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HomeMy WebLinkAbout03- Closing Documents - Mandeville PropertyI I l I l l l l I I i r I I l ! I l I I I I MTE --- --- MONTANA TITLE & EscROW A MOTHER LODE COMPANY -.MTE ------ ~ -- MONTANA Tt1LE & 'EsCROW i\ 'Mo ttiT-1-? l r\OE COMPA N~ Gail D. Huls Escrow Officer I (406) 587-7702 • Fax (406) 587-2891 ghuls@montanatitlecompany.com 777 East Main St., Suite 101 • Bozeman, MT 59715 CLOSING DOCUMENTS I : I I I I I I I A. Final Settlement Statement 8. U.S. Department of Housing and Urban Del·elopmeut OMS No.2502-0265 Type of Loan 1. [ J FHA 2 . [ J FMHA 3. [ J CONV UN!NS. , 6. File Nunber r· Loan Nunbe r 18. Mortgage l nsur ance Case Nunber 4. [ J VA 5. [ J CONV INS. 70-1806 c. Note: This form is furnished to give you a stutement of actual settlement costs. Amounts poid to und by the settlement agent arc shon11. Items marked ("p.o.c'') were poid outside the closing; they are shown here for informational purposes and are not included in the totals. F. Name and Address of Lender D. Name and Address o f Borrower E. Name and Address of Sel l er C l TY OF BOZEMAN AMERICAN EOUITY EXCHANGE, INC. 411 EAST MAIN 8 SOUTH IDAHO STREET, STE c BOZEMAN, MT 59715 DILLON, MT 59725 G. Property Location: H. Settlement Agent REDIHNG DRIVE MONTANA TITLE AND ESCROW, INC . BOZEMAN, MT 59718 Place of Settlement l. Settlement Date 777 EAST HAl N STREET, SUITE 101 BOZEMAN, MT 59715 J; SllM~JAltY OF' llOR"R.()WEli!S 'rltANSA:cTlON tt StJMMAif1' 0f'SELl.J$lt:S1'RANS¥JfioJ'i 100. Gross Amount Due From Borrower: 400. Gross Amount Due To Seller : 101 . Contract sal es price 2, 637, 040.00 401. Contract sales pri ce 102. Personal property 402. Pers onal proper ty 103 . Sctt l ement charges to borrower Cline 1400) 212.00 403. 104. !SA Amounts 50,000 . 00 404. 105. 405. $DJUSTI\lENrSFbii'fi'SliiS l'AlP ltV SELLE~ lNADV~ ~PJ0$'1'~'11<NTS f OJt"lTEl\{S P)\jD Ji:f$.j::~tt:R 1N APV ~'NCE 106. Ci ty/town taxes 107. County taxes 108. Assessments 109. 110. 111. 112. 120. Gross Amount Due Frout Borrower 2,687, 252.00 zoo AM OWl'S P! ll)IJYOR JN Bl"Jf.U.f OF llOit:ROW~R 201. Oepos i t or earnest money 202. Prine i pal amount of new loan(s) 203. Existing l oan<s > taken s ubject to 204. Addi tiona l Deposits 205. EARNEST MONEY 206 . 207. 208. 209. .\DJUSTI\lENrsFO'R H'~!SUNPAIP·llY~Ltt~ 210. Ci tY/town taxes 211. County taxes f r om 01-01·2003 to 07- 29-2003 212. Assessments L. SETTt'EMEN' <:liAlWES:· 700. Total Sales/Broker's Coamission based on pr ice Paid from Paid From I Di vis ion of cO<liTliss i on (l ine 700) as follows: $ 2,637,040.00 @ % Borrower 1 s Seller ' s 701. funds at Funds at 702. Settlement Settlement 703 . Coomission paid at sett l ement 704. 705. 706. SOQ. ITEMS l'<\Yi\;BLE ~N~O!'ffle(:TI()N WJT~L()AN 801. Loan or igination fee 802. Loan discount fee 803. Appraisal fee 804. Credit report 805. Lender• s i nspection fee I 806. Assumpt i on fee 807. 808. 809. 810. 811. 812. 8 13 . 814. 9oo: lTEl\iS~QU!ll"ED llYLPffiJ;:R"TO lt'f: l'AlUlN:4!>YANct; 901. Interest f r om 902. Mortgage insurance premi~.n 903. Hazard insurance premiun I 904. I 905. lOGO. ~ESJi:lWES bEPOSlTElHV(ttft)ONbE~ 1001. Hazard 1 nsurance 1002. Mortgage insurance 1003. City proper t y taxes 1004. County property taxes 1005. Annual assessments (maint.) 1006. 1007. 1008. 1009. 1010. I ltQO. 'tl'rt~CH,A,RGES 1101. Settlement or closing fee 200.00 1102. Abs t ract or tit l e search 1103. Ti tle examination 1104. Title insurance binder 1105. Oocunent prepara tion 1106. Notary fees 1107. Attorney's fees includes above items no . : I 1108. Title i nsurance includes above items no.: 1109. lender 's coverage 1110. Owner • s coverage S2,637,040.00 1111 . 1112. 1113. 1207. 1208. 1209. 1210. 1211. 1301. survey 1302. Pest inspect ion 1303. 1304. 1305. 1306. 1307. 1308. 1309. 1310. 131 1. 1312. 1313. i 1314. 1315. 