2005-12-20 Title Work
I FAX
I Dare
12/2012005
I NlJfT1ber of pages incfuding COlISr shest 6
TO: Mike Couri
FROM:
Larry Mountain
Land Title, Inc.
1900 Silver Lake Road
Suite 200
New Brighton, MN 55112
Imountain@
Jandtit/einc.com
651-697-6116
651-638-1994
Phone
Fax Phone 763-497-3210
Phone
Fax Phone
I CC:
REMARKS: 0 Urgent
o For your review 0 Reply ASAP 0 Please Comment
Mike.
our emallls down. I have enolosed a copy of our titlework. I will have a Partial Release for Item
1810r the whole plat, item 19 will be satisfied as part of our closing. As we discussed) item 20
will stay on Outlot B, Towne Lakes 6th Addition and you are requiring that this be subordinated
to the Development Contract. I have a call into the Bank's Attorney in regards to this. Item 21
was on the commercial piece and was not part of our plat.
If you have any questions or need anything else, please let me know.
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Chicago Title Insurance Compuy
wutd by its AleIlt, Land Title, 1Ae.
COMMITMENT
SCHEDULE A
Case 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 Policy - 10117/92
Proposed Insl.Il'cd; City of AlbertiUe
Amount
(b) 0 AL T A Short Form Loan Policy - 10/17/92 Amount . 0 .
Proposed Insured: NONE, its successors and/or assigns as their interests may appear.
3. Title to the Fee Simple estate or interest in the land described or referred to in this Commibnent is at
the effective cIate hereof vested in:
Parcel A:
Contraetor Property Developers Company, a Minnesota corporation
Parcel B:
Albertville Phase III. LLC, a Minnesota limited liability oompany
4. The land referred to in the Commitment is described as follows:
Parcel A:
Outlot A. Towne Lakes Sll1 Addition, Wright County, Minnesota.
Paroel B:
Outlot E, Towne Lakes SUI Additi01'l, Wright County, Minnesota.
Note: The above legal deSC1'iplion iJ to be platted into the plat of Towne Lakes fl' Addili()1'l.
Albertville, Minnesota
Abstract Property, Wright County
Thi$ CiOlTImitment is invalid unless the ID.'luring Provisions and Schedules A and B are attac.bed.
SchedUle A oon$isb: of ) page(s)
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Chicago Title Imarance Company
COMMITMENT
SCHEDULE B . Section I
Requireme.u
1. The following are the requirements to be complied with:
A. Payments to. or for the account o~ the sellers or mongagc:s of the full consideration for the estate
or interest 10 be insured.
B. Instruments in inswabJe fonn which must be ex.ecuted, delivered and duly filed for record.
C. There are no requirements.
Case No. 262812
This commitment is invalid unless the Insuring Provisions and Sdledules A and B are attached.
Schedule B1 cons.ists Qf I page(s)
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Chicago Tide Ins1ll1IlIce Company
COMMITMENT
SCHEDULE B - Sedion n
ExeeptioDS
The policy or policies to be issued will ~ontain exceptions to the following unle&.$ the same are disposed
of to the swsfDction of the Compeny.
1. Defects, liens, encumbrances. adV'er8e claims or other-rnattcrs. if any, created, first appearing in the
public record! or attachini to subsequent to the effective date hereof but prior to the date the
proposed Insured acquires for value of rCCOId the e$tate or interest or mortgage thereon covered by
this Commitment.
Note: Upon dotiq with Land Title, Inc.1 Item 1 OD Schedule B-ll will be deleted. The Final
Policy will atend coyer. as to tbe gap between th.~ Effective Date listed in Item 1 of Scbeclule
A ud the date of recordiq of the iutrumeDts creatiag tbe iDterest to be innred..
2. MY discrepancies or conflicts in boundary 1incs. any shortages in areal or any encroachment or
overlappiq of improvements.
