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HomeMy WebLinkAbout20170731_Title ReportCLTA Preliminary Report Form (Rev. 11/06) Order Number: NHSC-5504705 (rh) Page Number: 1 Amended 07-21- 2017 First American Dtle First American Title Company Kim Walker Reklaw, LLC 418.5 Orchid Avenue Corona Del Mar, CA 92625 Customer Reference: Order Number: Title Officer: Phone: Fax No.: E-Mail: Buyer: Property: 4380 La Jolla Village Drive, Ste 200 San Diego, CA 92122 620 Poinsettia Avenue NHSC-5504705 (rh) Ranny Harper (858)410-1308 (714 )913-6838 rharper@firstam.com 620 Poinsettia Avenue Newport Beach, CA PRELIMINARY REPORT In response to the above referenced application for a policy of title insurance, this company hereby reports that it Is prepared to issue, or cause to be Issued, as of the date hereof, a Policy or Policies of Title Insurance describing the land and the estate or interest therein hereinafter set forth, insuring against loss which may be sustained by reason of any defect, lien or encumbrance not shown or referred to as an Exception below or not excluded from coverage pursuant to the printed Schedules, Conditions and Stipulations of said Policy forms. The printed Exceptions and Exclusions from the coverage and limitations on Covered Risks of said policy or policies are set forth in Exhibit A attached. The policy to be issued may contain an arbitration clause. When the Amount of Insurance is less than that set forth in the arbitration clause, all arbitrable matters shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. limitations on Covered Risks applicable to the Cl TA and ALTA Homeowner's Policies of Title Insurance which establish a Deductible Amount and a Maximum Dollar Limit of Liability for certain coverages are also set forth in Exhibit A. Copies of the policy forms should be read. They are available from the office which issued this report. Please read the exceptions shown or referred to below and the exceptions and exclusions set forth in Exhibit A of this report carefully. The exceptions and exclusions are meant to provide you with notice of matters which are not covered under the terms of the title insurance policy and should be carefully considered. It is important to note that this preliminary report is not a written representation as to the condition of title and may not list all liens, defects, and encumbrances affecting title to the land. This report (and any supplements or amendments hereto) Is issued solely for the purpose of facilitating the issuance of a policy of title Insurance and no liability is assumed hereby. If it Is desired that liability be assumed prior to the Issuance of a policy of title insurance, a Binder or Commitment should be requested. • First American Title PA2017-157 First American Title Order Number: NHSC-5504705 (rh) Page Number: 2 PA2017-157 Dated as of July 13, 2017 at 7:30 A.M. Order Number: NHSC-5504705 (rh) Page Number: 3 The form of Policy of title insurance contemplated by this report is: Subdivision Report A specific request should be made if another form or additional coverage is desired. Title to said estate or interest at the date hereof is vested in: REKLAW, LLC, A CALIFORNIA LIMITED LIABILI1Y COMPANY The estate or interest in the land hereinafter described or referred to covered by this Report is: A fee. The Land referred to herein is described as follows: (See attached Legal Description) At the date hereof exceptions to coverage in addition to the printed Exceptions and Exclusions in said policy form would be as follows: 1. General and special taxes and assessments for the fiscal year 2017-2018, a lien not yet due or payable. 2. The lien of supplemental taxes, if any, assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code. 3. A deed of trust to secure an original indebtedness of $3,400,000.00 recorded March 01, 2017 as Instrument No. 2017000087009 of Official Records. Dated: Trustor: Trustee: Beneficiary: March 01, 2017 Reklaw, LLC, a California limited liability company Blue Water Escrow Van Tuyl Companies, Inc., an Arizona corporation The above deed of trust states that it is a construction deed of trust. The above deed of trust states that it secures an equity line/revolving line of credit. Prior to the issuance of any policy of title insurance, the Company will require: First American Title PA2017-157 Cl TA Preliminary Report Form (Rev. 11/06) Order Number: NHSC-5504705 (rh) Page Number: 1 Amended 07-21- 2017 First American Title First American Title Company Kim Walker Reklaw, LLC 418.5 Orchid Avenue Corona Del Mar, CA 92625 Customer Reference: Order Number: Title Officer: Phone: Fax No.: E-Mail: Buyer: Property: 4380 La Jolla Village Drive, Ste 200 San Diego, CA 92122 