HomeMy Public PortalAbout1988 Expansion Plan BOISE, IDAHO
1459 TYRELL LANE, SUITE B
BOISE, IDAHO 83706
TELEPHONE: 208 336-1097
STANLEY D.MOE,MAI
JON C.CORLETT,MAI
April 11, 1988 JOE CORLETT,MAI,SRPA
MAURICE J. 'MOE"THERRIEN,MAI
DARREL MATTHEWS,MAI
Mr. Frank Brown
P.O. Box 864
McCall , ID 83638
RE: Memorandum Appraisal of Lot 1 ,
Block 5, Timberlost No. 5
Subdivision, Valley County, Idaho
MS-2602-88
Dear Mr. Brown:
At your request, I have inspected the above-captioned property and have
made investigations and analyses of matters pertinent to the estimation of its
market value in fee simple title, as of April 6, 1988.
The subject is located southerly of the intersection of Reedy Lane and
Fairway Drive in McCall , Idaho. It is located westerly of the McCall Golf
Course, Fairway No. 6. It is the appraiser's understanding that adjoining
land areas near the subject will be developed for the new clubhouse facility.
The subject is a first-tier site in that it is not located directly on
the golf course fairways. However, by virtue of its location, it has excel -
lent exposure to the McCall Golf Course, an 18-hole facility operated by the
city of McCall . The subject has primary frontage on a public street along its
westerly boundary.
Legal Description
The subject is legally described as Lot 1, Block 5, Timberlost V Subdivi -
sion, a tract of land in the NE; of Section 9, and the NW; of Section 10,
Township 18 North, Range 3 East, Boise-Meridian, Valley County, Idaho.
The subject has an estimated acreage of 2.97 acres. It had been pre-
viously approved for the construction of 50 condominium units. However, the
condominium and townhouse market in the McCall area is extremely soft with few
unit sales occurring over the past several years. Therefore, the subject is
not considered to be viable for short term condominium or townhouse develop-
ment.
Market Value Defined
"The most probable price which a property should bring in a competitive
and open market under a77 conditions requisite to a fair sale, the buyer and
Mr. Frank Brown
April 11, 1988
Page 2
seller, each acting prudently, knowledgeably and assuming the price is not
affected by undue stimulus. Implicit in this definition is the consummation
of a sale as of a specified date and the passing of title from seller to buyer
under conditions whereby:
a. buyer and seller are typically motivated;
b. both parties are well informed or well advised, and each acting in what
he considers his own best interest;
C. a reasonable time is allowed for exposure in the open market;
d. payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto; and
e. the price represents the normal consideration for the property sold unaf-
fected by special or creative financing or sales concessions granted by
anyone associated with the sa7e. "1
Highest and Best Use
A definition of highest and best use is "that reasonable and probable use
that supports the highest present value, as defined, as of the effective date
of the appraisal.
Alternatively, that use, from among reasonably probable and legal alter-
native uses, found to be physically possible, appropriately supported, finan-
cially feasible, and which results in highest land value.
The definition immediately above applies specifically to the highest and
best use of the land. It is to be recognized that in cases where a site has
existing improvements on it, the highest and best use may very well be deter-
mined to be different from the existing use. The existing use will continue,
however, unless and until land value in its highest and best use exceeds the
total value of the property in its existing use.
Implied within these definitions is recognition of the contribution of
that specific use to community environment or to community development goals
in addition to wealth maximization of individual property owners. Also im-
plied is that the determination of highest and best use results from the ap-
praiser's judgment and analytical skill, i.e. , that the use determined from
analysis represents an opinion, not a fact to be found. In appraisal prac-
tice, the concept of highest and best use represents the premise upon which
value is based. In the context of most probable selling price (market value)
another appropriate term to reflect highest and best use would be most prob-
1Federal Home Loan Bank Board Office of Examinations and Supervision
Memorandum R-41c (Federal Home Loan Bank of Seattle, September 11, 1986) , pg.
4.
Mr. Frank Brown
April 11, 1988
Page 3
able use. In the co text of investment value, an alternative term would be
most profitable use. "
The estimated highest and best use of the subject at the present time
would most probably be for subdivision as a single-family project. It is
possible that the subject could be developed into approximately seven single-
family sites representing a density of 2.36 units per acre which would be
considered a relatively low density development. This conclusion has been
based on the primary sales activity in the immediate neighborhood which has
consisted of single-family sites. It is possible that the subject could be
acquired and held for an indefinite period for ultimate development of condo-
miniums or townhouses when such demand would permit. However, at this time,
it is quite speculative to assume that the subject would be at its highest and
best use for condominium development.
