20210306 Ver 2_EBX_2021-0306V2_ThunderSwampPhase2_EasementAssignment_Title_LongtermAssignment_08262024_20240826

Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 24-06946DU Revision No. 2 August 16, 2024
This page is only a part of a 2021 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the
Company or its issuing agent that may be in electronic form.
Copyright American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association.
ALTA Commitment for Title Insurance (07-01-2021)Printed: 08-16-24 @ 10:58 AM
101046D0109.doc / Updated: 09.12.22 Page 1 NC-CT-FSAC-01080.365396-24-06946DU
ALTA COMMITMENT FOR TITLE INSURANCE
issued by
CHICAGO TITLE INSURANCE COMPANY
NOTICE
IMPORTANT - READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE
INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE
CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT.
THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION,
OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURES USED BY
THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION,
ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY,
AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED.
THE COMPANY'S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED
IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT.
THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY
OTHER PERSON.
COMMITMENT TO ISSUE POLICY
Subject to the Notice; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and the Commitment Conditions,
Chicago Title Insurance Company, a Florida corporation (the "Company"), commits to issue the Policy according to the
terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A
for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar
amount as the Proposed Amount of Insurance and the name of the Proposed Insured.
If all of the Schedule B, Part I-Requirements have not been met within six (6) months after the Commitment Date, this
Commitment terminates and the Company's liability and obligation end.
Chicago Title Insurance Company
By:
Countersigned By:
Adam Lange, Authorized Signatory
Authorized Officer or Agent
Michael J. Nolan, President
Attest:
Marjorie Nemzura, Secretary
Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 24-06946DU Revision No. 2 August 16, 2024
This page is only a part of a 2021 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the
Company or its issuing agent that may be in electronic form.
Copyright American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association.
ALTA Commitment for Title Insurance (07-01-2021)Printed: 08-16-24 @ 10:58 AM
101046D0109.doc / Updated: 09.12.22 Page 2 NC-CT-FSAC-01080.365396-24-06946DU
Transaction Identification Data, for which the Company assumes no liability as set forth in Commitment
Condition 5.e.:
Issuing Office:Chicago Title Company, LLC, 300 Blackwell Street, Suite 103, Durham, NC 27701
Phone: [phone]
Fax: [phone]
Commitment Number:24-06946DU
Property Address:Thunder Swamp Road Phase II, Mount Olive, NC 28365
SCHEDULE A
1.Commitment Date: August 10, 2024 at 08:00 AM
2.Policy to be issued:
(a)ALTA Owner's Policy (07-01-2021)
Proposed Insured:The State of North Carolina
Proposed Amount of Insurance:$734,743.50
The estate or interest to be insured:Permanent Conservation Easement by and between Environmental Banc &
Exchange, LLC and Colonel Land, LLC recorded in Book 3731, Page 607,
Wayne County Registry; as assigned by Colonel Land, LLC to The State of
North Carolina by that Assignment of Conservation Easement recorded in
Book ____, Page ____, Wayne County Registry.
3.The estate or interest in the Land at the Commitment Date is:
Fee Simple
4.The Title is, at the Commitment Date, vested in:
FEE OWNER: Environmental Banc & Exchange, LLC, a Maryland limited liability company
EASEMENT HOLDER: Colonel Land, LLC
5.The Land is described as follows:
Permanent Conservation Easement by and between Environmental Banc & Exchange, LLC and Colonel
Land, LLC recorded in Book 3731, Page 607, Wayne County Registry; as assigned by Colonel Land, LLC
to The State of North Carolina, recorded in Book _____, Page _____, Wayne County Registry, over the
following described land.
BEING all of that 48.442 acres tract labelled "New Tract 1" as shown on plat recorded in Plat Cabinet P,
Page 60-D, Wayne County Registry.
TOGETHER WITH that certain variable width easement for ingress, egress and regress as shown an that
certain plat entitled "Subdivision Plat, Owners Danny Gray Jackson and Margaret Jerrigan Jackson" by
Ascension Land Survey, P.C., dated April 20, 2021 and recorded in Plat Cabinet P, Page 60-D. Wayne
County Registry.
END OF SCHEDULE A
Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 24-06946DU Revision No. 2 August 16, 2024
This page is only a part of a 2021 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the
Company or its issuing agent that may be in electronic form.
Copyright American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association.
