This Commitment shall not be valid or binding until countersigned by a validating officer or authorized signatory.

Transcription

1 ALTA COMMITMENT FOR TITLE INSURANCE Issued By: Commitment Number: CML Revision 1 CHICAGO TITLE INSURANCE COMPANY, a Florida corporation ( Company ), for a valuable consideration, commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the Proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest in the land described or referred to in Schedule A, upon payment of the premiums and charges and compliance with the Requirements; all subject to the provisions of Schedules A and B and to the Conditions of this Commitment. This Commitment shall be effective only when the identity of the Proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A by the Company. All liability and obligation under this Commitment shall cease and terminate ninety (90) days after the Effective Date or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue the policy or policies is not the fault of the Company. The Company will provide a sample of the policy form upon request. This Commitment shall not be valid or binding until countersigned by a validating officer or authorized signatory. IN WITNESS WHEREOF, CHICAGO TITLE INSURANCE COMPANY has caused its corporate name and seal to be affixed by its duly authorized officers on the date shown in Schedule A. Issued By: Chicago Title of Michigan, Inc. Commercial and Construction, 99 Monroe Ave NW, Suite 200 Grand Rapids, MI Phone: (616) Chicago Title Insurance Company By: Countersigned By: Attest: President Authorized Officer or Agent Secretary Page 1

2 ISSUING OFFICE: Chicago Title of Michigan, Inc. Commercial and Construction, 99 Monroe Ave NW, Suite 200 Grand Rapids, MI Main Phone: (616) FOR SETTLEMENT INQUIRIES, CONTACT: Escrow Officer: Kerri Woolverton Chicago Title of Michigan, Inc. 99 Monroe Avenue NW, Suite 200 Grand Rapids, MI Phone: Fax: Main Phone: (616) SCHEDULE A ORDER NO CML Property Ref.: 310 Blue Star Hwy, Douglas, MI Effective Date: January 10, 2018 at 08:00 AM 2. Policy or Policies to be issued: a. ALTA Owner's Policy 2006 Proposed Insured: To Be Determined Policy Amount: To Be Determined 3. The estate or interest in the land described or referred to in this Commitment is: Fee Simple 4. Title to the estate or interest in the land is at the Effective Date vested in: Zing Real Estate, LLC, a Michigan limited liability company 5. The land referred to in this Commitment is described as follows: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF END OF SCHEDULE A Page 2

3 EXHIBIT "A" Legal Description For APN/Parcel ID(s): Land Situated in the State of Michigan, County of Allegan, City of Douglas. Part of the Southeast 1/4 of Section 17, Town 3 North, Range 16 West, City of Douglas, County of Allegan, State of Michigan, described as: Beginning at the Southeast corner of Section 17, and proceeding thence South 89 02'37" West 300 feet along the South line of said Section; thence North 00 59'13" West 164 feet; thence North 89 02'37" East 300 feet; thence South 00 59'13" East 164 feet along the East line of said Section to the point of beginning. Page 3

4 SCHEDULE B - SECTION I REQUIREMENTS 1. Pay the agreed amounts for the interest in the Land and/or the mortgage to be insured. 2. Pay us the premiums, fees and charges for the policy. 3. 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. 4. Payment of all taxes, charges, assessments, levied and assessed against the subject premises that may be due and/or payable. 5. Owner s Affidavit(s), in the form furnished by the Company, must be completed and executed by all Sellers, Buyers and/or Borrowers to the transaction to be insured, and the company reserves the right to raise any additional requirements and/or exceptions to title as deemed necessary based upon the information provided. 6. Documents satisfactory to us creating the interest in the Land and/or the mortgage to be insured must be signed, delivered and recorded. 7. Notice: Please be aware that due to the conflict between federal and state laws concerning the cultivation, distribution, manufacture or sale of marijuana, the Company is not able to close or insure any transaction involving Land that is associated with these activities. 8. In accordance with the terms and provisions of the Commitment jacket, This Commitment shall be effective only when the identity of the Proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A by the Company. When title insurance coverage is desired, an application should be made to the Company for a Title Insurance Commitment in a specified amount and identifying the Proposed Insured, and that Commitment when issued will be issued subject to the further requirements and exceptions as may be deemed necessary by the Company. 9. Submit to the insurer a waiver of "Commercial Real Estate Broker's Lien" to be executed by each and any licensed real estate broker, due a commission on the land to be insured. 10. All deeds delivered at closing must comply with the recording requirements of the Subdivision Control Act Amendment of 1996 regarding Farm Operations and Land Division. Page 4

