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HomeMy WebLinkAboutTitle InsuranceSMB 1. Effective Date: November 5, 2017 Effective Time: 7:00 A.M. 2. Policy or Policies to be issued: ALTA 2006 Owners Policy Proposed Insured: N/A Preliminary Schedule A Underwriter: First American Title Insurance Company Our No. 17-15038 Production No, 547257 Amount: $ N/A 3. The estate or interest in the Land described or referred to in this Commitment and covered herein is: Fee Simple 4. Title to the fee simple estate or interest in said Land is at the effective date hereof vested in: Parcel 1: James R. Jundt and Mary Joann Jundt, as joint tenants Parcel 2: Bruce Paddock, 2/3 interest and Mark C. Hedick and Laurie S. Hedick, as joint tenants 1/3 interest 5. The Land referred to in this Commitment is described as follows: See Exhibit A attached hereto. Records of Hennepin County, MN. Abstract Property, Property Address: 1400 Bracketts Point Rd Orono, MN 55391 (rev. 3/10) EXHIBIT "A" Legal Description File No. 17-15038 Parcel 1: Lots 5 and 6, Rearrangement of Orono Point; Also, that part of Lots 9 and 10, Rearrangement of Orono Point and the accretions thereto lying Southerly and Easterly of the following described line: Commencing at a point in the centerline of Center Avenue 588.95 feet northerly from the Northwesterly corner of Lot 5, Rearrangement of Orono Point; thence southerly along said centerline a distance of 5 feet; thence southwesterly on a tangential curve to the right with a radius of 221.17 feet a distance of 169.38 feet; thence southwesterly tangent to said last described curve a distance of 5 feet; thence southwesterly on a tangential curve to the right a radius of 445.72 feet a distance of 119.25 feet, thence southwesterly tangent to said last described curve a distance of 107.3 feet; thence westerly making an angle of 44 degrees 42 minutes to the right a distance of 79.3 feet to the shore of Lake Minnetonka and there terminating; subject to Boarder Avenue as opened by Document No. 2092886, Hennepin County, Minnesota. Also, that part of vacated Center Avenue as said Center Avenue was dedicated to the public in the plat of Rearrangement of Orono Point, lying southerly of the westerly extension of the northerly line of Lot 4, said Rearrangement of Orono Point and northerly of a line drawn westerly perpendicular to the west line of said Lot 4 from a point on said west line distant 182.29 feet northerly from the southwest corner of said Lot 4; also that part of the westerly half of vacated Center Avenue lying southerly of said above described perpendicular line; and also that part of the westerly half of vacated Center Avenue lying northerly of the westerly extension of the northerly line of said Lot 4 and lying southerly of a line drawn easterly at right angles to the westerly line of said vacated Center Avenue from the point of intersection of said westerly line with a line drawn 10 feet easterly of the following described line; Commencing at a point in the centerline A said Center Avenue distant 588.95 feet northerly from the northwesterly corner of said Lot 5; thence southerly along said centerline a distance of 5 feet to the point of beginning of the line being described; thence southwesterly along a tangential curve to the right with a radius of 221.17 feet a distance of 169.38 feet, and said line there ending, Hennepin County, Minnesota. Also, that part of vacated Boarder Avenue as laid out and dedicated over and across part of Lot 9 in said Rearrangement of Orono Point which lies between the westerly line of said Center Avenue and a line drawn across said Border Avenue at right angles to the side lines of said Border Avenue from the point of intersection of the centerline of said Border Avenue with a line described as follows: Beginning at a point in the centerline of said Center Avenue distant 588.95 feet northerly of the northwest corner of said Lot 5; thence southerly along the centerline of said Center Avenue a distance of 5 feet; thence southerly and southwesterly along a tangential curve to the right with a radius of 221.17 feet a distance of 169.38 feet; thence southwesterly tangent to last said curve a distance of 5 feet; thence southwesterly along a tangential curve to the right with a radius of 445.72 feet a distance of 119.25 feet; thence southwesterly tangent to last said curve a distance of 107.30 feet; thence southwesterly along a tangential curve to the left with a radius of 56 feet a distance of 19.7 feet; thence southerly tangent to last said curve a distance of 6.8 feet; thence southerly along a tangential curve to the left with a radius of 169.7 feet a distance of 53.9 feet; thence southerly tangent to last described curve a distance of 20.5 feet; thence southerly on a tangential curve to the left with a radius of 78.1 feet to its intersection with the centerline of said Border Avenue, and said line there ending, Hennepin County, Minnesota. No. 17-15038 Schedule B-Section 1 REQUIREMENTS Schedule B of the policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company. 