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Home My WebLink About200801100247 ,j ..,j. ., " After recording return to: City of Bremerton c/o Thelma Swem 345 6th Street,Ste:600 Bremerton, WA 98337-1873 TRRNSNRTION TITLE INS CO , Deed Rec Fee: $ 43.00 ! 01/10/2008 03:29 PM I Karen Flynn, Kitsap Co Auditor l 11111111111111111111111111111111111111 1111111111111111111111111111111111111111111111111111 "- ----- 200801100247 Page: 1 of 2 Reference: 20336400- -101- -KAB STATUTORY WARRANTY DEED THE GRANTOR(S) Kitsap Credit Union, formerly known as Kitsap Community Federal Credit Union, Kitsap Federal Credit Union, Navy Yard Trades Credit Union and Kitsap Employee's Credit Union, 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 Washington Municipal Corporation the following described real estate, situated in the County of Kitsap, State of Washington: LOTS 8 AND 9, BLOCK 22, TOWN OF BREMERTON, AS PER PLAT RECORDED IN VOLUME 2 OF PLATS, PAGE 30, RECORDS OF KITSAP COUNTY, WASHINGTON; SITUATE IN THE CITY OF BREMERTON, COUNTY OF KITSAP, STATE OF WASHINGTON. Subject to: Those items specifically set forth on Exhibit "A" attached hereto. Abbreviated Legal: (Required if full legal not inserted above.) LOTS 8 AND 9, BLOCK 22, TOWN OF BREMERTON Tax Parcel Number(s): 3718-022-008-0102", Dated: Januarv 2. 2008 /----- ------------ ---~--~-~ SELLER: ( KITSAP COUNTY TREASURER EXCISE 01/10/2~0e 2008EX001SS' . -- -........ Kitsap Credit Union Total : $3209.00 Clerk's Initial _____________ g1/: r/ _//~ ~---------------- ------------~-- ---- - vp-~/(UV~ State of Washington 1L;.l.-c f'l n SS: . County of ~I On this -!l-- day of J'r1nu().,('~ ' ;lOGf:; , before me the undersigned, a Notary Public in a d for he State of Was moton, duly appomted and sworn personally appeared . e '0 -. ret' to me known to be the o of' S _ C' the corporation t at executed the foregoing in trument and acknowledged the said instrument to be the free and voluntary act and deed of said corporation, for the uses and purposes therein mentioned and on oath stated that he.- /$ authorized to execute the said instrument and that the seal affixed (if any) is the corporate seal of said corporation. Given under my hand and official seal the day and year last abov ' fl~ tZ;(/)1j l/af1tlJt~ , Notary Public i and fof. !~;: State of u..h '7/ Residing at i.(Jl1arv My Appointment expires: -Ol-(} Statutory Warranty Deed LPB-10-05 (1/06) TRANSNATION TITLE INSURANCE COMPANY ,. .. .. -~, ... Reference: Statutory Warranty Deed 20336400- -101- -KAB SUJBECT TO: LOCAL IMPROVEMENT ASSESSMENTS, IF ANY, LEVIED BY THE CITY OF BREMERTON. ALL COVENANTS, CONDITIONS, RESTRICTIONS, RESERVATIONS, EASEMENTS OR OTHER SERVITUDES, IF ANY, DISCLOSED BY THE RECORDED PLAT OF TOWN OF BREMERTON. CITY OF BREMERTON ORDINANCE NO. 4907 AND THE TERMS AND CONDITIONS THEREIN, IMPOSED BY INSTRUMENT RECORDED DECEMBER 7, 2004 UNDER AUDITOR'S FILE NO. 200412070311. MATTERS SET FORTH BY SURVEY: RECORDED: RECORDING NO.: DISCLOSES: MARCH 7, 2006 200603070238 STREET LOCATIONS UNRECORDED LEASEHOLDS, IF ANY; RIGHTS OF VENDORS AND HOLDERS OF SECURITY INTERESTS ON PERSONAL PROPERTY INSTALLED UPON THE LAND; AND RIGHTS OF TENANTS TO REMOVE TRADE FIXTURES AT THE EXPIRATION OF THE TERM. TRANSNATION TITLE INS CO 200801100247 Deed Rec Fee: $ 43 00 01/10/2008 03:29 PM Karen Flynn, Kitsap Co Ruditor Page: 2 of 2 IIIII~ III '11'1' II~ IIIIIII~I 1111111111111 ~ll~IIIIIIIIIIIIII 1111111111111 11111 11111111 . ' TRANSNATION TITLEdNSURANCE COMPANY 9619 Levin Road, NW, Silverdale, W A 98383 (360) 692-4556 BUYERS/BORROWERS CLOSING STATEMENT FINAL Buyer/Borrower: City of Bremerton Escrow No: Close Date: Proration Date: Date Prepared: Property: Lots 8 and 9 Town of Bremerton Bremerton, W A 98337 TOTAL CONSIDERATION: Total Consideration wire from buyer PRORATIONS AND ADJUSTMENTS: County Taxes From 01/01/08 To 01/10/08 TITLE AND ESCROW CHARGES: Escrow Sales Tax to Transnation Title Insurance Company Escrow Fee to Transnation Title Insurance Company RECORDING FEES: Recording Fees to Transnation Title Insurance Company Sub Totals Refund Due Buyer/Borrower Totals 20336400-101 EJ\B 01/10/2008 01/10/2008 01/10/2008 $180,000.00 180,452.25 15.40 32.25 375.00 45.00 180,452.25 180,467.65 15.40 $180,467.65 $180,467.65 Printed: 01/10/2008 1 :38:56PM OWNER'S POLICY OF TITLE INSURANCE Issued by Transnation Title Insurance Company %l ~ ^~ *,';:: ii"i i1 p.t iU *^ ~ ~'~ ^~ l l....:c*~ ~~)~,;.