ENDORSEMENT ATTACHED TO AND FORMING A PART OF ISSUED BY FIDELITY NATIONAL TITLE INSURANCE COMPANY

Transcription

1 PROFORMA SUBJECT TO THE EXCLUSIONS FROM COVERAGE OF THE UNDERLYING LOAN POLICY, AS MODIFIED BELOW, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B OF THE UNDERLYING LOAN POLICY AND THE CONDITIONS AND STIPULATIONS (OR CONDITIONS, WHERE THE UNDERLYING POLICY IS 2006 ALTA FORM) OF THE UNDERLYING LOAN POLICY, AS MODIFIED BELOW, ALL OF WHICH ARE INCORPORATED INTO THIS BY REFERENCE, AND SUBJECT TO THE MATTERS SET FORTH IN SCHEDULE B - BELOW, FIDELITY NATIONAL TITLE INSURANCE COMPANY, A CALIFORNIA CORPORATION (HEREINAFTER REFERRED TO AS THE "COMPANY"), INSURES THE NAMED INSURED, AS OF THE DATE AGAINST LOSS OR DAMAGE, NOT EXCEEDING THE AMOUNT OF INSURANCE AS PROVIDED IN SCHEDULE A HEREIN, SUSTAINED OR INCURRED BY THE INSURED BY REASON OF: 1. THE INVALIDITY OR UNENFORCEABILITY OF THE INSURED MORTGAGE AS MODIFIED BY AGREEMENT DESCRIBED IN SCHEDULE A HEREIN AS A RESULT OF ANY CONVEYANCE OF THE ESTATE OR INTEREST DESCRIBED IN SCHEDULE A OF THE UNDERLYING LOAN POLICY WHERE THE CONVEYANCE FIRST APPEARS IN THE PUBLIC RECS BETWEEN THE UNDERLYING POLICY DATE AND THE DATE. 2. ANY DEFECT IN OR LIEN OR ENCUMBRANCE ON THE TITLE TO THE LAND WHICH FIRST APPEARS IN THE PUBLIC RECS BETWEEN THE UNDERLYING POLICY DATE AND THE DATE. 3. UNMARKETABILITY OF THE TITLE TO THE LAND AS A RESULT OF ANY DEFECT IN OR LIEN OR ENCUMBRANCE ON THE TITLE COVERED IN INSURING CLAUSE 2 ABOVE. 4. THE PRIORITY OF ANY LIEN OR ENCUMBRANCE, WHICH FIRST APPEARS IN THE PUBLIC RECS BETWEEN THE UNDERLYING POLICY DATE AND THE DATE, OVER THE LIEN OF THE INSURED MORTGAGE AS MODIFIED BY AGREEMENT DESCRIBED IN SCHEDULE A HEREIN. THE COMPANY WILL PAY THE COSTS, ATTORNEYS' FEES AND EXPENSES INCURRED IN DEFENSE OF THE TITLE TO THE LIEN OF THE INSURED MORTGAGE AS INSURED HEREIN, BUT ONLY TO THE EXTENT PROVIDED IN THE CONDITIONS AND STIPULATIONS. THE COMPANY SHALL HAVE NO LIABILITY UNDER THIS FOR RISKS INSURED UNDER THE UNDERLYING LOAN POLICY. DDPG 5-10 wlp

