HomeMy WebLinkAbout2008-07-08 Ltr - Attachement 1Form No. 1402.06
ALTA Owner's Policy (6- 17 -06)
1100302P050600
4 .40 . 4 ,4
44. SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS
4 FROM COVERAGE CONTAINED IN SCHEDULE B AND THE
CONDITIONS, FIRST AMERICAN TITLE INSURANCE COMPANY, a
California 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.
Z. 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
0) 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 Iaw;
(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 Iaw; or
4 (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 jocation 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.
1 6. An enforcement action based on the exercise of a governmental
COVERED RISKS
ISSUED BY
.Y
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Policy Page 1
Policy Number: NCS- 324692 -MPLS
OWNER'S POLICY OF TITLE INSURANCE
First American Title Insurance Company
4 I 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.
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 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
(1) 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.
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PRESIDENT
SE CRE TAR Y
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
( the occupancy, use, or enjoyment of the Land;
(11) the character, dimensions, or location of any Improvement erected on
the Land;
(111) 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 Risks 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.
Form No. 1402.06 Policy Page 2
ALTA Owner's Policy (6 17 - 06) Policy Number: 324692
CONDITIONS
1. DEFINITION OF TERMS
The following terms when used in this policy mean:
(a) "Amount of Insurance ": The amount stated in Schedule A, as may be
increased or decreased by endorsement to this policy, increased by
Section 8(b), or decreased by Sections 10 and 11 of these Conditions.
(b) "Date of Policy ": The date designated as "Date of Policy" in Schedule A.
(c) "Entity ": A corporation, partnership, trust, Limited liability company, or
other similar legal entity.
(d) "Insured ": The Insured named in Schedule A.
The term "Insured" also includes
(A) successors to the Title of the Insured by operation of law as
distinguished from purchase, including heirs, devisees, survivors,
personal representatives, or next of kin;
(8) successors to an Insured by dissolution, merger, consolidation,
distribution, or reorganization;
(C) successors to an Insured by its conversion to another kind of
Entity;
(D) a grantee of an Insured under a deed delivered without
payment of actual valuable consideration conveying the Title
(1) if the stock, shares, memberships, or other equity interests
of the grantee are wholly -owned by the named insured,
if the grantee wholly owns the named Insured,
if the grantee is wholly -owned by an affiliated Entity of the
named Insured, provided the affiliated Entity and the
named Insured are both wholly -owned by the same person
or Entity, or
( if the grantee is a trustee or beneficiary of a trust created
by a written instrument established by the Insured named
in Schedule A for estate planning purposes.
(1)
(
(3)
(
First American Title Insurance Company
(11) With regard to (A), ( (C), and (D) reserving, however, all rights
and defenses as to any successor that the Company would have had
against any predecessor insured.
"Insured Claimant ": An Insured claiming loss or damage.
"Knowledge" or "Known ": Actual knowledge, not constructive knowledge
or notice that may be imputed to an Insured by reason of the Public
Records or any other records that impart constructive notice of matters
affecting the Title.
"Land ": The land described in Schedule A, and affixed improvements that
by law constitute real property. The term "Land" does not include any
property beyond the lines of the area described in Schedule A, nor any
right, title, interest, estate, or easement In abutting streets, roads,
avenues, alleys, lanes, ways, or waterways, but this does not modify or
limit the extent that a right of access to and from the Land Is Insured by
this policy.
(h) "Mortgage ": Mortgage, deed of trust, trust deed, or other security
instrument, including one evidenced by electronic means authorized by
law.
"Public Records ": Records established under state statutes at Date of
Policy for the purpose of imparting constructive notice of matters relating
to real property to purchasers for value and without Knowledge. With
respect to Covered Risk 5(d), "Public Records" shall also include
environmental protection liens filed in the records of the clerk of the
United States District Court for the district where the Land is located.
"Title ": The estate or interest described in Schedule A.
"Unmarketable Title ": Title affected by an alleged or apparent matter that
would permit a prospective purchaser or lessee of the Title or lender on
the Title to be released from the obligation to purchase, lease, or lend if
there Is a contractual condition requiring the delivery of marketable title.