1. This preliminary commitment is provided to disclose the limitations to the risk the underwriter would be willing to insure as of the effective date and is for the exclusive use of Burnet Title. Burnet Title reserves the right to make additional requirements and/or exceptions. Anyone relying upon or closing from this commitment for any purpose without written authorization from Burnet Title shall be liable to the underwriter and Burnet Title for any and all loss, damage or unpaid fees for services and products. 2. NOTE: Public records indicate no open mortgage. Please verify no liens or mortgages are to be paid at closing. 3. This Commitment is provided through our examination of the public records. Burnet Title is not in possession of the Abstract of Title. The Purchase Agreement must be reviewed to determine the intent of the parties regarding title evidence and associated charges. 4. Real estate taxes payable in 2017 in the amount of $245,383.32 are paid in full. (Base Tax $245,383.32.) Tax Identification No. 11-117-23-32-0020. NOTE: Real estate taxes for 2016 and prior years are paid. Tax records indicate the current year's taxes are homestead. No representation is made regarding subsequent years' taxes. Informational Note: Real estate taxes are due May 15 and October 15 annually. 5. Real estate taxes for 2017 are exempt. Tax Identification No. 11-117-23-33-0008. (Non -Homestead) Informational Note: Real estate taxes are due May 15 and October 15 annually. 6. Real estate taxes for 2017 are exempt. Tax Identification No. 11-117-23-33-0009. (Non -Homestead) Informational Note: Real estate taxes are due May 15 and October 15 annually. 7. We require photo identification from all parties signing any documents in this transaction. Also required are the Company's Compliance and Indemnity Agreement and Affidavits in a form acceptable to the Company indicating no judgments, liens, bankruptcies, etc. If there are any questions concerning this Commitment, please call our Customer Service Coordinator Carrie Hannasch at 952-886-6769 direct, 952-844-0223 fax or a -mail Carrie.Hannasch(a�burnettitle.com. This Commitment was prepared by Sue Booker at 952-703-8618 fax, or e-mail Sue.Booker(a).burnettitle.com. (rev. 3/10) Schedule B-Section 2 No. 11-15038 Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company (all clauses, if any, which indicate any preference, limitation or discrimination based on race, color, religion, national origin or other protected category are omitted from all building and use restrictions, covenants and conditions, if any, shown herein): A. GAP COVERAGE: Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records, or attaching subsequent to the effective date hereof but prior to the date the Proposed Insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. Note: This exception will be removed from all ALTA policies issued by Burnet Title, if Burnet Title provides insured closing services and the Company requirements as they pertain to "Gap Coverage" have been complied with. B. STANDARD EXCEPTIONS: The following Standard Exceptions will remain on all policies issued unless eliminated in whole or in part by Section 13-1 or by Endorsement after the Company has completed a risk assessment which may include a lien audit, property inspection, plat drawing, or other documentation. There will be an additional service fee for any risk assessment requested. 1. Rights or claims of parties in possession not shown by the public records. 2. 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. 3. Any Lien, or rights to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the public records. C. SPECIAL EXCEPTIONS: 1. Homeowners Association monthly dues and assessments levied or pending, if any. 2. No coverage is provided for unpaid utility, water or sewer services or fees for tree, weeds, grass, snow, garbage removal, open city work order, vacant or abandoned property fees, Truth in Housing or any other fees. 3. Rights of tenants as tenants only. 4. Rights of the Public to streets, highways and/or alleys. 