HomeMy WebLinkAbout20120104_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.: 1A6746200-x59
Escrow Department:
Chicago Title Company
Attn: Sue Trowbridge
Email: TrowbridgeS@ctt.com
Phone: (415) 291-5103
Fax: (415) 434-2176
PRELIMINARY REPORT
Property Address: 300 East Coast Highway, Newport Beach
Dated as of: January 4, 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.: 1A6746200-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 A;
A leasehold as created by that certain lease dated August 19, 2004, executed by Bayside Village
Marina LLC, a California limited liability company, as lessor, and Bayside MHP LLC, a California
limited liability company, as lessee, as referenced in the document entitled "Memorandum of
Lease", which was recorded on August 23, 2004 as Instrument No. 2004000762950, Official
Records, for the term and upon and subject to all the provisions contained in said document, and in
said lease, as to Parcel B; and
An easement as to Parcels Al, A2 and B1
2. Title to said estate or interest at the date hereof is vested in:
Bayside MHP 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.: 1A6746200-x59
LEGAL DESCRIPTION
PARCEL A:
PARCEL 2 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 Al:
A NON-EXCLUSIVE EASEMENT APPURTENANT TO PARCEL 2 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 SET OUT IN THE DEED RECORDED
AUGUST 23, 2004 AS INSTRUMENT NO. 2004000762947 OF OFFICIAL RECORDS.
PARCEL A2:
A NON-EXCLUSIVE EASEMENT APPURTENANT TO PARCEL 2 FOR INGRESS AND EGRESS
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 SET OUT IN THE DEED
RECORDED AUGUST 23, 2004 AS INSTRUMENT NO. 2004000762947 OF OFFICIAL RECORDS.
PARCEL B:
THAT PORTION OF 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, INCLUDED WITHIN A STRIP OF LAND, 24.50 FEET WIDE,
THE SOUTHEASTERLY LINE OF SAID STRIP BEING DESCRIBED AS FOLLOWS:
BEGINNING AT A POINT ON THE SOUTHEASTERLY LINE OF SAID PARCEL 3, DISTANT
THEREON NORTH 22° 09' 15" EAST, 48.26 FEET FROM THE INTERSECTION OF SAID
SOUTHEASTERLY LINE AND THE CENTERLINE OF BAYSIDE DRIVE, 80.00 FEET WIDE, AS
SHOWN ON SAID MAP; THENCE, ALONG SAID SOUTHEASTERLY LINE, NORTH 22° 09' 15"
EAST, 452.49 FEET.
CLTA Preliminary Report Form - Modified (11-17-06)
Page 3
Order No.: 1A6746200-x59
LEGAL DESCRIPTION
(continued)
PARCEL B 1:
A NON-EXCLUSIVE EASEMENT FOR INGRESS AND EGRESS OVER THAT PORTION OF
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. LYING SOUTHWESTERLY OF THE FOLLOWING DESCRIBED LINE:
BEGINNING AT A POINT ON THE SOUTHEASTERLY LINE OF SAID PARCEL 3, DISTANT
THEREON NORTH 22° 09' 15" EAST, 500.75 FEET FROM THE INTERSECTION OF SAID
SOUTHEASTERLY LINE AND THE CENTERLINE OF BAYSIDE DRIVE, 80.00 FEET WIDE, AS
SHOWN ON SAID MAP; THENCE PERPENDICULAR TO SAID SOUTHEASTERLY LINE OF
PARCEL 3, NORTH 67° 50' 45" WEST, 45.01 FEET TO THE SOUTHEASTERLY LINE OF PARCEL
2 OF SAID PARCEL MAP NO. 93-111.
EXCEPT THEREFROM THAT PORTION OF SAID PARCEL 3 INCLUDED WITHIN A STRIP OF
LAND, 24.50 FEET WIDE, THE SOUTHEASTERLY LINE OF SAID STRIP BEING DESCRIBED AS
FOLLOWS:
BEGINNING AT A POINT ON THE SOUTHEASTERLY LINE OF SAID PARCEL 3, DISTANT
THEREON NORTH 22° 09' 15" EAST, 48.26 FEET FROM THE INTERSECTION OF SAID
SOUTHEASTERLY LINE AND THE CENTERLINE OF BAYSIDE DRIVE, 80.00 FEET WIDE, AS
SHOWN ON SAID MAP; THENCE, ALONG SAID SOUTHEASTERLY LINE, NORTH 22° 09' 15"
EAST, 452.49 FEET, AS SHOWN ON MEMORANDUM OF LEASE RECORDED AUGUST 23, 2004
AS INSTRUMENT NO. 2004000762950, OF OFFICIAL RECORDS.