(e)
(0
(g)
2. CONTINUATION OF INSURANCE
The coverage of this policy shall continue in force as of Date of Policy in favor
of an Insured, but only so long as the Insured retains an estate or interest in the
Land, or holds an obligation secured by a purchase money Mortgage given by a
purchaser from the Insured, or only so long as the Insured shall have liability by
reason of warranties in any transfer or conveyance of the Title. This policy shall not
continue in force in favor of any purchaser from the Insured of either (i) an estate
or interest in the Land, or (ii) an obligation secured by a purchase money Mortgage
given to the Insured.
3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT
The Insured shall notify the Company promptly in writing (1) in case of any
litigation as set forth In Section 5(a) of these Conditions, (11) in case Knowledge
shall come to an Insured hereunder of any claim of title or interest that is adverse
to the Title, as insured, and that might cause loss or damage for which the
Company may be liable by virtue of this policy, or (iii) if the Title, as insured, is
rejected as Unmarketable Title. If the Company is prejudiced by the failure of the
Insured Claimant to provide prompt notice, the Company's liability to the Insured
Claimant under the policy shall be reduced to the extent of the prejudice.
4. PROOF OF LOSS
In the event the Company is unable to determine the amount of loss or
damage, the Company may, at its option, require as a condition of payment that
the Insured Claimant furnish a signed proof of loss. The proof of Toss must describe
the defect, lien, encumbrance, or other matter insured against by this policy that
constitutes the basis of Toss or damage and shall state, to the extent possible, the
basis of calculating the amount of the loss or damage.
5. DEFENSE AND PROSECUTION OF ACTIONS
Upon written request by the Insured, and subject to the options contained
in Section 7 of these Conditions, the Company, at its own cost and without
unreasonable delay, shall provide for the defense of an Insured in
litigation In which any third party asserts a claim covered by this policy
adverse to the Insured. This obligation is limited to only those stated
causes of action alleging matters insured against by this policy. The
Company shall have the right to select counsel of its choice (subject to the
right of the Insured to object for reasonable cause) to represent the
Insured as to those stated causes of action. It shall not be liable for and
will not pay the fees of any other counsel. The Company will not pay any
fees, costs, or expenses incurred by the Insured in the defense of those
causes of action that allege matters not insured against by this policy.
(b) The Company shall have the right, in addition to the options contained in
(a)
Form No. 1402.06 Policy Page 4
ALTA Owner's Policy (6- 17 -06)
(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. ARBITRATION
Either the Company or the Insured may demand that the claim or controversy
shall be submitted to arbitration pursuant to the Title Insurance Arbitration Rules of
the American Land Title Association ("Rules"). Except as provided in the Rules,
there shall be no joinder or consolidation with claims or controversies of other
persons. Arbitrable matters may include, but are not limited to, any controversy or
claim between the Company and the Insured arising out of or relating to this
policy, any service in connection with its issuance or the breach of a policy
provision, or to any other controversy or claim arising out of the transaction giving
rise to this policy. 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 the
Insured. All arbitrable matters when the Amount of Insurance is in excess of
$2,000,000 shall be arbitrated only when agreed to by both the Company and the
Insured. Arbitration pursuant to this policy and under the Rules shall be binding
upon the parties. Judgment upon the award rendered by the Arbitrator(s) may be
entered in any court of competent jurisdiction.
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 Toss 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.
POLICY OF TITLE INSURANCE
C
First American Tide Insurance Company
Policy Number: 324692
(d) Each endorsement to this policy issued at any time is made a part of this
policy and is subject to all of its terms and provisions. Except as the
endorsement expressly states, It does not (1) modify any of the terms and
provisions of the policy, (11) modify any prior endorsement, Oil) extend the
Date of Policy, or (iv) increase the Amount of Insurance.
16. SEVERABILITY
In the event any provision of this policy, in whole or in part, is held invalid or
unenforceable under applicable law, the policy shall be deemed not to include that
provision or such part held to be Invalid, but all other provisions shall remain In full
force and effect.
17. CHOICE OF LAW; FORUM
(a) Choice of Law: The Insured acknowledges the Company has underwritten
the risks covered by this policy and determined the premium charged
therefore in reliance upon the law affecting interests in real property and
applicable to the interpretation, rights, remedies, or enforcement of
policies of title insurance of the jurisdiction where the Land is located.
