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HomeMy WebLinkAboutNotes Applicant 11/21/2024Preliminary Report Printed: 11.07.24 @ 08:16 AM OR--FFND-02785.470066-SPS1-24-WT0259191 PRELIMINARY REPORT In response to the application for a policy of title insurance referenced herein Western Title & Escrow Company hereby reports that it is prepared to issue, or cause to be issued, as of the specified date, a policy or policies of title insurance describing the land and the estate or interest hereinafter set forth, insuring against loss which may be sustained by reason of any defect, lien or encumbrance not shown or referred to as an exception herein or not excluded from coverage pursuant to the printed Schedules or Conditions of said policy forms. The printed Exceptions and Exclusions from the coverage of said policy or policies are set forth in Exhibit One. Copies of the policy forms should be read. They are available from the office which issued this report. This report (and any supplements or amendments hereto) is issued solely for the purpose of facilitating the issuance of a policy of title insurance and no liability is assumed hereby. The policy(s) of title insurance to be issued hereunder will be policy(s) of Old Republic National Title Insurance Company, a/an Florida corporation. Please read the exceptions shown or referred to herein and the Exceptions and Exclusions set forth in Exhibit One of this report carefully. The Exceptions and Exclusions are meant to provide you with notice of matters which are not covered under the terms of the title insurance policy and should be carefully considered. It is important to note that this preliminary report is not a written representation as to the condition of title and may not list all liens, defects and encumbrances affecting title to the land. This preliminary report is for the exclusive use of the parties to the contemplated transaction, and the Company does not have any liability to any third parties nor any liability until the full premium is paid and a policy is issued. Until all necessary documents are placed of record, the Company reserves the right to amend or supplement this preliminary report. Countersigned Fred Freeman Preliminary Report Printed: 11.07.24 @ 08:16 AM OR--FFND-02785.470066-SPS1-24-WT0259191 497 Oakway Road, Suite 340, Eugene, OR 97401 PRELIMINARY REPORT TITLE OFFICER: Greg Price Email: GPrice@oldrepublictitle.com ORDER NO.: W T0259191 CUSTOMER NO.: TX20244344 Revision 3. Update Effective Date/ Delete Note C/ Update Note D TO:Old Republic National Title Insurance Company 8201 Preston Road, Suite 450 Dallas, TX 75225 OWNER/SELLER:BFRI Gateway LLC BUYER/BORROWER:Raising Cane’s Restaurants, L.L.C., a Louisiana limited liability company PROPERTY ADDRESS:2720 Gateway Street, Springfield, OR 97477 EFFECTIVE DATE: October 31, 2024, 05:00 PM 1.THE POLICY AND ENDORSEMENTS TO BE ISSUED AND THE RELATED CHARGES ARE: AMOUNT PREMIUM ALTA Owner's Policy 2021 $2,000,000.00 $3,600.00 Owner's Standard Proposed Insured:Raising Cane’s Restaurants, L.L.C., a Louisiana limited liability company OTIRO Endorsement No. 110 $0.00 OTIRO 213-06 - Leasehold (ALTA 13-06)$0.00 Government Lien Search $10.00 2.THE ESTATE OR INTEREST IN THE LAND HEREINAFTER DESCRIBED OR REFERRED TO COVERED BY THIS REPORT IS: Leasehold 3.TITLE TO SAID ESTATE OR INTEREST AT THE DATE HEREOF IS VESTED IN: BRFI Gateway, LLC, a Delaware limited liability company 4.THE LAND REFERRED TO IN THIS REPORT IS SITUATED IN THE COUNTY OF LANE, STATE OF OREGON, AND IS DESCRIBED AS FOLLOWS: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF Order No.: WT0259191/TX20244344 Revision 3. Update Effective Date/ Delete Note C/ Update Note D EXHIBIT "A" Legal Description Preliminary Report Printed: 11.07.24 @ 08:16 AM OR--FFND-02785.470066-SPS1-24-WT0259191 A leasehold as created by the certain lease dated __________________, between ______________, lessor and ________________, lessee, a memorandum of which was recorded _________________, Document No. _____________, Lane County Records, for the term, and subject to all of the terms and provisions therein contained, in and to the following described property: Parcel 2, LAND PARTITION PLAT NO. 2024-P3173, as platted and recorded on March 8, 2024, Document No. 2024-006187, Lane County Oregon Records, in Lane County, Oregon. Order No.: WT0259191/TX20244344 Revision 3. Update Effective Date/ Delete Note C/ Update Note D Preliminary Report Printed: 11.07.24 @ 08:16 AM OR--FFND-02785.470066-SPS1-24-WT0259191 AS OF THE DATE OF THIS REPORT, ITEMS TO BE CONSIDERED AND EXCEPTIONS TO COVERAGE IN ADDITION TO THE PRINTED EXCEPTIONS AND EXCLUSIONS IN THE POLICY FORM WOULD BE AS FOLLOWS: GENERAL EXCEPTIONS: 1.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; proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records. 2.Any facts, rights, interests or claims, which are not shown by the Public Records but which could be ascertained by an inspection of the Land or by making inquiry of persons in possession thereof. 3.Easements, or claims of easement, which are not shown by the Public Records; reservations or exceptions in patents or in Acts authorizing the issuance thereof; water rights, claims or title to water. 4.Any encroachment (of existing improvements located on the Land onto adjoining land or of existing improvements located on adjoining land onto the subject Land), encumbrance, violation, variation or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the subject Land. 5.Any lien or right to a lien for services, labor, material, equipment rental or workers compensation heretofore or hereafter furnished, imposed by law and not shown by the Public Records. SPECIFIC ITEMS AND EXCEPTIONS: 6.City Liens, if any, of the City of Springfield. (Please contact the Title Department for a City Lien Search within 30 days of closing) 7.Rights of the public to any portion of the Land lying within the limits of roads and highways. 