4.5. HRSR 09-08-2020 - Laserfiche WebLink

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Schedule B-1 ALTA Commitment Requirements All of the following Requirements must be met: File No: 2020-450 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. 5. A properly executed mortgage from Erin Thomas Cunningham and Tracy Lorraine Cunningham, married to each other to The Bank of Elk River. 6. Mortgage dated 02123116, filed 02125116, as Document No. 816799, Mortgagor: Erin Thomas Cunningham and Tracy Lorraine Cunningham, spouses married to each other, Mortgagee: Mortgage Electronic Registration Systems, Inc. as nominee for Bank of England, to secure an indebtedness of $127,645,00. Release or Subordination Agreement required. 7. Mortgage dated 09116116, filed 01130117, as Document No. 833750, Mortgagor: Erin Thomas Cunningham and Tracy Lorraine Cunningham, a married couple, Mortgagee: the Housing and Redevelopment Authority in and for the City of Elk River, to secure an indebtedness of $22,069.00. Release or Subordination Agreement required. 8. Mortgage dated 09126118, filed 10104118, as Document No. 863081, Mortgagor: Erin T. Cunningham and Tracy L. Cunningham, spouses married to each other, Mortgagee: The Bank of Elk River, to secure an indebtedness of $30,000.00. Release or Subordination Agreement required. 9. If the purpose of this financing is for remodeling or improvement of premises, we should be furnished evidence prior to closing, that bills for labor and material have been paid or an affidavit stating that improvements have not begun. if this financing is not for remodeling or improvements, a letter to that effect should be submitted. 10, Standard Exception D (Gap in Recording Exception). This exception can be waived at closing only if this transaction is closed by Old Republic National Title Insurance Company or one of its policy -issuing agents. Old Republic National Title Insurance Company will provide insurance coverage, subject to terms of the title insurance policy, for any documents recorded with the County Recorder or Registrar of Titles for the period of time between the effective date of the title insurance commitment and the date of recording of the closing documents provided the closing occurs with Old Republic National Title Insurance Company or one of its policy issuing agents. 11. Identification will be required from all parties required to sign documents at closing. 12. Title is vested in Erin Thomas Cunningham and Tracy Lorraine Cunningham, who acquired title from Thomas Martin Cunningham, a single person by Warranty Deed dated 02123116, filed 02125116, as Document No. 816798. This page is only a part of a 2416 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; and Schedule B, Part 11 - Exceptions. ORT Form 4690 B 16)06 Rev, &1-16 Schedule & 1 ALTA COMMOmenl for T1fle Insurance