HomeMy WebLinkAboutAttachment B- Title CommitmentALTA Commitment For Title Insurance
AUTHORIZED AGENT:
PITKIN COUNTY TITLE, INC.
601 E. HOPKINS AVE. 3
RD
FLOOR
ASPEN, COLORADO 81611
970-925-1766-PHONE
970-925-6527-FAX
877-217-3158-TOLL FREE
E-MAIL ADDRESS:
TITLE MATTERS: CLOSING MATTERS:
Nola Warnecke (nola@sopris.net) TJ Davis - (tjd@sopris.net)
Joy Higens - (joy@sopris.net)
Issued By
Home Office:
875 Concourse Parkway South, Suite 200
Maitland, FL 32751
Telephone (407) 629-5842
ALTA Commitment Form (6-17-06)
COMMITMENT FOR TITLE INSURANCE
ISSUED BY
WESTCOR LAND TITLE INSURANCE COMPANY
Westcor Land Title Insurance Company, a California Corporation,("Company"), for a valuable consideration,
hereby commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the
Proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest covered hereby in the
land described or referred to in Schedule A, upon payment of the premiums and charges and compliance with
the Requirements; all subject to the provisions of Schedule A and B and to the Conditions of this Commitment.
This Commitment shall be effective only when the identity of the Proposed Insured and the amount of the policy
or policies committed for have been inserted in Schedule A hereof by the Company.
All liability and obligations under this Commitment shall cease and terminate within six (6) months after the
Effective Date or when the policy or policies committed for shall issue, whichever first occurs, provided that
the failure to issue such policy or policies is not the fault of the Company.
The Company will provide a sample of the policy form upon request.
IN WITNESS WHEREOF, WESTCOR LAND TITLE INSURANCE COMPANY has caused its corporate
name and seal to be hereunto affixed and these presents to be signed in facsimile under authority of its by-laws
on the date shown in Schedule A.
Issued By: WESTCOR LAND TITLE INSURANCE COMPANY
Countersigned:
Authorized Signature
CO 1045 * *
Pitkin County Title, Inc.
601 E. Hopkins #3
Aspen, CO 81611
CONDITIONS AND STIPULATIONS
1. The term "mortgage", when used herein, shall include deed of trust, trust deed or other security instrument.
2. If the Proposed Insured has or acquires actual knowledge of any defect, lien, encumbrance, adverse claim or
other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than
those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the
Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to
the extent the Company is prejudiced by failure to so disclose such knowledge. If the Proposed Insured shall
disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any
such defect, lien or encumbrance, adverse claim or other matter, the Company at its option may amend
Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from
liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations.
3. Liability of the Company under this Commitment shall be only to the named Proposed Insured and such
parties included under the definition of Insured in the form of policy or policies committed for and only for
actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements
hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest
or mortgage thereon covered by this Commitment In no event shall such liability exceed the amount stated
in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions
and Conditions and Stipulations and the Exclusions from Coverage of the form of policy or policies
committed for in favor of the Proposed Insured which are hereby incorporated by reference and are made a
part of this Commitment except as expressly modified herein.
4. This Commitment is a contract to issue one or more title insurance policies and is not an abstract of title or a
report of the condition of title. Any action or actions or rights of action that the Proposed Insured may have
or may bring against the Company arising out of the status of the title to the estate or interest or the status of
the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of
this Commitment.
5. The policy to be issued contains an arbitration clause. All arbitrable matters when the Amount of Insurance is $2,000,000.00 or
less shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. You may review
a copy of the arbitration rules at http://www.alta.org.
COMMITMENT FOR TITLE INSURANCE
SCHEDULE A
1. Effective Date: November 30, 2021 at 8:00 AM Case No. PCT25725W
2. Policy or Policies to be issued:
(a) ALTA Owner's Policy-(8/1/2016) Amount$
Premium$
Proposed Insured: Rate:
TO BE DETERMINED
(b) ALTA Loan Policy-(8/1/2016) Amount$
Premium$
Proposed Insured: Rate:
(c) ALTA Loan Policy-(8/1/2016) Amount$
Premium$
Proposed Insured: Rate:
3. Title to the FEE SIMPLE estate or interest in the land described or referred to in this Commitment is at the
effective date hereof vested in:
CITY OF ASPEN, a Colorado home rule municipal corporation
4. The land referred to in this Commitment is situated in the County of PITKIN State of COLORADO and is
described as follows:
LOT 3, COMMUNICATIONS CENTER SUBDIVISION, according to the Plat thereof
recorded October 3, 1988 in Plat Book 21 at Page 34.
