Chicago Title Insurance Company

Transcription

1 Chicago Title Insurance Company COMMITMENT FOR TITLE INSURANCE Issued by Chicago Title Insurance Company Chicago Title Insurance Company, a Nebraska Corporation ('Company'), for a valuable consideration, commits to 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, are 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 6 months after the Effective Date or when the policy or policies committed shall issue, whichever first occurs, provided 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. 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. Countersigned: Authorized Signatory Page 1 of 11

2 ServiceLink, a division of Chicago Title Insurance Company Commitment No: 1. Commitment Effective Date: 01/04/ Policy (or Policies) to be issued: (a) Owner's Policy Schedule A Amount $1.00 Proposed Insured: ULYSSES BROWN and TONY OLDS (b) Loan Policy Proposed Insured: TBD, its successors and/or assigns as their interest may appear $ Fee Simple interest in the land described in this Commitment is owned, at the Commitment Date, by: Tony Olds and Ulysses Brown married 4. The land referred to in this Commitment is described as follows: See Exhibit A attached hereto and made a part hereof Tax ID: Block 31 Lot 13 Valid only if Schedule B and Cover are attached Page 2 of 11

3 ServiceLink, a division of Chicago Title Insurance Company Commitment No: Schedule B - Section I Requirements 1. Documents satisfactory to the Company, creating the estate or interest to be insured must be executed and duly filed for record. 2. Payment to or for the account of the grantors or mortgagors of the full consideration for the estate or interest, mortgage or lien to be issued. 3. Furnish proof of payment of all bills for labor and material furnished or to be furnished in connection with improvements erected or to be erected. 4. The Company requires the payment of all taxes and assessments and any penalties and interest, due and payable at closing. 5. The Company must be notified of all parties being added to title, prior to the loan closing. A judgment search must be completed for any parties being added to title. The Company reserves the right to add additional requirements and/or exceptions as may be deemed necessary, upon review of the judgment search. 6. The Company requires that a Notice of Settlement in connection with this transaction be filed, pursuant to N.J.S.A. 46:26A-11, as nearly as possible to, but not more sixty (60) days before, the anticipated date of recording of the closing documents. If the closing is postponed, a second Notice must be filed before the expiration of the first. If both a deed and mortgage are to be insured, two (2) Notices must be filed: one for the deed, and the other for the mortgage. 7. Payoff of Mortgage Dated 07/12/2011, Recorded 01/23/2012 in the office of the Recorder of UNION County, New Jersey, in Book Page 0869 Instrument , executed by Ulysses Brown and Tony Olds to Secretary of Housing and Urban Development, which states that it secured a debt in the principal sum of $61, Payoff of Mortgage Dated 03/14/2009, Recorded 04/13/2009 in the office of the Recorder of UNION County, New Jersey, in Book Page 0542, executed by Ulysses Brown and Tony Olds to Lend America, A New York Corporation, which states that it secured a debt in the principal sum of $269, Assigned from LoanCare, A Division of FNF Servicing, Inc., to Selene Finance LP in Book 1420 Page 0140, Recorded on: 01/14/2014. Assigned from By LoanCare, A Division of FNF Servicing, Inc., as Attorney in Fact under a Limited Power of Attorney Government National Mortgage Association to LoanCare, A Division of FNF Servicing, Inc., in Book 1404 Page 0447, Recorded on: 02/28/2013. Assigned from Mortgage Electronic Registration Systems, Inc., as nominee for Lend America, A New York Corporation, to Government National Mortgage Association in Book 1404 Page 0442, Recorded on: 02/28/2013. Loan Modification Agreement recorded 01/23/2012, in Book Page Reason: For Providing Fixed Interest Rate). Page 3 of 11

4 ServiceLink, a division of Chicago Title Insurance Company Commitment No: Schedule B - Section I Requirements 9. Positive proof that the proper instrument(s) conveying title to the foreclosing lender have been completed and filed of record. If there is no mortgage or assignment of record to the foreclosing lender, positive proof of assignment must be provided prior to foreclosure. Copy of foreclosure file may be requested prior to closing and title policy issuance. At that time the Company reserves the right to make additional requirements and /or exceptions. NOTE: Please contact the Company when a purchaser and loan amount for this property have been obtained. At that time, the premium and endorsement fees will be added. A Search of the buyer will also be required. The Company may add additional exceptions and requirements at that time. Page 4 of 11

