Commitment for Title Insurance
California - 2021 v. 01.00 (07-01-2021)
This page is only a part of a 2021 ALTA Commitment for Title Insurance issued by First American Title Insurance Company . This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; and Schedule B, Part II —Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form.
Copyright 2021 American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited.
Reprinted under license from the American Land Title Association.
Form 50187306 (10-11-22) Page 1 of 13
Transaction Identification Data, for which the Company assumes no liability as set forth in Commitment Condition 5.e.:
Issuing Agent: First American Title Insurance Company National Commercial Services Issuing Office: 901 Via Piemonte, Suite 150, Ontario, CA 91764 Commitment No.: NCS-1181249-ONT1
Issuing Office File No.: NCS-1181249-ONT1
Property Address: West Mill Street,San Bernardino, CA
Reference No.: Mill Street / 0136-171-44
Revision No.:
Escrow Officer/Assistant: /
Phone: /
Email: /
Title Officer/Assistant: Erin West/ IE Title Assistants Phone: (909)510-6215/
Email: [email protected]/ [email protected]
SCHEDULE A
1. Commitment Date: May 19, 2023 at 7:30 AM
2. Policy to be issued:
a. ALTA® Standard Owner’s Policy
Proposed Insured: Occidental Outdoor LLC, a Delaware limited liability company Proposed Amount of Insurance: $3,930,000.00
The estate or interest to be insured: See Item 3 below
b. 2021 ALTA Policy - form(s) To Be Determined
Proposed Insured: To Be Determined
Proposed Amount of Insurance: $0.00
The estate or interest to be insured: See Item 3 below
3. The estate or interest in the Land at the Commitment Date is:
Fee
4. The Title is, at the Commitment Date, vested in:
Arrowhead Central Credit Union, a California Corporation
5. The Land is described as follows:
See Exhibit A attached hereto and made a part hereof
Commitment for Title Insurance
California - 2021 v. 01.00 (07-01-2021)
This page is only a part of a 2021 ALTA Commitment for Title Insurance issued by First American Title Insurance Company . This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; and Schedule B, Part II —Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form.
Copyright 2021 American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited.
Reprinted under license from the American Land Title Association.
Form 50187306 (10-11-22) Page 2 of 13
Commitment No. NCS-1181249-ONT1
SCHEDULE B, PART I—Requirements
All of the following Requirements must be met:
A. The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions.
B. Pay the agreed amount for the estate or interest to be insured.
C. Pay the premiums, fees, and charges for the Policy to the Company.
D. Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records.
E. Releases(s) or Reconveyance(s) of Item(s): NONE
F. Other: NONE
G. You must give us the following information:
a. Any off-record leases, surveys, etc.
b. Statement(s) of Identity, all parties.
c. Other: NONE
The following additional requirements, as indicated by "X", must be met:
☒ H. Provide information regarding any off-record matters, which may include, but are not limited to: leases, recent works of improvement, or commitment statements in effect under the Environmental Responsibility Acceptance Act, Civil Code Section 850, et seq.
☒ I. The Company's Owner's Affidavit form (attached hereto) must be completed and submitted prior to close in order to satisfy this requirement. This Commitment will then be subject to such further exceptions and/or requirements as may be deemed necessary.
☒ J. An ALTA/NSPS survey of recent date, which complies with the current minimum standard detail requirements for ALTA/NSPS land title surveys, must be submitted to the Company for review. This Commitment will then be subject to such further exceptions and/or requirements as may be deemed necessary.
Commitment for Title Insurance
California - 2021 v. 01.00 (07-01-2021)
This page is only a part of a 2021 ALTA Commitment for Title Insurance issued by First American Title Insurance Company . This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; and Schedule B, Part II —Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form.
Copyright 2021 American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited.
Reprinted under license from the American Land Title Association.
Form 50187306 (10-11-22) Page 3 of 13
☐ K. The following LLC documentation is required from the seller:
a. a copy of the Articles of Organization.
b. a copy of the Operating Agreement, if applicable.
c. a Certificate of Good Standing and/or other evidence of current Authority to Conduct Business within the State.
d. express Company Consent to the current transaction.
