ALTA Commitment for Title Insurance

Transcription

1 ALTA Commitment for Title Insurance Issued By NOTICE IMPORTANT READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT. THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED. THE COMPANY S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT. THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON. COMMITMENT TO ISSUE POLICY Subject to the Notice; Schedule B, Part I Requirements; Schedule B, Part II Exceptions; and the Commitment Conditions, Old Republic National Title Insurance Company, a Florida Corporation (the Company ), commits to issue the Policy according to the terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Policy Amount and the name of the Proposed Insured. If all of the Schedule B, Part I Requirements have not been met within 6 months after the Commitment Date, this Commitment terminates and the Company s liability and obligation end. This page is only a part of a 2016 ALTA Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I Requirements; and Schedule B, Part II Exceptions. Issued through the Office of Pacific Alliance Title, LLC 311 North Fourth Street, Suite 102 Yakima, WA ORT Form WA ALTA Commitment for Title Insurance

2 COMMITMENT CONDITIONS 1. DEFINITIONS (a) Knowledge or Known : Actual or imputed knowledge, but not constructive notice imparted by the Public Records. (b) 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 to be insured by the Policy. (c) Mortgage : A mortgage, deed of trust, or other security instrument, including one evidenced by electronic means authorized by law. (d) Policy : Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company pursuant to this Commitment. (e) Proposed Insured : Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment. (f) Proposed Policy Amount : Each dollar amount specified in Schedule A as the Proposed Policy Amount of each Policy to be issued pursuant to this Commitment. (g) Public Records : Records established under state statutes at the Commitment Date for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge. (h) Title : The estate or interest described in Schedule A. 2. If all of the Schedule B, Part I Requirements have not been met within the time period specified in the Commitment to Issue Policy, this Commitment terminates and the Company s liability and obligation end. x 3. The Company s liability and obligation is limited by and this Commitment is not valid without: (a) the Notice; (b) the Commitment to Issue Policy; (c) the Commitment Conditions; (d) Schedule A; (e) Schedule B, Part I Requirements; (f) Schedule B, Part II Exceptions; and (g) a counter-signature by the Company or its issuing agent that may be in electronic form. 4. COMPANY S RIGHT TO AMEND The Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect, lien, encumbrance, adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment Condition 5. The Company shall not be liable for any other amendment to this Commitment. 5. LIMITATIONS OF LIABILITY (a) The Company s liability under Commitment Condition 4 is limited to the Proposed Insured s actual expense incurred in the interval between the Company s delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the Proposed Insured s good faith reliance to: (i) comply with the Schedule B, Part I Requirements; (ii) eliminate, with the Company s written consent, any Schedule B, Part II Exceptions; or (iii) acquire the Title or create the Mortgage covered by this Commitment. (b) The Company shall not be liable under Commitment Condition 5(a) if the Proposed Insured requested the amendment or had Knowledge of the matter and did not notify the Company about it in writing. (c) The Company will only have liability under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment included the added matter when the Commitment was first delivered to the Proposed Insured. (d) The Company s liability shall not exceed the lesser of the Proposed Insured s actual expense incurred in good faith and described in Commitment Conditions 5(a)(i) through 5(a)(iii) or the Proposed Policy Amount. (e) The Company shall not be liable for the content of the Transaction Identification Data, if any. (f) In no event shall the Company be obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I Requirements have been met to the satisfaction of the Company. (g) In any event, the Company s liability is limited by the terms and provisions of the Policy. This page is only a part of a 2016 ALTA Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I Requirements; and Schedule B, Part II Exceptions. ORT Form WA ALTA Commitment for Title Insurance Page 2

3 6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT x (a) Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment. (b) (c) (d) (e) (f) Any claim must be based in contract and must be restricted solely to the terms and provisions of this Commitment. Until the Policy is issued, this Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject matter of this Commitment and supersedes all prior commitment negotiations, representations, and proposals of any kind, whether written or oral, express or implied, relating to the subject matter of this Commitment. The deletion or modification of any Schedule B, Part II Exception does not constitute an agreement or obligation to provide coverage beyond the terms and provisions of this Commitment or the Policy. Any amendment or endorsement to this Commitment must be in writing and authenticated by a person authorized by the Company. When the Policy is issued, all liability and obligation under this Commitment will end and the Company s only liability will be under the Policy. 7. IF THIS COMMITMENT HAS BEEN ISSUED BY AN ISSUING AGENT The issuing agent is the Company s agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is not the Company s agent for the purpose of providing closing or settlement services. 8. PRO-FORMA POLICY The Company may provide, at the request of a Proposed Insured, a pro-forma policy illustrating the coverage that the Company may provide. A pro-forma policy neither reflects the status of Title at the time that the pro-forma policy is delivered to a Proposed Insured, nor is it a commitment to insure. This page is only a part of a 2016 ALTA Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I Requirements; and Schedule B, Part II Exceptions. ORT Form WA ALTA Commitment for Title Insurance Page 3