5. All assessments and taxes due and payable in the year of closing, and thereafter. 6. All restrictive covenants affecting the above -described property. 7. All levied and/or pending special assessments. 8. Easements as delineated and/or dedicated on the face of the plat. 9. Easements or claims of easements affecting the subject property. 10. Rights or claims of parties in possession not shown by the public records. 11. Matters that a physical inspection of the land would disclose. 12. Any lien, or right to lien for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the public records. 13. Any encroachments, overlaps, party walls, boundary line disputes or other matters which an accurate survey of the premises would show. 14. Minerals and mineral rights. 15. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies, taxes or assessments on real property or by the public records. 16. Proceedings by a public agency which may result in taxes or assessments or notice of such proceedings, whether or not shown by the records of such agency or by the public records. 17. The right is reserved to make additional requirements and/or exceptions as a Purchase Agreement is obtained and further searches made. 18. Rights of the public, the State of Minnesota and of the U.S. Government to use that part of the premises which lies below the high water mark or U.S. Government Harbor line of Lake Minnetonka. Rights, if any, of any riparian owners and of the public to use the surface, sub -surface, and bed of Lake Minnetonka, and any adverse claims based on the assertion that the bed of Lake Minnetonka has changed. 19. Riparian rights are neither guaranteed nor insured herein. 20. Access to Lake Minnetonka via any channel, is not insured. Parcel 1: 21. Easement for Northwestern Bell Telephone Company purposes, as shown in Document No. 2297031 and as shown in Partial Release filed December 15, 1987 as Document No. 5357598. 22. Terms and conditions of Declaration of Private Road Easement, dated March 6, 1992, filed March 17, 1992, as Document No. 5888651. 23. Terms and conditions of Resolution No. 3343, filed November 4, 1994, as Document No. 6361454. 24. Terms and conditions of Resolution No. 3344, filed November 4, 1994, as Document No. 6361456. 25. Terms and conditions of Resolution No. 3409, filed November 4, 1994, as Document No. 6361457. 26. Terms and conditions of Resolution No. 3340, filed November 4, 1994, as Document No. 6361458. 27. Terms and conditions of Resolution No. 3539, filed April 21, 1995, as Document No. 6419039. 28. Terms and conditions of Resolution No. 3558, filed July 17, 1995, as Document No. 6451674. 29. Terms and conditions of Resolution No. 3617, filed February 8, 1996, as Document No. 6536432. 30. Terms and conditions of Resolution No. 3786, filed May 5, 1997, as Document No. 6728735, 31. Terms and conditions of Easement Agreement, dated July 2, 1997, filed April 10, 1998, as Document No. 68789456 32. Terms and conditions of Resolution No. 4180, filed August 8, 2000, as Document No. 7334860. 33. Terms and conditions of Resolution No. 5483, filed June 26, 2006, as Document No, 8840452. Parcel 2: 34. Terms and conditions of Declaration, dated August 15, 2007, filed August 16, 2007, as Document No. 90255690 35. Terms and conditions of Resolution No. 5651, filed August 31, 2007, as Document No. 9032750. 36. Terms and conditions of Private Road, Easement and Maintenance Declaration, dated August 30, 2007, filed August 31, 2007, as Document No. 9032754. 37. Terms and conditions of Resolution No. 5652, filed August 31, 2007, as Document No. 90327519 38. Terms and Conditions contained in Development Agreement dated August 9, 2007, recorded August 31, 2007 as Document No. 9032753. ALTA 2006 Plain Language Commitment (6-17-06) File No. 17-15038 S � 4 A � ie R j � � �r yy ; /j/ �� COMMITMENT FOR TITLE INSURANCE ISSUED BY FIRST AMERICAN TITLE INSURANCE COMPANY AGREEMENT TO ISSUE POLICY We agree to issue policy to you according to the terms of the Commitment. When we show the policy amount and your name as the proposed insured in Schedule A, this Commitment becomes effective as of the Commitment Date shown in Schedule A. If the Requirements shown