5 ServiceLink, a division of Chicago Title Insurance Company Commitment No: 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. Taxes or special assessments which are not shown as existing liens by the public records. 3. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land. 4. Easements or claims of easements not shown by the public records. 5. 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. 6. Rights or claims of parties in possession not shown by the public records st Quarter Real Estate Taxes are Open in the amount of $1, due 02/01/2016. Taxes accruing in the current year. Tax ID Block 31 Lot 13. NOTE: CONTACT LOCAL TAX AUTHORITIES FOR EXACT AMOUNTS DUE, PRIOR TO LOAN CLOSING nd Quarter Real Estate Taxes are Open in the amount of $1, due 05/01/2016. Taxes accruing in the current year. Tax ID Block 31 Lot 13. NOTE: CONTACT LOCAL TAX AUTHORITIES FOR EXACT AMOUNTS DUE, PRIOR TO LOAN CLOSING. 3rd and 4th Quarter is not available. 9. Subject to Mortgage Dated 07/12/2011, Recorded 01/23/2012 in the office of the Recorder of UNION County, New Jersey, in Book Page 0869 Instrument , executed by Ulysses Brown and Tony Olds to Secretary of Housing and Urban Development, which states that it secured a debt in the principal sum of $61, Subject to Mortgage Dated 03/14/2009, Recorded 04/13/2009 in the office of the Recorder of UNION County, New Jersey, in Book Page 0542, executed by Ulysses Brown and Tony Olds to Lend America, A New York Corporation, which states that it secured a debt in the principal sum of $269, Assigned from LoanCare, A Division of FNF Servicing, Inc., to Selene Finance LP in Book 1420 Page 0140, Recorded on: 01/14/2014. Assigned from By LoanCare, A Division of FNF Servicing, Inc., as Attorney in Fact under a Limited Power of Attorney Government National Mortgage Association to LoanCare, A Division of FNF Servicing, Inc., in Book 1404 Page 0447, Recorded on: 02/28/2013. Assigned from Mortgage Electronic Registration Systems, Inc., as nominee for Lend America, A New York Corporation, to Government National Mortgage Association in Book 1404 Page 0442, Recorded on: 02/28/2013. Loan Modification Agreement recorded 01/23/2012, in Book Page Reason: For Providing Fixed Interest Rate). Page 5 of 11

6 ServiceLink, a division of Chicago Title Insurance Company Commitment No: Schedule B - Section II Exceptions 11. Liability, if any, for additional assessment for taxes in connection with new construction pursuant to N.J.S.A. 54: et seq. Affidavit of title must disclose any new construction or improvements to the premises, if any, within the last twelve months. Page 6 of 11

7 Exhibit "A" Legal Description All that certain parcel of land situated in County of Union and State of New Jersey, being known and designated as: LAND REFERRED TO IN THIS COMMITMENT IS DESCRIBED AS ALL THAT CERTAIN PROPERTY SITUATED IN THE COUNTY OF UNION, AND STATE OF NEW JERSEY AND BEING DESCRIBED IN A DEED DATED 10/06/2005 AND RECORDED 10/11/2005 IN BOOK D5536 PAGE 586 AMONG THE LAND RECORDS OF THE COUNTY AND STATE SET FORTH ABOVE AND REFERENCED AS FOLLOWS: ALL THAT CERTAIN LOT, PIECE OR PARCEL OF LAND, WITH THE BUILDINGS AND IMPROVEMENTS THEREON ERECTED, SITUATE, LYING AND BEING IN THE CITY OF LINDEN IN THE COUNTY OF UNION AND THE STATE OF NEW JERSEY, MORE PARTICULARLY DESCRIBED HEREIN. BEGINNING AT A POINT ON THE SOUTHWESTERLY LINE OF GARFIELD STREET, DISTANT FEET NORTHWESTERLY FROM THE POINT OF INTERSECTION OF THE SOUTHWESTERLY LINE OF GARFIELD STREET AND THE NORTHWESTERLY LINE OF ESSEX AVENUE AND FROM SAID POINT; RUNNING THENCE (1) NORTH 41 DEGREES 55 MINUTES WEST, FEET TO A POINT; THENCE (2) SOUTH 48 DEGREES 05 MINUTES WEST, FEET TO A POINT; THENCE (3) SOUTH 44 DEGREES 29 MINUTES EAST, FEET TO A POINT; THENCE (4) NORTH 48 DEGREES 05 MINUTES EAST, FEET TO A POINT ALONG THE AFORESAID SOUTHWESTERLY LINE OF GARFIELD STREET, SAID POINT BEING THE POINT AND PLACE OF BEGINNING. BEING KNOWN AND DESIGNATED AS LOT(S) 13 IN BLOCK 31 ON THE CITY LINDEN TAX MAP. Tax ID: Block 31 Lot 13 Page 7 of 11