Therefore, the court or an arbitrator shall apply the law of the jurisdiction
where the Land is located to determine the validity of claims against the
Title that are adverse to the Insured and to interpret and enforce the
terms of this policy. In neither case shall the court or arbitrator apply its
conflicts of law principles to determine the applicable law.
(b) Choice of Forum: Any litigation or other proceeding brought by the
Insured against the Company must be filed only in a state or federal court
within the United States of America or its territories having appropriate
jurisdiction.
18. NOTICES, WHERE SENT
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 1 First
American Way, Santa Ana, CA 92707, Attn: Claims Department.
Form No, 1402,06 Policy Page 5
ALTA Owner's Policy (6- 17 -06) Policy Number: 324692
Name and Address of Title Insurance Company:
First American Title Insurance Company
801 Nicollet Mali Suite 1900
Minneapolis, MN 55402
File No.: NCS- 324692 -MPLS
Address Reference: Lot 1, Block 1, Oak Park, MN
Amount of Insurance: $20,000,000.00
Date of Policy: December 11, 2007 at 4 :32 P.M.
SCHEDULE A
First American Title Insurance Company
19 Name of Insured:
VSSA Care Center, LLC, a Minnesota limited liability company
2. The estate or interest in the Land that is insured by this policy is:
Fee Simple as to Parcel 1 and Easement as to Parcel 2
3. Title is vested in:
VSSA Care Center, LLC, a Minnesota limited liability company
4. The Land referred to in this policy is described as follows:
Real property in the City of Oak Park, County of Washington, State of Minnesota, described as
follows:
Parcel 1: (Torrens Property)
Tract A, Registered Land Survey No. 125, Washington County, Minnesota.
Parcel 2:
Non- exclusive appurtenant easements set forth in Joint Easement and Maintenance Agreement
dated December 6, 2007, recorded December 11, 2007, as Document Number 1181886, Office of
Registrar of Titles, Washington County, Minnesota.
First American Title Insurance Company
Policy No.: NCS- 324692 -MPLS
Form No. 1402.06 Policy Page 6
ALTA Owner's Policy (6- 17 -06) Policy Number: 324692
SCHEDULE B
File No.: NCS- 324692 -MPLS Policy No.: NCS- 324692 -MPLS
EXCEPTIONS FROM COVERAGE
This Policy does not insure against Toss or damage, and the Company will not pay costs, attorneys' fees,
or expenses that arise by reason of:
1. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished,
imposed by law and not shown in the public records.
2. Real estate taxes payable in the year 2008 and thereafter.
3. Levied and pending special assessments, if any
4. Easements for drainage and utility purposes as shown on the recorded plat of BOW
LANDING recorded as Document No. 1086519.
5. Public Walkway and Bike Path Easement and Agreement, Dated June 11, 2002, recorded August
6, 2002 as Document No. 1115052, and the easements, obligations, terms, restrictions and
conditions set forth therein.
6. Terms and conditions of unrecorded Developer's Agreement dated December 30, 1998, by and
between Valley Senior Services Alliance and the City of Oak Park Heights, as amended by First
Amendment dated July 26, 1999 and Second Amendment dated May 5, 2000.
7. Easements, terms and conditions of 2007 Developer's Agreement Main Campus Addition of Care
Center Facility dated December 5, 2007, by and between Valley Senior Services Alliance and the
City of Oak Park Heights, recorded December 11, 2007 as Document No. 1181880.
8. Joint Easement and Maintenance Agreement dated December 6, 2007, recorded December 11,
2007, as Document Number 1181886, and the easements, obligations, terms, restrictions and
conditions set forth therein.
9. Combination Mortgage, Security Agreement, Fixture Financing Agreement and Assignment of
Leases and Rents executed by VSSA Care Center, LLC, a Minnesota limited liability company, to
Piper Jaffray Lending LLC, a Delaware limited liability company, dated December 1, 2007,
recorded December 11, 2007, as Document No. 1181887 securing the amount of
$20,000,000.00.
10. Payment in Lieu of Taxes Agreement dated December 5, 2007, recorded December 11, 2007, as
Document No. 1181881 .
