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HomeMy WebLinkAbout11_ProformaOwnersPolicyProofOfOwnership_04132021 AM ER ICAN L AND Big Sky(Branch Office) Ennis(Branch Office) (406)993-2101•(866)993-2102 (406)682-5299 Fax:(406)993-2104 (800)405-5299 78 Meadow Village Drive,Suite B www.altc.biz Fax:(406)682-5288 P.O.Box 161490 Bozeman(Main Office) 3 Geyser Street Big Sky,MT 59716-1490 (406)587-5563•(888)405-5299 P.O.Box 1248 bigsky@altc.biz Fax:(406)587-8038 Ennis,MT 59729 1800 West Koch,Suite 1•P.O.Box 396 ennis@altc.biz Bozeman,MT 59715•59771-0396 bozeman@altc.biz SEP 1 8 2019 Medical Arts Building LLC Date Out: 300 North Willson Avenue,Room 400 Order No: 1-109697 Bozeman,MT 59715 Reference: (Medical Arts Building LLC) American Land Title Company would like to thank you for the opportunity to handle your real estate transaction. As a locally owned business,we understand the significance of real estate in the surrounding area and we wholeheartedly appreciate your confidence in trusting us with one of your most valuable assets. Your needs and the protection of your property rights are our first consideration; in this regard, an ongoing file has been established on your property. In the future if you should decide to sell or mortgage any property we will be able to promptly process your specific transaction. After reviewing the enclosed documents if you should have any questions concerning your final title policy,please feel free to contact us. In connection with your recent transaction,please find enclosed the following items: [X] Policy of Title Insurance [X] Special Warranty Deed [X] Endorsements: 3.1-06,8.2-06,9.2-06, 17-06, 17.2-06, 18.1-06, 19-06,22-06,25-06,26-06, 28.1-06,35.1-06,41.1-06 Thank you for using American Land Title Company Sincerely yours, enn Madan Policy Production (* CHICAGO TITLE . INSURANCE COMPANY Policy No.: 7230626-46778899 OWNER'S POLICY OF TITLE INSURANCE Issued by Chicago Title Insurance 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, CHICAGO TITLE INSURANCE COMPANY, a Florida 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 or 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 from (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 electronic 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 electronic means authorized by law; or (vii)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 existing 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 building and 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. 6. An enforcement action based on the exercise of a governmental police power not covered by Covered 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 referred to in that notice. 7. The exercise of the rights of eminent domain if a notice of the exercise, 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 being 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 all or any part of the title to or any interest in the Land occurring prior to the transaction vesting 7230626 Page 1 of 6 ALTA Owner's Policy(06/17/06)with MT Mod Copyright American Land Title Association.All rights reserved.The use of this Form is restricted to ALTA licensees and ALTA AME- members in good standing as of the date of use.All other uses are prohibited.Reprinted under license from the American Land Title Association Title as shown in Schedule A because that prior transfer constituted a fraudulent or preferential transfer under federal bankruptcy, state insolvency, or similar creditors' rights 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 (i) 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 created or attached or has been filed or recorded in the Public Records subsequent to Date of Policy and prior to the recording 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 this Policy, but only to the extent provided in the Conditions. IN WITNESS WHEREOF, Chicago Title Insurance Company has caused this Policy to be signed and sealed by its duly authorized officers. CHICAGO TITLE INSURANCE COMPANY Issued by: AMERICAN LAND TITLE COMPANY OF MONTANA By: p Home office: Branch Office: 1800 W.Koch/P.O.Box 396 3 Geyser Street/P.O.Box 1248 ATTEST P—idan[ Bozeman,MT 59715/59771-0396 Ennis,MT 59729 (888)405-5299/(406)587-5563 (800)405-5299/(406)682-5299 Fax:(406)587-8038 Fax:(406)682-5288 Email:bozemangaltc.biz Email:ennis(iWtc.biz Branch Office: 78 Meadow Village Dr,Suite B/P.O.Box 161490 Big Sky,MT 59716 (866)993-2102/(406)993-2101 Fax:(406-)993-2104 Email:bigskynaltc.biz 7230626 Page 2 of 6 ALTA Owner's Policy(06/17/06)with MT Mod Copyright American Land Title Association.All rights reserved.The use of this Form is restricted to ALTA licensees and ALTA AME— members in good standing as of the date of use.All other uses are prohibited.Reprinted under license from the American Land Title Association " r;;„ EXTENDED OWNER'S SCHEDULE A Office File Policy Number Date of Policy Amount of Insurance Premium Number 1-109697 7230626-46778899 August 12,2019 $7,037,000.00 $18,717.75 at 3:17PM 1. Name of Insured: Medical Arts Building LLC,a Delaware limited liability company 2. The estate or interest in the land which is covered by this policy is: fee simple 3. Title to the estate or interest in the land is vested in: Medical Arts Building LLC,a Delaware limited liability company 4. The land referred to in this policy is described as follows: Lots 1,2, 3, 4, 5, 6, 7, 8, 9, 10, 11 and 12 in Block 3 of Beall's Third Addition to Bozeman,Montana and Lots 13, 14, 15, 16, 17, 18, 19,20, 21,22, 23, and 24 in Block 3 of Beall's Third Addition to Bozeman, Montana together with 8 1/2 feet of vacated North Willson Avenue lying west of said Lots 13 to 24 inclusive in said Block 3 and adjacent thereto vacated by Ordinance No. 669,recorded in Book 13 of Miscellaneous,page 123,together with that certain alley vacated by ordinance No. 902, recorded in Film 8 of Miscellaneous, page 1449,records of Gallatin County,Montana,all according to the official plat thereof on file and of record in the office of the County Clerk and Recorder,Gallatin County,Montana. [Plat C-44-A] AND Lots 1,2, 3, 4, 5, 6, 7, 8, 9 and 10 in Block 4 of Beall's Third Addition to Bozeman,Montana together with a strip of land 8 1/2 feet in width lying East of and adjoining said Lots 1-10 inclusive,vacated for street purposes by Ordinance No. 669 of the City of Bozeman,which ordinance was recorded May 11, 1946 in Book 13 of Miscellaneous,page 123 records of Gallatin County, Montana, all according to the official plat thereof on file and of record in the office of the County Clerk and Recorder of Gallatin County,Montana. AMERICAN LANDrTITMPANY (Authorized Signature) SCHEDULE A ALTA Owner's Policy(06-17-06) Underwriter: CHICAGO TITLE INSURANCE COMPANY EXCEPTIONS FROM COVERAGE SCHEDULE B File No.: 1-109697 Policy No.: 7230626-46778899 EXCEPTIONS FROM COVERAGE This policy does not insure against loss or damage(and the Company will not pay costs, attorneys' fees or expenses)which arise by reason of: 1. Intentionally Deleted. 