HomeMy WebLinkAbout200704300440
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After recording return to:
City of Bremerton
345 6th St, Ste. 600
Bremerton, WA 98337
TRANSNATION TITLE INS
g4igo '~00j e~4 ; ~o 3$", 00 CO 200704300440
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Reference: 20302345- -101- -DWS
STATUTORY WARRANTY DEED
THE GRANTOR(S) McCormick Land Company, Inc., a Washington Corporation,
for and in consideration of Ten ($10.00) Dollars and other good and valuable consideration
in hand paid, conveys and warrants to City of Bremerton, a municipal corporation
the following described real estate, situated in the County of Kitsap, State of Washington:
See Exhibit A attached hereto and made a part hereof.
Subject to: Those items specifically set forth on Exhibit "A" attached hereto.
Abbreviated Legal: (Required if full legal not inserted above.) PORTION NW NW & NE NW, 06
23N OlE
Tax Parcel Number(s): 062301-2-050-2007, 062301-2-011-2005, ,
Dated: April 25, 2007
SELLER:
c.
~--~
KITSAP COUNTY TREASURER EXCISE
04/30/2007
2007EX03220
Total : $2942.00
Clerk's Initial
State of Washington
. 55:
County of ll~V
I certify that I know or have satisfactory evidence that _DOUG SKROBUT is the person
who appeared before me, and said person acknowledged that (he/she) signed this instrument, on
oath stated that (he/she) is authorized to execute the instrument and acknowledged it as the
_Managing Member_ of _McCormick Land Company to be the free and
voluntary act of such party for the uses and purposes mentioned in the instrument.
. \\\\\"111"""",
Dated: 2lJJ. ~",~~S" M ::10 "'"
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Given under my hand and official seal the day and~~,.d~st abov~.~V}~n.
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L\A~ W,~t I i~l'. \~~
i11\-r..VJ,~' . ~ ~ 900Z '6Nnr : .:
otary PUblic and for th 'L~::::~t~ of _W\} \d-:'" ,l~. (.) ~ :l::J:'
Residing at TCJV, ~"'~\... Q\fJ..~l}..-
My Appointment expires: 0' '-0 ....:"~........~~~.'
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Exhibit A
PARCEL I:
THAT PORTION OF THE NORTH HALF OF THE NORTHWEST QUARTER OF SECTION 6, TOWNSHIP 23
NORTH, RANGE 1 EAST, W.M., LYING NORTHWESTERLY OF STATE ROUTE 3;
EXCEPT THAT CERTAIN TRACT OF LAND CONVEYED TO THE STATE OF WASHINGTON BY
INSTRUMENT RECORDED IN VOLUME 656, PAGE 286;
SITUATE IN THE COUNTY OF KITSAP, STATE OF WASHINGTON.
PARCEL II:
THAT PORTION OF THE FOLLOWING DESCRIBED PROPERTY LYING NORTHWESTERLY OF A LINE
DRAWN PARALLEL WITH AND 170 FEET NORTHWESTERLY WHEN MEASURED AT RIGHT ANGLES
FROM THE CENTER LINE SURVEY OF STATE HIGHWAY ROUTE 3 (PSH NO. 21) CONVEYED BY
AUDITOR'S FILE NO. 1122582, DESCRIBED AS FOLLOWS:
THAT PORTION OF THE NORTHWEST QUARTER OF THE NORTHWEST QUARTER, DESCRIBED AS
FOLLOWS:
BEGINNING AT A POINT ON THE NORTHWEST MARGIN OF STATE HIGHWAY NO. 14 (AKA PSH NO.
21 & NOW KNOWN AS SR 3) AS SAID HIGHWAY EXISTED JULY 8, 1957, SAID POINT BEING
SOUTH 88026' EAST 976.29 FEET AND SOUTH 854.54 FEET FROM THE NORTHWEST CORNER OF
SAID SECTION;
THENCE NORTHWESTERLY AT RIGHT ANGLES WITH THE NORTHERLY LINE OF SAID HIGHWAY 200
FEET;
THENCE SOUTHWESTERLY PARALLEL WITH THE NORTHERLY LINE OF SAID HIGHWAY 100 FEET;
THENCE SOUTHEASTERLY 200 FEET TO A POINT ON THE NORTHERLY LINE OF SAID HIGHWAY 100
FEET SOUTHWESTERLY FROM THE POINT OF BEGINNING.:
THENCE NORTHEASTERLY 100 FEET TO THE POINT OF BEGINNING;
SITUATE IN THE COUNTY OF KITSAP, STATE OF WASHINGTON.
SUBJECT TO:
4. RELINQUISHMENT OF ALL EASEMENTS EXISTING, FUTURE OR POTENTIAL, FOR ACCESS,
LIGHT, VIEW AND AIR, AND ALL RIGHTS OF INGRESS, EGRESS AND REGRESS TO, FROM
AND BETWEEN THE LAND AND THE HIGHWAY OR HIGHWAYS TO BE CONSTRUCTED ON
LAND CONVEYED BY DEED.
TO: STATE OF WASHINGTON
DATED: JANUARY 29, 1976
RECORDED: FEBRUARY 9,'1976
RECORDING NO.: 1122582
. TRANSNATION TITLE I
Deed Ree Fee: $ 33.00 NS CO 200704300440
04/30/2007 04:00 PM
Karen Flynn, Kitsap Co Auditor Page: 2 of 2
1111111111111111111111111111111111111111111111111111 1111111111111111111111111111
REAL ESTATE PURCHASE AND SALE AGREEMENT
WITH EARNEST MONEY PROVISION
This contract controls the terms of the sale of real property.
(Please read carefully before si2:nin2:)
This Agreement is entered between the CITY OF BREMERTON, a Washington municipal
corporation, whose mailing address is 345 6th Street, Bremerton, Washington 98337, ("Buyer"), and
McCORMICK LAND COMPANY, a Washington corporation, whose mailing address is 4978 SW
Lake Flora Road, Port Orchard, W A 98367 ("Seller"), for the sale and purchase of real property as
follows:
1. PROPERTY. The real property being sold is vacant land only. The real property
and appurtenances situated thereon, which Buyer agrees to buy and Seller agrees to sell, is
approximately 29.61 acres (the "Property"), which Property is legally described in Exhibit A. A
map indicating the location ofthe Property is depicted in Exhibit B. Exhibits A and B are attached
hereto and incorporated herein by this reference.
2. EARNEST MONEY. Received from the Buyer, One Thousand and Noll 00 Dollars
($1,000.00), as earnest money and part payment on the purchase price of the Property.
3. PURCHASE PRICE. In lieu of condemnation, the total purchase price for the
Property is One Hundred Sixty Five Thousand and Noll 00 Dollars ($165,000.00), including earnest
money, payable on closing.
4. CONTINGENCIES. This agreement is contingent upon:
(a) Acceptance of its terms by the Bremerton City Council.
(b) Buyer's review and approval of the title report on the Property prior to Closing.
(c) A Feasibility Study as follows:
(1) Buyer shall have thirty (30) days from the date of mutual acceptance of this
Agreement to determine, in Buyer's sole and absolute discretion, if the Property is feasible for
investment andlor development by Buyer.
(2) If Buyer fails to notify Seller of its approval ofthe Property, in writing, on or
before the expiration ofthe feasibility period, then this Agreement shall be terminated, and neither
Buyer nor Seller shall have any further rights, duties or obligations hereunder, except that the Earnest
Money held in escrow, by Buyer to Seller shall be immediately returned to Buyer. Buyer agrees to
return the Property to its original state (e.g., fill all boring holes, etc.). Buyer shall notify and obtain
Seller's consent before entering on to the Property to conduct any feasibility study, test, survey,
investigation or examination as Buyer deems necessary; provided that Seller's consent shall not be
Page lof 8
umeasonably withheld. Buyer shall not permit liens or encumbrances to be placed against the
Property for expenses incurred as a result of any work done or studies undertaken by Buyer or at
Buyer's direction, and Buyer shall not damage the Property and will use its best efforts not to
interfere with the Seller's business operations on the Property in any way in the course of conducting
such studies and inspections.
(3) Buyer's feasibility study may include, but is not limited to, soil studies,
utilities availability and capacity, access availability, zoning, environmental assessment, preliminary
architectural and engineering studies and marketing feasibility.
(4) Buyer agrees to conduct its feasibility study at its sole cost and expense and
shall be liable to Seller for any property damage to the Property arising out of the sole negligence of
Buyer or its designated agent while conducting its feasibility study.
(5) Buyer shall provide Seller with the results of all environmental testing, reports
and other studies performed on the Property prior to Closing. In the event of, or discovery of, an
environmental condition on the Property prior to Closing, Buyer may at its sole option, terminate this
agreement.
Should any ofthe contingencies of Section 4 not be met prior to closing, then this Agreement
shall terminate, except neither Buyer nor Seller shall have any further rights, duties, or obligations
hereunder, except that the earnest money held in escrow, by Buyer to Seller shall be immediately
returned to Buyer and except that Buyer shall remain obligated to return the property to its original
condition and remain liable for any property damage arising out of or in connection with Buyer's or
Buyer's agent's acts or omissions in conducting the feasibility study.