The subject had good exposure to the McCall Golf Course and surrounding
residential properties. It also has availability of city utilities, as well
as public access. Therefore, its value has been estimated based on a develop-
er's analysis which utilizes market data from nearby land sales and allocates
the costs of development to provide a residual land value for the subject.
Following are sales that were used for comparison to the subject site as
if developed.
Site Sale No. 1
Lot 6 of Block 4 of Timberlost V Subdivision, sold in July of 1987. This
is a golf course fronting site that encloses approximately 15,000 square feet.
It sold under a land sales contract at a selling price of $22,000. It is
residentially zoned. All utilities are generally available to this site in-
cluding central sewer, water, electricity, and telephone services.
This sale would require a downward adjustment to reflect its superior
amenity location, as well as superior sales terms. After adjustment, the
indicated value for a typical subject site, as if developed, would approximate
$15,000.
Site Sale No. 2
Lot 7 of Block 4 of Timberlost V Subdivision, sold in November of 1987.
This site also has golf course frontage and encloses approximately 15,000
square feet. The sale price was $20,000 with cash terms. This sale is simi -
lar to Lot 6 of Block 4 with the exception of sales terms.
2American Institute of Real Estate Appraisers and The Society of Real
Estate Appraisers, Real Estate Appraisal Terminology, Revised Edition, (Bal -
linger Publishing, Cambridge, Massachusetts, 1982) , pp. 126-127.
Mr. Frank Brown
April 11, 1988
Page 4
This sale should be adjusted downwards for superior amenity location when
compared to the subject. After adjustment, the indicated value is $15,000 per
typical site in the subject as developed.
Site Sale No. 3
Lot 29 of the Condominium Plat of Timberlost III Subdivision, sold in May
of 1986. This is a similar site when compared to that proposed for the sub-
ject in that it has no direct golf course frontage. It sold for $15,000 with
cash terms. All utilities were available to this site. Its estimated size is
11,400 square feet.
This sale is considered similar to that proposed for the subject as if
developed. Therefore, the indicated value is $15,000 per site.
Site Sale No. 4
Lot 31 of the Condominium Plat of Timberlost III Subdivision, sold in
October of 1986. This site encloses approximately 8,400 square feet and has
no golf course frontage. It sold under contract terms at a sales price of
$15,000. It is estimated that the smaller site area is offset by the favor-
able sales terms indicating no overall adjustment. Thus, the subject's value
is estimated at a rate of $15,000 per site.
Summary and Conclusions
After adjusted, the above sales indicate the same value. Therefore, an
average site value of $15,000 has been concluded assuming development of the
subject parcel into seven sites.
The next step in this analysis is to process the above data to a final
conclusion of market value for the subject in an as-is condition. This is
accomplished by the Developer's Analysis.
Developer's Analysis
As previously discussed, the gross sales for the subject are estimated at
$15,000 per site assuming development of seven sites. From that amount, a
deduction is made to allow for sales promotion and overhead. This expense is
estimated at ten percent of the gross sales proceeds. Additional development
expenses are deducted at a rate of $1,500 per site which should account for
surveying, platting, and sewer stubs for each of subject sites. This expense
has been estimated at $1,500 per site, or $10,500. A developer's profit is
also deducted from the sales proceeds. This amount is estimated at 20 percent
of sales proceeds. The land residual reflects the anticipated return to the
site over an absorption period. This absorption period is estimated to be 24
months based on observations made by the appraiser of increasing sales activi-
ty in the general neighborhood. The sales proceeds are discounted at a 14
percent annual rate with monthly compounding. It is felt that a 14 percent
Mr. Frank Brown
April 11, 1988
Page 5
discount rate is appropriate in view of underlying risk and respective oppor-
tunity costs. Following is a summary of the developer's analysis.
Developer's Analysis
Lot 1, Block 5, Timberlost V Subdivision
Gross Sales - 7 sites @ $15,000 ea. $105,000
Less: Sales Promotion and Overhead (10%) $-10,500
Sales Proceeds $ 94,500
Less: Development Expenses @ $1,500/site $-10,500
Subtotal $ 84,000
Less: Developer's Profit (20%) $-18,900
Land Residual $ 65,100
Discounted 24 mos. @ 14%
$2,712.50/mo. x 20.8276* _ $ 56,495
Rounded to: $ 56,500
*PW of $1/mo. - 24 mos. @ 14% annual interest.
Summary and Conclusions
Only the Market Data Approach was used to estimate the market value of
the subject property. It was not possible to provide a market data analysis
of the property in an as-is condition by virtue of comparing other vacant
development sites to the subject. There were no recent sales found by the
appraiser after a search of the market and interviews with brokers and devel -
opers in the marketplace. Therefore, only a developer's analysis utilizing
market data involving developed sites was used to estimate the market value of
the subject property in an as-is condition. The Cost and Income Approaches
were not considered applicable to the analysis of the subject property.
