2005-12-20 Committment
'~/20!2005 16:05 FA~ 8516281894
LAND TITLE NEW BRIGHTON
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1900 Silver I..ake Road, Suite 200
New Brighton, MN 55112
65 1 -638. i 900 Phone
651-636-1994 Fax
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12/20/2005 16:06 FAX 8518381894
LAND TITLE HEW BRIGHTOH
~ 0021008
Chicago Title Insurance Compauy
Issued by its Ageat, Land Title, Iu~.
COMMITMENT
SCHEDULE A
Cue No. 262812
1. Effective Date: November 7,2005 at 7:00 A.M.
2. Policy or Policies to be issued:
(a) III ALTA Owner's Polioy - 10/17/92
Proposed lDsurecl: City of Albertille
Amount S1'8n
(b) 0 ALTA Short Form Loan Policy -10/17/92 Amount .0-
Proposed Insured: NONE. its successors and/or assigns as their inter~ts may appear.
3, Title to the Fee Simple estate or interest in the land described or rcfe.m:d to in this Commitment is at
the effective date hereof vested in:
PlTCel A:
Contzactor Property Developers Company, a MiIlncsota corporation
Parcel B;
Albertville Phase III, LLC, a Minnesota limited liability company
4. The land referred to in the Commitlnent is described as follows:
Parcel A:
Outlot A, TOWlLe Lakes 5th Addition. Wright County, Minnesota.
Parcel B:
Outlot E, Towne Lakes 511; Addition, Wright County, Minnesota.
Note: The above legal description is to be platted into the plat of Towne Law fill Addition.
Albertville. Minnesota
AbstraCt Property, Wright County
This commitl:nerrt is mnlid unless the InswiDs PtovisioDl aDd Schedules A attd B are attached.
Schedule A l;oDllists of 1 pa.e(s)
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Chicago Title Insurance Company
COMMITMENT
SCHEDULE B . StetiOD I
Requirements
I. The followina are the rcquimmcnts to be complied with:
A. Payments to, or for the account of, the sellers or mortgages of the full consideration for the estate
or interest to be insured.
B. lnst:ruments in iD.surable form which must be executed, delivered and duly filed for record.
C. There are no requirements.
Case No. 261812
This commitment is invalid unless the Irlsuring ProvisiODS and. Schedules A and:a are attached.
Schedule B 1 cowi5ts of 1 PBBe(S)
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Chicago Title Insurance Company
COMMITMENT
SCHEDULE B - Section n
ExceptioDs
The policy or policies to be issued will contain exceptions to the following Wlless the same are disposed
of to the satisfaction of the Company.
I. Defects, liens, encumbrances, adverse claims or other-matters, if my, created. fIrst appcarini in the
publ ic rtllcords or attaching to subsequent to the effective date hereof but prior to the date the
proposed Insured acquires for value of record the estate or interest or mortgaae thereon covered by
this Commitment.
Note: Upon closing wltb Laud Title, IDe., Item 1 Oil Scbedule B-ll wiD be deleted. Tbe Final
Policy will extend coverage as to the gap between tIul Effective Date listed in Item 1 of Schedule
A and the date of recording of tbe Instruments creating the interest to be insured.
2. Any disorepancies or conflicts in boundary lines, any shortages in area, Or any encroachment or
overlapping of improvements.
3. Any facts, rights:, interests or claims which are not shown by the public record but which cou.ld be
ascertained by an accurate survey of the land or by making inquiry of persons in possession thereof.
'4. Easements, liens or encumbrances or claims thereof, which are not shown by the public record.
5. Any lien or right to a lien for services, labor or material imposed by law and not shown by the public
record.
6. Taxes or a~5cssmcnts which are not shown as ex:isting liens by the records of any taxing authority
that levies ia)l.CS or assessments on real property or by the public record, Proceedings by a public
agency which may result in taxes or assessments, or notice of such proceedings, whether or not
shown by the records of such agency or the public record.
