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HomeMy WebLinkAboutC-9272-6 - East Coast Highway, 201 - Gift Deed 2024 (Balboa Marina West - Public Docks)Ilyysb8 A RECORDING REQUESTED BY FIRST AMERICAN TITLE CO. NATIONAL COMMERCIAL SERVICES RECORDING REQUESTED BY City of Clerk City of Newport Beach 100 Civic Center Drive Newport Beach, CA 92660 UPON RECORDATION RETURN TO: The Irvine Company LLC 550 Newport Center Drive Newport Beach, CA 92660 ATTN: General Counsel's Office fW)6l, YID.- VDVnDVl OF DIFO-1491-61 The undersigned grantor(s) declare(s): Recorded in Official Records, Orange County Hugh Nguyen, Clerk -Recorder II �IIIIIIIIIII1 1�� 111 �1$ 11� 1 II NO FEE *$ R 0 0 1 4 8 6 0 9 1 5 $ * 2024000074355 9:35 am 03/27124 371 NC-5 D10 A04 27 0.00 0.00 0.00 0.00 78.00 0.00 0.000.000.00 0.00 1F : Deed DOCUMENTARY TRANSFER TAX $ 0'* Vcomputed on full value of property conveyed, or ❑ computed on full value less liens and encumbrances remaining at time of sale. ❑ Unincorporated Area City of N6vypO&I 6$ft 'j THE UNDERSIGNED GRANTOR DECLARES: This document is recorded at the request of and for the benefit of the City of Newport Beach, and therefore is exempt from the payment of a recording fee pursuant to California Government code 6103 and 27383 and from payment of documentary transfer tax pursuant to California Revenue and Taxation code 11922 11yysbgA RECORDING REQUESTED BY FIRST AMERICAN TITLE CO. NATIONAL COMMERCIAL SERVICES RECORDING REQUESTED BY City of Clerk City of Newport Beach 100 Civic Center Drive Newport Beach, CA 92660 UPON RECORDATION RETURN TO: The Irvine Company LLC 550 Newport Center Drive Newport Beach, CA 92660 ATTN: General Counsel's Office PAfWi, M.' V09--ViDn OF D19D-4151-6) G 1F T Deed The undersigned grantor(s) declare(s): DOCUMENTARY TRANSFER TAX $ & 4 Vcomputed on full value of property conveyed, or ❑ computed on full value less liens and encumbrances remaining at time of sale. ❑ Unincorporated Area City of NEwfD LI 66ftll THE UNDERSIGNED GRANTOR DECLARES: This document is recorded at the request of and for the benefit of the City of Newport Beach, and therefore is exempt from the payment of a recording fee pursuant to California Government code 6103 and 27383 and from payment of documentary transfer tax pursuant to California Revenue and Taxation code 11922 114�509A RECORDING REQUESTED BY FIRST AMERICAN TITLE CO. NATIONAL COMMERCIAL SERVICES RECORDING REQUESTED BY AND WHEN RECORDED, MAIL TO: City Clerk City of Newport Beach 100 Civic Center Drive Newport Beach, California 92660 WITH A CONFORMED COPY TO: The Irvine Company LLC 550 Newport Center Drive Newport Beach, CA 92660 Attn: General Counsel's Office SPACE ABOVE THIS LINE FOR RECORDER'S USE Parcel No.: Portion of 050-451-01 THE UNDERSIGNED GRANTOR DECLARES: This document is recorded at the request of and for the benefit of the City of Newport Beach, and therefore is exempt from the payment of a recording fee pursuant to California Government Code §§ 6103 and 27383 and from payment of documentary transfer tax pursuant to California Revenue and Taxation Code § 11922. GIFT DEED FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, THE IRVINE COMPANY LLC, a Delaware limited liability company ("Grantor"), hereby GIFTS in fee simple interest ("Gifts" or "Deeds") to the CITY OF NEWPORT BEACH, a California municipal corporation and charter city (hereinafter referred to as "City"), the portion of property located at 201 East Coast Highway, Newport Beach, California as more particularly described in Exhibit "A" and depicted in Exhibit `B" which are attached hereto and incorporated herein by this reference (the "Property"). The Property shall include the new public dock improvements constructed by Grantor (the "Public Dock Improvements"). Grantor and City are sometimes hereinafter referred to collectively as the "Parties". THE PROPERTY IS CONVEYED TO CITY SUBJECT TO THE FOLLOWING: 1. CONDITION OF TITLE. The Property shall be transferred to and accepted by City subject to the following: (a) General and special real property taxes and supplemental assessments, if any, for the current fiscal year; provided, however, that Grantor shall pay for (i) any such taxes and assessments applicable to the Property prior to the date of recordation of this Gift Deed, and (ii) any assessments, special taxes or other payments arising from bonds, contracts, or liens created by, through or as a result of the efforts or activities of Grantor. 783562 1 Gift Deed Property Adjacent to Balboa Marina (b) All covenants, conditions, restrictions, reservations, rights, rights of way, easements and other matters of record or apparent other than monetary liens created by Company, including, without limitation, usual and customary exceptions to title insurance consistent with ALTA policies with Regional Exceptions (Standard Coverage) issued by First American Title Insurance Company in Orange County, California, as identified on the Commitment for Title Insurance under File No. NCS-1144568-SAI last revised on April 6, 2023 attached hereto as Exhibit "C", and that certain Deed Restriction in favor of the California Coastal Commission dated January 5, 2024, and recorded in the Official Records of Orange County, California on January 18, 2024 as Instrument No. 2024000011709. 