1400. Tot al settlement charges (enter on lines 103, section J and 502, secti on K) 212.00 To the be~i of my knowledge, the HUD·l Seulement Statement, which I hal·e prepared is a lrue and accurate account of the funds which were received and have been or will be disbursed by the undersigned as part or the settlement or this transaction. I U DATE Form HUO.US.3 Escrow: 70 · 1806 I ' o.oo I I ' MONTANA TITLE AND ESCROW, INC. HUD-1 Settlement Statement Continued Escrow# 70·1806 By. j \ CITY OF BOZEMAN, CLARK JOHNSON, CITY MANAGER Mailing Address: --------------------------- Phone: ron J:M).D . BIG {l /lOOS) . . MONTANA TITLE AND ESCROW COMPANY, INC. 777 EAST MAIN STREET, SUITE 101 BOZEMAN, MT 59715 Phone: 406-587-7702 Fax: 406-587-2891 Date: July 28, 2003 Escrow No.: 70-1806-GDH Escrow Officer: Gail D. Huls Property Address: REDWING DRIVE BOZEMAN, MT 59718 BUYER'S INSTRUCTIONS MONTANA TITLE AND ESCROW COMPANY, INC., a Montana Corporation, is licensed to perform escrow services by the State of Montana. It is understood, by the parties hereto, that when the term "Escrow Holder" is used throughout these instructions it is always referring to Montana Tille and Escrow Company, Inc. unless specifically stated otherwise. 1/We hand you herewith: Cashier's Check or Verifiable Funds in the Amount of $3,404,960.16 Read and Approved Copy of Tille Commitment Faa Fir pia tlotic• You are hereby authorized to deliver and/or record all said documents and disburse said funds, together with the proceeds of any deed of trust mentioned, on account for the purchase price of the real property described in your above numbered escrow and on account for the other costs, tees and adjustments in connection therewith. When you can issue your Standard ALTA Owners of Tille Insurance in the amount of $2,637,040.00. Title to be as vested in the name of: CITY OF BOZEMAN SUBJECT TO: 1. All printed exceptions and conditions in the policy. 2. All general and special taxes not delinquent. 3. The lien of supplemental taxes which may be assessed as a result of a revised assessed values. 4. Bond and/or Special Assessments not delinquent. 5. Covenants, Conditions, Restrictions, Easements, Reservations now of record. 6. 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16 as shown on Title Commitment dated June 27, 2003. Prorate as of Date of Recording (est. 07-29-2003); (X) - Real Property Taxes (based on lastest available tax bills) The undersigned Buyer acknowledges that he/she has received and read a copy of the Title Commitment Order No. 70-1806. Seller to acknowledge that the information contained in the Preliminary Report is correct to the best or his/her knowledge. These instructions are effective until revoked by written demand on you by the undersigned or any one of them. I hereby agree to pay all my proper costs and fees, including any adjus tments, and request you to remit balance to me at the address shown below. THE UNDERSIGNED HAS READ AND APPROVED THE GENERAL PROVISIONS ATTACHED HERETO AND MADE NOTED AS ADDENDUM #2. Buyer's estimated settlement statement attached hereto and made a part hereof. BUYER: ~ J j CITY OF BOZEMAN Mailing Address: _____ _________________ _ Phone: Received MONTANA TITLE AND ESCROW , IN,C . .-.,a By: TI1 Date: ·- / ·O"')·tY'S Time: _ _ _ Pogo I of3 I Escrow No. 70-1806-GDH Property Address: REDWING DRIVE BOZEMAN, MT 59718 GENERAL PROVISIONS (Addendum #2) 1. DEPOSIT OF FUNDS AND DISBURSEMENTS . . . . . All funds deposited in tltl.-; escrow from any source shull be <.leposlted by escrow holder m a non· inter~st beanrJg demand account ~r CH.'t"OlUJts in a state or naUunal bank or ,sa\;ngs and loan association . The ~e~~iturs, utay. at tlterr eJe,!tior~. re~ucst ~eyo_s1 t of luuds ~~ <Ul interest bearirJg account and escrow holder may charge a fee for estabhsWug such accotUlt. ~te <.lepo:;lt ol fund:; lll a norHnt~rest bearing account by escrow hohler may re:sult in eocruw holtler receiving a range of economic bcnellts from banlt. 1n the _form ot service~, t:rcdlts. la~nellts. or other thi.ng~ of value. All djshursernent :;hall be rnade by Escrow Holder's check unless othenvi5e Instruc ted 111 writing. 2. PRORATIONS AND ADJUSTMENTS . . . . , , All promtions and/or adjustments called for in this escrow are to be made on the basts of a tWrty (30) day month unle:;s otherwise in~truded in writiJJg. n 1e phrase "close of escrow" (C.O.E.) as used in this e~crow means the date on wh1ch do~umcut~ are recorded and relate only to proration and/or adjustmeuts uuless otherwise specified. 