Therefore, subject to the assumptions and limiting conditions set forth,
and based on the information and analyses contained in this report and my
Mr. Frank Brown
April 11, 1988
Page 6
files, the estimated market value of the subject property in fee simple title,
as of April 6, 1988, was:
***FIFTY SIX THOUSAND FIVE HUNDRED DOLLARS***
***($56,500)***
It should be clearly understood that this memorandum is limited in scope.
A fully documented narrative appraisal report can be completed upon being
commissioned to do so by the client.
If you should have any further questions, or if I may be of additional
assistance, please do not hesitate to call upon me. Thank you for this oppor-
tunity to be of service.
Respectfully submitted,
MOUNTAIN STATES APPRAISAL_
AND CONSULTING, INC.
C�tr�
orlett, MAI, SRPA
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Certification
I, Joe Corlett, MAI, SRPA, do hereby certify that except as otherwise
noted in this memorandum appraisal :
1. I have personally inspected the subject property.
2. I have no present or contemplated future interest in the real estate that
is the subject of this memorandum appraisal .
3. I have no personal interest or bias with respect to the subject matter of
this memorandum appraisal or the parties involved.
4. My compensation is not contingent on an action or event resulting from
the analyses, opinion, or conclusions in, or the use of, this memorandum
appraisal .
5. To the best of my knowledge and belief, the statements of fact contained
in this memorandum appraisal , upon which the analyses, opinions, and
conclusions expressed herein are based, are true and correct.
6. This memorandum appraisal sets forth all of the limiting conditions im-
posed by the terms of our assignment or by the undersigned affecting the
analyses, opinions, and conclusions in this memorandum appraisal .
7. My analyses, opinions, and conclusions were developed, and this memoran-
dum appraisal has been prepared in conformity with, and is subject to,
the Code of Professional Ethics and Standards of Professional Conduct of
the American Institute of Real Estate Appraisers.
8. No one other than the undersigned prepared the analyses, opinions, and
conclusions concerning real estate that are set forth in this memorandum
appraisal .
9. The reported analyses, opinions, and conclusions are limited by the re-
ported assumptions and limiting conditions, and are my personal , unbiased
professional analyses, opinions, and conclusions.
10. I am currently certified under the voluntary continuing education program
of the American Institute of Real Estate Appraisers.
11. The use of this memorandum appraisal is subject to the requirements of
the American Institute of Real Estate Appraisers relating to review by
its duly authorized representatives.
J e C rlett, MAI, SRPA
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Assumptions and Limiting Conditions
This appraisal was made according to the following assumptions and limit-
ing conditions:
1. No legal questions are considered, such as title, encumbrances, etc. The
property is appraised as though free and clear except as specifically
noted within this report.
2. All dimensions and legal descriptions found through available records or
on-site inspection are assumed to be correct.
3. The subject property will be under management that is competent and
ownership that is responsible.
4. All information as found in data furnished is deemed to be reliable; if
any errors are found, the right is reserved to modify the conclusions.
5. The data and conclusions embodied in this appraisal are a part of the
whole valuation. No part of this appraisal is to be used out of context;
and, by itself alone, no part of this appraisal is necessarily correct in
that it represents only part of the evidence upon which the final esti -
mate of value is based.
6. Disclosure of the contents of this appraisal report is governed by the
bylaws and regulations of the American Institute of Real Estate Apprais-
ers of the National Association of Realtors.
7. Neither all nor any part of the contents of this report (especially any
conclusions as to value, the identity of the appraiser, the firm with
which he is connected, any reference to the American Institute of Real
Estate Appraisers, or to the MAI or RM designations) shall be dissemi-
nated to the public through advertising media, public relations media,
news media, sales media, or any other public means of communication with-
out the prior written consent and approval of the appraiser.
8. We have no knowledge concerning the presence of any hazardous materials
on the site as of the date of the appraisal . We have not conducted any
tests to determine whether or not such hazardous materials and/or related
conditions exist on the site. We recommend that the reader direct any
questions concerning this issue to a firm of registered professional
engineers specializing in providing such testing and analysis. We assume
that the site is free from hazardous waste contamination. Any contamina-
tion subsequently found on the subject site, however, automatically rend-
ers this appraisal null and void.
9. The sketch in this report is included to assist the reader in visualizing
the property. The appraiser has made no survey of the property and as-
sumes no responsibility in connection with such matters.