☐ L. The following partnership documentation is required:
a. a copy of the partnership agreement, including all applicable amendments thereto. b. a Certificate of Good Standing and/or other evidence of current Authority to Conduct Business within the State.
c. express Partnership Consent to the current transaction.
☒ M. The following corporation documentation is required:
a. a copy of the Articles of Incorporation.
b. a copy of the Bylaws, including all applicable Amendments thereto. c. a Certificate of Good Standing and/or other evidence of current Authority to Conduct Business within the State.
d. express Corporate Resolution consenting to the current transaction.
☐ N. Based upon the Company's review of that certain partnership/operating agreement dated Not disclosed for the proposed insured herein, the following requirements must be met:
Any further amendments to said agreement must be submitted to the Company, together with an affidavit from one of the general partners or members stating that it is a true copy, that said partnership or limited liability company is in full force and effect, and that there have been no further amendments to the agreement. This Commitment will then be subject to such further requirements as may be deemed necessary.
☐ O. A copy of the complete lease, as referenced in Schedule A, #3 herein, together with any amendments and/or assignments thereto, must be submitted to the Company for review, along with an affidavit executed by the present lessee stating that it is a true copy, that the lease is in full force and effect, and that there have been no further amendments to the lease. This Commitment will then be subject to such further requirements as may be deemed necessary.
☒ P. Approval from the Company's Underwriting Department must be obtained for issuance of the policy contemplated herein and any endorsements requested thereunder. This Commitment will then be subject to such further requirements as may be required to obtain such approval.
Commitment for Title Insurance
California - 2021 v. 01.00 (07-01-2021)
This page is only a part of a 2021 ALTA Commitment for Title Insurance issued by First American Title Insurance Company . This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; and Schedule B, Part II —Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form.
Copyright 2021 American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited.
Reprinted under license from the American Land Title Association.
Form 50187306 (10-11-22) Page 4 of 13
☒ Q. Potential additional requirements, if ALTA Extended coverage is contemplated hereunder, and work on the land has commenced prior to close, some or all of the following requirements, and any other requirements which may be deemed necessary, may need to be met:
a. The Company's "Indemnity Agreement I" must be executed by the appropriate parties. b. Financial statements from the appropriate parties must be submitted to the Company for review.
c. A copy of the construction contract must be submitted to the Company for review. d. An inspection of the Land must be performed by the Company for verification of the phase of construction.
e. The Company's "Mechanic's Lien Risk Addendum" form must be completed by a Company employee, based upon information furnished by the appropriate parties involved.
Commitment for Title Insurance
California - 2021 v. 01.00 (07-01-2021)
This page is only a part of a 2021 ALTA Commitment for Title Insurance issued by First American Title Insurance Company . This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; and Schedule B, Part II —Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form.
Copyright 2021 American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited.
Reprinted under license from the American Land Title Association.
Form 50187306 (10-11-22) Page 5 of 13
Commitment No. NCS-1181249-ONT1
SCHEDULE B, PART II—Exceptions
Some historical land records contain Discriminatory Covenants that are illegal and unenforceable by law. This Commitment and the Policy treat any Discriminatory Covenant in a document referenced in Schedule B as if each Discriminatory Covenant is redacted, repudiated, removed, and not republished or recirculated. Only the remaining provisions of the document will be excepted from coverage.
The Policy will not insure against loss or damage resulting from the terms and conditions of any lease or easement identified in Schedule A, and will include the following Exceptions unless cleared to the satisfaction of the Company:
1. Any defect, lien, encumbrance, adverse claim, or other matter that appears for the first time in the Public Records or is created, attaches, or is disclosed between the Commitment Date and the date on which all of the Schedule B, Part I—Requirements are met.
2. (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.
3. 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.
4. Easements, liens or encumbrances, or claims thereof, not shown by the Public Records.
5. 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.
6. (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.