620 Poinsettia Avenue NHSC-5504705 (rh) Ranny Harper (858)410-1308 (714)913-6838 rharper@firstam.com 620 Poinsettia Avenue Newport Beach, CA PRELIMINARY REPORT In response to the above referenced application for a policy of title insurance, this company hereby reports that it is prepared to issue, or cause to be issued, as of the date hereof, a Polley or Policies of Title Insurance describing the land and the estate or interest therein hereinafter set forth, insuring against loss which may be sustained by reason of any defect, lien or encumbrance not shown or referred to as an Exception below or not excluded from coverage pursuant to the printed Schedules, Conditions and Stipulations of said Policy forms. The printed Exceptions and Exclusions from the coverage and Limitations on Covered Risks of said policy or policies are set forth in Exhibit A attached. The policy to be issued may contain an arbitration clause. When the Amount of Insurance is less than that set forth in the arbitration clause, all arbitrable matters shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. Limitations on Covered Risks applicable to the CLTA and ALTA Homeowner's Policies of Title Insurance which establish a Deductible Amount and a Maximum Dollar Limit of Liability for certain coverages are also set forth in Exhibit A. Copies of the policy forms should be read. They are available from the office which issued this report. Please read the exceptions shown or referred to below and the exceptions and exclusions set forth in Exhibit A of this report carefully. The exceptions and exclusions are meant to provide you with notice of matters which are not covered under the terms of the title insurance policy and should be carefully considered. It is important to note that this preliminary report is not a written representation as to the condition of title and may not list all liens, defects, and encumbrances affecting title to the land. This report (and any supplements or amendments hereto) is issued solely for the purpose of facilitating the issuance of a policy of title insurance and no liability is assumed hereby. If It Is desired that liability be assumed prior to the Issuance of a policy of title Insurance, a Binder or Commitment should be requested. · First American Title PA2017-157 First American Title Order Number: NHSC-5504705 (rh) Page Number: 2 PA2017-157 Dated as of July 13, 2017 at 7:30 A.M. Order Number: NHSC-5504705 (rh) Page Number: 3 The form of Policy of title insurance contemplated by this report is: Subdivision Report A specific request should be made if another form or additional coverage is desired. Title to said estate or interest at the date hereof is vested in: REKLAW, LLC, A CAUFORNIA UMITED UABILITY COMPANY The estate or interest in the land hereinafter described or referred to covered by this Report is: A fee. The Land referred to herein is described as follows: (See attached Legal Description) At the date hereof exceptions to coverage in addition to the printed Exceptions and Exclusions in said policy form would be as follows: 1. General and special taxes and assessments for the fiscal year 2017-2018, a lien not yet due or payable. 2. The lien of supplemental taxes, if any, assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code. 3. A deed of trust to secure an original indebtedness of $3,400,000.00 recorded March 01, 2017 as Instrument No. 2017000087009 of Official Records. Dated: Truster: Trustee: Beneficiary: March 01, 2017 Reklaw, LLC, a California limited liability company Blue Water Escrow Van Tuyl Companies, Inc., an Arizona corporation The above deed of trust states that it is a construction deed of trust. The above deed of trust states that it secures an equity line/revolving line of credit. Prior to the issuance of any policy of title insurance, the Company will require: First American Title PA2017-157 Order Number: NHSC-5504705 (rh) Page Number: 4 4. With respect to Reklaw, LLC, a California limited liability company: a. A copy of its operating agreement and any amendments thereto; b. If it is a california limited liability company, that a certified copy of its articles of organization (LLC- 1) and any certificate of correction (LLC-11), certificate of amendment (LLC-2), or restatement of articles of organization (LLC-10) be recorded in the public records; c. If it is a foreign limited liability company, that a certified copy of its application for registration (LLC-5) be recorded in the public records; d. With respect to any deed, deed of trust, lease, subordination agreement or other document or instrument executed by such limited liability company and presented for recordation by the Company or upon which the Company is asked to