3. Any facts, rights, interests or claims which ere not shown by the public record bu.t which could be
ascertained by an accurate SU1"Yey of the land or by making inquiry of periODS in possession thereot~
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 assessments which are not shown as existina liens by the records of any taxini authority
that levies taxes or assessments 011 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 year 2005 in the amount of$9,058.00 Total- Paid. in Full. Base Tax.: $9,058.00
Non-Homestead (101-102-000020)
Parcel B:
Taxes payable in the year 200$ In the amount of $ 1 l, 1 52.00 Total- Paid in Fu.ll. Base Tax:
$11.1~2.00 Non-Homestead '(101.102-000060)
Note: 1st Hal/Taxes are pa)1able on or before May 15th and 2nd Half Taxes are payable. on or
before October 15th.
8. Levied and pending special assesament:s. if any.
Cue No. 262812
This oomm.itmep.t ia invalid unless the Inauring ProviSIOns and Schedules A ud B are a.ttaobed.
Schedule B2 OOJl3ists of 3 page(s)
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LAND TITLE NEW BRIGHTON
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ChicalO Title Insurance Company
COMMITMENT
SCHEDULE B . SectiOD n
ExaptioDl
9. Notice of Trunk Availability Charge dated May 29,2001, tiled June 1,2001 as Document Number
743474 for Watermain in the amount ofS)4,113.00.
10. Development Aireement between the City of Albertville and Contractor Property Developers
Company, filed JiUluary 27, 2004 as Document Number 894487.
11. Drainage and utility easements over the subject property as shown on the recorded plat.
12. Master Declaration of Covonants, Conditions, Restrictions and Easements tiled as Document
Number 791007; which was subsequently amended by Document Number 887386 and Doeumem
Number 893342.
13. Covenants, Conditions and Restrictions and Easements of Towne Lakes Traditional Homes filed as
Documc:nt Number 791008; which was sub~entty amended by Document Number 800552 and
DocUltlent Number 893341.
14. Planned Unit Development Agreement for Towne Lakes Slh Addition, dated August 2, 2004, tiled
August 24,2004 as Documcnt: Number 924112.
IS. Subject to the rights of the public and of the State of Minnesota in that part of the subject property
lying below the natural hip water mark of Mud Lake.
16. Regulations and restrictions in designated wetland as shown on the recorded plat.
17. Covenants, easements and restrictions oontained in Declaration filed. November 2, 2004 as Document
Number 933638. (Affects 'Parcel II)
18. Mortgage cxcoutcd by Contractor Property Developers Company, a. Minnesota 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)
Notel The above mortgage is subordinate to mortgage Document Number 945693 hy Subordination
Agl'lemel1ljiled February 3, 2oo! as.Document Nvmher ..4.945694.
19. MortPi' of Mortgage eKeCuted by Contractor Property Developers Company, a Minnesota.
corporation, dated April 15, 2003, filed June 4, 2003 as Doeument Number 853512, in the original
amount ofS3,OS8,400.00, in favor of Alliance Bank. (Covers Additional Property)
Case No. 262812
This commitment is invalid l1n1ess the Insuring Provisions 2IIld Schedules A and B are attacl1ed.
Schedule 82 consists of 3 paa;e(s)
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Chicago Title Insurance CompllnY
COMMITMENT
SCHED'L'LE B - Seetioa n
ExeepdoDS
20. Second Mortgage executed by Contractor Property Developers Company, a Minnesota corporation,
dated Ianull)' 25, 2005, filed February 3, 2005 as Document Number 945693. in the original amount
of 51,000,000.00, in favor of Alliance Bank. a MinDe90ta banking corporation.
21. Mortgage, Security Agreement and Assignment of Rents and Leases executed by Albertville Phase
m, LtC, a Minnesota limited liability company, dated October 31,2005, tile4 November 3,2005 as
Document Number 984938, in the origina.l amount ofS3,92S,577.31, in favor of Rame Federal
Savings Bank, a federal savings bank. (Affects Parcel B)
22. Ifthere are any questions regarding this Commitment, please contact Mark A. Haagcnsen at (651)
697-6191 or by email atmhaagensen@landtitleinc.com.
Cue No. 262812
This commitm.ent is invalld \Inless the Insurin& Provisions and Selledules A and B are attaehec1.
Schedule B2 consists of 3 page(s)