Loading...
HomeMy WebLinkAbout20111213_Title_ReportChicago Title Company Commercial/Industrial Division, 700 South Flower, Suite 800 Los Angeles, CA 90017 (213) 488-4300 Title Department: Chicago Title Company Attn: Karl Daly Email: Karl.Daly@CTT.com Phone: (213) 612-4157 Fax: (213) 488-4385 Order No.: 116747211-X59 Escrow Department: Chicago Title Company/San Francisco Attn: Nicole Carr Escrow No.: 160311487 PRELIMINARY REPORT Property Address: Coast Highway, Newport Beach, Ca. Dated as of: December 13, 2011 at 7:30 am In response to the application for a policy of title insurance referenced herein, Chicago Title 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 herein or not excluded from coverage pursuant to the printed Schedules, Conditions and Stipulations or Conditions of said Policy forms. The printed Exceptions and Exclusion from the coverage and Limitations on Covered Risks of said Policy or Policies are set forth in Attachment One. 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 Attachment One. Copies of the policy forms should be read. They are available from the office which issued this report. 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. The policy(s) of title insurance to be issued hereunder will be policy(s) of Chicago Title Insurance Company Please read the exceptions shown or referred to herein and the exceptions and exclusions set forth in Attachment One 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. CLTA Preliminary Report Form - Modified (11-17-06) Page 1 Order No.: 116747211-X59 SCHEDULE A 1. The estate or interest in the land hereinafter described or referred to covered by this report is: A Fee as to Parcel(s) A; An Easement more fully described below as to Parcel(s) B 2. Title to said estate or interest at the date hereof is vested in: Bayside Village Marina, LLC, a California limited liability company 3. The land referred to in this report is situated in the State of California, County of Orange and is described in the Legal Description, attached hereto: END OF SCHEDULE A CLTA Preliminary Report Form - Modified (11-17-06) Page 2 Order No.: 116747211-X59 LEGAL DESCRIPTION PARCEL A: PARCEL 3 OF PARCEL MAP NO. 93-111, IN THE CITY OF NEWPORT BEACH, COUNTY OF ORANGE STATE OF CALIFORNIA, AS SHOWN ON A MAP FILED IN BOOK 278, PAGES 40 TO 45 INCLUSIVE OF PARCEL MAPS, RECORDS OF ORANGE COUNTY, CALIFORNIA, AS CORRECTED BY THAT CERTAIN CERTIFICATE OF CORRECTION RECORDED JUNE 6, 1994 AS INSTRUMENT NO. 94-380365 OF OFFICIAL RECORDS OF ORANGE COUNTY, CALIFORNIA. PARCEL B: THE FOLLOWING EASEMENTS: 1. A NON-EXCLUSIVE, BLANKET EASEMENT (THE "ACCESS EASEMENT") APPURTENANT TO THE ROADWAY FOR THE PURPOSES OF VEHICULAR AND PEDESTRIAN INGRESS AND EGRESS OVER THE "ROADWAY" DESCRIBED THEREIN IN EXHIBIT B ALONG, OVER AND ACROSS THE CURRENTLY EXISTING ROADWAYS AND WALKWAYS ON THE SERVIENT PROPERTY DESCRIBED THEREIN, AS MORE PARTICULARLY DESCRIBED IN THE GRANT OF EASEMENT RECORDED AUGUST 23, 2004 AS INSTRUMENT NO. 2004000762949 OF OFFICIAL RECORDS; AND 2. A NON-EXCLUSIVE EASEMENT (THE "WALKWAY EASEMENT") APPURTENANT TO SAID LAND FOR VEHICULAR AND PEDESTRIAN INGRESS AND EGRESS ACROSS THAT PORTION OF THE SERVIENT PROPERTY DESCRIBED THEREIN, AS MORE PARTICULARLY DESCRIBED IN THE GRANT OF EASEMENT RECORDED AUGUST 23, 2004 AS INSTRUMENT NO. 2004000762949 OF OFFICIAL RECORDS. END OF LEGAL DESCRIPTION CLTA Preliminary Report Form - Modified (11-17-06) Page 3 Order No.: 116747211-X59 SCHEDULE B At the date hereof, items to be considered and exceptions to coverage in addition to the printed Exceptions and Exclusions in said policy form would be as follows: A. Property taxes, including any personal property taxes and any assessments collected with taxes, for the fiscal year 2011 - 2012 1st Installment: 2nd Installment: Penalty and Cost: Homeowners Exemption: Code Area: $51,684.47 (Paid) $51,684.47 $5,191.44 (Due after April 10) $None 07001 Assessors Parcel Number: 440-132-60 B. The lien of supplemental or escaped assessments of property taxes, if any, made pursuant to the provisions of Part 0.5, Chapter 3.5 or Part 2, Chapter 3, Articles 3 and 4 respectively (commencing with Section 75) of the Revenue and Taxation Code of the State of California as a result of the transfer of title to the vestee named in Schedule A; or as a result of changes in