3. RECORDATION OF INSTRUMENTS Escrow Holder is a uthorized to record any documents delivered through tltls escrow, if necessary or proper for the issuance of the requested poliey of title insurance. Recordation of documents shall be construed as ''close of escrow" unless otherwise spcc!ncd In Utese i11,:-;truetions 4 . AUTHORIZATION TO FURNISH COPIES Escrow Holder is authorized to furnish l!op ies of U1ese tn.stn.J.ctions, supplements, amendments or noUces of cam:cllations, and closing statemeu ts in this escrow. to the real e ~tate brol<er(s). leruler(s). attomey(s). aecowttant(s) involved in this escrow as well as the title Insurer issuiug any requested pollcy(ie$) of title iusurance upon the request o[ ,;aid lenders, real estate brokers. allomeys, accouutants and title insurer. 5 . PERSONAL PROPERTY TAXES No examination, tJCC ~earch or Insurance as to personal property and/or the amount of payment of personal property ta.xes is required W1le&; utllcn.v:ise instructed in writing 6. PROPERTY TAXES &.crow llolder will prorate taxes on real property based on the latest avaJlable tax figures. 7 ACTION IN INTERPLEADER OR OTHER COURT PROCEEDINGS 111c priudpals hereto expressly agree that you, as &.crow Hol<.ler, have the absolute right at your election to file an action In lnterpleudcr requlriug the principals to aru,"Wer and litigate their several claims and rights tlmong themselves and you are authori.Wd to deposit with U1c clerk of the court all documents and fwKis held in escrow. In the event such action is filed, the principals jointly and severally agree to pay your cancellation charges and costs, expenses cmd reasonable attorney's fees which you are required to expend or incur in ~uch u1terpleader action, the wnount thereof to be fixed and judgment therefor to be render ed by the court. Upon the filing of such action, you s hall thereupon be fully released and d ischa rged from all obligations to further perform any duties or obligations otherwise imposed by the terrus o t this escrow. If you are required to respond to any legal summons or p roceedlngs or if any action of Interpleader or declaratory relief Is brought by you, we jointly a nd severally agree to pay aU costs, expenses. and reasonable attorneys· fees expended or Incurred by you, and a lien is hereby <'reated in your company's favor to cover said items. We agree to save you harmless as escrow holder hereunder from all loS:! and expense . including reasonable attorneys' fees and court costs sustained by reason of any legal action or otherwise, which may In any way >~rklc out of thb escrow, he fore or aller closllJg. not:witlJstanding anythitJg In these instructions to the contrary. 8 . TERMINATION OF AGENCY OBLIGATION AND PAYMENT OF FEES AND CHARGES If U1ere ts no ad ion ta1ten on thl::; escrow w ilhin three (3) mouths after U1e estimated ciO$ing dnte as shown ou the escrow inslrucUons or auy written extenslous thereof, Escrow Holder's agency obligation shall tennlnate at Escrow Holder's option, and Escrow Holder s hall prepare cuttccllatlou Instructions for all parties ln the manner set forth Section 7 (interpleader). NoUilng in this section limits or revokes Escrow Holder's right to Ole an interpleader or iosUtute oU1er legal action pursuant to paragraph lO of these General Provisions. 9. CONFLICTING INSTRUCTIONS Should Escrow Holder belore or ><fier close of escrow receive or become aware of any conflicting demands or claims \vil11 respect to Utis e&,row or the rights of any of Ute parties hereto, or any money or property deposited herein or affected hereby, Escrow Holder shall have lite right to discontinue any or a ll further acts on Escrow Holder's part until the conflict Is resolved to &.crow Holder's satisfaction. IO. ABANDONED, UNCLAIMED OR DISPUTED FUNDS Any fu n<.ls held by Escrow Holder after close of escrow, or after conflicting demands have been made to &.crow Holder regarding the funds, or ill1y funds a bandoned or remaining unclaimed shaU be assessed a holding fee of $15.00 per month, which may be with drawn trom Ute funds on deposit. Any such fwl<ls described in this paragraph shall be ma intained pursuant to paragraph 1 of these Gencrd! Provisions, unless otherwise instructed by tite principals in writing. After three years, the remaJnirJg amount of any unclaimed or abandoned fund" may escheat to ti1e State of Montana. NoUting in this section limits or evokes the right of Escrow Holder to file an interpleader or ot.hcr courl acUou pursuant to these Gene.ral Provisions. I 1. INSURANCE POLICIES OTHER THAN TITLE INSURANCE When dealing wiUt real property and/or Improvements located Utereon It Is advisable to obtain fire, hazard or Uabllity Insurance coverage. 