5. CONVEYANCE AND CONDITION OF TITLE. The title to the Property shall
be conveyed by Seller to Buyer at closing by Statutory Warranty Deed, free and clear of all liens,
encumbrances or defects except those described in Paragraph 6 below.
6. TITLE INSURANCE. At Closing, Seller shall cause LandAmerica Transnation
Title Insurance Company, whose address and telephone number is 9619 Levin Road NW, Silverdale,
W A 98383, (360) 692-4556, to issue a standard form owner's policy oftitle insurance to Buyer in an
amount equal to the total purchase price ofthe Property, and insuring the Property being discharged
by Seller shall be paid from Seller's funds at Closing. For purposes ofthis Agreement, the following
shall not be deemed encumbrances or defects: rights reserved and federal patents or state deeds;
building or use restrictions consistent with current zoning, and utility and road easements of record.
Iftitle cannot be made so insurable prior to the Closing date called for herein, unless, Buyer elects to
waive such defects or encumbrances, this agreement shall terminate. Buyer shall have no right to
specific performance or damages as a consequence of Seller's inability to provide insurable title.
7. CLOSING COSTS AND PRO-RATIONS. The cost of escrow shall be shared
equally between Buyer and Seller, except those fees which are expressly limited by Federal
Page 20f 8
Regulation. Taxes for the current year, rents, interest, water and other utility charges, if any, shall be
pro-rated as of date of closing unless otherwise agreed.
8. CLOSING OF THE SALE. WITH THE UNDERSTANDING THAT TIME IS
OF THE ESSENCE FOR THIS AGREEMENT, this sale shall be closed by April 30, 2007, which
shall also be the termination date ofthis Agreement unless said closing date is extended in writing by
mutual agreement ofthe parties. When notified, the Buyer and Seller will deposit, without delay, in
escrow with LandAmerica Transnation Title Insurance Company, 9619 Levin Road NW, Silverdale,
W A 98383, all instruments and monies required to complete the transaction in accordance with this
Agreement. Closing, for the purpose ofthis Agreement, is defined as the date that all documents are
executed and the sale proceeds are available for disbursement to the Seller.
9.
POSSESSION. Buyer shall be entitled to possession on Closing.
10.
SELLER'S REPRESENTATIONS. Seller represents:
(a)
closing.
that it will maintain the Property in its present or better condition until the date of
(b) that it has no knowledge or notice from any governmental agency of any violation of
laws relating to the Property.
(c) that the Property is not encumbered by any leases.
11. SELLER'S ENVIRONMENTAL REPRESENTATIONS. Seller represents that to
the best of its knowledge that it is not aware of existence of, or has caused or allowed to be caused,
any environmental condition during Seller's ownership of the Property (including, without
limitation, a spill, discharge or contamination) that existed as of and/or prior to the Closing date or
any act or omission occurring prior to the Closing date, the result of which may require remedial
action pursuant to any federal, state or local law or may be the basis for the assertion of any third
party claims, including claims of governmental entities. This provision shall survive the Closing and
be in addition to Seller's obligation for breach of a representation or warranty as may be set forth
herein. The limitation period for filing claims shall be consistent with applicable statutory and
common law limitations periods.
12. SELLER'S INDEMNITIES: Seller agrees to indemnify and hold harmless the
Buyer, against any and all damages, claims, losses, liabilities, judgments, demands, fees, obligations,
assessments, expenses, and costs, including but not limited to all reasonable attorney's fees and costs
of suit, and including, without limitation, accounting, consulting, engineering and other expenses
which may be imposed upon or incurred by Buyer, or asserted against Buyer as a result of a claim by
any third party or parties (including, without limitation, a governmental entity), arising out of or in
connection with any hazardous waste contamination or other environmental condition existing as of
and/or prior to the closing date, including the exposure of any person to any such environmental
condition, regardless of whether such environmental condition or exposure resulted from Seller's
Page 30f 8
activities or Seller's predecessors in interests, except any and all of Buyer's costs, fees, and expenses
for any environmental assessments, investigations, studies or reviews conducted by Buyer or at
Buyers request whether before or after closing.
Buyer shall notify Seller in writing of any third party claim with reasonable promptness, and
Seller shall have the right to compromise or defend any such claim, provided that such compromise
or defense of such claim does not negate the Seller's obligation to indemnify and hold harmless the
Buyer.
Buyer shall release, indemnify and hold Seller harmless from any and all liabilities,
obligations, judgments, demands, damages, causes of action, claims, costs and expenses, including
but not limited to all reasonable attorney's fees and costs of suit, arising out of or in connection with
any contamination from hazardous waste or an environmental condition on the Property caused
solely by Buyer, its agents and representatives from and after the date of Closing. The indemnities
set forth above shall survive Closing for the applicable statutory and common law limitation periods
of the underlying claims and are in addition to Seller's obligation for breach of representation or
warranty.
13. DEFAULT AND ATTORNEY'S FEES.
(a) BUYER'S DEFAULT. IF BUYER DEFAULTS HEREUNDER, SELLER'S SOLE
REMEDY SHALL BE LIMITED TO DAMAGES AGAINST PURCHASE IN THE LIQUIDATED
AMOUNT OF THE EARNEST MONEY PREVIOUSLY PAID THE BUYER. BUYER AND
SELLER INTEND THAT SAID AMOUNT CONSTITUTES LIQUIDATED DAMAGES: AND
SO AS TO AVOID OTHER COSTS AND EXPENSES TO EITHER P ARTY IN CONNECTION
WITH POTENTIAL LITIGATION ON ACCOUNT OF BUYERS' DEFAULT. BUYER AND
SELLER BELIEVE SAID AMOUNT TO BE A FAIR ESTIMATE OF ACTUAL DAMAGES.
(b) SELLER'S DEFAULT. IF SELLER DEFAULTS HEREUNDER, BUYER SHALL
HAVE ALL THE RIGHTS AND REMEDIES AVAILABLE AT LAW OR IN EQUITY.
(c) ATTORNEY'S FEES AND COSTS. Except as provided in Section 12,
in the event oflitigation to enforce any ofthe terms or provisions herein, each party shall pay all its
own costs and attorney's fees.
14. NOTICE TO SELLER. This form contains provisions for an agreement for the
purchase and sale of real estate. The Buyer makes NO WARRANTY OR REPRESENT A TION OF
ANY KIND that this form, or any of its provisions, is intended to meet the factual and legal
requirements of a particular transaction, or that it accurately reflects that laws of the State of
Washington at the time you enter the agreement. THIS AGREEMENT HAS SIGNIFICANT
LEGAL AND FINANCIAL CONSEQUENCES AND YOU ARE ADVISED TO SEEK
INDEPENDENT LEGAL AND FINANCIAL COUNSEL REGARDING THESE
CONSEQUENCES. IF YOU DO NOT UNDERSTAND THE EFFECT OF ANY PART,
CONSULT YOUR ATTORNEY BEFORE SIGNING.
Page 40f 8
15. NON-MERGER. The terms, conditions, and provisions ofthis Agreement shall not
be deemed merged into the deed, and shall survive the Closing and continue in full force and effect.
16. NOTICES. All notices required or permitted to be given hereunder shall be in
writing and shall be sent U.S. certified mail, return receipt requested, addressed as set forth below:
(a) All notices to be given to Buyer shall be addressed as follows:
City of Bremerton
Attn: Bill McKinney
345 6th Street, Suite 600
Bremerton, W A 98337
(b) All notices to be given to Seller shall be addressed as follows:
McCormick Land Company
Attn: Doug Skrobut
4978 SW Lake Flora Road
Port Orchard, W A 98367
Either party hereto may, by written notice to the other, designate such other address for the
giving of notices as being necessary. All notices shall be deemed given on the day such notice is
personally served, or on the date ofthe facsimile transmission, or on the third day following the day
such notice is mailed in accordance with this paragraph.
17. ENTIRE AGREEMENT. This Agreement, including all incorporated exhibits,
constitutes the full understanding between Seller and Buyer. There have been no verbal or other
agreements that modify this Agreement.
18. BINDING EFFECT AND SURVIVAL. This Agreement shall be binding upon
parties hereto and their respective heirs, successors and assigns; and the terms, conditions and
provisions of this Agreement shall survive the closing of this transaction.
19. DATE OF MUTUAL ACCEPTANCE. For the purposes of this Agreement, the
date of mutual acceptance of this Agreement shall be the last date on which the parties to this
Agreement have executed this Agreement as indicated below.
20. ASSIGNMENT. Buyer may not assign this Agreement or Buyer' s rights hereunder,
without Seller's prior written consent.
21. Seller shall have only until 5:00 p.m. on the April 27, 2007, to accept the purchase
and sale agreement as written, by delivering a signed copy thereof to the Buyer or the Buyer's agent.
If Seller does not so deliver a signed copy within said period, this Agreement shall lapse and all right
of the parties hereunder shall terminate.
Page 50f 8
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date set
forth below.
By:
Its:
rJ t ~\'d(\I\..j-
l.1-1' - o.=t
By:
CARY BOZ
Dated: 1-20 - 0 I
Dated:
APPROVED AS TO FORM:
B~~~~
RO ;- A. LUBOVICH, City All
R:\Legal\Legal\Files\Current Active Files\McCormick Land Purchase\REPSA-Final.doc
Page 60f 8
, .