2. RESERVATIONS. The Property shall be accepted by City subject to the following reservations in favor of Grantor, its successors and assigns, together with the right (without the consent of City or any other owner of an interest in the Property) to grant, transfer, license or otherwise convey all or a portion of the same to one or more grantees, transferees or licensees: (a) A reservation of any and all oil, oil rights, minerals, mineral rights, natural gas rights and other hydrocarbons by whatsoever name known, geothermal steam and all products derived from any of the foregoing, that may be within or under the Property, together with the perpetual right of drilling, mining, exploring and operating therefor and storing in and removing the same from the Property or any other land, including the right to whipstock or directionally drill or mine from lands other than the Property, oil or gas wells, tunnels and shafts into, through or across the subsurface of the Property and to bottom such whipstocked or directionally drilled wells, tunnels and shafts under and beneath or beyond the exterior limits hereof, and to re -drill, re -tunnel, equip, maintain, repair, deepen and operate any such wells or mines; but without, however, the right to drill, mine store, explore or operate through the surface or the upper 500 feet of the subsurface of the Property. (b) A reservation of permanent nonexclusive easements appurtenant to adjacent slopes, whether owned by Grantor or a third parry, on, over, under and across the Property, for access to and from such slopes as reasonably necessary to perform dredging, repair and maintenance thereof in connection with the use and operation of property adjacent to the Property; provided, however, that (i) the exercise of such rights shall not unreasonably interfere with City's reasonable use and enjoyment of the Property, and (ii) any party that enters the Property in the exercise of the easements reserved herein shall (A) use reasonable efforts to minimize damage to any improvements affected by such entry, (B) promptly repair and restore at its cost any damage caused by such entry, as nearly as practicable, to the condition which existed prior to such entry, and (C) defend, indemnify, protect and hold harmless City, its City Council, boards, commissions, officers, agents, and employees ("Indemnitees") from all losses, claims, liens, suits, costs, damages, expenses (including actual attorneys' fees), liabilities and actions of any name, kind or description ("Claim" or "Claims"), whether incurred by or made against any Indemnitee or made by any third party, arising out of or related to injuries to or death of any person or damage to any property resulting from or caused by use of the easement (as well as any activity related to or connected with said use) by Grantor, its employees, contractors, and agents. Grantor's indemnity obligation shall not extend to any Claim arising from the sole negligence or willful misconduct of the Indemnitees. This indemnity obligation shall apply to all claims and liability regardless of whether any insurance policies are applicable and the policy limits of any such insurance policies shall not act as a limitation upon the amount of indemnification to be provided. 78356_2 2 Gift Deed Property Adjacent to Balboa Marina (c) A reservation of permanent nonexclusive easements appurtenant to adjacent slopes, whether owned by Grantor or a third party, on, over, under and across the Property, for storm water draining naturally from such slopes. (d) A reservation of permanent nonexclusive easements on, over, under and across the Property, to access adjacent dock facilities of Grantor and its successors, and to install, use, maintain, repair and replace utility facilities, lighting and signs serving such adjacent dock facilities and the access thereto; provided, however, that (i) the design, installation, and construction of the utility facilities, lighting and signs shall be subject to the review, approval, and applicable permits of the City, (ii) the exercise of such rights shall not unreasonably interfere with City's reasonable use and enjoyment of the Property, and (iii) any party that enters the Property in the exercise of the easements reserved herein shall (A) use reasonable efforts to minimize damage to any improvements affected by such entry, (B) promptly repair and restore at its cost any damage caused by such entry, as nearly as practicable, to the condition which existed prior to such entry, and (C) defend, indemnify, protect and hold harmless Indemnitees from all Claims, whether incurred by or made against any Indemnitee or made by any third party, arising out of or related to injuries to or death of any person or damage to any property resulting from or caused by use of the easement (as well as any activity related to or connected with said use) by Grantor, its employees, contractors, and agents. Grantor's indemnity obligation shall not extend to any Claim arising from the sole negligence or willful misconduct of the Indemnitees. This