7. General and special taxes and assessments for the fiscal year 2023-2024, a lien not yet due or payable.
8. The lien of supplemental taxes, if any, assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code.
Commitment for Title Insurance
California - 2021 v. 01.00 (07-01-2021)
This page is only a part of a 2021 ALTA Commitment for Title Insurance issued by First American Title Insurance Company . This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; and Schedule B, Part II —Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form.
Copyright 2021 American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited.
Reprinted under license from the American Land Title Association.
Form 50187306 (10-11-22) Page 6 of 13
9. The fact that the land lies within the boundaries of the Tri City Redevelopment Project Area, as disclosed by the document recorded June 30, 1983 as Instrument No. 83-146358 of Official Records.
10. Easements, Covenants and Conditions contained in the deed from Redevelopment Agency of the City of San Bernardino, a public body, corporate and politic, as Grantor, to Arrowhead Central Credit Union, a California Corporation, as Grantee, recorded September 14, 2006 as Instrument No. 2006- 0629470 of Official Records. Reference being made to the document for full particulars.
11. The effect of a deed executed by Redevelopment Agency of the City of San Bernardino, a public body, corporate and politic to San Bernardino Economic Development Corporation, a California non- profit corporation, recorded March 18, 2011 as Instrument No. 2011-0112192 of Official Records.
At the date of recording of the document, the grantor had no record interest in the land.
12. An easement for access, irrigation line and incidental purposes, recorded December 04, 2014 as Instrument No. 2014-0464994 of Official Records.
In Favor of: San Bernardino County Transportation Commission Affects: as described therein
13. We find no outstanding voluntary liens of record affecting subject property. An inquiry should be made concerning the existence of any unrecorded lien or other indebtedness which could give rise to any security interest in the subject property.
14. Water rights, claims or title to water, whether or not shown by the Public Records.
15. Any facts, rights, interests or claims which would be disclosed by a correct ALTA/NSPS survey.
16. Rights of parties in possession.
Commitment for Title Insurance
California - 2021 v. 01.00 (07-01-2021)
This page is only a part of a 2021 ALTA Commitment for Title Insurance issued by First American Title Insurance Company . This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; and Schedule B, Part II —Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form.
Copyright 2021 American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited.
Reprinted under license from the American Land Title Association.
Form 50187306 (10-11-22) Page 7 of 13
INFORMATIONAL NOTES
ALERT - CA Senate Bill 2 imposes an additional fee of $75 up to $225 at the time of recording on certain transactions effective January 1, 2018. Please contact your First American Title representative for more information on how this may affect your closing.
1. Taxes for proration purposes only for the fiscal year 2022-2023.
First Installment: $6,714.94, PAID
Second Installment: $6,714.93, PAID
Tax Rate Area: 007067
APN: 0136-171-44-0-000
2. The property covered by this report is vacant land.
3. According to the public records, there has been no conveyance of the land within a period of twenty- four months prior to the date of this report, except as follows:
None
4. This preliminary report/commitment was prepared based upon an application for a policy of title insurance that identified land by street address or assessor's parcel number only. It is the responsibility of the applicant to determine whether the land referred to herein is in fact the land that is to be described in the policy or policies to be issued.
The map attached, if any, may or may not be a survey of the land depicted thereon. First American Title Insurance Company expressly disclaims any liability for loss or damage which may result from reliance on this map except to the extent coverage for such loss or damage is expressly provided by the terms and provisions of this Commitment or the Policy, if any, to which the map is attached.
Commitment for Title Insurance
California - 2021 v. 01.00 (07-01-2021)
This page is only a part of a 2021 ALTA Commitment for Title Insurance issued by First American Title Insurance Company . This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; and Schedule B, Part II —Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form.
Copyright 2021 American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited.
Reprinted under license from the American Land Title Association.