EXHIBIT A
LEGAL DESCRIPTION
PARCELl
TAX ill: 062301-2-050-2007
RESULTANT PARCEL C OF AUDITOR'S FILENO. 9412160220; BEING THAT PORTION OF
THE NORTH HALF OF THE NORTHWEST QUARTER OF SECTION 6, TOWNSHIP 23
NORTH, RANGE 1 EAST, W.M., LYING NORTHWESTERLY OF STATE ROUTE 3; EXCEPT
THAT CERTAIN TRACT OF LAND CONVEYED TO THE STATE OF WASHINGTON BY
INSTRUMENT RECORDED IN VOLUME 656, PAGE 286
Together with
PARCEL II
TAX ill: 062301-2-011-2005
TH PTN OF THE FDP L Y NWL Y OF A LN DRAWN PL W & 170FT NWL Y WHEN MEAS AT
RIA FR THE CTR LN SURVEY OF S/HWY R T 3 (PSH NO 21) CNVYD BY AUD NO 1122582
DAF, THPTNOFNWl/4NWl/4DAF,BAAP ONTHENW MGN OF S/HWYNO 14 (AKAPSH
NO 21 & NOW KNOWN AS SR 3) AS SD HWY EXIST 7-8-57 SD PT BEING S88*26E 976.29FT
& S 854.54 FT FR THE NW COR OF SD SEC TH NWL Y AT RlW WITH THE NL Y LN OF SD
HWY 200FT TH SWL Y PL W THE NL Y LN OF SD HWY 100FT TH SEL Y 200FT TAP ON THE
NL Y LN OF SD HWY 100FT SWL Y FR THE POB TH NEL Y 100FT TO POB
Page 70f 8
EXHIBIT B
Assessor's Map
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_.-
TRANSNATION TITLE INSURANCE COMPANY
9619 Lcvin Road, NW, Sihcnlalc, WA 98383
(360) 692-4556
BUYERS/BORRO\VERS CLOSING STATEMENT
FINAL
nu~.<:r!rh)ITO\\'<:r:
Cit~, of Bl-cmcl"ton
Escrow No:
Close Dale:
Proration Date:
Date Prepared:
203023~5-1O 1 DWS
04/30/2007
O-l/30/2007
O-l/ 30/2007
Properly:
Cn'di!
TOTAL CONSIDERATION:
TOlal Considcration
BUYERS FUNDS TO CLOSE
PRORATIONS AND ADJUSTMENTS:
Scllcr held Earncst Moncy
i TITLE AN D ESCROW CHARGES:
Escrow Sales Tax to Transnation Title Insurance Company'
Escrow Fee to Transnation Title Insurance Company
RECORDING FEES:
Recording Fees to Transnation Title Insurancc Company
$1 (''i.()()O.UO
Mt,y 0 1 2007
I ()-L-W-U-l
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Sub To(als
165,-lO-l.2-l.
I (,5.-l0-l2-l
/Borrowcr
Totals
$I(j5.-l0-l.2-l' $!(,5.-l0-l2-l"
._-_._._-_.~---------------~~-~----~----~~---_._------~----------.-
Gdiil~:,d' (i;1!'-;jJ\.0ntr,' f-:-I.(,,~~."Ul/':".!
DATE SUBMITTED: March 1,2007
BILL # oi- Ob~
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
.............a.ga.a.........a.........a........a........aa..a.........~....D......D..a....,
SUBJECT: Real Estate Purchase and Sale
Agreement with McCormick Land Company
Committee Meeting Date:
COUNCIL MEETING Date:
Department:
Presenter:
Phone:
March 14, 2007
March 21, 2007
Public Works & Utilities
Bill J\1cKinney
473-5354
SUMMARY: McCol111ick Land Company owns approximately 30 acres of undeveloped property adjacent to Water
Utility forest land. This property had previously been identified in the ] 996 Utilitv Land Management Plan and the
2000 Land Use Guidelines Addendum for potential acquisition. Because of its proximity to current Water Utility
land the property has the potential to be used as an expansion to the Site 2 biosolids application site. The property is
bounded by Bremerton Water Utility land to the north and west; State Highway 3 right-of-way to the southeast; and
a private residence to the south. The property is relatively flat and consists of well drained soils. The property is
stocked with third-growth conifer approximately 25 years old. Land value was determined by a local appraiser
agreed to by the City. The value of $15,000 for existing tree cover was by mutual agreement. McCormick Land
Company has agreed to sell this property to the City for $165,000 total price (land and timber inventory).
ATTACHMENTS: 1. Proposed Real Estate Purchase and Sale Agreement 2. Aerial Photo Exhibit
3. Appraisal Summary Report 4. Proposed Land Purchase Synopsis
FISCAL IMPACTS (Include Budgeted Amount): The total purchase price for the property is $165,000. The 2007
Water Utility budget includes $300,000 for land purchases.
APPROVALS: . , . ~
CITY AITORNEY: ~
FINANCE DIRECTOR: '-. '.. '. .
MAYOR.".,,::,
1
COMMITTEE CHAIR:
COUNCIL PRESIDENT:
.~~~~
~ 2b7(?2 72'
CONSENT AGENDA 0
GENERAL BUSINESS~
PUBLIC HEARING 0
RECOMMENDED MOTION: Move to approve the Real Estate Purchase and Sale Agreement with
McCormick Land Company and authorize the Mayor to finalize and execute the agreement with
substantially the same terms and conditions as presented and further authorize the Mayor to finalize and
execute any and all documents necessary to close transaction.
COUNCIL ACTION, Lve
o Deny
o Table
o Continue 0 No Action
ab, Agenda Bills 2007, REP&S McCormick
Proposed Purchase McCormick land Co. Approx. 30 Acres
o
4,000
Feet
cJgis/arcmap projects/MLC 30 Ac-1
bkm 2-7-07 sc 6000
500
1,000
2,000
3,000
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SYNOPSIS
Proposed Land Purchase - McCormick Land Company Property
City Council Meeting 3/21/2007
Background
Public Works & Utilities has identified approximately 29.6 acres of property owned by
McCormick Land Company (MLC) for acquisition by the City of Bremerton. Because of
proximity to current Water Utility ownership it has the potential to enhance various Water Utility
operations and provide long term benefits to the City of Bremerton. The Water Utility operates
one of its permitted biosolids application sites on land adjacent to the MLC property. General
forest management operations also take place on the Utility lands.
. The MLC property had been previously identified by the City for acquisition in our land
management plan and guidance documents (1996 Utility Land Management Plan
and the 2000 Land Use Guidelines Addendum)
. Acquisition of this property was previously proposed to the City Council's Public Works
Committee (mtg. of 8/7/06) through a land exchange proposed by MLC. Issues on
the City parcel prevented consummation of an agreement. Acquisition is now
proposed as a direct purchase by City
. $300K for "Watershed Land Purchase" is included in the Water Utility's 2007 Capital
Budget
Property Description
Two undeveloped parcels make up this property: Kitsap County Assessor's tax parcel #062301-
2-011-2005 consisting of 0.18 acres Undeveloped Land class, zoned RR; and tax parcel
#062301-2-050-2007 consisting of29.4 acres Forest Land class, zoned RR. The aggregate
property is bounded by Bremerton Water Utility land on the north and west, which is currently
used for forest management and biosolids application; State Highway 3 right-of-way to the
southeast; and a private residence to the south. The aggregate parcel is relatively flat and consists
of well drained soils. The most recent activities on the MLC property were timber harvesting
conducted in the mid-1980's and timber harvest of most of the remaining merchantable trees in
2005. The property is well stocked with third-growth conifer approximately 25 years old.
Typical tree cover on property.
Synopsis MLC Purchase
Portion of property fronting SR 3.
3/6/2007
Values
Land value was established by Richards & Associates appraisal dated 3/20/06. Non-
merchantable conifer (approximately 25 years old) value is by mutual agreement. Value table
follows:
Land
$150,000
Timber
Non-Merch. Timber
$15,000
Total
$165,000
Benefits for City Acquisition
. Blocks up Water Utility ownership -last major parcel along SR3 (over 2000 feet of
highway frontage); bounded by Water Utility property to the north and west
. Adds land compatible for forest management and provides additional acreage suitable for
application of Class B biosolids. Avoids possible future conflicts resulting from
non-compatible uses
. Simplifies management on surrounding Water Utility lands
. Because of location, topography and soils these parcels have potential for other uses in the
future
Issues for Consideration
. MLC has expressed willingness to enter into a sales agreement
. Real Estate Purchase and Sale Agreement prepared by City Legal staff
. City has existing access from West Belfair Valley Road at the Gold Mountain Golf Course
entrance
. Current Kitsap County Zoning described above - adjacent City property zoned as Forest
Management
. If acquired consider Annexation procedure
Vicinity Map
McCormick Land Company Property
...,... Hwy 10
~e.y
=:.~ m
Values
Land value was established by Richards & Associates appraisal dated 3120/06. Non-
merchantable conifer (approximately 25 years old) value is by mutual agreement. Value table
follows:
Land
$150,000
Timber
Non-Merch. Timber
$15,000
Total
$165,000
Benefits for City Acquisition
. Blocks up Water Utility ownership -last major parcel along SR3 (over 2000 feet of
highway frontage); bounded by Water Utility property to the north and west
. Adds land compatible for forest management and provides additional acreage suitable for
application of Class B biosolids. Avoids possible future conflicts resulting from
non-compatible uses
. Simplifies management on surrounding Water Utility lands
. Because of location, topography and soils these parcels have potential for other uses in the
future
Issues for Consideration
. MLC has expressed willingness to enter into a sales agreement
. Real Estate Purchase and Sale Agreement prepared by City Legal staff
. City has existing access from West Belfair Valley Road at the Gold Mountain Golf Course
entrance
. Current Kitsap County Zoning described above - adjacent City property zoned as Forest
Management
. If acquired consider Annexation procedure
Vicinity Map
McCormick Land Company Property
J
--SR3
,.-.... Hwy 10
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McCormick: Acreage
Complete Appraisal, Summary Report
~ SUBJECT
West Side of State Route 3 at its
Intersection with Sunnys10pe Road
Port Orchard, \Vashington 98366
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\Mc-(.u:-.~\.c-\(. kaV\cl 0.)