15 FACSIMILES In the event the parties to the t ransaction transrnit signed documents or Instructions (other than those docun1ents which n1ust be recorded and bear original n otarized s ignatures) to &:;crow Holder by [acsirnile, Escrow Holder may rely on said documents or instrucUons in the same tn<unter as If Utey bore original :oignatwes. Upon Escrow Holder's request. the party tn.1nsmitting the facsirnile docwneut or instruction wtll provide E.st~row HoJder the original of the document or instruction w hich bears ortgU1al sigua1ures within 72 hours after transntission. ALL PARTIES SIGNING TillS AGREEMENT HEREBY ACKNOWLEDGE RECEIPT OF A COMPLETE COPY OF THE ESCROW INSTRUCTIONS AND BY OUR SIGNATURES SET FORTH BELOW, ACKNOWLEDGE THAT WE HAVE READ, UNDERSTAND AND AGREE TO BE BOUND BY THE TERMS AND CONDITIONS CONTAINED THEREIN, IN THEm E NTIRETY. THESE INSTRUCTIONS MAY BE EXECUTED IN COUNTERPARTS, EACH OF WHICH SHALL BE DEEMED AN ORIGINAL REGARDLESS OF THE DATE OF ITS EXECUTION AND DELIVERY AND ALL SUCH COUNTERPARTS TOGETHER SHALL CONSTITUTE ONE DOCUMENT. Date: -] 9X'i ·Q? BF=CITY -- OF J BOZEMAN ~ = Pagd of 3 0:\Byrsl\g.doc 16/200)) m ' MTE MONTANA TITLE & ESCROW A MOTHER LODE COMPANY Date: July 28, 2003 Escrow No.: Property: 70-1806-GDH REDWING DRIVE, BOZEMAN, MT 59718 We, the undersigned parties in the above referenced transaction hereby acknowledge receipt of a copy of the following items and have read and approved a copy of the same. (X) Title Commitment report (X) C, C, & R's ( ) Homeowner's Association Documents (By-laws, Financial Statements, Rules & Regulations and Articles of Incorporation) CITY OF BOZEMAN Page 1 of 1 - 7/28/03 Prcrccpt( 8/01) ( r Placer Title Company, Central Valley Title Company, North Idaho Title Insurance Company, Montana Title and Escrow, National Closing Solutions, NCS Exchange Professionals PRIVACY POLICY NOTICE Purpose Of This Notice Title V of the Gramm-Leach-Bliley Act (GLBA) generally prohibits any financial institution, directly or through its affiliates, from sharing nonpublic personal information about you with a nonaffiliated third party unless the institution provides you with a notice of its privacy policies and practices, such as the type of information that it collects about you and the categories of a persons or entities to whom it may be disclosed. In compliance with the GLBA, we are providing you with this document, which notifies you of the privacy policies and practices of: Placer Title Company, Central Valley Title Company, North Idaho Title Insurance Company Montana Title and Escrow, National Closing Solutions, NCS Exchange Professionals We may collect nonpublic personal information about you from the following sources: * Information we receive from you , such as on applications or other forms. * Information about your transactions we secure from our files, our affiliates or others. *Information we receive from a consumer reporting agency. * Information we receive from others involved in your transaction, such as the real estate agent or lender. Unless it is specifically stated otherwise in an amended Privacy Policy Notice, no additional nonpublic personal information will be collected about you. We may disclose any of the above information that we collect about our customers or former customers to our affiliates or to nonaffiliated third parties as permitted by law. We also may disclose this information about our customers or former customers to the following types of nonaffiliated companies that perform marketing services on our behalf or with whom we have joint marketing agreements: * Financial service providers such as companies engaged in banking, consumer finances , securities and insurance. * Non-financial companies such as envelope stuffers and other fulfullment service providers. WE DO NOT DISCLOSE ANY NONPUBLIC PERSONAL INFORMATION ABOUT YOU WITH ANYONE FOR ANY PURPOSE THAT IS NOT SPECIFICALLY PERMITTED BY LAW. We restrict access to nonpublic personal information about you to those employees who need to know that information in order to provide products or services to you. We maintain physical, electronic and procedural safeguards that comply with federal regulations to guard your nonpublic personal information. 