2. Taxes for the year 2019, a lien not yet due or payable. 3. Special assessments levied by the City of Bozeman for the year 2019-2020 under Account No. 126380,Account No. 63180,Account No. 126390,Account No. 97730,Account No. 97740, and Account No. 26940, a lien not yet due and payable.No amounts due and payable as of the date of this Title Policy. 4. Intentionally Deleted. 5. Memorandum of Building and Rooftop Lease Agreement, dated October 17, 2001 and recorded December 5, 2001, as Document No. 2054660,records of Gallatin County, Montana, including the terms and provisions therein. 6. Intentionally Deleted. 7. Intentionally Deleted. 8. Any right,title, or interest in any unpatented mining claims; reservations or exceptions in patents or in acts authorizing the issuance thereof;water rights, claims of title to water,claims to all minerals in or under said land including,but not limited to metals, oil, gas,coal, other hydrocarbons, sand gravel or other common variety materials, stone,mineral rights,mining rights and easement rights,or other matters relating thereto,whether expressed or implied and whether or not shown by the public records. 9. Intentionally Deleted. 10. The following matters disclosed by ALTA/NSPS Survey prepared by Stahly Engineering& Associates dated July 19, 2019, and last revised on August 5,2019,as follows: a. The Verizon Wireless communications facilities located on building rooftop not placed as shown on Exhibit A of the Memorandum of Building and Rooftop Lease Agreement recorded December 5, 2001 as Document No. 2054660,records of Gallatin County,Montana. 11. Rights of the tenants listed on the rent roll attached hereto as Exhibit A, as tenants only,with no rights of first refusal or options to purchase all or any portion of the property. 12. Deed of Trust from Medical Arts Building LLC, a Delaware limited liability company,to American Land Title Company, as Trustee, and Stockman Bank of Montana, as Beneficiary, in the amount of$4,600,552.00, dated July 22, 2019 and recorded August 12, 2019, as Document No. 2654167 END OF SCHEDULE B SCHEDULE B(Extended Coverage) ALTA Owner's Policy(06-17-06) EXHIBIT A TO ASSIGNMENT OF LEASES TENANT NAME DATE OF LEASE SUITE Maurissa Acord dba Maurissa's Skin Care 6/1/18 3009 Tim Cummins dba Allago Salon 2/1/17 A Amara 11/1/18 2001 Angela Maria Feliciano, MSW 7/1/18 602F-1 Mearl Baker Opticians 2/1/15 201B Andea Behrent 1/1/18 3010 The American National Red Cross 12/1/2002 103A and 204E Tanja Brekke dba Traditional Oriental Medicine, 11/1/18 3002 Inc. Hillary Clow 7/1/18 303-C Lee Copenhagen, LCSW 7/1/18 3005-2 Dezri Rochin 10/1/17 C Michelle Donaldson,M.D. 10/1/19 3005-4 State of Montana, Department of Public Health 3/24/15 4001 and Human Services Erin Clark dba Advanced Counseling of Bozeman 8/1/18 3005-10 Eugenia Razzano 11/1/16 805H Eugenia Razzano 11/1/19 805H Bill Fanning 1/1/19 3007 Fiduciary Consulting& Management, Inc. and 3/1/16 3004 Montana Fiduciary Management Green Mountain Caregivers 3/1/18 G—Basement Maureen Hagen dba Hyalite Counseling, LLC 7/1/19 602F-7 Caitlin Hart dba Caitlin Cosette Massage 5/1/19 3005-9 Mike Haugh 11/1/13 C—Basement MarkS. Hegyes, M.D. 2/1/19 404D Brandy Houser LCSW 2/1/19 E HRDC Senior Programs 1/1/19 3008 HRDC 1/1/19 801H Laura Selby dba Instinct, LLC 7/1/18 2003 State of Montana, Department of Justice, 5/16/16 803H Criminal Investigation Sarehl Lomme, LCPC 7/1/18 602F-5 Matt Trebella dba Lupine Medical 10/1/18 D Erin McCarthy 6/1/18 304C Kelly McClain 10/1/19 3006 Kenneth R. McCulloch 1/1/14 F Basement Gallatin Plastic Surgery, PLLC 12/1/17 300-C Medical Eye Specialists, P.C. 6/1/19 1003, 1002, 102B and 802 H Hearth Residential Homes, Inc. dba Montana 7/1/16 402D Achievement Project Marlisa Papp 9/1/19 Suite Sump Room Rocky Mountain Development Council—Area IV 1/1/19 3005-8 Agency on Aging EXHIBIT A TO ASSIGNMENT OF LEASES Rocky Mountain Hearing Aid 4/1/18 3005-E Bozeman Health Deaconess Hospital dba Same 12/1/18 Annex, Suite 600F 403-D Day Surgery Center Terry Spring 3/1/15 3005-3 The Bozeman Skin Clinic, P.C., John R.Tkach, 3/1/19 203B M.D. Leigh-Anne Townes, PLLC 10/1/16 605F Adrian Utsch LCPC 1/1/16 3005-9 Gold Creek Cellular of Montana Limited 10/17/01 Rooftop and Ground Partnership d/b/a Verizon Wireless Space Jennifer Wilshire dba Bozeman Pediatric& 4/1/19 101A Sports Therapy ENDORSEMENT Attached to Policy No. 7230626-46778899 Issued by CHICAGO TITLE INSURANCE COMPANY Order No.: 1-109697 (Medical Arts Building,LLC) Premium: $3,119.63 1. The Company insures against loss or damage sustained by the Insured in the event that, at Date of Policy, a. according to applicable zoning ordinances and amendments, the Land is not classified Zone R-4 Residential High Density District as to lots 1 through 6 in Block 4, and Zone B-3 Downtown District as to the remainder; b. the following use or uses are not allowed under that classification: Medical and dental offices, clinics and centers as a permitted use in Zone B-3, and Medical offices, clinics and centers as a conditional use in Zone R-4. c. There shall be no liability under paragraph l.b. if the use or uses are not allowed as the result of any lack of compliance with any conditions, restrictions, or requirements contained in the zoning ordinances and amendments, including but not limited to the failure to secure necessary consents or authorizations as a prerequisite to the use or uses. This paragraph l.c. does not modify or limit the coverage provided in Covered Risk 5. 