First American Title Insurance Company National Commercial Services 818 Stewart Street, Suite 800 Seattle, WA 98101

Transcription

1 Insurance Company National Commercial Services 818 Stewart Street, Suite 800 Seattle, WA Title Officer: Steve Manome Phone: (503) Fax: (866) File No: NCS OR2 4TH SUPPLEMENTAL PRELIMINARY TITLE REPORT ALTA Owners Standard Coverage Liability $ TBD Premium $ TBD ALTA Owners Extended Coverage Liability $ Premium $ ALTA Lenders Standard Coverage Liability $ Premium $ ALTA Lenders Extended Coverage Liability $ Premium $ ALTA Leasehold Standard Coverage Liability $ Premium $ ALTA Leasehold Extended Coverage Liability $ Premium $ Endorsements Liability $ Premium $ Govt Service Charge Cost $ Other $ We are prepared to issue Title Insurance Policy or Policies in the form and amount shown above, insuring title to the following described land: The land referred to in this report is described in Exhibit A attached hereto. and as of January 17, 2012 at 8:00 a.m., title to the fee simple estate is vested in: The City of Portland, acting by and through the Portland Development Commission Subject to the exceptions, exclusions, and stipulations which are ordinarily part of such Policy form and the following: 1. General and special taxes and assessments for the fiscal year are exempt. If the exempt status is terminated an additional tax may be levied. Account No. R City liens, if any, for the city of Portland. Note: An inquiry has NOT been made concerning the actual status of such liens. A fee of $25.00 will be charged per tax account each time an inquiry request is made. 3. This item has been intentionally deleted. 4. This item has been intentionally deleted. This report is for the exclusive use of the parties herein shown and is preliminary to the issuance of a title insurance policy and shall become void unless a policy is issued, and the full premium paid.

2 Page Number: 2 5. This item has been intentionally deleted. 6. This item has been intentionally deleted. 7. This item has been intentionally deleted. 8. This item has been intentionally deleted. 9. This item has been intentionally deleted. 10. This item has been intentionally deleted. 11. This item has been intentionally deleted. 12. Restrictions shown on the recorded plat/partition as follows: "This plat subject to the conditions of City of Portland Case File LUR MP." 13. Conditions and Restrictions contained in Land Use Review File No. LUR DZ, Recorded: March 24, 1994 as Fee No Document(s) declaring modifications thereof recorded November 4, 1994 as Fee No of Official Records. 14. Conditions and Restrictions contained in Conditional Use Permit No CU GW, Recorded: April 7, 1994 as Fee No The terms and provisions contained in the document entitled "Third Addendum to Agreement DEQ No. ECSR-NWR-88-04" recorded May 13, 1994 as Fee No of Official Records. Between The Oregon Department of Environmental Quality and the Portland Development Commission. 16. Conditions and Restrictions contained in Land Use Review File No. LUR GWDZ, Recorded: May 18, 1994 as Fee No Restrictions set forth in that certain Deed Notice recorded June 14, 1994 as Fee No regarding the management, excavation and disturbance of asbestos-contaminated debris. 18. This item has been intentionally deleted. 19. This item has been intentionally deleted. 20. This item has been intentionally deleted. 21. An unrecorded lease dated June 9, 1994, executed by GIC Development 94-I, L.L.C., an Oregon limited liability company as lessor and Pacific Gas Transmission Company, a California corporation as lessee, as disclosed by a Memorandum of Lease recorded June 14, 1994 as Fee No of Official Records. (Affects all of Parcel 1, Partition Plat No )

3 Page Number: 3 Document re-recorded July 22, 1994 as Fee No of Official Records. A document recorded June 14, 1994 as Fee No and re-recorded July 22, 1994 as Fee No of Official Records provides that the above document was subordinated to the document recorded as of Official Records. 22. This item has been intentionally deleted. 23. This item has been intentionally deleted. 24. The terms and provisions contained in the document entitled "Reciprocal Operation and Easement Agreement" recorded January 8, 1997 as Fee No of Official Records. Between GIC Development 94-I, L.L.C., an Oregon limited liability company and Portland Development Commission, as the duly designated Urban Renewal Agency of the City of Portland, a municipal corporation of the State of Oregon. Document(s) declaring modifications thereof recorded November 7, 2001 as Recording No of Official Records. Document(s) declaring modifications thereof recorded October 8, 2004 as Recording No of Official Records. Document(s) declaring modifications thereof recorded September 24, 2004 as Recording No of Official Records. 25. Lien for in favor of GIC Development 94-I, L.L.C., an Oregon limited liability company Against: Portland Development Commission, the duly designated Urban Renewal Agency of the City of Portland Amount: $51, Recorded: February 27, 1997 as Fee No of Official Records. 26. Conditions and Restrictions contained in Land Use Review File No. LUR DZGW, Recorded: May 21, 1998 as Fee No An easement for underground electric distribution line and incidental purposes, recorded April 4, 2001 as Fee No of Official Records. In Favor of: Pacificorp, a corporation dba Pacific Power & Light Company 28. Conditions and Restrictions contained in Land Use Review File No. LUR DZ, Recorded: October 24, 2002 as Fee No This item has been intentionally deleted. 30. Unrecorded leases or periodic tenancies, if any. 31. Any rights, interests, or claims of parties in possession of the land not shown by the public records. 32. Any lien, or right to a lien, for services, labor or material theretofore or hereafter furnished, imposed by law and not shown by the public records.