ALTA Commitment for Title Insurance (07-01-2021)Printed: 08-16-24 @ 10:58 AM
101046D0109.doc / Updated: 09.12.22 Page 3 NC-CT-FSAC-01080.365396-24-06946DU
SCHEDULE B, PART I - Requirements
All of the following Requirements must be met:
1.The Proposed Insured must notify the Company in writing of the name of any party not referred to in this
Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then
make additional Requirements or Exceptions.
2.Pay the agreed amount for the estate or interest to be insured.
3.Pay the premiums, fees, and charges for the Policy to the Company.
4.Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must
be properly authorized, executed, delivered, and recorded in the Public Records.
(A deed of trust securing a one-to-four-family residential property must be recorded prior to disbursement of funds.
A deed of trust securing non one-to-four family residential property that will be recorded more than 30 days
following funding of the loan requires PRIOR approval of Company's underwriting counsel.)
a.Assignment of Permanent Conservation Easement from the authorized manager(s) of Colonel Land, LLC,
to The State of North Carolina.
5.Cancellation, release, termination, discharge, or satisfaction of record of the following: (In the event the lien to be
cancelled or satisfied is a line of credit such as a home equity line or future advance loan secured by a deed of
trust, attorney to verify as applicable under North Carolina law: (i) delivery of borrower's written request and notice
to lender to terminate borrower's account, (ii) payoff in full of all outstanding sums secured by the deed of trust,
and (iii) release of the Land from or cancellation of public record of the deed of trust.)
a.The preliminary title opinion does not disclose any outstanding deeds of trust or mortgages. Certifying
attorney to confirm with appropriate parties to the transaction that no deeds of trust or mortgages currently
encumber the Land. If such deeds of trust or mortgages or other encumbrances are identified, Company
reserves the right to amend this Commitment to add additional Requirements or Exceptions.
6.Payment of all taxes (including deferred taxes) and assessments (pending or confirmed) which are or may
become a lien on the Land and are due OR payable at time of recording of the instrument creating the interest to
be insured.
*** PER CERTIFYING ATTORNEY: 2023 TAXES PAID ***
7.Payment of any owners' association dues, charges, or assessments claimed or due and payable at time of
recording of the instrument creating the interest to be insured, whether or not a claim of lien has been filed, if
same are or may become a lien superior to the interest to be insured.
Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 24-06946DU Revision No. 2 August 16, 2024
This page is only a part of a 2021 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the
Company or its issuing agent that may be in electronic form.
Copyright American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association.
ALTA Commitment for Title Insurance (07-01-2021)Printed: 08-16-24 @ 10:58 AM
101046D0109.doc / Updated: 09.12.22 Page 4 NC-CT-FSAC-01080.365396-24-06946DU
8.For insurance for Proposed Insured(s) identified in Schedule A (other than the Owner contracting for the
Improvements) against loss resulting from Liens for Improvements, receipt of applicable NCLTA form below (or
substantially similar form approved by Company), completed, executed and notarized, as follows:
NO RECENT (last 120 days) OR CONTEMPLATED CONSTRUCTION:
NCLTA FORM 1 (Owner Affidavit) from every seller (on sale) or borrower (on refinance) who has not contracted
for recent or contemplated improvements on the Land or for a construction loan.
NOTE: If a contract purchaser has contracted for or is contemplating improvements, see “CONSTRUCTION
CONTEMPLATED OR IN PROCESS” below.
RECENTLY COMPLETED IMPROVEMENTS:
Non-MLA project: NCLTA FORM 2 (Owner/Contractor Affidavit, Lien Waiver, and Indemnity) from every Owner
and every Contractor.
MLA project:
(1) Receipt of proof satisfactory to the Company that prior to closing or prior to first contracting for construction
(whichever occurs first),
(a) A Lien Agent was designated on the LiensNC.com website, AND
(b) The Appointment of Lien Agent was posted at the Land.
(2) NCLTA FORM 5 (Owner Affidavit) from every Owner; AND
(3) NCLTA FORM 6 (MLA Lien Waiver) from every PLC-MLA.
CONSTRUCTION CONTEMPLATED OR IN PROCESS:
Non-MLA project: NCLTA FORM 3 (Owner/Contractor Affidavit, Indemnity and Lien Subordination) (for lender
coverage only) from every Owner and every Contractor.