Form 50187306 (10-11-22) Page 8 of 13
Commitment No. NCS-1181249-ONT1
EXHIBIT A
The Land referred to herein below is situated in the City of San Bernardino, County of San Bernardino, State of California, and is described as follows:
PARCEL A OF CERTIFICATE OF COMPLIANCE, LOT LINE ADJUSTMENT #LLA-04-07 RECORDED JULY 13, 2005 AS INSTRUMENT NO. 502959 OF OFFICIAL RECORDS DESCRIBED AS FOLLOWS:
PORTIONS OF LOTS 7, 8 AND 9 OF BLOCK 11, RANCHO SAN BERNARDINO, IN THE CITY OF SAN
BERNARDINO, COUNTY OF SAN BERNARDINO, STATE OF CALIFORNIA, AS SHOWN PER MAP RECORDED IN BOOK 7, PAGE 2 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHWEST CORNER OF SAID LOT 9 AS SHOWN ON SAID MAP;
THENCE NORTH 00° 01' 16" WEST ALONG THE WEST LINES OF SAID LOTS 9, 8 AND 7, 989.75 FEET TO A LINE, PARALLEL WITH AND 1,031.00 FEET NORTH OF THE CENTERLINE OF MILL STREET;
THENCE NORTH 89° 58' 23" EAST, ALONG SAID PARALLEL LINE, 360.36 FEET TO THE EAST LINE OF THE SOUTHERN PACIFIC RAILROAD RIGHT OF WAY, AS SHOWN PER MAP RECORDED IN BOOK 16, PAGE 31 OF MAPS, RECORDS OF SAID COUNTY;
THENCE SOUTH 00° 02' 40" EAST ALONG SAID EAST LINE, 989.75 FEET TO THE SOUTH LINE OF SAID LOT 9;
THENCE SOUTH 89° 58' 23" WEST ALONG SAID SOUTH LINE, 360.76 FEET TO THE SOUTHWEST CORNER OF SAID LOT 9 AND THE POINT OF BEGINNING.
EXCEPTING THEREFROM THAT PORTION AS DESCRIBED IN THAT CERTAIN FINAL ORDER OF CONDEMNATION RECORDED DECEMBER 04, 2014 AS INSTRUMENT NO. 2014-0464994, OF OFFICIAL
RECORDS
EXCEPTING THEREFROM ALL MINERALS AND MINERAL RIGHTS, INTERESTS, AND ROYALTIES,
INCLUDING, WITHOUT LIMITING, THE GENERALITY THEREOF, OIL, GAS AND OTHER HYDROCARBON SUBSTANCES, AS WELL AS METALLIC OR OTHER SOLID MINERALS, IN AND UNDER THE PROPERTY;
HOWEVER, GRANTOR OR ITS SUCCESSORS AND ASSIGNS, SHALL NOT HAVE THE RIGHT FOR ANY
PURPOSE WHATSOEVER TO ENTER UPON, INTO OR THROUGH THE SURFACE OF THE PROPERTY IN CONNECTION THEREWITH, AS RESERVED IN THE DEED RECORDED OCTOBER 4, 1995 AS INSTRUMENT NO. 1995-0344395 OF OFFICIAL RECORDS.
For conveyancing purposes only: APN 0136-171-44-0-000
Commitment for Title Insurance
California - 2021 v. 01.00 (07-01-2021)
This page is only a part of a 2021 ALTA Commitment for Title Insurance issued by First American Title Insurance Company . This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; and Schedule B, Part II —Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form.
Copyright 2021 American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited.
Reprinted under license from the American Land Title Association.
Form 50187306 (10-11-22) Page 9 of 13
ALTA COMMITMENT FOR TITLE INSURANCE
issued by
FIRST AMERICAN TITLE INSURANCE COMPANY
NOTICE
IMPORTANT—READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT.
THIS COMMITMENT IS NOT AN ABSTRACT OF TI TLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE
PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY
SEARCH AND EXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR
THE BENEFIT OF THE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED.
THE COMPANY’S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED
INSURED IDENTIFIED IN SC HEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT. THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON.
COMMITMENT TO ISSUE POLICY
Subject to the Notice; Schedule B, Part I —Requirements; Schedule B, Part II —Exceptions; and the Commitment Conditions, First American Title Insurance Company , a Nebraska Corporation (the “Company”), commits to issue the Policy according to the terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Amount of Insurance and the name of the Proposed Insured.