~::: ~ s:\...v ~ ~~..:t:~ , Transnation Policy/File No.: 20336400 . Transnation Title Insurance Company is a member of the LandAmerica family of th~ title insurance underwriters. Any notice of claim and any other notice or statement in w.riting required to be given to the Company under this Policy must be given to the Company at the address shown in Section 18 of the Conditions. COVERED RISKS SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B, AND THE CONDITIONS, TRANSNATION TITLE INSURANCE COMPANY, a Nebraska corporation (the "Company") insures, as of Date of Policy and, to the extent stated in Covered Risks 9 and 10, after Date of Policy, against loss or damage, not exceeding the Amount of Insurance, sustained or incurred by the Insured by reason of: 1. Tille being vested other than as stated in Schedule A. 2. Any defect in or lien or encumbrance on the Title. This Covered Risk includes but is not limited to insurance against loss from (a) A defect in the Title caused by (i) forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation; (ii) failure of any person or Entity to have authorized a transfer or conveyance; (iii) a document affecting Title not properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered; (iv) failure to perform those acts necessary to create a document by electronic means authorized by law; . (v) a document executed under a falsified, expired, or otherwise invalid power of attorney; (vi) a document not properly filed, recorded, or indexed in the Public Records including failure to perform those acts by electronic means authorized by law; or (vii) a defective judicial or administrative proceeding. (b) The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but unpaid. (c) 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. The term "encroachment" includes encroachments of existing improvements located on the Land onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land. Unmarketable Title. No right of access to and from the Land... . The violation or enforcement of any law, ordinance, permit, or gQvernmemtal regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to .' . (a) the occupancy, use, or enjoyment of the Land; (b) the character, dimensions, or location of any improvement erected on the Land; (c) the subdivision of land; or (d) environmental protection if a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but only to the extent of the violation or enforcement referred to in that notice. 6. An enforcement action based on the exercise of a governmental police power not covered by Covered Risk 5 if a notice of the enforcement action, describing any part of the Land, is recorded in the Public Records, but only to. the extent of the enforcement referred to in that notice. The exercise of the rights of eminent domain if a notice of the exercise, describing any part of the Land, is recorded in the Public Records. Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge. Title being vested other than as stated in Schedule A or being defective (a) as a result of the avoidance in whole or in part, or from)i.c~urt order providing an alternative remedy, .of a transfer of all or any part of the title to or any interest in the Land occurring' pH or to the transaction vesting Title as shown in Schedule A because that prior transfer constituted a fraudulent or preferential transfer under federal bankruptcy,. state insolvency, or similar creditors' rights laws; or . (b) because the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential transfer under federal bankruptcy, state insolvency, or similar creditors' rights laws by reason of the .failure of its recording in the Public Records (i) to be timely, or (ii) to impart notice of its existence to a purchaser for value or to ajudgment or lien creditor. 10, Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been created or attached or has been filed or recorded in the Public Records subsequent to Date of Policy and prior to the recording of the deed or other instrument of transfer in the Public Records that vests Tille as shown in Schedule A. I 3. 4. 5. 7. 8. 9. The Company will also pay the costs, attorneys' fees, and expenses il)curredin defense of any matter insured against by this Policy, but only to the extent provided in the Conditions. . ALTA 2006 Owner's Policy Jacket Form 81190-128 Valid Only If Schedules A and B 'are Attached am ! ""% ~.,~ ~4 ^ ~"'=%',% ~'% ~<<,~>ll &1''5> ,<"" . '@ ~ "."~ ~A ~ ..::::4 '" ::.n:::s:.~'$.* . II "'-::l '% R......}.~..,.::l ;s( <:;,..H "'Tll :~ f \:....