4 Pacific Alliance Title, LLC 311 North Fourth Street, Suite 102 Yakima, WA Phone: (509) Fax: (509) COMMITMENT FOR TITLE INSURANCE SCHEDULE A 1. Effective Date: January 26, 2018 at 8:00 A.M. Order No.: Policy or Policies To Be Issued: Title Officer: Tom Daily (a) A.L.T.A. Owner's Rate: 2006 (Standard) Amount: Premium Tax: Total: Underwriter Portion: To Be Determined $0.00 $0.00 (b) A.L.T.A. Loan (2006) Extended Rate: Proposed Insured: To be determined Amount: Premium: Tax: Total: Underwriter Portion: To Be Determined $0.00 $ The estate or interest in the land described or referred to in this Commitment and covered herein is: Fee Simple 4. Title to said estate or interest in said land is at the effective date hereof vested in: PAK K. LEE who also appears of record as PAK KEI LEE and PAK KEI FRANKY LEE and KAR H. LEE who also appears of record as KAR HING HO LEE and KAR HING SUZANNE HO LEE husband and wife 5. The land referred to in this commitment is described as follows: SEE EXHIBIT "A" ATTACHED HERETO Commitment Sch A PA7 Page 1 of 3

5 EXHIBIT "A" PARCEL A Lots 21, 22 and 23, REMINGTON'S PLAT OF SELAH, WASHINGTON according to the plat thereof recorded in Volume "B" of plats, page 107, records of Yakima County, Washington. EXCEPT the West 7 feet thereof for road. Parcel No PARCEL B Lot 24, REMINGTON'S PLAT OF SELAH, WASHINGTON, according to the plat thereof recorded in Volume "B" of plats, page 107, records of Yakima County, Washington. EXCEPT the West 7 feet thereof for road. Parcel No PARCEL C Lot 25, REMINGTON'S PLAT OF SELAH, WASHINGTON, according to the plat thereof recorded in Volume "B" of plats, page 107, records of Yakima County, Washington. EXCEPT the West 7 feet thereof for road. Parcel No PARCEL D Lots 26, 27 and 28, REMINGTON'S PLAT OF SELAH, WASHINGTON according to the plat thereof recorded in Volume "B" of plats, page 107, records of Yakima County, Washington. EXCEPT the West 7 feet thereof conveyed to the City of Selah by instrument recorded March 11, 1965 under Auditor's File No , AND EXCEPT the North 5 feet of Lot 28 conveyed to the City of Selah by Quit Claim Deed recorded August 7, 2006 under Auditor's File No , AND EXCEPT that portion of Lot 28 conveyed to the City of Selah by Quit Claim Deed recorded September 9, 2009 under Auditor's File No Parcel No PARCEL E Lots 29 and 30, REMINGTON'S PLAT OF SELAH, WASHINGTON according to the plat thereof recorded in Volume "B" of plats, page 107, records of Yakima County, Washington. Parcel No.'s , Commitment Sch A PA7 Page 2 of 3

6 Commitment Sch A PA7 Page 3 of 3

7 COMMITMENT FOR TITLE INSURANCE SCHEDULE B PART I File No.: The following are the requirements to be complied with: A. B. Payment to or for the account of the grantors or mortgagors of the full consideration for the estate or interest to be insured. Documents satisfactory to the Company creating the interest in the land and/or the mortgage to be insured must be signed, delivered and recorded. C. NOTE: Effective January 1, 1997, and pursuant to Amendment of Washington State Statutes relating to standardization of recorded documents, the following format and content requirements must be met. Failure to comply may result in rejection of the document by the County Auditor. FORMAT: Margins to be 3" on top, 1" on sides and bottom for first page of document; Margins to be 1" on top, sides and bottom of any subsequent pages; Font size of 8 point or larger; Paper size of no larger than 8 1/2 X 14" No attachments on pages such as stapled or taped Notary Seals; Pressure seals must be smudged. INFORMATION WHICH MUST APPEAR ON THE FIRST PAGE: Title or titles of document. If assignment or reconveyance, reference to auditor's file number or subject deed of trust. Names of grantor(s) and grantee(s) with reference to additional names on following pages(s), if any. Abbreviated legal description (lot, block, plat name or section, township, range and quarter quarter section for unplatted). Assessor's tax parcel number(s). Return address, which may appear in the upper left hand 3" top margin. Commitment Sch B I PA7 Page 1 of 1

