HomeMy WebLinkAboutProformaOwnersPolicy_01282021 This is a Pro Forma Policy,which provides no insurance coverage,furnished to or on behalf of the proposed Insured. This pro forma does not reflect the present status or
condition of title and is not a commitment to Insure the estate or Interest or to provide any affirmative coverage shown herein, Any commitment must be an expressly written
undertaking issued on the appropriate forms of the Company. This Pro Forma Policy solely Indicates the form and content of the Policy which the Company may Issue if all
necessary documents are furnished,all acts are performed,and all requirements set forth in the title commitment covering this property(or that may be required by underwriting)
are met to the satisfaction of the Company.
.stew`art title
PROFORMA OWNER'S POLICY OF TITLE INSURANCE
ISSUED BY
STEWART TITLE GUARANTY COMPANY
Any notice of claim and any other notice or statement in writing required to be given to the Company under this Policy must be given
to the Company at the address shown in Section 18 of the Conditions.
COVERED RISKS
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE
CONDITIONS, STEWART TITLE GUARANTY COMPANY, a Texas corporation, (the "Company") Insures, as of Date of Policy and, to the
extent stated in Covered Risks 9 and 10, after Date of Policy, against loss or damage, not exceeding the Amount of Insurance,sustained of
incurred by the Insured by reason of:
1. Title being vested other than as stated in Schedule A.
2. Any defect in or lien or encumbrance on the Title. This Covered Risk includes but is not limited to insurance against loss four
(a) A defect in the Title caused by
(i) forgery,fraud,undue influence,duress,incompetency, incapacity or impersonation;
(ii) failure of any person or Entity to have authorized a transfer or conveyance;
(iii) a document affecting Title not properly created,executed,witnessed,sealed,acknowledged, notarized,or delivered;
(iv) failure to perform those acts necessary to create a document by electronb means authorized by law,
(v) a document executed under a falsified,expired,or otherwise invalid power of attorney
(vi) a document not properly filed, recorded, or Indexed in the Public Records including failure to perform those acts by electroric
means authorized by law;or
(vil) a defective judicial or administrative proceeding.
(b) The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable,but unpaid.
(c) Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an
accurate and complete land survey of the Land. The term"encroachment"includes encroachments of existing improvements located
on the Land onto adjoining land,and encroachments onto the Land of ocisting improvements located on adjoining land.
3. Unmarketable Title.
4. No right of access to and from the Land,
5. The violation or enforcement of any law, ordinance, permit, or governmental regulation (including those relating to buildingand zoning)
restricting, regulating,prohibiting,or relating to
(a) the occupancy, use,or enjoyment of the Land;
(b) the character,dimensions, or location of any improvement erected on the Land;
(c) the subdivision of land;or
(d) environmental protection
if a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but only to
the extent of the violation or enforcement referred to in that notice,
Countersigned by:
See Schedule A
Authorized Countersignature
50+4RgyT
Company Name '•��,cP , MattµMorris
1lOt3 President and CEO
xINS
City, State
Denise C raux
Secretary
For coverage Information or assistance resolving a complaint,call(800)729-1902 or visit www slewart.com.To make a claim,furnish written notice in accordance with Section 3
of the Conditions.For purposes ofthisform the"Stewart Title"logo featured above is the represented logo for the underwriter,Stewart Title Guaranty Company.
Copyright 2006-2009 American Land Title Association. All rights reserved.
The use of this Form is restricted to ALTA licensees and ALTA members in good standing qn+F,Ricn
as of the date of use, All other uses are prohibited. Reprinted under license from the American Land Title Association. s nHca:rnwu
A15p ClATll1N
ALTA Owner's Policy 06-17-06
Policy Serial No.: PROFORMA
Page 1 of 5
This Is a Pro Forma Policy,which provides no Insurance coverage,furnished to or on behalf of the proposed Insured. This pro forma does not reflect the present status or
condition of title and is not a commitment to Insure the estate or interest or to provide any affirmative coverage shown herein, Any commitment must be an expressly written
undertaking issued on the appropriate forms of the Company. This Pro Forma Policy solely indicates the form and content of the Policy which the Company may issue if all
necessary documents are furnished,all acts are performed,and all requirements set forth in the title commitment covering this property(or that may be required by underwriting)
are met to the satisfaction of the Company.
6. An enforcement action based on the exercise of a governmental police power not covered by Coverall Risk 5 if a notice of the enforcement
action, describing any part of the Land, Is recorded in the Public Records, but only to the extent of the enforcement referral to in that
notice.
7. The exercise of the rights of eminent domain if a notice of the exerese,describing any part of the Land, is recorded in the Public Records.
8. Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge.