PITKIN COUNTY TITLE, INC. Schedule A-PG.1
601 E. HOPKINS, ASPEN, CO. 81611 This Commitment is invalid
970-925-1766 Phone/970-925-6527 Fax unless the Insuring
877-217-3158 Toll Free Provisions and Schedules
A and B are attached.
AUTHORIZED AGENT
Countersigned:
SCHEDULE B - SECTION 1
REQUIREMENTS
The following are the requirements to be complied with:
ITEM (a) Payment to or for the account of the grantors or mortgagors of the full consideration for the
estate or interest to be insured.
ITEM (b) Proper instrument(s) creating the estate or interest to be insured must be executed and duly
filed for record to-wit:
THIS COMMITMENT IS FURNISHED FOR INFORMATIONAL PURPOSES ONLY, IT IS NOT A
CONTRACT TO ISSUE TITLE INSURANCE AND SHALL NOT BE CONSTRUED AS SUCH. IN THE
EVENT A PROPOSED INSURED IS NAMED THE COMPANY HEREBY RESERVES THE RIGHT TO
MAKE ADDITIONAL REQUIREMENTS AND/OR EXCEPTIONS AS DEEMED NECESSARY. THE
RECIPIENT OF THIS INFORMATIONAL REPORT HEREBY AGREES THAT THE COMPANY HAS
ISSUED THIS REPORT BY THEIR REQUEST AND ALTHOUGH WE BELIEVE ALL INFORMATION
CONTAINED HEREIN IS ACCURATE AND CORRECT, THE COMPANY SHALL NOT BE CHARGED
WITH ANY FINANCIAL LIABILITY SHOULD THAT PROVE TO BE INCORRECT AND THE COMPANY
IS NOT OBLIGATED TO ISSUE ANY POLICIES OF TITLE INSURANCE.
SCHEDULE B SECTION 2
EXCEPTIONS
The policy or policies to be issued will contain exceptions to the following unless the same are disposed of to
the satisfaction of the Company:
1. Rights or claims of parties in possession not shown by the public records.
2. Easements, or claims of easements, not shown by the public records.
3. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, any facts which a correct
survey and inspection of the premises would disclose and which are not shown by the public records.
4. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law
and not shown by the public records.
5. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public
records or attaching subsequent to the effective date hereof but prior to the date the proposed insured
acquires of record for value the estate or interest or mortgage thereon covered by this Commitment.
6. Taxes due and payable; and any tax, special assessment, charge or lien imposed for water or sewer
service or for any other special taxing district.
7. Right of the proprietor of a vein or lode to extract and remove his ore therefrom, should the same be found
to penetrate or intersect the premises hereby granted and right of way for ditches or canals constructed by
the authority of the United States as reserved in United States Patent recorded March 16, 1923 in Book 55
at Page 570.
8. Easement and right of way for the installation, operation, maintenance, repair and replacement of a bicycle
trail, as granted by Safeway Stores, Inc. to Pitkin County Board of Commissioners by instrument recorded
April 11, 1978 in Book 345 at Page 975.
9. Terms, conditions, provisions, obligations and all matters as set forth in Resolution of the Board of County
Commissioners recorded May 18, 1981 in Book 408 at Page 663 as Resolution No. 81-34.
10. Easement and right of way for underground electric lines purposes, as granted by Micro-Cable
Communication to Holy Cross Electric Association, by instrument recorded January 14, 1982 in Book 419
at page 805, said easement being that portion which lies within subject property as described in said
instrument as evidenced by Improvement Survey of Aspen Survey Engineers dated October 21, 2005, Job
#10358B.
