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HomeMy WebLinkAboutTitle Commitment August 4, 2005 To: City of Prior Lake (Address Unknown) RE: Our File: TL l29370E Enclosed Please Find: Mortgagee's Title Commitment Very J71Yl1~rs, c;5)~ M;ffl Lynn Facto Title Prate 'on, Inc. Title Protection, Inc. 85 South Park Avenue Le Center, MN 56057 Phone: (507) 357-6851 ...** . .* %: 1f * *~* DRT Form 3538 ALTA Commitment Form - 1982 CommitmentTo Insure ALTA Commitment - 1982 INFORMATION SHEET 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 Commitment is based on the land title 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. If you have any questions about the Commitment, contact 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- REOUIREMENTS SCHEDULE 8-11- EXCEPTIONS CONDITIONS Page Back Cover Insert Insert Insert Back Cover Printed on 8/4/05 9:33 AM ALTA COMMITMENT SCHEDULE A Commitment No: TL 129370E 1. Commitment Date: June 16,2005, 8:00 am 2. Policy (or Policies) to be issued: POLICY AMOUNT (a) ALTA OWNER'S POLICY Proposed Insured: City of Prior Lake $120,000.00 (b) ALTA LOAN POLICY Proposed Insured: $0.00 its successors and/or assigns (c) Proposed Insured: NONE. 3. Fee Simple interest in the land described in this Commitment is owned, at the Commitment Date, by Merlin E. Arndt and Dwane F. Arndt. The Fee Owners were conveyed title by the Warranty Deed dated October 24,1956, filed December 31,1956 in Book 138 of Deeds, page 541. 4. The land referred to in the Commitment is described as follows: Lots 6, 7, 8 and 9 of Block 15 of the Adjudicated and Revised Plat of Lots 1 through 16, Block 13 and Lots 1 through 13, Block 15 of the Village of Prior Lake, Scott County, Minnesota, according to the original Plat thereof on file and of record in the office of the Register of Deeds in and for said County and State. Abstract Property Scott County Property Address: XXX Colorado St., Prior Lake, MN 55372 Old Republic National Title Insurance Company Printed on 8/4/05 9:33 AM ALTA COMMITMENT SCHEDULE B - SECTION I REQUIREMENTS Commitment No: TL 129370E The following requirements must be met: (a) Pay the agreed amounts for the interest in the land and/or according to the mortgage to be insured. (b) Pay us the premium, fees and charges for the policy. (c) Documents satisfactory to us creating the interest in the land and/or the mortgage to be insured must be signed, delivered and recorded: 1. Resolution from the City of Prior Lake which authorizes the purchasing of the subject property. 2. Off-record inquiry indicates that Dwane Arndt is deceased. It will therefore be necessary to obtain and file certified copies of all probate documentation necessary to support the conveyance of the subject property. (Note: Title Protection, Inc. has said documentation in-file). 3. Personal Representative's Deed from Joan Arndt, Personal Representative ofthe Estate of Dwane Arndt, a/k/a Dwane F. Arndt, Duane F. Arndt to the City of Prior Lake. (Note: Joan Arndt, spouse of Dwane Arndt, must sign the consent section of this deed). 4. Warranty Deed from Merlin E. Arndt and Alvina Arndt, husband and wife, to City of Prior Lake. 5. This examination was done without the benefit of an Abstract of Title and from the Scott County records. (d) You must tell us in writing the name of anyone not referred to in this Commitment who will get an interest in the land or who will make a loan on the land. We may then make additional requirements or exceptions. (e) Affidavit of Mortgagor or Affidavit of Buyer is required on all transactions. On sales transactions Title Protection, Inc., requires a Sellers Affidavit and a Certificate of Real Estate Value (f) If an Owner's Policy of title insurance is not ordered at the closing, Company's "Notice of Availability of Owner's Title Insurance" form must be signed by the mortgagors. (g) The "gap period" will be insured, if this transaction is closed by First American Title Insurance Company or its affiliates. The gap refers to the gap from the effective date of this commitment to the closing date and the gap from the closing date to the recording date of the instrument to be insured. (h) This Commitment is for the exclusive use of this Company and its affiliates in closing the transaction described herein. Anyone else closing off this Commitment shall be liable to this Company for all loss and damage, Old Republic National Title Insurance Company See Continuation Page Including payment of all charges on the Memo of Charges attached hereto. Old Republic National Title Insurance Company Printed on 8/4/05 9:33 AM ALTA COMMITMENT SCHEDULE B - SECTION II EXCEPTIONS Commitment No: TL 129370E Any policy we issue will have the following exceptions unless they are taken care of to our satisfaction. (1) Any discrepancies or conflicts in boundary lines, any shortage in area, or any encroachment or overlapping of improvements. (2) Any facts, rights, interests or claims which are not shown by the public record but which could be ascertained by an accurate survey of the land by making inquiry of persons in possession thereof. (3) Easements, liens or encumbrances or claims thereof, which are not shown by the public record. (4) Any lien or right to lien for services, labor or material imposed by law and not shown on the public record. (5) No coverage is given for unpaid utility and water bills, if any, which are not a lean on the subject property. (6) Gap coverage is not provided unless Title Protection, Inc. closes the transaction. (7) All assessments and Taxes for the year 2004, and thereafter (8) No coverage is provided for unpaid utility, water, or sewer services or fees for tree, weeds, grass, snow or garbage removal. (9) Taxes due and payable in 2005 in the amount of $670.00, total, first half paid, second half unpaid, Base tax $670.00, Special assessments $0.00, Non-Homestead, Parcel No. 25-001-110-0. (10) Taxes due and payable in prior years are paid in full. (11) There are no pending assessments. (12) Subject to rights or claims of parties in possession not shown by the public records. (13) Subject to rights of tenants under unrecorded leases, and of other occupants, and property owned by such tenants and/or occupants. Old Republic National Title Insurance Company 1f** . ** %: 1f * *~* CommitmentTo Insure ALTA Commitment - 1982' AGREEMENT TO ISSUE POLICY We agree to issue a policy to you according to the terms of this 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 (6) 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-1 The Exceptions in Schedule B-11. The Conditions below. This Commitment is not valid without SCHEDULE A and Sections I and II of SCHEDULE B. CONDITIONS 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 - Sections 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 of 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 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. IN WITNESS WHEREOF, Old Republic National Title Insurance Company has caused its corporate name and seal to be hereunto affixed by its duly authorized officers on the date shown in Schedule A. to be valid when countersigned by a validating officer or other authorized signatory. r\ /-- /j .~.~. r~.- LY~ '-... ~l,;~vi.~' Authorized Signatory ORT Form 3538 ALTA Commitment Form - 1982 ~ ,." " ,--.::\ B.:, OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY A Stock Company 400 Second Avenue South, Minneapo/ls, Minnesota 55401 (612) 371-1111 >"".('0 on , , LE C;,Ehrr[~_;-: 5.0'?-,35^'?-,685i By Secretary Presidenr Attest