9. Title being vested other than as stated in Schedule A or bong defective
(a) as a result of the avoidance in whole or in part, or from a court order providing an alternative remedy,of a transfer of albr any part of
the title to or any interest in the Land occurring prior to the transaction vesting Title as shown in Schedule A because that prior
transfer constituted a fraudulent or preferential transfer under federal bankruptcy,state insolvency,or similar creditors1rights laws;or
(b) because the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential transfer under federal bankruptcy,
state insolvency,or similar creditors'rights laws by reason of the failure of Its recording in the Public Records
(1) to be timely,or
(ii) to impart notice of its existence to a purchaser for value or to a judgment or lien creditor.
10. Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been createdor attached
or has been filed or recorded in the Public Records subsequent to Date of Policy and prior to therecording of the deed or other instrument
of transfer in the Public Records that vests Title as shown in Schedule A.
The Company will also pay the costs,attorneys'fees,and expenses incurred In defense of any matter insured against by thispolicy, but only to
the extent provided in the Conditions.
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this policy, and the Company will not pay loss or damage, costs,attorneys'
fees, or expenses that arise by reason of:
1. (a) Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulaing,
prohibiting,or relating to
(i) the occupancy,use, or enjoyment of the Land;
(ii) the character,dimensions,or location of any improvement erected on the Land;
(lit) the subdivision of land;or
(iv) environmental protection;
or the effect of any violation of these laws, ordinances, or governmental regulations. This Exclusion 1(a) does not modify or limit the
coverage provided under Covered Risk 5.
(b) Any governmental police power. This Exclusion 1(b)does not modify or limit the coverage provided under Covered Risk 6.
2, Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8.
3. Defects,liens,encumbrances, adverse claims,or other matters
(a) created,suffered,assumed, or agreed to by the Insured Claimant;
(b) not Known to the Company, not recorded in the Public Records at Date of Policy, but Known to the Insued Claimant and not
disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under tls
policy;
(c) resulting in no loss or damage to the Insured Claimant;
(d) attaching or created subsequent to Date of Wlicy(however,this does not modify or limit the coverage provided under Covered Risk 9
and 10);or
(e) resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title.
4. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors'rights laws,that the transaction vesting
the Title as shown In Schedule A, is
(a) a fraudulent conveyance or fraudulent transfer;or
(b) a preferential transfer for any reason not stated in Covered Risk 9 of this policy.
5. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching belweenDate of
Policy and the date of recording of the deed or other instrument of transfer in the Public Records tlat vests Title as shown in Schedule A.
CONDITIONS
1. DEFINITION OF TERMS
The following terms when used in this policy mean:
(a) "Amount of Insurance": The amount stated in Schedule A, as may be increased or decreased by endorsement to this policy,
increased by Section 8(b),or decreased by Sections 10 and 11 of these Conditions.
(b "Date of Policy": The date designated as"Date of Policy"in Schedule A.
(c� "Entity": A corporation,partnership,trust,limited liability company,or other similar legal entity.
(d) "Insured": The Insured named in Schedule A.
(i) the term"Insured"also includes
(A) successors to the Title of the Insured by operation of law as distinguished from purchase, including heirs, devisees,
survivors, personal representatives,or next of kin;
(B) successors to an Insured by dissolution,merger,consolidation,distribution,or reorganization;
(C) successors to an Insured by its conversion to another kind of Entity;
(D a grantee of an Insured under a deed delivered without payment of actual valuable ronsideration conveying the Title
(1) if the stock,shares,memberships,or other equity interests of the grantee are whollyowned by the named Insured,
Copyright 2006-2009 American Land Title Association. All rights reserved.
The use of this Form is restricted to ALTA licensees and ALTA members in good standing nMLnrc w
as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. nuri„rirt
ASSf)CIA4ll,1N
ALTA Owner's Policy 06-17-06 `
Policy Serial No.: PROFORMA
Page 2 of 5
This is a Pro Forma Policy,which provides no insurance coverage,furnished to or on behalf of the proposed Insured. This pro forma does not reflect the present status or
condition of title and is not a commitment to Insure the estate or Interest or to provide any affirmative coverage shown herein. Any commitment must be an expressly written
undertaking issued on the appropriate forms of the Company. This Pro Forma Policy solely indicates the form and content of the policy which the Company may Issue if all
necessary documents are furnished,all acts are performed,and all requirements set forth in the title commitment covering this property(or that may be required by underwriting)
are met to the satisfaction of the Company.
(2) if the grantee wholly owns the named Insured,
(3) if the grantee is wholly-owned by an affiliated Entity of the named Insured, provided the affiliated Entity and the named
Insured are both wholly-owned by the same person or Entity,or
(4) if the grantee is a trustee or beneficiary of a trust created by a written instrument established by the Insured named in
Schedule A for estate planning purposes.