4 = Preliminary Report Page Number: Said property lies within the boundaries of the Urban Renewal Plan for North Macadam Plan and is subject to the terms and provisions thereof, as disclosed by Ordinance No recorded September 23, 1999 as Fee No Document(s) declaring modifications thereof recorded February 18, 2004 as Fee No of Official Records. Document(s) declaring modifications thereof recorded February 18, 2004 as Fee No of Official Records. 34. Easement, including terms and provisions contained therein: Recording Information: June 9, 2005 as Recording No In Favor of: PacifiCorp, an Oregon corporation For: Underground electric distribution and communication lines, electrical service vault and appurtenances 35. Easement, including terms and provisions contained therein: Recording Information: May 5, 2006 as Recording No In Favor of: Northwest Natural Gas Company, an Oregon corporation For: Gas pipeline 36. The terms and provisions contained in the document entitled "Easement and Equitable Servitudes" recorded September 14, 2007 as Recording No of Official Records. -END OF EXCEPTIONS-

5 = = Preliminary Report Page Number: 5 INFORMATIONAL NOTES NOTE: This report does not include a search for Financing Statements filed in the office of the Secretary of State, or in a county other than the county wherein the premises are situated, and no liability is assumed if a Financing Statement is filed in the office of the County Clerk (Recorder) covering fixtures on the premises wherein the lands are described other than by metes and bounds or under the rectangular survey system or by recorded lot and book. Recording Information: Filing Address: Recording Fees: Multnomah County 501 SE Hawthorne Portland, OR $5.00 per page $5.00 per document (Public Land Corner Preservation Fund) $11.00 per document (OLIS Assessment & Taxation Fee) $5.00 for each additional document title $20.00 non-standard fee

6 Page Number: 6 Cc: Portland Development Commission Attn: Rachel S. Lewitt Cc: Attn: Cc: Attn: = THANK YOU FOR CHOOSING FIRST AMERICAN TITLE WE KNOW YOU HAVE A CHOICE!

7 Page Number: 7 Insurance Company of Oregon SCHEDULE OF EXCLUSIONS FROM COVERAGE ALTA LOAN POLICY (10/17/92) 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 which arise by reason of: 1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improvement now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy; (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 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 (except to the extent that this policy insures the priority of the lien of the insured mortgage over any statutory lien for services, labor or material or the extent insurance is afforded herein as to assessments for street improvements under construction or completed at date of policy); or (e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the insured mortgage. 4. Unenforceability of the lien of the insured mortgage because of the inability or failure of the insured at Date of Policy, or the inability or failure of any subsequent owner of the indebtedness, to comply with the applicable "doing business" laws of the state in which the land is situated. 5. Invalidity or unenforceability of the lien of the insured mortgage, or claim thereof, which arises out of the transaction evidenced by the insured mortgage and is based upon usury or any consumer credit protection or truth in lending law. 6. Any statutory lien for services, labor or materials (or the claim of priority of any statutory lien for services, labor or materials over the lien of the insured mortgage) arising from an improvement or work related to the land which is contracted for and commenced subsequent to Date of Policy and is not financed in whole or in part by proceeds of the indebtedness secured by the insured mortgage which at Date of Policy the insured has advanced or is obligated to advance. 7. Any claim, which arises out of the transaction creating the interest of the mortgagee insured by this policy, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on: (i) the transaction creating the interest of the insured mortgagee being deemed a fraudulent conveyance or fraudulent transfer; or (ii) the subordination of the interest of the insured mortgagee as a result of the application of the doctrine of equitable subordination; or (iii) the transaction creating the interest of the insured mortgagee being deemed a preferential transfer except where the preferential transfer results from the failure: (a) to timely record the instrument of transfer; or (b) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. ALTA OWNER S POLICY (10/17/92) 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 which arise by reason of: 1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improvement now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 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; or (e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. 4. Any claim, which arises out of the transaction vesting in the insured the estate or interest insured by this policy, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on: (i) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or (ii) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer results from the failure: (a) to timely record the instrument of transfer; or (b) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. SCHEDULE OF STANDARD EXCEPTIONS The ALTA standard policy form will contain in Schedule B the following standard exceptions to coverage: 1. 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; proceeding 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. 2. Facts, rights, interests, or claims which are not shown by the public records but which could be ascertained by an inspection of said land or by making inquiry of persons in possession thereof. 3. Easements or claims of easement, not shown by the public records; reservations or exceptions in patents or in Acts authorizing the issuance thereof; water rights, claims or title to water. 4. Any encroachment (of existing improvements located on the subject land onto adjoining land or of existing improvements located on adjoining land onto the subject land), encumbrance, violation, variation, or adverse circumstance affecting the title that would be disclosed by an accurate and complete land survey of the subject land. 5. Any lien, or right to a lien, for services, labor, material, equipment rental or workers compensation heretofore or hereafter furnished, imposed by law or not shown by the public records. NOTE: A SPECIMEN COPY OF THE POLICY FORM (OR FORMS) WILL BE FURNISHED UPON REQUEST TI 149 Rev. 6-06

8 Page Number: 8 REVISED Exhibit "A " A portion of Parcels 1 and 2 of Partition Plat , situated in the Stephen Coffin DLC and the Finice Caruthers DLC in the Southwest one-quarter of Section 3, in Township 1 South, Range 1 East of the Willamette Meridian, in the City of Portland, County of Multnomah and State of Oregon, being more particularly described as follows: Beginning at the Southwest corner of said Parcel 2; and running thence North 22 23'06" East tracing the West line of said Parcel 2 a distance of feet; thence leaving said West line and parallel with the South line of said Parcel 2 South 67 36'54" East feet; thence parallel with said West line of Parcel 2 South 22 23'06" West feet to the South line of said Parcel 1; thence tracing said South line and continuing along the South line of said Parcel 2 North 67 36'54" West feet to the point of beginning.