2 POLICY NUMBER NCF EXCLUSIONS FROM COVERAGE FOR THE PURPOSES OF THE INSURANCE PROVIDED BY THIS, THE FOLLOWING EXCLUSIONS FROM COVERAGE ARE ADDED: 1. ANY CLAIM, WHICH ARISES OUT OF THE TRANSACTION CREATING THE INTEREST OF THE MORTGAGEE INSURED UNDER THE UNDERLYING LOAN POLICY, BY REASON OF THE OPERATION OF FEDERAL BANKRUPTCY, STATE INSOLVENCY, OR SIMILAR CREDITORS' RIGHTS LAWS THAT IS BASED ON; I. THE TRANSACTION BEING DEEMED A FRAUDULENT CONVEYANCE OR FRAUDULENT TRANSFER; OR II. THE SUBINATION OF THE INTEREST OF THE INSURED UNDER THIS AS A RESULT OF THE APPLICATION OF THE DOCTRINE OF EQUITABLE SUBINATION; OR III. THE TRANSACTION BEING DEEMED A PREFERENTIAL TRANSFER EXCEPT WHERE THE PREFERENTIAL TRANSFER RESULTS FROM THE FAILURE: A. TO TIMELY REC THE MODIFICATION AGREEMENT; OR B. OF SUCH RECATION TO IMPART NOTICE TO A PURCHASER FOR VALUE OR A JUDGMENT OR LIEN CREDITOR. 2. DEFECTS, LIENS, ENCUMBRANCES, ADVERSE CLAIMS OR OTHER MATTERS ATTACHING OR CREATED ON OR PRIOR TO DATE OF POLICY OF THE UNDERLYING LOAN POLICY. 1. DEFINITION OF TERMS CONDITIONS AND STIPULATIONS THE FOLLOWING TERMS WHEN USED IN THIS MEAN: I. "UNDERLYING LOAN POLICY": THE LOAN POLICY OF TITLE INSURANCE WHICH IS IDENTIFIED IN SCHEDULE A -. II. III. "UNDERLYING POLICY DATE": DATE OF POLICY OF THE UNDERLYING LOAN POLICY. " DATE": THE DATE OF RECING OF THE MODIFICATION AGREEMENT IN THE PUBLIC RECS. ALL THE TERMS CONTAINED IN THIS WHICH ARE NOT DEFINED ABOVE BUT WHICH ARE DEFINED IN THE UNDERLYING LOAN POLICY SHALL HAVE THE SAME MEANINGS AS EXPRESSED IN THE UNDERLYING LOAN POLICY.

3 2. NOTICES, WHERE SENT ALL NOTICES REQUIRED TO BE GIVEN THE COMPANY AND ANY STATEMENT IN WRITING TO BE FURNISHED THE COMPANY SHALL INCLUDE A COPY OF THIS AND SHALL BE ADDRESSED TO THE COMPANY AT THE ISSUING OFFICE OR TO: FNF CLAIMS DEPARTMENT P.O. BOX JACKSONVILLE, FL THIS IS MADE A PART OF THE POLICY AND IS SUBJECT TO ALL OF THE TERMS AND PROVISIONS THEREOF AND OF ANY PRIOR S THERETO. EXCEPT TO THE EXTENT EXPRESSLY STATED, IT NEITHER MODIFIES ANY OF THE TERMS AND PROVISIONS OF THE POLICY AND ANY PRIOR S, IF ANY, NOR DOES IT EXTEND THE EFFECTIVE DATE OF THE POLICY AND ANY PRIOR S, NOR DOES IT INCREASE THE FACE AMOUNT THEREOF. DATED: PROFORMA BY: PROFORMA AUTHORIZED SIGNATORY ISSUING OFFICE: NATIONAL TITLE SERVICES 203 N. LASALLE, SUITE 2200 CHICAGO, ILLINOIS ATTACHMENTS HERETO AND MADE A PART HEREOF: SCHEDULE A - SCHEDULE B -

4 SCHEDULE A - 1. DATE: DATE OF RECING OF MODIFICATION/ASSIGNMENT (PROFORMA EFFECTIVE DATE: APRIL 12, 2011) 2. NAME OF INSURED: GRANITE SHOREWOOD LLC, ASSIGNEE OF FIFTH THIRD BANK 3. UNDERLYING LOAN POLICY NUMBER: MILLENNIUM TITLE GROUP, LTD. 4. UNDERLYING POLICY DATE: DECEMBER 28, (A) DELETED (B) THE DESCRIPTION OF THE INSURED TRUST DEED OR MORTGAGE IS HEREBY AMENDED BY ADDING THERETO THE FOLLOWING: MORTGAGE: GRANTOR: SHOREWOOD TOWNE CENTER COMMERCIAL PROPERTY, LLC GRANTEE: FIFTH THIRD BANK ORIGINAL AMOUNT: $8,512, DATED: DECEMBER 21, 2007 RECED: DECEMBER 28, 2008 RECED NO.: R FIRST MEMORANDUM OF MODIFICATION AND EXTENSION AGREEMENT RECED APRIL 16, 2009 AS DOCUMENT NUMBER R ASSIGNED TO GRANITE SHOREWOOD LLC, AN ILLINOIS LIMITED LIABILITY COMPANY, BY ASSIGNMENT OF MORTGAGE RECED JANUARY 21, 2011 AS DOCUMENT NUMBER R ADDITIONAL MODIFICATION INFORMATION TO BE FURNISHED (C) THE DESCRIPTION OF THE LAND HAS CHANGED. THE LAND IS NOW KNOWN AS ALL OF LOTS 1, 2, 3, 4, 5, 6, 7, 8, PART OF LOT 9 AND ALL OF LOT 10 IN FINAL PLAT OF SUBDIVISION SHOREWOOD TOWNE CENTER COMMERCIAL PROPERTY, BEING A SUBDIVISION IN THE SOUTHWEST QUARTER AND THE SOUTHEAST QUARTER OF SECTION 8, TOWNSHIP 35 NORTH, RANGE 9 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCING TO THE PLAT THEREOF RECED DECEMBER 29, 2008 AS DOCUMENT NUMBER <R , IN WILL COUNTY, ILLINOIS.