(ii) with regard to (A), (B), (C), and (D) reserving, however, all rights and defenses as to any successor that the Company would
have had against any predecessor Insured.
e) "insured Claimant": An Insured claiming loss or damage.
f) "Knowledge"or"Known": Actual knowledge, not constructive knowledge or notice that may be imputed to an Insured by reason of the
Public Records or any other records that impart constructive notice of matters affecting he Title.
(g) "Land": The land described in Schedule A,and affixed improvements that by law constitute real property. The term"Land"does not
include any property beyond the lines of the area described in Schedule A, nor any right,title, interest,esae, or easement in abutting
streets, roads, avenues, alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to and
from the Land is insured by this policy.
(h) "Mortgage": Mortgage,deed of trust,trust deed,or other security instrument,including one evidenced by electronic means authorized
by law.
(i) "Public Records": Records established under state statutes at Dale of Policy for the purpose of imparting constructive notice of
matters relating to real property to purchasers for value and without Knowledge. With respect to Covered Risk 5(d), "Public Records"
shall also Include environmental protection liens filed in the records of the clerk of the United States District Court for he district
where the Land is located.
(j) "Title": The estate or interest described in Schedule A.
(k) "Unmarketable Title":Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title
or lender on the Title to be released from the obligation to purchase, lease, or lend if there is a contractual condition requiring the
delivery of marketable title.
2. CONTINUATION OF INSURANCE
The coverage of this policy shall continue In force as of Date of Policy in favor of an Insured, but only so long as the Insured retains an
estate or interest in the Land, or holds an obligation secured by a purchase money Mortgage given by a purchaser from the Insured, or
only so long as the Insured shall have liability by reason of warranties in any transfer or conveyance of the Title. This policy shall not
continue in force in favor of any purchaser from the Insured of either(i)an estate or interest in the Land,or(ii)an oblbaiion secured by a
purchase money Mortgage given to the Insured.
3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT
The Insured shall notify the Company promptly in writing(i) in case of any litigation as set forth in Section 5(a)of these Conditions, (ii)in
case Knowledge shall come to an Insured hereunder of any claim of title or interest that is adverse to the Title,as insured,and that might
cause loss or damage for which the Company may be liable by virtue of this policy, or (tit) if the Title, as insured, is rejeted as
Unmarketable Title. If the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice,the Company's liability to
the Insured Claimant under the policy shall be reduced to the extent of the prejudice.
4. PROOF OF LOSS
In the event the Company is unable to determine the amount of loss or damage, the Company may, at its option, require as a condition of
payment that the Insured Claimant furnish a signed proof of loss. The proof of loss must describe the defect, lien, encumbrance, or other
matter insured against by this policy that constitutes the basis of loss or damage and shall state, to the extent possible, the basis of
calculating the amount of the loss or damage.
6. DEFENSE AND PROSECUTION OF ACTIONS
(a) Upon written request by the Insured, and subject to the options contained in Section 7 of these Conditions, the Company, at its own
cost and without unreasonable delay, shall provide for the defense of an Insured in litigation in which any third party assets a claim
covered by this policy adverse to the Insured. This obligation is limited to only those stated causes of action alleging matters insured
against by this policy. The Company shall have the right to select counsel of its choice(subject to the right of the Insured to object for
reasonable cause)to represent the Insured as to those stated causes of action. It shall not be liable for and will not pay the fees of
any other counsel. The Company will not pay any fees, costs, or expenses incurred by the Insured In the defense of those causes of
action that allege matters not Insured against by this policy.
(b) The Company shall have the right,in addition to the options contained in Section 7 of these Conditions,at its own cost,tdnstitute and
prosecute any action or proceeding or to do any other act that in its opinion may be necessary or desirable to establish the Title, as
insured, or to prevent or reduce loss or damage to the Insured. The Company may take any appropriate action under the terms of this
policy,whether or not it shall be liable to the Insured. The exercise of these rights shall not be an admission of liability or waiver of
any provision of this policy. If the Company exercises its rights under this subsection,it must do so diligently.
(c) Whenever the Company brings an action or asserts a defense as required or permitted by this policy,the Company may pursue the
litigation to a final determination by a court of competent jurisdiction, and it expressly reserves the right, in its sole dscretion, to
appeal any adverse judgment or order.
Copyright 2006-2009 American Land Title Association. All rights reserved.
The use of this Form is restricted to ALTA licensees and ALTA members in good standing ANir
as of the date of use. All other uses are prohibited. Reprinted under license from the American land Title Association, fAND ni_r�_r.