rely, that such document or instrument be executed in accordance with one of the following, as appropriate: (I) If the limited liability company properly operates through officers appointed or elected pursuant to the terms of a written operating agreement, such document must be executed by at least two duly elected or appointed officers, as follows: the chairman of the board, the president or any vice president, and any secretary, assistant secretary, the chief financial officer or any assistant treasurer; (ii) If the limited liability company properly operates through a manager or managers identified in the articles of organization and/or duly elected pursuant to the terms of a written operating agreement, such document must be executed by at least two such managers or by one manager if the limited liability company properly operates with the existence of only one manager. e. Other requirements which the Company may impose following its review of the material required herein and other information which the Company may require. First American Title PA2017-157 Order Number: NHSC-5504705 (rh) Page Number: 5 INFORMATIONAL NOTES Note: The policy to be issued may contain an arbitration clause. When the Amount of Insurance Is less than the certain dollar amount set forth in any applicable arbitration clause, all arbitrable matters shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. If you desire to review the terms of the policy, Including any arbitration clause that may be included, contact the office that issued this Commitment or Report to obtain a sample of the policy jacket for the policy that is to be issued in connection with your transaction. 1. General and special taxes and assessments for the fiscal year 2016-2017. First Installment: Penalty: Second Installment: Penalty: Tax Rate Area: A. P. No.: $5,445.39, PAID $0.00 $5,445.39, PAID $0.00 07-001 459-231-11 2. It appears that a work of Improvement is in progress or recently completed on the land. The Company will require various documents and information, including but not limited to a completed mechanics' lien risk analysis, construction contract(s), lien waivers, loan agreement, disbursement information, executed indemnity agreement and current financial information from proposed indemnitors, in order to determine whether mechanics' lien insurance can be issued. Other requirements may be made following the review of such documents and information. The map attached, if any, may or may not be a survey of the land depicted hereon. First American 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 the title insurance policy, if any, to which this map is attached. First American Title PA2017-157 Order Number: NHSC-5504705 (rh) Page Number: 6 LEGAL DESCRIPTION Real property in the City of Newport Beach, County of Orange, State of California, described as follows: LOT 22, BLOCK 643 OF CORONA DEL MAR TRACT, IN THE CITY OF NEWPORT BEACH, COUNlY OF ORANGE, STATE OF CALIFORNIA, AS PER MAP ALEO IN BOOK 3, PAGES 41 AND 42 OF MISCELLANEOUS MAPS, IN THE OFACE OF THE COUNlY RECORDER OF SAID COUNlY. APN: 459-231-11 First American Title PA2017-157 _J ~ ~ .. ~ _J ; .... N ; :i,. N I " ':l ' ~ r\· ~ ?i! I ~ 1ij- i!; MARCH 198J P0/NS£TTA .. COR'1'A r,0!©10 ,o'f:,e••• i'"' . 1P.M, P,M.1 i:J!g;_ m~fl.5/JSi 13J,2J4 9J8-0I-Jl8,6f91 ~ PAR,'. PAF/. I I PAf/,2 0, ®:,@1'·'"· -. I AC, ~I ,~ I ,,,. - 1262 j !J51 -43 I -49 8 "·"' /'":""',, BLK, ALLEr(231J (PAI/St; • ©1©1@1@,, 16 I fBI 20122 643 !p.Af. 3 1 P,U, u fJ is ' l',/,f, ffl(lJfCT 383-11 , 9J8-(JI--01-822-&J 826--821 j@; @, @ ,@ '.®' @ ,@ © ,@ @: (if PA/1, 1 PM/./ PA/I. I PAR, 1 Ci.DBI 0,()81 ().1)8/ 0,080 & & & & 383 383 357 351 -24 -4 -49 -1~ POPPY /I/~ "'"'lf /1,M, J-42 --143RD. PL.! 07 • !j ~ .. i ; i!; ~ ... " 12 CORONA OEL MAR PARCEL MAP PARCEL MAP PARCEL MAP P,M, 262-43, J51-18, J51-49, 357-49 P,M, 368-17, 376-19, 317-1, J79-43 P,M, 380-27, JSJ-24, JBJ-49 .. 0 ' ' ' ' ,@ " .. •. . • I I I I I I I _, I I I I © G) I I ©' I' ,:© © I I I I I ,r I ,.. !15' ,,•j ,,. ' " S!J ;..;...: " " BLK, ?32 ALLEY 3 P.M, 79 i1 P.il ,,. 1"' ""'' Pfl(JJ£Cl "'~' I 9JfHJI-""·"' 183,784 ® @ @ @: }PAR,1~ PAR.I ' ® 0,081 "· ().122 AC, 368 -17 380-27 .. . ... ,., NOTE -ASSESSOR'S BLOCK d PARCEL NUMBERS SHOWN IN CIRCLES /' AVENUE . .. ''·" ~ P,M, P,M, ' 1~_ _,,_ ~ ~8:% D!/,.3,j "'·" PAR, t PAR,f @ @ ;@; ;@ '·"" o.oet "· "· 0,081 0.080 "· "· 379 376 " ' -1i -19 ..•. 7fJ ' " 11119 .. .,,. '~ 1,,. P,M, I PRWECT I 938-01-688,5,/9 @, I ! P/J1.f ~ @, '@ I I Q.121 AC. I DEL MARI 371-~, . . ,.., ,,r• ii' AVENUE ; ASSESSOR'S MAP BOOK 459 PAGE 23 COUNTY OF ORANGE !j \ii .. i!; >: ... " I _J 459-23 "' "' ' m ~ ~ D -0 0 QJ a IO Cl> Cl> ~ zz C: C: 3 3 gg :'! :'! -.JZ I ~ u, ~ u, ~ 3-~ PA2017-157