11. Easement and right of way for electric line purposes, as granted to Holy Cross Electric Association, by
instrument recorded September 27, 1974 in Book 291 at Page 647, January 14, 1982 in Book 419 at Page
807 and in Book 582 at Page 227.
12. Terms, conditions, provisions, obligations and all matters as set forth in Resolution of the Board of County
Commissioners recorded July 21, 1982 in Book 429 at Page 575 as Resolution No. 82-67.
13. Terms, conditions, provisions, obligations and all matters as set forth in Resolution of the Board of County
Commissioners recorded April 18, 1983 in Book 443 at Page 641 as Resolution No. 83-35 and Water
Drainage Requirements Memo recorded July 24, 1985 in Book 491 at Page 640.
14. Terms, conditions, provisions, obligations and all matters as set forth in Resolution of the Board of County
Commissioners recorded July 15, 1985 in Book 489 at Page 784 as Resolution No. 85-77.
(Continued)
SCHEDULE B SECTION 2
EXCEPTIONS - (Continued)
15. Easements, rights of way and all matters as disclosed on Plat of Communications Center recorded July 24,
1985 in Plat Book 17 at Page 52 and First Amended Plat recorded April 14, 1988 in Plat Book 20 at Page 73
and Communication Center Subdivision Plat recorded July 27, 1988 in Plat Book 21 at Page 34 and
Resolution of the Board of County Commissioners No. 88-73 recorded October 9, 2019 as Reception No.
659394.
16. First Amendment to Condominium Declaration for the Communication Center, a Condominium recorded July
30, 1990 in Book 625 at Page 979.
17. Easement and right of way to construct, reconstruct, repair, change, enlarge, rephase, operate and maintain
an electric transmission or distribution system, as granted by Ralph H. Woodward to Holy Cross Electric
Association by instrument recorded November 12, 1991, in Book 661 at Page 822.
18. Easement and right of way to operate and maintain such telecommunications facilities as are currently in place
or which may be added from time to time in the future within the conduit structure currently in place, as
granted by Ralph H. Woodward to U.S. West Communications, Inc. by instrument recorded January 29, 1997,
at Reception No. 401340.
19. Terms, conditions, provisions, obligations and all matters as set forth in Resolution of the Board of County
Commissioners of Pitkin County, Colorado recorded August 17, 1999 as Reception No. 434491 as Resolution
No. 99-112.
20. Easement and right of way for construction, maintenance of roadway, utilities, drainage and bike path
purposes, as granted by Ralph H. Woodward to Department of Transportation, State of Colorado, by
instrument recorded September 1, 2000, at Reception No. 446652.
21. Terms, conditions, provisions, obligations and all matters as set forth in Resolution of the Board of County
Commissioners of Pitkin County, Colorado recorded January 3, 2017 as Reception No. 635142 as Resolution
No. 126-2016.
22. Easements, rights of way and all matters as disclosed on Aspen Mini Storage LLC Parking Area Site Plan
recorded January 23, 2017 in Plat Book 117 at Page 65.
23. Any and all leases or tenancies whether or not they are shown in the public record.
24. Encroachments and all matters as disclosed by Survey of High Country Engineering, Inc. dated October 21,
2019 as Job No. 2191693.
25. NOTE: The title commitment is subject to underwriting approval. The Company reserves the right to make
changes.
ENDORSEMENT SCHEDULE FOR OWNERS POLICY
ATTACHED TO AND BECOMING A PART OF CASE NO: PCT25725W
SELLER:
CITY OF ASPEN, a Colorado home rule municipal corporation
BUYER:
TO BE DETERMINED
The following endorsements will be issued in connection with the Policy to be issued hereunder as referenced above:
ENDORSEMENTS: For a fee of: $
For a fee of: $
For a fee of: $
For a fee of: $
For a fee of: $
Upon compliance with the requirements set forth below, the following exceptions will be deleted from the final policy.
The fee for deleting exceptions 1 thru 3 is $55.00
A satisfactory affidavit and agreement indemnifying the Company against any defects, liens, encumbrances, adverse
claims, or other matters known by Seller and Buyer.