10. The various approaches to value and mathematical calculations used in
estimating value are merely aids to the formulation of the opinion of
value expressed by the appraiser in this report. In these calculations,
Assumptions and Limiting Conditions, Cont'd.
certain arithmetical figures are rounded off to the nearest significant
amount.
11 . Employment to make this appraisal does not require testimony in court
unless mutually satisfactory arrangements are made in advance.
12. The contents of this report, and the work product required to prepare it,
is considerably less than that required for a completely documented ap-
praisal report. If court testimony is required by the appraiser, it will
be necessary to prepared a completely documented appraisal report before
such testimony is given.
13. In order to better estimate the value of the property as a whole, the
value of the land and the improvements may be shown separately; however,
the value shown for either may or may not be its correct fair market
value.
14. This appraisal has been made on the premise that construction of the pro-
posed subdivision improvements had been completed according to typical
subdivision specifications, and sufficient time had passed for absorp-
tion. This time has been estimated at 24 months. Should absorption vary
from that estimated herein, or anticipated development expenses vary from
those estimated herein, a reanalysis would be necessary by the appraiser.
15. The appraiser assumes that there are no hidden or apparent conditions of
the property, subsoil , or structures, which would render it more or less
valuable. The appraiser assumes no responsibility for such conditions,
or for engineering which might be required to discover such factors.
16. The appraiser assumes no responsibility for any structural or equipment
defects hidden or unapparent, or conditions such as substandard insula-
tion, plumbing or wiring, water leaks, defective roof condition, settle-
ment, or structure problems; or for engineering which might be required
to discover such conditions or factors.
17. The appraiser does not warranty the value of the condition of the proper-
ty. The client and/or purchaser should satisfy himself/herself that the
price and the condition of the property are acceptable.
18. The value conclusion reported assumes typical financing terms available
to the subject property.
Photographs
70
Southeasterly view of subject from
Reedy
Southeasterly view from subject towards golf course.
Photographs of the Subject, Cont'd.
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Westerly view along Reedy Lane, subject on left.
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Easterly view along Reedy Lane, subject on right.
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QUALIFICATIONS OF G. JOSEPH CORLETT, MAI, SRPA
Biographic Data
Born in Nampa, Idaho; raised in Boise, Idaho. Summer employment as farm
laborer, data processing assistant, and supply clerk for Bank of Idaho.
After graduation from University of Idaho, full -time fee appraiser.
Education
Elementary School - Boise, Idaho
High School - San Rafael Military Academy, San Rafael , California
College - University of Idaho (Bachelor of Science Degree in Business,
Major in Finance) - 1973
AIREA Appraisal Courses Passed (Since 1973) :
I-A Basic Appraisal Principles, Methods & Techniques - 2 weeks
I-B Capitalization Theory & Techniques - 2 weeks
II Urban Properties - 2 weeks
VII Industrial Properties - 1 week
VIII Single-Family Residential Appraisal - 1 week
Cap. III Capitalization Theory & Techniques, Part 3 - 1 week -
1980
II-3 Standards of Professional Practice - 1982 & 1986
VI Investment Analysis - 1984
X Market Analysis - 1987
University Courses:
Principles of Real Estate
The Appraisal of Real Estate
Seminars:
Graduate Realtors Institute Course 100
SREA Narrative Report Seminar on Income Producing Property Condominium
Seminar
R-2 Examination and Math Stat Finance
AIREA Capitalization Workshop
AIREA Feasibility Seminar
SREA Instructor' s Clinic, Course 101 - Purdue University
Leasehold Seminar
Hotel/Motel Seminar
Money Markets
FHLBB R-41B Seminar - 1986
Real Estate and Taxation
FHLBB R-41C Seminar - 1987
Market Analysis Seminar - 1987
Professional Practice Seminar - 1986
SREA - Professional Practice - 1988
QUALIFICATIONS OF G. JOSEPH CORLETT, MAI, SRPA, Cont'd.
Business Activities and Positions
Fee appraiser and an owner of Mountain States Appraisal and Consulting,
Inc. , March 1976 to date.* Narrative report experience consists of ap-
praising numerous commercial , industrial , and special -purpose properties.
Currently appraising commercial , industrial , special use, and subdivision
properties. Qualified expert witness in District and Federal Courts.
Senior instructor for SREA Course 101 .