indemnity obligation shall apply to all claims and liability regardless of whether any insurance policies are applicable and the policy limits of any such insurance policies shall not act as a limitation upon the amount of indemnification to be provided. (e) A reservation of a temporary, non-exclusive easement on, over, under and across the Property, to perform any post -construction monitoring or mitigation requirements of the Permits, as defined below; provided, however, that (i) the exercise of such rights shall not unreasonably interfere with City's reasonable use and enjoyment of the Property, and (ii) any party that enters the Property in the exercise of the easements reserved herein shall (A) use reasonable efforts to minimize damage to any improvements affected by such entry, (B) promptly repair and restore at its cost any damage caused by such entry, as nearly as practicable, to the condition which existed prior to such entry, and (C) defend, indemnify, protect and hold harmless Indemnitees from all Claims, whether incurred by or made against any Indemnitee or made by any third party, arising out of or related to injuries to or death of any person or damage to any property resulting from or caused by use of the easement (as well as any activity related to or connected with said use) by Grantor, its employees, contractors, and agents. Grantor's indemnity obligation shall not extend to any Claim arising from the sole negligence or willful misconduct of the Indemnitees. This indemnity obligation shall apply to all claims and liability regardless of whether any insurance policies are applicable and the policy limits of any such insurance policies shall not act as a limitation upon the amount of indemnification to be provided. 3. COVENANTS. The Property shall be accepted by City subject to the following covenants (the "Covenants"): (a) The Property may only be used solely for purposes of either open space or a boat berthing facility for free, public, transient use in compliance with all applicable requirements of Amended Coastal Development Permit No. 5-15-0087-A2, Clean Water Act Section 401 Water 78356_2 3 Gift Deed Property Adjacent to Balboa Marina Quality Standards Certification SARWQCB Project No. 302014-22 (most recently amended October 6, 2016), and Department of the Army Permit No. SPL-2013-00450-GS (most recently amended September 1, 2022), each as may be further amended (collectively the "Permits"); (b) City shall not permit the Property to be used for storage, fishing, overnight berthing or holding tank pump out purposes; (c) Grantor will have the right to review and comment on future improvement plans and signage for the Property; (d) City will not require Grantor to provide, directly or indirectly, parking related to public use of the Property; (e) City will maintain the Property in a safe and attractive condition; and (f) City will not abandon the Property nor transfer it or any portion of it to a third party without Grantor's prior written consent, which consent will not be withheld if the transfer is to another public entity for uses in compliance with these Covenants. 4. MATTERS RELATED TO COVENANTS. (a) Amendment. The Covenants may be amended by mutual agreement of Grantor and City. Any amendment must be recorded in the recorder's Office, County of Orange, California. (b) Term. The Covenants shall run with and bind the Property and shall inure to the benefit of and be enforceable by Grantor, its successors and assigns, in perpetuity, unless Grantor records a declaration terminating the Covenants. (c) Default and Remedies. In the event of any breach, violation or failure to comply with any of the Covenants which has not been cured within thirty (30) days after written notice from Grantor to do so (or if any such breach, violation or failure cannot be fully cured within such thirty (30) day period, then upon failure of City to commence such cure to Grantor's reasonable satisfaction), then Grantor in its sole and absolute discretion may enforce any other rights or remedies to which Grantor may be entitled by law or equity, other than the remedy of damages. It is recognized that a violation by City of one or more of the Covenants may cause Grantor to suffer material injury or damage not compensable in money and that Grantor shall be entitled to bring an action in equity or otherwise for specific performance to enforce compliance with the Covenants or an injunction to enjoin the continuance of any such breach or violation thereof. (d) Waiver. No waiver by Grantor of a breach of any of the Covenants and no delay or failure to enforce any of the Covenants shall be construed or held to be a waiver of any succeeding or preceding breach of the same or any other restrictions or conditions. No waiver of any breach or failure of any of the Covenants shall be implied from any omission by Grantor to take any action on account of such breach of failure if such breach or failure persists or is repeated, and no express waiver shall affect a breach or failure other than as specified in said waiver. The consent or approval by Grantor to or of any act by City requiring Grantor's consent or approval 