8 Exhibit "A" Legal Description All that certain parcel of land situated in County of Union and State of New Jersey, being known and designated as: LAND REFERRED TO IN THIS COMMITMENT IS DESCRIBED AS ALL THAT CERTAIN PROPERTY SITUATED IN THE COUNTY OF UNION, AND STATE OF NEW JERSEY AND BEING DESCRIBED IN A DEED DATED 10/06/2005 AND RECORDED 10/11/2005 IN BOOK D5536 PAGE 586 AMONG THE LAND RECORDS OF THE COUNTY AND STATE SET FORTH ABOVE AND REFERENCED AS FOLLOWS: ALL THAT CERTAIN LOT, PIECE OR PARCEL OF LAND, WITH THE BUILDINGS AND IMPROVEMENTS THEREON ERECTED, SITUATE, LYING AND BEING IN THE CITY OF LINDEN IN THE COUNTY OF UNION AND THE STATE OF NEW JERSEY, MORE PARTICULARLY DESCRIBED HEREIN. BEGINNING AT A POINT ON THE SOUTHWESTERLY LINE OF GARFIELD STREET, DISTANT FEET NORTHWESTERLY FROM THE POINT OF INTERSECTION OF THE SOUTHWESTERLY LINE OF GARFIELD STREET AND THE NORTHWESTERLY LINE OF ESSEX AVENUE AND FROM SAID POINT; RUNNING THENCE (1) NORTH 41 DEGREES 55 MINUTES WEST, FEET TO A POINT; THENCE (2) SOUTH 48 DEGREES 05 MINUTES WEST, FEET TO A POINT; THENCE (3) SOUTH 44 DEGREES 29 MINUTES EAST, FEET TO A POINT; THENCE (4) NORTH 48 DEGREES 05 MINUTES EAST, FEET TO A POINT ALONG THE AFORESAID SOUTHWESTERLY LINE OF GARFIELD STREET, SAID POINT BEING THE POINT AND PLACE OF BEGINNING. BEING KNOWN AND DESIGNATED AS LOT(S) 13 IN BLOCK 31 ON THE CITY LINDEN TAX MAP. Tax ID: Block 31 Lot 13 Page 8 of 11

9 IMPORTANT NOTICE AND DISCLOSURE 1. By law the Title Company is required to advise you that the Title Insurance Commitment issued by us may contain conditions, exceptions, exclusions, limitations and requirements governing our liability and the coverage you may receive. REAL ESTATE TITLE TRANSACTIONS ARE COMPLEX. THE COMPANY DOES NOT REPRESENT YOU AND CANNOT GIVE YOU LEGAL ADVICE. YOU ARE ENTITLED TO REVIEW THE TITLE INSURANCE COMMITMENT WITH AN ATTORNEY AT LAW OF YOUR OWN CHOOSING, AT YOUR EXPENSE, PRIOR TO THE TRANSFER OF TITLE. WE STRONGLY ADVISE THAT YOU DO SO. 2. THE ATTORNEY RETAINED BY YOU, OR BY YOUR LENDER, CLOSING OR SETTLING THIS TITLE IS NOT AN AGENT FOR AND DOES NOT ACT ON BEHALF OF THE TITLE COMPANY. THE COMPANY ASSUMES NO LIABILITY FOR ANY LOSS, COST OR EXPENSE INCURRED BY YOU BECAUSE YOUR ATTORNEY OR YOUR LENDER'S ATTORNEY HAS MADE A MISTAKE OR MISAPPLIED YOUR FUNDS. Because the attorney is not our agent, we assume no responsibility for any information, advice, or title insurance promises the attorney may give or make. Our only liability to you is under the terms of the Commitment, Policy and Closing Service Letter if you choose to obtain one. 3. If you desire to obtain protection from this company regarding the application of your funds or compliance with requirements relating to the issuance of the proposed policy, the company will, on request and the payment of the fees filed with, and approved by, the Department of Insurance, provide for a settlement service. 4. By law we are also required to advise you that we have been asked to issue a mortgage policy to the lender in the amount shown on Schedule A of the enclosed Title Insurance Commitment. If you have not already requested it, you have the right and opportunity to obtain title insurance in your own favor for an additional premium which we will quote on request. NJRB /1/94 Page 9 of 11

10 Privacy Statement Effective Date 5/1/2008 Page 10 of 11

11 Privacy Statement Effective Date 5/1/2008 Page 11 of 11