Affiliations and Memberships
American Institute of Real Estate Appraisers - Professional Designation,
MAI
Society of Real estate Appraisers - Professional Designation, SRPA
AIREA Chapter No. 55 President (1986) ; Various Local , Regional , and
National Committees
Society of Real Estate Appraisers - Vice President, Chapter No. 157
(1976-1977) and (1978-1979) ; 1st Vice President (1980-1981) ; President
(1981-1982)
Homebuilder's Association of Southwestern Idaho - Associate Council
Chairman (1978)
International Right-of-Way Association
American Arbitration Association
Society of Real Estate Appraisers - National Young Advisory Council
(1977 & 1979)
Licensed Appraiser - State of Oregon
Commercial Pilot No. 518541427
MaJor Clients Served
First Interstate Bank
First Security Bank
Idaho First National Bank
Idaho Bank & Trust
Home Federal Savings & Loan
United First Federal Savings & Loan
Northwest Savings & Loan
Equitable Savings & Loan
Provident Federal Savings & Loan
Old Stone Mortgage Corporation
American Savings & Loan
Bank of America
Western Union
State of Idaho
Federal National Mortgage Association
City of Boise
Various United States Governmental Agencies
Numerous Private Clients and Corporations
*Corlett Associates - May 1 , 1974 to March, 1976
Form No.1342(1982)
ALTA Plain Language Commitment
r 41
QST A M E R I c
First American Title Insurance Company
INFORMATION
The Title Insurance Commitment is a legal contract between you and the company. It is issued to
show the basis on which we will issue a Title Insurance Policy to you. The Policy will insure you against
certain risks to the land title, subject to the limitations shown in the Policy.
The Company will give you a sample of the Policy form, if you ask.
The Commitment is based on the land title as of the Commitment Date. Any changes in the land
title or the transaction may affect the Commitment and the Policy.
The Commitment is subject to its Requirements, Exceptions and Conditions.
THIS INFORMATION IS NOT PART OF THE TITLE INSURANCE COMMITMENT.
TABLE OF CONTENTS
Page
AGREEMENT TO ISSUE POLICY 1
SCHEDULE A
1. Commitment Date 2
2. Policies to be Issued, Amounts and Proposed Insureds 2
3. Interest in the Land and Owner 2
4. Description of the Land 2
SCHEDULE B-1 — Requirements 3
SCHEDULE B-2 — Exceptions 4
CONDITIONS other side of 1
YOU SHOULD READ THE COMMITMENT VERY CAREFULLY.
If you have any questions about the Commitment, please contact the issuing office.
Form No.it 343(1982)
ALTA Plair..Language Commitment
COMMITMENT FOR TITLE INSURANCE
ISSUED BY
First American Title Insurance Company
AMEN Central Idaho Title,Inc
5 jp 301 Park Street
P.O.Box 1024
McCall,Idaho 83638
7s. (208)634-2153
Agent for:
First American Title Insurance Ca
_
AGREEMENT TO ISSUE POLICY
We agree to issue a policy to you according to the terms of this Commitment. When we show the policy
amount and your name as the proposed insured in Schedule A, this Commitment becomes effective as of the Com-
mitment Date shown in Schedule A.
If the Requirements shown in this Commitment have not been met within six months after the Commitment
Date, our obligation under this Commitment will end. Also, our obligation under this Commitment will end when the
Policy is issued and then our obligation to you will be under the Policy.
Our obligation under this Commitment is limited by the following:
The Provisions in Schedule A.
The Requirements in Schedule B-1.
The Exceptions in Schedule B-2.
The Conditions on the other side of this page 1.
This Commitment is not valid without SCHEDULE A and Sections 1 and 2 of SCHEDULE B.
First American Title Insurance Company
BY YPRESIDENT
ATTESTmm SECRETARY
r
BY COUNTERSIGNED
D 1
CONDITIONS
1. DEFINITIONS
(a) "Mortgage" means mortgage, deed of trust or other security instrument. (b) "Public Records" means title
records that give constructive notice of matters affecting the title according to the state law where the land
is located.
2. LATER DEFECTS
The Exceptions in Schedule B - Section 2 may be amended to show any defects, liens or encumbrances that
appear for the first time in the public records or are created or attached between the Commitment Date and
the date on which all of the Requirements (a) and (c) of Schedule B - Section 1 are met. We shall have no
liability to you because of this amendment.
3. EXISTING DEFECTS
If any defects, liens or encumbrances existing at Commitment Date are not shown in Schedule B, we may
amend Schedule B to show them. If we do amend Schedule B to show these defects, liens or encumbrances,
we shall be liable to you according to Paragraph 4 below unless you knew of this information and did not tell
us about it in writing.
4. LIMITATION OF OUR LIABILITY
Our only obligation is to issue to you the Policy referred to in this Commitment, when you have met its
Requirements. If we have any liability to you for any loss you incur because of an error in this Commitment,
our liability will be limited to your actual loss caused by your relying on this Commitment when you acted in
good faith to:
comply with the Requirements shown in Schedule B - Section 1
or
eliminate with our written consent any Exceptions shown in
Schedule B - Section 2.