78356_2 4 Gift Deed Property Adjacent to Balboa Marina shall not be deemed to waive or render unnecessary Grantor's consent or approval to or of any subsequent similar acts by City. (e) Cost of Enforcement. In the event any declaratory or other legal or equitable action or proceeding shall be instituted between Grantor and City to enforce any provisions of these Covenants, the party prevailing in such action shall be entitled to recover from the losing parry or parties its costs and expenses, including court costs and reasonable attorneys' fees. 5. MISCELLANEOUS. (a) Effect of Acceptance. Acceptance by City of this Gift Deed shall constitute City's agreement to be bound by all of the terms, conditions, restrictions, exclusions and reservations included in this Gift Deed. (b) Ca tp ions. The captions used herein are for convenience only and are not a part of this instrument and do not in any way limit or amplify the scope of interest of the terms and provisions hereof. (c) Binding Effect. Except as otherwise provided herein, all terms, conditions, restrictions, exclusions and reservations of this Gift Deed, and the acquisition of all or any portion of the Property by acceptance thereof, shall be binding upon and inure to the benefit of City's successors and assigns. (d) Application to Grantor. Notwithstanding anything herein contained to the contrary, if Grantor reacquires title to the Property or any portion thereof, the Covenants herein shall automatically cease and terminate as to such reacquired property and be of no further force or effect as to Grantor or such Successor. The term "Grantor" shall also mean and include any "Successor" of Grantor, which term is used in this Gift Deed to mean and refer to: (i) any person or entity which acquires ten percent (10%) or more of the assets of Grantor; (ii) any division, subsidiary, group, operating Grantor or wholly -owned entity of Grantor; (iii) any Real Estate Investment Trust or other entity formed by or through the efforts of Grantor; (iv) any entity resulting from a merger with or an acquisition by or of Grantor; and (v) any person or entity owning the majority of stock or other ownership interest in either Grantor or any entity described in (i) through (iv). [signatures on following page] 78356_2 5 Gift Deed Property Adjacent to Balboa Marina IN WITNESS WHEREOF, the undersigned has executed this Gift Deed as of the date set forth below. This Gift Deed shall not be effective for any purpose unless and until the Acceptance below has been duly executed by City. Date: 1' e 6, aI 5 202'4-( THE IRVINE COMPANY LLC, a Delaware limited liability company ger Ploum Division President Corporate Business Pro erties By: Justin K' Vice President Finance & Administration A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA COUNTY OF ORANGE On February 15, 2024, before me, Kindra Chenier-Gladish, a Notary Public, personally appeared Roger Ploum and Justin Kim, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that heAl3e/they executed the same in homer/their authorized capacity(ies), and that by hisAher/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. (SEAL) KINDRA CHENIER-C-LADISH Notary Public - California a• — y =I Orange County i Commission x 2352959 My comm. Ex;ires Mar 25. 2025 otary Pu 1c 78356_2 ( Gift Deed Property Adjacent to Balboa Marina ACCEPTANCE I, Grace K. Leung, City Manager of the City of Newport Beach, a California municipal corporation and charter city, hereby accept on behalf of the City of Newport Beach the fee simple interest in a portion of property located at 201 E. Coast Highway, Newport Beach, California conveyed by The Irvine Company, LLC, a Delaware limited liability company, by the Gift Deed dated Fe brua,^y IS , 202Y and consent to the recordation of the Gift Deed and this Acceptance pursuant to authority conferred by Resolution No. 1992-82 of the City Council of the City of Newport Beach adopted July 27, 1992. APPROVED AS TO FORM: Date: By: Aar flarp City A omey CITY OF NEWPORT BEACH, A California municipal corporation Date: 3/ S� iflL� By: Gra0anager g City ATTEST: Date: u By:� Leilani I.1 City Clerk C' FN" A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA COUNTY OF ORANGE On MAQC41 S , 2024, before me, J EMOIFf2. Alv" ISO LVE Y , a Notary Public, personally appeared G(2ALie K . l..EQt%J V , who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. (SEAL) db JENNIFER ANN MULVEY Notary Public • California Orange County Commission * 2375L'20J25 My Comm. Expires Oct 1 78356 2 7 Gift Deed Property Adjacent to Balboa Marina LEGAL DESCRIPTION OF PROPERTY [see attached] 78356_2 Exhibit "A" Exhibit "A" to Gift Deed Property Adjacent to Balboa Marina EXHIBIT ""A" LEGAL DESCRIPTION CITY TIDELAND DEDICATION THAT PORTION OF PARCEL 1 OF PARCEL MAP NO. 93-206, IN THE CITY OF NEWPORT BEACH, COUNTY OF ORANGE, STATE OF CALIFORNIA, PER MAP FILED IN BOOK 289, PAGES 1 THROUGH 7, INCLUSIVE, OF PARCEL MAPS, IN THE OFFICE. OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHERLY TERMINUS OF THAT CERTAIN COURSE HAVING A BEARING AND DISTANCE OF "NORTH 0104546" WEST, 100.00 FEET" IN A WESTERLY LINE OF SAID PARCEL 1; THENCE, ALONG A NORTHERLY