ownership or new construction occurring prior to date of policy. The Following Matters Affect Parcel A: 1. Any rights in favor of the public to use or pass through submerged portions of the property or that portion of the property shown within the cross -hatched area as described on the attached schedule one, in each case for recreational purposes, which may exist if said property or portions thereof are or were at any time used by the public for such purposes; provided, however, that such use or right to pass through such property or portion thereof does not extend to the improvements located on said property (including, without limitation, docks, piers, storage yards, fenced areas, and/or asphalt/concrete parking areas). 2. Easements for commerce, navigation and fishery only over any portion of the described property which is, or which may become, submerged by connecting tidal waters. 3. An easement for the purpose shown below and rights incidental thereto as set forth in a document. Purpose: Recorded: Affects: pipe line November 30, 1928 in Book 221 Page 76 of Official Records That portion of said land as described in the document attached hereto. Reference is hereby made to said document for full particulars. CLTA Preliminary Report Form - Modified (11-17-06) Page 4 Order No.: 116747211-X59 SCHEDULE B (continued) 4. An easement for the purpose shown below and rights incidental thereto as set forth in a document. Purpose: Recorded: Affects: Reference is hereby made to 5. An easement for the purpose Purpose: Recorded: Affects: Reference is hereby made to 6. An easement for the purpose Purpose: Recorded: Affects: Reference is hereby made to 7. An easement for the purpose Purpose: Recorded: Affects: Reference is hereby made to 8. An easement for the purpose Purpose: Recorded: Affects: perpetual avigation easement in and through the air above March 17, 1964 in Book 6965 Page 721 of Official Records That portion of said land as described in the document attached hereto. said document for full particulars. shown below and rights incidental thereto as set forth in a document. sewer March 16, 1966 in Book 7870 Page 919 of Official Records amended September 15, 1983 as Instrument No. 83-406733 That portion of said land as described in the document attached hereto. said document for full particulars. shown below and rights incidental thereto as set forth in a document. public utilities, together with access thereto December 1, 1983 as Instrument No. 83-549259 of Official Records That portion of said land as described in the document attached hereto. said document for full particulars. shown below and rights incidental thereto as set forth in a document. ingress and egress December 1, 1983 as Instrument No. 83-549259 of Official Records That portion of said land as described in the document attached hereto. said document for full particulars. shown below and rights incidental thereto as set forth in a document. highway and drainage March 22, 1984 as Instrument No. 84-118950 of Official Records That portion of said land as described in the document attached hereto. Reference is hereby made to said document for full particulars. CLTA Preliminary Report Form - Modified (11-17-06) Page 5 Order No.: 116747211-X59 SCHEDULE B (continued) 9. The fact that the ownership of said land does not include rights of access to or from the street, highway, or freeway abutting said land, such rights having been relinquished by the map of said Tract Affects: That portion of said land as shown on said map. Said land, however, abuts upon a public thoroughfare other than the road referred to above, over which rights of vehicular ingress and egress have not been relinquished. 