2. The Company further insures against loss or damage sustained by the Insured by reason of a final decree of a court of competent jurisdiction either prohibiting the use of the Land, with any existing structure, as specified in paragraph Lb. or requiring the removal or alteration of the structure, because, at Date of Policy,the zoning ordinances and amendments have been violated with respect to any of the following matters: a. Area,width, or depth of the Land as a building site for the structure b. Floor space area of the structure c. Setback of the structure from the property lines of the Land d. Height of the structure, or e. Number of parking spaces. 3. There shall be no liability under this endorsement based on: a. 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; b. the refusal of any person to purchase, lease or lend money on the Title covered by this policy. (continued) American Land Title Association Endorsement 3.1-06(Zoning-Completed Structure) Revised 10-22-09 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: August 12,2019 at 3:17PM AMERICAN LAND TITLE:C By: ' Authorized atory American Land Title Association Endorsement 3.1-06(Zoning-Completed Structure) Revised 10-22-09 ENDORSEMENT Attached to Policy No. 7230626-46778899 Issued by CHICAGO TITLE INSURANCE COMPANY Order No.: 1-109697 (Medical Arts Building,LLC) Premium: $50.00 The Company insures against loss or damage sustained by the Insured by reason of an environmental protection lien that, at Date of Policy, is recorded in the Public Records or filed in the records of the clerk of the United States district court for the district in which the Land is located, unless the environmental protection lien is set forth as an exception in Schedule B. 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: August 12,2019 at 3:17PM AMERICAN LAND TITLE C ANY By: Authori ed Signatory American Land Title Association Endorsement 8.2-06(Commercial Environmental Protection Lien) Adopted 10/16/08 ENDORSEMENT Attached to Policy No. 7230626-46778899 Issued by CHICAGO TITLE INSURANCE COMPANY Order No.: 1-109697 (Medical Arts Building,LLC) Premium: $1,871.78 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, a. "Covenant"means a covenant, condition, limitation or restriction in a document or instrument in effect at Date of Policy. b. "Improvement"means a building, structure located on the surface of the Land,road, walkway, driveway, or curb, affixed to the Land at Date of Policy and that by law constitutes real property,but excluding any crops, landscaping, lawn, shrubbery, or trees. 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; b. Enforced removal of an Improvement as a result of a violation, at Date of Policy, of a building setback line shown on a plat of subdivision recorded or filed in the Public Records,unless an exception in Schedule B of the policy identifies the violation; or c. 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.c.,any Covenant relating to environmental protection of any kind or nature, including hazardous or toxic matters, conditions,or substances. American Land Title Association Endorsement 9.2-06 (Covenants,Conditions and Restrictions— Improved Land—Owner's Policy) Revised 04-02-12 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: August 12,2019 at 3:17PM AMERICAN LAND TITLE C ANY By: Authoriz d Signatory American Land Title Association Endorsement 9.2-06 (Covenants,Conditions and Restrictions— Improved Land—Owner's Policy) Revised 04-02-12 ENDORSEMENT Attached to Policy No. 7230626-46778899 Issued by CHICAGO TITLE INSURANCE COMPANY Order No.: 1-109697 (Medical Arts Building,LLC) Premium: $100.00 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 Tracy Avenue, Villard Street,North Willson Avenue, and Beall Street(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(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: August 12,2019 at 3:17PM AMERICAN LAND TIT E ANY By: Authorized Signatory ALTA Form 17-06(6/17/06) CLTA Form 103.11-06 Access and Entry ENDORSEMENT Attached to Policy No. 7230626-46778899 Issued by CHICAGO TITLE INSURANCE COMPANY Order No.: 1-109697 (Medical Arts Building,LLC) Premium: $500.00 The Company insures against loss or damage sustained by the Insured by reason of the lack of a right of access to the following utilities or services: [CHECK ALL THAT APPLY] ® Water service ® Natural gas service ® Telephone service ® Electrical power service ® Sanitary sewer ® Storm water drainage [❑ 1 [❑ 1 [❑ 1 either over,under or upon rights-of-way or easements for the benefit of the Land because of.- (1) a gap or gore between the boundaries of the Land and the rights-of-way or easements; (2) a gap between the boundaries of the rights-of-way or easements ; or (3) a termination by a grantor,or its successor, of the rights-of-way or easements. 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: August 12,2019 at 3:17PM AMERICAN LAND TITLE C ANY By: Authorized Signatory American Land Title Association Endorsement 17.2-06(Utility Access) Adopted 10/16/08 ENDORSEMENT Attached to Policy No. 7230626-46778899 Issued by CMCAGO TITLE INSURANCE COMPANY Order No.: 1-109697 (Medical Arts Building,LLC) Premium: $25.00 The Company insures against loss or damage sustained by the Insured by reason o£ 1. those portions of the Land identified below not being assessed for real estate taxes under the listed tax identification numbers or those tax identification numbers including any additional land: Parcel No.: RGH1650 2. the easements, if any, described in Schedule A being cut off or disturbed by the nonpayment of real estate taxes, assessments or other charges imposed on the servient estate by a governmental authority. 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: August 12,2019 at 3:17PM AMERICAN LAND TITLE C ANY A By: Authoriz d Signatory American Land Title Association Endorsement 18.1-06 (Multiple Tax Parcel—Easements) Adopted 06-17-2006 Technical Correction 12-01-2016 ENDORSEMENT Attached to Policy No. 7230626-46778899 Issued by CHICAGO TITLE INSURANCE COMPANY Order No.: 1-109697 (Medical Arts Building,LLC) Premium: $50.00 The Company insures against loss or damage sustained by the Insured by reason of.