~ ApPRAISAL BY
Gary D. Lyman, MAl
Jeannette A. Rogers, Associate
Richards & Associates
908 Bertha A venue
Bremerton, Washington 98312
~ DATE OF V ALUA nON
March 20, 2006
~ AUTHORIZATION
Bill McKinney, Forestry Manager
City of Bremerton
3027 Olympus Drive
Bremerton, Washington 98310
06-1432 i\kCorlTllck Acreage
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REAL ESTATE APPRttl S.J& CONSULTANTS
1\1ay 12, 2006
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Bill McKinney, Forestry Manager
City of Bremerton
3027 Olympus Drive
.. Bremerton, \Vashington 98310
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Re: Appraisal of undeveloped acreage on State Route 3, Port Orchard, Washington.
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Dear Mr. McKi11l1ev:
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In accordance v.lith your request, \life have employed all applicable methods of appraisal analysis
required ofa Complete Appraisal and submit our analysis \vithin the follO\vingSummmy Report.
Our instructions \vere to estimate the Market Value of the Fee Simple interest in the subject
property in its current As-Is condition. The client for this appraisal is the City of Bremel1on,
andlor their representatives, and its intended use is to assist in their analysis of the propeliy for
a proposed City ofBremeJionlMcCormick Land Company property exchange. McCormick Land
Company is also recognized, as an intended user of this report.
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PROPERTY OVERVIE\\'
The subject of this appraisal involves 29.61 acres of undeveloped land located on the northwest
side of SR-3 near its intersection with SUl1l1yslope Road SW. This property is landlocked and
essentially represents timber land that is provided periodic access through adjacent City of
Bremerton owned land when it has been logged in the past.
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REPORT TYPE
To develop the opinion of value a Complete Appraisal process as defined by the Uniform
Standards of Professional Appraisal Practice (USPAP) has been utilized, and no depaJiures from
Standard 1 \vere invoked.
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The appraisal analysis is presented in a Summary Reporr format \'\'hich is intended to comply \'v'ith
the reporting requirements set forth under Standqrds Rule 2-2(b) of the Uniform Standards of
Professional Appraisal Practice (USPAP) for a Summary Appraisal Repon. As such, it presents
only summary discussions of the data, reasoning, and analyses that were employed to develop the
appraisers' opinion of value, Supponing documentation concerning the data, reasoning. and
analyses is retained \\'ithin the appraisers' files, The depth of discussion contained \\ithin this
report is speci fie to the needs of the client and for the use stated above. The apprai sers are not
responsible for the unauthorized use of this repOli,
.
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REAL ESTATE AP~RA'I'$?ff'S)& CONSULTANTS
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REPORT CONCLUSIONS
This appraisal takes into account pertinent factors regarding the subject prope11y, and its
conclusions are based on considerable research into current conditiollS \vithin the I(itsap County
rea] estate market. Regiona] and national economic trends have also been considered in respect
to their impact on the local market.
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'{our attention is directed to the folloyving pages of data and analysis from \vhich, in pm1, the
value conclusions \vere derived. After careful consideration of appropriate data, it is our opinion
that the A1arket Value of the Fee Silnple interest in the subject property in its As-Is condition, as
of .March 20, 2006, is estimated to be:
ONE HUNDRED FIFTY THOUSAND DOLLARS
($ 150,000)
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At the above value estimates, it is our opinion that the property could be successfully marketed
for sale \vithin a one year period. If you should have any questions, or require additional
information, please do not hesitate to contact us. Thank you for the opportunity 10 be of service.
Sincerely yours,
,~~
~dx~
Jeannette A. Rogers, Associate
Gary D. Lyman, MAl
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APPRAISAL ASSIGNMENT
PROI>ERTY IDENTIFICATION
The subject of this appraisal involves 29.6] acres of undeveloped land located on the northwest
side of SR-3 near its intersection with Sunl1yslope Road SW. This property is landlocked and
essentially represents timber land that is provided periodic access through adjacent City of
Bremerton owned land when it has been logged in the past.
OSTENSIBLE OWNER
No title report was provided to the appraisers for review and the property ovvnership is assumed
to be the same as the current taxpayer which is indicated by Kitsap County Treasurer's records
to be:
McCormick Land Company
4978 SW Lake Flora Road
Port Orchard, Washington 98367
LEGAL DESCRIPTION
The property is identified for appraisal purposes as Kitsap County Assessor's Tax Parcel Nos.
06230] -2-0] ] -2005 and 06230] -2-050-2007, located within the Northwest Quarter of Section
06, Township 23 North, Range] East, W.M., in Kitsap County, Washington. Legal descriptions
as obtained from Kitsap County Assessor's records are also included in the Addenda section of
this report.
HISTORY OF CONVEYANCE
No sales involving the subject property appear to have occurred within the past five years. A
trade with the City of Bremer ton for land near Anderson Hill Road is being considered, however,
and is the reason for this appraisal report. The exchange of sites it intended to be mutually
beneficial as each party owns land adjacent to the parcels to be traded.
Please note that this discussion of sales history is intended to satisfy appraisal reponing
guidelines only, which are concerned mainly with price levels paid for the property within recent
years, and is not intended to detail all deviations in ownership interest which may have occurred
06-143.2 McCormick Acreage
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APPRAiS>JL ASSiGNMENT
over this time frame. This includes transfers of title, if any, between partnership, corporate,
family and/or marital interests.
fNTli'DTi'QT A DDD AIC'vn
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The fee simple interest in the property is appraised.
INTENDED USE/USER OF THE APPRAISAL
The client of this appraisal is the City of Bremer ton and/or their authorized representatives. The
intended users are the City of Bremerton and the McCormick Land Company. The appraisal is
intended to assist the client in a proposed land exchange. Use of this report by others for any
other purposes is not intended by the appraisers, and no appraiser/client relationship is
considered to exist for any other use or users of this report.
SCOPE OF APPRAISAL
The appraisal process followed in the preparation of this summary report included an on-site
inspection of the subject property; an analysis of pertinent tactors regarding national, regional,
and local economic conditions; an analysis of the Highest and Best Use of the land; and a
comparative analysis with similar properties in the area. Since the subject property consists of
raw land, emphasis in the analysis was placed on the Sales Comparison Approach as it applies
to undeveloped land.
The on-site inspection of the property was conducted on lv/arch 20, 2006, and consisted of a
walking tour of the southeastern and southern perimeters of the site and immediately surrounding
area. Due to topography and limited access, the appraisers were unable to conduct a walking
tour of the entire parceL Photographs were taken during the inspection, and the physical
characteristics of the site were noted. It should be noted that no soils testing was conducted and
this appraisal assumes that no contamination exists which would have an adverse impact on the
value of the property. It is also assumed that the load bearing capacity of the soils is adequate
to allow building construction by standard meth~ds of construction.
In compiling data for the analysis, considerable research was conducted for comparable
undeveloped land sales. Sources of data included Northwest Multiple Listing Service records
06-143.2 McCormick Acreage
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APPRAiSAL ASSiGNMENT
for Kitsap County, MetroScan TM, and in-house file data. Sales documents and other relevant
information (Warranty Deeds, Deeds of Trust, Short Plats, Surveys, etc.) were obtained from
copies of the County Auditor's records, and attempts were made to contact at least one of the
principals or an agent involved in the transaction to confirm the sale. Additional information
relative to tbe property was obtained from a number of sources, including but not limited to the
fo]]O\virig:
] ) On-site visits;
2) Assessor's records;
3) Treasurer' records;
4) Recorded documents;
5) Northwest Aerial Reconnaissance aerial photograph of site dated 7/]4/2005;
6) Kitsap County Soils Surveys;
7) Kitsap County Topographical and Building Limitations Maps.
This appraisal and report format are intended to meet the specific requirements of the Uniform
Standards of Professional Appraisal Practice as formulated by The Appraisal Foundation; in
addition to the minimum reporting standards stipulated by the Appraisal Institute, in which Gary
D. Lyman, MAl, is presently a member in good standing.
RELEVANT DATES
As-Is Value Estimate:
Date of Report:
March 20, 2006, the most recent date of on-site property inspection.
May 12, 2006, the submission date of the appraisal to tbe client.
06-143.2 ~1cCormlc~ Acreage
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PROPERTY DESCRIPTION
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SITE DESCRIPTION - SIZE & SHAPE
The subject prope11y is a 29.6] acre tract of forest land owned by McCormick Land Company.