8 COMMITMENT FOR TITLE INSURANCE SCHEDULE B PART II File No.: 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: A. Taxes or assessments which are not shown as existing liens by the public records. B. (i) Unpatented mining claims; (ii) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (iii) water rights, claims or title to water; whether or not these matters (i), (ii), & (iii) are shown in the public records, Indian tribal codes or regulations, Indian treaty or aboriginal rights, including easements or equitable servitudes; zoning ordinances and building regulations by any city, county or planning commission. C. Extended coverage exceptions, as follows: Rights or claims of parties in possession not shown by the public records. Easements, claims of easements or encumbrances which are not shown by the public records. D. E. F Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey and inspection of the premises. Any lien, or right to a lien, for service, labor, material or medical assistance heretofore or hereafter furnished, imposed by law and not shown by the public records. Any service, installation, connection, maintenance, tap, capacity, construction or reimbursement charges for sewer, water, electricity, other utilities, or garbage collection or disposal. Defects, liens, encumbrances, adverse claims or other matters, if any, created, appearing in the public records, or attaching subsequent to the effective date hereof but prior to the date the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this commitment. Any titles or rights asserted by anyone, including but not limited to persons, corporations, governments, or other entities, to tidelands, or lands comprising the shores or bottoms of navigable rivers, lakes, bays, ocean or gulf, or lands beyond the line of the harbor or bulkhead lines established or changed by the United States Government, or riparian rights, if any. SPECIAL EXCEPTIONS FOLLOW: 1. Real Estate Excise Tax as may be due on transfer located within Levy Code District No. 400 at 1.53% General taxes for the year 2018 in the amount of $17,618.44, which cannot be paid until February 15, Parcel No. : Levy Code : 400 Land Value : $73,800 Improvements : $1,285, Parcel A Horticulture Pest and Disease Control District assessment for the year 2018 payable to the Yakima County Treasurer in the amount of $1.00, which cannot be paid until February 15, Parcel A Commitment Sch B II PA7 Page 1 of 5

9 COMMITMENT FOR TITLE INSURANCE SCHEDULE B PART II General taxes for the year 2018 in the amount of $ which cannot be paid until February 15, Parcel No. : Levy Code : 400 Land Value : $24,600 Improvements : $-0- Parcel B Horticulture Pest and Disease Control District assessment for the year 2018 payable to the Yakima County Treasurer in the amount of $1.00, which cannot be paid until February 15, Parcel B General taxes for the year 2018 in the amount of $318.79, which cannot be paid until February 15, Parcel No. : Levy Code : 400 Land Value : $24,600 Improvements : $-0- Parcel C Horticulture Pest and Disease Control District assessment for the year 2018 payable to the Yakima County Treasurer in the amount of $1.00, which cannot be paid until February 15, Parcel C General taxes for the year 2018 in the amount of $912.28, which cannot be paid until February 15, Parcel No. : Levy Code : 400 Land Value : $70,400 Improvements : $-0- Parcel D Horticulture Pest and Disease Control District assessment for the year 2018 payable to the Yakima County Treasurer in the amount of $1.00, which cannot be paid until February 15, Parcel D General taxes for the year 2018 in the amount of $ which cannot be paid until February 15, Parcel No. : Levy Code : 400 Land Value : $28,000 Improvements : $-0- Lot 29 of Parcel E Horticulture Pest and Disease Control District assessment for the year 2018 payable to the Yakima County Treasurer in the amount of $1.00, which cannot be paid until February 15, Lot 29 of Parcel E General taxes for the year 2018 in the amount of $362.83, which cannot be paid until February 15, Parcel No. : Levy Code : 400 Land Value : $28,000 Improvements : $-0- Lot 30 of Parcel E Horticulture Pest and Disease Control District assessment for the year 2018 payable to the Yakima County Treasurer in the amount of $1.00, which cannot be paid until February 15, Lot 30 of Parcel E Assessments that may be levied, as follows: For/By : City of Selah Liability to future annual assessments for the current year and subsequent years, by the City of Selah, and Horticulture Pest and Disease Control District, which are not yet due and payable. Commitment Sch B II PA7 Page 2 of 5

