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HomeMy WebLinkAbout20190412_Title ReportCl TA Preliminary Report Form (Rev. 11/06) Order Number: NHSC-5900914 (tc) Page Number: 1 First American Title First American Title Company Christopher callaci Narcissus Waterpointe LLC 610 Newport Center Drive, Suite 890 Newport Beach, CA 92660 Customer Reference: Order Number: Title Officer: Phone: Fax No.: E-Mail: Buyer: Property: 1250 Corona Pointe Court, Ste 200 Corona, CA 92879 APN: 459-074-16 NHSC-5900914 (tc) Terrell Crutchfield (951)256-5879 (866)558-2872 tcrutchfield@firstam.com 613 Narcissus Ave 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 exduded 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 dause. When the Amount of Insurance is less than that set fotth in the arbitration dause, 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 AL TA 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 PA2019-068 Dated as of March 19, 2019 at 7:30 A.M . Order Number: NHSC-5900914 (tc) Page Number: 2 The form of Policy of title insurance contemplated by this report is: To Be Determined 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: NARCISSUS WATERPOINTE LLC, A CALIFORNIA LIMITED LIABILITY 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 2019-2020, a lien not yet due or payable. 2. General and special taxes and assessments for the fiscal year 2018-2019. First Installment: $855.28, PAID Penalty: $0.00 Second Installment: $855 .28, OPEN Penalty: $0.00 Tax Rate Area: 07-001 A. P. No .: 459-074-16 3. The lien of supplemental taxes, if any, assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code . 4. Any and all offers of dedications, conditions, restrictions, easements, notes and/or provisions shown or disclosed by the filed or recorded map referred to in the legal description. 5. Covenants, conditions, restrictions and easements in the document recorded in ~ook 639 of Deeds, Pa_ge 10~, which provide that a violation thereof shall not defeat or render invalid the lien of any first mortgage or deed of trust made in good faith and for value, but deleting any covenant, condition, or First American Title PA2019-068 6 . Order Number: NHSC-5900914 (tc) Page Number: 3 restriction indicating a preference, limitation or discrimination based on race, color, religion, sex, sexual orientation, familial status, disability, handicap, national origin, genetic information, gender, gender identity, gender expression, source of income (as defined in California Government Code§ 12955(p)) or ancestry, to the extent such covenants, conditions or restrictions violation 42 U.S.C. § 3604(c) or California Government Code§ 12955. Lawful restrictions under state and federal law on the age of occupants in senior housing or housing for older persons shall not be construed as restrictions based on familial status. A deed of trust to secure an original indebtedness of $1,520,000.00 recorded June 20, 2018 as Instrument No. 2018000226389 of Official Records. Dated: June 11, 2018 Truster: Narcissus Waterpointe LLC, a California Limited Liability Company Trustee: First American Title Company Beneficiary: Goldman Sachs Bank USA, a New York chartered bank The above deed of trust states that it secures an equity line/revolving line of credit. A document entitled "Assignment of Leases and Rents" recorded June 20, 2018 as Instrument No. 2018000226390 of Official Records, as additional security for the payment of the indebtedness secured by the deed of trust recorded June 20, 2018 as Instrument No. 2018000226389 of Official Records. A document recorded November 27, 2018 as Instrument No. 2018000442951 of Official Records provides that FCI Lender Services, Inc.,a California Corporation was substituted as trustee under the deed of trust. The effect of a document entitled "Substitution of Trustee and Deed of Reconveyance", recorded November 27, 2018 as Instrument No. 2018000442951 of Official Records. Note: The Company will require satisfactory proof of full payment of the debt secured by said mortgage or deed of trust prior to removing this exception or insuring the contemplated transaction . 7. A deed of trust to secure an original indebtedness of $200,000.00 recorded June 20, 2018 as Instrument No. 2018000226392 of official records. Dated: June 18, 2018 Truster: Narcissus Waterpointe LLC, a California limited liability Trustee: Beneficiary: company First American Title Company TOWACO Investments LLC First American Title PA2019-068 Order Number: NHSC-5900914 (tc) Page Number: 4 Notes: a. If this deed of trust is to be eliminated in the policy or policies contemplated by this report/commitment, we will require all of the following prior to the recordation of any documents or the issuance of any policy of title insurance: i. Original note and deed of trust. ii. Payoff demand statement signed by all present beneficiaries. iii. Request for reconveyance signed by all present beneficiaries. b. If the payoff demand statement or the request for reconveyance is to be signed by a servicer, we will also require a full copy of the loan servicing agreement executed by all present beneficiaries. c. If