MLA project:
(1) Receipt of proof satisfactory to the Company that prior to closing or prior to first contracting for construction
(whichever occurs first):
(a) A Lien Agent was designated on the LiensNC.com website, AND
(b) The Appointment of Lien Agent was posted at the Land;
(2) NCLTA FORM 5 (Owner Affidavit) from every Owner; AND;
(3) NCLTA FORM 6 (MLA Lien Waiver) or NCLTA FORM 7 (MLA Subordination of Liens) from every PLC-MLA
and such additional parties as may be required by the Company.
NOTE: If a contract purchaser has contracted for or is contemplating improvements prior to closing, see “NO
RECENT IMPROVEMENTS” above regarding seller lien affidavits as well.
MLA Project - MLA NOT Appointed Prior to Contracting for Labor Services or Materials:
In all cases in which an MLA was required but not (timely) appointed, prior approval and terms of coverage (if any)
by Company underwriting counsel is required.
Applicable Definitions:
“Non-MLA Projects”: Improvement projects for which no Lien Agent is required to be designated pursuant to
Article 2 of Chapter 44A of the North Carolina General Statutes. All other projects (other than public projects) are
“MLA projects”.
“Owner” is holder of any interest in the Land, including leasehold owner or contract purchaser.
Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 24-06946DU Revision No. 2 August 16, 2024
This page is only a part of a 2021 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the
Company or its issuing agent that may be in electronic form.
Copyright American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association.
ALTA Commitment for Title Insurance (07-01-2021)Printed: 08-16-24 @ 10:58 AM
101046D0109.doc / Updated: 09.12.22 Page 5 NC-CT-FSAC-01080.365396-24-06946DU
“Potential Lien Claimant” (or “PLC - MLA”) is any person (or entity) entitled to file a claim of lien on real property
(herein “Liens”), for providing labor, services, (including design professionals such as surveyors, architects,
engineers and landscape engineers), materials or rental equipment provided for improvements to the Land (herein
“Improvements”), pursuant to Article 2 of Chapter 44A of the North Carolina General Statutes AND who either
has filed a Notice to Lien Agent, OR was identified in the original Appointment, OR is a Design Professional OR is
a PLC whose first furnishing was within 15 days prior to closing OR (for waivers) delivered a claim of lien upon
funds on the Owner.
“Contractor” Any person or entity who has performed or furnished or has contracted to perform or furnish Labor,
Services or Materials pursuant to a contract, either express or implied, with the Owner of real property for the
making of an Improvement thereon OR who has delivered a claim of lien upon funds to the Owner.
9.If the transaction involves the purchase of property at foreclosure, the purchase of real estate owned (REO) by a
lender/servicer, or the subsequent resale or mortgage of property where the grantor or mortgagor was a purchaser
of REO property; verification that the defaulted borrower in the foreclosure proceeding, or anyone claiming by,
through or under him, is not occupying or in possession of the foreclosed property.
10.Prior approval in writing of Company underwriting counsel required for any document affecting Title to the Land
notarized by either (1) any remote notarization or (2) notarization of execution by any principal located outside of
the United States at the time of execution.
11.If at the time of closing, records in the Clerk of Court’s office potentially affecting Title to the Land are affected by
computer migration from VCAP to e-Courts e-Filing, Portal, and Enterprise Justice (Odyssey), and if coverage is
requested without exception for any matters filed with the Clerk’s office during any period in which the attorney’s
ability to search these records may be impacted, the following are required:
(1) attorney's certification of examination of the VCAP Portal immediately prior to the migration for all title
examinations in process at the time of the migration; and
(2) attorney’s certification of examination of the e-Courts Enterprise Justice (Odyssey) Portal according to the
most current search standards available through the time of closing; and
(3) receipt of fully executed NCLTA form "Affidavit of Understanding and Indemnity and Hold Harmless
Agreement Regarding Computer Data Migration (VCAP to e-Courts Odyssey Portal)" or satisfactory equivalent
approved in advance by Company counsel.
12.Verification as of closing of (1) the due organization and good standing of Colonel Land, LLC, (herein "Entity") in its
state or country of organization, (2) recordation of a certificate issued by the Secretary of State, or any governing
authority of the Entity’s jurisdiction of organization, of any articles or certificates of conversion, consolidation,
merger, or other change(s) of name since deed vesting Title in Entity or its predecessor(s) in the office of the
register of deeds of the county in which the Land is located, and (3) authority of individual(s) executing documents
on behalf of Entity to enter into the transaction to be insured on its behalf.
13.Verification as of closing of: (1) authority of individual(s) executing documents on behalf of The State of North
Carolina (herein "Entity"); and (2) the transaction received all approvals required by applicable state law.