5 SCHEDULE B - SECTION I REQUIREMENTS (continued) 11. The Company will require the following documents for review prior to the issuance of any title insurance predicated upon a conveyance or encumbrance from the entity named below. Limited Liability Company: Zing Real Estate, LLC, a Michigan limited liability company a. A copy of its operating agreement, if any, and any and all amendments, supplements and/or modifications thereto, certified by the appropriate manager or member. b. If a domestic Limited Liability Company, a copy of its Articles of Organization and all amendment thereto with the appropriate filing stamps. c. If the Limited Liability Company is member-managed a full and complete current list of members certified by the appropriate manager or member. d. A current dated certificate of good standing from the proper governmental authority of the state in which the entity was created e. If less than all members, or managers, as appropriate, will be executing the closing documents, furnish evidence of the authority of those signing. The Company reserves the right to add additional items or make further requirements after review of the requested documentation. 12. Record a Warranty Deed from Zing Real Estate, LLC, a Michigan limited liability company, grantor(s), to To Be Determined, grantee(s). 13. Record a full release of the mortgage in the amount of $530,000.00, dated February 16, 2011, Zing Real Estate, LLC, a Michigan limited liability company, mortgagor, Standard Insurance Company, an Oregon corporation, mortgagee, recorded on March 16, 2011, recorded in Liber 3501, Page Record a full release of the assignment of lessor's interest in leases, dated February 16, 2011, Zing Real Estate, LLC, a Michigan limited liability company, assignor, Standard Insurance Company, an Oregon corporation, assignee, recorded on March 16, 2011, recorded in Liber 3501, Page Record a termination statement terminating the financing statement described herein, Zing Real Estate, LLC, a Michigan limited liability company, debtor, Standard Insurance Company, an Oregon corporation, secured party, recorded on March 16, 2011, as Document No. Liber 3501, Page Record a release of the subordination, dated February 16, 2011, Zing Real Estate, LLC, a Michigan limited liability company, lessor, Zing Eat/Drink Holdings, LLC, a Michigan limited liability company, lessee, Standard Insurance Company, an Oregon corporation, lender, recorded on March 16, 2011, recorded in Liber 3501, Page 585. Page 5

6 SCHEDULE B - SECTION I REQUIREMENTS (continued) 17. If the Land has a public water or sewer supply, meter readings should be obtained and adjusted between the parties involved, and additional investigation by the parties involved in this transaction should be made to determine if: a) Current charges are being paid on a timely basis b) Deferred installation or connection charges are still owing c) Future installation charges would be incurred to connect to the system The policy to be issued will not insure against any loss or damage arising from these charges. 18. Note: Principal Residence Exemption and school district information is provided to the Company and is shown for informational purposes only. The accuracy of same is neither guaranteed nor insured Winter taxes DUE in the amount of $5, if paid by February 14, includes drain of $ Summer taxes paid in the amount of $12, State Equalized Value: $365,100.00, (2017) Taxable Value: $317,616.00, (2017) Principal Residence Exemption: 0.00% Special Assessments: Drain payoff is unavailable at this time School District: Saugatuck Tax Identification Number: Note: The following exception will appear on any Policy, "No liability is assumed by the Company for tax increase occasioned by retroactive revaluation or change in land usage or loss of any Principal Residence Exemption status for the insured premises." 19. Personal property taxes not examined. END OF SCHEDULE B - SECTION I Page 6

7 SCHEDULE B - SECTION II EXCEPTIONS 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: 1. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the Effective Date but prior to the date the Proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment. 2. a. Rights or claims of parties in possession not shown by the Public Records. b. Any encroachment, encumbrance, violation, variation or adverse circumstance affecting the Title that would be disclosed by an accurate and complete survey of the Land. c. Easements or claims of easements not shown by the Public Records and existing water, mineral, oil and exploration rights. d. Any lien, or right to a lien, for services, labor, or material, heretofore or hereafter furnished, imposed by law and not shown by the Public Records. e. Any and all oil, gas, mineral, mining rights and/or reservations thereof. f. Taxes or special assessments which are not shown as existing liens by the Public Records. 3. No liability is assumed by the Company for tax increase occasioned by retroactive revaluation or change in land usage or loss of any Principal Residence Exemption status for the Land. 4. The policy does not insure against unpaid water, sewer, electric or gas charges, if any, that have not been levied as taxes against the Land. 5. Taxes and/or assessments which become a lien or become due and payable subsequent to the effective date herein. 6. Rights of tenants under unrecorded leases and any and all parties claiming by, through and thereunder. 7. Easement rights in favor of any and all utility companies, public or otherwise, over and across the Land for the location, servicing and maintenance of facilities located on, over or under said Land, if any. 8. A lease with certain terms, covenants, conditions and provisions set forth therein, dated February 16, 2011, Zing Real Estate, LLC, a Michigan limited liability company, lessor, Zing Eat/Drink Holdings, LLC, a Michigan limited liability company, lessee, as shown in Subordination recorded on March 16, 2011, as Document No. Liber 3501, Page 585, and all those claiming by, through and thereunder. 9. Right(s) of Way and/or Easement(s) and rights incidental thereto, as granted to Consumers Power Company (now known as Consumers Energy) in a document recorded as recording no. Liber 257, Page 555. Page 7