END OF LEGAL DESCRIPTION
CLTA Preliminary Report Form - Modified (11-17-06)
Page 4
Order No.: 1A6746200-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 assessments collected with taxes, for the fiscal year 2012 - 2013 that
are a lien not yet due.
B. 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:
$64,502.09 (Paid)
$64,502.09
$6,473.20 (Due after April 10)
Assessors Parcel Number: 440-132-61
C. 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.
1. 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.
2. An easement for the purpose
Purpose:
Recorded:
Affects:
Reference is hereby made to
shown below and rights incidental thereto as set forth in a document.
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.
3. 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:
Purpose:
Affects:
Parcel Map No. 93-111
storm drain
That portion of said land as shown on said map.
CLTA Preliminary Report Form - Modified (11-17-06)
Page 5
Order No.: 1A6746200-x59
SCHEDULE B
(continued)
4. 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
Affects: Parcel A
5. Rights of tenants, as tenants only, under unrecorded leases, and as disclosed by those certain
memoranda of leases recorded August 12, 1997 as Instrument No. 19970385833 and October 2,
1997 as Instrument No. 19970491529, both of Official Records.
The present ownership of the leaseholds created by said leasse and other matters affecting the
interest of the lessees are not shown herein.
6. Any rights, interests, or claims which may exist or arise by reason of the following facts shown on a
survey plat entitled "ALTA/ACSM Land Title Survey", dated August 4, 2004 prepared by the Keith
Companies, Job No. 14256.00.000:
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.
CLTA Preliminary Report Form - Modified (11-17-06)
Page 6
Order No.: 1A6746200-x59
SCHEDULE B
(continued)
7. 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 said Parcel 2 of
Parcel Map 93-111 as more particularly described in the grant of easement recorded August 23,
2004 as Instrument No. 2004000762949 of Official Records.
8. A non-exclusive easement (the "Walkway Easement") appurtenant to said land for vehicular and
pedestrian ingress and egress across that portion of said Parcel 2 of Parcel Map 93-111 as more
particularly described in the grant of easement recorded August 23, 2004 as Instrument No.
2004000762949 of Official Records.
9. A Deed of Trust to secure an indebtedness in the amount shown below, and any other obligations
secured thereby
Amount: $32,500,000.00
Dated: August 19, 2004
Trustor: Bayside MHP LLC, a limited liability company
Trustee: Chicago Title Company, a California corporation
Beneficiary: American General Life and Accident Insurance Company, a
Tennessee corporation
Loan No.: not shown
Recorded: August 23, 2004 as Instrument No. 2004000762951 of Official
Records.
10. A financing statement filed with the office of the county recorder, showing
Debtor: Bayside MHP LLC
Secured Party: American General Life and Accident Insurance Company
Recorded: August 23, 2004 as Instrument No. 2004000762952, of Official
Records
Reference is hereby made to said document for full particulars.
A change to the above financing statement was filed
Nature of Change: Continuation
Recorded: June 19, 2009 as Instrument No. 2009000323042, of Official
Records
11. An unrecorded license agreement dated August 19, 2004 by and between Bayside MHP LLC, a
California Limited liability company (Licensor) and Bayside Village Marina LLC, a California
limited liability company (Licensee), as disclosed to this company in writing.
The above mentioned license agreement was subordinated to the deed of trust shown above
recorded August 23, 2004 as Instrument No. 2004000762951 of Official Records, by its own terms.
CLTA Preliminary Report Form - Modified (11-17-06)
Page 7
Order No.: 1A6746200-x59
SCHEDULE B
(continued)
12. The effect of any failure to comply with the terms, covenants, conditions and provisions of the lease
described or referred to in Schedule A.
13. Any facts, rights, interests or claims which are not shown by the public records but which could be
ascertained by making inquiry of the lessors and their successors in interest, in the lease described
or referred to in Schedule A.
14. Any defect in or invalidity of, or other matters relating to the leasehold estate referred to herein,
which would be disclosed by an examination of the unrecorded lease.
15. Water rights, claims or title to water, whether or not disclosed by the public records.
16. 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.
17. 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.
18. Any claims for mechanics' liens on said land that may be recorded, by reason of a recent work of
improvement that is disclosed by a Notice(s) of Non -Responsibility.
Recorded: November 09, 2011 as Instrument No. 2011-570436, of Official
Records
END OF SCHEDULE B
CLTA Preliminary Report Form - Modified (11-17-06)
Page 8
Order No.: 1A6746200-x59
CLTA Preliminary Report Form - Modified (11-17-06)
Page 9