SCHEDULE A (Transaction Information) 1. Effective Date of Public Records: January 15, 2015 at 08:00 AM 2. Title Insurance Policies to be Issued: Policy Amount a. [ X ] Old Republic ALTA Own. Policy (06/17/06) Proposed Insured: Proposed Purchaser b. [ ] ALTA Loan Policy (06/17/06) Proposed Insured: 3. Current Ownership: Fee Simple interest in the Property described in this Commitment is owned at the Effective Date by: The Current Trustee of the Estate of Philip B. Harrison, Bankrupt under Chapter 7 Case No. 13005987; Subject to the Land Contract interest of Troy Strand and Shannon Strand, husband and wife, as evidenced in Liber 1040, on page 2532 4. Property Legal Description: The Property is described on Schedule C. By: Lawrence R. Duthler, Managing Member LENDERS: AGENTS, BROKERS AND Corporate Office: For questions about this title ALL OTHERS: 1410 Plainfield Avenue NE Grand Rapids, MI 49505 (616)458-9100 Main (616)458-9300 Fax www.suntitle.com New Orders: commitment (including title clearance on refinance transactions) contact Customer Service: customerservice@suntitleagency.com For questions about this title commitment (including satisfying requirements, scheduling closings, or transaction coordination) contact the Escrow Officer on this transaction: orders@suntitleagency.com Lender Closing Documents: closingdocs@suntitleagency.com shambelton@suntitleagency.com
SCHEDULE B-I Requirements The following items are that must be completed or satisfied before we can issue our Title Insurance Policy. Some items must be handled before the transaction closes and some can be handled at the closing of the the transaction. In most circumstances, "sooner-is-better" to complete the Requirements. Ranking: Each Requirement is ranked based on the level of difficulty or complexity that will likely be involved in completing them: [*] LOW - Fairly routine and the process to complete them is straight forward. [**] MEDIUM - May require additional time and effort to complete and should be started promptly. [***] HIGH - Represent a significant and substantial issue that must be investigated and handled as soon as possible. These could require additional time and may require specialized services to complete. STANDARD REQUIREMENTS (These apply to every transaction) 1. TRANSACTION PAYMENTS [*]: You m ust pay the applicable costs and fees relating to the transaction, including any property acquisition costs, loan fees, and title insurance premiums (most will be paid at the closing of the transaction). 2. OTHER INTERESTED PARTIES [*]: You must tell us in writing about any person who will get an ownership interest in the Property or who will make a loan or mortgage on the Property. 3. COMMITMENT JACKET AND PRIVACY POLICY [*]: This Title Commitment incorporates all of the terms and conditions in our Privacy Policy and the Title Commitment Jacket, each of which can be reviewed on our website or requested. 4. OWNERS' AFFIDAVIT [*]: We must receive a signed Owners' Affidavit and Closing Agreement from the current owner. The Owners' Affidavit and Closing Agreement is typically signed at the closing of the transaction and includes statements from the owner(s) about their knowledge of the Property, including information relating to their ownership of the Property, details about the transaction, and other provisions necessary for us to conduct the closing and issue our title insurance policy.