- the failure the lots in Block 3 and the vacated avenue to be contiguous to each other;the failure the lots in Block 4 and the vacated avenue to be contiguous to each other The portion of the Property described as Lots 1-13 in Block 3 of Beall's Third Addition to Bozeman, Montana and Lots 13-24 in Block 3 of Beall's Third Addition to Bozeman, Montana together with 8 1/2 feet of vacated North Willson Avenue lying west of said Lots 13-24 inclusive and adjacent thereto vacated by Ordinance No. 669, recorded in Book 13 of Miscellaneous, page 123, together with that certain alley vacated by Ordinance No. 992,recorded in Film 8 of Miscellaneous,page 1449 records of Gallatin County, Montana,describes a mathematically closed figure with no gaps,gores or overlaps. The portion of the Property described as Lots 1-10 in Block 4 of Beall's Third Addition to Bozeman, Montana together with a strip of land 8 1/2 feet in width lying East of and adjoining said Lots 1-10 inclusive, vacated for street purposes by Ordinance No. 669 of the City of Bozeman, which ordinance was recorded May 11, 1946 in Book 13 of Miscellaneous, page 123 records of Gallatin County, Montana, describes a mathematically closed figure with no gaps,gores or overlaps.;or 2. the presence of any gaps, strips,or gores separating any of the contiguous boundary lines described above. 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: August 12,2019 at 3:17PM J AMERICAN LAND TITL C ANY By: `. Authorized Signatory ALTA Form 19-06(6/17/06) CLTA Form 116.4.1-06 Contiguity—Multiple Parcels ENDORSEMENT Attached to Policy No. 7230626-46778899 Issued by CHICAGO TITLE INSURANCE COMPANY Order No.: 1-109697 (Medical Arts Building,LLC) Premium: $10.00 The Company insures against loss or damage sustained by the Insured by reason of the failure of a Commercial Building,known as 300,307, 311, 315, 319 and 323 North Willson Avenue,Bozeman, Montana 59715,to be located on the Land at Date of Policy. 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: August 12,2019 at 3:17PM AMERICAN LAND TITLE CEO By: Authorized Signatory ALTA Form 22-06(6/17/06) CLTA Form 116.01-06 Location ENDORSEMENT Attached to Policy No. 7230626-46778899 Issued by CHICAGO TITLE INSURANCE COMPANY Order No.: 1-109697 (Medical Arts Building,LLC) Premium: $2,495.70 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 Stahly Engineering & Associates dated July 19,2019, and last revised on August 5, 2019. 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: August 12,2019 at 3:17PM AMERICAN LAND TITLE O Y By: Authorized Signatory American Land Title Association Endorsement 25-06 (Same as Survey) Adopted 10/16/08 ENDORSEMENT Attached to Policy No. 7230626-46778899 Issued by CHICAGO TITLE INSURANCE COMPANY Order No.: 1-109697 (Medical Arts Building,LLC) Premium: $2,495.70 The Company insures against loss or damage sustained by the Insured by reason of the failure of the Land to constitute a lawfully created parcel according to the subdivision statutes and local subdivision ordinances applicable to the Land. 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: August 12,2019 at 3:17PM AMERICAN LAND TIT E ANY By: Authorized Signatory American Land Title Association Endorsement 26-06(Subdivision) Adopted 10/16/08 ENDORSEMENT Attached to Policy No. 7230626-46778899 Issued by CHICAGO TITLE INSURANCE COMPANY Order No.: 1-109697 (Medical Arts Building,LLC) Premium: $2,495.70 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 purposes of this endorsement only, "Improvement" means an existing building, located on either the Land or adjoining land at Date of Policy and that by law constitutes real property. 3. The Company insures against loss or damage sustained by the Insured by reason of: a. An encroachment of any Improvement located on the Land onto adjoining land or onto that portion of the Land subject to an easement, unless an exception in Schedule B of the policy identifies the encroachment; b. An encroachment of any Improvement located on adjoining land onto the Land at Date of Policy, unless an exception in Schedule B of the policy identifies the encroachment; c. Enforced removal of any Improvement located on the Land as a result of an encroachment by the Improvement onto any portion of the Land subject to any easement, in the event that the owners of the easement shall, for the purpose of exercising the right of use or maintenance of the easement, compel removal or relocation of the encroaching Improvement;or d. Enforced removal of any Improvement located on the Land that encroaches onto adjoining land. 4. This endorsement does not insure against loss or damage (and the Company will not pay costs, attorneys' fees, or expenses) resulting from the encroachments listed as Exceptions NONE of Schedule B. 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: August 12,2019 at 3:17PM AMERICAN LAND TITLEC ANY By: Authoriz d Signatory American Land Title Association Endorsement 28.1-06 (Encroachments—Boundaries and Easements) Adopted 04-02-12 ENDORSEMENT Attached to Policy No. 7230626-46778899 Issued by CHICAGO TITLE INSURANCE COMPANY Order No.: 1-109697 (Medical Arts Building,LLQ Premium: $1,247.85 1. The insurance provided by this endorsement is subject to the exclusion 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 purposes of this endorsement only,"Improvement"means a building, structure located on the surface of the Land, and any paved road,walkway,parking area,driveway,or curb,affixed to the Land at Date of Policy and that by law constitutes real property,but excluding any crops, landscaping, lawn, shrubbery,or trees. 3. The Company insures against loss or damage sustained by the Insured by reason of the enforced removal or alteration of any Improvement,resulting from the future exercise of any right existing at Date of Policy to use the surface of the Land for the extraction or development of minerals or any other subsurface substances excepted from the description of the Land or excepted in Schedule B. 4. This endorsement does not insure against loss or damage(and the Company will not pay costs, attorneys' fees, or expenses)resulting from: a. contamination, explosion, fire, flooding,vibration,fracturing, earthquake or subsidence; [or] b. negligence by a person or an Entity exercising a right to extract or develop minerals or other subsurface substances[;or c. the exercise of the rights described in NONE. 