~ ::; ~ t:,~ , Transnation Policy/File No: 20336400 POLICY OF TITLE INSURANCE Issue,d by Transnation Title.Insurance Company SCHEDULE A File No.: 20336400 Address Reference: Lots 8 and 9 Town of Bremerton, Bremerton, WA 98337 Amount of Insurance: $180,000.00 Premium: $570.00 Date of Policy: January 10, 2008 at 3:29 pm 1. Name of Insured: City of Bremerton, a Washington 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. Title is vested in: City of Bremerton, a Washington Municipal; ~o.rPor.ation ,_, ,. .', : 4. The land referred to in this policy is described as follows: In the Exhibit "A" attached hereto and made a part hereof. Transnation Title Insurance Company ~!;,,~s~:p V 8y ALTA 2006 Owner's Policy Page 1 Policy/File No, : 20336400 EXHIBIT "A" LOTS 8 AND 9, BLOCK 22, TOWN OF BREMERTON, AS PER PLAT RECORDED IN VOLUME 2 OF PLATS, PAGE 30, RECORDS OF KITSAP COUNTY, WASHINGTON; SITUATE IN THE CITY OF BREMERTON, COUNTY OF KITSAP, STATE OF WASHINGTON. ALTA 2006 Owner's Policy Page 2 SCHEDULE B Policy/File No.: 20336400 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 the 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 factsl 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 (Q) 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 ~he 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 PROPER1Y TAXES AND SERVICE CHARGES, AS FOllOWS, TOGETHER WITH INTEREST, PENAl1Y AND STATUTORY FORECLOSURE COSTS, IF ANY, AFTER DELINQUENCY: (1ST HALF DELINQUENT ON MAY 1; 2ND HALF DELINQUENT ON NOVEMBER 1) TAX ACCOUNT NO.: 3718-022-008-0102 , YEAR BILLED 2007 $ 624.54 THE CURRENT LEVY CODE IS 0010. PAID $624.54 BALANCE $0.00 ALTA 2006 Owners Policy Page 3 SCHEDULE B ( continued) 2. LOCAL IMPROVEMENT ASSESSMENTS, IF ANY, LEVIED BY THE CITY OF BREMERTON. 3. ALL COVENANTS, CONDITIONS, RESTRICTIONS, RESERVATIONS, EASEMENTS OR OTHER SERVITUDES, IF ANY, DISCLOSED BY THE RECORDED PLAT OF TOWN OF BREMERTON. THIS POUCYDOES NOT INSURE THAT THE, LAND DESCRIBED IN SCHEDULE A IS BENEFITED BY EASEMENTS, COVENANTS OR OTHEp.. APPURTENANCES SHOWN ON THE PLAT OR SURVEY TO BENEFIT OR BURDEN REAL PROPERTY OUTSIDE THE BOUNDARIES OF SAID LAND. 4. CITY OF BREMERTON ORDINANCE NO. 4907 AND THE TERMS AND CONDITIONS THEREIN, IMPOSED BY INSTRUMENT RECORDED DECEMBER 7,2004 UNDER AUDITOR'S FILE NO. 200412070311. 5. MATIERS SET FORTH BY SURVEY: RECORDED: MARCH 7, 2006 RECORDING NO.: 200603070238 DISCLOSES: STREET LOCATIONS 6. UNRECORDED LEASEHOLDS, IF ANY; RIGHTS'OF VENDORS AND HOLDERS OF SECURITY INTERESTS ON PERSONAL PROPERTY INSTALLED UPON THE LAND; AND RIGHTS OF TENANTS TO REMOVE TRADE FIXTURES AT THE ,EXPIRATION OF THE TE~M. , '. 1" _: ~' I :{,:' Page 4 EXCLUSIONS FROM COVERAGE Policy/File No.: 20336400 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 that arise by reason of: 1. (a) Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to (i) the occupancy, use, or enjoyment of the Land; (ii) the character, dimensions, or location of any improvement' erected on the Land; (iii) the subdivision of land; or (iv) environmental protection; or the effect of any violation of these laws, ordinances, or governmental regulations. This Exclusion 1 (a) does not modify or limit the coverage provided under Covered Risk 5. (b) Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 6. Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8. 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 (however, this does not modify or limit the coverage provided under Covered Risk 9 and 10; or ' (e) resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that the transaction vesting the Title as shown in Schedule A, is (a) a fraudulent conveyance or fraudulent transfer; or (b) a preferential transfer for any reason not stated in Covered Risk 9 of this policy, Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the deed or other instrument of transfer in the Public Records that vests Tille as shown in Schedule A 2. 3. 4. 5, " , CONDITIONS 1. DEFINITION OF TERMS The following terms when used in this policy mean: (a) "Amount of Insurance": The amount stated in Schedule A, as may be increased or decreased by endorsement to this. policy, increased by Section 8(b), or decreased by Sections 11 and 12 of these Conditions. (b) "Date of Policy": The date designated as "Date of Policy" in Schedule A (c) '''Entity'': A corporation, partnership, trust, limited liability company, or other similar legal entity. (d) "Insured": The Insured named in Schedule A. (i) The term "In'sured" also includes (A) successors to the Title of the Insured by operation of law as distinguished from purchase, including heirs, devisees, survivors, personal representatives, or next of kin;' (8) successors to an Insured by dissolution,' merger, consolidation, distribution, or reorganization; (C) successors to an Insured by its conversion to another kind of Entity; (D) a grantee of an Insured under a deed delivered without payment of actual valuable consideration conveying the Tille (1) if the stock, shares, memberships, or other equity interests of the grantee are wholly-owned by the named Insured, (2) if the grantee wholly