8.Easement(s) shown below and rights incidental thereto as set forth in a document: In favor of:Mountain States Power Company Recording Date:June 23, 1926 Recording No:Book 148, Page 569 9.Easement(s) shown below and rights incidental thereto as set forth in a document: In favor of:Mountain States Power Company Recording Date:June 23, 1926 Recording No:Book 148, Page 571 10.Easement contained in Water Contract, including the terms and provisions thereof, Recording Date:November 4, 1936 Recording No:Book 189, Page 24 Between:Eugene-Springfield Land and water Company And:Ira H. Calef, et al Order No.: WT0259191/TX20244344 Revision 3. Update Effective Date/ Delete Note C/ Update Note D Preliminary Report Printed: 11.07.24 @ 08:16 AM OR--FFND-02785.470066-SPS1-24-WT0259191 By various assignments, the last of which was Quitclaim Deed: To:Gateway Mall Limited Partnership Recording Date:February 22, 1989 Recording No.:1989-08203 11.Easement(s) shown below and rights incidental thereto as set forth in a document: Entitled:Easement for Right-of-Way In favor of:Mountain States Power Company Recording Date:October 16, 1948 Recording No:1946-24684 (Book 333, Page 637) 12.Limited access to and from the Land as set forth in Deed shown below, which provides that there shall be no right of easement or right of access to, from or across the State Highway other than as expressly provided for in said Deed: Grantor: Anna Boyd Davis Reed and Richard W. Reed Grantee: State of Oregon, by and through its State Highway Commission Recording Date: June 28, 1957 Recording No.: 1957-16055 13.Limited access to and from the Land as set forth in Deed shown below, which provides that there shall be no right of easement or right of access to, from or across the State Highway other than as expressly provided for in said Deed: Grantor: Hazel Calef Grantee: State of Oregon, by and through its State Highway Commission Recording Date: May 15, 1958 Recording No.: 1958-38851 14.Easement(s) shown below and rights incidental thereto as set forth in a document: Entitled:Right of Way Easement In favor of:Pacific Power & Light Company Recording Date:February 21, 1962 Recording No:1962-60269 15.Easement(s) shown below and rights incidental thereto as set forth in a document: Entitled:Right of Way Easement In favor of:Pacific Power & Light Company Recording Date:February 21, 1962 Recording No:1962-60270 16.Easement(s) shown below and rights incidental thereto as set forth in a document: Entitled:Right of Way Easement In favor of:Pacific Power & Light Company Recording Date:May 21, 1962 Recording No:1962-70248 Order No.: WT0259191/TX20244344 Revision 3. Update Effective Date/ Delete Note C/ Update Note D Preliminary Report Printed: 11.07.24 @ 08:16 AM OR--FFND-02785.470066-SPS1-24-WT0259191 17.Unrecorded floodway easement, as disclosed by, Right of Way Easement, including the terms and provisions thereof, Recording Date:May 21, 1962 Recording No:1962-70248 Between:McKenzie Water Control District And:Pacific Power & Light Company 18.Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth in a document: Entitled:Public Utility Easement In favor of:City of Springfield Recording Date:February 8, 1980 Recording No:1980-07062 19.Disposition and Development Agreement, including the terms and provisions thereof, Recording Date:October 21, 1988 Recording No:1988-44251 Between:City of Springfield And:Gateway Mall Limited Partnership Amendment to Disposition and Development Agreement, including the terms and provisions thereof, Recording Date:February 11, 1998 Recording No.:1998-09140 20.Easement(s) shown below and rights incidental thereto as set forth in a document: Entitled:Conveyance of Easement In favor of:Rainbow Water and Fire District Recording Date:February 23, 1990 Recording No:1990-08986 21.Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth in a document: Entitled:Public Utility Easements In favor of:City of Springfield Recording Date:March 8, 1990 Recording No:1990-11195 22.Construction, Operation and Reciprocal Easement, including the terms and provisions thereof, Recording Date:March 13, 1990 Recording No:1990-11883 Between:Gateway Mall Limited Partnership And:Dayton Hudson Corporation First Amendment to Construction, Operation and Reciprocal Easement, including the terms and provisions thereof Recording Date:June 13, 2003 Recording No.:2003-053669 Order No.: WT0259191/TX20244344 Revision 3. Update Effective Date/ Delete Note C/ Update Note D Preliminary Report Printed: 11.07.24 @ 08:16 AM OR--FFND-02785.470066-SPS1-24-WT0259191 Second Amendment to Construction, Operation and Reciprocal Easement, Recording Date:October 29, 2013 Recording No.:2013-056807 Third Amendment to Construction, Operation and Reciprocal Easement, including the terms and provisions thereof Recording Date:June 10, 2014 Recording No.:2014-021249 Assignment and Assumption Agreement, including the terms and provisions thereof Recording Date:March 7, 2017 Recording No.:2017-011363 23.Terms, provisions, conditions, easements, contained in Memorandum of Separate Agreement, including the terms and provisions thereof, Recording Date:March 13, 1990 Recording No:1990-11884 Between:Gateway Mall Limited Partnership And:Dayton Hudson Corporation 24.Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth in a document: Entitled:Springfield Utility Board Utility Easement In favor of:City of Springfield, acting by and through its Springfield Utility Board Recording Date:June 18, 1996 Recording No:1996-40795 25.City of Springfield Improvement Agreement and Application for Sewer Hookup, including the terms and provisions thereof Recording Date:June 20, 1996 Recording No.:1996-41612 26.Easement(s) shown below and rights incidental thereto as set forth in a document: Entitled:Springfield Utility Board Utility Easement In favor of:City of Springfield, acting by and through its Springfield Utility Board Recording Date:October 30, 1996 Recording No:1996-73241 27.Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth in a document: Entitled:Springfield Utility Board Utility Easement In favor of:City of Springfield, acting by and through its Springfield Utility Board Recording Date:November 16, 2001 Recording No:2001-076670 Order No.: WT0259191/TX20244344 Revision 3. Update Effective Date/ Delete Note C/ Update Note D Preliminary Report Printed: 11.07.24 @ 08:16 AM OR--FFND-02785.470066-SPS1-24-WT0259191 28.An unrecorded lease with certain terms, covenants, conditions and provisions set forth therein as disclosed by the document Entitled:Memorandum of Lease Lessor:GGP-Gateway Mall L.L.C. Lessee:Wal-Mart Stores, Inc. Recording Date:December 27, 2012 Recording No:2012-066273 29.Notice of Operations and Maintenance Agreement, Private Stormwater Management and Treatment Syste, including the terms and provisions thereof Recording Date:February 26, 2014 Recording No.:2014-006757 30.A Line of Credit Deed of Trust with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing to secure an indebtedness in the amount shown below, Amount:$59,500,000.00 Dated:February 1, 2023 Trustor/Grantor:BRFI Gateway, LLC, a Delaware limited liability company Trustee:First American Title Insurance Company, a Nebraska corporation Beneficiary:Wells Fargo Bank, National Association Loan No.:1017397 Recording Date:September 20, 2017 Recording No.:2017-046713 (Includes additional property) The Deed of Trust set forth above is purported to be a “Credit Line” Deed of Trust. It is a requirement that the Trustor/Grantor of said Deed of Trust provide written authorization to close said credit line account to the Lender when the Deed of Trust is being paid off through the Company or other Settlement/Escrow Agent or provide a satisfactory subordination of this Deed of Trust to the proposed Deed of Trust to be recorded at closing. An agreement to modify the terms and provisions of said deed of trust as therein provided Executed by:BRFI Gateway, LLC, a Delaware limited liability company and Wells Fargo Bank, National Association Recording Date:January 20, 2021 Recording No:2021-003840 and Re-Recording Date:January 26, 2021 and Re-Recording No:2021-005399 31.Subordination, Nondisturbance and Attornment Agreement, and the terms and conditions thereof: Lender:Wells Fargo Bank, National Association Tenant:Wal-Mart Stores, Inc., a Delaware corporation Landlord:BRFI Gateway, LLC Recording Date:September 20, 2017 Recording No:2017-046715 Order No.: WT0259191/TX20244344 Revision 3. Update Effective Date/ Delete Note C/ Update Note D Preliminary Report Printed: 11.07.24 @ 08:16 AM OR--FFND-02785.470066-SPS1-24-WT0259191 32.A Line of Credit Deed of Trust, Assignment of Leases and Rents and Security Agreement to secure an indebtedness in the amount shown below, Amount:$170,000,000.00 Dated:December 14, 2021 Trustor/Grantor:BRFI Gateway, LLC, a Delaware limited liability company Trustee:First American Title Insurance Company Beneficiary:Argentic Real Estate Investment LLC Recording Date:December 15, 2021 Recording No.:2021-077116 (Includes additional property) The Deed of Trust set forth above is purported to be a “Credit Line” Deed of Trust. It is a requirement that the Trustor/Grantor of said Deed of Trust provide written authorization to close said credit line account to the Lender when the Deed of Trust is being paid off through the Company or other Settlement/Escrow Agent or provide a satisfactory subordination of this Deed of Trust to the proposed Deed of Trust to be recorded at closing. By various assignments, the beneficial interest thereunder is now held of record in: Assignee:AREIT 2021-CRE5 LTD, an exempted company incorporated in the Cayman Islands with limited liability Recording Date:August 1, 2022 Recording No.:2022-033393 33.Assignment of Leases and Rents, including the terms and provisions thereof Assigned to:Argentic Real Estate Investment LLC Assigned by:BRFI Gateway, LLC Recording Date:December 15, 2021 Recording No:2021-077117 (Includes additional property) By various assignments, the beneficial interest thereunder is now held of record in: Assignee:AREIT 2021-CRE5 LTD, an exempted company incorporated in the Cayman Islands with limited liability Recording Date:August 1, 2022 Recording No.:2022-033394 34.A financing statement as follows: Debtor:BRFI Gateway, LLC Secured Party:Argentic Real Estate Investment LLC Recording Date:December 15, 2021 Recording No:2021-077118 (Includes additional property) By various assignments, the beneficial interest thereunder is now held of record in: Assignee:AREIT 2021-CRE5 LTD Recording Date:August 1, 2022 Recording No.:2022-033395 Order No.: WT0259191/TX20244344 Revision 3. Update Effective Date/ Delete Note C/ Update Note D Preliminary Report Printed: 11.07.24 @ 08:16 AM OR--FFND-02785.470066-SPS1-24-WT0259191 A change to the above financing statement was filed Nature of Change:Amendment for Collateral Change Recording Date:August 17, 2022 Recording No:2022-035547 A change to the above financing statement was filed Nature of Change:Amendment for Collateral Change Recording