We shall not be liable for more than the Policy Amount shown in Schedule A of this Commitment and our
liability is subject to the terms of the Policy form to be issued to you.
5. CLAIMS MUST BE BASED ON THIS COMMITMENT
Any claim, whether or not based on negligence, which you may have against us concerning the title to the
land must be based on this Commitment and is subject to its terms.
SCHEDULE A
ORDER NUMBER T-5588
COMMITMENT FOR TITLE INSURANCE
1. EFFECTIVE DATE: April 4, 1994 @ 1:00 p.m.
2. POLICY or POLICIES TO BE ISSUED: AMOUNT PREMIUM
(%) (a) Owner's Standard Coverage $105,000.00 $605.00
ALTA Form 1402-87(4-6-90)
Proposed Insured: Dan W. Doherty and Sheila M. Doherty, or assigns
( ) (b) $ $
ALTA Form 1056-87(4-6-90)
Proposed Insured:
( ) (c) ENDORSEMENTS TO ISSUE: $
3. The estate or interest in the land described or referred to in this commitment
and covered herein is fee simple and title thereto is at the effective date
hereof vested in:
Village of McCall
4. The land referred to in this Commitment is situated in the State of Idaho, County of
Valley and is described as follows:
(Old golf course Club House Property, Part of SEI/4 SE1/4 4-18-3) (Legal to be announced
later)
The records of the Valley County Tax Rolls disclose the above property address as:
1627 DAVIS STREET, MCCALL, IDAHO 83638
Schedule B - Section 1
T-5588
Requirements
The following requirements must be met:
(a) Pay the agreed amounts for the interest in the land and/or the mortgage to be
insured.
(b) Pay us the premiums, fees and charges for the policy.
(c) Documents satisfactory to us creating the interest in the land and/or the
mortgage to be insured must be signed, delivered and recorded.
(d) You must tell us in writing the names of anyone not referred to in this
Commitment who will get an interest in the land or who will make a loan on the
land. We may make additional requirements or exceptions.
(e) Other
We require a certified copy of the corporate resolution authorizing
the sale and directing the execution of the forthcoming deed.
(f) You must give us the following information:
1. Any off record leases, surveys, etc.
2. Statement(s) of identity, all parties.
3. Other
SCHEDULE B
Exceptions
ORDER NUMBER T-5588
1. Taxes or assessments 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.
2. Any facts, rights, interest, or claims which are not shown by the public
records but which could be ascertained by an inspection of said land or by
making inquiry of persons in possession thereof.
3. Easements, claims of easements or encumbrances which are not shown by the
public records.
4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments,
or any other facts which a correct survey would disclose, and which are not
shown by public records.
5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or
in Acts authorizing the issuance thereof; (c) water rights, claims or title
to water whether or not the matters excepted under (a) , (b) , or (c) are
shown by the public records.
6. Any lien, or right to lien, for services, labor or material theretofore or
hereafter furnished, imposed by law as not shown by the public records.
7. Taxes for the year 1994 are an accruing lien and not yet due or payable.
8. Right-of-way granted to The Village of McCall, recorded June 24, 1916 in Book 41
of Deeds, page 203, under Instrument No. 24520.
9. The Right of Reversion as described in deed from McCall Chamber of Commerce, a
Corporation to Village of McCall recorded August 23, 1939, Book 19 of Deeds, page
203, under Instrument No. 25578, substantially as follows:
This conveyance and grant is made upon the express conditions that said premises
shall be used as a golf course and for golf purposes and, in the event that said
premises are not so used, said property and the title thereto shall revert to said
party of the first part, and all right, title and interest of said party of the
second part shall cease and terminate, it being expressly understood and agreed
that, as part of the consideration for this grant, said described premises be used
and maintained as a golf course by said party of the second part and for golf
purposes, and that this grant and conveyance is made expressly upon such condition
subsequent and that all right, title and interest of said party of the second part
shall cease and terminate in the event that said premises are not so used and
maintained, and title revert to said party of the first part as hereinbefore
provided.
cont.
Schedule B
T-5588
(continued)
NOTE: 1993 TAXES IN THE AMOUNT OF $NOT AVAILABLE
PARCEL NO. NOT AVAILABLE
Valley County Treasurer (208) 382-4293
NOTE: Pursuant to the State of Idaho insurance regulation: A
cancellation fee will be charge on all cancelled orders, unless
notified to the contrary, all orders shall be cancelled and a
billing sent within 6 months of the effective date on the
commitment.
