Apn: 002-0270-001-0000 through 002-0270-008-00000.
Title No.: 01005028A-KD
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AT THE DATE HEREOF, EXCEPTIONS TO COVERAGE IN ADDITION TO THE PRINTED EXCEPTIONS AND EXCLUSIONS IN SAID POLICY FORM WOULD BE AS FOLLOWS:
1. Property taxes, which are a lien not yet due and payable, including any assessments collected with taxes to be levied for the fiscal year 2021-2022.
2. 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.
3. The lien of supplemental or escaped assessments of property taxes, if any, made pursuant to the provisions of Chapter 3.5 (commencing with Section 75) or Part 2, Chapter 3, Articles 3 and 4, respectively, of the Revenue and Taxation Code of the State of California as a result of the transfer of title to the vestee named in Schedule A or as a result of changes in ownership or new construction occurring prior to Date of Policy.
4. An assessment by the improvement district shown below:
District: SAFCA Consolidated Capital Assmt No. 2
Said assessment is collected with the county/city property taxes.
5. Said land is located within the boundaries of the Energy Independence Program Assessment District in accordance with Section 5898.22 of Chapter 29 of Part 3 of Division 7 of the California Streets and Highways Code, as shown on a map recorded,
District: SB 555 Contractual Assessment District Recording Date: September 19, 2012
Recording No.: Book 20120919, Page 89, of Official Records
6. Said land is located within the boundaries of the Energy Independence Program Assessment District in accordance with Section 5898.22 of Chapter 29 of Part 3 of Division 7 of the California Streets and Highways Code, as shown on a map recorded,
District: Community Facilities District No. 2012-01 (Clean Energy) Recording Date: October 3, 2012
Recording No.: Book 20121003, Page 418, of Official Records Title No.: 01005028A-KD
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7. Any unpaid amounts now owing, for delinquent utilities, of record or not. Any such amounts may be ascertained by contacting the following:
County of Sacramento at (916) 875-5555, and/or including :
City of Sacramento at (916) 808-5454.
City of Folsom at (916) 355-7200.
City of Galt at (209) 366-7150.
City of Elk Grove at (916) 478-3642.
City of Rancho Cordova at (916) 638-9000.
City of Isleton at (916) 777-7770.
City of Citrus Heights at (916) 725-2448, and for waste charges - Allied Waste at (916) 725-9060, and as required, fax request to (916) 463-0297.
Sacramento Suburban Water District at (916) 972-7171.
8. The fact that said land is within the boundaries of the Mello-Roos Community Facilities District(s).
The annual assessments, if any, are collected with the county property taxes. Failure to pay said taxes prior to the delinquency date may result in the above assessment being removed from the county tax roll and subjected to Accelerated Judicial Bond Foreclosure. Inquiry should be made with said District for possible stripped assessments and prior delinquencies. 0703 RAILYARD MAINTENANCE CFD 2014-04 MELLO ROOS
9. Pending assessment for the District shown below:
District: Railyards Maintenance Community Facilities District No. 2014-04 Disclosed by: Notice of Special Tax Lien
Recording Date: December 19, 2014
Recording No: Book 20141219, Page 266, of Official Records When the Notice of Assessment is recorded in the public records, the assessment shall become a lien on said Land.
10. Pending assessment for the District shown below:
District: Sacramento Streetcar Community Facilities District No. 2014-01 Disclosed by: Notice of Special Tax Lien
Recording Date: July 28, 2017
Recording No: Book 20170728, Page 618, of Official Records When the Notice of Assessment is recorded in the public records, the assessment shall become a lien on said Land.
Title No.: 01005028A-KD
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11. Pending assessment for the District shown below:
District: City of Sacramento Railyards Community Facilities District No. 2018-01 Disclosed by: Notice of Special Tax Lien
Recording Date: August 22, 2018
Recording No: Book 20180822, Page 934, of Official Records When the Notice of Assessment is recorded in the public records, the assessment shall become a lien on said Land.
12. Rights of the public to any portion of the Land lying within the area commonly known as 7th Street, H Street, 5th Street, 6th Street, Summit Tunnel Avenue and Railyards Boulevard.
13. Water rights, claims or title to water, whether or not disclosed by the public records.
14. Matters contained in that certain document
Entitled: Deed
Dated: December 19, 1910
Executed by: Southern Pacific Railroad Company, a California corporation and the County of Sacramento
Recording Date: October 5, 1917
Recording No.: Book 473, Page 268 , of Deeds
Reference is hereby made to said document for full particulars.
15. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento
Purpose: Water mains, street and highway purposes
Recording Date: January 14, 1924
Recording No.: Book 655, Page 479 , of Deeds
Reference is hereby made to said document for full particulars.
16. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento
Purpose: Highway
Recording Date: July 6, 1936
Recording No.: Book 574, Page 481, of Official Records
Reference is hereby made to said document for full particulars.
17. The possible existence of Western Union Telegraph Company conduits and any appurtenances thereto that may be disclosed by reason of the deed recorded July 6, 1936 in Book 574 of Official Records, Page 481, of Official Records and the exhibits attached thereto.
Title No.: 01005028A-KD
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Reference is hereby made to said document for full particulars.
18. Ordinance No. 758 Fourth Series of the City of Sacramento, passed on December 2, 1937, entitled ' An Ordinance Closing, Vacating and Abandoning Portions of the 2nd Street Extension, Old Broad Street, Old Sacramento Street, Old Union Street and Old Water Street in the City of Sacramento". Said Ordinance contains the following:
"Reserving, however, right of entry to repair, maintain and construct sewer, water, pipe, gas pipes and power lines, now in place in said area, or necessary to be placed therein."
19. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento
Purpose: Slopes and spur levees
Recording Date: May 21, 1948
Recording No.: Book 1492, Page 427, of Official Records Reference is hereby made to said document for full particulars.
20. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento
Purpose: 42 inch water main
Recording Date: November 17, 1964
Recording No.: Book 5113, Page 64, of Official Records
Reference is hereby made to said document for full particulars.
21. The ownership of said Land does not include rights of access to or from the street, highway, or freeway abutting said Land, such rights having been relinquished by the document, Recording Date: July 23, 1969
Recording No.: Book 690723, Page 62, of Official Records Reference is hereby made to said document for full particulars.
22. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: State of California
Purpose: Highway
Recording Date: July 23, 1969
Recording No.: Book 690723, Page 68, of Official Records Limitations on the use, by the owners of said Land, of the easement area as set forth in the easement document shown hereinabove.
Reference is hereby made to said document for full particulars.
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23. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: Southern Pacific Pipe Lines
Purpose: Construct, maintain, operate pipelines within the public roads, streets and ways of the City of Sacramento
Recording Date: January 13, 1988
Recording No.: Book 880113, Page 1480, of Official Records Reference is hereby made to said document for full particulars.
24. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: Southern Pacific Pipe lines, Inc.
Purpose: Pipe lines
Recording Date: December 15, 1988
Recording No.: Book 881215, Page 1322, of Official Records Reference is hereby made to said document for full particulars.
25. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: Sacramento Municipal Utility District, a municipal utility district Purpose: Underground duct system
Recording Date: April 10, 1991
Recording No.: Book 910410, Page 1229, of Official Records Reference is hereby made to said document for full particulars.
26. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: Southern Pacific Telecommunications Company, a Delaware corporation Purpose: A non-exclusive easement to design, construct, operate and maintain a telecommunication transmission system
Recording Date: November 30, 1994
Recording No.: Book 941130, Page 1264, of Official Records Reference is hereby made to said document for full particulars.
27. Matters contained in that certain document
Entitled: Covenant to Restrict Use of Property
Executed by: Union Pacific Railroad Company, and the State of California, acting by and through the Department of Toxic Substances Control
Recording Date: July 11, 2001
Recording No.: Book 20010711, Page 1498, of Official Records Reference is hereby made to said document for full particulars.
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28. Matters contained in that certain document
Entitled: Highway Grant
Dated: November 6, 2001
Executed by: Union Pacific Railroad Company, a Delaware corporation and the City of Sacramento, a municipal corporation
Recording Date: November 14, 2001
Recording No.: Book 20011114, Page 1564, of Official Records Reference is hereby made to said document for full particulars.
29. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento, a municipal corporation Purpose: Public street and associated improvements
Recording Date: November 14, 2001
Recording No.: Book 20011114, Page 1564, of Official Records Reference is hereby made to said document for full particulars.
30. Matters contained in that certain document
Entitled: GRANT OF EASEMENT FOR LIGHT RAIL TRANSIT
Dated: March 24, 2005
Executed by: Sacramento Regional Transit District, a public corporation Recording Date: April 25, 2005
Recording No.: Book 20050425, Page 1376, of Official Records Reference is hereby made to said document for full particulars.
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31. Matters and Easements contained in that certain document Entitled: Grant Deed
Executed by: Union Pacific Railroad Company, a Delaware corporation, formerly known as Southern Pacific Transportation Company, a Delaware corporation, successor in interest by merger with Southern Pacific Company, a Delaware corporation, successor by merger with Central Pacific Railway Company, a Utah corporation and S. Thomas Enterprises of Sacramento, LLC, a Delaware limited liability company formerly known as Millennia Sacramento, III, LLC, Recording Date: December 28, 2006
Recording No.: Book 20061228, Page 1675, of Official Records Reference is hereby made to said document for full particulars.
Matters contained in that certain Amendment to Railroad Easement II, Partial Termination of Pipeline Easement and Termination of Declaration of Covenants, Conditions and Restrictions on Fifth Street Crossing Contained in Grant Deed recorded May 10, 2010 in Book 20100510, Page 1085, of Official Records.
The effect of that certain Partial Release and Quitclaim of 150 Easement recorded April 4, 2014, in Book 20140404, Page 857, of Official Records.
The effect of that certain Release & Quitclaim of Easement recorded April 4, 2014, in Book 20140404,
32. Matters and Easements contained in that certain document Entitled: Covenant and Agreement Regarding Restriction on Use of Property and Grant of Easement
Dated: December 28, 2006
Executed by: Union Pacific Railroad Company, a Delaware corporation, formerly known as Southern Pacific Transportation Company, a Delaware corporation, successor in interest by merger with Southern Pacific Company, a Delaware corporation, successor by merger with Central Pacific Railway Company, a Utah corporation and S. Thomas Enterprises of Sacramento, LLC, a Delaware limited liability company formerly known as Millennia Sacramento, III, LLC, Recording Date: December 28, 2006
Recording No. Book 20061228, Page 1676, of Official Records .
Reference is hereby made to said document for full particulars.
Title No.: 01005028A-KD
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Matters contained in that certain document
Entitled: Amended and Restated Covenant and Agreement Regarding Restriction on Use of Property and Grant of Easement
Dated: February 12, 2015
Executed by: Union Pacific Railroad Company, a Delaware corporation, formerly known as Southern Pacific Transportation Company, a Delaware corporation, successor in interest by merger with Southern Pacific Company, a Delaware corporation, successor by merger with Central Pacific Railway Company, a Utah corporation and Downtown Railyard Venture, LLC, a Delaware limited liability company Recording Date: September 30, 2015
Recording No. Book 20150930, Page 1637, of Official Records .
Reference is hereby made to said document for full particulars.
Partial Assignment and (Assumption) Agreement, recorded January 17, 2019, in Document No. 201901170558, of Official Records
33. Matters contained in that certain document
Entitled: Development Agreement for Sacramento Railyards Project Dated: December 11, 2007
Executed by: City of Sacramento and S. Thomas Enterprises of Sacramento, LLC Recording Date: February 22, 2008
Recording No.: Book 20080222, Page 651, of Official Records Reference is hereby made to said document for full particulars.
Matters contained in that certain Assignment and Assumption Agreement (City Agreement 2008-0150) dated September 9, 2015 executed by IA Sacramneto Holdings, L.L.C., a Delaware limited liability company, Downtown Railyard Venture, LLC, a Delaware limited liability company and the City of Sacramento, a municipal corporation, Recorded September 30, 2015, Book 20150930 Page 1638 of Official Records
34. Matters contained in that certain document
Entitled: Regulatory Agreement
Dated: May 13, 2008
Executed by: The Redevelopment Agency of the City of Sacramento, and S. Thomas Enterprises of Sacramento, LLC
Recording Date: May 29, 2008
Recording No.: Book 20080529, Page 1307, of Official Records Reference is hereby made to said document for full particulars.
Title No.: 01005028A-KD
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35. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento, a municipal corporation Purpose: Public road and public utilities
Recording Date: November 25, 2009
Recording No.: Book 20091125, Page 698, of Official Records Reference is hereby made to said document for full particulars.
36. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento, a municipal corporation Purpose: Public utilities
Recording Date: November 25, 2009
Recording No.: Book 20091125, Page 699, of Official Records Reference is hereby made to said document for full particulars.
37. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento, a municipal corporation Purpose: Public road and public utilities
Recording Date: November 25, 2009
Recording No.: Book 20091125, Page 700, of Official Records Reference is hereby made to said document for full particulars.
38. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento, a municipal corporation Purpose: Pedestrian tunnel (Western Tunnel)
Recording Date: November 25, 2009
Recording No.: Book 20091125, Page 701, of Official Records
39. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento, a municipal corporation Purpose: Pedestrian tunnel (Central Tunnel)
Recording Date: November 25, 2009
Recording No.: Book 20091125, Page 723, of Official Records Reference is hereby made to said document for full particulars.
40. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento, a municipal corporation Purpose: Public road and public utilities
Recording Date: June 17, 2010
Recording No.: Book 20100617, Page 595, of Official Records Title No.: 01005028A-KD
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Reference is hereby made to said document for full particulars.
41. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento, a municipal corporation Purpose: 42 foot water line
Recording Date: June 17, 2010
Recording No.: Book 20100617, Page 596, of Official Records Reference is hereby made to said document for full particulars.
42. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento, a municipal corporation Purpose: Pedestrian and bicycle tunnel and ramp (Western Tunnel) Recording Date: August 18, 2011
Recording No.: Book 20110818, Page 640, of Official Records Reference is hereby made to said document for full particulars.
43. Matters and Easements contained in that certain document Entitled: Agreement and Grant of Easement
Dated: February 23, 2012
Executed by: State of California and IA Sacramento Holdings, LLC, a Delaware limited liability company
Recording Date: March 29, 2012
Recording No.: Book 20120329, Page 508, of Official Records Reference is hereby made to said document for full particulars.
44. Matters contained in that certain document
Entitled: EASEMENT AGREEMENT FOR STORM DRAINAGE LINE--FUTURE G STREET
ALIGNMENT
Dated: April 26, 2012
Executed by: IA Sacramento Holdings, LLC, a Delaware limited liability company and the City of Sacramento, a municipal corporation
Recording Date: April 26, 2012
Recording No.: Book 20120426, Page 1169, of Official Records Reference is hereby made to said document for full particulars.
As shown on that ALTA/ACSM Land Title Survey dated May 29, 2015 prepared by Kimley Horn and Associates, Inc. under its Project No. 097677007.
Title No.: 01005028A-KD
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45. Matters and Easements contained in that certain document Entitled: Easement Agreement for Slope Maintenance
Dated: April 20, 2012
Executed by: IA Sacramento Holdings, LLC, a Delaware limited liability company and the City of Sacramento, a municipal corporation
Recording Date: April 26, 2012
Recording No.: Book 20120426, Page 1170, of Official Records Reference is hereby made to said document for full particulars.
46. Matters contained in that certain document
Entitled: EASEMENT AGREEMENT FOR STORM DRAINAGE DETENTION BASIN Dated: April 20, 2012
Executed by: IA Sacramento Holdings, LLC, a Delaware limited liability company and the City of Sacramento, a municipal corporation
Recording Date: April 26, 2012
Recording No.: Book 20120426, Page 1172, of Official Records Reference is hereby made to said document for full particulars.
47. Matters contained in that certain document
Entitled: MSE Wall Maintenance Easement
Dated: December 13, 2012
Executed by: IA Sacramento Holdings, LLC, a Delaware limited liability company and the City of Sacramento, a municipal corporation
Recording Date: March 12, 2013
Recording No.: Book 20130312, Page 674, of Official Records Reference is hereby made to said document for full particulars.
48. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento, a municipal corporation Purpose: MSE wall maintenance
Recording Date: March 12, 2013
Recording No.: Book 20130312, Page 674, of Official Records Limitations on the use, by the owners of said Land, of the easement area as set forth in the easement document shown hereinabove.
Reference is hereby made to said document for full particulars.
Title No.: 01005028A-KD
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49. Matters and Easements contained in that certain document Entitled: Easement Agreement for Emergency Refuge Area
Dated: July 31, 2012
Executed by: IA Sacramento Holdings, LLC, a Delaware limited liability company and the City of Sacramento, a municipal corporation
Recording Date: May 31, 2013
Recording No.: Book 20130531, Page 1552, of Official Records Reference is hereby made to said document for full particulars.
50. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: Union Pacific Railroad Company, a Delaware corporation Purpose: Electrical facilities, ingress and egress etc.
Recording Date: April 4, 2014
Recording No.: Book 20140404, Page 859, of Official Records Reference is hereby made to said document for full particulars.
51. Matters contained in that certain document
Entitled: Memorandum of Agreement
Dated: July 18, 2014
Executed by: State of California acting by and through the Judicial Council of California, Administrative Office of the Courts and IA Sacramento Holdings, LLC, a Delaware limited liability company Recording Date: October 2, 2014
Recording No.: Book 20141002, Page 60, of Official Records Reference is hereby made to said document for full particulars.
52. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: Sacramento Municipal Utility District, a municipal utility district Purpose: Electrical facilities
Recording Date: October 23, 2014
Recording No.: Book 20141023, Page 380, of Official Records
53. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: Sacramento Municipal Utility District, a municipal utility district Purpose: Electrical facilities
Recording Date: October 31, 2014
Recording No.: Book 20141031, Page 816, of Official Records Reference is hereby made to said document for full particulars.
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54. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: Sacramento Municipal Utility District, a municipal utility district Purpose: Electrical facilities
Recording Date: October 31, 2014
Recording No.: Book 20141031, Page 0817, of Official Records
55. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: Sacramento Municipal Utility District, a municipal utility district Purpose: Electrical facilities
Recording Date: October 31, 2014
Recording No.: Book 20141031, Page 818, of Official Records Reference is hereby made to said document for full particulars.
56. Matters contained in that certain document
Entitled: MSE Wall Maintenance Easement
Dated: July 22, 2015
Executed by: IA Sacramento Holdings, LLC, a Delaware limited liability company and the City of Sacramento, a municipal corporation
Recording Date: July 30, 2015
Recording No.: Book 20150730, Page 503, of Official Records Reference is hereby made to said document for full particulars.
57. Matters contained in that certain document
Entitled: Land Use Covenant and Agreement Environmental Restrictions Dated: August 28, 2015
Executed by: Downtown Railyard Venture, LLC and the Department of Toxic Substances Control Recording Date: September 30, 2015
Recording No.: Book 20150930, Page 1634, of Official Records Reference is hereby made to said document for full particulars.
58. Matters contained in that certain document
Entitled: Declaration of Restrictive Covenants for the Development and Operation of Affordable Housing
Dated: September 15, 2015
Executed by: Downtown Railyard Ventures, LLC, a Delaware limited liability company and the California Department of Housing and Community Development, an agency of the State of California Recording Date: September 30, 2015
Recording No.: Book 20150930, Page 1635, of Official Records Reference is hereby made to said document for full particulars.
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59. Matters contained in that certain document
Entitled: Declaration of Restrictive Covenants for the Development of Market Rate Housing Dated: September 15, 2015
Executed by: Downtown Railyard Ventures, LLC, a Delaware limited liability company and the California Department of Housing and Community Development, an agency of the State of California Recording Date: September 30, 2015
Recording No.: Book 20150930, Page 1636, of Official Records Reference is hereby made to said document for full particulars.
60. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: SFPP, L.P., a Delaware limited partnership
Purpose: Pipelines
Recording Date: June 8, 2016
Recording No.: Book 20160608, Page 1901, of Official Records Limitations on the use, by the owners of said Land, of the easement area as set forth in the easement document shown hereinabove.
Reference is hereby made to said document for full particulars.
61. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento
Purpose: Public road
Recording Date: August 18, 2016
Recording No.: Book 20160818, Page 1406, of Official Records Reference is hereby made to said document for full particulars.
62. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento
Purpose: Public road
Recording Date: August 18, 2016
Recording No.: Book 20160818, Page 1407, of Official Records Reference is hereby made to said document for full particulars.
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63. Matters contained in that certain document
Entitled: MSE Wall Maintenance Easement
Dated: August 9, 2016
Executed by: Downtown Railyard Venture, LLC, a Delaware limited liability company and the City of Sacramento, a municipal corporation
Recording Date: August 18, 2016
Recording No.: Book 20160818, Page 1410, of Official Records Reference is hereby made to said document for full particulars.
64. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento, a municipal corporation Purpose: Ingress and egress and for the construction, reconstruction, use, maintenance, rehabilitation and repair of cut-fill slopes, engineered fill areas and embankments supporting approach roads including irrigation and landscaping and associated appurtenances Recording Date: August 18, 2016
Recording No.: Book 20160818, Page 1411, of Official Records Reference is hereby made to said document for full particulars.
65. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento, a municipal corporation Purpose: Ingress and egress and for the construction, reconstruction, use, maintenance, rehabilitation and repair of cut-fill slopes, engineered fill areas and embankments supporting approach roads including irrigation and landscaping and associated appurtenances Recording Date: August 18, 2016
Recording No.: Book 20160818, Page 1412, of Official Records Reference is hereby made to said document for full particulars.
66. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento, a municipal corporation Purpose: Ingress and egress and for the construction, reconstruction, use, maintenance, rehabilitation and repair of cut-fill slopes, engineered fill areas and embankments supporting approach roads including irrigation and landscaping and associated appurtenances Recording Date: August 18, 2016
Recording No.: Book 20160818, Page 1413, of Official Records Reference is hereby made to said document for full particulars.
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67. Matters contained in that certain document
Entitled: Amended and Restated Development Agreement for Sacramento Railyards Project; Project No. P15-040
Executed by: Downtown Railyard Venture, LLC, a Delaware limited liability company and the City of Sacramento, a municipal corporation
Recording Date: January 6, 2017
Recording No.: Book 20170106, Page 536, of Official Records Reference is hereby made to said document for full particulars.
68. Matters contained in that certain document
Entitled: Agreement and Grant of Easement for Access and Related Park System Purposes Dated: September 19, 2017
Executed by: Downtown Railyard Venture, LLC, a Delaware limited liability company and the State of California
Recording Date: January 25, 2018
Recording No.: Book 20180125, Page 773, of Official Records Reference is hereby made to said document for full particulars.
69. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: State of California
Purpose: Various purposes as more specifically described therein Recording Date: January 25, 2018
Recording No.: Book 20180125, Page 773, of Official Records </COMMENT> Reference is hereby made to said document for full particulars.
70. Matters contained in that certain document
Entitled: Sacramento Downtown Railyards Title Settlement and Exchange Agreement Dated: April 6, 2011
Executed by: the City of Sacramento, a municipal corporation, the State of California and IA Sacramento Holdings, L L C, a Delaware limited liability company Recording Date: September 13, 2018
Recording No.: Book 20180913, Page 776, of Official Records Reference is hereby made to said document for full particulars.
Title No.: 01005028A-KD
EXCEPTIONS
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71. Covenants, conditions and restrictions 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: January 11, 2019
Recording No.: Book 20190111, Page 0404, of Official Records Said covenants, conditions and restrictions provide that a violation thereof shall not defeat the lien of any mortgage or deed of trust made in good faith and for value.
Modification(s) of said covenants, conditions and restrictions Recording Date: January 11, 2019
Recording No.: Book 20190111, Page 0405, of Official Records
72. Matters contained in that certain document
Entitled: Subdivision Improvement Agreement
Dated: January 16, 2019
Executed by: City of Sacramento, a municipal corporation and Downtown Railyard Venture LLC, a Delaware Limited Liability Company
Recording Date: January 17, 2019
Recording No.: Document No. 201901170554, of Official Records Reference is hereby made to said document for full particulars.
73. Matters contained in that certain document
Entitled: Irrevocable Offer To Dedicate Easement For Bike Path and Pedestrian Access Dated: January 16, 2019
Executed by: Downtown Railyard Venture, LLC, a Delaware limited liability company and City of Sacramento, a municipal corporation
Recording Date: January 17, 2019
Recording No: Document No. 201901170555, of Official Records Reference is hereby made to said document for full particulars.
74. Matters contained in that certain document
Entitled: EASEMENT AGREEMENT FOR STORM DRAINAGE DETENTION BASIN Dated: December 21, 2018
Executed by: Downtown Railyard Venture, LLC, a Delaware limited liability company and the City of Sacramento, a municipal corporation
Recording Date: January 17, 2019
Recording No.: Book 20190117, Page 0556, of Official Records Reference is hereby made to said document for full particulars.
Title No.: 01005028A-KD
EXCEPTIONS
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75. Matters contained in that certain document
Entitled: LAND USE COVENANT AND AGREEMENT ENVIRONMENTAL RESTRICTIONS Executed by: Downtown Railyard Venture, LLC and the Department of Toxic Substances Control Recording Date: February 21, 2019
Recording No.: Book 20190221, Page 0696, of Official Records Reference is hereby made to said document for full particulars.
76. Easement(s) for the purpose(s) shown below and rights incidental thereto as reserved in a document; Reserved by: City of Sacramento, a municipal corporation Purpose: Public Road Purposes
Recording Date: May 8, 2019
Recording No.: Book 20190508, Page 1264, of Official Records
77. Matters contained in that certain document
Entitled: Assignment and Assumption of Rail yards Net Tax Increment Payments Under the Opa Agreement
Dated: May 16, 2019
Executed by: Downtown Railyard Venture, LLC, a Delaware limited liability company, Umpqua Bank, an Oregon State chartered bank and Opus Bank, a California commercial bank.
Recording Date: May 17, 2019
Recording No.: Book 20190517, Page 0946, of Official Records Reference is hereby made to said document for full particulars.
Title No.: 01005028A-KD
EXCEPTIONS
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78. Any rights, interests, or claims which may exist or arise by reason of the following matters disclosed by survey,
Job No.: 19-03-015
Dated: May 17, 2019
Prepared by: Baker - Williams Engineering Group
Matters shown:
A. SHEDS located on adjoining land along the Northeasterly boundary encroach into or onto Parcel Two by an undisclosed distance;
B. STOCKPILE located along the Southerly boundary of Parcel Two encroaches into said land; C. GAS LINE located on Parcel Two along the Southwesterly boundary without the benefit of an easement;
D. The fact that there are fences located partially on said land and partially on adjoining land at various locations;
E. The fact that there are MONITORING WELLS located in various locations; F. Public Roadway known as JIBOOM STREET is not with an easement; G. The fact that a BILLBOARD is located on the premises near Interstate 5.
79. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento, a municipal corporation Purpose: Public Utilities
Recording Date: July 8, 2020
Recording No.: Document No. 202007080628, of Official Records Affects: Parcels Two and Three
80. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document:
Granted to: City of Sacramento, a municipal corporation Purpose: Emergency Vehicle Ingress and Egress
Recording Date: July 8, 2020
Recording No.: Document No. 202007080629, of Official Records Affects: Parcels Two and Three
Title No.: 01005028A-KD
EXCEPTIONS
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81. Matters contained in that certain document
Entitled: Regulatory Agreement For Residential Rental Property and Declaration of Restrictive Covenants Affecting Real Property
Executed by: Sacramento Housing and Redevelopment Agency and Sacramento 695, L.P.
Recording Date: July 24, 2020
Recording No.: Document No. 202007240661, of Official Records Reference is hereby made to said document for full particulars Correctory Regulatory Agreement , recorded November 23, 2020, in Document No. 202011231854, of Official Records.
Affects: Parcel Three
82. A deed of trust to secure an indebtedness in the amount shown below, Amount: $85,000,000.00
Dated: July 1, 2020
Trustor/Grantor Sacramento 695, L.P., a California limited partnership Trustee: Fidelity National Title Insurance Company
Beneficiary: California Housing Finance Agency, a public instrumentality and political subdivision of the State of California
Recording Date: July 24, 2020
Recording No.: Document No. 202007240662, of Official Records Affects: Parcel 3
An assignment of the beneficial interest under said deed of trust which names:
Assignee: Citibank, N.A.., a national banking association Recording Date: July 24, 2020
Recording No.: Document No. 202007240663, of Official Records
83. A deed of trust to secure an indebtedness in the amount shown below, Amount: $186,369.00
Dated: July 8, 2020
Trustor/Grantor Sacramento 695, L.P., a California Limited Partnership Trustee: Fidelity National Title Insurance Company, a Florida corporation Beneficiary: Sacramento Regional County Sanitation District Recording Date: July 24, 2020
Recording No.: Document No. 202007240664, of Official Records Affects: Parcel 3
Title No.: 01005028A-KD
EXCEPTIONS
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84. Matters contained in that certain document
Entitled: Agreement Deferring and Waiving Sewer Impact Fees For Affordable Residential Development Project
Dated: July 8, 2020
Executed by: Sacramento Regional County Sanitation District and Sacramento 695, L.P;., a California Limited Partnership
Recording Date: July 24, 2020
Recording No.: Document No. 202007240665, of Official Records Reference is hereby made to said document for full particulars.
Affects: Parcel 3
85. A financing statement as follows:
Debtor: Sacramento 695, L.P.
Secured Party: Citibank, N.A.
Recording Date: July 27, 2020
Recording No.: Document No. 202007271576, of Official Records Affects: Parcel 3
86. Matters contained in that certain document
Entitled: Irrevocable Offer To Dedicate Exclusive Easement For Park and Recreational Purposes
Executed by: Downtown Railyard Venture, LLC, a Delaware limited liability company and City of Sacramento, a municipal corporation
Recording Date: July 30, 2020
Recording No.: Document No. 202007300550, of Official Records Reference is hereby made to said document for full particulars.
Affects: Parcel 2
87. Matters contained in that certain document
Entitled: Easement Agreement For Slope Maintenance
Dated: July 23, 2020
Executed by: Downtown Railyard Venture, L.L.C., a Delaware limited liability company and the City of Sacramento, a municipal corporation
Recording Date: July 31, 2020
Recording No.: Document No. 202007310715, of Official Records Reference is hereby made to said document for full particulars.
Affects: Parcel 2
Title No.: 01005028A-KD
EXCEPTIONS
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88. Matters contained in that certain document
Entitled: Irrevocable Offer To Dedicate Exclusive Perpetual Easement For Park and Recreational Purposes
Executed by: Downtown Railyard Venture, LLC, a Delaware limited liability company and City of Sacramento, a municipal corporation
Recording Date: July 31, 2020
Recording No.: Document No. 202007310716, of Official Records Reference is hereby made to said document for full particulars.
89. A lien for the amount shown below and any other amounts due, Amount: $64.49
Claimant: City of Sacramento Department of Utilities
Nature of Claim: Delinquent Utility Service Charges
Recording Date: March 2, 2021
Recording No.: Document No. 202103020993, of Official Records Affects: Parcels Two and Three
90. Any rights of the parties in possession of a portion of, or all of, said Land, which rights are not disclosed by the public records.
The Company will require, for review, a full and complete copy of any unrecorded agreement, contract, license and/or lease, together with all supplements, assignments and amendments thereto, before issuing any policy of title insurance without excepting this item from coverage.
The Company reserves the right to except additional items and/or make additional requirements after reviewing said documents.
Title No.: 01005028A-KD
EXCEPTIONS
(continued)
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91. 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: Downtown Railyard Venture, LLC, a Delaware limited liability company 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.
f. If Limited Liability Company is a Single Member Entity, a Statement of Information for the Single Member will be required.
g. Each member and manager of the LLC without an Operating Agreement must execute in the presence of a notary public the Certificate of California LLC (Without an Operating Agreement) Status and Authority form
92. This Company will require the following documents for review prior to the issuance of any title insurance predicated upon a conveyance or encumbrance by the corporation named below.
Name of Corporation: Kaiser Foundation Hospitals, a California nonprofit public benefit corporation a. A copy of the corporation By-laws and Articles of Incorporation. b. An original or certified copy of the resolution authorizing the subject transaction, together with a Certificate of Compliance pursuant to Section 5912 or 7912 Corporations Code. c. If the Articles and/or By-laws require approval by a “parent” organization, a copy of those By-laws and Articles of Incorporation is required.
The Company reserves the right to add additional items or make further requirements after review of the requested documentation.
Title No.: 01005028A-KD
EXCEPTIONS
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93. 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 limited partnership named below.
Name: Sacramento 695, L.P., a California limited Partnership, a limited partnership a. A complete copy of the limited partnership agreement and all amendments thereto. b. Satisfactory evidence that the partnership was validly formed and is in good standing The Company reserves the right to add additional items or make further requirements after review of the requested documentation.
94. 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.
END OF EXCEPTIONS
Title No.: 01005028A-KD
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NOTES
Note 1.
Note: The only conveyance(s) affecting said Land, which recorded within 24 months of the date of this report, are as follows:
Grantor: Downtown Railyard Venture, LLC, a Delaware limited liability company Grantee: Downtown Railyard Venture, LLC, a Delaware limited liability company Recording Date: July 19, 2019
Recording No.: Document No. 201907190344, of Official Records Grantor: Downtown Railyard Venture, LLC, a Delaware limited liability company Grantee: Downtown Railyard Venture, LLC, a Delaware limited liability company Recording Date: October 29, 2019
Recording No.: Book 20191029, Page 0679, of Official Records Grantor: North B Street Properties, LLC, a California limited liability company Grantee: Downtown Railyard Venture, LLC, a Delaware limited liability company Recording Date: June 17, 2019
Recording No.: Book 20190617, Page 0766, of Official Records Note 2.
Note: The only conveyance(s) affecting said Land, which recorded within 24 months of the date of this report, are as follows:
Grantor: Downtown Railyard Venture, LLC, a Delaware limited liability company Grantee: Sacramento 695, L.P., a California limited partnership Recording Date: July 24, 2020
Recording No.: Document No. 202007240659, of Official Records Note 3.
Note: The name(s) of the proposed insured(s) furnished with this application for title insurance is/are:
No names were furnished with the application. Please provide the name(s) of the buyers as soon as possible.
Note 4.
Note: The charge for a policy of title insurance, when issued through this title order, will be based on the Basic Title Insurance Rate.
Note 5.
Your application for title insurance was placed by reference to only a street address or tax identification number. Based on our records, we believe that the legal description in this report covers the parcel(s) of Land that you requested. If the legal description is incorrect, the seller/borrower must notify the Company and/or the settlement company in order to prevent errors and to be certain that the correct parcel(s) of Land will appear on any documents to be recorded in connection with this transaction and on the policy of title insurance.
Note 6.
If a county recorder, title insurance company, escrow company, real estate broker, real estate agent or association provides a copy of a declaration, governing document or deed to any person, California law requires that the document provided shall include a statement regarding any unlawful restrictions. Said statement is to be in at least 14-point bold face type and may be stamped on the first page of any document provided or included as a cover page attached to the requested document. Should a party to this transaction request a copy of any document reported herein that fits this category, the statement is to be included in the manner described.
Title No.: 01005028A-KD
NOTES
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Note 7.
Note: Any documents being executed in conjunction with this transaction must be signed in the presence of an authorized Company employee, an authorized employee of an agent, an authorized employee of the insured lender, or by using Bancserv or other approved third-party service. If the above requirement cannot be met, please call the Company at the number provided in this report.
Note 8.
Notice: Please be aware that due to the conflict between federal and state laws concerning the cultivation, distribution, manufacture or sale of marijuana, the Company is not able to close or insure any transaction involving Land that is associated with these activities.
Note 9.
Pursuant to Government Code Section 27388.1, as amended and effective as of 1-1-2018, a Documentary Transfer Tax (DTT) Affidavit may be required to be completed and submitted with each document when DTT is being paid or when an exemption is being claimed from paying the tax. If a governmental agency is a party to the document, the form will not be required. DTT Affidavits may be available at a Tax Assessor-County Clerk-Recorder.
Note 10.
Due to the special requirements of SB 50 (California Public Resources Code Section 8560 et seq.), any transaction that includes the conveyance of title by an agency of the United States must be approved in advance by the Company’s State Counsel, Regional Counsel, or one of their designees.
Note 11.
Note: Property taxes for the fiscal year shown below are PAID. For proration purposes the amounts were:
Tax Identification No.: 001-0064-011-0000
Fiscal Year: 2020-2021
1st Installment: $179.37
2nd Installment: $179.37
Land: $21,224.00
Improvements: $0.00
Code Area: 03006
Bill No.: 20256502
Note 12.
Note: Property taxes for the fiscal year shown below are PAID. For proration purposes the amounts were:
Tax Identification No.: 001-0064-012-0000
Fiscal Year: 2020-2021
1st Installment: $155.56
2nd Installment: $155.56
Land: $18,039.00
Improvements: $0.00
Code Area: 03006
Bill No.: 20256503
Title No.: 01005028A-KD
NOTES
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Note 13.
Note: Property taxes for the fiscal year shown below are PAID. For proration purposes the amounts were:
Tax Identification No.: 001-0064-013-0000
Fiscal Year: 2020-2021
1st Installment: $121.65
2nd Installment: $121.65
Land: $13,795.00
Improvements: $0.00
Code Area: 03006
Bill No.: 20256504
Note 14.
Note: Property taxes for the fiscal year shown below are PAID. For proration purposes the amounts were:
Tax Identification No.: 002-0010-069-0000
Fiscal Year: 2020-2021
1st Installment: $1,655.95
2nd Installment: $1,655.95
Land: $270,608.00
Improvements: $0.00
Code Area: 03308
Bill No.: 20256945
Note 15.
Note: Property taxes for the fiscal year shown below are PAID. For proration purposes the amounts were:
Tax Identification No.: 002-0010-074-0000
Fiscal Year: 2020-2021
1st Installment: $24,889.32
2nd Installment: $24,889.32
Land: $4,095,891.00
Improvements: $0.00
Code Area: 03308
Bill No.: 20256946
Note 16.
Note: Property taxes for the fiscal year shown below are PAID. For proration purposes the amounts were:
Tax Identification No.: 001-0010-075-0000
Fiscal Year: 2020-2021
1st Installment: $73,497.16
2nd Installment: $73,497.16
Land: $10,934,651.00
Improvements: $528,172.00
Code Area: 03308
Bill No.: 20256947
Title No.: 01005028A-KD
NOTES
(continued)
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37 CA----SPS-1-21-01005028A
Note 17.
Note: Property taxes for the fiscal year shown below are PAID. For proration purposes the amounts were:
Tax Identification No.: 002-0010-076-0000
Fiscal Year: 2020-2021
1st Installment: $61,407.09
2nd Installment: $61,407.09
Land: $1,298,917.00
Improvements: $0.00
Code Area: 03308
Bill No.: 20256948
Note 18.
Note: Property taxes for the fiscal year shown below are PAID. For proration purposes the amounts were:
Tax Identification No.: 002-0010-077-0000
Fiscal Year: 2020-2021
1st Installment: $18,529.78
2nd Installment: $18,529.78
Land: $541,216.00
Improvements: $0.00
Code Area: 03308
Bill No.: 20256949
Note 19.
Note: Property taxes for the fiscal year shown below are PAID. For proration purposes the amounts were:
Tax Identification No.: 002-0270-001-0000
Fiscal Year: 2020-2021
1st Installment: $12,842.44
2nd Installment: $12,842.44
Land: $2,228,141.00
Improvements: $0.00
Code Area: 03311
Bill No.: 20257621
Note 20.
Note: Property taxes for the fiscal year shown below are PAID. For proration purposes the amounts were:
Tax Identification No.: 002-0270-002-0000
Fiscal Year: 2020-2021
1st Installment: $39,142.94
2nd Installment: $39,142.94
Land: $6,844,200.00
Improvements: $0.00
Code Area: 03308
Bill No.: 20257622
Title No.: 01005028A-KD
NOTES
(continued)
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38 CA----SPS-1-21-01005028A
Note 21.
Note: Property taxes for the fiscal year shown below are PAID. For proration purposes the amounts were:
Tax Identification No.: 002-0270-003-0000
Fiscal Year: 2020-2021
1st Installment: $37,042.91
2nd Installment: $37,042.91
Land: $6,477,000.00
Improvements: $0.00
Code Area: 03308
Bill No.: 20257623
Note 22.