Date:August 18, 2022 Recording No:2022-035599 35.Declaration of Easements, including the terms and provisions thereof Recording Date:June 28, 2022 Recording No.:2022-027974 36.Covenants, conditions, restrictions and easements but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, source of income, gender, gender identity, gender expression, medical condition or genetic information, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth in the document Recording Date:July 27, 2022 Recording No:2022-032719 37.Covenants, conditions, restrictions and easements but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, source of income, gender, gender identity, gender expression, medical condition or genetic information, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth in the document Recording Date:July 27, 2022 Recording No:2022-032721 38.Unrecorded Lease in favor of Huntington Technology Finance Inc. as disclosed by the Lane County tax roll. (Account No. 5676199) 39.Unrecorded Lease in favor of Wal-Mart Stores Inc. as disclosed by the Lane County tax roll. (Account No. 5684308) 40.Unrecorded Lease in favor of First American Commerical Bancorp Inc. as disclosed by the Lane County tax roll. (Account No. 5705062) 41.Unrecorded Lease in favor of Big 5 Sporting Goods as disclosed by the Lane County tax roll. (Account No. 5515745) 42.Existing leases and tenancies, if any, and any interests that may appear upon examination of such leases. Order No.: WT0259191/TX20244344 Revision 3. Update Effective Date/ Delete Note C/ Update Note D Preliminary Report Printed: 11.07.24 @ 08:16 AM OR--FFND-02785.470066-SPS1-24-WT0259191 43.The Company will require an ALTA/NSPS LAND TITLE SURVEY. If the owner of the Land that is the subject of this transaction is in possession of a current ALTA/NSPS LAND TITLE SURVEY, the Company will require that said survey be submitted for review and approval; otherwise, a new survey, satisfactory to the Company, must be prepared by a licensed land surveyor and supplied to the Company prior to the close of escrow. The Company reserves the right to add additional items or make further requirements after review of the requested documentation. 44.The Company will require the following documents for review prior to the issuance of any title insurance predicated upon a conveyance or encumbrance from the entity named below. Limited Liability Company: BRFI Gateway, LLC a.A copy of its operating agreement, if any, and any and all amendments, supplements and/or modifications thereto, certified by the appropriate manager or member. b.If a domestic Limited Liability Company, a copy of its Articles of Organization and all amendment thereto with the appropriate filing stamps. c.If the Limited Liability Company is member-managed a full and complete current list of members certified by the appropriate manager or member. d.A current dated certificate of good standing from the proper governmental authority of the state in which the entity was created e.If less than all members, or managers, as appropriate, will be executing the closing documents, furnish evidence of the authority of those signing. The Company reserves the right to add additional items or make further requirements after review of the requested documentation. The Oregon Corporation Commission records show that as of February 22, 2017, BRFI Gateway, LLC is an active Oregon Foreign limited liability company and is currently in good standing. 45.The transaction contemplated in connection with this Report is subject to the review and approval of the Company’s Corporate Underwriting Department. The Company reserves the right to add additional items or make further requirements after such review. 46.Easements, conditions, restrictions and notes as delineated on the recorded plat. ADDITIONAL REQUIREMENTS/NOTES: A.Notice: Please be aware that due to the conflict between federal and state laws concerning the cultivation, distribution, processing, manufacture, sale, dispensing or use of marijuana and psilocybin, the Company is not able to close or insure any transaction involving Land associated with these activities. B.In addition to the standard policy exceptions, the exceptions enumerated above shall appear on the final ALTA Policy unless removed prior to issuance. C.[Intentionally Deleted] Order No.: WT0259191/TX20244344 Revision 3. Update Effective Date/ Delete Note C/ Update Note D Preliminary Report Printed: 11.07.24 @ 08:16 AM OR--FFND-02785.470066-SPS1-24-WT0259191 D.Note: Property taxes for the fiscal year shown below are paid in full. Fiscal Year: 2024-2025 Amount: $10,193.10 Levy Code: 01900 Account No.: 1916767 Map No.: 17-03-22-00-02310 Prior to close of escrow, please contact the Tax Collector's Office to confirm all amounts owing, including current fiscal year taxes, supplemental taxes, escaped assessments and any delinquencies. E.Note: There are no matters against the party(ies) shown below which would appear as exceptions to coverage in a title insurance product: Parties: Raising Cane’s Restaurants, L.L.C., a Louisiana limited liability company F.The Company will require the following documents for review prior to the issuance of any title insurance predicated upon a conveyance or encumbrance from the entity named below. Limited Liability Company: Raising Cane’s Restaurants, L.L.C. a.A copy of its operating agreement, if any, and any and all amendments, supplements and/or modifications thereto, certified by the appropriate manager or member. b.If a domestic Limited Liability Company, a copy of its Articles of Organization and all amendment thereto with the appropriate filing stamps. c.If the Limited Liability Company