'PRIVACY.BBCROW (8/2002) WARRANTY DEED THIS INDENTURE is made and entered into on the dB_ day of, ~ ! .J ~ , 2003, by and between JOHN M. MANDEVILLE and DONNA R. MANDEVILLE, ~ 1121 Mandeville Lane, Bozeman, MT 59715, Grantors, and CITY OF BOZEMAN of 411 East Main, Bozeman, MT 59715, Grantee. WITNESSETH: That the Grantors do by these presents grant, bargain, sell, convey, warrant, and confirm unto the Grantee, and to its successors and assigns, forever, that certain real property, situated in the County of Gallatin, State of Montana, particularly described as follows: TRACT 1-A, TRACT 3-A AND TRACT 4-A OF CERTIFICATE OF SURVEY NO. 2153, SITUATED IN THE NW!4 OF SECTION 36, TOWNSHIP 1 SOUTH, RANGE 5 EAST, P.M.M., GALLATIN COUNTY, MONTANA, ACCORDING TO THE OFFICIAL PLAT THEREOF ON FILE AND OF RECORD IN THE OFFICE OF THE COUNTY CLERK AND RECORDER OF GALLATIN COUNTY, MONTANA. TOGETHER WITH alllenements, hereditaments, and appurtenances thereunto belonging or in anyway appertaining. THIS CONVEYANCE IS SUBJECT TO THE FOLLOWING: (a) Real property taxes and assessments for 2003, and real property taxes and assessments for all subsequent years; (b) Easements for utilities, ditches, streams, canals, or roads as they may be located over, along, and across the subject property, now of record or apparent from physical examination and inspection of the premises; (c) All outstanding interests and reseNations pertaining to oil, gas, coal, and other minerals reseNed or conveyed by Grantors' predecessors in title, if any; {d) Federal, state, and local laws and regulations, including zoning, building, and land use regulations affecting the premises, if any; {e) Matters shown on Certificate of SuNey Nos. 939, 1723 and 2153; (f) Relinquishment of access to State Highway, and of light, view and air by deed to the Stale of Montana, recorded February 6, 1964, Book 144 of Deeds, page 583, official records; (g) Terms and Conditions of the Waiver of Annexation, recorded May 29, 1980, Film 56, Page 1020, official records; (h) Terms and conditions of the State of Montana Department of Health and Environmental Sciences Certificate of Subdivision Plat Approval, recorded October 31, 1980, Film 59, page 495, official records; (i) Designation of a controlled groundwater area by Department of Natural Resources recorded July 27, 1998 in Film 187, page 2329, official records; (j) Memorandum of Lease with Option, dated May 15, 2000, by and between, John M. Mandeville and Donna A. Mandeville, as Lessor, and WWC Holding Co., Inc., as Lessee, H:\63090\001\SK5424.WPD Warranty Deed · Page 1 recorded October 15, 2001 , as Document No. 2050420, official records, and on the terms and conditions contained therein and an unrecorded lease referred to therein; (k) Statement of covenants and the conditions and provisions set forth therein, recorded January 9, 2001 , as Document No. 2028101, official records; (I) The terms, conditions and provisions as contained in the Agreement entitled "Water Pipeline and Access Easement and Agreement", by and between John M. Mandeville and Donna R. Mandeville, and City of Bozeman, dated June 13, 2001, recorded April17, 2002, as Document No. 2066505, official records; (m) Lack of means of ingress and egress to a public road due to the location of a railroad right-of-way between the subject property and a public land; and (n) Access and utility easement over Tract 1-A of Certificate of Survey No. 2153 dated _ ___ _ __ , 2003, and recorded as Document No. of the official records of Gallatin County, Montana. TO HAVE AND TO HOLD, all and singular, the above described premises unto Grantee, and to its successors and assigns FOREVER. And the Grantors do hereby covenant that they warrant and defend all right, title, and interest in and to the said premises and to quiet and peaceable possession thereof, unto the Grantee and its successors and assigns, against the acts and deeds of the Grantors, and all and every person or persons, whomsoever, lawfully claiming or to claim the same. IN WITNESS WHEREOF the Grantors have executed this instrument the day and year first hereinabove written. DONNA R. MANDEVILLE STATE OF MONTANA :ss. COUNTY OF GALLATIN ) On this .;?