Note: Property taxes for the fiscal year shown below are PAID. For proration purposes the amounts were:
Tax Identification No.: 002-0270-004-0000
Fiscal Year: 2020-2021
1st Installment: $46,607.99
2nd Installment: $46,607.99
Land: $8,149,800.00
Improvements: $0.00
Code Area: 03308
Bill No.: 20257624
Note 23.
Note: Property taxes for the fiscal year shown below are PAID. For proration purposes the amounts were:
Tax Identification No.: 002-0270-005-0000
Fiscal Year: 2020-2021
1st Installment: $8,577.46
2nd Installment: $8,577.46
Land: $1,499,400.00
Improvements: $0.00
Code Area: 03308
Bill No.: 20257625
Note 24.
Note: Property taxes for the fiscal year shown below are PAID. For proration purposes the amounts were:
Tax Identification No.: 002-0270-006-0000
Fiscal Year: 2020-2021
1st Installment: $9,509.77
2nd Installment: $9,509.77
Land: $1,662,600.00
Improvements: $0.00
Code Area: 03308
Bill No.: 20257626
Title No.: 01005028A-KD
NOTES
(continued)
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39 CA----SPS-1-21-01005028A
Note 25.
Note: Property taxes for the fiscal year shown below are PAID. For proration purposes the amounts were:
Tax Identification No.: 002-0270-007-0000
Fiscal Year: 2020-2021
1st Installment: $26,939.82
2nd Installment: $26,939.82
Land: $4,712,400.00
Improvements: $0.00
Code Area: 03308
Bill No.: 20257627
Note 26.
Note: Property taxes for the fiscal year shown below are PAID. For proration purposes the amounts were:
Tax Identification No.: 002-0270-008-0000
Fiscal Year: 2020-2021
1st Installment: $14,114.13
2nd Installment: $14,114.13
Land: $2,468,400.00
Improvements: $0.00
Code Area: 03308
Bill No.: 20257628
END OF NOTES
Wire Fraud Alert
Original Effective Date: 5/11/2017
Current Version Date: 5/11/2017
01005028A-PA - 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
Privacy Statement
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SCA0002402.doc
CA-FT-FSSE-01500.083010-01005028A
FIDELITY NATIONAL FINANCIAL
PRIVACY NOTICE
Effective April 9, 2020
Fidelity National Financial, Inc. and its majority-owned subsidiary companies (collectively, "FNF," "our," or "we") respect and are committed to protecting your privacy. This Privacy Notice explains how we collect, use, and protect personal information, when and to whom we disclose such information, and the choices you have about the use and disclosure of that information.
A limited number of FNF subsidiaries have their own privacy notices. If a subsidiary has its own privacy notice, the privacy notice will be available on the subsidiary's website and this Privacy Notice does not apply.
Collection of Personal Information
FNF may collect the following categories of Personal Information:
contact information (e.g., name, address, phone number, email address); demographic information (e.g., date of birth, gender, marital status); identity information (e.g. Social Security Number, driver's license, passport, or other government ID number);
financial account information (e.g. loan or bank account information); and other personal information necessary to provide products or services to you.
We may collect Personal Information about you from:
information we receive from you or your agent;
information about your transactions with FNF, our affiliates, or others; and information we receive from consumer reporting agencies and/or governmental entities, either directly from these entities or through others.
Collection of Browsing Information
FNF automatically collects the following types of Browsing Information when you access an FNF website, online service, or application (each an "FNF Website") from your Internet browser, computer, and/or device:
Internet Protocol (IP) address and operating system;
browser version, language, and type;
domain name system requests; and
browsing history on the FNF Website, such as date and time of your visit to the FNF Website and visits to the pages within the FNF Website.
Like most websites, our servers automatically log each visitor to the FNF Website and may collect the Browsing Information described above. We use Browsing Information for system administration, troubleshooting, fraud investigation, and to improve our websites. Browsing Information generally does not reveal anything personal about you, though if you have created a user account for an FNF Website and are logged into that account, the FNF Website may be able to link certain browsing activity to your user account.
Other Online Specifics
Cookies
. When you visit an FNF Website, a "cookie" may be sent to your computer. A cookie is a small piece of data that is sent to your Internet browser from a web server and stored on your computer's hard drive. Information gathered using cookies helps us improve your user experience. For example, a cookie can help the website load properly or can customize the display page based on your browser type and user preferences. You can choose whether or not to accept cookies by changing your Internet browser settings. Be aware that doing so may impair or limit some functionality of the FNF Website.
Privacy Statement
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SCA0002402.doc
CA-FT-FSSE-01500.083010-01005028A
Web Beacons
. We use web beacons to determine when and how many times a page has been viewed. This information is used to improve our websites.
Do Not Track
. Currently our FNF Websites do not respond to "Do Not Track" features enabled through your browser.
Links to Other Sites
. FNF Websites may contain links to unaffiliated third-party websites. FNF is not responsible for the privacy practices or content of those websites. We recommend that you read the privacy policy of every website you visit.
Use of Personal Information
FNF uses Personal Information for three main purposes:
To provide products and services to you or in connection with a transaction involving you. To improve our products and services.
To communicate with you about our, our affiliates', and others' products and services, jointly or independently.
When Information Is Disclosed
We may disclose your Personal Information and Browsing Information in the following circumstances:
to enable us to detect or prevent criminal activity, fraud, material misrepresentation, or nondisclosure; to nonaffiliated service providers who provide or perform services or functions on our behalf and who agree to use the information only to provide such services or functions; to nonaffiliated third party service providers with whom we perform joint marketing, pursuant to an agreement with them to jointly market financial products or services to you; to law enforcement or authorities in connection with an investigation, or in response to a subpoena or court order; or
in the good-faith belief that such disclosure is necessary to comply with legal process or applicable laws, or to protect the rights, property, or safety of FNF, its customers, or the public.
The law does not require your prior authorization and does not allow you to restrict the disclosures described above. Additionally, we may disclose your information to third parties for whom you have given us authorization or consent to make such disclosure. We do not otherwise share your Personal Information or Browsing Information with nonaffiliated third parties, except as required or permitted by law. We may share your Personal Information with affiliates (other companies owned by FNF) to directly market to you. Please see "Choices with Your Information" to learn how to restrict that sharing.
We reserve the right to transfer your Personal Information, Browsing Information, and any other information, in connection with the sale or other disposition of all or part of the FNF business and/or assets, or in the event of bankruptcy, reorganization, insolvency, receivership, or an assignment for the benefit of creditors. By submitting Personal Information and/or Browsing Information to FNF, you expressly agree and consent to the use and/or transfer of the foregoing information in connection with any of the above described proceedings.
Security of Your Information
We maintain physical, electronic, and procedural safeguards to protect your Personal Information.
Choices With Your Information
If you do not want FNF to share your information among our affiliates to directly market to you, you may send an "opt out" request by email, phone, or physical mail as directed at the end of this Privacy Notice. We do not share your Personal Information with nonaffiliates for their use to direct market to you without your consent.
Whether you submit Personal Information or Browsing Information to FNF is entirely up to you. If you decide not to submit Personal Information or Browsing Information, FNF may not be able to provide certain services or products to you.
Privacy Statement
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SCA0002402.doc
CA-FT-FSSE-01500.083010-01005028A
For California Residents
: We will not share your Personal Information or Browsing Information with nonaffiliated third parties, except as permitted by California law. For additional information about your California privacy rights, please visit the "California Privacy" link on our website ( https://fnf.com/pages/californiaprivacy.aspx ) or call
(888) 413-1748.
For Nevada Residents
: You may be placed on our internal Do Not Call List by calling (888) 934-3354 or by contacting us via the information set forth at the end of this Privacy Notice. Nevada law requires that we also provide you with the following contact information: Bureau of Consumer Protection, Office of the Nevada Attorney General, 555 E. Washington St., Suite 3900, Las Vegas, NV 89101; Phone number: (702) 486-3132; email: [email protected].
For Oregon Residents
: We will not share your Personal Information or Browsing Information with nonaffiliated third parties for marketing purposes, except after you have been informed by us of such sharing and had an opportunity to indicate that you do not want a disclosure made for marketing purposes.
For Vermont Residents
: We will not disclose information about your creditworthiness to our affiliates and will not disclose your personal information, financial information, credit report, or health information to nonaffiliated third parties to market to you, other than as permitted by Vermont law, unless you authorize us to make those disclosures.
Information From Children
The FNF Websites are not intended or designed to attract persons under the age of eighteen (18). We do not collect Personal Information from any person that we know to be under the age of thirteen (13) without permission from a parent or guardian.
International Users
FNF's headquarters is located within the United States. If you reside outside the United States and choose to provide Personal Information or Browsing Information to us, please note that we may transfer that information outside of your country of residence. By providing FNF with your Personal Information and/or Browsing Information, you consent to our collection, transfer, and use of such information in accordance with this Privacy Notice.
FNF Website Services for Mortgage Loans
Certain FNF companies provide services to mortgage loan servicers, including hosting websites that collect customer information on behalf of mortgage loan servicers (the "Service Websites"). The Service Websites may contain links to both this Privacy Notice and the mortgage loan servicer or lender's privacy notice. The sections of this Privacy Notice titled When Information is Disclosed, Choices with Your Information, and Accessing and Correcting Information do not apply to the Service Websites. The mortgage loan servicer or lender's privacy notice governs use, disclosure, and access to your Personal Information. FNF does not share Personal Information collected through the Service Websites, except as required or authorized by contract with the mortgage loan servicer or lender, or as required by law or in the good-faith belief that such disclosure is necessary: to comply with a legal process or applicable law, to enforce this Privacy Notice, or to protect the rights, property, or safety of FNF or the public.
Your Consent To This Privacy Notice; Notice Changes; Use of Comments or Feedback By submitting Personal Information and/or Browsing Information to FNF, you consent to the collection and use of the information in accordance with this Privacy Notice. We may change this Privacy Notice at any time. The Privacy Notice's effective date will show the last date changes were made. If you provide information to us following any change of the Privacy Notice, that signifies your assent to and acceptance of the changes to the Privacy Notice. We may use comments or feedback that you submit to us in any manner without notice or compensation to you.
Privacy Statement
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SCA0002402.doc
CA-FT-FSSE-01500.083010-01005028A
Accessing and Correcting Information; Contact Us
If you have questions, would like to correct your Personal Information, or want to opt-out of information sharing for affiliate marketing, send your requests to [email protected], by phone to (888) 934-3354, or by mail to:
Fidelity National Financial, Inc.
601 Riverside Avenue,
Jacksonville, Florida 32204
Attn: Chief Privacy Officer
ATTACHMENT ONE
Attachment One (05/06/16)
CALIFORNIA LAND TITLE ASSOCIATION
STANDARD COVERAGE POLICY - 1990
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 which arise by reason of:
1. (a) Any law, ordinance or governmental regulation (including but not limited to building or zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improvement now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien, or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.
(b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.
2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge.
3. Defects, liens, encumbrances, adverse claims or other matters:
(a) whether or not recorded in the public records at Date of Policy, but 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; or (e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the insured mortgage or for the estate or interest insured by this policy.
4. Unenforceability of the lien of the insured mortgage because of the inability or failure of the insured at Date of Policy, or the inability or failure of any subsequent owner of the indebtedness, to comply with the applicable doing business laws of the state in which the land is situated.
5. Invalidity or unenforceability of the lien of the insured mortgage, or claim thereof, which 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, which arises out of the transaction vesting in the insured the estate or interest insured by this policy or the transaction creating the interest of the insured lender, by reason of the operation of federal bankruptcy, state insolvency or similar creditors' rights laws.
EXCEPTIONS FROM COVERAGE - SCHEDULE B, PART I
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. 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 which may be asserted by persons in possession thereof.
3. Easements, liens or encumbrances, or claims thereof, not shown by the public records.
4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other facts which a correct survey would disclose, and which are not shown by the public records.
5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b) or (c) are shown by the public records.
6. Any lien or right to a lien for services, labor or material not shown by the public records.
ATTACHMENT ONE
(CONTINUED)
Attachment One (05/06/16)
CLTA HOMEOWNER'S POLICY OF TITLE INSURANCE (12-02-13)
ALTA HOMEOWNER'S POLICY OF TITLE INSURANCE
EXCLUSIONS
In addition to the Exceptions in Schedule B, You are not insured against loss, costs, attorneys' fees, and expenses resulting from:
1. Governmental police power, and the existence or violation of those portions of any law or government regulation concerning:
a. building;
b. zoning;
c. land use;
d. improvements on the Land;
e. land division; and
f. environmental protection.
This Exclusion does not limit the coverage described in Covered Risk 8.a., 14, 15, 16, 18, 19, 20, 23 or 27.
2. The failure of Your existing structures, or any part of them, to be constructed in accordance with applicable building codes. This Exclusion does not limit the coverage described in Covered Risk 14 or 15.
3. The right to take the Land by condemning it. This Exclusion does not limit the coverage described in Covered Risk 17.
4. Risks:
a. that are created, allowed, or agreed to by You, whether or not they are recorded in the Public Records; b. that are Known to You at the Policy Date, but not to Us, unless they are recorded in the Public Records at the Policy Date; c. that result in no loss to You; or
d. that first occur after the Policy Date - this does not limit the coverage described in Covered Risk 7, 8.e., 25, 26, 27 or 28.
5. Failure to pay value for Your Title.
6. Lack of a right:
a. to any land outside the area specifically described and referred to in paragraph 3 of Schedule A; and b. in streets, alleys, or waterways that touch the Land.
This Exclusion does not limit the coverage described in Covered Risk 11 or 21.