The Company hereby reserves the right to make additional requirements as may be deemed necessary in the event
information regarding defects, liens, encumbrances, adverse claims, or the like are discovered.
The fee for deleting exception 4 is $10.00 for Residential Property and $25.00 for Commercial Property.
Exception Number 5 is automatically deleted upon recordation of the documents called for on the requirement page of this
commitment.
Exception Number 6 will be amended to read: Taxes for the current year not yet due or payable, upon evidence
satisfactory that the Taxes for the prior year(s) have been paid.
NOTE: A satisfactory affidavit and agreement indemnifying the Company against unfiled mechanic's and
materialmens liens, executed by the seller and any additional parties deemed necessary by the Company.
The company hereby reserves the right to make additional requirements as may be deemed necessary in
the event additional facts regarding development, construction or other building or work are disclosed to
the company that may fall within any lien period as defined in the Statues of the State of Colorado, and
may result in additional premiums and/or fees for such coverage and any additional requirements deemed
necessary by the Company.
The Company hereby reserves the right to deny any of the above coverage's at its sole discretion.
PITKIN COUNTY TITLE, INC.
Disclosures
Water rights, claims or title to water. (NOTE: THIS EXCEPTION WILL APPEAR ON THE OWNER'S AND
MORTGAGE POLICY TO BE ISSUED HEREUNDER)
All documents received for recording or filing in the Clerk and Recorder's office shall contain a top margin of at least one inch and a
left, right and bottom margin of at least one half of an inch. The Clerk and Recorder will refuse to record or file any document that
does not conform to the requirements of this section. Pursuant to C.R.S. 30-10-406(3)(a).
The company will not issue its policy or policies of title insurance contemplated by this commitment until it has been provided a
Certificate of Taxes due or other equivalent documentation from the County Treasurer or the County Treasurer's authorized agent: or
until the Proposed Insured has notified or instructed the company in writing to the contrary. Pursuant to C.R.S. 10-11-122.
No person or entity that provides closing and settlement services for a real estate transaction shall disburse funds as a part of such
services until those funds have been received and are available for immediate withdrawals as a matter of right. Pursuant to C.R.S.
38-35-125(2).
The Company hereby notifies the proposed buyer in the current transaction that there may be recorded evidence that the mineral estate,
or portion thereof, has been severed, leased, or otherwise conveyed from the surface estate. If so, there is a substantial likelihood that a
third party holds some or all interest in the oil, gas, other minerals, or geothermal energy in the subject property. Such mineral estate
may include the right to enter and use the property without the surface owner's permission. Pursuant to C.R.S. 10-11-123.
If this transaction includes a sale of property and the sales price exceeds $100,000.00, the seller must comply with the
disclosure/withholding requirements of said section. (Nonresident withholding) Pursuant to C.R.S. 39-22-604.5.
Notice is hereby given that: The subject property may be located in a special taxing district. A Certificate of Taxes due listing each
taxing jurisdiction shall be obtained from the County Treasurer or the County Treasurer's authorized agent. Information regarding
special districts and the boundaries of such districts may be obtained from the Board of County Commissioners, the County Clerk and
Recorder, or the County Assessor. Pursuant to C.R.S. 10-11-122.
Notice is hereby given that: Pursuant to Colorado Division of Insurance Regulation 8-1-2;
"Gap Protection" -When this Company conducts the closing and is responsible for recording or filing the legal documents
resulting from the transaction, the Company shall be responsible for all matters which appear on the record prior to such time or
recording or filing; and
"Mechanic's Lien Protection" - If you are the buyer of a single family residence, you may request mechanic's lien coverage to be
issued on your policy of Insurance. If the property being purchased has not been the subject of construction, improvements or
repairs in the last six months prior to the date of this commitment, the requirements will be payment of the appropriate premium
and the completion of an Affidavit and Indemnity by the seller. If the property being purchased was constructed, improved or
repaired within six months prior to the date of this commitment the requirements may involve disclosure of certain financial
information, payment of premiums, and indemnity, among others. The general requirements stated above are subject to revision
and approval by the Company. Pursuant to C.R.S. 10-11-122.