<J~y of (L.<~~ ..... · , 2003, before me, the undersigned officer, personally appeared John r« Manct ~ille and Donna R. Mandeville, known to me to be the persons whose names are subscribed to the within instrument and acknowledged to me that they executed the same for the purposes therein contained. IN WITNESS WHEREOF, I have hereunto set my hand and official seal the day and year in t~iit.lillli\l~ument first above written. \\1\ It;; "-''' \ \.. 0 . f./ u 1////. .4 -1 $' o'i'-.· "·· .(.s>~ L.W.>:::)-1\ rsJAl.:J~ 0 TAR 1-4 ~· ·. \_ -N-ot_a_ry.P."P "'u.<.>..b'-i~(0f'-'t-'o""'r ~th_e_S__ta-te_o_f_M_o_n_ta_n_a __ _ Print Name: _ _ ________ _ _ L ~*· ('f-;'lf : .. ,~ %<.P·· JL J.~,..-J. ~ .¥ ~~· . . . ~~.f ~ 7/,' t:.. • ••• • :\'i""' ~ ''OFMO\~ ~ '/111 / IIIJJJJ11lll\l\l\\\' H:\63090\001\SK5424.WPQ _ • Residing at: My Commission Expires:·l.. :?\. . dwl.. Gail D. Huls Notary Pulllic fer In~ St~te of ~ontana Residing al Ooze(\1,\n t11on1ano My Commission ~Y;§Ift'!fl.lYn9~~ 2(JOOJ e 2 ASSIGNMENT OF COMMERCIAL BUY SELL AGREEMENT THIS ASSIGNMENT is entered into by and among John M. Mandeville and Donna R. Mandeville, as tenants in common, herein called "Transferor", American Equity Exchange Inc., a Montana Corporation, herein called "Transferee", and City of Bozeman, herein called "Consenting Party". RECITALS: WHEREAS, Transferor and Consenting Party heretofore entered into that certain Commercial Buy Sell Agreement, a copy of which, together with all addenda, exhibits and amendments thereto, is attached as Exhibit "A", wherein Transferor agreed to transfer certain real property located in the State of Montana, County of Gallatin, more particularly described as Tract 1-A, Tract 3-A and Tract 4-A of Certificate of SuNey No. 2153, a tract of land being Tract A of Certificate of SuNey No. 939 and Tracts 1 and 3 of Certificate of SuNey No. 1723 situated in the NW% of Section 36, Township 1 South, Range 5 East, P.M.M., Gallatin County,Montana, according to the official plat thereof on file and of record in the Ooice of the County Clerk and Recorder of Gallatin County, Montana, hereinafter called the "Redwing Drive Property", to Consenting Party; and WHEREAS, Transferor entered into an Agreement of Exchange of Real Property and Partial Escrow Instructions with Transferee, pursuant to which Transferee agreed to acquire and transfer to Transferor certain real property designated by Transferor; and WHEREAS, Transferor desires to assign the Commercial Buy Sell Agreement to Transferee in order that Transferee may acquire Transferor's beneficial interest in the Redwing Drive Property and transfer or direct Transferor to transfer the Redwing Drive Property to Consenting Party as part of an integrated, interdependent transaction between Transferor and Transferee which qualifies for tax deferral under the provisions of Section 1031 of the Internal Revenue Code. NOW, THEREFORE, THE PARTIES MUTUALLY AGREE AS FOLLOWS: 1. Transferor hereby assigns and transfers to Transferee their rights, title and interest in the Commercial Buy Sell Agreement (except as otherwise provided herein). Consenting Party hereby consents to the assignment of the Commercial Buy Sell Agreement by Transferor to Transferee upon the terms and conditions contained in this Agreement. 2. Transferee will convey or direct Transferor to convey the Redwing Drive Property to Consenting Party pursuant to the terms and conditions of the Commercial Buy Sell Agreement. Transferee has not made or assumed, nor shall Transferee make, assume or be liable for any covenant, duty or obligation of Transferor which may remain in effect after the closing date (as defined in the Commercial Buy Sell Agreement) and Consenting Party hereby releases and discharges Transferee from and against any claim, liability or expense arising from or in connection with any such covenant, duty or obligation of ©American Equity Exchange, Inc. Transferor. Consenting Party's sole recourse shall be against Transferor with respect to any claim or allegation of Consenting Party arising from or in connection with this transaction, and Transferor shall not be relieved of responsibility for any covenant, duty or obligation agreed to by Transferor prior to this Agreement by, or as a result of, Transferee's intermediate acquisition of the Redwing Drive Property. 