Lawyers Title Insurance Corporation
COMMITMENT FOR TITLE INSURANCE


Schedule A

 

1. Effective Date: March 09, 2006 at 08:00 am Commitment No.: TBR-PD-S788300C
 
2. Policy to be issued: Amount

A. ALTA Owner's Policy - 10/17/92 TO BE DETERMINED
Proposed Insured:


3. The estate or interest in the land described or referred to in this Commitment and covered herein is Fee Simple and Title to the estate or interest in the land is vested in:

Gold Point Lodging & Realty, Inc. d/b/a Grand Timber Development Company, A Colorado Corporation

4. The land referred to in this Commitment is described as follows:

SEE ATTACHED EXHIBIT "A"


Premiums and Fees:

 

Exhibit "A"  

 

A Vacation Estate consisting of 1 Floating XX Season Vacation Week described as Unit XX, Week XX Alternating Years, Grand Timber Lodge as defined in the Condominium Declaration and Plan of Vacation Ownership for Grand Timber Lodge and all Supplements thereto recorded in the records of Summit County, Colorado on April 21, 1999 at Reception No. 593269 and any and all Supplements and Amendments thereto and as further described in the Condominium Plat and Map together, recorded on April 26, 2005 at Reception No. 788300 with the remainder in fee simple absolute to an undivided 1/52nd interest as Tenants-In-Common with the other vacation owners of Vacations Estates in said Vacation Unit, their heirs and assigns forever, County of Summit, State of Colorado.



SCHEDULE B - SECTION 1
REQUIREMENTS


The following are the requirements to be complied with prior to the issuance of said policy or policies. Any other instrument recorded subsequent to the date hereof may appear as an exception under Schedule B of the policy to be issued. Unless otherwise noted, all documents must be recorded in the Office of Clerk and Recorder of the county in which said property is located.
NOTE: Pursuant to Senate Bill 91-14 (C.R.S. 10-11-122) the Company will not issue its policy or policies of title insurance contemplated by this commitment until it has been provided a Certificate of Taxes Due or other equivalent documentation from the County Treasurer or the County Treasurer's authorized agent; or until the proposed insured has notified or instructed the Company in writing to the contrary.
NOTE: Effective September 1, 1997, C.R.S. 30-10-406 requires that all documents received for recording or filing in the Clerk and Recorder's office shall contain a top margin of at least one inch and a left, right and bottom margin of at least one-half inch. The Clerk and Recorder may refuse to record or file any document that does not conform.

The Company requires a Tax Certificate Waiver to be signed at closing.


Recordation of Partial Release by the Public Trustee of the County Summit, the Deed of Trust from Gold Point Lodging & Realty, Inc. d/b/a Grand Timber Development Company, A Colorado Corporation, for the use of Textron Financial Corporation, to secure $22,100,000.00 recorded October 13, 2004 at Reception No. 549600, First Amendment to Deed of Trust recorded April 23, 1999 at Reception No. 593477, Second Amendment to Deed of Trust recorded March 16, 2001 at reception no. 647847, Third Amendment to Deed of Trust recorded August 24, 2003 at Reception No. 721009, Fourth Amendment to Deed of Trust recorded March 24, 2005 at Reception No. 785571, Fifth Amendment to Deed of Trust recorded March 30, 2005 at Reception No. 785888, Sixth Amendment to Deed of Trust recorded February 14, 2006 at Reception No. 815049 and Seventh Amendment to Deed of Trust recorded February 2, 2006 at Reception No. 815050.

Termination of Financing Statement from Gold Point Lodging & Realty, Inc., A Colorado Corporation, debtor(s) in favor of Litchfield Financial Corporation, secured party, recorded October 13, 1997 at Reception No. 549601

Evidence satisfactory to the Company that the Town of Breckenridge Real Estate Transfer Tax has been paid. (This may be submitted at the time of recording of the documents.)

Deed from Gold Point Lodging & Realty, Inc. d/b/a Grand Timber Development Company, A Colorado Corporation to


Note: Section 38-35-109 (2) of the Colorado Revised Statutes, 1973, requires that a Notation of the purchasers legal address, (not necessarily the same as the property address) be included on the face of the deed to be recorded.

Note: C.R.S.39-14-102 requires that a real property transfer declaration accompany any conveyance document presented for recordation in the State of Colorado. Said declaration shall be completed and signed by either the grantor or grantee.



SCHEDULE B - SECTION 2 EXCEPTIONS

The Policy or Policies to be issued will contain exceptions to the following unless the same are disposed of to the satisfaction of the Company:

Rights or claims of parties in possession not shown by the public records.


Easements, or claims of easements, not shown by the public records.


Discrepancies, conflicts in boundary lines, shortage in area, encroachments and any facts which a correct survey and inspection of the premises would disclose and which are not shown by the public records.


Any lien or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the public records.


Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment.