14.Verification that at the time of closing, there are no parties with rights to the Land pursuant to verbal leases or
pursuant to recorded or unrecorded written leases.
15.Recordation of the Assignment of Conservation Easement from Colonel Land Company, LLC to the State of North
Carolina.
Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 24-06946DU Revision No. 2 August 16, 2024
This page is only a part of a 2021 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the
Company or its issuing agent that may be in electronic form.
Copyright American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association.
ALTA Commitment for Title Insurance (07-01-2021)Printed: 08-16-24 @ 10:58 AM
101046D0109.doc / Updated: 09.12.22 Page 6 NC-CT-FSAC-01080.365396-24-06946DU
REQUIREMENTS FOR ISSUANCE OF REQUESTED ENDORSEMENTS:
16.For issuance of ALTA Endorsement Form 8.2-06 (Commercial Environmental Protection Lien) (Adopted 10/16/08):
Certification that no environmental protection lien affecting the Land is recorded in those records established
under State statutes at or before recording for the purpose of imparting constructive notice of matters relating to
real property to purchasers for value and without Knowledge, except as set forth in Schedule B – Exceptions of
this Commitment; and specific approval of underwriting counsel for Company.
END OF SCHEDULE B, PART I
Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 24-06946DU Revision No. 2 August 16, 2024
This page is only a part of a 2021 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the
Company or its issuing agent that may be in electronic form.
Copyright American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association.
ALTA Commitment for Title Insurance (07-01-2021)Printed: 08-16-24 @ 10:58 AM
101046D0109.doc / Updated: 09.12.22 Page 7 NC-CT-FSAC-01080.365396-24-06946DU
SCHEDULE B, PART II - Exceptions
Some historical land records contain Discriminatory Covenants that are illegal and unenforceable by law. This
Commitment and the Policy treat any Discriminatory Covenant in a document referenced in Schedule B as if each
Discriminatory Covenant is redacted, repudiated, removed, and not republished or recirculated. Only the
remaining provisions of the document will be excepted from coverage.
The Policy will not insure against loss or damage resulting from the terms and conditions of any lease or easement
identified in Schedule A, and will include the following Exceptions unless cleared to the satisfaction of the Company:
1.Any defect, lien, encumbrance, adverse claim, or other matter that appears for the first time in the Public Records
or is created, attaches, or is disclosed between the Commitment Date and the date on which all of the Schedule B,
Part I - Requirements are met.
2.Taxes or assessments for the year 2024, and subsequent years, not yet due or payable.
3.All deferred taxes. (As To Easement Parcel)
4.Any right, easement, setback, interest, claim, encroachment, encumbrance, violation, variations or other adverse
circumstance affecting the Title disclosed by plat(s) recorded in Plat Cabinet D, Slide 28; Plat Cabinet N, Slide
46-G; Plat Cabinet P, Page 60-D; Plat Cabinet P, Page 61-A; and Plat Cabinet P, Page 61-B, Wayne County
Registry.
5.Any discrepancy, conflict, matters regarding access, shortage in area or boundary lines, encroachment,
encumbrance, violation, variation, overlap, setback, easement or claims of easement, riparian right, and title to
land within roads, ways, railroads, watercourses, burial grounds, marshes, dredged or filled areas or land below
the mean highwater mark or within the bounds of any adjoining body of water, or other adverse circumstance
affecting the Title that would be disclosed by a current inspection and accurate and complete land survey of the
Land.
6.Easement to Duke Energy Progress, Inc. recorded in Book 3150, page 180, Wayne County Registry.
7.Right(s)-of-way to Carolina Power and Light Company recorded in Book 1082, page 2; Book 594, page 252 and
Book 309, page 494, Wayne County Registry.
8.Right-of-way to the State Highway Commission recorded in Book 488, page 126, Wayne County Registry.
9.Deed of Conservation Easement and Rights of Access Provided Pursuant to Full Delivery of Mitigation Contract by
and between Environmental Banc & Exchange, LLC and the State of North Carolina recorded in Book 3731, Page
579, Wayne County Registry.
10.Permanent Conservation Easement by and between Environmental Banc & Exchange, LLC and Colonel Land,
LLC recorded in Book 3731, Page 607, Wayne County Registry; as assigned by ________________ recorded in
Book _____, Page _____, Wayne County Registry.
11.Water Quality Project Easement and Agreement by and between Environmental Banc & Exchange, LLC and HGS,
LLC recorded in Book 3738, Page 596, Wayne County Registry.