10. Easement(s) for the purpose(s) shown below and rights incidental thereto as delineated or as offered for dedication, on the recorded map shown below: Map of: Parcel Map No. 93-111 Purpose: Waterline and storm drain Affects: That portion of said land as shown on said map. 11. The irrevocable offer to dedicate to the City of Newport Beach an easement for street purposes as shown on the map of said tract, over a portion of said land. Said offer was not accepted at this time. 12. Any facts, rights, interests or claims which may exist or arise by reason of the following matters disclosed by an inspection or survey: a) The fact that a wood fence extends onto bayside drive. b) The fact that an observation well is situated on said land. c) The fact that a dock extends onto adjoining land, along the westerly boundary 13. A non-exclusive easement over that portion of Parcel 3 of Parcel Map No. 93-111 designated by Note K, in the City of Newport Beach, County of Orange, State of California, as shown on a map filed in Book 278, pages 40 to 45 inclusive of Parcel Maps, records of Orange County, California, as corrected by that certain Certificate of Correction recorded June 6, 1994 as Instrument No. 94- 380365 of Official Records of Orange County, California, as reserved in the deed recorded August 23, 2004 as Instrument no. 2004000762948 of Official Records and re -recorded October 22, 2004 as Instrument No. 2004000955355 of Official Records. Reference is hereby made to said document for full particulars. CLTA Preliminary Report Form - Modified (11-17-06) Page 6 Order No.: 116747211-X59 SCHEDULE B (continued) 14. A non-exclusive easement for recreational use of that portion of Parcel 3 of Parcel Map No. 93-111 designated by Note L in the City of Newport Beach, County of Orange, State of California, as shown on a map filed in Book 278, Pages 40 to 45 inclusive of Parcel Maps, records of Orange County, California, as corrected by that certain Certificate of Correction recorded June 6, 1994 as Instrument no. 94-380365 of Official Records of Orange County, California, as reserved in the deed recorded August 23, 2004 as Instrument No. 2004000762948 of Official Records re -recorded October 22, 2004 as Instrument No. 2004000955355 of Official Records. Reference is hereby made to said document for full particulars. 15. An unrecorded lease with certain terms, covenants, conditions and provisions as set forth therein as disclosed by a document. Lessor: Bayside Village Marina, LLC, a California limited liability company Lessee: Bayside MHP LLC, a California limited liability company Disclosed By Memorandum of Lease Recorded: August 23, 2004 as Instrument No. 2004-762950, of Official Records The present ownership of the leasehold created by said lease and other matters affecting the interest of the lessee are not shown herein. 16. An easement for the purpose shown below and rights incidental thereto as set forth in a document. Purpose: ingress and egress Recorded: August 23, 2004 as Instrument No. 2004-762950, of Official Records Affects: That portion of said land as described in the document attached hereto. Reference is hereby made to said document for full particulars. The Following Matters Affect Parcel B: 17. An easement for the purpose shown below and rights incidental thereto as set forth in a document. Purpose: perpetual avigation easement in and through the air above Recorded: March 17, 1964 in Book 6965 Page 721 of Official Records Affects: That portion of said land as described in the document attached hereto. Reference is hereby made to said document for full particulars. CLTA Preliminary Report Form - Modified (11-17-06) Page 7 Order No.: 116747211-X59 SCHEDULE B (continued) 18. Easement(s) for the purpose(s) shown below and rights incidental thereto as delineated or as offered for dedication, on the recorded map shown below: Map of: Parcel Map No. 93-111 Purpose: Storm drain Affects: That portion of said land as shown on said map. 19. A document subject to all the terms, provisions and conditions therein contained. Entitled: Declaration of Special Land Use Restriction Recorded: December 28, 1993 as Instrument No. 93-905028, of Official Records Reference is hereby made to said document for full particulars. An Amendment to Declaration of Special Land Use Restriction, subject to all the terms, provisions and conditions therein contained, recorded March 10, 1994 as Instrument No. 94-172235 of Official Records A Second Amendment to Declaration of Special Land Use Restriction, subject to all the terms, provisions and conditions therein contained, recorded August 12, 1997 as Instrument No. 97- 385834 of Official Records 20. Any facts, rights, interests or claims which may exist or arise by reason of the following matters disclosed by an inspection or survey: A. A trash enclosure on parcel 2 of parcel map no. 93-111 of subject property extends southeasterly onto parcel 3 of said parcel