ASSOVIAI10N
ALTA Owner's Policy 06-17-06
Policy Serial No.: PROFORMA „
Page 3 of 6
This Is a Pro Forma Policy,which provides no Insurance coverage,furnished to or on behalf of the proposed Insured. This pro forma does not reflect the present status or
condition of title and Is not a commitment to insure the estate or Interest or to provide any affirmative coverage shown herein. Any commitment must be an expressly written
undertaking issued on the appropriate forms of the Company. This Pro Forma Policy solely Indicates the form and content of the Policy which the Company may Issue If all
necessary documents are furnished,all acts are performed,and all requirements set forth in the title commitment covering this property(or that may be required by underwriting)
are met to the satisfaction of the Company.
6. DUTY OF-INSURED CLAIMANT TO COOPERATE
(a) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceding and
any appeals, the Insured shall secure to the Company the right to so prosecute or provide defenm in the action or proceeding,
including the right to use, at its option,the name of the Insured for this purpose. Whenever requested by the Company,the Insured,
at the Company's expense, shall give the Company all reasonable aid (i) in securing evidence, obtaining witnesses, prosecuting or
defending the action or proceeding, or effecting settlement,and (it)in any other lawful act that in the opinion of the Company may be
necessary or desirable to establish the Title or any other matter as insured. If the Company is prejudiced by the failure of the Insured
to furnish the required cooperation,the Company's obligations to the Insured under the policy shall terminate, including and iability or
obligation to defend, prosecute,or continue any litigation,with regard to the matter or matters requiring such cooperation.
(b) The Company may reasonably require the Insured Claimant to submit to examination under oath by any authorized representative of
the Company and to produce for examination,inspection, and ccpying,at such reasonable limes and places as may be designated by
the authorized representative of the Company, all records, in whatever medium maintained, including books, ledgers, checks,
memoranda, correspondence, reports, e-maids, disks, tapes, and videos whether bearing a date before or after Date of Policy, that
reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the Insured
Claimant shall grant its permission, in writing,for any authorized representative of the Company to examine, inspect, and copy all of
these records in the custody or control of a third party that reasonably pertain to the loss or damage. All information designated as
confidential by the Insured Claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the
reasonable judgment of the Company, it is necessary in the administration of the claim. Failure of the Insured Claimant to submit for
examination under oath, produce any reasonably requested information, or grant permission to secure reasonably necessary
information from third parties as required in this subsection, unless prohibited by law or governmental regulation, shall terninate any
liability of the Company under this policy as 10 that claim.
7. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS;TERMINATION OF LIABILITY
In case of a claim under this policy,the Company shall have the following additional options:
(a) To Pay or Tender Payment of the Amount of Insurance. To pay or tender payment of the Amount of Insurance under this policy
together with any costs, attorneys'fees, and expenses incurred by the Insured Claimant that were authorized by the Company tp to
the time of payment or tender of payment and that the Company is cbligated to pay, Upon the exercise by the Company of this
option, all liability and obligations of the Company to the Insured under this policy, other than to make the payment required in this
subsection,shall terminate,including any liability or obligation to defend,prosecute,or continue any litigation.
(b) To Pay or Otherwise Settle With Parties Other Than the Insured or With the Insured Claimant.
(I) to pay or otherwise settle with other parties for or in the name of an Insured Claimant any claim insured Mainst under this policy.
In addition,the Company will pay any costs,attorneys'fees, and expenses incurred by the Insured Claimant that were authoded
by the Company up to the time of payment and that the Company is obligated to pay; or
(dd) to pay or otherwise settle with the Insured Claimant the loss or damage provided for under this policy,together with any costs,
attorneys'fees,and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment
and that the Company is obligated to pay.
Upon the exercise by the Company of either of the options provided for in subsections(b)(i)or(ii),the Company's obligatims to the
Insured under this policy for the claimed loss or damage, other than the payments required tobe made,shall terminate, including any
liability or obligation to defend,prosecute,or continue any litigation.
8. DETERMINATION AND EXTENT OF LIABILITY
This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the Insured Claimant who has
suffered loss or damage by reason of matters insured against by this policy.
(a) The extent of liability of the Company for loss or damage under this policy shall not exceed the lesser of
I) the Amount of Insurance;or
id) the difference between the value of the Title as insured and the value of the Title subject to the risk insured against by this policy
(b) If the Company pursues its rights under Section 5 of these Conditions and is unsuccessful in establishing the Title,as insugd,
I) the Amount of Insurance shall be increased by 10%,and
ii) the Insured Claimant shall have the right to have the loss or damage determined either as of the date the claim was made byhe
Insured Claimant or as of the date it is settled and paid.