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: August 12,2019 at 3:17PM AMERICAN LAND TITLE C By: Authorized Signatory American Land Title Association Endorsement 35.1-06 (Minerals and Other Subsurface Substances—Improvements) Adopted 04-02-12 Technical Correction 08-01-16 ENDORSEMENT Attached to Policy No. 7230626-46778899 Issued by CHICAGO TITLE INSURANCE COMPANY Order No.: 1-109697 (Medical Arts Building,LLC) Premium: $40.00 1. The insurance provided by this endorsement is subject to the exclusion 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 purposes of this endorsement only, "Improvement"means a building, structure located on the surface of the Land, and any paved road,walkway,parking area, driveway, or curb, affixed to the Land at Date of Policy and that by law constitutes real property,but excluding any crops, landscaping, lawn, shrubbery, or trees. 3. The Company insures against loss or damage sustained by the Insured by reason of the enforced removal or alteration of any Improvement,resulting from the future exercise of any right existing at Date of Policy to use the surface of the Land for the extraction or development of water excepted from the description of the Land or excepted in Schedule B. 4. This endorsement does not insure against loss or damage(and the Company will not pay costs, attorneys'fees, or expenses)resulting from: a. contamination, explosion, fire, flooding,vibration, fracturing, earthquake or subsidence; [or] b. negligence by a person or an Entity exercising a right to extract or develop water[; or c. the exercise of the rights described in NONE. 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: August 12,2019 at 3:17PM AMERICAN LAND TITL C ANY By: Authorized Signatory American Land Title Association Endorsement 41.1-06 (Water—Improvements) Adopted 12-02-13 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, regulating, 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; (iii) 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 Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy; (c) resulting in no loss or damage to the Insured Claimant; (d) attaching or created subsequent to Date of Policy (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 between Date of Policy and the date of recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A. CONDITIONS 1. DEFINITION OF TERMS (1) if the stock, shares, The following terms when used in this policy mean: memberships, or other equity interests of the grantee are (a) "Amount of Insurance": The amount stated in wholly-owned by the named Insured, Schedule A, as may be increased or decreased by (2) if the grantee wholly owns the endorsement to this policy, increased by Section 8(b), or named Insured, decreased by Sections 10 and 11 of these Conditions. (3) if the grantee is wholly-owned (b) "Date of Policy": The date designated as by an affiliated Entity of the named Insured, provided the "Date of Policy" in Schedule A. affiliated Entity and the named Insured are both wholly- (c) "Entity": A corporation, partnership, trust, owned by the same person or Entity, or limited liability company, or other similar legal entity. (4) if the grantee is a trustee or (d) "Insured": The Insured named in Schedule beneficiary of a trust created by a written instrument A. established by the Insured named in Schedule A for (i) The term "Insured"also includes estate planning purposes. (A) successors to the Title of the (ii) With regard to (A), (B), (C), and (D) Insured by operation of law as distinguished from reserving, however, all rights and defenses as to any purchase, including heirs, devisees, survivors, personal successor that the Company would have had against any representatives, or next of kin; predecessor Insured. (B) successors to an Insured by (e) "Insured Claimant": An Insured claiming loss dissolution, merger, consolidation, distribution, or or damage. reorganization; (f) "Knowledge" or "Known": Actual knowledge, (C) successors to an Insured by its not constructive knowledge or notice that may be imputed conversion to another kind of Entity; to an Insured by reason of the Public Records or any (D) a grantee of an Insured under a other records that impart constructive notice of matters deed delivered without payment of actual valuable affecting the Title. consideration conveying the Title (g) "Land": The land described in Schedule A, 7230626 Page 3 of 6 ALTA Owner's Policy(06/17/06)with MT Mod Copyright American Land Title Association.All rights reserved.The use of this Form is restricted to ALTA licensees and ALTA AME- members in good standing as of the date of use.All other uses are prohibited.Reprinted under license from the American Land Title Association AISOCI T„O„ and affixed improvements that by law constitute real must describe the defect, lien, encumbrance, or other property. The term "Land" does not include any property matter insured against by this policy that constitutes the beyond the lines of the area described in Schedule A, nor basis of loss or damage and shall state, to the extent any right, title, interest, estate, or easement in abutting possible, the basis of calculating the amount of the loss streets, roads, avenues, alleys, lanes, ways, or or damage. waterways, but this does not modify or limit the extent 5. DEFENSE AND PROSECUTION OF ACTIONS that a right of access to and from the Land is insured by (a) Upon written request by the Insured, and this policy. subject to the options contained in Section 7 of these (h) "Mortgage": Mortgage, deed of trust, trust Conditions, the Company, at its own cost and without deed, or other security instrument, including one unreasonable delay, shall provide for the defense of an evidenced by electronic means authorized by law. Insured in litigation in which any third party asserts a (i) "Public Records": Records established under claim covered by this policy adverse to the Insured. This state statutes at Date of Policy for the purpose of obligation is limited to only those stated causes of action imparting constructive notice of matters relating to real alleging matters insured against by this policy. The property to purchasers for value and without Knowledge. Company shall have the right to select counsel of its With respect to Covered