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Schedule B-Section 2 <br /> No. 12-20098 <br /> Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless <br /> the same are disposed of to the satisfaction of the Company (all clauses,if any,which indicate any <br /> preference, limitation or discrimination based on race,color, religion, national origin or other protected <br /> category are omitted from all building and use restrictions, covenants and conditions, if any, shown <br /> herein): <br /> A. GAP COV ERAGE: Defects, liens, encumbrances,adverse claims or other matters,if any, created, <br /> first appearing in the public records,or attaching subsequent to the efFective date hereof but prior to <br /> the date the Proposed Insured acquires of record for value the estate or interest or mortgage thereon <br /> covered by this Commitment. Note: This exception will be removed from all ALTA policies <br /> issued by Bumet Title,if Burnet Title provides insured closing services and the Company <br /> requirements as they pertain to"Gap Coverage"have been complied with. <br /> B. STANDARD EXCEPTIONS: The following Standard Exceptions will remain on all poliaies <br /> issued unless eliminated in whole or in part by Section B-1 or by Endorsement after the Company <br /> has completed a risk assessment which may inc(ude a lien audit, property inspeetion, plat <br /> drawing,or other documentation. There will be an additional service fee for any risk assessment <br /> 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 <br /> Title that would be 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, <br /> imposed by law and not shown by the public records. <br /> C. SPECIAL EXCEPTIONS: <br /> 19. Any other matter including pending assessments, if any,which would be insured by the owne�'s tiUe <br /> policy but was either assumed or accepted by the Buyer(s)in the deed to the Buyer(s),the Purchase <br /> Agreement; or which the Buyer(s)was aware of and did not disclose to Bumet Title in writing prior to <br /> closing. <br /> 20. Assessments and charges,for util'ity,water, sewer fees or diseased tree removal, levied by the local <br /> municipality, to the extent that the fees were incurred prior to the date of closing and were not <br /> incurred by the parly to be insured. <br /> This exception may be removed on residential transactions if Bumet Title closes the transaction <br /> and receives satisfactory disclosures and assurances. <br /> 21. The following appear(s) as a recitaf(s) on the Certificate of Title: The Westerly boundary line of the <br /> above described tract is marked by Judicial Landmarks set pursuant to Torrens Case No. 9806 and <br /> the Easterly boundary line and a part of the Northeriy boundary line of the above tract are marked by <br /> Judicial Landmarks set pursuant to Torrens Case No. 17213_ <br /> 22. Easements for utility and drainage purposes,if any,as shown on the recorded plat. <br /> 23. Rights of the Public to streets, highways and/or afleys. <br /> 24. Rights'of the public, the State of Minnesota and of the U.S. Govemment to use that part of the <br /> premises which lies below the high water mark or U.S. Govemment Harbor line of Lake Minnetonka. <br /> Rights, if any, of any riparian owners and of the public to use the surface, sub-sur�ace, and bed of <br /> Lake Minnetonka, and any adverse claims based on the assertion that the bed of Lake Minnetonka <br /> (rev.v'10) <br />