map B. A wood wall on parcel 2 of parcel map no. 93-111 of subject property extends southeasterly onto the southeasterly parcel 3 of said parcel map. The Following Matters Affect All Parcels: 21. Any easements not disclosed by those public records which impart constructive notice as to matters affecting title to real property and which are not visible and apparent from an inspection of the surface of said land. 22. Water rights, claims or title to water, whether or not disclosed by the public records. CLTA Preliminary Report Form - Modified (11-17-06) Page 8 Order No.: 116747211-X59 SCHEDULE B (continued) 23. Matters which may be disclosed by an inspection and/or by a correct ALTA/ACSM Land Title Survey of said land that is satisfactory to this Company, and/or by inquiry of the parties in possession thereof. This office must be notified at least 7 business days prior to the scheduled closing in order to arrange for an inspection of the land; upon completion of this inspection you will be notified of the removal of specific coverage exceptions and/or additional exceptions to coverage. 24. Any rights of parties in possession of said land, based on any unrecorded lease, or leases. This Company will require a full copy of any unrecorded lease, together with all supplements, assignments, and amendments for review. END OF SCHEDULE B CLTA Preliminary Report Form - Modified (11-17-06) Page 9 Order No.: 116747211-X59 INFORMATIONAL NOTES Note No. 1: Section 12413.1, California Insurance Code became effective January 1, 1990. This legislation regulates the disbursement of funds deposited with any title entity acting in an escrow or sub -escrow capacity. The law requires that all funds be deposited and collected by the title entity's escrow and/or sub -escrow account prior to disbursement of any funds. Some methods of funding may be subject to a holding period, which must expire before any funds may be disbursed. In order to avoid any such delays, all funding should be done via wire transfer. Funds deposited with the Company via wire transfer may be disbursed upon receipt. Funds deposited by cashiers checks, certified checks, and teller's checks is one business day after the day deposited. Other checks may require hold periods from two to five business days after the day deposited, and may delay your closing. The Company may receive benefits from such banks based upon the balances in such accounts. Such benefits will be retained by the Company as part of its compensation for handling such funds. Note No. 2: The charge where an order is cancelled after the issuance of the report of title, will be that amount which in the opinion of the Company is proper compensation for the services rendered or the purpose for which the report is used, but in no event shall said charge be less that the minimum amount required under Section 12404.1 of the Insurance Code of the State of California. If the report cannot be cancelled "no fee" pursuant to the provisions of said Insurance Code, then the minimum cancellation fee shall be that permitted by law. Note No. 3: California Revenue and Taxation Code Section 18668, effective January 1, 1991, requires that the buyer in all sales of California Real Estate, withhold 3-1/3% of the total sales price as California State Income Tax, subject to the various provisions of the law as therein contained, and as amended. Note No. 4: Wire Transfers In the event your transaction is being escrowed by a Chicago Title office, contact should be made with the office to obtain correct wiring instructions. Failure to do so could result in a delay in the receipt of funds and subsequent closing of your transaction. Chicago Title will disburse by wire -out only collected funds or funds received by confirmed wire -in. The Company's wire -in instructions are: Bank: Bank of America 1850 Gateway Blvd. Concord, CA 94520 Bank ABA No.: 0260-0959-3 Account Name: Chicago Title Company, Broadway Plaza Office Account No.: 12351-50737 For Credit To: Chicago Title Company 700 South Flower, Suite 800 Los Angeles, CA 90017 Order No.: 116747211-X59 CLTA Preliminary Report Form - Modified (11-17-06) Page 10 Order No.: 116747211-X59 INFORMATIONAL NOTES (continued) LENDER NOTE: On the DATE you fund the Loan and WIRE Funds to Chicago Title and reference the above Order Number, you