7. The transfer of the Title to You is invalid as a preferential transfer or as a fraudulent transfer or conveyance under federal bankruptcy, state insolvency, or similar creditors’ rights laws.
8. Contamination, explosion, fire, flooding, vibration, fracturing, earthquake or subsidence.
9. Negligence by a person or an Entity exercising a right to extract or develop minerals, water, or any other substances.
LIMITATIONS ON COVERED RISKS
Your insurance for the following Covered Risks is limited on the Owner’s Coverage Statement as follows:
• For Covered Risk 16, 18, 19 and 21, Your Deductible Amount and Our Maximum Dollar Limit of Liability shown in Schedule A.
The deductible amounts and maximum dollar limits shown on Schedule A are as follows:
Your Deductible Amount
Our Maximum Dollar Limit of Liability
Covered Risk 16:
1.00% of Policy Amount Shown in Schedule A
or
$2,500.00
(whichever is less)
$ 10,000.00
Covered Risk 18:
1.00% of Policy Amount Shown in Schedule A
or
$5,000.00
(whichever is less)
$ 25,000.00
Covered Risk 19:
1.00% of Policy Amount Shown in Schedule A
or
$5,000.00
(whichever is less)
$ 25,000.00
Covered Risk 21:
1.00% of Policy Amount Shown in Schedule A
or
$2,500.00
(whichever is less)
$ 5,000.00
ATTACHMENT ONE
(CONTINUED)
Attachment One (05/06/16)
2006 ALTA 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, permit, or governmental regulation (including those relating 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 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 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:
EXCEPTIONS FROM COVERAGE
[Except as provided in Schedule B - Part II,[ t[or T]his policy does not insure against loss or damage, and the Company will not pay costs, attorneys’ fees, or expenses that arise by reason of:
[PART I
[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:
1. (a) Taxes or assessments that 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; (b) proceedings by a public agency that 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 that are not shown by the Public Records but that could be ascertained by an inspection of the Land or that may be asserted by persons in possession of the Land.
3. Easements, liens or encumbrances, or claims thereof, not shown by the Public Records.
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 and not shown by the Public Records.
5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b), or (c) are shown by the Public Records.
6. Any lien or right to a lien for services, labor or material not shown by the Public Records.]
PART II
In addition to the matters set forth in Part I of this Schedule, the Title is subject to the following matters, and the Company insures against loss or damage sustained in the event that they are not subordinate to the lien of the Insured Mortgage:]
ATTACHMENT ONE
(CONTINUED)
Attachment One (05/06/16)
2006 ALTA 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, permit, or governmental regulation (including those relating 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 vesting the Title as shown in Schedule A, is
(a) a fraudulent conveyance or fraudulent transfer; or
(b) a preferential transfer for any reason not stated in Covered Risk 9 of this policy.
5. 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:
EXCEPTIONS FROM COVERAGE
This policy does not insure against loss or damage, and the Company will not pay costs, attorneys’ fees, or expenses that arise by reason of:
[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:
1. (a) Taxes or assessments that 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; (b) proceedings by a public agency that 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 that are not shown by the Public Records but that could be ascertained by an inspection of the Land or that may be asserted by persons in possession of the Land.
3. Easements, liens or encumbrances, or claims thereof, not shown by the Public Records.
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 and not shown by the Public Records.
5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b), or (c) are shown by the Public Records.
6. Any lien or right to a lien for services, labor or material not shown by the Public Records.]
7. [Variable exceptions such as taxes, easements, CC&R’s, etc., shown here.]
ATTACHMENT ONE
(CONTINUED)
Attachment One (05/06/16)
ALTA EXPANDED COVERAGE RESIDENTIAL LOAN POLICY - ASSESSMENTS PRIORITY (04-02-15)
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 which arise by reason of:
1. (a) Any law, ordinance, permit, or governmental regulation (including those relating 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, 6, 13(c), 13(d), 14 or 16. (b) Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 5, 6, 13(c), 13(d), 14 or 16.
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, 16, 17, 18, 19, 20, 21, 22, 23, 24, 27 or 28); 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 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. This Exclusion does not modify or limit the coverage provided in Covered Risk 26.
6. Any claim of invalidity, unenforceability or lack of priority of the lien of the Insured Mortgage as to Advances or modifications made after the Insured has Knowledge that the vestee shown in Schedule A is no longer the owner of the estate or interest covered by this policy.
This Exclusion does not modify or limit the coverage provided in Covered Risk 11.
7. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching subsequent to Date of Policy. This Exclusion does not modify or limit the coverage provided in Covered Risk 11(b) or 25.
8. The failure of the residential structure, or any portion of it, to have been constructed before, on or after Date of Policy in accordance with applicable building codes. This Exclusion does not modify or limit the coverage provided in Covered Risk 5 or 6.
9. 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 Covered Risk 27(b) of this policy.
10. Contamination, explosion, fire, flooding, vibration, fracturing, earthquake, or subsidence.
11. Negligence by a person or an Entity exercising a right to extract or develop minerals, water, or any other substances.
Notice of Available Discounts
Notice of Available Discounts
Printed: 06.02.21 @ 01:16 PM by
SCA0002402.doc / Updated: 07.10.19
CA-FT-FSSE-01500.083010-01005028A
Pursuant to Section 2355.3 in Title 10 of the California Code of Regulations Fidelity National Financial, Inc. and its subsidiaries ("FNF") must deliver a notice of each discount available under our current rate filing along with the delivery of escrow instructions, a preliminary report or commitment. Please be aware that the provision of this notice does not constitute a waiver of the consumer's right to be charged the filed rate. As such, your transaction may not qualify for the below discounts.
You are encouraged to discuss the applicability of one or more of the below discounts with a Company representative. These discounts are generally described below; consult the rate manual for a full description of the terms, conditions and requirements for such discount. These discounts only apply to transactions involving services rendered by the FNF Family of Companies. This notice only applies to transactions involving property improved with a one-to-four family residential dwelling.
Not all discounts are offered by every FNF Company. The discount will only be applicable to the FNF Company as indicated by the named discount.
FNF Underwritten Title Companies
Underwritten by FNF Underwriters
CTC - Chicago Title Company CTIC - Chicago Title Insurance Company CLTC - Commonwealth Land Title Company CLTIC - Commonwealth Land Title Insurance Company FNTC - Fidelity National Title Company of California FNTIC - Fidelity National Title Insurance Company FNTCCA - Fidelity National Title Company of California FNTIC - Fidelity National Title Insurance Company TICOR - Ticor Title Company of California CTIC - Chicago Title Insurance Company LTC - Lawyer's Title Company CLTIC - Commonwealth Land Title Insurance Company SLTC - ServiceLink Title Company CTIC - Chicago Title Insurance Company Available Discounts
DISASTER LOANS (CTIC, CLTIC, FNTIC)
The charge for a Lender's Policy (Standard or Extended coverage) covering the financing or refinancing by an owner of record, within twenty-four (24) months of the date of a declaration of a disaster area by the government of the United States or the State of California on any land located in said area, which was partially or totally destroyed in the disaster, will be fifty percent (50%) of the appropriate title insurance rate.
CHURCHES OR CHARITABLE NON-PROFIT ORGANIZATIONS (CTIC, FNTIC) On properties used as a church or for charitable purposes within the scope of the normal activities of such entities, provided said charge is normally the church's obligation the charge for an owner's policy shall be fifty percent (50%) to seventy percent (70%) of the appropriate title insurance rate, depending on the type of coverage selected. The charge for a lender's policy shall be forty percent (40%) to fifty percent (50%) of the appropriate title insurance rate, depending on the type of coverage selected.
This map/plat is being furnished as an aid in locat ing the herein described Land in relation to adjoining streets, natural boundaries and other land, and is not a survey of the land depicted. Except to the extent a policy of title insurance is expressly modified by endorsement, if any, the Company does not insure dimensions, distances, location of easements, acreage or other matters shown thereon.
Non-Order Search Page 1 of 1 Requested By: thurlpankey, Printed: 6/2/ 2021 11:48 AM Doc: CASACR:MASS 1-00006
This map/plat is being furnished as an aid in locat ing the herein described Land in relation to adjoining streets, natural boundaries and other land, and is not a survey of the land depicted. Except to the extent a policy of title insurance is expressly modified by endorsement, if any, the Company does not insure dimensions, distances, location of easements, acreage or other matters shown thereon.
Non-Order Search Page 1 of 1 Requested By: thurlpankey, Printed: 6/2/ 2021 11:48 AM Doc: CASACR:MASS 2-00027
This map/plat is being furnished as an aid in locat ing the herein described Land in relation to adjoining streets, natural boundaries and other land, and is not a survey of the land depicted. Except to the extent a policy of title insurance is expressly modified by endorsement, if any, the Company does not insure dimensions, distances, location of easements, acreage or other matters shown thereon.
Non-Order Search Page 1 of 1 Requested By: thurlpankey, Printed: 6/2/ 2021 11:48 AM Doc: CASACR:MASS 1-00006
This map/plat is being furnished as an aid in locat ing the herein described Land in relation to adjoining streets, natural boundaries and other land, and is not a survey of the land depicted. Except to the extent a policy of title insurance is expressly modified by endorsement, if any, the Company does not insure dimensions, distances, location of easements, acreage or other matters shown thereon.
Non-Order Search Page 1 of 1 Requested By: thurlpankey, Printed: 6/2/ 2021 11:48 AM Doc: CASACR:MASS 2-00027
This map/plat is being furnished as an aid in locat ing the herein described Land in relation to adjoining streets, natural boundaries and other land, and is not a survey of the land depicted. Except to the extent a policy of title insurance is expressly modified by endorsement, if any, the Company does not insure dimensions, distances, location of easements, acreage or other matters shown thereon.
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ADDENDA D
RAILYARDS COMMUNITY FACILITIES DISTRICT NO. 2018-01 APPRAISAL
APPRAISER QUALIFICATIONS AND LICENSES
Scott Beebe, MAI
Senior Managing Director
Work: 916-949-7360
[email protected]
PROFILE
Scott Beebe is a Senior Managing Director at BBG in the Sacramento office. Mr. Beebe has over 30 years of experience in the valuation and analysis of commercial real estate including multi-family, retail, industrial, office, mixed-use and development land. Prior to BBG, Scott was one of the founding partners of Integra Realty Resources in 1999. Specialized property types include all types of lodging fac ilities, affordable housing, senior apartment communities, sports and health club facilities, golf course properties, automobile dealerships, manufactured home parks, self-storage facilities, regional malls and power centers and others.
Mr. Beebe has provided valuation and consultin g services for condemnation purposes, estate, financing, equity participation and due diligence support. Specialized services include portfolio valuations, institutional- grade property valuations, market feasibility studies and acquisition/disposition counseling. Mr. Beebe has testified as an expert witness in superior and municipal courts. Clients served include life insurance companies, pension funds and pension fund advisors, banks and financial institutions, conduits, developers and investors, law firms, businesses/ corporations and government.
Mr. Beebe has experience in the valuation of historical structures. Some of the historical properties he has been involved with include the Sacramento Depot, Powerhouse Science Center, Sheraton Hotel, Sterling Hotel, Sutter Club, Ice House and various historic buildings in old Sacramento, midtown and downtown Sacramento.
PROFESSIONAL AFFILIATIONS & LICENCES
Appraisal Institute, Member (MAI)
Lambda Alpha International – Honorary Land Economics Society Board Director, Sacramento Sierra Chapter, Current Board Member and 2000-2002 Education Committee Member & Chair, (1996-2002)
General Certified Appraiser:
State of California (License # AG 015266)
EDUCATION
B.B.A. Degree, Business Administration, University of Texas, Austin, Texas, 1988
Successfully completed numerous real estate related courses and seminars sponsored by the Appraisal Institute, accredited universities and others.
Currently certified by the Appraisal Institute’s voluntary program of continuing education for its designated members
Integra Realty Resources
Sacramento
590 Menlo Drive, Suite 1
Rocklin, CA 95765
Appraisal Review of:
BBG Appraisal of the Railyards,
Community Facilities District No. 2018‐01
Railyards Boulevard & 6th Street
Sacramento, California 95811
Prepared For:
Mr. Bill Sinclair
City of Sacramento
915 I Street, Second Floor
Sacramento, CA 95814
Effective Date of the Review:
August 12, 2022
IRR ‐ Sacramento
File Number: 193‐2022‐0307
Integra Realty Resources Address 1 T Office Phone
Office Name Address 2 F Office Fax
Address 3 Office Email
August 12, 2022
Mr. Bill Sinclair
City of Sacramento
915 I Street, Second Floor
Sacramento, CA 95814
SUBJECT REVIEWED REPORT:
The Appraisal of the Railyards Community Facilities
District No. 2018‐01,
Railyards Boulevard & 6th Street
Sacramento, California 95811
BBG File #0121008666
Dear Mr. Sinclair:
Integra is pleased to provide this completed appraisal review of the appraisal report prepared by Scott Beebe, MAI of BBG, Inc., pertaining to the Railyards Community Facilities District No. 2018
‐01 or commonly referred to as “the CFD.” The appraisal report date is August 5, 2022, with a date of value of July 1, 2022. The attached review report incorporates by reference the entire appraisal (403 pages, including the Addenda), referred to as “the Report”.
The purpose of the attached appraisal review is to provide my opinion as to the completeness, accuracy, adequacy, relevance, and reasonableness of salient aspects of the written appraisal report in compliance with Review Standards 3 and 4 of the Uniform Standards of Professional Appraisal Practice (USPAP 2020‐21). I assessed the appraisal’s compliance with Standards 1 and 2 of the USPAP and the Appraisal Standards for Land Secured Financing, published by the California Debt and Investment Advisory Commission (CDIAC).