LINE OF SAID PARCEL 1, SOUTH 88°13'14" WEST, 102.92 FEET TO THE POINT OF BEGINNING; THENCE, CONTINUING ALONG SAID NORTHERLY LINE OF PARCEL 1, SOUTH 88013'14" WEST, 44.30 FEET TO THE MOST WESTERLY NORTHWESTERLY CORNER OF SAID PARCEL 1; THENCE, ALONG THE NORTHWESTERLY LINE OF SAID PARCEL 1, SOUTH 25050'43" WEST, 69.00 FEET; THENCE, TRAVERSING THE INTERIOR OF SAID PARCEL 1, THE FOLLOWING COURSES: LEAVING SAID NORTHWESTERLY LINE OF PARCEL 1, SOUTH 64009'17" EAST, 31.07 FEET; SOUTH 26010'09" EAST, 39.21 FEET; NORTH 63049'51" EAST, 20.00 FEET; NORTH 26010'09" WEST, 18.00 FEET; NORTH 01046'46" WEST, 74.60 FEET; NORTH 88013'14" EAST, 21.80 FEET TO A LINE PERPENDICULAR TO SAID NORTHERLY LINE OF PARCEL 1 AND RUNNING THROUGH SAID POINT OF BEGINNING; ALONG SAID PERPENDICULAR LINE, NORTH 01-46'46" WEST, 12.00 FEET TO THE POINT OF BEGINNING. CONTAINING 3923 SQUARE FEET, MORE OR LESS. U:\2042431240\geomatics\legals\City Tideland Dedication 20230414.doe 1 OF 2 EXHIBIT "A" LEGAL DESCRIPTION CITY TIDELAND DEDICATION ALSO AS SHOWN ON EXHIBIT "B" ATTACHED HERETO AND HEREBY MADE A PART HEREOF. SUBJECT TO COVENANTS, CONDITIONS, RESTRICTIONS, RESERVATIONS, EASEMENTS, AND RIGHTS —OF —WAY OF RECORD, IF ANY. PREPARED BY: STANTEC CONSULTING UNDER THE DIRECTION OF: JAMES 0. STEINES, P.L.S. 6086 APRIL 14, 2023 J.N. 2042 431240 U:\2042431240\geomatics\legals\City Tideland Dedication 20230414.doc 2 OF 2 DEPICTION OF PROPERTY [see attached] 78356_2 Exhibit "B" Exhibit "B" to Gift Deed Property Adjacent to Balboa Marina w O E 04 N r o d- M J U 1w � w DZ (10 s V Q Q p 0 s (co °<10 o V� � UwN w Z � - 'CO N I� a N co v � N rn d4- Q J N w 6 O O0 �� Q � Q N Cl. C 00 w O °) N C) ,L. 00o a NW p m m Z co C BOOR Li Z O w co z O < Q CDD U o U ,g Q® ® LL M w rn o p L.L,J N01°45'46"W 100.00' J z o o�sS�y�, Z O U �y0bid N d U J I O �N O (0 00 X w O m ~ �� `�vi J a Ci pS ��/Z \ a pp.69 v vi w O Z w 6S w V 3 O o J o w U U 9�Z o o M S1 O O ( 0 S ZS i Q= oLLI z0 Q N Z I1 w�Z��Z`�LLWLm�LI]] JzJ 0- TITLE COMMITMENT FOR PROPERTY [see attached] 78356_2 Exhibit "C" Exhibit "C" to Gift Deed Property Adjacent to Balboa Marina AM ALTA Commitment for Title Insurance First st American ican .4 ISSUED BY Commitment First American Title Insurance Company File No: NCS-1144568-SA1 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 TITLE, 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 SCHEDULE 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, FirstAmerican 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 Policy Amount 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. FIRST AMERICAN TITLE INSURANCE COMPANY By: By: Kenneth D. DeGiorgio, President I Lisa W, Cornehl, Secretary If this jacket was created electronically, it constitutes an original document. This page is only a part of a 2016 AtTAO 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; Schedule B, Part II -Exceptions. Copyright 2006-2016 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 50003700 (8-237777 1 of 13 ALTA Commitment for Title Insurance (8-1-16 California COMMITMENT CONDITIONS 1. DEFINITIONS (a) "Knowledge" or "Known": Actual or imputed knowledge, but not constructive notice imparted by the Public Records. (b) "Land": The land described in Schedule A and affixed improvements that by law constitute real property. The term "Land" does not include any property beyond the lines of the area described in Schedule A, nor any right, title, interest, estate, or easement in abutting streets, roads, avenues, alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to and from the Land is to be insured by the Policy. (c) "Mortgage": A mortgage, deed of trust, or other security instrument, including one evidenced by electronic means authorized by law. (d) "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. (e) "Proposed Insured": Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment. (f) "Proposed Policy Amount": Each dollar amount specified in Schedule A as the Proposed Policy Amount of each Policy to be issued pursuant to this Commitment. (g) "Public Records": Records established under state statutes at the Commitment Date for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge. (h) "Title": The estate or interest described in 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. 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. 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 shall not be 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 shall not be 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 will only have liability 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 shall not exceed the lesser of the Proposed Insured's actual expense incurred in good faith and described in Commitment Conditions 5(a)(i) through 5(a)(iii) or the Proposed Policy Amount. (e) The Company shall not be liable for the content of the Transaction Identification Data, if any. (f) In no event shall the Company be 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) In any event, the Company's liability is limited by the terms and provisions of the Policy. This page is only a part of a 2016 ALTAO 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,• Schedule B, Part II -Exceptions. Copyright 2006-2016 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 50003700 (8-23-18) IPage 2 of 13 I ALTA Commitment for Title Insurance (8-1-161 California 6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT (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 and must be restricted solely to the terms and provisions of this Commitment. (c) Until the Policy is issued, 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 endorsement 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 HAS BEEN 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 the purpose of providing closing or settlement services. 