owns the named Insured, (3) if the grantee is wholly-owned by an affiliated Entity of the named Insured, provided the affiliated Entity and the named Insured are both wholly-owned by the same persqn or Entity, or ' (4) if the grantee is a trustee or beneficiary of a trust created by a written instrument established by the Insured named in Schedule A for estate planning purposes. (i) With regard to (A), (8), (C), and (D) reserving, however, all rights and defenses as to any successor that the Company would have had against any predecessor Insured. (e) "Insured Claimant": An Insured claiming loss or damage. (f) "Knowledge" or "Known": Actual knowledge, not constructive knowledge or notice that may be imputed to an Insured by reason of the Public Records or any other records that impart constructive notice of matters affecting the Title ALTA 2006 Owner's Policy Jacket Form 81190-128 (g) "Land": The land described in Schedule A, and affixed " .improvements that by law constitute real property. The term "Land" does not include any property beyond the lines of the area described in Schedule A, nor any right, title, interest, estate, or easement in abutting streets, roads, avenues, alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to and from the Land is insured by this policy. (h) "Mortgage": Mortgage, deed of trust, trust deed, or other security instrument, including one evidenced by electronic means authorized by law. (i) "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 Covered Risk 5(d), '''Public Records" shall also include environmental protection liens , . ."'~ ." .filed in the records of the clerk of the United States District Court . ' 'for the district where the Land is located. U) "Title": The estate or interest described in Schedule A (k) "Unmarketable Title": Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title or lender on the Title to be released from the obligation to purchase, lease, or lend if there is a contractual condition requiring the delivery of marketable title 2. CONTINUATION OF INSURANCE The coverage of this policy shall continue in force as of Date of Policy in favor of an Insured, but only so long as the Insured retains an estate or interest in the Land, or holds an obligation . 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 warranties in any transfer or conveyance of the Title. ,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 obligation 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 5(a) of these Conditions. (ii) in case Knowledge shall come to an Insured hereunder of any claim of tille or interest that is adverse to the Title, as insured, and that might cause loss or damage for which the Company may be li.able by virtue of this policy,' or (iii) if the Title, as insured, is rej'ected as Unmarketable Title. If the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company's liability to the Insured Claimant under the. policy shall be reduced to the extent of the prejudice. 4. PROOF OF LOSS In the event the Company is unable to determine the amount of loss or damage, the Company may, at its option, require as a condition of payment that the Insured Claimant furnish a signed proof of loss. The proof of loss must describe the defect, lien, encumbrance, or other matter insured against by this policy that constitutes the basis of lossor damage and shall state, to the extent possible, the basis of calculating the amount ofthe loss or damage. 5. DEFENSE AND PROSECUTION OF ACTIONS (a) Upon written request by the Insured, and subject to the options contained in Section 7 of these Conditions, 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 covered by this policy adverse to the Insured. This. obligation is limited to only those stated causes of action alleging matters 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. It shall not be liable for and 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 that allege matters not insured against by this policy, (b) The Company shall have the right, in addition to the ,. options contained in Section 7 of these Conditions, at its own cost, . to institute and prosecute any action or proceeding or to do any other act that in its opinion may be necessary or desirable to establish the Title, 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 policy, whether or not it shall be liable to the Insured. The exercise of these rights shall not be an admission of liability or waiver of any provision of this policy. If the Company exercises its rights under this subsection, it must do so diligently. Whenever the Company brings an action or asserts a defense as required or permitted by this policy, the Company may pursue the litigation