According to Kitsap County Assessor's records, the property consists of two separate tax parcels
consistmg of roughly 29.43 and 0.] 8 acres. The latter parcel is the remainder of a tract which
v"as acquired for State Route 3. The facing page assessor's maps depicts the configuration of
the triangular shaped assemblage \\'hich has roughly] ,955' of frontage along the northv.,'esterly
side of SR-3.
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TOPOGRAPHY & GROUND COVER
\\lith the exception of a perimeter buffer and areas around a small ravine at the southwest corner
of the property, the tract was clear-cut in about] 983, and subsequently replanted with fir trees.
A separate timber cruise has been commissioned by the City of Bremerton to assess the
commercial value of the existing stand of trees.
Topography of the property is detailed on the following facing page map. As it indicates, the
property generally lies below the grade of its SR - 3 frontage and slopes gently downward from
the south to n011h. Elevations above sea level range from roughly 400' near the south boundary
of the property to roughly 300' near its northeast corner.
SOILS CLASSIFICATIONS
According to the Soils Survey of Kit sap County Area, Washington, published in 1980 by the U.S.
Department of Agriculture, the subject soils generally fall into three main categories detailed as
follows:
Land area along the highway frontage is classified as Alderwood verv grave!!v sandv loam. 0 to
6 oereenl slooes. According to the survey it is:
"A moderately deep and moderately well drained soil on uplands. This soil is suited to urban
development if community seviage systems ~re built. The main limitations are depth to the
cemented hardpan and the seasonal perched water table. In areas of moderate or high population
density, onsite sewage disposal systems often fail or do not function properly during periods of
high rainfall because of these limitations."
06- J 43.2 MCCOrnlld Acreage
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PROPERTY DESCRiPTION
Most of the northern portion of the site consists of Ragnar fine sandv loam, 6 to ]5 lJercent
slolJes. According to the survey:
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"This deep, well drained soil is on terraces and uplands. The Ragnar soil is used mainly for
woodland. Some areas are used for hay, pasture, cropland, and homesites. The main limitation
for use of this soil for urban development is slope. Cutbanks may cave in excavations.;'
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Much of the remaining land area \vithin the center of the site consists of Neilton gravelhi sandv
loam, 0 to 3 lJercenT slolJes. According to the survey:
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"This deep, excessively drained soil is on terraces, benches, and uplands. This Neilton soil is
used for woodland and urban development. Some small areasare used for pasture. Trees can
be harvested throughout the year by using proper equipment. This soil is capable of moderate
production of floral greenery, such as salal, evergreen huckleberry, and western swordfern. This
soil is well suited to urban development. Cutbanks may cave in excavations."
In general, the soils classifications confirm the moderate topography over much of the site and
its ability to be utilized as woodland. Residential construction also appears to be a viable form
of development if access could be obtained.
HAZARl)OUS \V ASTE
No testing of soils was conducted by the appraisers, nor was a Phase 1 Environmental
Assessment provided by an outside source. The land is presently vacant and unimproved, and
no evidence suggests that it has been improved with any form of structures in recent years.
Given these conditions, the likelihood for soils contamination is considered to be low.
Therefore, lacking specific data to the contrary, this appraisal is based on the assumption that no
contamination that would have an adverse impact on property value presently exists on site. In
the event that environmental risks are discovered at a later date, a revised value estimate for the
property may be required. Please note that this revised estimate mayor may not be generated
simply by deducting the estimated costs to cure the environmental conditions. Properties known
to have environmental risks may cany a stigma in the market place which could also affect their
market value.
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PROPERTY DESCRIPTION
EASEMENTS, ENCROACHMENTS & RESTRICTIONS
No title report was provided to the appraisers for review and it is unknown whether or not any
easements and/or private use restrictions encumber the property. None were obvious during our
on-site inspection, however, and in the event that any exist, it is our assumption that they do not
have a material iinpact on the use and/or value of the property.
ACCESS
The subject property has frontage along State Highway No.3, which is classified by the State
DepaJ1ment of Transportation as a "Limited Access Highway." Circa 1950, the State purchased
access rights from individual owners abutting the highway including access rights belonging to
the subject.
One possible means of access for the subject is from the abutting prope11y to the south. This
parcel is improved with a single-family residence and has a developed driveway from SR-3.
However, according to the Department of Transportation, legal access to this parcel was
grandfathered and is for the exclusive use of this property. In order for the subject to obtain
access through this property, permission must be given from both the property owner possessing
this access and the State Depm1ment of Transportation.
Alternative access would have to be provided through City of Bremerton property which lies
adjacent to the north and west. Temporary access was apparently given in 1983 through city-
owned property for the duration of logging activities. Since a private condemnation against a
government entity is not legally possible, there is little to no chance of gaining permanent access
to the subject property across abutting parcels. Consequently, the subject parcel is effectively
"landlocked" .
UTI LlTIES
Public utilities available to the property include power and telephone service from existing lines
ofPuget Sound Energy and QWest Communications. Public water and sewer are not available,
and to our knowledge, there are presently no ex!sting water wells or septic tanle and drainfield
systems developed on the parcel.
06-1432 McCormick Acreage
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PROPERTY DESCRIPTION
TAXES & ASSESSED VALUATION
The subject parcel is taxed under the County's Forest Land designation which was created to
provide tax relief to owners whose property meets certain criteria. This designation requires a
minimum area of 20 acres which is primarily devoted to and used for growing and harvesting
timber. Upon removal oftlle land from this classification, the owner is responsible for payment
of a Compensating Tax. The Compensating Tax is calculated by multiplying the difference
between the current Fair Market Value and the current Forest Land Value, times the current Levy
Rate, times the number of years in the program (not to exceed ten). This tax may be waved if
the property is sold to a government enti ty or to a nonprofit conservancy corporation, exclusively
. for the protection and conservation of lands.
The land use designation, 2006 assessed valuation, and property tax burden, are summarized
below:
Assessed Valuation & Taxes for 2006
Land Uye Assessed Estimated
Tax Lot Designation Value Taxes
06230] -2-050-2007 Forest Land $3,990 $35.58
06230]-2-011-2005 Undeveloped Land $1,880 $16.78
Totals: $5,870 $52.36
ZONING
The site is currently zoned Rural Residential by Kitsap County which allows the creation of new
lots at a maximum density of one (1) dwelling unit per five (5) acres. Existing lots that are small
than five (5) acres are considered to be legal non-conforming sites.
FLOOD ZONE
According to Flood Map Community-Panel N~lmber 530092-0295-13, published by the U.S.
Department of Housing and Urban Development, and dated as of May 15, 1980, the subject
property is located within a designated Zone C. This zone is an area of minimal nooding and
is typical of a majority of Kitsap County's non waterfront area.
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HIGHEST & BEST USE
According to the definition (see page 36), the analysis of highest and best use must meet four
criteria. This use must be (1) physically possible, (2) legally permissible, (3) financially feasible,
and (4) maximally productive. This applies to the land as if vacant and as improved.
AS VACANT
PI-IYSICALL Y POSSIBLE USES
The subject property is large enough to accommodate a wide variety of potential uses. The
topography of most of the parcel is gradually sloping and soils conditions appear to be adequate
to allow development by normal methods of construction. Basic utilities such as power and
telephone service are immediately available to the parcel. The site does not have any legal
access, however, and the potential for obtaining access is extremely speculative. Given these
conditions, the physically possible uses for the overall prope11y in its undeveloped state are
basically limited to its current use of timber production and/or speculation by a purchaser that
believes adequate access could ultimately be obtained.
LEGALLY PERMISSIBLE USES
Legal factors influencing the highest and best use of a site are primarily govermnent regulations
such as zoning, comprehensive plans, and environmental restrictions. The subject is zoned Rural
Residential, ] unit per 5 acres by the Kitsap County zoning ordinance effective February 15,
1999 and many potential combinations for development are possible. Health Department
requirements generally have the greatest impact on development of residential lots. Public sewer
and water are not available and the subject would require installation of an on-site septic tank
and drainfield system, and drilling of an on-site well.
FINANCIALLY FEASIBLE USES
The test for financial feasibility involves a use which is physically possible, legally permissible,
and which generates a return greater than the combined income needed to satisfy operating
expenses, financial expenses, and capital amortization. All uses that are expected to produce a
positive return are regarded as financially feasible. In the subject case, the potentia] of the
subject is severely limited due to the lack of access. The unavailability of access to a public
right-of-way basically limits the subject's use to timber and/or Christmas tree production until
such time as permanent access becomes available.
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MAXIMALLY PRODUCTIVE USES
A maximally productive use is the use among financially feasible alternatives which produces
the greatest net return. With the current zoning of Rural Residential, and the unavailability of
permanent access, Highest and Best Use of the subject site is to continue its use. for forest
management until such time as access can be obtained.
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SITE VALUATION
LAND VALUATION - CORRELATION AND CONCLUSION
The seven sales considered in direct comparison with the subject focused on properties with
limited access, limited availability of utilities, and limited development potential due to either
7nnina {W pnvirnlllllpnt>ll {'nnnitinll~ With tnp pJ({'pntinll {If nnp tr>l1l<;:>l1'1inn Ih>lt {){'{,llITPn in
LJ............~4-~b....... ._...............4-A...___......._.. ................._..............--....... ,. ........ ..~-- -*..--r............... .......... ............... ...........--..................................... _..........._ ........__.........__. ......