3. Transferee's obligation to close escrow and assume the obligations of Transferor under the Commercial Buy Sell Agreement is conditioned upon the review and approval by Transferee of the Seller's escrow instructions and any other documents related to the transaction prior to close of escrow for the transfer of the Redwing Drive Property to Consenting Party. 4. Notwithstanding the foregoing, in the event the transfer of the Redwing Drive Property to Consenting Party from Transferee does not close on or before the date set for close of escrow in the Commercial Buy Sell Agreement, unless such date is extended by written agreement of the parties hereto, this Assignment Agreement shall be null and void and the Commercial Buy Sell Agreement shall be reinstated in full force and effect between Transferor and Consenting Party without any further obligation or liability on the part of Transferee. 5. The acknowledgements and agreements of the parties set forth herein shall survive close of escrow and recordation of any deed or other instrument in connection herewith. 6. Consenting Party acknowledges Transferee has not made any warranties or representations of any kind with regard to the Redwing Drive Property and Consenting Party is not relying on any representations or information provided by Transferee. Any warranties or representations made in the Commercial Buy Sell Agreement or otherwise shall be deemed to be made directly by Transferor to Consenting Party and all rights or remedies arising from a breach thereof shall be enforced directly against Transferor. 7. This document may be executed in counterparts and shall be of the same force and effect as if one document had been signed by all parties. The parties agree that this Agreement may be signed and transmitted via facsimile and that signed documents transmitted via facsimile shall be binding upon the parties. IN WITNESS WHEREOF, the parties hereto have set their hands. QUALIFIED INTERMEDIARY: American Equity Exchange Inc. A Montana Corporation By __________________________________ __ ©American Equity Exchange, Inc. Date ____ __ Transferor(S): # a!Jlvil;/f/ aMk// )Jcrnfi1~'- If? )f_~)r-6' Donna R. Mandeville Consenting Party(S): City of Bozeman -~' i Si t ©American Equity Exchange, Inc. Date 7 .... ;? q__, o 3 Date / - _2 7-u 5 Date l -£].us RELINQUISHED PROPERTY DIRECT DEEDING INSTRUCTIONS John M. Mandeville and Donna R. Mandeville, as tenants in common ("Mandeville") and American Equity Exchange Inc., a Montana Corporation ("AEEI") have entered into an Agreement of Exchange of Real Property and Partial Escrow Instructions ("Exchange Agreement") involving the exchange of the real property located in the State of Montana, County of Gallatin, more particularly described as Tract 1-A, Tract 3-A and Tract 4-A of Certificate of Survey No. 2153, a tract of land being Tract A of Certificate of Survey No. 939 and Tracts 1 and 3 of Certificate of Survey No. 1723 situated in the NW1A of Section 36, Township 1 South, Range 5 East, P.M.M., Gallatin County,Montana, according to the official plat thereof on file and of record in the Ooice of the County Clerk and Recorder of Gallatin County, Montana, hereinafter called the "Redwing Drive Property". Upon or shortly after assignment of that certain Commercial Buy Sell Agreement dated June 23, 2003 between Mandeville and City of Bozeman ("City") to American Equity Exchange Inc., and AEEI'S acquisition of beneficial title to the Redwing Drive Property, A EEl intends to sell the Redwing Drive Property to City. Accordingly, in order to save duplicate recording fees, escrow costs and other like charges, AEEI hereby instructs Mandeville, and Mandeville hereby agrees to execute a deed to the Redwing Drive Property in favor of City. In addition, Mandeville agrees to execute any and all Bills of Sale and Assignments of Leases, transfer any security deposits, trade names and other assets comprising the Redwing Drive Property which are necessary to close the transaction described herein directly in favor of City. The above transfers are part of an integrated, interdependent, mutual and reciprocal plan intended