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. ARBITRATION Arbitration provision intentionally removed. This page is only apart of a 2016 ALTAO 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; Schedule B, Part II -Exceptions. Copyright 2006-2016 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 50003700 (8-23-18) Page 3 of 13 ALTA Commitment for Title Insurance (8-1-16 California ALTA Commitment for Title Insurance First American ISSUED BY Schedule A First American Title Insurance Company File No: NCS-1144568-SAl Transaction Identification Data for reference only: Issuing Agent: First American Title Insurance Company National Issuing Office: 18500 Von Karman Ave, Suite 600, Commercial Services Irvine, CA 92612 Commitment No.: NCS-1144568-SAl Issuing Office File No.: NCS-1144568-SAl Property Address: 151 and 201 East Coast Highway, Newport Escrow Officer/Assistant: / Beach, County of Orange, CA Reference No.: Balboa Marina Phone: / Revision No.: i. Updated Febraury 21, 2023; Amended April 17, Email: / 2023 Title Officer/Assistant: Devon Boyles/Andrew Nhim Phone:(949)885-2453/(949)885-2447 Email: dboyles@firstam.com/anhim@firstam.com SCHEDULE A Commitment Date: April 06, 2023 at 7:30 AM 2. Policy to be issued: (a) ❑ To Be Determined Proposed Insured: To Be Determined Proposed Policy Amount: $ To Be Determined (b) ❑ To Be Determined Proposed Insured: To Be Determined Proposed Policy Amount: $ To Be Determined (c) ❑ 2006 ALTA@ Policy Proposed Insured: Proposed Policy Amount: $ The estate or interest in the Land described or referred to in this Commitment is Fee Simple The Title is, at the Commitment Date, vested in: The Irvine Company LLC, a Delaware limited liability company The Land is described as follows: See Exhibit "A" attached hereto and made a part hereof This page is only a part of a 2016 ALTAO 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; Schedule B, Part II -Exceptions. Copyright 2006-2016 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 50003700 (8-23-18) IPage 4 of 13 I ALTA Commitment for Title Insurance (8-1-16 California A- ALTA Commitment for Title Insurance First erica ISSUED BY Schedule BI & BII First American Title Insurance Company File No: NCS-1144568-SA1 Commitment No.: NCS-1144568-SA1 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'W', must be met: [X] 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. The Company's Owner's Affidavit form (as provided by the company) 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. [] I. 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. This page is only a part of a 2016 ALTAO 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,• Schedule B, Part II -Exceptions. Copyright 2006-2016 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 50003700 (8-23-18) Page 5 of 13 ALTA Commitment for Title Insurance (8-1-16 California [] J. The following LLC documentation is required from: (i) a copy of the Articles of Organization (ii) a copy of the Operating Agreement, if applicable (iii) a Certificate of Good Standing and/or other evidence of current Authority to Conduct Business within the State (iv) express Company Consent to the current transaction [] K. The following partnership documentation is required : (i) a copy of the partnership agreement, including all applicable amendments thereto (ii) a Certificate of Good Standing and/or other evidence of current Authority to Conduct Business within the State (iii) express Partnership Consent to the current transaction [X] L. The following corporation documentation is required: (i) a copy of the Articles of Incorporation (ii) a copy of the Bylaws, including all applicable Amendments thereto (iii) a Certificate of Good Standing and/or other evidence of current Authority to Conduct Business within the State (iv) express Corporate Resolution consenting to the current transaction [X] M. 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. [] N. 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. [X] O. 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. [] P. 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: [] Q. The Company's "Indemnity Agreement I" must be executed by the appropriate parties. This page is only apart of a 2016 ALTAO 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; Schedule B, Part II -Exceptions. Copyright 2006-2016 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 50003700 (8-23 18) Page 6 of 13 ALTA Commitment for Title Insurance (8-1-16 California [] R. Financial statements from the appropriate parties must be submitted to the Company for review. [] S. A copy of the construction contract must be submitted to the Company for review. [] T. An inspection of the Land must be performed by the Company for verification of the phase of construction. [] U. 