END OF SCHEDULE B, PART II
Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 24-06946DU Revision No. 2 August 16, 2024
This page is only a part of a 2021 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the
Company or its issuing agent that may be in electronic form.
Copyright American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association.
ALTA Commitment for Title Insurance (07-01-2021)Printed: 08-16-24 @ 10:58 AM
101046D0109.doc / Updated: 09.12.22 Page 8 NC-CT-FSAC-01080.365396-24-06946DU
REMARKS
NO CLOSING SERVICES INSURANCE: As to the transaction for which this Commitment is issued, the Company
does not afford insured closing protection/closing services insurance absent revision of this Commitment to
include a statement that coverage is afforded to those parties identified in a separate closing protection letter
issued simultaneously with revision of the Commitment. Any closing protection coverage or letter which heretofore
may have been issued is hereby rescinded and shall not be effective as to this transaction. Any closing protection
letter subsequently issued shall not be effective as to this transaction absent the accompanying requisite revision
of this Commitment.
The Owner's Policy will include all endorsements listed below for which requirements for issuance have been met:
- ALTA 8.2-06 - Commercial Environmental Protection Lien (Adopted 10-16-08)
END OF REMARKS
Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 24-06946DU Revision No. 2 August 16, 2024
This page is only a part of a 2021 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the
Company or its issuing agent that may be in electronic form.
Copyright American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association.
ALTA Commitment for Title Insurance (07-01-2021)Printed: 08-16-24 @ 10:58 AM
101046D0109.doc / Updated: 09.12.22 Page 9 NC-CT-FSAC-01080.365396-24-06946DU
COMMITMENT CONDITIONS
1.DEFINITIONS
a."Discriminatory Covenant": Any covenant, condition, restriction, or limitation that under applicable law illegally discriminates against a class
of individuals based on personal characteristics such as race, color, religion, sex, sexual orientation, gender identity, familial status, disability,
national origin, or other legally protected class.
b."Knowledge" or "Known": Actual knowledge or actual notice, but not constructive notice imparted by the Public Records.
c."Land": The land described in Item 5 of Schedule A and improvements located on that land that by State law constitute real property. The
term "Land" does not include any property beyond that described in Schedule A, nor any right, title, interest, estate, or easement in any
abutting street, road, avenue, alley, lane, right-of-way, body of water, or waterway, but does not modify or limit the extent that a right of
access to and from the Land is to be insured by the Policy.
d."Mortgage": A mortgage, deed of trust, trust deed, security deed, or other real property security instrument, including one evidenced by
electronic means authorized by law.
e."Policy": Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company
pursuant to this Commitment.
f."Proposed Amount of Insurance": Each dollar amount specified in Schedule A as the Proposed Amount of Insurance of each Policy to be
issued pursuant to this Commitment.
g."Proposed Insured": Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment.
h."Public Records": The recording or filing system established under State statutes in effect at the Commitment Date under which a document
must be recorded or filed to impart constructive notice of matters relating to the Title to a purchaser for value without Knowledge. The term
"Public Records" does not include any other recording or filing system, including any pertaining to environmental remediation or protection,
planning, permitting, zoning, licensing, building, health, public safety, or national security matters.
i."State": The state or commonwealth of the United States within whose exterior boundaries the Land is located. The term "State" also
includes the District of Columbia, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, and Guam.
j."Title": The estate or interest in the Land identified in Item 3 of Schedule A.
2.If all of the Schedule B, Part I-Requirements have not been met within the time period specified in the Commitment to Issue Policy, this
Commitment terminates and the Company's liability and obligation end.
3.The Company's liability and obligation is limited by and this Commitment is not valid without:
a.the Notice;
b.the Commitment to Issue Policy;
c.the Commitment Conditions;
d.Schedule A;
e.Schedule B, Part I-Requirements; and
f.Schedule B, Part II-Exceptions; and
g.a counter-signature by the Company or its issuing agent that may be in electronic form.
4.COMPANY'S RIGHT TO AMEND
The Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect, lien, encumbrance, adverse
claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment
Condition 5. The Company is not liable for any other amendment to this Commitment.