to a final determination by a court of competent jurisdiction, and it expressly reserves the right, in its sole discretion, to appeal any adverse judgment or order 6. DUTY OF INSURED CLAIMANT TO COOPERATE (a) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding and any appeals, the Insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, including the right 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 securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any other lawful act that in the opinion of the Company may be necessary or desirable to . establish the Title or any other matter 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 (b) The Company may reasonably require the Insured Claimant to submit to examination under oath by any authorized representative of the Company and to produce for examination, inspection, and copying, at such reasonable times and places as may be designated by the authorized representative of the Company, all records, in whatever medium maintained, including books,. ledgers, checks, memoranda, correspondence, reports, e- mails, disks, tapes, and videos whether bearing a date before or after Date of Policy, that 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 of these records in the custody or ALTA 2006 Owner's Policy Jacket Form 81190-128 Policy/File No.: 20336400 , . control of a third party that reasonably pertain to the loss 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 any reasonably requested information, or grant permission to secure reasonably necessary information from third parties as required in this subsection, unless prohibited by law or . governmental regulation, shall terminate any liability of the Company under this policy as to that claim. . 7. 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: (a) To Payor Tender Payment of the Amount of Insurance. 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 that were authorized by the Company up to the time of payment or tender of payment and that the Company is obligated to pay. Upon the exercise by the Company of this option, all liability and obligations of the Company to the Insured under this policy, other than to make the payment required in this subsection, shall terminate, including any liability or obligation to defend, prosecute, . ~r .continue any litigation. (b) To Payor Otherwise Settle With Parties Other Than the . Insured or With the Insured Claimant. (I) To payor otherwise settle with other parties for or in the name of an Insured Claimant any claim insured against under this policy. In addition, the Company will pay any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Compar:lY up to the time of payment and that 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 that were authorized by the Company up to the time of payment and that the Company is obligated to pay. Upon the exercise by the Company of either of the options proyided for in subsections (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. . 8. DETERMINATION AND EXTENT OF LIABILITY This policy is a contract of indemnity against 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. (a) The extent of liability of the Company for loss or damage under this policy shall not exceed the lesser of (i) the Amount of Insurance; or . .'. (iI) the difference between the value of the Tille as ins'ured and the value of the Title subject to the risk insured against by this policy, (b) If the Company pursues its rights under Section 5 of these Conditions and is unsuccessful in establishing the Title, as insured, (i) the Amount of Insurance shall be increased by 10%, and (ii) the Insured Claimant shall have the right to have the loss or damage determined either as of the date the claim was made by the Insured Claimant or as of the date it is settled and paid. (c) In addition to the extent of liability under (a) and (b), the Company will also pay those costs, attorneys' fees, and expenses inc\Jrred in accordance with Sections 5 and 7 of these Conditions 9. ... LIMITATION OF LIABILITY (a) If the Company establishes the Tille, 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 Unmarketable Title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused to the Insured. (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, adverse to the Title, as insured. (c) The Company shall not be liable for loss or damage to the 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 Insurance by the amount of the payment. 11. LIABILITY NONCUMULATIVE The Amount of Insurance shall be reduced by any amount the Company pays 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 executed by an Insured after Date of Policy and which is a charge or lien on the Title, and the amount so paid shall be deemed a payment to the Insured under this policy. 