5 SCHEDULE B - EXCEPTIONS FROM COVERAGE THIS DOES NOT INSURE AGAINST LOSS OR DAMAGE (AND THE COMPANY WILL NOT PAY COSTS, ATTORNEYS' FEES OR EXPENSES) WHICH ARISE BY REASON OF: PART I THE FOLLOWING TAXES OR ASSESSMENTS, IF ANY: THIS IS SUBJECT TO SUCH FURTHER EXCEPTIONS, IF ANY, AS MAY BE DEEMED NECESSARY UPON COMPLETION OF OUR TAX SEARCH. PART II IN ADDITION TO THE MATTERS SET FORTH IN PART I OF THIS SCHEDULE, THE TITLE TO THE ESTATE OR INTEREST IN THE LAND DESCRIBED OR REFERENCED IN SCHEDULE A OF THE UNDERLYING LOAN POLICY IS SUBJECT TO THE FOLLOWING MATTERS, IF ANY BE SHOWN, BUT THE COMPANY INSURES AGAINST LOSS OR DAMAGE, IF ANY, WHICH RESULTS FROM ANY LACK OF SUBINATION OF ANY OF THESE MATTERS TO THE LIEN OR CHARGE OF THE INSURED MORTGAGE UPON THE ESTATE OR INTEREST: INANCE NO AUTHORIZING THE EXECUTION OF AN ANNEXATION AGREEMENT, A COPY OF WHICH WAS RECED JULY 18, 2008 AS DOCUMENT NUMBER R , AND THE PROVISIONS THEREIN CONTAINED. INANCE NO AUTHORIZING AN AMENDMENT OF CERTAIN ANNEXATION AGREEMENTS, A COPY OF WHICH WAS RECED DECEMBER 22, 2008 AS DOCUMENT NUMBER R , AND THE PROVISIONS THEREIN CONTAINED. PLAT OF SUBDIVISION OF SHOREWOOD TOWNE CENTER COMMERCIAL PROPERTY RECED DECEMBER 29, 2008 AS DOCUMENT NUMBER R AND THE BUILDING LINES, EASEMENTS AND OTHER MATTERS THEREIN DISCLOSED. TERMS AND PROVISIONS OF THE MEMORANDUM OF PURCHASE AND SALE AGREEMENT BY AND BETWEEN KOHL'S ILLINOIS, INC. AND SHOREWOOD TOWNE CENTER COMMERCIAL PROPERTY, LLC RECED MARCH 10, 2009 AS DOCUMENT NUMBER R , AND THE RIGHTS OF ALL PARTIES CLAIMING THEREUNDER. (AFFECTS THE LAND AND OTHER PROPERTY);