(c) In addition to the extent of liability under(a)and (b),the Company will also pay those costs,attorneys'fees, and expenses incued in
accordance with Sections 5 and 7 of these Conditions.
9. LIMITATION OF LIABILITY
(a) If the Company establishes the Title,or removes the alleged defect, lien, or encumbrance,or cures the lack of a right of access to or
from the Land, or cures the claim of Unmarketable Title, all as insured, in a reasonably diligent manner by any method, including
litigation and the completion of any appeals, it shall have fully performed its obligations with respect to that matter and shall not be
liable for any loss or damage caused to the Insured.
(b) In the event of any litigation, including litigation by the Company or with the Company's consent,the Company shall have no liability
for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals,
adverse to the Title,as insured.
(c) The Company shall not be liable for loss or damage to the Insured for liability voluntarily assumed by the Insured in settling any claim
or suit without the prior written consent of the Company.
Copyright 2006-2009 American Land Title Association. All rights reserved.
The use of this Form Is restricted to ALTA licensees and ALTA members In good standing AMERICA
as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. LAND Tc,f
nSSUClAI II1N
ALTA Owner's Policy 06-17-06
Poticy Serial No.: PROFORMA a
Page 4 of 5
This is a Pro Forma Policy,which provides no Insurance coverage,furnished to or on behalf of the proposed insured. This pro forma does not reflect the present status or
condition of title and Is not a commitment to insure the estate or Interest or to provide any affirmative coverage shown herein. Any commitment must be an expressly written
undertaking issued on the appropriate forms of the Company. This Pro Forma Policy solely indicates the form and content of the Policy which the Company may issue If all
necessary documents are furnished,all acts are performed,and all requirements set forth in the title commitment covering this property(or that may be required by underwriting)
are met to the satisfaction of the Company.
10 REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY
All payments under this policy, except payments made for costs, attorneys'fees, and expenses, shall reduce the Amount of Insurance by
the amount of the payment.
11. LIABILITY NONCUMULATIVE
The Amount of Insurance shall be reduced by any amount the Company pays under any policy insuring a Mortgage to which exception is
taken in Schedule B or to which the Insured has agreed, assumed, or taken subject, or which is executed by an Insured after Late of
Policy and which is a charge or lien on the Title,and the amount so paid shall be deermd a payment to the Insured under this policy.
12. PAYMENT OF LOSS
When liability and the extent of loss or damage have been definitely fixed in accordance with these Conditions,the payment ball be made
within 30 days.
13. RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT
(a) Whenever the Company shall have settled and paid a claim under this policy, it shall be subrogated and entitled to the rightsof the
Insured Claimant in the Title and all other rights and remedies in respect to the claim that the Insured Claimant has against any
person or property,to the extent of the amount of any loss,costs, attorneys'fees, and expenses paid by the Company. If requested
by the Company, the insured Claimant shall execute documents to evidence the transfer to the Company of these rights and
remedies, The Insured Claimant shall permit the Company to sue, compromise, or settle in the name of the Insured Claimant and to
use the name of the Insured Claimant in any transaction or litigation involving these rights andremedies. If a payment on account of a
claim does not fully cover the loss of the Insured Claimant,the Company shall defer the exercise of its right to recover unil after the
Insured Claimant shall have recovered its lass.
(b) The Company's right of subrogation includes the rights of the Insured to indemnities,guaranties,other policies of insurance,or bonds,
notwithstanding any terms or conditions contained in those instruments that address subrogation rights.
14. ARBITRATION
Either the Company or the Insured may demand that the claim or controversy shall be submitted to arbitration pursuant to the Title
Insurance Arbitration Rules of the American Land Title Association ("Rules"). Except as provided in the Rules,there shall be no joinder or
consolidation with claims or controversies of other persons. Arbitrable matters may Include,but are not limited to, any controvesy or claim
between the Company and the Insured arising out of or relating to this policy, any service in connection with its issuace or the breach of a
policy provision, or to any other controversy or claim arising out of the transaction giving rise to this policy. All arbitable matters when the
Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of eitherthe Company or the Insured. All arbitrable matters
when the Amount of Insurance is in excess of$2,000,000 shall be arbitrated only when agreed to by both the Company and the hsured.
Arbitration pursuant to this policy and under the Rules shall be bind'ng upon the parties. Judgment upon the award rendered by the
Arbitrator(s)may be entered in any court of competent jurisdiction.
16. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT
(a) This policy together with all endorsements,if any, attacted to it by the Company is the entire policy and contract between the Insured
and the Company. In interpreting any provision of this policy,this policy shall be construed as a whole.