must send written NOTICE to the Title Officer's Unit by messenger or E-Mail that you sent the Funds. Chicago Title will send an E-Mail acknowledging receipt of the funds as soon as practicable. Chicago Title will NOT be responsible for any delay in Closing and Recording the transaction, nor will Chicago Title be liable for any claim of lost Interest unless such written Notice is sent the day of Funding and Chicago Title has acknowledged receipt of funds. Note No. 5: Your application for title insurance was placed by reference to a street address or assessor's parcel number. Based upon our records, we believe that the description in this report covers the parcel that you requested. To prevent errors, we require written confirmation that the legal description contained herein covers the parcel that you requested. Note No. 6: The plat, (map), which is attached to this report, is to assist you in locating land with reference to streets and other parcels. While this plat is believed to be correct, the Company assumes no liability for any loss occurring by reason of reliance thereon. Note No. 7: The policy of title insurance will include an arbitration provision. The Company or the insured may demand arbitration. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the insured arising out of or relating to this policy, any service of the Company in connection with its issuance or the breach of a policy provision or other obligation. Please ask your escrow or title officer for a sample copy of the policy to be issued if you wish to review the arbitration provisions and any other provisions pertaining to your Title Insurance coverage. Note No. 8: The policy to be issued may contain an arbitration clause. When the Amount of Insurance is less than the amount, if any, 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. Note No. 9: This Company will require the following documents for review prior to the issuance of any title assurance predicated upon a conveyance or encumbrance by Bayside Village Marina, LLC, a California limited liability company A. A copy of the corporation By -Laws and Articles of Incorporation. B. An original or certified copy of a resolution authorizing the contemplated transaction. C. If the Articles and/or By -Laws require approval by a parent organization, a copy of the Articles and By -Laws of the parent. CLTA Preliminary Report Form - Modified (11-17-06) Page 11 Order No.: 116747211-X59 INFORMATIONAL NOTES (continued) ATTACHMENT ONE PRIVACY STATEMENT IMPORTANT INFORMATION: For those of you receiving this report by electronic delivery the Privacy Statement and Attachment One are linked to this report. Please review this information by selecting the link. For those of you who are receiving a hard copy of this report, a copy of this information has been submitted for your review. CLTA Preliminary Report Form - Modified (11-17-06) Page 12 Order No.: 116747211-X59 INFORMATIONAL NOTES (continued) NOTICE You may be entitled to receive a $20.00 discount on escrow services if you purchased, sold or refinanced residential property in California between May 19, 1995 and November 1, 2002. If you had more than one qualifying transaction, you may be entitled to multiple discounts. If your previous transaction involved the same property that is the subject of your current transaction, you do not have to do anything; the Company will provide the discount, provided you are paying for escrow or title services in this transaction. If your previous transaction involved property different from the property that is subject of your current transaction, you must - prior to the close of the current transaction - inform the Company of the earlier transaction, provide the address of the property involved in the previous transaction, and the date or approximate date that the escrow closed to be eligible for the discount. Unless you inform the Company of the prior transaction on property that is not the subject of this transaction, the Company has no obligation to conduct an investigation to determine if you qualify for a discount. If you provide the Company information concerning a prior transaction, the Company is required to determine if you qualify for a discount which is subject to other terms and conditions. CLTA Preliminary Report Form - Modified (11-17-06) Page 13