Summary Observations and Conclusions
After my review of the Report, it is my opinion the report under review complies with Standards 1 and 2 of USPAP and the appraisal regulations issued in connection with CDIAC.
Further, the market value opinions are consistent with the relevant market conditions and the market data presented in the report as of the date of value.
Mr. Bill Sinclair
City of Sacramento
August 12, 2022
My opinions are summarized as follows:
The material under review is complete.
The data used are adequate and relevant.
The methods and techniques used are appropriate.
The value opinions stated in the Report are adequately supported and are credible, given the data and analyses presented. However, I express no opinions of value of the subject properties.
In my judgment, the Report does comply with the Uniform Standards of Professional Appraisal Practice.
I limited my review work solely to a review of the Report. I did not gather any substantial additional data. I did inspect
the subject property on 9/27/2021, but not the market data.
Further, I did not complete any independent verification of the market data or market information.
Thank you for the opportunity to provide this appraisal review. Please contact me should you have questions.
Respectfully submitted,
Integra Realty Resources ‐ Sacramento
Kevin Ziegenmeyer, MAI
California Certified General Real Estate
Appraiser #AG013567
Telephone: 916.435.3883, ext. 224
Email: [email protected]
TABLE OF CONTENTS
TRANSMITTAL LETTER
TABLE OF CONTENTS
INTRODUCTION
Reviewer Identification 1
Client and Intended Users of the Review 1
Intended Use and Purpose of the Review 1
Appraisers 2
Subject Property Identification 2
Appraisal Report Information and Conclusions 4
Scope of Work 5
APPRAISAL REVIEW
Introduction
and Factual Descriptions 6
Subject Property Descriptions 7
Market Analysis and Highest and Best Use 7
Valuation Methodology 8
Cost Approach 9
Sales Comparison Approach 10
Income Capitalization Approach 12
Reconciliation, Final Value Conclusion & Insurable Replacement Cost 16 Additional USPAP and FIRREA Reporting Requirements 16
APPENDIX
A – Assumptions and Limiting Conditions
B – Extraordinary Assumptions and Hypothetical Conditions C – Certification Statement
D – Qualifications of Reviewer
1 INTRODUCTION
REVIEWER IDENTIFICATION
Company: Integra Realty Resources – Sacramento
Reviewer: Kevin Ziegenmeyer, MAI
California Certified General Real Estate Appraiser
#AG013567, Expires 6/4/2023
Telephone: 916.435.3883, ext. 224
Email: [email protected]
Date of Review: August 12, 2022 (same as review report date)
CLIENT AND INTENDED USERS
OF THE REVIEW
Review Client: Mr. Bill Sinclair, City of Sacramento
Review Intended Users: City of Sacramento and the CFD finance team. No other users are intended.
INTENDED USE AND PURPOSE
OF THE REVIEW
Intended Use: The intended use of this appraisal review is to assist the clients’ reliance on the Report for underwriting the bond financing secured by the subject property described in the Report. No other uses are intended.
Purpose of the Review:
The purpose of the appraisal review is to develop and report a credible opinion of the quality of another appraiser’s work while considering the completeness, accuracy, adequacy, relevance,
and reasonableness of the conclusions in the
Report. This review is to determine if the results of the work under review are credible for the intended users’ intended use.
I also assessed the appraisal’s compliance with Standards 1 and 2 of the Uniform Standards of Professional Appraisal Practice (USPAP) and the appraisal regulations issued in connection with CDIAC.
2 I did inspect the subject property on 9/27/2021 but not the market data. Further, no independent verification of the market data or market information was made. This review report was completed and written in conformance with Standards 3 and 4 of USPAP, respectively.
APPRAISER
Company: BBG, Inc., Sacramento Office
1708 Q Street
Sacramento, CA 95811
Phone: 916‐554‐6492
Appraiser: Scott Beebe, MAI
Senior Managing Director
Phone: 916-949-7360
E-mail: [email protected]
California Certified General Appraiser,
No. AG 015266, expires February 10, 2023
SUBJECT PROPERTY IDENTIFICATION
The real property in the appraisal report under review is a portion of the Sacramento Railyards, consisting of 16 assessor parcels totaling 187.705 gross acres. The taxable acreage is 117.83 acres. (There are 33.81 acres of non
‐taxable lots and 36.07 acres for proposed streets in the tentative map.) The CFD property is made up of four property owners.
Downtown Railyard Venture, LLC, (“DRV”) the developer of the project has ownership of six parcels totaling 164.76 gross acres per assessor’s maps (85.782 taxable acres of vacant land). Included in their parcels are five historic train shop buildings (“Central Shops” on 9.37 acres) that DRV has planned for renovation and adaptive reuse.
Kaiser Foundation Hospital is the owner of eight vacant parcels having a combined land area of 17.407 acres (or 17.14 taxable acres per tentative subdivision map). Sacramento 695, LP, the owner of one parcel, is under construction with a 6‐story, 345‐unit multi‐ family and ground floor retail project known as “The AJ”. This $140 million dollar project is the first new development in the Railyards and will include 69 affordable housing units. The project is under construction with the costs incurred and paid thus far reported at $74.2 million. Wong Center at the Railyard, L.P., the owner of one vacant parcel of 2.658 acres, plans to develop the lot with 150 affordable residential units. (Recent purchase as of June 2022 for $100. See reported sale history in the Report for details.) The developer has just commenced site work for the development.
Major site development infrastructure has been underway for the past decade to convert the former Union Pacific railyards into an urban downtown mixed‐use neighborhood. (Public sources indicate that $369 million
in development infrastructure is in place in the Railyards since the 2006 transfer from Union Pacific to private ownership.) The developers and prior owners of the Railyards secured zoning for development of a high‐ density office, retail, lodging, entertainment, residential, and a hospital. The planned density results in the expectation of 5‐ and 6‐story buildings, a slightly lower overall density compared to the adjacent Central Business District.
3 In the center of the Railyards are the Central Shops. These are historic designated buildings planned for redevelopment for retail and entertainment uses. Live Nation has signed a lease as an anchor tenant in the Paint building which the developer expects to undergo renovation in 2023. A pedestrian tunnel connects the Sacramento Valley Station to the Central Shops. The California State Parks plans to renovate two adjacent shop buildings for a new California State Railroad Museum.
Property Address: Railyards Boulevard and 5th Street,
Sacramento, Sacramento County, California 95811
Assessor’s Parcel Numbers and
Owners:
001‐0064‐011 Downtown Railyard Venture, LLC
001‐0064‐012 "
001‐0064‐013 "
002‐0010‐069 Sacramento 695, LP
002‐0010‐074 Downtown Railyard Venture, LLC
002‐0010‐075 "
002‐0010‐076 "
002‐0010‐077 Wong Center at the Railyards, L.P.
002‐0270‐001 Kaiser Foundation
002‐0270‐002 "
002‐0270‐003 "
002‐0270‐004 "
002‐0270‐005 "
002‐0270‐006 "
002‐0270‐007 "
002‐0270‐008 "
Zoning: C‐3‐ SPD, Central Business District; H‐SPD, Hospital; and R5‐SPD, Residential
Use: The Railyards Specific Plan Update indicates the plan area is entitled for 10,000 residential units, 4.1 million square feet of office, 895,000 SF of retail, 1,100 hotel rooms, 1.2 million square feet of hospital, 180,000 square feet of historic museum and a 25,000‐seat sports stadium. The plan has a sliding scale in relationship between office and residential.
Land Area: The subject property includes sixteen assessor parcels totaling 187.705 gross acres. The property has an approved tentative map for 119 lots totaling 151.64 gross acres or 117.83 taxable acres. (Refer to the Report for the entitlements.)
Improvements:
The property is mostly vacant land. Again, the developer owns five historic train shop buildings that they are planning to renovate those shell buildings.
4 Sacramento 695, LP, the owner of one 2.88‐acre parcel, is under construction with “The AJ”, a 6‐story, 345‐unit multi‐family and ground floor retail project.
APPRAISAL REPORT INFORMATION AND CONCLUSIONS
Date of the Report: August 5, 2022
Date of Inspection: July 1, 2022
Effective Date of Market Value: July 1, 2022
Interest Appraised: Fee simple estate
Report Type: The appraisal report is correctly identified as an Appraisal Report in accordance with Standards Rule 2‐2(a) of the Uniform Standards of Professional Appraisal Practice.
Valuation Approaches: Sales Comparison and Income Capitalization (Cost Approach was deemed not applicable and reasonably excluded for most of the assets). The Cost Approach is provided for the Parking Garage for additional support. The costs are also included in the Build‐Up method for “The AJ” and in the various Land Residual approaches.
Market Value Descriptions: The only market values estimated are for the subject properties as of the date of inspection. (The vertical improvements under construction for “The AJ” project are included in the value.)
Opinions of Market Value: Ownership/ Description/ Value by Ownership Downtown Railyard Venture, LLC 95.152 Taxable Acres with Five Central Shop Buildings: $52,000,000
Kaiser Foundation Hospital 17.14 Taxable Acres: $34,100,000 Sacramento 695, L.P. 2.88 Taxable Acres with Building Improvements:
$66,000,000
Wong Center at the Railyard, L.P. 2.658 Taxable Acres: $0
Total: $152,100,000
Appraisal Client: Mr. Bill Sinclair, City of Sacramento
Appraisal Intended User: City of Sacramento, and the CFD finance team
Appraisal Intended Use: The intended use is for bond financing. The appraisal is not intended for any other use or users.
5 SCOPE OF WORK
The Client/Reviewer agreed upon Scope of Work for this review assignment outlined as follows:
I read the submitted appraisal report in its entirety.
I determined the report’s compliance with Standards 1 and 2 of the Uniform Standards of Professional Appraisal Practice (USPAP) and compliance with
CDIAC.
I developed opinions as to the completeness, accuracy, adequacy, relevance, and reasonableness of various salient aspects of the written report.
I did not provide my own market value opinion but during the review period I did provide comments and questions based on the draft reports provided by the Client.
I determined the reliability of the market values reported in the appraisal based solely on the contents of the appraisal report under review and generally‐accepted appraisal methodology and valuation techniques.
I did inspect the subject property. I did not inspect the market data. Further, no independent verification of the market data or market information was made.
I completed this written review report in compliance with Standard 4 of the Uniform Standards of Professional Appraisal Practice (USPAP).
6 APPRAISAL REVIEW Checklist
INTRODUCTION AND FACTUAL DESCRIPTIONS YES NO N/A
1. Letter of transmittal accurately reflects the contents of the report? X
2. Is the property adequately identified through legal description, parcel number, parcel map, etc.? X
3. Does the appraisal correctly define and identify the real property interest appraised? X
4. Are the dates of inspection, date of report and effective date of value stated? If applicable, are retrospective and prospective values properly identified per USPAP?
X
5. Does the appraisal provide a correct FIRREA definition of market value and cite the source of the definition? X
6. Are the intended use, client/intended user(s) and scope of work of the appraisal identified, including a description of the extent of collecting, confirming, and reporting data?
X
7. Are all applicable extraordinary assumptions and/or hypothetical conditions disclosed and presented in a clear and conspicuous manner in the report? X
8. Is a statement of ownership history of the subject provided, and is any listing, option, or pending contract revealed and discussed? X
9. Are the discussion and analyses of regional and neighborhood data and trends relevant and adequate considering the scope of the assignment? X
Comments:
The transmittal letter (TL) provides the appraised values of each of the four owners and the total.
The introduction and factual descriptions in the General Information section sufficiently present the subject identification, history, current ownership and sale history, the facilities and costs the bond district will finance, and the purpose and
use of the appraisal. The correct property rights
appraised, and the market value definitions are provided. Additionally, a separate section reports the developer’s marketing and development strategy (refer to report page 77).
The Report provides a detailed Scope of Work section. The Report employs Extraordinary Assumptions (EAs) and one Hypothetical Condition (HC). Given the stated scope of work and the intended use, the assumptions and conditions are appropriate. (Refer to the TL, the Reconciliation, and the Final Value section.) I recommend that appraisal user carefully review the assumptions and conditions that are premises for the valuation.
The Regional and Neighborhood analyses are detailed and relevant. A history of the Railyards is included. The approved entitlements as of 2016 are reported and analyzed.
7 SUBJECT PROPERTY DESCRIPTIONS YES NO N/A
1. Is the site description adequate, including size, shape, frontage, drainage, and discussion of surrounding properties? X
2. Are easements, flood plain, wetlands, earthquake zone, and/or other encumbrances adequately identified and addressed? X
3. Are environmental hazards identified and addressed or standard disclaimer included? X
4. Are zoning and tax analysis adequately addressed? X
5. Is the description of improvements adequate, including photographs, site plan and drawings of improvements? X
6. Is improvement conformance with zoning considered? X
Comments:
The results of the Railyards tentative map are detailed. One final map has City approval for Lots 1‐8, also known as the Kaiser Hospital property. The zoning section provides succinct detail.
The appraisal includes a variant to the proposed uses based on the risk analysis the soccer stadium does
not come to fruition. (Refer to the Site Description section.)
The Central Shops District includes the existing seven historic railyard buildings that DRV proposes for commercial development. The developer expects historic and new market tax credits to assist with construction costs. The analysis appears reasonable.
The proposed infrastructure improvements are
presented in detail with the associated costs.
The only property under construction is “The AJ”. The Report includes a good description and assumes the costs provided by CitiBank, the lender on the project, are accurate. The developer had just commenced site work for the development for the Wong Center at the time of the
appraisal.
A significant issue for the appraisal is the Lot 17 Parking Garage because under existing and pending entitlements, DRV can only use the temporary 1,000 space gravel surface lots up until 2029. Except for Live Nation, the City will not approve development for temporary use of the
proposed surface parking lots. The proposed Parking Garage on Lot 17 is part of the value analysis.