(b) Any claim of loss or damage that arises out of the status of the Title or by any action asserting such claim shall be restricted to this
policy.
(c) Any amendment of or endorsement to this policy must be in writing and authenticated by an authorized person, or expressly
incorporated by Schedule A of this policy.
(d) Each endorsement to this policy issued at any time is made a part of this policy and is subject to all of its terms and provisons.
Except as the endorsement express I states, it does not (i)modify any of the terms and provisions of the policy, (ii)modify any prior
endorsement, (iii)extend the Date of Policy,or(iv)increase the Amount of Insurance.
16. SEVERABILITY
In the event any provision of this policy, in whole or in part, is held invalid or unenforceable under applicable law, the pmcy shall be
deemed not to include that provision or such part held to be invalid,but all other provisions shall remain in full force ancbffect.
17. CHOICE OF LAW; FORUM
(a) Choice of Law: The Insured acknowledges the Company has underwritten the risks covered bythis policy and determined the
premium charged therefor in reliance upon the law affecting interests in real property and applicable to the interpretation,rights,
remedies,or enforcement of policies of title insurance of the jurisdiction where the Landis located.
Therefore,the court or an arbitrator shall apply the law of the jurisdiction where the Land is located to determine the vadity of claims
against the Title that are adverse to the Insured and to interpret and enforce the terms of this policy.In neither case shall the court or
arbitrator apply its conflicts of law principles to determine the applicable law.
(b) Choice of Forum: Any litigation or other proceeding brought by the Insured against the Company must be filed only in a state or
federal court within the United Slates of America or its territories having appropriate jurisdiction.
18. NOTICES,WHERE SENT
Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must la given to the
Company at Claims Department at P.0.Box 2029,Houston,TX 772522029.
Copyright 2006-2009 American Land Title Association. All rights reserved.
The use of this Form is restricted to ALTA licensees and ALTA members in good standing Amr.RICAN
as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. unrrr�Trl Lr
.USUC'tA2ItY�
ALTA Owner's Policy 06-17-06
Policy Serial No.: PROFORMA
Page 5 of 5
ALTA OWNER'S POLICY (6-17-06)
SCHEDULE A
Order No.: M-29236 Name and Address of Insurer:
Policy No.; PRO FORMA Stewart Title Guaranty Company
Date of Policy: The Date and Time of Recording of Policy Reporting, P.O. Box 30105
the Insured Deed College Station,TX 77842
Amount of Insurance: $1,800,000.00
Premium: $5,786.00
Address Reference: Parking Lot, 214 North Grand Avenue, Bozeman, MT 59715
1. Name of Insured:
WL-HB One 11 Lofts Owner II LLC, a Delaware limited liability company
2. The estate or interest in the Land that is insured by this policy is:
Fee Simple
3. Title is vested in:
WL-HB One 11 Lofts Owner II LLC, a Delaware limited liability company
4. The Land referred to in this policy is described as follows:
SEE EXHIBIT"A" ATTACHED FOR LEGAL DESCRIPTION
Issued By:
Montana Title & Escrow, Inc.
1925 N. 22nd Avenue
Bozeman, MT 59718
Agent ID: 260109
Authorized Countersignature
ALTA Owner's Policy(6-17-06)
Order No.: M-29236
Policy No.: PRO FORMA
EXHIBIT "A" LEGAL DESCRIPTION
LOT A OF THE AMENDED SUBDIVISION PLAT OF A PORTION OF BLOCK "B" OF TRACY'S THIRD ADDITION, CITY OF
BOZEMAN, GALLATIN COUNTY, MONTANA, ACCORDING TO THE OFFICIAL PLATTHEREOF ON FILE AND OF RECORD IN
THE OFFICE OF THE COUNTY CLERIC AND RECORDER, GALLATIN COUNTY, MONTANA. (PLAT C-18-E)
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ALTA Owner's Policy(6-17-06)
Order No.: M-29236
Policy No.: PRO FORMA
SCHEDULE B
EXCEPTIONS FROM COVERAGE
This policy does not insure against loss or damage, and the Company will not pay costs, attorneys' fees, or expenses that
arise by reason of:
1. GENERAL TAXES AND CITY ASSESSMENTS FOR THE YEAR 2020, A LIEN IN THE PROCESS OF ASSESSMENT, NOT YET
DUE OR PAYABLE.
2. NOTATIONS, EASEMENTS,AND ALL OTHER DISCLOSURES AS SET FORTH ON THE TRACT BOOKS AND RECORDED
PLAT OF TRACY'S ADDITIONS TO BOZEMAN, PLAT C-18, AND AMENDED SUBDIVISION PLAT OF TRACY'S THIRD
ADDITION, PLAT C-18-E, OFFICIAL RECORDS.