If all of the Schedule B, Part I —Requirements have not been met within six months after the Commitment Date, this Commitment terminates and the Company’s liability and obligation end.
Commitment for Title Insurance
California - 2021 v. 01.00 (07-01-2021)
This page is only a part of a 2021 ALTA Commitment for Title Insurance issued by First American Title Insurance Company . This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; and Schedule B, Part II —Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form.
Copyright 2021 American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited.
Reprinted under license from the American Land Title Association.
Form 50187306 (10-11-22) Page 10 of 13
COMMITMENT CONDITIONS
1. DEFINITIONS
a. “Discriminatory Covenant”: Any covenant, condition, restriction, or limitation that is unenforceable under applicable law because it illegally discriminates against a class of individuals based on personal characteristics such as race, color, religion, sex, sexual orientation, gender identity, familial status, disability, national or igin, or other legally protected class.
b. “Knowledge” or “Known”: Actual knowledge or actual notice, but not constructive notice imparted by the Public Records.
c. “Land”: The land described in Item 5 of Schedule A and improvements located on that land that by State law constitute real property. The term “Land” does not include any property beyond that described in Schedule A, nor any right, title, interest, estate, or easement in any abutting street, road, avenue, alley, lane, right-of-way, body of water, or waterway, but does not modify or limit the extent that a right of access to and from the Land is to be insured by the Policy.
d. “Mortgage”: A mortgage, deed of trust, trust deed, security deed, or other real property security instrument, including one evidenced by electronic means authorized by law. e. “Policy”: Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company pursuant to this Commitment. f. “Proposed Amount of Insurance”: Each dollar amount specified in Schedule A as the Proposed Amount of Insurance of each Policy to be issued pursuant to this Commitment. g. “Proposed Insured”: Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment.
h. “Public Records”: The recording or filing system established under State statutes in effect at the Commitment Date under which a document must be recorded or filed to impart constructive notice of matters relating to the Title to a purchaser for value without Knowledge. The term “Public Records” does not include any other recording or filing system, including any pertaining to environmental remediation or protection, planning, permitting, zoning, licensing, building, health, public safety, or national security matters. i. “State”: The state or commonwealth of the United States within whose exterior boundaries the Land is located. The term “State” also includes the District of Columbia, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, and Guam. j. “Title”: The estate or interest in the Land identified in Item 3 of Schedule A.
2. If all of the Schedule B, Part I—Requirements have not been met within the time period specified in the Commitment to Issue Policy, this Commitment terminates and the Company’s liability and obligation end.
Commitment for Title Insurance
California - 2021 v. 01.00 (07-01-2021)
This page is only a part of a 2021 ALTA Commitment for Title Insurance issued by First American Title Insurance Company . This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; and Schedule B, Part II —Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form.
Copyright 2021 American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited.
Reprinted under license from the American Land Title Association.
Form 50187306 (10-11-22) Page 11 of 13
3. The Company’s liability and obligation is limited by and this Commitment is not valid without:
a. the Notice;
b. the Commitment to Issue Policy;
c. the Commitment Conditions;
d. Schedule A;
e. Schedule B, Part I—Requirements; and
f. Schedule B, Part II—Exceptions; and
g. a counter-signature by the Company or its issuing agent that may be in electronic form.
4. COMPANY’S RIGHT TO AMEND
The Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect, lien, encumbrance, adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment Condition 5.
The Company is not liable for any other amendment to this Commitment.
5. LIMITATIONS OF LIABILITY
a. The Company’s liability under Commitment Condition 4 is limited to the Proposed Insured’s actual expense incurred in the interval between the Company’s delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the Proposed Insured’s good faith reliance to:
i. comply with the Schedule B, Part I—Requirements;
ii. eliminate, with the Company’s written consent, any Schedule B, Part II—Exceptions; or iii. acquire the Title or create the Mortgage covered by this Commitment. b. The Company is not liable under Commitment Condition 5.a. if the Proposed Insured requested the amendment or had Knowledge of the matter and did not notify the Company about it in writing.
c. The Company is only liable under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment included the added matter when the Commitment was first delivered to the Proposed Insured. d. The Company’s liability does not exceed the lesser of the Proposed Insured’s actual expense incurred in good faith and described in Commitment Condition 5.a. or the Proposed Amount of Insurance.
e. The Company is not liable for the content of the Transaction Identification Data, if any. f. The Company is not obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I—Requirements have been met to the satisfaction of the Company. g. The Company’s liability is further limited by the terms and provisions of the Policy to be issued to the Proposed Insured.