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. This page is only apart of a 2016 ALTAO 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; Schedule B, Part II -Exceptions. Copyright 2006-2016 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 50003700 (8-23-18) Page 7 of 13 ALTA Commitment for Title Insurance (8 1-16 California First American ALTA Commitment for Title Insurance rl� ISSUED BY Schedule BI & BII (Cont.) First American Title Insurance Company File No: NCS-1144568-SA1 Commitment No.: NCS-1144568-SA1 SCHEDULE B, PART II Exceptions THIS COMMITMENT DOES NOT REPUBLISH ANY COVENANT, CONDITION, RESTRICTION, OR LIMITATION CONTAINED IN ANY DOCUMENT REFERRED TO IN THIS COMMITMENT TO THE EXTENT THAT THE SPECIFIC COVENANT, CONDITION, RESTRICTION, OR LIMITATION VIOLATES STATE OR FEDERAL LAW BASED ON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY, HANDICAP, FAMILIAL STATUS, OR NATIONAL ORIGIN. The Policy will not insure against loss or damage resulting from the terms and provisions of any lease or easement identified in Schedule A, and will include the following Exceptions unless cleared to the satisfaction of the Company: 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. (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. "Upon transfer of title to the City of Newport Beach, no further general special taxes and assessments will be levied against the City" 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. 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. (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 2022-2023, a lien not yet due or payable. This page is only a part of a 2016 ALTAO 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; Schedule B, Part II -Exceptions. Copyright 2006-2016 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 50003700 (8-23 18) Page 8 of 13 ALTA Commitment for Title Insurance (8-1-16 California "Upon transfer of title to the City of Newport Beach, no further general special taxes and assessments will be levied against the City" General and special taxes and assessments for the fiscal year 2022-2023. First Installment: $15,317.46, PAID Penalty: $0.00 Second Installment: $15,317.46, DELINQUENT Penalty: $1,554.17 Tax Rate Area: 07-001 A. P. No.: 050-451-01 (Affects Portion of Said Land) This item has been intentionally deleted. 10. This item has been intentionally deleted. 11. The lien of supplemental taxes, if any, assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code. "Upon transfer of title to the City of Newport Beach, no further general special taxes and assessments will be levied against the City" 12. Any adverse claims that the line of ordinary high tide described in Orange County Superior Court Decree No. 20436, Orange County vs. The Irvine Co., May 06, 1926, is not the established boundary between the uplands in the Rancho San Joaquin and the tide and submerged lands in Newport Bay by instrument recorded May 06, 1926 in Book 65:1, Pacle 72 of Deeds. 13. This item has been intentionally deleted. 14. This item has been intentionally deleted. 15. This item has been intentionally deleted. 16. This item has been intentionally deleted. 17. This item has been intentionally deleted. 18. This item has been intentionally deleted. 19. This item has been intentionally deleted. 20. A perpetual avigation easement in and through the air above the herein described and other land, as conveyed to the County of Orange by the Irvine Company, by deed recorded March 17, 1964 in Book 6965, Page 721 of Official Records, and the terms and conditions as set forth in said deed to which record reference is hereby made for all particulars. 21. This item has been intentionally deleted. 22. This item has been intentionally deleted. This page is only a part of a 2016 ALTA0 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; Schedule B, Part II -Exceptions. Copyright 2006-2016 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 50003700 (8-23-18) Page 9 of 13 ALTA Commitment for Title Insurance (8-1-16 California 23. This item has been intentionally deleted. 24. This item has been intentionally deleted. 25. This item has been intentionally deleted. 26. This item has been intentionally deleted. 27. This item has been intentionally deleted. 28. This item has been intentionally deleted. 29. This item has been intentionally deleted. 30. This item has been intentionally deleted. 31. This item has been intentionally deleted. 