SCHEDULE B-I (continued) SPECIFIC REQUIREMENTS (These are unique to this transaction) 5. PURCHASE AGREEMENT [*]: When a purchase agreement for the property is signed, we must receive a copy of the fully signed purchase agreement and this title commitment will be revised to reflect the transaction details, including the proposed insurance coverage and insured parties (together with any additional requirements that may be necessary after a review of the purchase agreement). 6. COMMERCIAL BROKER NOTICE [*]: If there is a commission agreement with a commercial real estate broker for the sale of this property, you are required to notify us and we may require that a broker commission indemnity affidavit be signed by the seller. 7. BANKRUPTCY FILED BY OWNER [***]: Documentation is required to show whether the owner has the authority to transfer the property to the buyer or if the Bankruptcy Trustee must approve and sign the transfer documents. Note: It appears that Philip B. Harrison filed bankruptcy in U.S. Bankruptcy Court. Documentation from the Bankruptcy Court must be provided to determine the status of the property under the Bankruptcy Case. We must receive and review a certified copy of the Bankruptcy Court Docket and one of the following three documents from the Bankruptcy Court to determine how to proceed: (i) Order of Abandonment. If the Bankruptcy Trustee abandoned the property, there will be an Order of Abandonment, which gives the owner the right to transfer the property (subject to any mortgages, liens, taxes, etc.). (ii) Order of Sale. If the Bankruptcy Trustee has not or will not abandon the property, an Order of Sale from the Bankruptcy Court must be obtained. (iii) Closed Case. If the Bankruptcy Case is closed and the owner's debts were discharged pursuant to a final Order of the Bankruptcy Court, the owner will have the authority to transfer the property (unless there is an Order to the contrary in the record). Upon review of these documents, this Commitment may be subject to further revisions or requirements. 8. LAND CONTRACT (RECORDED) - DEED IN FULFILLMENT [**]: We must receive and record a Warranty Deed from The Trustee of the Estate of Philip B. Harrison, joined by the spouse of Philip B. Harrison, if any (the Land Contract Vendor or seller) to Troy Strand and Shannon Strand, husband and wife (the Land Contract Vendee or buyer), in connection with the Land Contract (or Memorandum of Land Contract) recorded on April 27, 2012 in Liber 1040, on page 2532. A complete copy of the Land Contract must also be provided to determine the total consideration paid for the Property and confirm whether the Land Contract contains any reservations or restrictions that must be included in the Deed in Fulfillment. Note: If the final payment for the Land Contract will be paid as part of this transaction, we will also require a Pay-off Letter from the Land Contract Vendor (seller) that states: (i) The exact amount required to pay-off the balance of the Land Contract (including any allowable fees, costs, interest, etc.), (ii) The amount of any per diem interest (if any) that is added for each day beyond the date of the pay-off letter, and (iii) Wiring instructions or other payment instructions for the delivery of the payment. We must receive the signed deed in fulfillment of the Land Contract at the time the final payment is made or, if the balance is zero, prior to the closing of the transaction.
SCHEDULE B-I (continued) 9. MORTGAGE DISCHARGE OR RELEASE [*]: We must receive a Discharge or Release of the following Mortgage that is recorded against the property: Mortgage in the original amount of $5,065.00 granted by Philip B. Harrison, a single man to G.W. Jones Exchange Bank dated May 30, 2001, and recorded on May 30, 2001, at Liber 00771, on page 0406 in Cass County. Note: A Discharge or Release of the Mortgage is most often obtained AFTER the transaction is completed by following these steps: (i) Before the closing, a pay-off letter is obtained from the Lender that includes the pay-off balance of the loan, the daily interest amount, and where to send the payment; (ii) At the closing, the instructions in the pay-off letter are followed (for example, the proceeds from the transaction are used to send the pay-off amount to the Lender); and then (iii) After the closing, the Discharge or Release is recorded by the Lender (Michigan Law requires a lender to do so within 60 days of receiving full payment - MCL 565.44). The borrower can request a pay-off letter from the Lender or the borrower can give us authorization to request the pay-off letter (a blank Borrower's Authorization form will accompany our initial title commitment). Contact information for the Lender is usually located on the borrower's loan payment coupons or monthly mortgage statements. 10. TAX FORFEITURE [**]: We must receive and record a Certificate of Redemption from Cass County showing that the unpaid and delinquent real property taxes have been paid for the year(s) 2014, as required by the Tax Forfeiture Certificate recorded by Cass County in Liber 1074, on page 1270. Note: When real estate taxes are not paid for more than two years, the property is "forfeited" to the County, which means the property is being prepared for tax foreclosure. If the real estate taxes go unpaid, the property will be foreclosed upon and the ownership will transfer to the County (approximately one year after the tax forfeiture). If the real estate taxes are paid before the foreclosure process is completed, the County will provide a Certificate of Redemption.