any of the beneficial interest is presently held by trustees under a trust agreement, we will require a certification pursuant to Section 18100.5 of the California Probate Code in a form satisfactory to the Company A document recorded June 20, 2018 as Instrument No. 2018000226391 of official records provides that the lien or charge of the deed of trust was subordinated to the lien or charge of the deed of trust recorded June 20, 2018 as Instrument No. 2018000226389 of Official Records . A document recorded October 30, 2018 as Instrument No. 2018000391756 of official records provides that the lien or charge of the deed of trust was subordinated to the lien or charge of the deed of trust recorded October 30, 2018 as Instrument No. 2018000391757 of official records. 8. A deed of trust to secure an original indebtedness of $2,740,000.00 recorded October 30, 2018 as Instrument No. 2018000391757 of official records. Dated: October 26, 2018 Trustor: NARCISSUS WATERPOINTE, LLC, a California limited liability company Trustee: FIRST AMERICAN TITLE COMPANY Beneficiary: HANKEY CAPITAL, LLC, a California limited liability company Notes : a. If this deed of trust is to be eliminated in the policy or policies contemplated by this report/commitment, we will require all of the following prior to the recordation of any documents or the issuance of any policy of title insurance: i. Original note and deed of trust. ii. Payoff demand statement signed by all present beneficiaries. iii. Request for reconveyance signed by all present beneficiaries. b. If the payoff demand statement or the request for reconveyance is to be signed by a servicer, we will also require a full copy of the loan servicing agreement executed by all present beneficiaries. c. If any of the beneficial interest is presently held by trustees under a trust agreement, we will require a certification pursuant to Section 18100.5 of the California Probate Code in a form satisfactory to the Company 9 . Rights of parties in possession. Prior to the issuance of any policy of title insurance, the Company will require: First American Title PA2019-068 Order Number: NHSC-5900914 (tc) Page Number: 5 10. With respect to NARCISSUS WATERPOINTE 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 PA2019-068 Order Number: NHSC-5900914 (tc) Page Number: 6 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. According to the latest available equalized assessment roll in the office of the county tax assessor, there is located on the land a(n) Multiple Family Residence known as 613 Narcissus Avenue, Newport Beach, California. 2. 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: A document recorded June 20, 2018 as INSTRUMENT NO. 2018000226388 OF OFFICIAL RECORDS From: John Daly Morton and Bonnie Wallace, Trustees of the Morton Family Trust dated February 25, 2004 To: Narcissus Waterpointe LLC, a California limited liability company 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 PA2019-068 Order Number: NHSC-5900914 (tc) Page Number: 7 WIRE INSTRUCTIONS for First American Title Company, Demand/Draft Sub-Escrow Deposits Riverside County, California First American Trust, FSB 5 First American Way Santa Ana, CA 92707 ABA 122241255 Credit to First American Title Company Account No. 3097840000 Reference Title Order Number 5900914 and Title Officer Terrell Crutchfield Please wire the day before recording. First American Title PA2019-068 Order Number: NHSC-5900914 (tc) Page Number: 8 LEGAL DESCRIPTION Real property in the City of Newport Beach, County of Orange, State of California, described as follows: LOT 13, BLOCK 640 CORONA DEL MAR, IN THE CITY OF NEWPORT BEACH, COUNTY OF ORANGE, STATE OF CALIFORNIA, AS SHOWN ON A MAP RECORDED IN BOOK 3, PAGES 41 AND 42 OF MISCELLANEOUS MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID ORANGE COUNTY . APN: 459-074-16 First American Title PA2019-068 ~ ~ '.ho ~ ~-~ :::I !'I' ii>" THIS MAP WAS PREPARED FOR ORANGE COUNTY ASS[SSCW O{PT. PURPOSES OM. Y. TH[ ASSESSOR JJAJ<ES NO GUA,9ANT£E AS TO ITS ACCURACY NOR ASSUN£S ANY LIABILI TY FOR OTHER US[S. NOT TO 8£ REPROOUCEO , All RTCHTS R£S£RVED, ~ COPYRIGHT ORANGE COUNTY ASSESSOO 20,7 ~I -•FIFTH ~ ~ :,; " -, FOURTH NARCISSIJS I AVENUET l 458-65 ~ ~ 1:·· ~ J661~ ~ ? ~7~•-w• • 1 1if -~--. .m:.n- t,6 TH. Ft .I ~ ~ ~ :,; "( • AVENUE:--• ~.II, PROJECT ,._, -~:-£_ f1 • !!':!./?:J,'-!f-, ~ ®· 51 2 l ~ y; .. ~.JJ1-JJ --::..!JJ•L~•-~-I ' ' AVENI)£ .. ~ ~ :,; "( i ~ r<) C\J ~ ~ ~~.'.::'.:""•"'4J Iii 9,u,!\' ,:I -••D:Y ,.,. ~ ~ ~ ~ ~ ~ MARCH 1983 7 CORONA DEL MAR PARCEL MAP PARCEL MAP PARCEL MAP PARCEL MAP PARCEL MAP , TH/RO (:MTH. Pf.,/ If 11 20 M.M. 3-42 P.M. 166 -45, 220-26, 306-39, 316-45, 317-47 P,1,/. 321 -5, 321-11, 332-33, 338-21, 339-9 P.M. 339-45, 345-12, 349-1, 351-47. 352-40 P,M. 352 -42, 354-48, 356-26, 364-11, 366 -41 P,M. 366-43, 368-11, 374 -35, 377-42, 378-15, 379-34 AVENUE • l r 21 NOTE -ASSESSOR 'S BLOCK & PARCEL NUMBERS SHOWN IN CIRCLES i ASSESSOR'S MA P BOOK 459 PAGE 07 COUNTY OF ORANGE 459-07 , • = 100 ' D '"Cl 0 ClJ a. lO ro (!) ..., zz C: C: 3 3 0-0- (t) (!) :: :"! I,!) z I Vl 0 V1 I,!) 0 0 I,!) I-' ~ ,,.--. 8' .__, PA2019-068