Notice is hereby given that an ALTA Closing Protection Letter is available, upon request, to certain parties to the transaction
as noted in the title commitment. Pursuant to Colorado Division of Insurance Regulation 8-1-3.
Nothing herein contained will be deemed to obligate the Company to provide any of the coverages referred to herein unless
the above conditions are fully satisfied
NOTE: The policy(s) of insurance may contain a clause permitting arbitration of claims at the request of either
the Insured or the Company. Upon request, the Company will provide a copy of this clause and the
accompanying arbitration rules prior to the closing of the transaction.
NOTICE REGARDING CONSTRUCTION FINANCING: If it is not disclosed to the company that the loan to be
insured hereunder is in fact a construction loan, any coverage given under the final policy regarding
mechanic or materialmen's liens shall be deemed void and of no effect.
Pitkin County Title, Inc.
Privacy Policy
We collect nonpublic information about you from the following sources:
• Information we receive from you, such as your name, address, telephone
number, or social security number;
• Information about your transactions with us, our affiliates, or others. We
receive this information from your lender, attorney, real estate broker, etc.; and
Information from public records
We do not disclose any nonpublic personal information about our customers or former
customers to anyone, except as permitted by law.
We restrict access to nonpublic personal information about you to those employees
who need to know that information to provide the products or services requested by
you or your lender.
We maintain physical, electronic, and procedural safeguards that company with
appropriate federal and state regulations.
Notice of Privacy Policy
of
Westcor Land Title Insurance Company
Westcor Land Title Insurance Company ("WLTIC") values its customers and is committed to protecting the privacy of
personal information. In keeping with that philosophy, we have developed a Privacy Policy, set out below, that will
ensure the continued protection of your nonpublic personal information and inform you about the measures WLTIC takes
to safeguard that information.
Who is Covered
We provide our Privacy Policy to each customer when they purchase an WLTIC title insurance policy. Generally, this
means that the Privacy Policy is provided to the customer at the closing of the real estate transaction.
Information Collected
In the normal course of business and to provide the necessary services to our customers, we may obtain nonpublic
personal information directly from the customer, from customer-related transactions, or from third parties such as our title
insurance agents, lenders, appraisers, surveyors or other similar entities.
Access to Information
Access to all nonpublic personal information is limited to those employees who have a need to know in order to perform
their jobs. These employees include, but are not limited to, those in departments such as legal, underwriting, claims
administration and accounting.
Information Sharing
Generally, WLTIC does not share nonpublic personal information that it collects with anyone other than its policy issuing
agents as needed to complete the real estate settlement services and issue its title insurance policy as requested by the
consumer. WLTIC may share nonpublic personal information as permitted by law with entities with whom WLTIC has a
joint marketing agreement. Entities with whom WLTIC has a joint marketing agreement have agreed to protect the
privacy of our customer's nonpublic personal information by utilizing similar precautions and security measures as
WLTIC uses to protect this information and to use the information for lawful purposes. WLTIC, however, may share
information as required by law in response to a subpoena, to a government regulatory agency or to prevent fraud.
Information Security
WLTIC, at all times, strives to maintain the confidentiality and integrity of the personal information in its possession and
has instituted measures to guard against its unauthorized access. We maintain physical, electronic and procedural
safeguards in compliance with federal standards to protect that information.
The WLTIC Privacy Policy can also be found on WLTIC's website at www.wltic.com.
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PITKIN COUNTY TITLE, INC.
601 E. HOPKINS, THIRD FLOOR
ASPEN, CO 81611
970-925-1766/970-925-6527 FAX
TOLL FREE 877-217-3158
WIRING INSTRUCTIONS FOR ALL TRANSACTIONS REGARDING THE CLOSING OF THIS FILE
ARE AS FOLLOWS:
ALPINE BANK-ASPEN
600 E. HOPKINS AVE.
ASPEN, CO. 81611
ABA ROUTING NO. 102103407
FOR CREDIT TO:
PITKIN COUNTY TITLE, INC., ESCROW ACCOUNT
ACCOUNT NO. 8910 354 425
REFERENCE:PCT25725W/TO BE DETERMINED