SCHEDULE B-I (continued) 11. REAL ESTATE TAXES (WITH DELINQUENTS), ASSESSMENTS AND INVOICES [*]: Any taxes and assessments identified below as DUE must be paid at or before the closing of the transaction: Parcel No.: 14-041-112-016-00 2012 DELINQUENT Taxes DUE in the amount of $1,084.78, if paid on or before January 31, 2015 2013 DELINQUENTTaxes DUE in the amount of $1,302.93, if paid on or before January 31, 2015 2014 DELINQUENT VILLAGE Taxes in the amount of $469.51, if paid on or before January 31, 2015 2014 Summer Taxes in the amount of $273.92 payable on or before September 14, 2014 are DUE (Payoff Requested) 2014 Summer Base Tax in the amount of $0.00 (Information Requested) (Special Assessment Included: NONE) 2014 Winter Taxes in the amount of $332.27 payable on or before February 14, 2015 are DUE (Special Assessment Included: NONE) Unpaid Balance on Special Assessments: NONE Special/Miscellaneous Invoices DUE: NONE Note: The following information (and the parcel number and address above) is provided for informational purposes only and the accuracy of such information is neither guaranteed nor insured: Served by Public Water/Sewer: YES 2014 Taxable Value: $25,500.00 2014 State Equalized Value: $25,500.00
(Exceptions) SCHEDULE B-II The following items affect the ownership of the Property and will be excluded from coverage in the Title Insurance Policy: GENERAL EXCEPTIONS (These apply to every property) 1. Facts, rights, interests or claims that could be identified or discovered by an inspection of the Property or an inquiry of anyone in possession of the Property. 2. Any lien or right to lien for services, labor or material imposed by law and not shown in the Public Records, including any liens under the Michigan Construct Lien Act. 3. Easements, liens or encumbrances, or claims thereof, not shown in the Public Records. 4. Facts, rights, interests, encroachments, encumbrances, violations, variations or adverse circumstance that could be identified or discovered by an accurate and complete land survey of the Property. 5. Future taxes and assessments not yet billed, due and payable as of the Effective Date of this Title Commitment. 6. Any rights, title, interest or claim thereof to that portion of the land taken, used or granted for streets, roads or highways. 7. Taxes and assessments that become a lien against the property after date of closing. The company assumes no liability for tax increases occasioned by retroactive revaluation, changes in the land usage or loss of any principal residence exemption status for the insured premises. 8. Loss or damage due to future installation charges, deferred installation or connection charges or current water and/or sewer charges due and payable at time of closing. Note: Exceptions 1, 2 and 3 above can be deleted from the Title Insurance Policy upon written request and receipt of the signed Owners' Affidavit and Closing Agreement. Exception 4 above can be deleted from the Title Insurance Policy upon written request and receipt of a complete and accurate survey. SPECIFIC EXCEPTIONS (These are unique to this Property) 9. Rights of tenants under unrecorded leases and any and all parties claiming by, through and thereunder.
SCHEDULE C (Property Legal Description) Cassopolis, MI 49031 LEGAL DESCRIPTION The Property referred to in this commitment is described as follows: Land situated in the Village of Cassopolis, Cass County, Michigan: The East half of Lot 16 in Block 1 South of Range 2 East of the Village of Cassopolis, according to the plat thereof, as recorded in Liber A, on page 1 Also, the East 30.0 feet of the West half of Lot 16 in Block 1 South of Range 2 East of the Village of Cassopolis, according to the plat thereof, as recorded in Liber A, on page 1 14-041-112-016-00 If provided above, any address and tax parcel number are solely for informational purposes, without warranty as to accuracy or completeness. If inconsistent in any way with the legal description above, the legal description shall control.