December 2002, the remaining transactions all closed within roughly the past 18 months, and
ranged in price from $2,186 to $10,000 per acre.
The high end of the range ($10,000 per acre) was represented by Comparable Sale NO.3. This
is a slightly smaller site that has direct blacktopped frontage on a public roadway and generated
an acreage price that could not be achieved by the subject due to its access issues. On the other
hand, the low end of the range ($2,186 to $3,014 per acre) was generated by Comparable Sales
4, 6, and 7. These are larger sites than the subject and involve properties with environmental
issues in addition to access problems. It is our opinion that these sales set the lower limit of
value [or the subject, which should fail somewhere between the high and low indicates discussed
above. Remaining Comparable Sales 1,2, and 5, range from $4,242 to $7,745 per acre and all
involve smaller sites with similar to superior development potential.
No attempt is made to apply site specific adjustments to each of the comparables in direct
comparison with the subject, given the variables and unknowns associated with its access
problems. Greatest emphasis, however, is placed on the lower end of the mid range comparables
and a rounded value of $5,000 per acre is considered a reasonable estimate. At this value level
(excl uding merchantable timber) the following is indicated for the subject.
29.61 acres @ $5,000 per acre = $148,050
Indicated Land Value, rounded ....................................... $150,000
06.1432 fVlCCOfllllCk Acreage
.32.
R ichards&ssociales
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a
Land merica
Transnation
POLICY OF TITLE INSURANCE
Issued by
Transnation Title Insurance Company
SCHEDULE A
Amount of Insurance: $165,000.00
Premium: $725.00
Date of Policy: April 30, 2007 at 4:00 pm
Policy/File No.: 20302345
1. Name of Insured:
City of Bremerton, a municipal corporation
2. The estate or interest in the land described herein and which is covered by this policy is:
a fee simple estate
3. The estate or interest referred to herein is at the Date of Policy vested in:
City of Bremerton, a municipal corporation
4. The land referred to in this policy is situated in the County of Kitsap, State of Washington, and
is more particularly described in Exhibit "A" attached hereto and made a part hereof.
Trailsnation Title Insurance Company
~ t... gl2 ~)
Authorized Si n ture
By
ALTA Owner's Policy (10-17-92)
Page 1
File No.: 20302345
EXHIBIT "A"
PARCEL I:
THAT PORTION OF THE NORTH HALF OF THE NORTHWEST QUARTER OF SECTION 6,
TOWNSHIP 23 NORTH, RANGE 1 EAST, W.M., LYING NORTHWESTERLY OF STATE ROUTE 3;
EXCEPT THAT CERTAIN TRACT OF LAND CONVEYED TO THE STATE OF WASHINGTON BY
INSTRUMENT RECORDED IN VOLUME 656, PAGE 286;
SITUATE IN THE COUNTY OF KITSAP, STATE OF WASHINGTON.
PARCEL II:
THAT PORTION OF THE FOLLOWING DESCRIBED PROPERTY LYING NORTHWESTERLY OF A
LINE DRAWN PARALLEL WITH AND 170 FEET NORTHWESTERLY WHEN MEASURED AT RIGHT
ANGLES FROM THE CENTER LINE SURVEY OF STATE HIGHWAY ROUTE 3 (PSH NO. 21)
CONVEYED BY AUDITOR'S FILE NO. 1122582, DESCRIBED AS FOLLOWS:
THAT PORTION OF THE NORTHWEST QUARTER OF THE NORTHWEST QUARTER, DESCRIBED
AS FOLLOWS:
BEGINNING AT A POINT ON THE NORTHWEST MARGIN OF STATE HIGHWAY NO. 14 (AKA
PSH NO. 21 & NOW KNOWN AS SR 3) AS SAID HIGHWAY EXISTED JULY 8, 1957, SAID
POINT BEING SOUTH 88026' EAST 976.29 FEET AND SOUTH 854.54 FEET FROM THE
NORTHWEST CORNER OF SAID SECTION;
THENCE NORTHWESTERLY AT RIGHT ANGLES WITH THE NORTHERLY LINE OF SAID
HIGHWAY 200 FEET;
THENCE SOUTHWESTERLY PARALLEL WITH THE NORTHERLY LINE OF SAID HIGHWAY 100
FEET;
THENCE SOUTHEASTERLY 200 FEET TO A POINT ON THE NORTHERLY LINE OF SAID
HIGHWAY 100 FEET SOUTHWESTERLY FROM THE POINT OF BEGINNING;
THENCE NORTHEASTERLY 100 FEET TO THE POINT OF BEGINNING;
SITUATE IN THE COUNTY OF KITSAP, STATE OF WASHINGTON.
ALTA Owner's Policy (10-17-92)
Page 2
File No.: 20302345
SCHEDULE B
EXCEPTIONS FROM COVERAGE
This Policy does not insure against loss or damage (and the Company will not pay costs! attorneys'
fees or expenses) which arise by reason of:
1. Taxes or assessments which are not now payable or which are not shown as existing liens by
the records of any taxing authority that levies taxes or assessments on real property or by th-e
public records; proceedings by a public agency which may result in taxes or assessments! or
notices of such proceedings! whether or not shown by the records of such agency or by the
public records.
2. Any facts! rights! interests or claims which are not shown by the public records but which
could be ascertained by an inspection of the land or which may be asserted by persons in
possession! or claiming to be in possession! thereof.
3. Easements! liens or encumbrances! or claims thereof! which are not shown by the public
records.
4. Any encroachment! encumbrance! violation! variation! or adverse circumstance affecting the
Title that would be disclosed by an accurate and complete land survey of the Land! and that is
not shown by the Public Records.
5. Any lien! or right to a lien! for labor! material! services or equipment! or for contributions to
employee benefit plans! or liens under Workmans' Compensation Acts! not disclosed by the
public records.
6. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing
the issuance thereof; (c) Indian treaty or aboriginal rights! including! but not limited to!
easements or equitable servitudes; or! (d) water rights! claims or title to water! whether or not
the matters. excepted under (a)! (b)! (c) or (d) are shown by the public records.
7. Right of use! control or regulation by the United States of America in the exercise of powers
over navigation; any prohibition or limitation on the use! occupancy or improvement of the
land resulting from the rights of the public or riparian owners to use any waters which may
cover the land or to use any portion of the land which is now or may formerly have been
covered by water.
8. Any service! installation! connection! maintenance or construction charges for sewer! water!
electricity! or garbage collection or disposal! or other utilities unless disclosed as an existing
lien by the public records.
SPECIAL EXCEPTIONS:
1. GENERAL PROPERTY TAXES AND SERVICE CHARGES! AS FOLLOWS! TOGETHER WITH
INTEREST! PENALTY AND STATUTORY FORECLOSURE COSTS! IF ANY! AFTER DELINQUENCY:
(1ST HALF DELINQUENT ON MAY 1; 2ND HALF DELINQUENT ON NOVEMBER 1)
TAX ACCOUNT NO.: 062301-2-050-2007
YEAR BILLED
2007 $ 44.34
THE CURRENT LEVY CODE IS 8139. PARCEL I
PAID
$ 44.34
BALANCE
$ 0.00
2. GENERAL PROPERTY TAXES AND SERVICE CHARGES! AS FOLLOWS! TOGETHER WITH
INTEREST! PENALTY AND STATUTORY FORECLOSURE COSTS! IF ANY! AFTER DELINQUENCY:
(1ST HALF DELINQUENT ON MAY 1; 2ND HALF DELINQUENT ON NOVEMBER 1)
ALTA Owner!s Policy (10-17-92)
Page 3
File No.: 20302345
SCHEDULE B Continued
TAX ACCOUNT NO.:
YEAR
2007
062301-2-011-2005
BILLED
$ 33.86
PAID
$ 33.86
BALANCE
$ 0.00
THE CURRENT LEVY CODE IS 8139. PARCEL II
3. RELINQUISHMENT OF ALL EASEMENTS EXISTING, FUTURE OR POTENTIAL, FOR ACCESS,
LIGHT, VIEW AND AIR, AND ALL RIGHTS OF INGRESS, EGRESS AND REGRESS TO, FROM AND
BETWEEN THE LAND AND THE HIGHWAY OR HIGHWAYS TO BE CONSTRUCTED ON LAND
CONVEYED BY DEED.
TO: STATE OF WASHINGTON
DATED: JANUARY 29, 1976
RECORDED: FEBRUARY 9, 1976
RECORDING NO.: 1122582
ALTA Owner's Policy (10-17-92)
Page 4
~ ~ landAmerice
_ Transnation
9619 Levin Road NW
Silverdale, WA 98383
Phone: 360-692-4556
Fax: 360-698-7509
July 23, 2007
City of Bremerton
345 6th St
Bremerton, WA 98337
YOUR REF:
OUR NO.: 20302345
Attached is your ALTA 1992 Owners Policy policy of title insurance. Please retain it for
future reference with your other closing papers.