10 COMMITMENT FOR TITLE INSURANCE SCHEDULE B PART II Deed of Trust, to secure an indebtedness of $1,747,900.00, including any interest, advances or other obligations secured thereby; Dated : January 27, 2012 Recorded : January 30, 2012 Auditor s File No. : Grantor : Pak K Lee and Kar H Lee husband and wife who acquired title as Pak Kei Lee and Kar Hing Ho Lee husband and wife Trustee : Fidelity Title Company Beneficiary : Central Valley Bank Loan No. : none shown The trustee of said Deed of Trust has resigned and a successor trustee appointed by instrument Recorded : July 5, 2016 Auditor s File No. : Successor Trustee : Rainier Foreclosure Services Inc., a Washington corporation 17. Pendency of Yakima County Superior Court Cause No , Filed : July 1, 2016 Entitled : Petition for Appointment of Receiver Petitioners: Heritage Bank a Washington corporation Respondents Pak K Lee aka Pak Kei Lee aka Pak Kei Franky Lee and his marital community, if any; Kar H Lee aka Kar Hing Ho Lee aka Kar Hing Suzanne Ho Lee and her marital community if any Attorney for Plaintiff : Richard R. Coulson Stipulated Order Appointing Custodial Receiver With The Power of Sale was entered December 12, 2017 and recorded under Yakima County Auditor's File No Custodial Receiver: Elliott Bay Asset Solutions LLC The Court must consent to any sale, encumbrance or other similar transaction involving the estate described herein. Any unrecorded leaseholds, rights of vendors and holders of security interests on personal property installed upon said property, and rights of tenants to remove trade fixtures at the expiration of the term. For the ALTA EXTENDED COVERAGE LOAN POLICY, the following matter or matters have not yet been cleared and further consideration thereof will follow by supplemental: (A) Rights or claims of parties in possession not shown by the public records. (B) Public or private easements, or claims of easements, not shown by the public record. (C) Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey or inspection of the premises. (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, or liens under the Workmen's Compensation Act now shown by the public records. NOTE: Please advise the company at least three days prior to closing so that we may inspect the land to determine and report the current status of the above noted matters. Title will be vested in parties yet undisclosed. When title is so vested, it will be subject to matters of record against the names of the incoming parties. Commitment Sch B II PA7 Page 3 of 5

11 COMMITMENT FOR TITLE INSURANCE SCHEDULE B PART II Any rights, easements, interests or claims which may exist or arise by reason of or reflected by the facts shown on the plat of a survey made by PLSA on January 16, 2006, designated job No , Auditor's File No Easements or rights of way for all pipelines, ditches, canals, flumes, telephones and transmission lines which may be required for the construction, operation, repair and maintenance of irrigation works, contained in instruments of record. Easement for underground electrical distribution and communication lines and all necessary or desirable appurtenances, and related matters, Recorded : September 13, 2006 Auditor s File No. : Grantee : Pacific Power & Light Company Pendency of Yakima County Superior Court Cause No , State of Washington, Department of Ecology, Plaintiff vs. (numerous named defendants), notice of which is given by Lis Pendens recorded under Yakima County Auditor s File No , being an action for the determination of the rights to divert, withdraw or otherwise make use of the surface waters of the Yakima River Drainage Basin, in accordance with the provisions of chapters and Revised Code of Washington. (Attorney for Plaintiff: Charles B. Roe, Jr. Senior Assistant Attorney General) NOTE: The above pending action will be shown on Schedule B, Part II, of the ALTA Mortgage Policy, when issued, which schedule reflects matters of record which are subordinate to the lien of the insured Mortgage. NOTES: 1. END OF SPECIAL EXCEPTIONS A cancellation fee will be charged in accordance with our filed rate schedule. Upon cancellation, please contact this Company for determination of the exact cancellation fee relative to this transaction. 2. The abbreviated legal description for the property herein described is: LOTS 21,22,23,24,24 EXC W 7' /LOTS 26,27,28 EXC PTNS/LOTS 29,30 ALL IN REMINGTON'S PLAT OF SELAH WA 3. According to information provided to this company, the property address is: 103 N 1st St., Selah, WA End of Schedule B Commitment Sch B II PA7 Page 4 of 5

12 COMMITMENT FOR TITLE INSURANCE SCHEDULE B PART II This commitment is not an abstract, examination, report, or representation of fact or title and does not create and shall not be the basis of any claim for negligence, negligent misrepresentation or other tort claim or action. The sole liability of company and its title insurance agent shall arise under and be governed by the conditions of the commitment. Commitment prepared for: Commitment Sch B II PA7 Page 5 of 5

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