12. PAYMENT OF LOSS When liability and the extent of loss or damage have been definitely fixed in accordance with these Conditions, the payment shall be made within 30 days. 13. RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT (a) Whenever the Company shall have settled and paid a claim under this policy, it shall be subrogated and entitled to the rights of the Insured Claimant in the Title and all other rights and remedies in respect to the claim that the Insured Claimant has against any person or property, to the extent of the amount. of any loss, costs, attorneys' fees, and expenses paid by the Company: If requested by the Company, the Insured Claimant shall execute documents to evidence the transfer to the Company of these rights and remedies. 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 and remedies. If a payment on account of a claim does not fully cover the loss of the Insured Claimarlt, the Company shall defer the exercise of its right to recover until after the Insured Claimant shall have recovered its loss. (b) The Company's right of subrogation includes the rights of the Insured to indemnities, guaranties, other policies of insurance, or bonds, notwithstanding any terms or conditions contained, ,in those instruments that address subrogation rights. 14. ARBITRATION Either the company or the Insured may demand that the claim or controversy shall be submitted to arbitration pursuant to the Title Insurance Arbitration Rules of the American Land Title Association ("Rules"). Except as provided in the Rules, there shall be no joinder or consolidation with claims or controversies of other ALTA 2006 Owner's Policy Jacket Form 81190-128 Policy/File No.: 20336400 persons. 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 in connection with its issuance or the breach of a policy provision, or to any other controversy or claim arising out of the transaction giving rise to this policy. All arbitrable matters when the Amount of Insurance is $2,000,000 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 $2,000,,000 shall be arbitrated only when agreed to by both the Company and the insured. Arbitration pursuant to this policy and under the Rules shall be binding upon the parties. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court of competent jurisdiction. 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT (a) This policy together with all endorsements, if any, attached to it 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 that arises out of the status of the Title or by any action asserting such claim shall be restricted to this policy. ,(c) Any amendment of or endorsement to this policy must be in writing and authenticated by an authorized person, or expressly incorporated by Schedule A of this policy. . (d) Each endorsement to this policy issued at any time is made a part of this policy and is subject to all of its terms and provisions. Except as the endorsement expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsement, (iii) extend the Date of Policy or (iv) increase the Amount of Insurance. 16. SEVERABILITY In the event any 'provision of this policy, in whole or in part, is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision or such part held to be invalid, but all other provisions shall remain in full force and effect. 17,. . CHOICE OF LAW; FORUM , ," (a) Choice of Law: The Insured acknowledges the Company has underwritten the risks covered by this policy and determined the premium charged therefor in reliance upon the law affecting interests in real property and applicable to the interpretation, rights, remedies, or enforcement of policies of title insurance of the jurisdiction where the Land is located. Therefore, the court or an arbitrator shall apply the law of the jurisdiction where the Land is located to determine the validity of claims against the Title that are adverse to the Insured and to interpret and enforce the terms of this policy. In neither case shall the court or arbitrator apply its conflicts of law principles to determine the applicable law. (b) Choice of Forum: Any litigation or other proceeding brought by the Insured against the Company must be filed only in a ,state or federal court within the United States of America or its territories having appropriate jurisdiction. 18. NOTICES, WHERE SET Any notice of claim and any other notice or statement in writing required to be given to the Company under this Policy must be given to the Company at Consumer Affairs Department, P.O. Box 27567, Richmond, Virginia 23261-7567. 