NOTE: Should you have any questions with regard to the items referred
to on Schedule B, or need copies of said documents, please
contact Jo Proctor or Joanne Dyer, Title Officers, at CENTRAL
IDAHO TITLE, INC. , 301 Park Street, McCall, Idaho 83638,
or call 1-800-568-6940, locally (208) 634-2153.
I Nlj - -----
corner I of /, Rock g VEXHIBIT "A"
Oo�is ReOCl7 Trocls k. _ _� ._....:._.
I
I
SO°O.i'c /
I
—50 1 I
I I Greenbrier Condos
I
I Bk 7, P9 77 of plat.
I /so v' '
/
East ,� 70.0.- 220.0
�, 3
en S
16114C/fJri-i O
c:)
I
V �
I �
I
I
23�� 89
THIS SKETCH IS ONLY TO ASSIST
IN LOCATING THE PREMISES, ells.
CENTRAL IDAHO TITLE
ASSUMES NO LIABILITY FOR LOSS
OR DAMAGE WHICH MAY RESULT
FROM RELIANCE ON THIS MAP, � �keJc_ 0/1
O/ly clubhouse parcel
\ `�siluole in
SF- 4 SE 4, .Sec q, T. 16N.? R 3 E., 8.41
Sco/e C11
y of �19cCa//, Vo//ej, County, /doho
Kerr Surge}inQ April, /99/
i l
g00K-:PAGE
'aXIM TIMBERLOST VI � PLATS
FAIRWAY RIDGE PHASE
a resubdivision of Lot 51,
Timberlost W, and a portion
/rim ehNt,S!t.sb6 foes,
of Unit 1, Bock 5, Tifterbst V �`.UtM
s City of McCall, Valley County, Idaho 1dMV aft=w is
Kerr iuurrveying
HEALTH CERTIFICATE
Sanitary rostrictiaroter�ei
coda 0`5"18 50,� f ,�
No awns slid aorn6vct any b<!idn4 I ,� 14,700�•�
dwefn�a shelter wI if1 /Mates the I ` /`, 1r� 3
9 of water or>eMage fockies for 8tf n a z so
persoro.u•Irg Such pram' LPN sanitary
netrtrictlon rep'anents am Nld v
tot.No. /1 I 11,5541 Bearings based on state Plane Grid Azimuth
��h c s ,Er I C, ' LEGEND .
10,055 '`
'\ � �. • SET s/e'6 30•REBAR
l]ot• n i ca / 55 j I'� ?�b1 SET 1/2'6 24'REBAR
A! • 4\•9 ..� / lO``,' �' SET 112CO;24'REHAB AT ALL LNT
R 7u,. •.... /I CWBERS N LOT„9
..........
W u • ` -`.�,\/L, L� 54 ._� EAVE LUT LW
LI . �� IST\ �•, , 10,035 �T..._53,_bQ :' _ OMAAL LOT LIFE
tt
�' B �< \. :/ N} 10,040 �+`+ Bic.e.Pcsiu or PLATS
Boas ERLOsr V, .�
o \ °9e 19
/ re.
Ter7poray `VJ 12 Of POtS No building or shelter which wl r ire a
Emergency �a C� •+E�/!/ e •,� �+.-!a6. C6 O water supply or a sewage dispoad�«l facility
Vehicle �. r for people using the prerrws%;Ibdr•such
Access O + ♦ / 4 a• �;� �� building or shelter is located shai'be erected
Easement / /' r'►:b �����4 until written approval is first obtained from
/ ,y7 \•�► 4+6,,;Q`•'�'w o6z �Q the State Board of Health byitsadmini-
•b,,� \� strator or his delegate approving plans ad
La! 7 BIOdc 5 �`'b'f �� ��► a S4 specifications either for public water and/
/ I Tirtt)erbst V tb \/ / �° H °j w or sewage f«iities or indlwdud parcel
Bk. 7,Pg. 20 �'' •`�► '`�' /� / hRr, water and/or"wage facilities.
•�r: I Q of plats This plot is subject to compliance with
/ ;• l ��` DIVOT LANE Lc. Section 31-3805. No irrigation
• I I CURVE TABLE \ �// " / �"�e�/ .fir water eha► �. to any ler
MD DELTA CIO CND MG LEN \
. I cl 7e.W' 111'OS'20` 46.1a• S 3496.10` E 5'.2s, W �w 1. /�6 yN No let�tnd be s vided.
ort; W c2 M.S6' 0`e'Ot' 10`12'00` W .lz'
3 26.16• er4!•40` 36.78• 5 66'42'Or w 43.17• /tpw C�(]
G 212.Do' Int•21• 64.64• S 2r13•]r w 64.e0' ,tOrap, I 59 1813 `alp / 1„ ; 13 SCCG/9.e.�1'7�a�-S :'✓�T2./�C.
