Agenda - Economic Development Authority - 06/02/2016

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y� kOIDREPUBLIC T ye — American Land Title Association Commitment- 2006 COMMITMENT FOR TITLE INSURANCE _-... --.-.-._ ------------ ......... Issued by Old Republic National Title Insurance Company Old Republic National Title Insurance Company,a Minnesota corporation('Company'),for a valuable consideration,commits to issue its policy or policies of title insurance,as identified in ScheduleA, in favor of the Proposed Insured named in ScheduleA, as owner or mortgagee of the estate or interest in the land described or referred to in ScheduleA, upon payment of the premiums and charges and compliance with the Requirements;all 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 six(6)months after the Effective Date or when the policy or policies committed for shall issue,whichever first occurs, provided that 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, OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY has caused its corporate name and seal to be hereunto affixed and by these presents to be signed in facsimile under authority of its by-laws,effective as of the date of Commitmentshown in Schedule A. CONDITIONS 1. The term mortgage,when used herein,shall include deed of trust,trust deed,or other security instrument. 2. If the proposed Insured has or acquired actual knowledgeof any defect, lien,encumbrance,adverse claim or other matter affecting the estate or interest or'mortgage thereon covered by this Commitmenlbther than those shown in Schedule B hereof,and shall fail to disclose such knowledge to the Company in writing,the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company,or if the Company otherwise acquires actual knowledge of any such defect,lien,encumbrance,adverse claim or other matter,the Company at its option may amend Schedule B of this Commitment accordingly,but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions. . 3. Liability of the Company underthis Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith(a)to comply with the req uirementshereof, or(b) to eliminate exceptions shown in Schedule B, or(c)to acquire or create the estate or interest or mortgage _thereon covered by this Commitment.In no eventshallsuch liabilityexceed the amountstated in ScheduleA for the policy or policies committed for and such liability is subject to the insuring provisions and Conditions and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. 4. This Commitment is a contract to issue one or more title insurance policies and is not an abstract of title or a report of the condition of title.Any action or actions or rights of action that the proposecinsured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage.thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment. 5. The policy to be issued contains an arbitration clause.All arbitrable matters when the Amount of Insurance is$2,000,000orless shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. You may review a dopy of the arbitration rules at http:llwww.a lta.o rgl. Issued By: P22798 - File No.: 1505780 OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY A Stock Company TITLE ONE,INC. 400 Second Avenue South,Minneapolis,Minnesota 55401 94985 Gla#erAvenue,Sante 335 612-371-1111 Apple Talley,Mhmesota 55124 Phone.-,952.806.6430 i` :4.- �� t-�� President , :s. Authorized Signatory Rifest ,R,S, ' �w Secretary OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY COMMITMENT JACKET Date Printed; 12.14.2015 ALTA Commitment 2006 Form Date Updated: File No.: 1505780 (does not alter the"commitment date")