Commitment for Title Insurance
California - 2021 v. 01.00 (07-01-2021)
This page is only a part of a 2021 ALTA Commitment for Title Insurance issued by First American Title Insurance Company . This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; and Schedule B, Part II —Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form.
Copyright 2021 American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited.
Reprinted under license from the American Land Title Association.
Form 50187306 (10-11-22) Page 12 of 13
6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT; CHOICE OF LAW AND
CHOICE OF FORUM
a. Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment.
b. Any claim must be based in contract under the State law of the State where the Land is located and is restricted to the terms and provisions of this Commitment. Any litigation or other proceeding brought by the Proposed Insured against the Company must be filed only in a State or federal court having jurisdiction.
c. This Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject matter of this Commitment and supersedes all prior commitment negotiations, representations, and proposals of any kind, whether written or oral, express or implied, relating to the subject matter of this Commitment. d. The deletion or modification of any Schedule B, Part II —Exception does not constitute an agreement or obligation to provide coverage beyond the terms and provisions of this Commitment or the Policy.
e. Any amendment or e ndorsement to this Commitment must be in writing and authenticated by a person authorized by the Company.
f. When the Policy is issued, all liability and obligation under this Commitment will end and the Company’s only liability will be under the Policy.
7. IF THIS COMMITMENT IS ISSUED BY AN ISSUING AGENT
The issuing agent is the Company’s agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is not the Company’s agent for closing, settlement, escrow, or any other purpose.
8. PRO-FORMA POLICY
The Company may provide, at the request of a Proposed Insured, a pro -forma policy illustrating the coverage that the Company may provide. A pro -forma policy neither reflects the status of Title at the time that the pro -forma policy is delivered to a Proposed Insured, nor is it a commitment to insure.
9. CLAIMS PROCEDURES
This Commitment incorporates by reference all Conditions for making a claim in the Policy to be issued to the Proposed Insured. Commitment Condition 9 does not modify the limitations of liability in Commitment Conditions 5 and 6.
10. CLASS ACTION
ALL CLAIMS AND DISPUTES ARISING OUT OF OR RELATING TO THIS COMMITMENT,
INCLUDING ANY SERVICE OR OTHER MATTER IN CONNECTION WITH ISSUING THIS
COMMITMENT, ANY BREACH OF A COMMITMENT PROVISION, OR ANY OTHER CLAIM OR
DISPUTE ARISING OUT OF OR RELATING TO THE TRANSACTION GIVING RISE TO THIS COMMITMENT, MUST BE BROUGHT IN AN INDIVIDUAL CAPACITY. NO PARTY MAY SERVE AS
PLAINTIFF, CLASS MEMBER, OR PARTICIPANT IN ANY CLASS OR REPRESENTATIVE PROCEEDING. ANY POLICY ISSUED PURSUANT TO THIS COMMITMENT WILL CONTAIN A CLASS ACTION CONDITION.
Commitment for Title Insurance
California - 2021 v. 01.00 (07-01-2021)
This page is only a part of a 2021 ALTA Commitment for Title Insurance issued by First American Title Insurance Company . This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; and Schedule B, Part II —Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form.
Copyright 2021 American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited.
Reprinted under license from the American Land Title Association.
Form 50187306 (10-11-22) Page 13 of 13
11. ARBITRATION
The Policy contains an arbitration clause. All arbitrable matters when the Proposed Amount of Insurance is $2,000,000 or less may be arbitrated at the election of either the Company or the Proposed Insured as the exclusive remedy of the parties. A Proposed Insured may review a copy of the arbitration rules at http://www.alta.org/arbitration.