MARKET ANALYSIS AND HIGHEST AND BEST USE YES NO N/A
1. Is the historical performance of the market presented and analyzed? X
2. Is the position of the subject property within the market considered? X
3. Is the level of market analysis compliant with the terms of the engagement and the size and complexity of the subject property?
X
4. Does the appraisal follow the four criteria of highest and best use analysis? X
5. Is highest and best use as vacant analyzed? X
6. Is highest and best use as improved (proposed) analyzed? X
8 7. Are any probable physical, legal, or external changes considered, such as a pending change in zoning that may impact property value? X
8. Does the appraisal provide an adequate discussion of the potential for an expansion of, or changes to, the existing improvements? (Completion of “The AJ” project is reported as maximally productive.)
X
Comments:
The market analysis provides up‐to‐date histories for each property type included in the Railyards Specific Plan.
Most of the proposed projects within the Railyards are not financially feasible in the near‐term mainly due to cost issues. Over time, the projects are expected to be in demand for development and will likely receive funding to offset site development costs.
Parking Garage on Lot 17, a critical piece of the infrastructure, as analyzed separately will be difficult to finance.
The Kaiser Permanente land purchase is discussed as a signal of development gathering momentum; however, the hospital timing is uncertain
and remains in doubt.
The Downtown Sacramento apartment market has maintained consistently positive rental growth, low vacancy rates and healthy net absorption over the past decade and this trend is expected to continue.
In the short‐ and mid‐term office demand in downtown will likely be soft with stagnant rents and level occupancy. Most participants believe any chance of a more robust recovery is beyond 2022.
The 307 hotel rooms currently under construction in the Sacramento CBD represent a substantial expansion relative to the size of the submarket. The owner of Lots 15a and 15c (DRV) has proposed construction of
two Marriott Hotels with franchise agreements signed. Marriott reported the Railyard location as being very desirable for their lodging business and that they would continue to go forward even without Kaiser being committed to constructing a hospital at the Railyards. They cited several demand drivers such as being within a mixed‐use urban development, proximity to downtown Sacramento and the business community as being sufficient going forward with or without Kaiser.
There is not a separate retail market analysis, but retail use is a relatively small part of the plan area, and it is mentioned as a component of the multifamily market. Redevelopment of the
Central Shops is expected over time as part of the DRV phased development.
Each ownership’s properties are adequately analyzed in a separate highest and best use analysis.
VALUATION METHODOLOGY YES
NO N/A
1. Are exclusions of one or more of the three traditional approaches to value properly disclosed? X
2. Is the rationale for the exclusion of one or more of the three traditional approaches to value reasonable? X
9 Comments:
Refer to the “Valuation Methods Utilized” section. This section provides an acceptable rationale for each ownership and property type.
Due to the size and unique nature of the assets under review there are multiple valuation methodologies that range from a sales comparison approach only to a combination of sales comparison, land
residual, and a discounted cash flow analysis (subdivision development approach). The Central Shops consist of five buildings and will contain a net rentable area of 247,832 square feet and have individual values from the residual analyses only.
The appraisal report is arranged by ownership. This review report provides the review checklist
with associated comments for all assets under each section rather than a separate review for each ownership group.
No other comments.
COST APPROACH YES
NO N/A
1. Are land sales current, comparable, and appropriately adjusted? X
2. Is the land value conclusion logical and reasonable? X
3. Is basis for the replacement cost estimate properly documented? X
4. Does the estimated cost to complete proposed improvements include leasing expenses and/or holding cost during construction? X
5. Are all forms of accrued depreciation considered and supported? X
6. Does the appraisal account for and adequately support entrepreneurial profit? X
7. Is the cost approach conclusion logical and reasonable? X
10 Comments: The Report deemed the cost approach to not be applicable to the development of credible assignment results for the valuation analyses. Nevertheless, parts of the appraisal utilize cost estimates that have support and appear credible (supported by developer’s budgets and costs, cost comparables, and a cost service) for the cost estimates for construction in the land residuals.
The costs used appear reasonable and supported.
The valuation analysis for the Parking Garage proposed for Lot 17 includes a cost approach as an interim step to support a residual value for the subsequent cash flow. While a portion of the cost approach
appears credible for the construction cost, it includes a land value at $75 per square foot from the “benchmark” land value that does not consider the anticipated construction delay.
Subsequently, the future value determination of the garage is based on the direct capitalization of the income in the year following the assumed sale in year seven. The inflated cost approach provides some indirect support but is not the primary support for that input of the analysis. This review opinion is that cost approach is not particularly reliable in this case and is not applicable (N/A). No review change is required.
Part
of the EAs in the Report is the assumption the costs provided are accurate. Appraisers are not architects or construction engineers. Peers use this type of extraordinary assumption and users of this type of appraisal would expect it. The appraisers verified the costs to the extent available in the normal course of business. No review change is required.
Sacramento 695, LP: This entity is the owner of 2.88 acres that is under construction with a six‐ story apartment project with ground‐level retail and a parking garage referred to as “The AJ”. The value of this parcel is from two approaches to value: 1) Build‐up method using a non‐restricted rent land value minus value detriment associated with below market rents, plus construction completed, and 2) Residual Analysis with a discounted cash flow.
Standard Rule 1‐4 (f) of USPAP states: “When analyzing anticipated public or private improvements, located on or off the site, the appraiser must analyze the effect on value, if any, of such anticipated improvements to the extent they are reflected in market actions.” Since significant construction has been completed on “The AJ” building, the market would recognize value of the improvements completed on the site. The USPAP Standard Rule 1‐4 (f) is also consistent with the CDIAC guidelines.
The developer has expended $74,243,230 on improvements as of the effective date of value. The
Report relies on these costs as an equal contribution to the value of the property. The land value is discounted due to the rent restrictions. The value indication is $68,700,000, by the Build‐Up method, which would be considered by market participants for the “as is” value in the partially‐ completed condition. The residual analysis is discussed in the following income approach section.
SALES COMPARISON APPROACH (SCA) YES NO N/A
1. Are improved sales current and reasonably comparable? X
2. Are the improved sales sufficiently identified and the descriptions adequate? X
3. Is the appropriate unit of comparison analyzed? X
4. Is the reasoning and analysis employed adequate and are the sales properly adjusted? X
11 5. Is the final value conclusion of the sales comparison approach logical and reasonable? X
Comments
(SCA):
The valuation of the DRV acreage first includes a sales comparison approach (SCA) for the finished lot values for a “benchmark” lot, except for the DRV‐Owned Central Shops (due to the uniqueness of the Shops, a land residual is used for that analysis). The Kaiser parcel valuation utilizes the SCA.
These sections of the appraisal are reliable, and the market value conclusions are supported. In review of the sales comparison approaches, there are reliable sales considered for comparison with the subject properties.
The level of detail in terms of elaborating on the sale data and the logic in arriving at the conclusions of value was thorough and cogent. Further, the Report includes appropriate and reasonable adjustments to the sales.
Benchmark Value of a Multi‐Family Lot: A typical 1.0‐acre lot for multi‐family use is analyzed. The
unit of comparison is value per achievable unit. The estimated multi‐family density is 120 units per acre.
The benchmark value of $30,000 per achievable unit is supported and reasonable given the most weight on Sales 1 and 2 ($28,144 and $28,005, adjusted) and 4‐8, which have an average of
$30,678 per unit. Utilizing a density of 120 units per acre, the value is $82.64 per square foot of land area. Utilizing an FAR of 3.5, the value per achievable building area is $23.61 per square foot.
The RCLCO Market Study reported that a minor percentage of the residential multi‐ family
inventory could be made up from owner‐occupied, multi‐family housing in the Railyards. The comparable multi‐family land sales shown in the Report were for‐rent, multi‐family development.
The Sacramento downtown market has not experienced any condominium development at the density projected (120 units per acre). The Report indicates that in general, same density multi‐ family projects with similar locations have not shown any land value differences for for‐rent verses for‐sale product type. The Report does not contain a separate analysis with sales, and it emphasizes that the for‐sale housing units warrant no land value difference. The logic is acceptable given large‐scale condominium development seems improbable.
Benchmark Value of an
Office Lot: A typical 1.0‐acre lot for office is analyzed. The unit of comparison is value per achievable building area. The estimated office density is a 4.0 floor‐to‐ area ratio. Due to the lack of office land sales the report utilizes some mixed‐use land properties where office use could have been an appropriate use, which appears reasonable.
There are seven land sales for adequate support of the value of $20 per square foot of GBA (gross building area). After adjustments, the comparable land sales reflect a range from $15.32 to $27.52 per achievable GBA. The average of the sales is $20.84 with an adjusted minimum of $16.44 and an adjusted maximum of $29.20. Sales 6 and 7 are the most recent and adjusted to about $26 and $27.50. Utilizing the FAR of 4.0, the value is $80.00 per square foot of land area.
12 Retail Land: The report opines that because most of the retail space will be on the ground floor of the office and multi‐family properties. The retail space is said to likely produce similar rental rates commensurate to the multi‐family and office sites. The final value of the multi‐family and office sites were $23.61 and $20.00 per square foot of buildable area, respectively. Without dedicated parking structure the appraisal settles on the lower indication and conclude to a value of $20.00 per square foot of achievable buildable area for the retail space, which appears reasonable. Additional sale data might be desirable, but the logic provided is within the range of reasonableness.
Hotel Land Value: The only land
sale transaction known in the CBD or Midtown is a 0.31‐acre site located at 17th Street and I Street in downtown Sacramento sold for $3,500,000 in February 2020.
The sale price was $19,553 per room, $36.75/SF of achievable building area or of $260.03 per square foot of land area. The CBD hotel site has a sale price metric greater than the office or multi‐family benchmark values. This is reasonable as this site has a superior location, no CFD burden and lower development fees.
The price per achievable unit is concluded to be the best indicator based on the data available.
The hotel land value indication has a value like the range from value conclusions for the office
and multi‐family site. An estimate of $20.00 per square of achievable building area is concluded for the hotel land use. This indicates a value of $20,000 per achievable room or a value of $68.90 per square foot of land (1,100 rooms @ $20,000/7.33 acres). More sales data would be desirable, but the analysis has logic and appears reasonable.
Kaiser Foundation Hospital: This property consists of 8 parcels totaling about 17.407 gross acres (17.14 taxable acres). A Sales Comparison Approach values this land. DRV sold the site to Kaiser Foundation Hospital on January 24, 2019, for $33,370,000. The value at $45 per square foot of land has support from the prior sale and three other reasonably similar asset transfers adjusted to $40.25 to $47.96.
DRV PROPERTY EAST OF 7TH STREET: Zoning for the land East of 7 th is 32.51 acres zoned C‐3 SPD
and 3.49 acres zoned C‐2 SPD. The highest and best use is to hold for future development after the development of the West of 7th Street lots.
The sales comparison includes various sales ranging from $9.56 to $22.55 per square foot. After adjustments, the Report includes a narrowed range of $10.54 to $16.91 per square foot. Because the sales are relatively recent and similar, and the adjustments are reasonable, the value opinion at $15 per
square foot (unencumbered) has credibility as a basis for a current value. Refer to the next section for the discussion of the discount for the assumed holding period of at least seven years.
INCOME CAPITALIZATION APPROACH (ICA) YES NO N/A
1. Is a rent roll and/or income history provided? X
2. Are contract rents appropriately analyzed? (There is one lease.) X
3. Are improved rent comparables current and reasonably similar? X
13 4. Are the rent comparables appropriately analyzed and adjusted? Is market rent supported? X
5. Is income from all sources considered? X
6. Is vacancy and collection loss reasonable and supported? X
7. If applicable, is the absorption forecast reasonable and adequately supported? (Some consideration is given to the market study.) X
8. Is an expense history provided? (Market expenses used in the Residual analyses.) X
9. Are expenses appropriately analyzed and supported? X
10. Are overall, terminal capitalization rates and discount rates reasonable and supported? X
11. Are pro forma income statements and/or DCF assumptions and projections reasonable and supported? X
12. Is the income capitalization approach conclusion logical and reasonable? X
Comments
(ICA):
The Land Residual Analysis is the second approach for the individual value estimates. Peers would include this analysis and users of the appraisal service for the subject would expect appraisals to include it.
DRV LOTS – WEST OF 7TH STREET: There are four residual analyses. These include a typical office development, an apartment/mixed use development, a hotel development, and another for the Central Shops (office and retail).
Because the analyses have support for the inputs including rents, expenses, capitalization rates, and construction costs; the land residuals are found to be credible. The reserve allowance for the hotel analysis is on the low side at about 1.2% of total revenue (not 3%) but the Host report includes 2.5%, the pro‐forma is 1.9%, and the ADR at $195 appears slightly conservative.
Additionally, lesser weight is given to the residual. No review change is made.
Land Use
Acres
Unit of
Comparison
Sales
Comparison
Land
Residual
60%/40%
Weight
Conclusion
Office & Retail 18.75 $/Buildable Area $20.00 $15.79 $17.51 $18.00 Multi‐Family 30.422 $/Unit $30,000 $25,631 $28,252 $28,000 Hotel
7.33 $/Unit $20,000 $24,162 $21,665 $22,000
Paint Shop
1.82 $ Building $4,600,000
Remaining Central Shops 7.55 $ Building $12,300,000
14 The next step in the Report is the assignment of specific land values to the subject parcels using the benchmark land values and applying lot specific adjustments. For consistency purposes there is a conversion of the benchmark land values into a price per square foot of land area at $75/SF of land. Refer to the Report for details.