3. MATTERS AS SET FORTH ON THE ALTA/NSPS LAND TITLE SURVEY DATED AUGUST 12, 2020 BY JOHN R. PUGH OF
STAHLY ENGINEERING &ASSOCIATES, PROJECT NUMBER 2225-01120:
1) OVERHEAD ELECTRIC.
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2) ELECTRIC METER.
********************* END OF SCHEDULE B *********************
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LA LTA Owner's Policy 17-06)
Montana Title & Escrow, Inc.
Policy Issuing Agent for Stewart Title Guaranty Company
Order No. M-29236 ALTA Endorsement 17-06
Policy No. PRO FORMA CLTA Endorsement 103.11-06
Access and Entry
Fee: $385.70
The Company insures against loss or damage sustained by the Insured if, at Date of Policy (i) the land
does not abut and have both actual vehicular and pedestrian access to and from North Grand Avenue
and North Willson Avenue (the "Street"), (ii)the Street is not physically open and publicly maintained,
or (iii) the Insured has no right to use existing curb cuts or entries along that portion of the Street
abutting the Land.
This endorsement is issued as part of the policy. Except as it expressly states, it does not (1) modify any
of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of
Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous
endorsement is inconsistent with an express provision of this endorsement,this endorsement controls.
Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior
endorsements.
Dated: To Be Determined
Issued By:
Montana Title & Escrow, Inc.
1925 N. 22nd Avenue
Bozeman, MT 59718
Agent ID: 260109
Authorized Countersignature
ALTA Endorsement 17-06(6-17-06)
CLTA Endorse rnent 103,11-06
Access and Entry
Montana Title & Escrow, Inc.
Policy Issuing Agent for Stewart Title Guaranty Company
Order No. M-29236 ALTA Endorsement 18-06
Policy No. PRO FORMA CLTA Endorsement 129-06
Fee: $50.00
The Company insures against loss or damage sustained by the Insured by reason of the Land being taxed as
part of a larger parcel of land or failing to constitute a separate tax parcel for real estate taxes.
This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the
terms and provisions of the policy, (H) modify any prior endorsements, (iii) extend the Date of Policy, or (iv)
increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is
inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this
endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.
Dated: To Be Determined
Issued By:
Montana Title & Escrow, Inc.
1925 N. 22nd Avenue
Bozeman, MT 59718
Agent ID: 260109
Authorized Countersignature
ALTA 18-06(CLTA 129-06)-Single Tax Parcel (6-17-06)
Montana Title & Escrow, Inc.
Policy Issuing Agent for Stewart Title Guaranty Company
Order No. M-29236 ALTA Endorsement 25-06
Policy No. PRO FORMA CLTA Endorsement 116.1-06
Fee: $30.00
The Company insures against loss or damage sustained by the Insured by reason of the failure of the Land as
described in Schedule A to be the same as that identified on the survey made by JOHN R. PUGH OF STAHLY
ENGINEERING &ASSOCIATES, dated August 12, 2020, and designated as PROJECT NO, 2225-01120.
This endorsement is issued as part of the policy. Except as it expressly states, it does not(i) modify any of the
terms and provisions of the policy, (ii) modify any prior endorsements, (iii)extend the Date of Policy, or(iv)
increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is
inconsistent with an express provision of this endorsement, this endorsement controls, Otherwise, this
endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.
Dated: To Be Determined
Issued By:
Montana Title & Escrow, Inc.
1925 N. 22nd Avenue
Bozeman, MT 59718
Agent ID: 260109
Authorized Cowitersignature
ALTA 25-06(CLTA 116.1-06)-Same as Survey(10-16-08)
Montana Title & Escrow, Inc.
Policy Issuing Agent for Stewart Title Guaranty Company
Order No. M-29236 STG Deletion of Arbitration Clause
Endorsement 2
Policy No. PRO FORMA Fee: N/C
Section 14 of the Conditions, relating to arbitration, is hereby deleted in its entirety.
This endorsement is made a part of the policy and is subject to all of the terms and provisions thereof
and of any prior endorsements thereto. Except to the extent expressly stated, it neither modifies any of
the terms and provisions of the policy and any prior endorsements, nor does it extend the effective date
of the policy and any prior endorsements, nor does it increase the face amount thereof.
Dated: To Be Determined
Issued By:
Montana Title & Escrow, Inc.
1925 N. 22nd Avenue
Bozeman, MT 59718
Agent ID: 260109
Authorized Countersignature
STG Deletion of Arbitration Clause Endorsement 2—Owners Policy
Montana Title & Escrow, Inc.
