the nature of any allegation in such action or proceeding.
4.Company’s Option to Defend or Prosecute Actions; Duty of Assured Claimant to Cooperate.
Even though the Company has no duty to defend or prosecute as set forth in Paragraph 3 above:
a.The Company shall have the right, at its sole option and cost, to institute and prosecute any action orproceeding, interpose a defense, as limited in (b), or to do any other act which in its opinion may benecessary or desirable to establish the title to the estate or interest as stated herein, or to establish the lienrights of the Assured, or to prevent or reduce loss or damage to the Assured. The Company may take anyappropriate action under the terms of this Guarantee, whether or not it shall be liable hereunder, and shallnot thereby concede liability or waive any provision of this Guarantee. If the Company shall exercise itsrights under this paragraph, it shall do so diligently.
b.If the Company elects to exercise its options as stated in Paragraph 4(a) the Company shall have the rightto select counsel of its choice (subject to the right of such Assured to object for reasonable cause) torepresent the Assured and shall not be liable for and will not pay the fees of any other counsel, nor will theCompany pay any fees, costs or expenses incurred by an Assured in the defense of those causes ofaction which allege matters not covered by this Guarantee. (Continued)
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Platting Certificate 1S-02310
GUARANTEE CONDITIONS AND STIPULATIONS (Continued)
c.Whenever the Company shall have brought an action or interposed a defense as permitted by theprovisions of this Guarantee, the Company may pursue any litigation to final determination by a court ofcompetent jurisdiction and expressly reserves the right, in its sole discretion, to appeal from an adversejudgment or order.
d.In all cases where this Guarantee permits the Company to prosecute or provide for the defense of anyaction or proceeding, an Assured shall secure to the Company the right to so prosecute or provide for thedefense of any action or proceeding, and all appeals therein, and permit the Company to use, at its option,the name of such Assured for this purpose. Whenever requested by the Company, an Assured, at theCompany’s expense, shall give the Company all reasonable aid in any action or proceeding, securingevidence, obtaining witnesses, prosecuting or defending the action or lawful act which in the opinion of theCompany may be necessary or desirable to establish the title to the estate or interest as stated herein, orto establish the lien rights of the Assured. If the Company is prejudiced by the failure of the Assured tofurnish the required cooperation, the Company’s obligations to the Assured under the Guarantee shallterminate.
5.Proof of Loss or Damage.
In addition to and after the notices required under Section 2 of these Conditions and Stipulations have beenprovided to the Company, a proof of loss or damage signed and sworn to by the Assured shall be furnished to theCompany within ninety (90) days after the Assured shall ascertain the facts giving rise to the loss or damage. Theproof of loss or damage shall describe the matters covered by this Guarantee which constitute the basis of loss ordamage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. If theCompany is prejudiced by the failure of the Assured to provide the required proof of loss or damage, theCompany’s obligation to such assured under the Guarantee shall terminate. In addition, the Assured mayreasonably be required to submit to examination under oath by any authorized representative of the Company andshall produce for examination, inspection and copying, at such reasonable times and places as may be designatedby any authorized representative of the Company, all records, books, ledgers, checks, correspondence andmemoranda, whether bearing a date before or after Date of Guarantee, which reasonably pertain to the loss ordamage. Further, if requested by any authorized representative of the Company, the Assured shall grant itspermission, in writing, for any authorized representative of the Company to examine, inspect and copy all records,books, ledgers, checks, correspondence and memoranda in the custody or control of a third party, whichreasonably pertain to the loss or damage. All information designated as confidential by the Assured provided to theCompany pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of theCompany, it is necessary in the administration of the claim. Failure of the Assured to submit for examination underoath, produce other reasonably requested information or grant permission to secure reasonably necessaryinformation from third parties as required in the above paragraph, unless prohibited by law or governmentalregulation, shall terminate any liability of the Company under this Guarantee to the Assured for that claim.(Continued)
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Platting Certificate 1S-02310
GUARANTEE CONDITIONS AND STIPULATIONS (Continued)
6.Options to Pay or Otherwise Settle Claims: Termination of Liability.
In case of a claim under this Guarantee, the Company shall have the following additional options:
a.To Pay or Tender Payment of the Amount of Liability or to Purchase the Indebtedness.The Company shall have the option to pay or settle or compromise for or in the name of the Assured anyclaim which could result in loss to the Assured within the coverage of this Guarantee, or to pay the fullamount of this Guarantee or, if this Guarantee is issued for the benefit of a holder of a mortgage or alienholder, the Company shall have the option to purchase the indebtedness secured by said mortgage orsaid lien for the amount owing thereon, together with any costs, reasonable attorneys’ fees and expensesincurred by the Assured claimant which were authorized by the Company up to the time of purchase.Such purchase, payment or tender of payment of the full amount of the Guarantee shall terminate allliability of the Company hereunder. In the event after notice of claim has been given to the Company bythe Assured the Company offers to purchase said indebtedness, the owner of such indebtedness shalltransfer and assign said indebtedness, together with any collateral security, to the Company uponpayment of the purchase price.Upon the exercise by the Company of the option provided for in Paragraph (a) the Company’s obligation tothe Assured under this Guarantee for the claimed loss or damage, other than to make the paymentrequired in that paragraph, shall terminate, including any obligation to continue the defense or prosecutionof any litigation for which the Company has exercised its options under Paragraph 4, and the Guaranteeshall be surrendered to the Company for cancellation.
b.To Pay or Otherwise Settle With Parties Other Than the Assured or With the Assured Claimant.To pay or otherwise settle with other parties for or in the name of an Assured claimant any claim assuredagainst under this Guarantee, together with any costs, attorneys’ fees and expenses incurred by theAssured claimant which were authorized by the Company up to the time of payment and which theCompany is obligated to pay.Upon the exercise by the Company of the option provided for in Paragraph (b) the Company’s obligation tothe Assured under this Guarantee for the claimed loss or damage, other than to make the paymentrequired in that paragraph, shall terminate, including any obligation to continue the defense or prosecutionof any litigation for which the Company has exercised its options under Paragraph 4.