Risk 5(d), "Public Records" shall choice (subject to the right of the Insured to object for also include environmental protection liens filed in the reasonable cause) to represent the Insured as to those records of the clerk of the United States District Court for stated causes of action. It shall not be liable for and will the district where the Land is located. not pay the fees of any other counsel. The Company will Q) "Title": The estate or interest described in not pay any fees, costs, or expenses incurred by the Schedule A. Insured in the defense of those causes of action that (k) "Unmarketable Title": Title affected by an allege matters not insured against by this policy. alleged or apparent matter that would permit a (b) The Company shall have the right, in addition prospective purchaser or lessee of the Title or lender on to the options contained in Section 7 of these Conditions, the Title to be released from the obligation to purchase, at its own cost, to institute and prosecute any action or lease, or lend if there is a contractual condition requiring proceeding or to do any other act that in its opinion may the delivery of marketable title. be necessary or desirable to establish the Title, as 2. CONTINUATION OF INSURANCE insured, or to prevent or reduce loss or damage to the The coverage of this policy shall continue in force as of Insured. The Company may take any appropriate action Date of Policy in favor of an Insured, but only so long as under the terms of this policy, whether or not it shall be the Insured retains an estate or interest in the Land, or liable to the Insured. The exercise of these rights shall holds an obligation secured by a purchase money not be an admission of liability or waiver of any provision Mortgage given by a purchaser from the Insured, or only of this policy. If the Company exercises its rights under so long as the Insured shall have liability by reason of this subsection, it must do so diligently. warranties in any transfer or conveyance of the Title. (c) Whenever the Company brings an action or This policy shall not continue in force in favor of any asserts a defense as required or permitted by this policy, purchaser from the Insured of either (i) an estate or the Company may pursue the litigation to a final interest in the Land, or (ii) an obligation secured by a determination by a court of competent jurisdiction, and it purchase money Mortgage given to the Insured. expressly reserves the right, to appeal any adverse 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED judgment or order. CLAIMANT 6. DUTY OF INSURED CLAIMANT TO COOPERATE The Insured shall notify the Company promptly in writing (a) In all cases where this policy permits or (i) in case of any litigation as set forth in Section 5(a) of requires the Company to prosecute or provide for the these Conditions, (ii) in case Knowledge shall come to an defense of any action or proceeding and any appeals, the Insured hereunder of any claim of title or interest that is Insured shall secure to the Company the right to so adverse to the Title, as insured, and that might cause prosecute or provide defense in the action or proceeding, loss or damage for which the Company may be liable by including the right to use, at its option, the name of the virtue of this policy, or (iii) if the Title, as insured, is Insured for this purpose. Whenever requested by the rejected as Unmarketable Title. If the Company is Company, the Insured, at the Company's expense, shall prejudiced by the failure of the Insured Claimant to give the Company all reasonable aid (i) in securing provide prompt notice, the Company's liability to the evidence, obtaining witnesses, prosecuting or defending Insured Claimant under the policy shall be reduced to the the action or proceeding, or effecting settlement, and (ii) extent of the prejudice. in any other lawful act that in the opinion of the Company 4. PROOF OF LOSS may be necessary or desirable to establish the Title or In the event the Company is unable to determine the any other matter as insured. If the Company is amount of loss or damage, the Company may, at its prejudiced by the failure of the Insured to furnish the option, require as a condition of payment that the Insured required cooperation, the Company's obligations to the Claimant furnish a signed proof of loss. The proof of loss Insured under the policy shall terminate, including any 7230626 Page 4 of 6 ALTA Owner's Policy(06/17/06)with MT Mod Copyright American Land Title Association.All rights reserved.The use of this Form is restricted to ALTA licensees and ALTA AMA members in good standing as of the date of use.All other uses are prohibited.Reprinted under license from the American Land Title Association liability or obligation to defend, prosecute, or continue any and that the Company is obligated to pay; or litigation, with regard to the matter or matters requiring (ii)To pay or otherwise settle with the Insured such cooperation. Claimant the loss or damage provided for under this (b) The Company may reasonably require the policy, together with any costs, attorneys' fees, and Insured Claimant to submit to examination under oath by expenses incurred by the Insured Claimant that were any authorized representative of the Company and to authorized by the Company up to the time of payment produce for examination, inspection, and copying, at such and that the Company is obligated to pay. reasonable times and places as may be designated by Upon the exercise by the Company of either of the the authorized representative of the Company, all options provided for in subsections (b)(i) or (ii), the records, in whatever medium maintained, including Company's obligations to the Insured under this policy for books, ledgers, checks, memoranda, correspondence, the claimed loss or damage, other than the payments reports, e-mails, disks, tapes, and videos whether required to be made, shall terminate, including any bearing a date before or after Date of Policy, that liability or obligation to defend, prosecute, or continue any reasonably pertain to the loss or damage. Further, if litigation. requested by any authorized representative of the 8. DETERMINATION AND EXTENT OF LIABILITY Company, the Insured Claimant shall grant