'l , ~ Policy/File No.: 20336400 THANK YOU. Title insurance provides for the protection of your real estate investment. We suggest you keep this policy in a safe place where it can be readily available for future reference. If you have questions about title insurance or the coverage provided by this policy, contact the office that issued this policy or you may call or write: Transnation Title Insurance Company Consumer Affairs P.O. Box 27567 Richmond, Virginia 23261-7567 Telephone: toll free 800 446-7086 Web: www.landam.com We thank you for choosing to do business with Transnation Title Insurance Company, and look forward to meeting your future title insurance needs. . . Transnation Title Insurance Company is a member of the LandAmerica family of title insurance underwriters. Iili'''''' :,. <, " x %.-=::: ~ ....~ ';'.':';' ..;.'':::- .::"~ .:,...;...:~ ,."::0 ~..-.: ~ ~...... ....~ ~ [...{:t~ mt..$t..\t * ~~~:~~ ~\,,:f} ~ Transnation . ALTA 2006 Owner's Policy Jacket Form B1190-128 REAL ESTATE PURCHASE AND SALE AGREEMENT This agreement controls the terms of the sale of real prop'erty. (Please read carefully _before si2:oiIi2:.) This Agreement is entered between the CITY OFBREZN, a Washington municipal corporation ("Buyer"), and KITSAP-COMl\H:frUT': FEDER REDIT UNION, a federally chartered credit union ("Seller"); for the sale and purchase ofreal property as follows: 1. PROPERTY. The property, including all improvements and appurtenances situated thereon, which Buyer agrees to buy and Seller agrees to sell, is commonly known to be located at 1028 Burwell, Bremerton, Washington (the "Property"), and which Property is legally described as: Lots 8 & 9, Block 22, Town of Bremerton, as per plat recorded in Volume 2 of Plats, page 30, records of Kit sap County, Washington. A map indicating the location of the Property is attached as Exhibit A, incorporated herein by this reference. 2. EARNEST MONEY. N/A. 3. PURCHASE PRICE. The total purchase price for the Property is One Hundred Eighty Thousand and No/100 Dollars ($180,000), including earnest money, payable on closing. 4. CONTINGENCIES. This agreement is contingent upon: (a) Acceptance of its terms by the Bremerton City Council. (b) Buyers review and approval of the title report on the property prior to Closing. Should any of these contingencies 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 shall be immediately returned to Buyer. 5. CONVEYANCE AND CONDITION OF TITLE. The title to the real 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 Transnation Title Insurance Company, whose address and telephone number is 9619 Levin Road NW Silverdale, Washington 98383, (360 692-4556), to issue a standard form owner's policy of title insurance to Buyer in an amount equal to the total purchase price ofthe Property. The cost of this policy shall be paid from Seller's funds at Closing. For purposes of this Agreement, the following shall not he deemed encumbrances or defects: rights reserved and federal patents or state deeds; building or use REAL ESTATE PURCHASE AND SALE AGREEMENT Page 1 of 4 restrictions consistent with current zoning, and utility and road easements of record. Iftitle canilot 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. 7. CLOSING COSTS AND PRO-RATIONS. The cost of escroW shan be shared equally between Buyer and Seller, except those fees which are expressly limited by Federal Regulation. Seller shall pay for excise tax and revenue stamps. Taxes for the current year, rents, interest, Association, Condominium and/or Homeowner's fees, water and other utility charges, if any, shan be pro-rated as of date of closing unless otherwise agreed. 8. CLOSING OF THE SALE. With the understanding that time is of the essencefor this agreement, this sale shall be closed by which shall also be the termination date of this agreement unless said closing date is extended in writing by mutual agreement of the parties. When notified, the Buyer and Seller will deposit, without delay, in escrow with Transnation Title Insurance Company, all instruments and monies required to complete the transaction in accordance with this agreement. Closing, for the purpose of this agreement, is defined as the date that all documents are executed and the sale proceeds are available for disbursement to the Seller. 9. CASUAL TY LOSS. If prior to closing, improvements on said premises shall be destroyed or materially damaged by fire or other casualty, this agreement, at option of the Buyer, shall become null and void. 10. POSSESSION. Buyer shall be entitled to possession on closing. 