First American Title Insurance Company
Form No. 1402.06 Policy Page 7
ALTA Owner's Policy (6- 17 -06) Policy Number: 324692
ENDORSEMENT
Attached to Policy No. NCS- 324692 MPLS
Issued by
First American Title Insurance Company
The Company insures against Toss or damage sustained by the Insured if, at Date of Policy (i) the Land
does not abut 58th Street North (the "Street "), or (11) the Street is not physically open and publicly
maintained.
This endorsement is issued as part of the policy. Except as it expressly states, it does not (1) modify any
of the terms and provisions of the policy, (11) 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.
American Land Title Association
Endorsement 17 -06 (Access and Entry)
Adopted 6/17/06
First American Title Insurance Company
Form No. 1402.06 Policy Page 8
ALTA Owner's Policy (647 -06) Policy Number: 324692
ENDORSEMENT
Attached to Policy No. NCS- 324692 MPLS
Issued by
First American Title Insurance Company
The Company insures against Toss or damage sustained by the Insured by reason of the Land being taxed
as part of a larger parcel of land or failing to constitute a separate tax parcel for real estate taxes.
Tax Parcel Identification Number: Pending
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.
American Land Title Association
Endorsement 18 -06 (Single Tax Parcel)
Adopted 6/17/06
First American Title Insurance Company
Form No, 1402,06 Policy Page 9
ALTA owner's Policy (6- 17 -06) Policy Number: 324692
ENDORSEMENT
Attached to Policy No NCS- 324692 -MPLS
Issued by
First American Title Insurance Company
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 PUD ;
b. The following use or uses are not allowed under that classification: Senior Care Center
Facility
2. There shall be no liability under this endorsement based on
a. 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
2.a. does not modify or limit the coverage provided in Covered Risk 5.
b. 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.
c. The refusal of any person to purchase, lease or lend money on the Title covered by this
policy.
This endorsement is issued as part of the policy. Except as it expressly states, it does not (1) modify any
of the terms and provisions of the policy, (11) 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.
American Land Title Association
Endorsement 3 -06 (Zoning)
Adopted 6/17/06
First American Title Insurance Company
Form No. 1402.06 Policy Page 10
ALTA Owner's Policy (6- 17 -06) Policy Number: 324692
ENDORSEMENT
Attached to Policy No NCS- 324632 -MPLS
Issued by
First American Title Insurance Company
The Company insures against Toss or damage sustained by the Insured by reason of:
1. The existence, at Date of Policy, of any of the following unless expressly excepted in Schedule B:
a. Present violations on the Land of any enforceable covenants, conditions, or restrictions.
b. Any instrument referred to in Schedule B as containing covenants, conditions, or
restrictions on the Land that, in addition, (1) establishes an easement on the Land, (ii)
provides for an option to purchase, a right of first refusal, or the prior approval of a
future purchaser or occupant, or (iii) provides a right of reentry, possibility of reverter, or
right of forfeiture because of violations on the Land of any enforceable covenants,
conditions, or restrictions.
c. Any encroachment onto the Land of existing improvements located on adjoining land.
d. Any notices of violation of covenants, conditions, or restrictions relating to environmental
protection recorded or filed in the Public Records.
2. Damage to buildings constructed on the Land after Date of Policy 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 excepted from the description of the Land or excepted in Schedule B.
Wherever in this endorsement the words "covenants, conditions, or restrictions" appear, they shall not be
deemed to refer tobr include the terms, covenants, conditions, or limitations contained in an instrument
creating a lease.
As used in paragraph 1.a., the words "covenants, conditions, or restrictions" do not include any
covenants, conditions, or restrictions (a) relating to obligations of any type to perform maintenance,
repair, or remediation on the Land, or (b) pertaining to environmental protection of any kind or nature,
including hazardous or toxic matters, conditions, or substances, except to the extent that a notice of a
violation or alleged violation affecting the Land has been recorded or filed in the Public Records at Date
of Policy and is not excepted 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.