Dick Soderstrom
Order No.: 20302345
Issued by
a
landAmerica
Transnation
9619 Levin Road NW
Silverdale, WA 98383
Phone: 360-692-4556
Fax: 360-698-7509
Transnation Title Insurance Company
OWNER'S POLICY OF TITLE INSURANCE
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS
AND STIPULATIONS, Transnation Title Insurance Company, a Nebraska corporation, herein called the Company, insures, as of Date of
Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by
the insured by reason of:
1. Title to the estate or interest described in Schedule A being vested other than as stated therein;
2. Any defect in or lien or encumbrance on the title;
3. Un marketability of the title;
4. Lack of a right of access to and from the land.
The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided
in the Conditions and Stipulations.
Transnation Title Insurance Company
Attest:
Secretary
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President
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys'
fees or expenses which arise by reason of:
1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations)
restricting, regulating, prohibiting or relating to (i) the occupancy, use or enjoyment of the land; (ii) the character, dimensions or
location of any improvement now or hereafter erected on the land; (Iii) a separation in ownership or a change in the dimensions or area
of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the affect of any violation of these laws,
ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or
encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.
(b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a
defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at
Date of Policy.
2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not
excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for
value without knowledge.
3. Defects, liens, encumbrances, adverse claims or other matters:
(a) created, suffered, assumed or agreed to by the insured claimant;
(b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed
in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy;
(c) resulting in no loss or damage to the insured claimant;
(d) attaching or created subsequent to Date of Policy; or
(e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest
insured by this policy.
4. Any claim, which arises out of the transaction vesting in the insured the estate or interest insured by this policy, by reason of the
operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on:
(i) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer;
or
(ii) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the
preferential transfer results from the failure:
(a) to timely record the instrument of transfer; or
(b) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor.
ALTA Owner's Policy 1992 (Revised 10/17/92)
Valid Only If Schedules A and B are Attached
CONDITIONS AND STIPULATIONS
Order No.: 20302345
1. DEFINITION OF TERMS
The following terms when used in this poiicy mean:
(a) "insured": the insured named in Schedule A, and, subject to
any rights or defenses the Company would have had against
the named insured, those who succeed to the interest of the
named insured by operation of law as distinguished from
purchase including, but not limited to, heirs, distributees,
devisees, survivors, personal representatives, next of kin, or
corporate or fiduciary successors.
(b) "insured claimant": an insured claiming loss or damage.
(c) "knowledge" or "known": actual knowledge, not constructive
knowledge or notice which may be imputed to an insured by
reason of the public records as defined in this policy or any
other records which impart constructive notice of matters
affecting the land.
(d) "land": the land described or referred to in Schedule (A), and
improvements affixed thereto which by law constitute real
property. The term "land" does not include any property
beyond the lines of the area described or referred to in
Schedule (A), nor any right, title, interest, estate or easement
in abutting streets, roads, avenues, alleys, lanes, ways or
waterways, but nothing herein shall modify or limit the extent
to which a right of access to and from the land is insured by
this policy.
(e) "mortgage": mortgage, deed of trust, trust deed, or other
security instrument.
(f) "public records": records established under state statutes at
Date of Policy for the purpose of imparting constructive notice
of matters relating to real property to purchasers for value and
without knowledge. With respect to Section I(a) (iv) of the
Exclusions From Coverage, "public records" shall also include
environmental protection liens filed in the records of the clerk
of the United States district court for the district in which the
land is located.
(g) "unmarketability of the title": an alleged or apparent matter
affecting the title to the land, not excluded or excepted from
coverage, which would entitle a purchaser of the estate or
interest described in Schedule A to be released from the
obligation to purchase by virtue of a contractual condition
requiring the delivery of marketable title.
2. CONTINUATION OF INSURANCE AFTER CONVEYANCE OF
TITLE
The coverage of this policy shall continue in force as of Date of
Policy in favor of an insured only so long as the insured retains an estate
or interest in the land, or holds an indebtedness secured by a purchase
money mortgage given by a purchaser from the insured, or only so long
as the insured shall have liability by reason of covenants of warranty
made by the insured in any transfer or conveyance of the estate or
interest. This policy shall not continue in force in favor of any purchaser
from the insured of either (i) an estate or interest in the land, or (iI) an
indebtedness secured by a purchase money mortgage given to the
insured.
3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT
The insured shall notify the Company promptly in writing (i) in case
of any litigation as set forth in Section 4(a) below, (ii) in case knowledge
shall come to an insured hereunder of any claim of title or interest which
is adverse to the title to the estate or interest, as insured, and which
might cause loss or damage for which the Company may be liable by
virtue of this policy, or (iii) if title to the estate or interest, as insured, is
rejected as unmarketable. If prompt notice shall not be given to the
Company, then as to the insured all liability of the Company shall
terminate with regard to the matter or matters for which prompt notice
is required; provided, however, that failure to notify the Company shall
in no case prejudice the rights of any insured under this policy unless the
Company shall be prejudiced by the failure and then only to the extent
of the prejudice.
4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF
INSURED CLAIMANT TO COOPERATE
(a) Upon written request by the insured and subject to the options
contained in Section 6 of these Conditions and Stipulations,
the Company, at its own cost and without unreasonable delay,
shall provide for the defense of an insured in litigation in which
any third party asserts a claim adverse to the title or interest
as insured, but only as to those stated causes of action
alleging a defect, lien or encumbrance or other matter insured
against by this policy. The Company shall have the right to
select counsel of its choice (subject to the right of the insured
to object for reasonable cause) to represent the insured as to
those stated causes of action and shall not be liable for and
ALTA Owner's Policy 1992 (Revised 10/17/92)
will not pay the fees of any other counsel. The Company will
not pay any fees, costs or expenses incurred by the insured in
the defense of those causes of action which allege matters not
insured by this policy.
(b) The Company shall have the right, at its own cost, to institute
and prosecute any action or proceeding or to do any other act
which in its opinion may be necessary or desirable to establish
the titie to the estate or interest, as insured, or to prevent or
reduce loss or damage to the insured. The Company may take
any appropriate action under the terms of this poiicy, whether
or not it shall be liable hereunder, and shall not thereby
concede liability or waive any provision of this policy. If the
Company shall exercise its rights under this para'graph, it shail
do so diligently.
(c) Whenever the Company shall have brought an action or
interposed a defense as required or permitted by the
provisions of this policy, the Company may pursue any
litigation to final determination by a court of competent
jurisdiction and expressly reserves the right, in its sole
discretion, to appeal from any adverse judgment or order.
(d) In all cases where this policy permits or requires th'e Company
to prosecute or provide for the defense of any action or
proceeding, the insured shall secure to the Company the right
to so prosecute or provide defense in the action or procee'ding,
and all appeals therein, and permit the Company to use, at its
option, the name of the insured for this purpose. Whenever
requested by the Company, the insured, at the Company's
expense, shall give the Company all reasonable aid (i) in any
action or proceeding, securing evidence, obtaining witnesses,
prosecuting or defending the action or proceeding, or effecting
settlement, and (iI) in any other lawful act which in the opinion
of the Company may be necessary or desirable to establish the
title to the estate or interest as insured. If the Company is
prejudiced by the failure of the insured to furnish the required
cooperation, the Company's obligations to the insured under
the policy shall terminate, including any liability or obligation
to defend, prosecute, or continue any litigation, with regard to
the matter or matters requiring such cooperation.
5. PROOF OF LOSS OR DAMAGE
In addition to and after the notices required under Section 3 of
these Conditions and Stipulations have been provided the Company, a
proof of loss or damage signed and sworn to by the insured claimant
shall be furnished to the Company within 90 days after the insured
claimant shall ascertain the facts giving rise to the loss or damage. The
proof of loss or damage shall describe the defect in, or lien or
encumbrance on the title, or other matter insured against by this policy
which constitutes the basis of loss or damage and shall state, to the
extent possible, the basis of calculating the amount of the loss or
damage. If the Company is prejudiced by the failure of the insured
claimant to provide the required proof of loss or damage, the Company's
obligations to the insured under the policy shall terminate, including any
liability or obligation to defend, prosecute, or continue any litigation,
with regard to the matter or matters requiring such proof of loss or
damage.
In addition, the insured claimant may reasonably be required to
submit to examination under oath by any authorized representative of
the Company and shall produce for examination, inspection and copying,
at such reasonable times and places as may be designated by any
authorized representative of the Company, all records, books, ledgers,
checks, correspondence and memoranda, whether bearing a date before
or after Date of Policy, which reasonably pertain to the loss or damage.
Further, if requested by any authorized representative of the Company,
the insured claimant shall grant its permission, in writing, for any
authorized representative of the Company to examine, inspect and copy
all records, books, ledgers, checks, correspondence and memoranda in
the custody or control of a third party, which reasonably pertain to the
ioss or damage. All information designated as confidential by the
insured claimant provided to the Company pursuant to this Section shall
not be disclosed to others unless, in the reasonable judgment of the
Company, it is necessary in the administration of the claim. Failure of
the insured claimant to submit for examination under oath, produce
other reasonably requested information or grant permission to secure
reasonably necessary information from third parties as required in this
paragraph shall terminate any liability of the Company under this policy
as to that clai m.
6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS;
TERMINATION OF LIABILITY
In case of a claim under this policy, the Company shall have the
following additional options:
CONDITIONS AND STIPULATIONS (continued)
Order No.: 20302345
(a) To Payor Tender Payment of the Amount of Insurance under
this policy together with any costs, attorneys' fees and
expenses incurred by the insured claimant, which were
authorized by the Company, up to the time of payment or
tender of payment and which the Company is obligated to pay.
