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2007-03-23 Title InsuranceForm No. 1068-2 4 ~ A ~j F,~ k e` ~~~ ~'Y ~ ~ ~~\~ ~!1!"f_ Commitment No.: NCS-284867-MPLS Page Number: 1 First American Title Insurance Company National Commercial Services 1900 Midwest Plaza 801 Nicollet Mall Minneapolis, MN 55402-2504 March 23, 2007 Ryan N. Boe, Esq. Larkin Hoffman Daly & Lindgren Ltd. 1500 Wells Fargo Plaza, 7900 Xerxes Avenue South Minneapolis, MN 55431-1194 Phone: (952)896-3390 Fax: (952) 842-1756 Customer Reference: Phil Morris Property Title Officer: James Meunier Phone: (612) 305-2040 Order Number: NCS-284867-MPLS Escrow Officer: Linda M. Cross Phone: (612)305-2044 Owner: Philip A. Morris and Mary Jo Morris FirstAmerican Tit/e Insurance Company Form No. 1068-2 Property: County Road 37, Albertville, MN Attached please find the following item(s): Commitment Commitment No.: NCS-284867-MPLS Page Number; 2 Thank You for your confidence and support. We at First American Title Insurance Company maintain the fundamental principle: Customer First. Form No. 1068-2 Commitment No.: NCS-284867-MPLS ' Page Number: 3 First American Title Insurance Company INFORMATION The Title Insurance Commitment is a legal contract between you and the company. It is issued to show the basis on which we will issue a Title Insurance Policy to you. The Policy will insure you against certain risks to the land title, subject to the limitations shown in the policy. The Company will give you a sample of the Policy form, if you ask. The Commitment is based on the land title as of the Commitment Date. Any changes in the land title or the transaction may affect the Commitment and the Policy. The Commitment is subject to its Requirements, Exceptions and Conditions. This information is not part of the title insurance commitment. TABLE OF CONTENTS Agreement to Issue Policy Schedule A Page 3 1. Commitment Date 4 2. Policies to be Issued, Amounts and Proposed Insured 4 3. Interest in the Land and Owner 4 4. Description of the Land 4 Schedule B-1 -Requirements Schedule B-2 -Exceptions Conditions YOU SHOULD READ THE COMMITMENT VERY CAREFULLY. If you have any questions about the Commitment, please contact the issuing office. Form No. 1068-2 Commitment No.: NCS-284867-MPLS Page Number: 4 COMMITMENT FOR TITLE INSURANCE Issued by FirstAmerican Title Insurance Company Agreement to Issue Policy We agree to issue a policy to you according to the terms of this Commitment. When we show the policy amount and your name as the proposed insured in Schedule A, this Commitment becomes effective as of the Commitment Date shown in Schedule A. If the Requirements shown in this Commitment have not been met within six months after the Commitment Date, our obligation under this Commitment will end. Also, our obligation under this Commitment will end when the Policy is issued and then our obligation to you will be under the Policy. Our obligation under this Commitment is limited by the following: The Provisions in Schedule A. The Requirements in Schedule B-1. The Exceptions in Schedule B-2. The Conditions. This Commitment is not valid without Schedule A and Sections 1 and 2 of Schedule B. Form No. 1068-2 Revision Information: (not applicable) SCHEDULE A 1. Commitment Date: March 05, 2007 at 7:30 A.M. 2. Policy or Policies to be issued: (A) ALTA Owner's Policy Proposed Insured: Albertville Marketplace LLC (B) ALTA Loan Policy Proposed Insured: (to be determined) 3 4. (A) The estate or interest in the land described in this Commitment is: Fee Simple (B) Title to said estate or interest at the date hereof is vested in: Philip A. Morris (married to Mary Jo Morris) Amount $(to be determined) $(to be determined) The land referred to in this Commitment is situated in the City of Albertville, County of Wright State of Minnesota, and is described as follows: That part of the Northeast Quarter of the Northeast Quarter of Section 1, Township 120, Range 24, Wright County, that lies north and east of the right of way of Interstate Highway No. 94. Commitment No.: NCS-284867-MPLS Page Number: 5 (Abstract property) Form No. 1068-2 SCHEDULE B SECTION ONE REQUIREMENTS The following requirements must be met: Commitment No.: NCS-284867-MPLS Page Number: 6 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. Documents satisfactory to us creating the interest in the land and/or the mortgage to be insured must be signed, delivered and recorded. 4. Evidence satisfactory to the Company that the execution and delivery of the instruments evidencing the estates to be insured were properly authorized. 5. The standard form of Seller's and/or Purchaser's Affidavit, satisfactory to the Company, is required. 6. Satisfaction of the Mortgage shown in Section Two hereof. 7. Deed from Philip A. Morris and Mary Jo Morris, husband and wife, to Albertville Marketplace LLC. 8. Certificate of Real Estate Value. 9. Well Disclosure Certificate or the following language must be placed on the deed to be recorded: I am familiar with the property described in this instrument and I certify that the status and number of wells on the described real property have not changed since the last previously filed Well Disclosure Certificate or the seller certifies that the seller does not know of any wells on the described real property. Form No. 1068-2 SCHEDULE B SECTION TWO EXCEPTIONS Commitment No.: NCS-284867-MPLS Page Number: 7 Any policy we issue will have the following exceptions unless they are taken care of to our satisfaction: 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 hereof 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. Discrepancies, conflicts in boundary lines, shortages in area, encroachments, or any other fact which a correct survey would disclose, and which are not shown by public records. Any 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. 4. Easements, claims of easement or encumbrances which are not shown by the public records. 5. Any lien, or right to a lien, for services, labor or material theretofore or hereafter furnished, imposed by law and not shown by law in the public records. 6. 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. 7. Real estate taxes payable in the year 2006 in the amount of $40,300.00 total; first half paid, second half paid. Base tax: $31,944.32. Tax Parcel No. 101-500-011100 8. Special assessments levied after the date hereof. 9. Searches for levied and pending special assessments have been ordered. 10. Mortgage dated November 21, 2003, recorded December 18, 2003 as Doc. No. A 889507, from Philip Morris and Mary Jo Morris, husband and wife, to Vermillion State Bank, in the original amount of $ 2,725,000.00. 