is member-managed a full and complete current list of members certified by the appropriate manager or member. d.A current dated certificate of good standing from the proper governmental authority of the state in which the entity was created e.If less than all members, or managers, as appropriate, will be executing the closing documents, furnish evidence of the authority of those signing. The Company reserves the right to add additional items or make further requirements after review of the requested documentation. The Oregon Corporation Commission records show that as of March 9, 2021, Raising Cane’s Restaurants, L.L.C. is an active Oregon Foreign limited liability company and is currently in good standing. RENEWAL DUE: March 9, 2024 G.Note: There are NO conveyances affecting said Land recorded within 24 months of the date of this report. H.If requested to issue an extended coverage ALTA policy, the following matters must be addressed: a) The rights of tenants holding under unrecorded leases or tenancies b) Matters disclosed by a statement as to parties in possession and as to any construction, alterations or repairs to the Land within the last 75 days. The Company must be notified in the event that any funds are to be used for construction, alterations or repairs. c) Any facts which would be disclosed by an accurate survey of the Land Order No.: WT0259191/TX20244344 Revision 3. Update Effective Date/ Delete Note C/ Update Note D Preliminary Report Printed: 11.07.24 @ 08:16 AM OR--FFND-02785.470066-SPS1-24-WT0259191 I.Note: If an Owner’s Title Insurance Policy is requested, the State of Oregon requires every ALTA Owner’s Policy (07-01-2021) to include the OTIRO 110 Endorsement as a supplement to the definition of Insured in said Owner’s Policy’s Conditions to confirm coverage is the same for an Oregon Registered Domestic Partner as it is for a Spouse. J.THE FOLLOWING NOTICE IS REQUIRED BY STATE LAW: YOU WILL BE REVIEWING, APPROVING AND SIGNING IMPORTANT DOCUMENTS AT CLOSING. LEGAL CONSEQUENCES FOLLOW FROM THE SELECTION AND USE OF THESE DOCUMENTS. YOU MAY CONSULT AN ATTORNEY ABOUT THESE DOCUMENTS. YOU SHOULD CONSULT AN ATTORNEY IF YOU HAVE QUESTIONS OR CONCERNS ABOUT THE TRANSACTION OR ABOUT THE DOCUMENTS. IF YOU WISH TO REVIEW TRANSACTION DOCUMENTS THAT YOU HAVE NOT SEEN, PLEASE CONTACT THE ESCROW AGENT. K.Note: No utility search has been made or will be made for water, sewer or storm drainage charges unless the City/Service District claims them as liens (i.e. foreclosable) and reflects them on its lien docket as of the date of closing. Buyers should check with the appropriate city bureau or water service district and obtain a billing cutoff. Such charges must be adjusted outside of escrow. L.Note: This map/plat is being furnished as an aid in locating the herein described Land in relation to adjoining streets, natural boundaries and other land. Except to the extent a policy of title insurance is expressly modified by endorsement, if any, the Company does not insure dimensions, distances or acreage shown thereon. M.Note: Recording charge per document for: Lane County - $87.00 for the first page, $5.00 for each additional page E-recording fee is an additional $5.00 per document Send Recording Packages to: Western Title & Escrow Company Attention: Recording 497 Oakway Road, Suite 340 Eugene, OR 97401 Email: lanerecording@westerntitle.com Preliminary Report (Exhibit One)Printed: 11.07.24 @ 08:16 AM OR--FFND-02785.470066-SPS1-24-WT0259191 EXHIBIT ONE 2021 AMERICAN LAND TITLE ASSOCIATION LOAN POLICY (07-01-2021) EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy, and the Company will not pay loss or damage, costs, attorneys' fees, or expenses that arise by reason of: 1.a.any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) that restricts, regulates, prohibits, or relates to: i.the occupancy, use, or enjoyment of the Land; ii.the character, dimensions, or location of any improvement on the Land; iii.the subdivision of land; or iv.environmental remediation or protection. b.any governmental forfeiture, police, regulatory, or national security power. c. the effect of a violation or enforcement of any matter excluded under Exclusion 1.a. or 1.b. 2.Any power of eminent domain. Exclusion 2 does not modify or limit the coverage provided under Covered Risk 7. 3.Any defect, lien, encumbrance, adverse claim, or other matter: a.created, suffered, assumed, or agreed to by the Insured Claimant; b.not Known to the Company, not recorded in the Public Records at the Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy; c.resulting in no loss or damage to the Insured Claimant; d.attaching or created subsequent to the Date of Policy (Exclusion 3.d. does not modify or limit the coverage provided under Covered Risk 11, 13, or 14); or e.resulting in loss or damage that would not have been sustained if consideration sufficient to qualify the Insured named in Schedule A as a bona fide purchaser or encumbrancer had been given for the Insured Mortgage at the Date of Policy. 4.Unenforceability of the lien of the Insured Mortgage because of the inability or failure of an Insured to comply with applicable doing-business law. 5.Invalidity or unenforceability of the lien of the Insured Mortgage that arises out of the transaction evidenced by the Insured Mortgage and is based upon usury or Consumer Protection Law. 6.Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights law, that the transaction creating the lien of the Insured Mortgage is a: a.fraudulent conveyance or fraudulent transfer; b.voidable transfer under the Uniform Voidable Transactions Act; or c.preferential transfer: i.to the extend the Insured Mortgage is not a transfer made as a contemporaneous exchange for new value; or ii.for any reason not stated in the Covered Risk 13.b 7.Any claim of a PACA-PSA Trust. Exclusion 7 does not modify or limit the coverage provided under Covered Risk 8. 