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Schedule B-Section 2
<br />No. 13-21237
<br />Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are
<br />disposed of to the satisfaction of the Company (all clauses, if any, which indicate any preference, limitation or
<br />discrimination based on race, color, religion, national origin or other protected category are omitted from all building
<br />and use restrictions, covenants and conditions, if any, shown herein):
<br />A. GAP COVERAGE: Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing
<br />in the public records, or attaching subsequent to the effective date hereof but prior to the date the Proposed Insured
<br />acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. Note: This
<br />exception will be removed from all AL TA policies issued by Burnet Title, if Burnet Title provides insured
<br />closing services and the Company requirements as they pertain to "Gap Coverage" have been complied with.
<br />B. STANDARD EXCEPTIONS: The following Standard Exceptions will remain on all policies issued unless eliminated
<br />in whole or in part by Section B-1 or by Endorsement after the Company has completed a risk assessment which may
<br />include a lien audit, property inspection, plat drawing, or other documentation. There will be an additional service fee
<br />for any risk assessment requested.
<br />1. Rights or claims of parties in possession not shown by the public records.
<br />2. Any encroachment; encumbrance, violation, variation or adverse circumstance affecting the Title that would be
<br />disclosed by an accurate and complete land survey of the Land.
<br />3. Any Lien, or rights to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law
<br />and not shown by the public records.
<br />C. SPECIAL EXCEPTIONS:
<br />1. Any other matter including pending assessments, if any, which would be insured by the owner's title policy but was
<br />either assumed or accepted by the Buyer(s) in the deed to the Buyer(s), the Purchase Agreement; or which the
<br />Buyer(s) was aware of and did not disclose to Burnet Title in writing prior to closing.
<br />2. Assessments and charges, for utility, water, sewer fees or diseased tree removal, levied by the local municipality, to
<br />the extent that the fees were incurred prior to the date of closing and were not incurred by the party to be insured.
<br />This exception may be removed on residential transactions if Burnet Title closes the transaction and receives
<br />satisfactory disclosures and assurances.
<br />3. Easements for utility and drainage purposes, as shown on the recorded plat.
<br />4. Covenants, conditions, restrictions and provisions as set forth in Document No. 5266530, which does not contain a
<br />forfeiture or reversionary clause. (Any restrictions based on race, religion, gender or place of national origin are
<br />unenforceable.)
<br />5. Rights of the public, the State of Minnesota and of the U.S. Government to use that part of the premises which lies
<br />below the high water mark or U.S. Government Harbor line of Lake Minnetonka. Rights, if any, of any riparian owners
<br />and of the public to use the surface, sub-surface, and bed of Lake Minnetonka, and any adverse claims based on the
<br />assertion that the bed of Lake Minnetonka has changed.
<br />6. Riparian rights are neither guaranteed nor insured herein.
<br />7. Resolution Document No. 5145572, 5206726 and 5307193.
<br />8. Terms and conditions of Permits recorded as Document Nos. 4814241 and 5133879.
<br />9. Subject to the lagoon and all incidental rights thereto.
<br />RECEIVED
<br />MAR 17 2014
<br />.CITY OF ORONO
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