11. Right of way for Interstate Highway No. 94, including limitations on access to said highway and also including lack of title to said right of way, as said highway is presently laid out and traveled and as contained in the following: (a) Final Certificate by the State of Minnesota, dated September 10, 1969, recorded October 2, 1969 as Doc. No. 258330; (b) Final Certificate by the State of Minnesota, dated September 16, 1976, recorded October 12, 1976 as Doc. No. 308775; Form No. 1068-2 Commitment No.: NCS-284867-MPLS Page Number: 8 (c) Quit Claim Deed from the State of Minnesota to the City of Albertville, dated September 17, 1980, recorded October 10, 1980 as Doc. No. 351233; and (d) Quit Claim Deed from the State of Minnesota to the County of Wright, dated September 24, 1981, recorded October 20, 1981 as Doc. No. 360234. 12. Right of way for County Road 37 as presently laid out and traveled. 13. Rights of tenants under unrecorded leases. Form No. 1068-2 Commitment No.: NCS-284867-MPLS ' Page Number: 9 1. DEFINITIONS (a)"Mortgage" means mortgage, deed of trust or other security instrument. (b)"Public Records" means title records that give constructive notice of matters affecting the title according to the state law where the land is located. 2. LATER DEFECTS The Exceptions in Schedule B - Section Two may be amended to show any defects, liens or encumbrances that appear for the first time in the public records or are created or attached between the Commitment Date and the date on which all of the Requirements (a) and (c) of Schedule B -Section One are met. We shall have no liability to you because of this amendment. 3. EXISTING DEFECTS If any defects, liens or encumbrances existing at Commitment Date are not shown in Schedule B, we may amend Schedule B to show them. If we do amend Schedule B to show these defects, liens or encumbrances, we shall be liable to you according to Paragraph 4 below unless you knew of this information and did not tell us about it in writing. 4. LIMITATION OF OUR LIABILITY Our only obligation is to issue to you the Policy referred to in this Commitment, when you have met its Requirements. If we have any liability to you for any loss you incur because of an error in this Commitment, our liability will be limited to your actual loss caused by your relying on this Commitment when you acted in good faith to: comply with the Requirements shown in Schedule B -Section One or eliminate with our written consent any Exceptions shown in Schedule B -Section Two. We shall not be liable for more than the Policy Amount shown in Schedule A of this Commitment and our liability is subject to the terms of the Policy form to be issued to you. 5. CLAIMS MUST BE BASED ON THIS COMMITMENT Any claim, whether or not based on negligence, which you may have against us concerning the title to the land must be based on this commitment and is subject to its terms. Form No. 1068-2 Privacy Policy Commitment No.: NCS-284867-MPLS Page Number: 10 We Are Committed to Safeguarding Customer Information In order to better serve your needs now and in the future, we may ask you to provide us with certain information. We understand that you may be concerned about what we will do with such information - particularlyany personal or financial information. We agree that you have a right to know how we will utilize the personal information you provide to us. Therefore, together with our parent company, The First American Corporation, we have adopted this Privacy Policy to govern the use and handling of your personal information. Applicability This Privacy Policy governs our use of the information which you provide to us. It does not govern the manner in which we may use information we have obtained from any other source, such as information obtained from a public record or from another person or entity. First American has also adopted broader guidelines that govern our use of personal information regardless of its source. First American calls these guidelines its Fairlnformation ~a/ues, a copy of which can be found on our website at www.firstam.com. Types of Information Depending upon which of our services you are utilizing, the types of nonpublic personal information that we may collect include: • Information we receive from you on applications, forms and in other communications to us, whether in writing, in person, by telephone or any other means; • Information about your transactions with us, our affiliated companies, or others; and • Information we receive from a consumer reporting agency. Use of Information We request information from you for our own legitimate business purposes and not for the benefit of any nonaffiliated party. Therefore, we will not release your information to nonaffiliated parties except: (1) as necessary for us to provide the product or service you have requested of us; or (2) as permitted by law. We may, however, store such information indefinitely, including the period after which any customer relationship has ceased. Such information may be used for any internal purpose, such as quality control efforts or customer analysis. We may also provide all of the types of nonpublic personal information listed above to one or more of our affiliated companies. Such affiliated companies include financial service providers, such as title insurers, properly and casualty insurers, and trust and investment advisory companies, or companies involved in real estate services, such as appraisal companies, home warranty companies, and escrow companies. Furthermore, we may also provide all the information we collect, as described above, to companies that perform marketing services on our behalf, on behalf of our affiliated companies, or to other financial institutions with whom we or our affiliated companies have joint marketing agreements. Former Customers Even if you are no longer our customer, our Privacy Policy will continue to apply to you. Confidentiality and Security We will use our best efforts to ensure that no unauthorized parties have access to any of your information. We restrict access to nonpublic personal information about you to those individuals and entities who need to know that information to provide products or services to you. We will use our best efforts to train and. oversee our employees and agents to ensure that your information will be handled responsibly and in accordance with this Privacy Policy and First American's Fairlnformation l/a/ues. We currently maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.