32. An easement and right at any time, or from time to time, to maintain, operate, replace, remove, renew and enlarge the existing public utility facilities, namely 4 inch power conduits namely a 12 3/4 inch high pressure main with a 2 inch main, namely conduits in the land and facilities incidental thereto including access to protect the property from all hazards in, upon and over the land as reserved to the Southern California Edison Company in the resolution vacating state highway; Any and all rights of ingress to and egress from the land in and to the adjoining highway, except at such points as now are or may be established by resolution of the California Transportation Commission as reserved to the State of California in the resolution vacating state highway; Any private easements or lesser rights in, to, or over Pacific Coast Highway that were not affected by the proceedings vacating said highway recorded December 01, 1983 as Instrument No. 83-549259, Official Records. 33. This item has been intentionally deleted. 34. This item has been intentionally deleted. 35. This item has been intentionally deleted. 36. This item has been intentionally deleted. 37. This item has been intentionally deleted. 38. This item has been intentionally deleted. 39. This item has been intentionally deleted. 40. This item has been intentionally deleted. 41. This item has been intentionally deleted. 42. This item has been intentionally deleted. 43. This item has been intentionally deleted. This page is only apart of a 2016 ALTAO 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,• Schedule B, Part II -Exceptions. Copyright 2006-2016 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 50003700 (8-23 18) Page 10 of 13 ALTA Commitment for Title Insurance (8-1-16 California 44. This item has been intentionally deleted. 45. This item has been intentionally deleted. 46. This item has been intentionally deleted. 47. This item has been intentionally deleted. 48. The note on Parcel Map No. 93-206 which recites as follows: "Pursuant to Section 66426(C) of the Subdivision Map Act this map is excluded from being defined as a final map in that the land is zoned commercial or industrial." 49. This item has been intentionally deleted. 50. An easement for navigational access purposes over Parcel 1 hereby reserved for the benefit of Parcel 3, as set forth on Parcel Map No. 93-206. 51. This item has been intentionally deleted. 52. This item has been intentionally deleted. 53. This item has been intentionally deleted. 54. This item has been intentionally deleted. 55. This item has been intentionally deleted. 56. This item has been intentionally deleted. 57. Any facts, rights, interests or claims which would be disclosed by a correct ALTA/NSPS survey. 58. Rights of parties in possession. This page is only apart of a 2016 ALTAO 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 1-Requirements; Schedule B, Part II -Exceptions. Copyright 2006-2016 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 50003700 (8 23 18) Page 11 of 13 ALTA Commitment for Title Insurance (8-1-16 7rCalifornia 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. According to the latest available equalized assessment roll in the office of the county tax assessor, there is located on the land a Commercial Structure known as 151 East Coast Highway, Newport Beach, County of Orange, California. 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 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. This page is only apart of a 2016 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; Schedule B, Part II -Exceptions. Copyright 2006-2016 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 50003700 (8-23-18) Page 12 of 13 ALTA Commitment for Title Insurance (8-1-16 California Ernst .American Exhibit A ISSUED BY First American Title Insurance Company File No: NCS-1144568-SAl File No.: NCS-1144568-SAl The Land referred to herein below is situated in the City of Newport Beach, County of Orange, State of California, and is described as follows: THAT PORTION OF PARCEL 1 OF PARCEL MAP NO. 93-206, IN THE CITY OF NEWPORT BEACH, COUNTY OF ORANGE, STATE OF CALIFORNIA, PER MAP FILED IN BOOK 289, PAGES 1 THROUGH 7, INCLUSIVE, OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHERLY TERMINUS OF THAT CERTAIN COURSE HAVING A BEARING AND DISTANCE OF "NORTH 010 45' 46" WEST, 100.00 FEET" IN A WESTERLY LINE OF SAID PARCEL 1; THENCE, ALONG A NORTHERLY LINE OF SAID PARCEL 1, SOUTH 88° 13' 14" WEST, 102.92 FEET TO THE POINT OF BEGINNING; THENCE, CONTINUING ALONG SAID NORTHERLY LINE OF PARCEL 1, SOUTH 88° 13' 14" WEST, 44.30 FEET TO THE MOST WESTERLY NORTHWESTERLY CORNER OF SAID PARCEL 1; THENCE, ALONG THE NORTHWESTERLY LINE OF SAID PARCEL 1, SOUTH 25° 50' 43" WEST, 69.00 FEET; THENCE, TRAVERSING THE INTERIOR OF SAID PARCEL 1, THE FOLLOWING COURSES: LEAVING SAID NORTHWESTERLY LINE OF PARCEL 1, SOUTH 64° 09' 17" EAST, 31.07 FEET; SOUTH 260 10' 09" EAST, 39.21 FEET; NORTH 630 49' 51" EAST, 20.00 FEET; NORTH 260 10' 09" WEST, 18.00 FEET; NORTH 010 46' 46" WEST, 74.60 FEET; NORTH 880 13' 14" EAST, 21.80 FEET TO A LINE PERPENDICULAR TO SAID NORTHERLY LINE OF PARCEL 1 AND RUNNING THROUGH SAID POINT OF BEGINNING; ALONG SAID PERPENDICULAR LINE, NORTH 01° 4646" WEST, 12.00 FEET TO THE POINT OF BEGINNING. For conveyancing purposes only: APN: PTN 050-451-01 This page is only a part of a 2016 ALTAO 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; Schedule B, Part II -Exceptions. Copyright 2006-2016 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 50003700 (8 23 18) Page 13 of 13 ALTA Commitment for Title Insurance (8-1-16 California