Right of Way for ditches and canals constructed by the authority of the United States as reserved in United States Patent recorded January 10, 1902 in Book 66 at Page 36 and in Patent recorded January 10, 1902 in Book 66 at Page 36 and in Patent recorded September 13, 1990 under Reception No. 397102.

Reservation as contained in United States Patent recorded in Book 66 at Page 36 as follows: Right of the Proprietor of a vein or lode to extract and remove his ore therefrom, should the same be found to penetrate or intersect the premises and rights of way for ditches or canals constructed by authority of the United States.

Terms, agreements, provisions, conditions and obligations as contained in Resolution No. 20 recorded September 17, 1980 at Reception No. 211836 and Ordinance No. 21 of the Town of Breckenridge recorded July 29, 1981 at Reception No. 226620.

Terms, agreements, provisions, conditions and obligations as contained in Annexation Agreement to the Town of Breckenridge recorded July 27, 1995 at Reception No. 495357.

Easement as shown on the Master Plan for the Select 10, Snowflake Blocks 1 and 2 and Parcel E Properties recorded December 17, 1996 at Reception No. 530269.

Terms, agreements, provisions, conditions and obligations as contained in Subdivision Improvement Agreement recorded June 27, 1997 at Reception No. 541533.

Terms, agreements, provisions, conditions and obligations as contained in Grant of Easement by and between Select 10, et al. and The Town of Breckenridge recorded June 27, 1997 at Reception No. 541534.

Dedication and Easements set forth on the Plat of Westridge Subdivision recorded June 27, 1997 under Reception No. 541537.

Terms, agreements, provisions, conditions and obligations as contained in Memorandum of Sewer Line Extension Agreement recorded June 30, 1997 at Reception No. 541652.

Terms, agreements, provisions, conditions and obligations as contained in Grant of Easement by and between Gold Point Lodging & Realty, Inc., and Select 10, et al. recorded June 30, 1997 at Reception No. 541676 and Amendment of Easement Agreement recorded January 13, 1999 at Reception No. 586108.

Terms, Agreements, Provisions, Conditions, Obligations, (including common expenses, fees and costs under the Common Interest Ownership Act) Easements and Restrictions, if any, which do not contain a forfeiture or reverter clause, (deleting any restrictions indicating any preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status or national origin) as contained in instrument recorded April 21, 1999 at Reception No.593269, First Amendment thereto recorded August 2, 1999 at Reception No. 601793, Second Amendment thereto recorded August 9, 2000 at Reception No. 628738, Third Amendment thereto recorded January 9, 2001 at Reception No. 642216, Fourth Amendment thereto recorded February 28, 2001 at Reception No. 646418, Fifth Amendment thereto recorded May 15, 2002 at Reception No. 683666, Sixth Amendment thereto recorded October 30, 2002 at Reception No. 700232, Seventh Amendment thereto recorded November 25, 2003 at Reception No. 737486 and Eighth Amendment thereto recorded April 26, 2005 at Reception No. 788301.

Terms, agreements, provisions, conditions and obligations as contained in Restrictive Covenant and Agreement (Landscaping) recorded August 7, 2000 at Reception No. 628563.

Terms, agreements, provisions, conditions and obligations as contained in Grant of Easement (Pedestrian Trail/Sewer) recorded August 7, 2000 at Reception No. 628564.

Collateral Assignment of Declarant's rights recorded August 14, 2000 at Reception No. 629356, Reassignment of Special Declarant's rights recorded May 3, 2001 at Reception No. 651631.

Terms, agreements, provisions, conditions and obligations as contained in Restrictive Covenants and Agreement (Conference Room) recorded May 11, 2001 at Reception No. 652195.

Terms, agreements, provisions, conditions and obligations as contained in Restrictive Covenant and Agreement (Employee Housing) recorded July 26, 2000 at Reception No. 658472.

Terms, agreements, provisions, conditions and obligations as contained in Restrictive Covenants and Agreement (Transit System) recorded February 27, 2002 at Reception No. 677079.

Terms, agreements, provisions, conditions and obligations as contained in Agreement between Gold Point Lodging and Realty, Inc. and the Town of Breckenridge recorded April 9, 2002 at Reception No. 680896.

Terms, agreements, provisions, conditions and obligations as contained in Declaration of Reservation of Right of First Refusal recorded April 5, 2004 under Reception No. 751840.

Easements and Notes as set forth on the Condominium Map for Grand Timber Lodge Condominiums, Building 7, recorded April 26, 2005 at Reception No. 788300.

Any and all unpaid Taxes, Assessments and Unredeemed Tax Sales.


NOTE: Pursuant to C.R.S. 10-11-122 notice is hereby given that: (A) The subject property may be located in a special taxing district; (B) A Certificate of Taxes Due listing each taxing jurisdiction may be obtained from the County Treasurer or the County Treasurer's authorized agent; (C) INFORMATION regarding special districts and the boundaries of such districts may be obtained from the Board of County Commissioners, the County Clerk and Recorder, or the County Assessor.