Endorsement 9.1 -06 (Restrictions, Encroachments, Minerals -
Owner's Policy - Unimproved Land)
Adopted 6/17/06
First American Title Insurance Company
Form No. 1402.06 Policy Page 11
ALTA Owner's Policy (6-17-06) Policy Number: 324692
ENDORSEMENT
Attached to Policy No, NCS- 324692 -MPLS
Issued By
First American Title Insurance Company
Paragraph 14 of the Conditions and Stipulations of the Policy, requiring arbitration, is hereby amended to
read:
F.A. Form 38 (Revised 3/99)
Unless prohibited by applicable law, arbitration, pursuant to the Title Insurance
Arbitration Rules of the American Arbitration Association, may be demanded if agreed to
by both the Company and the Insured. Arbitrable matters may include, but are not
limited to, any controversy or claim between the Insured and the Company arising out of
or related to the policy, any service of the Company in connection with its issuance or
breach of a Policy provision or other obligation.
Arbitration pursuant to this Policy and under the Rules in effect on the date the demand
for arbitration is made or, at the option of the Insured, the Rules in effect at Date of
Policy, shall be binding upon the parties. The award may include attorneys' fees only if
the laws of the state in which the land is located permit a court to award attorneys' fees
to a prevailing party. Judgment upon the award rendered by the Arbitrator(s) may be
entered in any court having jurisdiction thereof.
The law of the situs of the Land shall apply to any arbitration under the Title Insurance
Arbitration Rules.
A copy of the Rules may be obtained from the Company upon request.
This endorsement is issued as part of the policy. Except as it expressly states, it does not (1) 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.
First American Title Insurance Company
Form No. 1402.06 Policy Page 12
ALTA Owner's Policy (6-17 -O6) Policy Number: 324692
CLTA Form 116.1 (Modified) (Revised 6- 14 -96)
ALTA or CLTA - Owner
ENDORSEMENT
Attached to Policy No. NCS- 324692 -MPLS
Issued By
First American Title Insurance Company
The Company hereby insures the insured against loss or damage which the insured shall sustain by
reason of the failure of the land to be the same as that delineated on the plat of a survey made by Folz,
Freeman, Erickson, Inc. on December 11, 2007.
This endorsement is made a part of the policy and is subject to all of the terms and provisions thereof
and of any prior endorsements thereto. Except to the extent expressly stated, it neither modifies any of
the terms and provisions of the policy and any prior endorsements, nor does it extend the effective date
of the policy and any prior endorsements, nor does it increase the face amount thereof.
First American Title Insurance Company
Form No, 1402,06 Policy Page 13
ALTA Owner's Policy (6- 17 -06) Policy Number: 324692
ENDORSEMENT
Attached to Policy No. NCS-324692 -MPLS File No NCS- 324692 -MPLS
ISSUED BY
First American Title Insurance Company
The Company hereby insures the Insured against Toss or damage, not exceeding the amount of this policy,
sustained or incurred by the Insured by reason of inaccuracy in the following assurance:
The land is in compliance with and conforms to all applicable (a) statutes, laws and regulations of the State
of Minnesota relating to the subdivision or platting of real property, including but not limited to Minn. Stat.
Section 462358, and (b) ordinances and regulations of the City of Oak Park, Minnesota, relating to the
subdivision and platting of real property. The Land may lawfully be conveyed utilizing the insured legal
description in this policy without violating the foregoing statutes, laws, regulations or ordinances.
This endorsement is made a part of the policy and is subject to all of the terms and provisions thereof and any
prior endorsements thereto. Except to the extent expressly stated, it neither modifies any of the terms and
provisions of the policy and any prior endorsements, nor does it extend the effective date of the policy and any
prior endorsements, nor does it increase the face amount thereof.
First American Title Insurance Company
Form No. 1402.06 Policy Page 14
ALTA Owner's Policy (6- 17 -06) Policy Number: 324692
F.A. Special
Lack of Signatures
The Company hereby assures the Insured that the Company will not deny liability under the policy or any
endorsements issued therewith solely on the grounds that the policy and /or endorsement(s) were issued
electronically and /or lack signatures in accordance with Paragraph 15 (c) of the Conditions.
This endorsement is issued as part of the policy. Except as it expressly states, it does not (1) modify any
of the terms and provisions of the policy, (il) 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.
Firtl American Til l e 'tatii m is ' mac^ o pitio'
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ENDORSEMENT
Attached to Policy No. NCS- 324692 -MPLS
Issued By
First American Title Insurance Company
PREWDENT
sEcsesrARY
First American Title Insurance Company