The cumulative retail value of the lots totals $179,927,967 or $76.04 per square foot. This is higher than the benchmark value of $75.00 per SF as adjustments were made for several factors (locations, density, mixed‐income encumbrance). Deducting the land value of the future Mixed‐Income land dedication indicated aggregate retail value of $176,927,967 for the West of 7th Street, DRV lots with 53.412 net acres.
The analysis has market support and appears reasonable.
Next, the income approach (yield capitalization) to value is commonly referred to as the “Subdivision Development Method.” Peers would employ this and users expect this analysis. (USPAP requires additional analysis to evaluate whether the “sum
of the parts” equals the whole value). This technique
utilizes discounted cash flow (DCF) analysis to extract the price that an investor/developer can afford to pay for land or finished lots, and still satisfy a profitability requirement to the land developer. The subdivision development method is a “finished lot down” analysis that deducts anticipated lot development and carrying costs over a projected absorption period. The components (revenue, absorption, expenses, and discount rate) are adequately supported.
The analysis included a review of the Strategic Market Absorption Analysis report dated May 17, 2022, prepared by RCLCO to assist in determining the absorption estimate for the subject lots. The Report indicates it is well‐prepared containing sufficient analysis for the absorption and achievable rent pricing of future buildings. A third‐party report can be relied on when it found to be credible. The revenue analysis appears reasonable considering the baseline, upside, and the downside scenarios provided.
The costs are supported. The reported developer costs are said to be within a reasonable range of the Updated Railyards Finance Plan. After considering all known factors presented the discount rate of 20% appears reasonable. The analysis also includes the valuation of the proposed Parking Garage on Lot 17 that results in a deduction of $6,200,000. The value opinion at $46,000,000 (about $16.64/SF based on
63.457 adjusted acres) has support and appears credible for the intended use. Three large land sales are provided that range from $9.56 to $31.79 per square foot as a final check of reasonableness.
15 DRV PROPERTY EAST OF 7TH STREET: The property is part of the Railyard’s tentative map and has 29.28 net acres.
The zoning for the land East of 7th is 32.51 acres zoned C‐3 SPD and 3.49 acres zoned C‐2 SPD (rounded to 36 gross acres). However, the property east of 7th Street has a highest and best use to hold for future development (refer to the full H&B Use analysis in the Report).
The analysis includes a holding period prior to development. The valuation of this property is accomplished from a Sales Comparison Approach (previously mentioned in the SCA section) with a Discounted Cash Flow to account for the estimated holding period to sell after the property west of 7th street is sold and developed. Considering some overlap and multi‐lot/buyers the report estimates development could start in years 8‐12. The longer hold period compared to the sales data is the reason for the DCF discount. The logic is reasonable. The value estimate of $6,000,000 includes a sale of the property in year seven at the inflated price less the bond encumbrance. The discount of 10% (and safe rate of 2.5% for the negative cash flows) appears reasonable. The additional analyses provide a range of value based on development scenarios discounted at 20% given the riskier development build out rather than just a land sale. No math check was completed for the alternative scenarios.
The Report adds the $6,000,000 to the $46,000,000 for a total DRV ownership value of $52,000,000. Given each the appraisal has already discounted each group so no further discount is required for the summation. The summation
approach is considered reasonable.
RAILYARDS SACRAMENTO 695, L P ‐ THE A J: The site is under development with a 345‐unit, mixed‐use multifamily complex with 5,996 SF of ground‐floor retail on 2.88 acres. There will also be a parking garage with 276 parking spaces. The property will include 69‐units restricted to 50% AMI levels for Sacramento County. The total gross building area will 439,216 SF and the net rentable area is 238,025 SF.
The valuation includes a residual analysis for the partially‐completed project. This approach estimates the stabilized value at completion and deductions for the remaining construction cost and unearned profit culminating in a discounted cash flow rather than a static analysis. The relatively low discount rate at 8.5% appears reasonable
and it accounts for the additional risk of pending completion (compared to the purchase of a newly completed and leased apartment). In the case of “The AJ”, there are no known factors that would suggest any unusual motivating factors that would approach a distressed sale situation. In fact, the opposite is true as all facets involving “The AJ” are positive. These include a construction contract in place, project on time for completion in 9 months, high demand of the asset type and a market that continues improve over time. (Refer to the Report for additional discussion.)
Summary of “The AJ” DCF Inputs
Cash Flows: Net Operating Income begins in the fourth with 20% occupancy. Lease‐up is to 100% in Q‐9.
Construction: Verified construction remaining at $52,623,420, staggered evenly in quarters one through three.
Contingency: 15%
Profit: 20% on remaining costs.
Reversion: Q9 forecasted sale at $155,500,000 less 2% commission.
Present Value Factor: 8.5%/year (2.125%/quarter) and 2.5%/year for a “safe rate”.
Value Indication of $64,000,000 has support.
16 As previously noted, the analysis reconciles the DCF estimate with the cost build‐up method at $68,700,000. The final value opinion at $66,000,000 appears reasonable.
THE WONG CENTER PROPERTY: The property is vacant land and appraisers usually apply a sales comparison approach for valuation purposes. However, the rent restrictions on the project warrant a land residual valuation method that results a negative value in this case.
The Report analyzes the restricted rent. Based on the analysis, the Wong Center Property has a $0 value estimate.
This estimate corresponds to the recent purchase
of the property at $100. There are assumptions regarding costs, but they are reasonable, and no review change is required. The appraisal of the Wong Center land is credible.
RECONCILIATION, FINAL VALUE CONCLUSIONS YES
NO N/A
1. Is the estimated exposure time disclosed and reasonable? X
2. Is the final value appropriately divided between realty and non‐realty items? Is the impact of their inclusion/exclusion on the estimate of value discussed? X
3. Are final value estimates consistent with the data presented, and sufficient documentation included to assess the appraisal's logic, reasoning, judgment, and analysis?
X
4. Is the as‐is value appropriately analyzed? X
5. Are discounts for rent loss, future tenant improvements, etc. appropriate? X
6. Are discounts/enhancements attributable to non‐market leases appropriate? X
7. Is excess land properly considered? X
8. Is insurable replacement cost appropriately analyzed? X
Comments: The appraisal appropriately valued the subject based on the intended use and methods peers would use and users of the service would expect.
The conclusion of $152,100,000 appears reasonably supported by the market data and analyses included within the appraisal.
ADDITIONAL USPAP & FIRREA REPORTING REQUIRMENTS YES
NO N/A
1. Are general assumptions and limiting conditions reasonable? X
2. Are the extraordinary assumptions and hypothetical conditions reasonable and prominently disclosed? X
3. Is certification signed by appraiser(s) who prepared the report? X
4. Are qualifications included in the report for all appraisers providing a significant contribution to the completion of the appraisal assignment? X
5. Does the appraisal conform to generally accepted appraisal standards as evidenced by the USPAP and the appraisal regulations of FIRREA? X
17 6. Is appraisal written with sufficient information and analysis to support the institution's decision to engage in the transaction? X
7. Does the appraisal analyze and report appropriate deductions and discounts for proposed construction or renovation, partially leased buildings, non‐market lease terms, and tract developments with unsold units?
X
8. Did state licensed or certified appraisers prepare the appraisal? X
9. If information was unavailable, is that fact disclosed and explained in the report? X
10. Are engagement instructions and other appraiser correspondence included in the report? X
11. Is the appraisal misleading?
X
Comments: In my opinion, given the reasons put forth previously in this review, the appraisal and the report comply with USPAP and the CDIAC appraisal requirements.
APPENDIX A, ASSUMPTIONS AND LIMITING CONDITIONS
This review is subject to the following assumptions and limiting conditions:
1. No responsibility is assumed for matters of law or legal interpretation.
2. It is assumed all market information, estimates, and opinions contained within the reviewed appraisal were obtained from reliable sources and are believed to be true and correct as developed by the appraiser. Further, no responsibility for the accuracy of the copy of the appraisal submitted for the review is assumed.
3. The review report is to be considered in its entirety and use of only a portion thereof will render the review invalid.
4. Except for the client specified in the review report, as well as client successors or assigns and the Appraisal Institute, neither all, nor any part of the content of this review report, or copy thereof, should be used for any purpose by anyone without the previous written consent and approval of the reviewer.
5. The liability of Integra Realty Resources – Sacramento and its employees/subcontractors for errors/ omissions, if any, in this work is limited to the amount of its compensation for the work performed in this assignment.
6. No change of any item in the review report shall be made by anyone other than the reviewer. No responsibility for any such unauthorized change is assumed.
7. Disclosure of the contents of this review report is governed by the Uniform Standards of Professional Appraisal Practice and the Bylaws and Regulations of the Appraisal Institute.
8. Acceptance and/or use of the review report constitutes acceptance of all assumptions and limiting conditions stated in this report.
APPENDIX B, ADDITIONAL EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS
There were no extraordinary assumptions (EAs) or hypothetical conditions (HCs) that affected the review results expressed in this review report. Unless otherwise stated, all the assumptions and limiting conditions contained in the appraisal report under review are also conditions of this report.
APPENDIX C, CERTIFICATION
I certify that, to the best of my knowledge and belief:
the statements of fact contained in this report are true and correct.
the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.
I have no present or prospective interest in the property that is the subject of the work under review and no personal interest with respect to the parties involved.
I have performed no other services, as an appraiser or in any other capacity, regarding the property that is the subject of the work under review within the three‐year period immediately preceding acceptance of this assignment.
I have no bias with respect to the property that is the subject of the work under review or to the parties involved with this assignment.
my engagement in this assignment was not contingent upon developing or reporting predetermined results.
my compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in this review or from its use.
my compensation for completing this assignment is not contingent upon the development or reporting of predetermined assignment results or assignment results that favors the cause of the client, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal review.
my analyses, opinions, and conclusions were developed, and this review report was prepared in conformity with the Uniform Standards of Professional Appraisal Practice.
I have made a personal inspection of the subject of the work under review.
No one provided significant appraisal, appraisal review, or appraisal consulting assistance to the person signing this certification.
The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.
I certify that my State of California real estate appraiser license has never been revoked, suspended, cancelled, or restricted.
I have the knowledge and experience to complete this appraisal review assignment. Please see the Qualifications of Reviewer for additional information.
As of the date of this report, I have completed the continuing education program of the Appraisal Institute.
Date: August 12, 2022
Kevin Ziegenmeyer, MAI
State Certification Number: AG013567,
Expires: 6/4/2023
Kevin Ziegenmeyer, MAI Integra Realty Resources -
Sacramento
irr.com
T 916-435-3883
F 916-435-4774
590 Menlo Drive
Suite 1
Rocklin, CA 95765
Experience
Mr. Ziegenmeyer is a Certified General real estate appraiser and holds the Appraisal Institute's MAI designation. In 1989, Mr. Ziegenmeyer began his career in real estate as a controller for a commercial and residential real estate development corporation. In 1991 he began appraising and continued to be involved in appraisal assignments covering a wide variety of properties, including office, retail, industrial, residential income and subdivisions throughout the state of California, and Northern Nevada. Mr. Ziegenmeyer handles many of the firm’s master-planned property appraisals and over the past two decades has developed expertise in the valuation of Community Facilities Districts and Assessment Districts.In fact, Mr. Ziegenmeyer was one of five appraisers to collaborate with other professionals in developing the appraisal guidelines for the California Debt and Investment Advisory Commission (Recommended Practices in the Appraisal of Real Estate for Land-Secured Financing - 2004). He has developed the experience and background necessary to deal with complex assignments covering an array of property types, with a particular focus on urban redevelopment in the cities and counties of San Francisco, Dublin, Monterey, Newport Beach, Alameda, Napa and San Mateo. In early 2015, Mr. Ziegenmeyer obtained the Appraisal Institute's MAI designation. Kevin is currently Senior Managing Director of the Integra-San Francisco office and Managing Director of the Integra-Sacramento office.
Licenses
California, Certified General Real Estate Appraiser, AG013567, Expires June 2023 Education
Academic:
Bachelor of Science in Accounting, Azusa Pacific University, California
Appraisal and Real Estate Courses:
Standards of Professional Practice, Parts A, B & C
Basic Valuation Procedures
Real Estate Appraisal Principles
Capitalization Theory and Techniques, Part A
Advanced Income Capitalization
Report Writing and Valuation Analysis
Advanced Applications
IRS Valuation Summit I & II
2008, 2009, 2010 & 2011 Economic Forecast
Business Practices and Ethics
Contemporary Appraisal Issues with Small Business Administration Financing General Demonstration Appraisal Report Writing Seminar
7-Hour National USPAP Update Course
Valuation of Easements and Other Partial Interests
2009 Summer Conference
Uniform Appraisal Standards for Federal Land Acquisitions 2008 Economic Update
Valuation of Conservation Easements
Subdivision Valuation
2005 Annual Fall Conference
[email protected] - 916-435-3883 x224
Kevin Ziegenmeyer, MAI Integra Realty Resources -
Sacramento
irr.com
T 916-435-3883
F 916-435-4774
590 Menlo Drive
Suite 1
Rocklin, CA 95765
Education (Cont'd)
General Comprehensive Exam Module I, II, III & IV
Advanced Income Capitalization
Advanced Sales Comparison & Cost Approaches
2004 Central CA Market Update
Computer-Enhanced Cash Flow Modeling
Forecast 2000, 2001, 2002, 2003 & 2004
Land Valuation Assignments
Land Valuation Adjustment Procedures
Highest & Best Use and Market Analysis
Entitlements, Land Subdivision & Valuation
Real Estate Value Cycles
El Dorado Hills Housing Symposium
Federal Land Exchanges
M & S Computer Cost-Estimating, Nonresidential
[email protected] - 916-435-3883 x224