Policy Issuing Agent for Stewart Title Guaranty Company
Order No. M-29236 ALTA Endorsement 3-06
Policy No. PRO FORMA CLTA Endorsement 123.1-06
Fee: $386.00
1, The Company insures against loss or damage sustained by the Insured in the event that,at pate of Policy,
a. According to applicable zoning ordinances and amendments, the Land is not classified Zone B-3
(Downtown District);
b. The following use or uses are not allowed under that classification:
■ Restaurants;
■ Retail;
■ ' Dayeare Family,Group,or Center;
■ General Service Establishment;
■ Health and Exercise Establishments;
■ Medical and Dental Offices,Clinics,aid Centers;
■ Offices;
w Personal and Convenience Services;
■ Short-Tenn Rental(Type 1,Type 2.,and Type 3);
■ Hotel or Motel;
■ Apartments;
■ Apartment Buildings;
■ Townbouses and Rowhousm;
■ Live-Work Units;
■ Ground Floor Residential;
■ Community Residential Facilities with Eight or Fewer Residents;
■ Group Living;
■ Manufacturing,Artisan;
■ Busiaess,Trade,Technical,or Vocational School;
■ Essential Services(Type Il)(38.300.140);
■ Meeting Hall;
■ Public Buildings and Publicly Owned Land Used for Parks,Playgrounds,and Open Space;
■ Arts and Entertainment Center;and
■ Community Centers.
2. There shall be no liability under this endorsement based on
a. Lack of compliance with any conditions, restrictions, or requirements contained in the zoning ordinances
and amendments, including but not Ilmited to the failure to secure necessary consents or authorizations
as a prerequisite to the use or uses. This paragraph 2.a, does not modify or limit the coverage provided
in Covered Risk 5.
b. The invalidity of the zoning ordinances and amendments until after a final decree of a court of competent
jurisdiction adjudicating the invalidity,the effect of which is to prohibit the use or uses.
c. The refusal of any person to purchase,lease or lend money on the Title covered by this policy.
AUrA 3-06(CLTA 123.1-06)Zoning Unimproved Land(6-17-06)
This endorsement Is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the
terms and provisions of the policy, (il) modify any prior endorsements, (111) extend the Date of Policy, or (iv)
Increase the Amount of Insurance, To the extent a provision of the policy or a previous endorsement Is
Inconsistent with an express provision of this endorsement, this endorsement controls, Otherwise, this
endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.
Dated, To Be Determined
Issued By:
Montana Title&Escrow, Inc.
1925 N, 22nd Avenue
Bozeman, MT 69718
Agent ID: 260109
Authorized Countersignature
ALLTA 3-06(CLTA 123.1-06)Zoning Unimproved Land(6-17-06)
Montana Title & Escrow, Inc.
Policy Issuing Agent for Stewart Title Guaranty Company
Order No. M-29236 ALTA Endorsement 9.1-06
Policy No. PRO FORMA CLTA Endorsement 100.9-06
Fee: $192.85
1. The insurance provided by this endorsement is subject to the exclusions in Section 4 of this endorsement; and
the Exclusions from Coverage,the Exceptions from Coverage contained in Schedule B, and the Conditions in
the policy.
2. For the purposes of this endorsement only,"Covenant" means a covenant, condition, limitation or restriction
in a document or instrument in effect at Date of Policy.
3. The Company insures against loss or damage sustained by the Insured by reason of:
a. A violation on the Land at Date of Policy of an enforceable Covenant, unless an exception in Schedule B of
the policy identifies the violation; or
b. A notice of a violation, recorded in the Public Records at Date of Policy, of an enforceable Covenant
relating to environmental protection describing any part of the Land and referring to that Covenant, but
only to the extent of the violation of the Covenant referred to in that notice, unless an exception in
Schedule B of the policy identifies the notice of the violation.
4. This endorsement does not insure against loss or damage (and the Company will not pay costs, attorneys'
fees,or expenses) resulting from:
a. any Covenant contained in an instrument creating a lease;
b. any Covenant relating to obligations of any type to perform maintenance, repair,or remediation on the
Land; or
c. except as provided in Section 3.b, any Covenant relating to environmental protection of any kind or
nature, including hazardous or toxic matters, conditions, or substances.
This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the
terms and provisions of the policy, (ii) modify any prior endorsements, (iii)extend the Date of Policy, or
(iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is
inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this
endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.
Dated: To Be Determined
Issued By:
Montana Title & Escrow, Inc.
1925 N. 22nd Avenue
Bozeman, MT 59718
Agent ID: 260109
Authorized Countersignature
ALTA 9.1-06(CLTA 100.9-06)Restrictions,Encroachments Minerals(Owner)04-02-12