8.Any lien on the Title for real estate taxes or assessments imposed by a governmental authority and created or attaching between the Date of Policy and the date of recording of the Insured Mortgage in the Public Records. Exclusion 8 does not modify or limit the coverage provided under Covered Risk 2.b. or 11.b. 9.Any discrepancy in the quantity of the area, square footage, or acreage of the Land or of any improvement to the Land. The above policy form may be issued to afford either Standard Coverage or Extended Coverage. In addition to the above Exclusions from Coverage, the Exceptions from Coverage in a Standard Coverage policy will also include the following Exceptions from Coverage. SCHEDULE B - GENERAL EXCEPTIONS FROM COVERAGE This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of: 1.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; proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records. 2.Facts, rights, interests or claims which are not shown by the Public Records but which could be ascertained by an inspection of the Land or by making inquiry of persons in possession thereof. 3.Easements, or claims of easement, not shown by the Public Records; reservations or exceptions in patents or in Acts authorizing the issuance thereof, water rights, claims or title to water. 4.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. The term "encroachment" includes encroachments of existing improvements located on the Land onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land. 5.Any lien for services, labor or material heretofore or hereafter furnished, or for contributions due to the State of Oregon for unemployment compensation or worker's compensation, imposed by law and not shown by the Public Records. 2021 AMERICAN LAND TITLE ASSOCIATION OWNER'S POLICY (07-01-2021) EXCLUSIONS FROM COVERAGE The following matters are excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses that arise by reason of: 1.a.any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) that restricts, regulates, prohibits, or relates to: i.the occupancy, use, or enjoyment of the Land; ii.the character, dimensions or location of any improvement on the Land; iii.the subdivision of land; or iv.environmental remediation or protection; b.any governmental forfeiture, police, regulatory, or national security power c.the effect of a violation or enforcement of any matter excluded under Exclusion 1.a. or 1.b. Exclusion 1 does not modify or limit the coverage provided under Covered Risk 5 or 6. 2.Any power of eminent domain. Exclusion 2 does not modify or limit the coverage provided under Covered Risk 7. 3.Any defect, lien, encumbrance, adverse claim, or other matter: a.created, suffered, assumed or agreed to by the Insured Claimant; b.not known to the Company, not recorded in the Public Records at the Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy; c.resulting in no loss or damage to the Insured Claimant; d.attaching or created subsequent to the Date of Policy (Exclusion 3.d. does not modify or limit the coverage provided under Covered Risk 9 or 10); or e.resulting in loss or damage that would not have been sustained if consideration sufficient to qualify the Insured named in Schedule A as a bona fide purchaser had been given for the Title at the Date of Policy. 4.Any claim, by reason of the operation of federal bankruptcy, state insolvency or similar creditors' rights law, that the transaction vesting the Title as shown in Schedule A is a: a.fraudulent conveyance or fraudulent transfer, or b.voidable transfer under the Uniform Voidable Transactions Act; or c.preferential transfer: i.to the extent the instrument of transfer vesting the Title as shown in Schedule A is not a transfer made as a contemporaneous exchange for new value; or ii.for any other reason not stated in Covered Risk 9.b. 5.Any claim of a PACA-PSA Trust. Exclusion 5 does not modify or limit the coverage provided under Covered Risk 8. 6.Any lien on the Title for real estate taxes or assessments imposed or collected by a governmental authority that becomes due and payable after the Date of Policy. Exclusion 6 does not modify or limit the coverage provided under Covered Risk 2.b. 7.Any discrepancy in the quantity of the area, square footage, or acreage of the Land or of any improvement to the Land. The above policy form may be issued to afford either Standard Coverage or Extended Coverage. In addition to the above Exclusions from Coverage, the Exceptions from Coverage in a Standard Coverage policy will also include the following Exceptions from Coverage. SCHEDULE B - GENERAL EXCEPTIONS FROM COVERAGE This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of: 1.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; proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records. 2.Facts, rights, interests or claims which are not shown by the Public Records but which could be ascertained by an inspection of the Land or by making inquiry of persons in possession thereof. 3.Easements, or claims of easement, not shown by the Public Records; reservations or exceptions in patents or in Acts authorizing the issuance thereof, water rights, claims or title to water. 4.