7. Parcel A:
Taxes payable in the yelll' 2005 in the amount of$9,058.00 Total- Paid in Full. Base Tax: $9,058.00
Non-Homestead (101-\02-000020)
Parcel B:
Taxes payable in the year 2005 in the amount of$11,l52.00 Total- Paid in Full. Base Tax:
$11.152.00 Non.Homl!lstead. (lOl-102.o00060)
Note: 1st Ha!fTaxes are payable on or before May 15th. and 2nd Half Taxes are payable on or
before October 15th,
8. Levied and pending special a~5e5smcnts, if any.
Case No. 262l! 12
This commitment is invalid unlell$ the InsurinS ProviaiQI.I.s aDd Schedules A and B are attached.
Schedule B2 OOD3ists of 3 page(s)
12/20/200~ 10:0Q ~AX oolo~01~~4
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Chicago Title Insurance Company
COMMITMENT
SCHEDULE B - Sec:tiOD II
ExceptioDS
9. Notice of Trllnk Availa.bility Charge dated May 29,2001, filed June 1,2001 as Document Number
743474 for Watermain in the amount of $14,713.00,
10. Development Agreement between the CIty of Albertville and Contractor Property Developers
Company, filed January 27.2004 as Document Number 894487.
11. Drainage and utility easements over the subject property as shown on the recorded plat.
J 2. Master Declaration of Covonants, Conditions. RestrictiOtls and Easements filed as Document
Number 791007; which was subsequently amended by Document Number 887386 and Document
'Number 893342.
13. Covenants, Conditions and Restrictions and Easements of Towne Lakes Traditional Homes filed as
Document Number 791008; which was subsequently amended by Document Number 800552 and
Document Number 893341.
14. Planned Unit Development Agreement for Towne Lakes Slh Addition, dated August 2, 2004, filed
August 24, 2004 as Document Number 924112.
15. Subject to the rights of the public ilnd of the State of Minnesota in that pm of the subject property
lying below the natural high water mark of Mud Lake.
16. Regulations and restrictions in designated wetland as shown on the recorded plat.
17. Covenants, easements and restrictions contained in Declaration filed November 2,2004 as Document
Number 933638. (Affects Parcel B)
18. Mortgage executed by Contractor Property Developers Company, a Minne9Ota. corporation, filed
May 17,2002 as Document Number 791328, in the original amount of$24,783 ,096 ' 83, in favor of
Scherer Bros. Lumber Col. (Covers Additional Property) (Affects Parcel A)
Note; The above mortgage if{ ~'ubQrdinal(J to mortRage Document Number 945693 by S1J.hQl"dirut1.icm
Agl"eementftledFebruary J, 2005 OJ Docultltf/l Number A 945694.
19. Mortgage executed by Contractor Property Developers Company, a Minnesota corporatjon~ dated
April 15, 2003, filed June 4, 2003 as Document Number 853S 12, In the original amount of
$3,058,400.00, in favor of Alliance Bank. (Covers Additional Property)
Case No. 262812
This commitment is Invalid unless the Insuring Provisions and Schedules A and B are artachcd.
Schedule 82 consists of 3 page(s)
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Chicago Title Insur'aIlee Company
COMMITMENT
SCBEDULE B - SKtiOD n
Exceptio...
20, Second Mortgage ex.ecuted by Contractor Property Developers Company, a Minnesota corporation,
dated Janllary 25,2005, filed February 3, 2005 as Document Nwnber 945693, In the original amount
of$l,OOO,Ooo.oo, in favor of Alliance Bank, a Minnesota banking corporation. (Affects Parcel A)
21. Mortiase. Security Agreement and Assignment of Rents and Leases executed by Albertville Phase
Ill, LLC, a Minnesota limited liability company, dated Octobet' 31,2005, filed November 3. 2005 as
Document Number 984938, in the original amount of$3,925,577.31, in favor of Home Federal
Sa.vings Bank, a federal savings bank (Affects Parcel B)
, 22. Jfthere are any questions ~rc1ing this Commitment, please contact Mark A, Haagensen at (651)
- 697-6191 or by email atmhaajensen@lancititleinc.com.
Case No. 262812
This commitmenl is invalid unless the Insuring Provisions and Schedules A and Bare attacl\ed.
Schedule B2 consists of 3 page(s)