its This policy is a contract of indemnity against actual permission, in writing, for any authorized representative monetary loss or damage sustained or incurred by the of the Company to examine, inspect, and copy all of Insured Claimant who has suffered loss or damage by these records in the custody or control of a third party reason of matters insured against by this policy. that reasonably pertain to the loss or damage. All (a) The extent of liability of the Company for loss information designated as confidential by the Insured or damage under this policy shall not exceed the lesser of Claimant provided to the Company pursuant to this (i) the Amount of Insurance; or Section shall not be disclosed to others unless, in the (ii)the difference between the value of the reasonable judgment of the Company, it is necessary in the administration of the claim. Failure of the Insured Title as insured and the value of the Title subject to the Claimant to submit for examination under oath, produce risk insured against by this policy. any reasonably requested information, or grant (b) If the Company pursues its rights under Section permission to secure reasonably necessary information of these Conditions and is unsuccessful in from third parties as required in this subsection, unless establishing the Title, as insured, prohibited by law or governmental regulation, shall o (i) the Amount of Insurance shall be increased terminate any liability of the Company under this policy as by 10/o, and to that claim. (ii)the Insured Claimant shall have the right to 7. OPTIONS TO PAY OR OTHERWISE SETTLE have the loss or damage determined either as of the date the claim was made by the Insured Claimant or as of the CLAIMS; TERMINATION OF LIABILITY date it is In case of a claim under this policy, the Company shall settled and paid. have the following additional options: (c) In addition to the extent of liability under (a) (a) To Pay or Tender Payment of the Amount of and (b), the Company will also pay those costs, attorneys' fees, and expenses incurred in accordance with Sections Insurance. To pay or tender payment of the Amount of Insurance 5 and 7 these Conditions. under this policy together with any costs, attorneys' fees, 9. LIMITATION OF LIABILITY and expenses incurred by the Insured Claimant that were (a) If the Company establishes the Title, or removes the alleged defect, lien, or encumbrance, or authorized by the Company up to the time of payment or tender of payment and that the Company is obligated to 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 pay. reasonably diligent manner by any method, including Upon the exercise by the Company of this option, all litigation and the completion of any appeals, it shall have liability and obligations of the Company to the Insured fully performed its obligations with respect to that matter under this policy, other than to make the payment and shall not be liable for any loss or damage caused to required in this subsection, shall terminate, including any the Insured. liability or obligation to defend, prosecute, or continue any (b) In the event of any litigation, including litigation. litigation by the Company or with the Company's consent, (b) To Pay or Otherwise Settle With Parties Other the Company shall have no liability for loss or damage Than the Insured or With the Insured Claimant. until there has been a final determination by a court of (i) To pay or otherwise settle with other competent jurisdiction, and disposition of all appeals, parties for or in the name of an Insured Claimant any adverse to the Title, as insured. claim insured against under this policy. In addition, the Company will pay any costs., attorneys' fees, and (c) The Company shall not be liable for loss or expenses incurred by the Insured Claimant that were damage to the Insured for liability voluntarily assumed by authorized by the Company up to the time of payment the Insured in settling any claim or suit without the prior written consent of the Company. 7230626 Page 5 of 6 ALTA Owner's Policy(06/17/06)with MT Mod Copyright American Land Title Association.All rights reserved.The use of this Form is restricted to ALTA licensees and ALTA AME- members in good standing as of the date of use.All other uses are prohibited.Reprinted under license from the American Land Title Association I--- 10. REDUCTION OF INSURANCE; REDUCTION OR (d) Each endorsement to this policy issued at any TERMINATION OF LIABILITY time is made a part of this policy and is subject to all of its All payments under this policy, except payments made terms and provisions. Except as the endorsement for costs, attorneys'fees, and expenses, shall reduce the expressly states, it does not (i) modify any of the terms Amount of Insurance by the amount of the payment. and provisions of the policy, (ii) modify any prior 11. LIABILITY NONCUMULATIVE endorsement, (iii) extend the Date of Policy, or (iv) The Amount of Insurance shall be reduced by any increase the Amount of Insurance. amount the Company pays under any policy insuring a 16. SEVERABILITY Mortgage to which exception is taken in Schedule B or to In the event any provision of this policy, in whole or in which the Insured has agreed, assumed, or taken part, is held invalid or unenforceable under applicable subject, or which is executed by an Insured after Date of law, the policy shall be deemed not to include that Policy and which is a charge or lien on the Title, and the provision or such part held to be invalid, but all other amount so paid shall be deemed a payment to the provisions shall remain in full force and effect. Insured under this policy. 