to effectuate an exchange by Mandeville of like-kind real properties pursuant to and in accordance with the provisions of the Internal Revenue Code Section 1031. This Instrument may be executed in counterparts and shall be of the same force and effect as if one document had been signed by all parties. The parties agree that this Instrument may be signed and transmitted via facsimile and that signed documents transmitted via facsimile shall be binding upon the parties. QUALIFIED INTERMEDIARY: American Equity Exchange Inc. A Montana Corporation By ____________________________________ _ ©American Equity Exchange, Inc. Date ________ _ Date 7-~ f t1 3 Date ?- .;;c;. a 3 Donna R. Mandeville Consenting Party(S): City of Bozeman Bv;- J === ~ ~ Date l-20\ ·O':> ©American Equity Exchange, Inc. In all acts in tltis escrow relatirJg to insurance, including adjustments, If any, Escrow Holder may assume that each policy is in force and tha t the necessary premium has been paid. E:scrow Holder shall not be responsible for oblainirlg cvi<.lence of fire, hazard or liability insuraucc. unless Escrow Holder has received written Instructions prior to close of escrow from the parUes and/or tltelr respective letKJers. 12 . USURY Escrow Hokler is not to be concemcd with any question of usury in any loan or encumbrance involved in the processing of this escrow, lucludirJg any notes or loun documents prepared by Escrow Holder pursuant to our Ins tructions, and is hereby released of responsibility or liability therefor. 13. LIMITATION OF LIABILITY RE: CLERICAL OR MATHEMATICAL ERRORS In the event Escrow Holder ml.scalculates or Otiterwise malres an error in determining applicable prorations, Jn computing, paying, wtd/or obtaining lender or other payoff demands or statements, o r in determining the amount of required funds from either party for the close of escrow. such error or miscalculation shall not relieve any party from any IJabOity ,;uch party would otiterwise have had If no such error or miscalculation had been made. To the extent that Escrow Holder shall advance Its own fWldS to mitigate the effects of any miscalculation or error, Escrow Holder shall have the right to immediate reimbursement of s uch amounts advanced. together with iuterest at the rate of l O'Ib per annum on the amount a<.lvanced plus any a ttorneys' fees or collccUon lees Incurred. 14. REAL ESTATE CONTRACTS Escrow Holder Is not a purty to Ute urulcrlytng Real Estate Contract. Unless Ute Real Estate Contract also constitutes joint escrow in~tructions, which instructions have been accepted in writing by escrow holder, escrow holder accepts no responsibility to dJ&:harge conditions or contingencies of U1e contract. and then only to the extent required by that portion of the con tract whicb constitutes escrow itLStnacUor~. Pago2 of3 0:\H)'fiPk(.da.c: (612003) 1114. 1115. 1116. 1117. 1118. 1119. 1120 . 1121. 1122. ·1200. GOY~Nl\1EN'f REC(lli:J)fflGli:WTl~AN~RC!tARGE$ 1201. Recording fees: Deed $ 12.00 Mortgage $ 0. 00 Release $ 0. 00 12.00 1202. Ci ty/County Tax/Stamps: Deed $ 0.00 Mortgage $ 1203. State Tax/Stamps: Deed$ Mortgage S 1 1204. 1 1205. 1206. Form HUO .US.1 Escrow: 70· 1806 213. 214. 215. 216. 217. 218. 219. 220. Total P a id By/For Borrower 3Uo: CASHAT SEl'Tl.~MENT FROMITO J!O.RlWWE.R 301. Gross amount due from borrower (line 120) 302. Less amount paid by/for borrower Cl i ne 220) 303. CASH FROM BORROIJER Form BUYER. HUD3 Las t Updated by Last Update 50,000 .00 50,000.00 185 . 02 100,185.02 2,687 ,252 .00 100,185.02 - 2,587, 066.98 406. Ci ty/ t own t axes 407. County taxes 408. Assessments 409. 4 10. 411. 412. 420. Gross Amount Due To Seller 500. 'tiim'dCTIOli/S lN Ari.tOtmT out 'f()$f.J.tR 501. Excess deposi t (see i nst ructions) 502. Set tl ement charges to s e ller (li ne 1400) 503 . Existing loan(s) t aken s ubject t o 504. Payoff of f i rst mortgage l oan 505. Payoff of second mortgage l oan 506. 507. 508. 509 . AD.rost~fENTS Fo~ i-mM$·UNPA.lf?ll-1:' s.EU.:tR 510. City/town taxes 511. County taxes 512. Assessments 513. 514. 515. 516. 517. 518. 519. 520. Total Reduction Ju Amount Due Seller 6!)11. (;.};SllA'I'SETI'LBI\ffiNtTQIFRO)fSELLER 601. Gross amount due to seller <line 420) 602. Less total reduction in amount due seller ( line 520) 603 . CASH TO SELLER