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. The term "encroachment" includes encroachments of existing improvements located on the Land onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land. 5.Any lien for services, labor or material heretofore or hereafter furnished, or for contributions due to the State of Oregon for unemployment compensation or worker's compensation, imposed by law and not shown by the Public Records. Preliminary Report (Exhibit One)Printed: 11.07.24 @ 08:16 AM OR--FFND-02785.470066-SPS1-24-WT0259191 EXHIBIT ONE 2006 AMERICAN LAND TITLE ASSOCIATION LOAN POLICY (06-17-06) EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses that arise by reason of: 1.(a)Any law, ordinance or governmental regulation (including but not limited to building and zoning) restricting, regulating, prohibiting or relating to (i)the occupancy, use, or enjoyment of the Land; (ii)the character, dimensions or location of any improvement erected on the land; (iii)the subdivision of land; or (iv)environmental protection; or the effect of any violation of these laws, ordinances or governmental regulations. This Exclusion 1(a) does not modify or limit the coverage provided under Covered Risk 5. (b)Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 6. 2.Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8. 3.Defects, liens, encumbrances, adverse claims, or other matters (a)created, suffered, assumed or agreed to by the Insured Claimant; (b)not known to the Company, not recorded in the Public Records at Date of Policy, but known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy; (c)resulting in no loss or damage to the Insured Claimant; (d)attaching or created subsequent to Date of Policy (however, this does not modify or limit the coverage provided under Covered Risk 11, 13, or 14); or (e)resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Insured Mortgage. 4.Unenforceability of the lien of the Insured Mortgage because of the inability or failure of an Insured to comply with the applicable doing-business laws of the state where the Land is situated. 5.Invalidity or unenforceability in whole or in part of the lien of the Insured Mortgage that arises out of the transaction evidenced by the Insured Mortgage and is based upon usury or any consumer credit protection or truth-in-lending law. 6.Any claim, by reason of the operation of federal bankruptcy, state insolvency or similar creditors' rights laws, that the transaction creating the lien of the Insured Mortgage, is (a)a fraudulent conveyance or fraudulent transfer, or (b)a preferential transfer for any reason not stated in the Covered Risk 13(b) of this policy. 7.Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the Insured Mortgage in the Public Records. This Exclusion does not modify or limit the coverage provided under Covered Risk 11(b). The above policy form may be issued to afford either Standard Coverage or Extended Coverage. In addition to the above Exclusions from Coverage, the Exceptions from Coverage in a Standard Coverage policy will also include the following Exceptions from Coverage. SCHEDULE B - GENERAL EXCEPTIONS FROM COVERAGE This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of: 1.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; proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records. 2.Facts, rights, interests or claims which are not shown by the Public Records but which could be ascertained by an inspection of the Land or by making inquiry of persons in possession thereof. 3.Easements, or claims of easement, not shown by the Public Records; reservations or exceptions in patents or in Acts authorizing the issuance thereof, water rights, claims or title to water. 4.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. The term "encroachment" includes encroachments of existing improvements located on the Land onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land. 5.Any lien for services, labor or material heretofore or hereafter furnished, or for contributions due to the State of Oregon for unemployment compensation or worker's compensation, imposed by law and not shown by the Public Records. 2006 AMERICAN LAND TITLE ASSOCIATION OWNER'S POLICY (06-17-06) EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses that arise by reason of: 1.(a)Any law, ordinance or governmental regulation (including but not limited to building and zoning) restricting, regulating, prohibiting or relating to (i)the occupancy, use, or enjoyment of the Land; (ii)the character, dimensions or location of any improvement erected on the land; (iii)the subdivision of land; or (iv)environmental protection; or the effect of any violation of these laws, ordinances or governmental regulations. This Exclusion 1(a) does not modify or limit the coverage provided under Covered Risk 5. (b)Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 6. 2.Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8. 3.Defects, liens, encumbrances, adverse claims, or other matters (a)created, suffered, assumed or agreed to by the Insured Claimant; (b)not known to the Company, not recorded in the Public Records at Date of Policy, but known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy; (c)resulting in no loss or damage to the Insured Claimant; (d)attaching or created subsequent to Date of Policy (however, this does not modify or limit the coverage provided under Covered Risk 9 and 10); or (e)resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title. 4.Any claim, by reason of the operation of federal bankruptcy, state insolvency or similar creditors' rights laws, that the transaction creating the lien of the Insured Mortgage, is (a)a fraudulent conveyance or fraudulent transfer, or (b)a preferential transfer for any reason not stated in the Covered Risk 9 of this policy. 7.Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A. The above policy form may be issued to afford either Standard Coverage or Extended Coverage. In addition to the above Exclusions from Coverage, the Exceptions from Coverage in a Standard Coverage policy will also include the following Exceptions from Coverage. SCHEDULE B - GENERAL EXCEPTIONS FROM COVERAGE This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of: 1.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; proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records. 2.Facts, rights, interests or claims which are not shown by the Public Records but which could be ascertained by an inspection of the Land or by making inquiry of persons in possession thereof. 3.Easements, or claims of easement, not shown by the Public Records; reservations or exceptions in patents or in Acts authorizing the issuance thereof, water rights, claims or title to water. 4.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. The term "encroachment" includes encroachments of existing improvements located on the Land onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land. 5.Any lien for services, labor or material heretofore or hereafter furnished, or for contributions due to the State of Oregon for unemployment compensation or worker's compensation, imposed by law and not shown by the Public Records. Wire Fraud Alert Original Effective Date:5/11/2017 Current Version Date:5/11/2017 WT0259191 - WIRE0016 (DSI Rev. 12/07/17) TM and © Fidelity National Financial, Inc. and/or an affiliate. All rights reserved WIRE FRAUD ALERT This Notice is not intended to provide legal or professional advice. If you have any questions, please consult with a lawyer. All parties to a real estate transaction are targets for wire fraud and many have lost hundreds of thousands of dollars because they simply relied on the wire instructions received via email, without further verification. If funds are to be wired in conjunction with this real estate transaction, we strongly recommend verbal verification of wire instructions through a known, trusted phone number prior to sending funds. In addition, the following non-exclusive self-protection strategies are recommended to minimize exposure to possible wire fraud. NEVER RELY on emails purporting to change wire instructions. Parties to a transaction rarely change wire instructions in the course of a transaction. ALWAYS VERIFY wire instructions, specifically the ABA routing number and account number, by calling the party who sent the instructions to you. DO NOT use the phone number provided in the email containing the instructions, use phone numbers you have called before or can otherwise verify. Obtain the number of relevant parties to the transaction as soon as an escrow account is opened. DO NOT send an email to verify as the email address may be incorrect or the email may be intercepted by the fraudster. USE COMPLEX EMAIL PASSWORDS that employ a combination of mixed case, numbers, and symbols. Make your passwords greater than eight (8) characters. Also, change your password often and do NOT reuse the same password for other online accounts. USE MULTI-FACTOR AUTHENTICATION for email accounts. Your email provider or IT staff may have specific instructions on how to implement this feature. For more information on wire-fraud scams or to report an incident, please refer to the following links: Federal Bureau of Investigation:Internet Crime Complaint Center: http://www.fbi.gov http://www.ic3.gov Preliminary Report Printed: 11.07.24 @ 08:16 AM OR--FFND-02785.470066-SPS1-24-WT0259191 And its Agents Privacy Policy Notice PURPOSE OF THIS NOTICE Title V of the Gramm-Leach-Bliley Act (GLBA) generally prohibits any financial institution, directly or through its affiliates, from sharing nonpublic personal information about you with a nonaffiliated third party unless the institution provides you with a notice of its privacy policies and practices, such as the type of information that it collects about you and the categories of persons or entities to whom it may be disclosed. In compliance with the GLBA, we are providing you with this document, which notifies you of the privacy policies and practices of Old Republic National Title Insurance Company. We may collect nonpublic personal information about you from the following sources: Information we receive from you such as on applications or other forms. Information about your transactions we secure from our files, or from others. Information we receive from a consumer reporting agency. Information that we receive from others involved in your transaction, such as the real estate agent or lender. Unless it is specifically stated otherwise in an amended Privacy Policy Notice, no additional nonpublic personal information will be collected about you. We may disclose any of the above information that we collect about our customers or former customers to our affiliates or to nonaffiliated third parties as permitted by law. We also may disclose this information about our customers or former customers to the following types of nonaffiliated companies that perform marketing services on our behalf or with whom we have joint marketing agreements: Financial service providers such as companies engaged in banking, consumer finance, securities and insurance. Non-financial companies such as envelope stuffers and other fulfillment service providers. WE DO NOT DISCLOSE ANY NONPUBLIC PERSONAL INFORMATION ABOUT YOU WITH ANYONE FOR ANY PURPOSE THAT IS NOT SPECIFICALLY PERMITTED BY LAW. We restrict access to nonpublic personal information about you to those employees who need to know that information in order to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.