17. CHOICE OF LAW; FORUM 12. PAYMENT OF LOSS (a) Choice of Law: The Insured acknowledges When liability and the extent of loss or damage have the Company has underwritten the risks covered by this been definitely fixed in accordance with these Conditions, policy and determined the premium charged therefor in the payment shall be made within 30 days. reliance upon the law affecting interests in real property 13. RIGHTS OF RECOVERY UPON PAYMENT OR and applicable to the interpretation, rights, remedies, or SETTLEMENT enforcement of policies of title insurance of the (a) Whenever the Company shall have settled jurisdiction where the Land is located. and paid a claim under this policy, it shall be subrogated Therefore, the court or an arbitrator shall apply the law of and entitled to the rights of the Insured Claimant in the the jurisdiction where the Land is located to determine Title and all other rights and remedies in respect to the the validity of claims against the Title that are adverse to claim that the Insured Claimant has against any person the Insured and to interpret and enforce the terms of this or property, to the extent of the amount of any loss, costs, policy. In neither case shall the court or arbitrator apply attorneys' fees, and expenses paid by the Company. If its conflicts of law principles to determine the applicable requested by the Company, the Insured Claimant shall law. execute documents to evidence the transfer to the (b) Choice of Forum: Any litigation or other Company of these rights and remedies. The Insured proceeding brought by the Insured against the Company Claimant shall permit the Company to sue, compromise, must be filed only in a state or federal court within the or settle in the name of the Insured Claimant and to use United States of America or its territories having the name of the Insured Claimant in any transaction or appropriate jurisdiction. litigation involving these rights and remedies. 18. NOTICES,WHERE SENT If a payment on account of a claim does not fully cover Any notice of claim and any other notice or statement in the loss of the Insured Claimant, the Company shall defer writing required to be given to the Company under this the exercise of its right to recover until after the Insured Policy must be given to the Company at: P.O. Box Claimant shall have recovered its loss. 45023, Jacksonville, FL 32232-5023. (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. THIS SECTION IS INTENTIONALLY DELETED 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT (a) This policy together with all endorsements, if any, attached 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. 7230626 Page 6 of 6 ALTA Owner's Policy(06/17/06)with MT Mod Copyright American Land Title Association.All rights reserved.The use of this Form is restricted to ALTA licensees and ALTA AM6- members in good standing as of the date of use.All other uses are prohibited.Reprinted under license from the American Land Title Association � SPECIAL WARRANTY DEED � FOR VALUE RECEIVED, P/\UL A. \8[JL|CF|. Trustee of the Paul A. Vio|kJh Trumt, an to an undivided ninety percent (90Y6) interest and JEFFERY CYNBLL, Successor Trustee of the 1988 \/omti TnJst, an to an undivided ten percent (10Y6) iD8aneot the GrGO0ona, do hereby grant, bmrgain, meU, convey and confirm unto MEDICAL ARTS BUILDING LLC, a [)e|avxmna limited liability company of 300 N. Wilson Ave.. Bozennan, MT 59715. the - Grantee and its 8uuooSSora and aaaigOg, the fo||ovviAQ described premises in Go||�Un County, Montana, to-wit: ^ Lots '1. 2, 3. 4' 5' 0. 7. 8, Q' 10. 11 and 12in Block 3ofBemU Addition to Bozemen. Montana and Lots 13, 14, 15, 16' 17, 18. 19. 20, 21, 22. 23. and 24 in Block 3 of BmaU's Third Addition to Bozeman, Montana together with 81/2foetpf vacated North Willson Avenue lying west of said Lots 13to 24 inclusive in said Block and adjacent thereto vacated by Ordinance No. GGA, recorded in Book 13 of Miscellaneous, page 123, together with that certain alley vacated by ordinance No. 393. recorded in Film O of K8ieoe||oneoum. page 1449. records of Go||eUn County. Monteno, all according to the official plat thereof on file and of record in the office of the County Clerk and Recorder, Gallatin County, Montana. [Plat C-44-Al AND Lots 1, 2, 3' 4, 5, 6, 7, 8. S and 10 in Block of BomU'o Third Addition to BOz9[OaO. Montana together with a strip of land 8|6feet in width lying East of and adjoining said Lots 1-10 inn|uoive, vacated for street purposes by Ordinance No. 669 of the City of Bozernan, xvh|oh ordinance was recorded May 11. 1946 in Book 13 of Miscellaneous, page 123 records of Gallatin County, yWontone, all mncond|ng to the official plat thereof on file and of - record in the Office of the C0VOb/ Clerk and Recorder Of Ga!|GbD C04Db/, Montana. SUBJECT TO: all reservations and restrictions in prior conveyances or in patents - from the United States or the State of Montana; existing emeennon1m, encroachments and rights of vvmy of record and those which would be disclosed by an examination of the _ property; mineral, oil and gas and royalty reservations,conveyances and leases of record; all nao| property taxes and eanenennento for the current year and subsequent yearn; and � ' ^ / � | all building and use reathntinno, covenonts, aQreemento, requirennento, notices, vvmivaro. and conditions ofrecord. TO HAVE AND TO HOLD the said pnennimem' with their appurtenances unto the Said Grantee and its successors and assigns forever. And the said Grantors do hereby covenant to and with the said Gr8Otea, that they are the owners in fee simple of said premises; that they are free from all encumbrances except those limitations set forth above, and that they will specially warrant and defend all right, title and interest in and to the said premises acquired by Grantors and the quiet and peaceful possession thereof. unto the Grsntee, its successors and mao|gnm, against all and every person or persons, whomsoever, lawfully claiming or to claim the same based upon acts of the Grantors and no other. u8| 2019. � P�ul A. Violich, Trustee of the Paul lich Trust A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not _ the truthfulness, accuracy, or validity of that document. STATE [}FCALIFORNIA ) � 8a. County of \ � � On this dav neme. e Notary Public |n and forgaid State, personally appeared PAQLA. \8OL|CH. T - the PGW| A. Vio|ich T[USt, who proved to rna on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that hmexecuted the SaDl8 in his authorized capacity, and that by his signature on the �~ instrument the person, or the entity upon behalf of which the person acted, executed the instrument. | certify under PENALTY OF PERJURY under the (mvvo of the State of California that the foregoing paragraph ia true and correct. WITNESS Dly hand and official seal. � COMM.xc17e143 ^ Sign atu�� (Seal) NOTARY PUBLIC-CALIFORNIAZ ^- _--_ --_-.........-_-_—'___-____--_- �