Upon the exercise by the Company of this option, all liability
and obligations to the insured under this policy, other than to
make the payment required, shall terminate, including any
liability or obligation to defend, prosecute, or continue any
litigation, and the policy shall be surrendered to the Company
for cancellation.
(b) To Payor Otherwise Settle With Parties Other than the Insured
or With the Insured Ciaimant.
(i) to payor otherwise settle with other parties for or in the
name of an insured claimant any claim insured against
under this policy, together with any costs, attorneys' fees
and expenses incurred by the insured claimant which
were authorized by the Company tip to the time of
payment and which the Company is obligated to pay; or
(ii) to payor otherwise settle with the insured claimant the
loss or damage provided for under this policy, together
with any costs, attorneys' fees and expenses incurred by
the insured claimant which were authorized by the
Company up to the time of payment and which the
Company is obligated to pay.
Upon the exercise by the Company of either of the options provided
for in paragraphs(b), (i) or (ii), the Company's obligations to the insured
under this policy for the claimed loss or damage, other than the
payments required to be made, shall terminate, including any liability or
obligation to defend, prosecute or continue any litigation.
7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE
This polley is a contract of indemnity agpinst actual monetary loss
or damage sustained or incurred by the insured claimant who has
suffered loss or damage by reason of matters insured against by this
policy and only to the extent herein described.
(a) The liability of the Company under this policy shall not exceed
the least of:
(i) the Amount of Insurance stated in Schedule A; or,
(ii) the difference between the value of the Insured estate or
interest as insured and the value of the insured estate or
interest subject to the defect, lien or encumbrance
Insured against by this policy.
(b) In the event the Amount of Insurance stated in Schedule A at
the Date of Policy is less than 80 percent of the value of the
insured estate or interest or the full consideration paid for the
land, whichever is less, or if subsequent to the Date of POlicy
an improvement is erected on the land which increases the
value of the insured estate or interest by at least 20 percent
over the Amount of Insurance stated in Schedule A, then this
Policy is subject to the following:
(i) where no subsequent improvement has been made as to
any partial loss, the Company shall only pay the loss pro
rata in the proportion that the amount of insurance at
Date of Policy bears to the total value of the insured
estate or interest at Date of Policy: or
(iI) where a subsequent improvement has been made, as to
any partial loss, the Company shall only pay the loss pro
rata in the proportion that 120 percent of the Amount of
Insurance stated in Schedule A bears to the sum of the
Amount of Insurance stated in Schedule A and the
amount expended for the improvement.
The provisions of this paragraph shall not apply to costs, attorneys'
fees and expenses for which the Company is liable under this policy, and
shall only apply to that portion of any loss which exceeds, in the
aggregate, 10 percent of the Amount of Insurance stated in Schedule A.
(c) The Company will pay only those costs, attorneys' fees and
expenses incurred in accordance with Section 4 of these
Conditions and Stipulations.
8. APPORTIONMENT
If the land described in Schedule A consists of two or more parcels
which are not used as a single site, and a loss is established affecting
one or more of the parcels but not all, the loss shall be computed and
settled on a pro rata basis as if the amount of insurance under this policy
was divided pro rata as to the value on Date of Policy of each separate
parcel to the whole, exclusive of any Improvements made subsequent to
Date of Policy, unless a liability or value has otherwise been agreed upon
as to each parcel by the Company and the insured at the time of the
issuance of this policy and shown by an express statement or by an
endorsement attached to this policy.
9. LIMITATION OF LIABILITY
ALTA Owner's Policy 1992 (Revised 10/17/92)
(a) If the Company establishes the title, or removes the alleged
defect, lien or encumbrance, or cures the lack of a right of
access to or from the land, or cures the claim of
unmarketability of title, all as insured, in a reasonably diligent
manner by any method, including litigation and the completion
of any appeals therefrom, it shall have fully performed its
obligations with respect to that matter and shall not be liable
for any loss or damage caused thereby.
(b) In the event of any litigation, including litigation by the
Company or with the Company's consent, the Company shall
have no liability for loss or damage until there has been a final
determination by a court of competent jurisdiction, and
disposition of all appeals therefrom, adverse to the title as
insured.
(c) The Company shall" not be liable for loss or damage to any
insured for liability voluntarily assumed by the insured in
settling any claim or suit without the prior written consent of
the Company. "
10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION
OF LIABILITY
All payments under this policy, except payments made for costs,
attorneys' fees and expenses, shall reduce the amount of the insurance
pro tanto.
11. LIABILITY NONCUMULATIVE
It is expressly understood that the amount of insurance under this
policy shall be reduced by any amount the Company may pay under any
policy insuring a mortgage to which exception is taken in Schedule B or
to which the insured has agreed, assumed, or taken subject, or which is
hereafter executed by an insured and which is a charge or lien on the
estate or interest described or referred to in Schedule A, and the amount
so paid shall be deemed a payment under this policy to the insured
owner.
12. PAYMENT OF LOSS
(a) No payment shall be made without producing this policy for
endorsement of the payment unless the policy has been lost or
destroyed, in which case proof of loss or destruction shall be
furnished to the satisfaction of' the Company.
(b) When liability and the extent of loss or damage has been
definitely fixed in accordance with these Conditions and
Stipulations, the loss or damage shall be payable within 30
days thereafter.
13. SUBROGATION UPON PAYMENT OR SETTLEMENT
(a) The Company's Right of Subrogation.
Whenever the Company shall have settled and paid a claim under
this policy, all right of subrogation shall vest in the Company unaffected
by any act of the insured claimant.
The Company shall be subrogated to and be entitled to all rights
and remedies which the insured claimant would have had against any
person or property in respect to the claim had this policy not been
issued. If requested by the Company, the insured claimant shall transfer
to the Company all rights and remedies against any person or property
necessary in order to perfect this right of subrogation. The insured
claimant shall permit the Company to sue, compromise or settle in the
name of the insured claimant and to use the name of the insured
claimant in any transaction or litigation involving these rights or
remedies.
If a payment on account of a claim does not fully cover the loss of
the insured claimant, the Company shall be subrogated to these rights
and remedies in the proportion which the Company's payment bears to
the whole amount of the loss.
If loss should result from any act of the insured claimant, as stated
above, that act shall not void this policy, but the Company, in that
event, shall be required to pay only that part of any losses insured
against by this policy which shall exceed the amount, if any, lost to the
Company by reason of the impairment by the insured claimant of the
Company's right of subrogation.
(b) The Company's Rights Against Non-insured Obligors.
The Company's right of subrogation against non-insured obligors
shali exist and shall include, without limitation, the rights of the insured
to indemnities, guaranties, other policies of insurance or bonds,
notwithstanding any terms or conditions contained in those instruments
which proVide for subrogation rights by reason of this policy.
CONDITIONS AND STIPULATIONS (continued)
14. ARBITRATION
Unless prohibited by applicable law, either the Company or the
insured may demand arbitration pursuant to the Title Insurance
Arbitration Rules of the American Arbitration Association. Arbitrable
matters may include, but are not limited to any controversy or claim
between the Company and the insured arising out of or relating to this
policy, any service of the Company in connection with its issuance or the
breach of a policy provision or other obligation. All arbitrable matters
when the Amount of Insurance is $1,000,000 or less shall be arbitrated
at the option of either the Company or the insured. All arbitrable
matters when the Amount of Insurance is in excess of $1,000,000 shall
be arbitrated only when agreed to by both the Company and the insured.
Arbitration pursuant to this policy and under the Rules in effect on the
date the demand for arbitration is made or, at the option of the insured,
the Rules in effect at Date of Policy shall be binding upon the parties.
The award may include attorneys' fees only if the laws of the state in
which the land is located permit a court to award attorneys' fees to a
prevailing party. Judgment upon the award rendered by the
Arbitrator(s) may be entered in any court having jurisdiction thereof.
The law of the situs of the land shall apply to an arbitration under
the Title Insurance Arbitration Rules.
A copy of the Rules may be obtained from the Company upon
request.
15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE
CONTRACT
(a) This policy together with all endorsements, if any, attached
hereto by the Company is the entire policy and contract
between the insured and the Company. In interpreting any
provision of this policy, this policy shall be construed as a
whole.
(b) Any claim of loss or damage, whether or not based on
negligence, and which arises out of the status of the title to
the estate or interest covered hereby or by any action
asserting such claim, shall be restricted to this policy.
(c) No amendment of or endorsement to this policy can be made
except by a writing endorsed hereon or attached hereto signed
by either the President, a Vice President, the Secretary, an
Assistant Secretary, or validating officer or authorized
signatory of the Company.
16. SEVERABILITY
In the event any provision of the policy is held invalid or
unenforceable under appiicable iaw, the policy shall be deemed not to
include that provision and all other provisions shall remain in full force
a nd effect.
17. NOTICES, WHERE SENT
All notices required to be given the Company and any statement in
writing required to be furnished the Company shall include the number
of this policy and shall be addressed to Consumer Affairs Department,
P.O. Box 27567, Richmond, Virginia 23261-7567.
ALTA Owner's Policy 1992 (Revised 10/17/92)
Order No.: 20302345