11. SELLER'S REPRESENTATIONS. Seller represents that: (a) Seller will maintain the property in present or better condition until time of agreed possession, (b) Seller has no knowledge or notice from any governmental agency of any violation of laws relating to the subject property. (c) the property is not encumbered by any leases. 12. SELLER'S ENVIRONMENTAL REPRESENTATIONS. Sellerrepresents that to the best ofhis/her knowledge that he/she is not aware of existence of, or has caused or allowed to be caused, any environment condition (including, without limitation, a spill, discharge or contamination) that existed as of and/or prior to the closing date or any act of 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. 13. DEFAULT AND ATTORNEY'S FEES. (a) Remedies. If either party defaults hereunder, the non-defaulting party shall have all the rights and remedies available at law or in equity. REAL ESTATE PURCHASE AND SALE AGREEMENT Page 2 of 4 (b) Attorney's Fees and Costs. In the event of litigation to enforce any of the 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 teal estate. Buyer makes no warranty or representation of any kind that this fdOO, or any of its provisions, is intended to meet the factual and legal requiremenfs 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. By signing this agreement, Seller acknowledges that Seller has or has had the opportunity to consult with an attorney regarding Sellers rights and obligations in this agreement. 15. BROKERS FEES/COMMISSIONS. Seller agrees to indeinnify, defend and hold harmless Buyer with respect to any claim by any person or entity claiming through Seller to be entitled to a commission with respect to the transaction contemplated by this agreement. 16. 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. 17. 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, or by facsimile transmission addressed as set forth below: (a) All notices to be given to Buyer shall be addressed as follows: Mayor City of Bremerton 345 6th Street, Suite 600 Bremerton, Washington 98337-1873 (b) All notices to be given to Seller shall be addressed as follows: Uo-ve. w1,ll", S K'rTsLlP CREbil UAJlO,J po 'j5fiJx 'lee D j3f'eWtev-h-> VI. wA QlrS<:61 f 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 stich notice is personally served, or on the date of the facsimile transmission, or on the third day following the day such notice is mailed in accordance with this paragraph. 18. 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. REAL ESTATE PURCHASE AND SALE AGREEMENT Page 3 of 4 19. BINDING EFFECT AND SURVIVAL. This Agreement shall be binding upon parties hereto and their respective heirs, successors and assigns; and the terins, conditions and provisions of this Agreement shall survive the closing of this transaction. 2'0. 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. 21. EXPIRATION OF OFFER. Seller shall have only until 5:00 p.m. on , 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 terininate. IN WItNESS WHEREOF, the parties hereto have executed this Agreement on the date set forth below. SELLER: ~ KITSAP f:Ol\fMUNB'Y FEDERA-b CREDIT UNION Ou-c~ By: IiM E'L/'tTf cq refj? ) Dated: ~ II, .;z CD 7 Dated: APPROVED AS TO FORM: By: R:\Legal\Legal\Files\Current Activ iles\1028 Burwell Purchase\REPSA.doc REAL ESTATE PURCHASE AND SALE AGREEMENT Page 4 of 4 I ~ I ~ 2 /' ~ ~o '102 'l rJv I 'v IJ c::. ,:I"o.{' ~ foo ~~o~ ~ 1 [0.... [L l '4 115116 I I ?,,~oq . j ! ~ ~ ~ J 2 i, T ~ : It J .I~2 J ~ ~ ~ ~ i 7 t 8 c; 101'11 12 c::r lJ ;; 15 ~ /8 , r J'7r10ll I '" 17 1,8 1,9 120 I I ~ WI' 1 " I I I I I I I I I / I 112iJI.,isls .: ~o IJ9 IJ81J7 I I I ~ 3 'r 0 f I i I I I I 10tH 1 I 2 i J I ., J6fJ5 ~ Jl ~ l ~ s 'r 6 i J ~ J 4 I c~ c~ S 6 . I I 1 I I I I I I I I I I I I I I I / I / I I LLtl.:U~:uU ---------------------------------------- --------------------------- ----------, This sketch is provided, without charge, for your infonnation. It is not intended to show all matters related to the property including, but not limited to, area, dimensions, easements, encroachments, or location of boundaries. It is not a part of, nor does it modify, the commitment or policy to which it is attached. The Company assumes NO LIABILITY for any matter related to this sketch. Reference should be made to an accurate survey for further infonnation. 40lJ91J8 J7J:6 J5jJ4 018+ t ] I i cP; ~ ,~, It:) d~ l) I~ l)ff J ~ JJ J2 Jl JO 291 81271 6125 2~2J 22121' ~ ~ ~I ~I ~I I~ I ~ ~ I I I I I II II ~ '7 ~ ~ ~ ~ ~I I~ jl ~ ~ c::::> c::;) c::;) ~ ~~~ c::::> i=:) C:J / / ~ ~I I~" ~ t:) ~ J I I ~ ~ ~I I~ :t ~ ~ ~ 1 OtHo ~ ~ ~! ~ I~ 8<f'9 ;: :f' 12I/J 14~'5 ,6/,71/8 T9~'2~ STREET ~ I I Ii: 317 V ~ -I 0 ~" 1 : ! I,' I bOJl-o, I I I 4'3+001 ~ 1 I I I / I I I I I I 1 i 2 J i 4 I 5 j 6 I 7 i 8 i 9 i 10 i 11 i (2 lJ i 14 i /5 I (6 I ~ ~ 17 118 J J ~ 19 120 EXHIBIT A