7.Determination and Extent of Liability.
This Guarantee is a contract of Indemnity against actual monetary loss or damage sustained or incurred by theAssured claimant who has suffered loss or damage by reason of reliance upon the assurances set forth in thisGuarantee and only to the extent herein described, and subject to the Exclusions From Coverage of ThisGuarantee.The liability of the Company under this Guarantee to the Assured shall not exceed the least of:
a.the amount of liability stated in Schedule A or in Part 2;
b.the amount of the unpaid principal indebtedness secured by the mortgage of an Assured mortgagee, aslimited or provided under Section 6 of these Conditions and Stipulations or as reduced under Section 9 ofthese Conditions and Stipulations, at the time the loss or damage assured against by this Guaranteeoccurs, together with interest thereon; or
c.the difference between the value of the estate or interest covered hereby as stated herein and the value ofthe estate or interest subject to any defect, lien or encumbrance assured against by this Guarantee.
(Continued)
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Platting Certificate 1S-02310
GUARANTEE CONDITIONS AND STIPULATIONS (Continued)
8.Limitation of Liability.
a.If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures anyother matter assured against by this Guarantee in a reasonably diligent manner by any method, includinglitigation and the completion of any appeals therefrom, it shall have fully performed its obligations withrespect to that matter and shall not be liable for any loss or damage caused thereby.
b.In the event of any litigation by the Company or with the Company’s consent, the Company shall have noliability for loss or damage until there has been a final determination by a court of competent jurisdiction,and disposition of all appeals therefrom, adverse to the title, as stated herein.
c.The Company shall not be liable for loss or damage to any Assured for liability voluntarily assumed by theAssured in settling any claim or suit without the prior written consent of the Company.
9.Reduction of Liability or Termination of Liability.
All payments under this Guarantee, except payments made for costs, attorneys’ fees and expenses pursuant toParagraph 4 shall reduce the amount of liability pro tanto.
10.Payment of Loss.
a.No payment shall be made without producing this Guarantee for endorsement of the payment unless theGuarantee has been lost or destroyed, in which case proof of loss or destruction shall be furnished to thesatisfaction of the Company.
b.When liability and the extent of loss or damage has been definitely fixed in accordance with theseConditions and Stipulations, the loss or damage shall be payable within thirty (30) days thereafter.
11.Subrogation Upon Payment or Settlement.
Whenever the Company shall have settled and paid a claim under this Guarantee, all right of subrogation shallvest in the Company unaffected by any act of the Assured claimant.The Company shall be subrogated to and be entitled to all rights and remedies which the Assured would have hadagainst any person or property in respect to the claim had this Guarantee not been issued. If requested by theCompany, the Assured shall transfer to the Company all rights and remedies against any person or propertynecessary in order to perfect this right of subrogation. The Assured shall permit the Company to sue, compromiseor settle in the name of the Assured and to use the name of the Assured in any transaction or litigation involvingthese rights or remedies.If a payment on account of a claim does not fully cover the loss of the Assured the Company shall be subrogatedto all rights and remedies of the Assured after the Assured shall have recovered its principal, interest, and costs ofcollection.
(Continued)
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Platting Certificate 1S-02310
GUARANTEE CONDITIONS AND STIPULATIONS (Continued)12.Arbitration.
Unless prohibited by applicable law, either the Company or the Assured may demand arbitration pursuant to theTitle Insurance Arbitration Rules of the American Arbitration Association. Arbitrable matters may include, but arenot limited to, any controversy or claim between the Company and the Assured arising out of or relating to thisGuarantee, any service of the Company in connection with its issuance or the breach of a Guarantee provision orother obligation. All arbitrable matters when the Amount of Liability is $1,000,000 or less shall be arbitrated at theoption of either the Company or the Assured. All arbitrable matters when the amount of liability is in excess of$1,000,000 shall be arbitrated only when agreed to by both the Company and the Assured. The Rules in effect atDate of Guarantee shall be binding upon the parties. The award may include attorneys’ fees only if the laws of thestate in which the land is located permits a court to award attorneys’ fees to a prevailing party. Judgment upon theaward rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof.The law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules.A copy of the Rules may be obtained from the Company upon request.
13.Liability Limited to This Guarantee; Guarantee Entire Contract.
a.This Guarantee together with all endorsements, if any, attached hereto by the Company is the entireGuarantee and contract between the Assured and the Company. In interpreting any provision of thisGuarantee, this Guarantee shall be construed as a whole.
b.Any claim of loss or damage, whether or not based on negligence, or any action asserting such claim,shall be restricted to this Guarantee.
c.No amendment of or endorsement to this Guarantee can be made except by a writing endorsed hereon orattached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, orvalidating officer or authorized signatory of the Company.
14.Notices, Where Sent.
All notices required to be given to the Company and any statement in writing required to be furnished to theCompany shall include the number of this Guarantee and shall be addressed to CHICAGO TITLE INSURANCECOMPANY, Attn: Claims Department, P.O. Box 45023, Jacksonville, FL 32232-5023.
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