5.LIMITATIONS OF LIABILITY
a.The Company's liability under Commitment Condition 4 is limited to the Proposed Insured's actual expense incurred in the interval between
the Company's delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the
Proposed Insured's good faith reliance to:
i.comply with the Schedule B, Part I-Requirements;
ii.eliminate, with the Company's written consent, any Schedule B, Part II-Exceptions; or
iii.acquire the Title or create the Mortgage covered by this Commitment.
b.The Company is not liable under Commitment Condition 5.a. if the Proposed Insured requested the amendment or had Knowledge of the
matter and did not notify the Company about it in writing.
c.The Company is only liable under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the
Commitment included the added matter when the Commitment was first delivered to the Proposed Insured.
d.The Company's liability does not exceed the lesser of the Proposed Insured's actual expense incurred in good faith and described in
Commitment Condition 5.a.or the Proposed Amount of Insurance.
Chicago Title Insurance Company ALTA Commitment for Title Insurance
Commitment Number: 24-06946DU Revision No. 2 August 16, 2024
This page is only a part of a 2021 ALTA® Commitment for Title Insurance. This Commitment is not valid without the Notice; the Commitment to Issue
Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the
Company or its issuing agent that may be in electronic form.
Copyright American Land Title Association. All rights reserved.
The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as
of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association.
ALTA Commitment for Title Insurance (07-01-2021)Printed: 08-16-24 @ 10:58 AM
101046D0109.doc / Updated: 09.12.22 Page 10 NC-CT-FSAC-01080.365396-24-06946DU
e.The Company is not liable for the content of the Transaction Identification Data, if any.
f.The Company is not obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I-Requirements have been
met to the satisfaction of the Company.
g.The Company's liability is further limited by the terms and provisions of the Policy to be issued to the Proposed Insured.
6.LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT; CHOICE OF LAW AND CHOICE OF FORUM
a.Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment.
b.Any claim must be based in contract under the State law of the State where the Land is located and is restricted to the terms and provisions
of this Commitment. Any litigation or other proceeding brought by the Proposed Insured against the Company must be filed only in a State or
federal court having jurisdiction.
c.This Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject matter of this
Commitment and supersedes all prior commitment negotiations, representations, and proposals of any kind, whether written or oral, express
or implied, relating to the subject matter of this Commitment.
d.The deletion or modification of any Schedule B, Part II-Exception does not constitute an agreement or obligation to provide coverage beyond
the terms and provisions of this Commitment or the Policy.
e.Any amendment or endorsement to this Commitment must be in writing and authenticated by a person authorized by the Company.
f.When the Policy is issued, all liability and obligation under this Commitment will end and the Company's only liability will be under the Policy.
7.IF THIS COMMITMENT IS ISSUED BY AN ISSUING AGENT
The issuing agent is the Company's agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is
not the Company's agent for closing, settlement, escrow, or any other purpose.
8.PRO-FORMA POLICY
The Company may provide, at the request of a Proposed Insured, a pro-forma policy illustrating the coverage that the Company may provide. A
pro-forma policy neither reflects the status of Title at the time that the pro-forma policy is delivered to a Proposed Insured, nor is it a commitment
to insure.
9.CLAIMS PROCEDURES
This Commitment incorporates by reference all Conditions for making a claim in the Policy to be issued to the Proposed Insured. Commitment
Condition 9 does not modify the limitations of liability in Commitment Conditions 5 and 6.
10.CLASS ACTION
ALL CLAIMS AND DISPUTES ARISING OUT OF OR RELATING TO THIS COMMITMENT, INCLUDING ANY SERVICE OR OTHER MATTER IN
CONNECTION WITH ISSUING THIS COMMITMENT, ANY BREACH OF A COMMITMENT PROVISION, OR ANY OTHER CLAIM OR DISPUTE
ARISING OUT OF OR RELATING TO THE TRANSACTION GIVING RISE TO THIS COMMITMENT, MUST BE BROUGHT IN AN INDIVIDUAL
CAPACITY. NO PARTY MAY SERVE AS PLAINTIFF, CLASS MEMBER, OR PARTICIPANT IN ANY CLASS OR REPRESENTATIVE
PROCEEDING. ANY POLICY ISSUED PURSUANT TO THIS COMMITMENT WILL CONTAIN A CLASS ACTION CONDITION.
11.ARBITRATION
The Policy contains an arbitration clause. All arbitrable matters when the Proposed Amount of Insurance is Two Million And No/100 Dollars
($2,000,000.00) or less may be arbitrated at the election of either the Company or the Proposed Insured as the exclusive remedy of the parties. A
Proposed Insured may review a copy of the arbitration rules at http://www.alta.org/arbitration.
END OF CONDITIONS