in this Commitment have not been met within six months after the Commitment Date, our obligation under this Commitment will end. Also, our obligation under this Commitment will end when the Policy is issued and then our obligation to you will be under the Policy. Our Obligation under this Commitment is limited by the following: The Provisions in Schedule A. The Requirements in Schedule B-I The Exceptions in Schedule B-II The Conditions on Page 3 of Jacket This Commitment is not valid without SCHEDULE A and Sections I and II of SCHEDULE IN WITNESS WHEREOF, First American Title Insurance Company has caused its corporate name and seal to be affixed by its duly authorized officers and this Commitment will become valid when countersigned by a validating officer or authorized signatory as of the Commitment Date shown on Schedule A. ALTA 2006 Commitment Jacket 81000600035 (3/07) First American Title Insurance Company Dennis J. Gilmore President i // / v Jeffrey S. Robinson Secretary Countersigned: (rev. 7/1 /14) ALTA Plain Language Commitment (2006) Commitment Page 7 Commitment Number: 17-15038 INFORMATION The Title Insurance Commitment is a legal contract between you and the company. It is issued to show the basis on which we will issue a Title Insurance Policy to you. The Policy will insure you against certain risks to the land title, subject to the limitations shown in the Policy. The Company will give you a sample of the Policy form, if you ask. The Policy contains an arbitration clause. All Arbitrable matters when the Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or you as the exclusive remedy of the parties. You may review a copy of the arbitration rules at http*//www.alta.org/. The Commitment is based on the land titles as of the Commitment Date. Any changes in the land title or the transaction may affect the Commitment and the Policy. The Commitment is subject to its Requirements, Exceptions and Conditions. THIS INFORMATION IS NOT PART OF THE TITLE INSURANCE COMMITMENT. YOU SHOULD READ THE COMMITMENT VERY CAREFULLY. TABLE OF CONTENTS AGREEMENT TO ISSUE POLICY SCHEDULE A 1. Commitment Date 2. Policies to be Issued, Amounts and Proposed Insureds 3. Interest in the Land and Owner 4. Description of the Land SCHEDULE B-I — Requirements SCHEDULE B-II — Exceptions CONDITIONS If you have any questions about the Commitment, please contact the issuing office. First American Title Insurance Company ALTA Plain Language Commitment (2006) CONDITIONS Commitment Page 8 Commitment Number: 17-15038 1. DEFINITIONS (a) "Mortgage" means mortgage, deed of trust or other security instrument. (b) "Public Records" means title records that give constructive notice of matters affecting your title according to the state statutes where your Land is located. 2. LATER DEFECTS The Exceptions in Schedule B - Section II may be amended to show any defects, liens or encumbrances that appear for the first time in the public records or are created or attach between the Commitment Date and the date on which all of the Requirements (a) and (c) of Schedule B - Section I are met. We shall have no liability to you because of this amendment. 3. EXISTING DEFECTS If any defects, liens or encumbrances existing at Commitment Date are not shown in Schedule B, we may amend Schedule B to show them. If we do amend Schedule B to show these defects, liens or encumbrances, we shall be liable to you according to Paragraph 4 below unless you knew of this information and did not tell us about it in writing. 4. LIMITATION OF OUR LIABILITY Our only obligation is to issue to you the Policy referred to in this Commitment, when you have met its Requirements. If we have any liability to you for any loss you incur because of an error in this Commitment, our liability will be limited to your actual loss caused by your relying on this Commitment when you acted in good faith to. Comply with the Requirements shown in Schedule B - Section I or Eliminate with our written consent any Exceptions shown in Schedule B - Section II. We shall not be liable for more than the Policy Amount shown in Schedule A of this Commitment and our liability is subject to the terms of the Policy form to be issued to you. 5. CLAIMS MUST BE BASED ON THIS COMMITMENT Any claim, whether or not based on negligence, which you may have against us concerning the title to the Land must be based on this Commitment and is subject to its terms. First American Title Insurance Company