6 RELEASE BY KOHL'S ILLINOIS, INC. RECED DECEMBER 29, 2009 AS DOCUMENT NUMBER R ; RELEASE BY KOHL'S ILLINOIS, INC. RECED NOVEMBER 5, 2010 AS DOCUMENT NUMBER R MECHANICS LIEN CLAIM IN FAVOR OF TESTING SERVICE CORPORATION AGAINST SHOREWOOD TOWN CENTER COMMERCIAL PROPERTY, LLC RECED APRIL 27, 2009 AS DOCUMENT NUMBER R IN THE AMOUNT OF $23, (AFFECTS THAT PART OF THE LAND NOW KNOWN AS LOTS 1 AND 3 IN THE FINAL PLAT OF SUBDIVISION OF SHOREWOOD TOWNE CENTER COMMERCIAL PROPERTY) MECHANICS LIEN CLAIM IN FAVOR OF VULCAN CONSTRUCTION MATERIALS LP D/B/A VULCAN MATERIALS COMPANY AGAINST SHOREWOOD TOWNE CENTER COMMERCIAL PROPERTY LLC RECED JULY 7, 2009 AS DOCUMENT NUMBER R IN THE AMOUNT OF $34, (AFFECTS THE LAND AND OTHER PROPERTY) PROCEEDING PENDING IN CIRCUIT COURT AS CASE NUMBER 09CH2884 FILED JULY 15, 2009 BY VULCAN CONSTRUCTION MATERIALS LP AGAINST SHOREWOOD TOWNE CENTER COMMERCIAL PROPERTY LLC ET AL. FOR FORECLOSURE OF THE LIEN RECED AS DOCUMENT NUMBER R NOTICE OF FORECLOSURE RECED SEPTEMBER 21, 2009 AS DOCUMENT NUMBER R ; COUNTERCLAIM BY FIFTH THIRD BANK TO FORECLOSUE THE MORTGAGE RECED AS DOCUMENT NUMBER R ; NOTICE OF FORECLOSURE RECED NOVEMBER 6, 2009 AS DOCUMENT NUMBER R NOTE: A COMPLETE EXAMINATION OF SAID PROCEEDING HAS NOT BEEN MADE. PROCEEDING PENDING IN CIRCUIT COURT AS CASE NUMBER 09CH3705 FILED AUGUST 24, 2009 BY COLE TAYLOR BANK AGAINST DISTINCTIVE LAND DEVELOPMENT, INC. FOR FORECLOSURE OF THE DOCUMENT RECED AS DOCUMENT NUMBER R NOTE: A COMPLETE EXAMINATION OF SAID PROCEEDING HAS NOT BEEN MADE. PROCEEDING PENDING IN CIRCUIT COURT AS CASE NUMBER 09CH4206 FILED SEPTEMBER 15, 2009 BY ARETE 3 LTD. AGAINST SHOREWOOD TOWNE CENTER COMMERCIAL PROPERTY LLC FOR FORECLOSURE OF THE LIEN RECED AS DOCUMENT NUMBER R NOTE: A COMPLETE EXAMINATION OF SAID PROCEEDING HAS NOT BEEN MADE. THE COVERAGE AFFED BY THE SHALL NOT COMMENCE PRIOR TO THE DATE ON WHICH ALL CHARGES PREVIOUSLY BILLED BY THE COMPANY HAVE BEEN PAID. ADDITIONALLY, WE SHOULD BE FURNISHED THE FOLLOWING, AND THE, WHEN AND IF ISSUED, WILL BE SUBJECT TO SUCH FURTHER EXCEPTIONS AS MAY BE DISCLOSED

7 THEREBY: (1) AN ALTA LOAN AND EXTENDED COVERAGE OWNER'S POLICY STATEMENT EXECUTED BY ALL PARTIES HOLDING TITLE TO THE LAND DURING THE SIX MONTHS PRECEDING THE DATE OF THE. NOTE: IF THE IS TO COVER ADDITIONAL DISBURSEMENTS MADE PURSUANT TO A MORTGAGE BEING INSURED, WE SHOULD ALSO BE FURNISHED SATISFACTORY EVIDENCE THAT SAID DISBURSEMENTS HAVE BEEN MADE. (2) IF CONSTRUCTION HAS BEEN PERFORMED ON THE LAND WITHIN THE LAST SIX MONTHS, SATISFACTORY EVIDENCE OF THE PAYMENT IN FULL OF THE COST OF FURNISHING ALL LABOR AND MATERIAL IN CONNECTION THEREWITH. (3) AN AMENDED RENT ROLL, IF APPLICABLE; (4) AN UPDATED SURVEY, OR AN AFFIDAVIT OF NO NEW IMPROVEMENTS; (5) RELATIVE TO SHOREWOOD TOWNE CENTER COMMERCIAL PROPERTY, LLC, WE SHOULD BE FURNISHED (A) A COPY OF ANY AMENDMENTS TO ITS ARTICLES OF ORGANIZATION AND OPERATING AGREEMENT WHICH MAY HAVE BEEN ENTERED INTO SINCE DECEMBER 28, 2007, THE EFFECTIVE DATE OF THE ORIGINAL POLICY, (B) A CURRENT LIST OF INCUMBENT MANAGERS OR OF INCUMBENT MEMBERS IF MANAGERS HAVE NOT BEEN APPOINTED, AND (C) CERTIFICATION THAT NO EVENT OF DISSOLUTION HAS OCCURRED. FIDELITY NATIONAL TITLE INSURANCE BY: PROFORMA AUTHORIZED SIGNATORY MORTGAGE ADD-ON ALTA LOAN POLICY