0S 212,10 0`27.30` 20.20• S W43'Sr W 20.21' V
\ / I U 74.S!' 0`21'01' 10.9
2• S 1r12'O; W 10..3• 1 -71-4.'
ce 174.W ITOe'20` 78.46' S 23'S2.40` W ]e.7e• N Pis / AC. L S 8.•47'23'E
276.00' 2700'Or 64.60' N 2730'Or E 6S.S4• r- 6 a.
Ce 2]7.00' 1743.41' 36.63' S 20`08•t0` W 36.78' Wa 710r� I eqw 6tOr \ E
CIO 283.W' 00]2'20` 2.b• N 34'43'a0` E 2.40' Y7 'le' _ _ ¢7 pyLy GIP
C11 el.S6' OrN'Ol' 6.02' N 16'12.00` E O.OS' __.-__-_ P� N09HfE eBLSr Q
CII 223.00• 2700'Or ee.72• N 2730'Or E 80.32'
0 s MW0 w I _ C13 230.00' 2700'or 66.68' N 2730'W E 100.]e' N X00`4 E _ _ _ _ -
a>� -O- LINE TABLE -I- 0.0.36 road deecoti., s°°0`f" °"r -vb,,
1} o] buy S/s r0`. sec LEN
N n/16 CLEMENTS ROAD "'°'
L I S 0010'71' w 26.W'
bud LZ s 80`49.08' E 11.74• o9"e r
y�4 L3 5 26'06•W w 26.W' Nr N,
aerl.eMd�9Bv9 L4 N 6783'35" a 21.13' /990Q�
LS s 34.16•ZS w 13.1/•
L6 N 1471.30` E 14.10-
L7 N 29"11.41' E 14.06' ry
L8 N 3120`47 E 14-12-
L,
4.lY ILL.]
(C��
Le N W f0'sl' E 20.W
L 11 S 60`46'0e' E 14.74' J
L11 s orlo•st' w u.W' Q Q
n^•"' SHEET 1 OF 2
AtdkA
scl ;�
1&i.1cui
1� I
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BOOK L PAGE 2Z'$L
OF PLATS
E INST NO. g/$a_5�7
CERTIFICATE OF ODNERI APPROVAL OF THE CITY IYORKB
of U Au AEN do THESE PMIESe-cof o I Prot w •NWwd w Lb owAw BUPER(NTENDANT
of w/oAbwiq 10,T od Pawl E A&A aCNy M w SW N
MW1 o/Section D,T.M K R J E BPI.pty N AaC4 NWr
Aides,mo Fe portkWary olmoo d w Mhf G THE LtVERSXM CRY WORKS SUPER/ATMANT N AND FOR TIE CITY DF AkCALL,
A/A77ARY
VALLEY COUNTY,UAfD,IE7EHY APPROVE THS PUT OF ryRtBE1R.OST K FARWAY
C of o blaws3 ,I rn City f (/{Canes Xasnwnn h tNYur• _ AAO NATALE
RIDGE PHASE',
9 and D,T.C N,R.S E�1L, 0- o/ikC4 Vey CUP& THERSHP THAT /1
AioM;fnwc.,S!Y'!r 2J E D90 t rt ���rryr�//w.wMwb MRTHER5f7P .-L
=yt o/said S, Nw{tow F foot ryrt�/ N pr�nls SEAL Y,`ITY WORKS SLPERNTETDAN AA-CALL.DAHO
Sfresr;tharr.�s,K 0'OD'Ir E 666.SI/«f iirr�y wl/
way to an o ..P — rnwkip w wtpU of oMw IN 4
Tirbwbrt VL w.how,on w Of".*PIN V~an R 1*
19 of of w Rscordw or vd,y car.ay,ri,e► rw.ea " _ APPROVAL OF THE CITY PLANNING AND
N o/Prot;w REAL PONT OF tI.low,
Thww,o.Fontkv K 9'08'1r E JULJS foot Jo o 3/1'forty. ZONING COYYISS►ON
Uwrc.,S.M• 00 E am root to e S/l
thence,K 24 Br 00'09'00'E 500-"2724 foot to.Nl=, ACCEPTED AAD APPROVED THS ILDAY OF � 19 BY THE CITY LSF AkCALL
th—,S.6Y•ID'Jr E. 26M roof ro o ri�r - PLAHMG AAO ZON.G COFMSWNthwcw,S 6J•3J'Jr E 22lSS foot ro e niaRrwrce,s Ie•Sr or M7 L76.00 tett ro ,.res.
the ,S.12•p'or w,WOO foot to a 51 rsM,
nce
thwres.S 17•Jf/'Or w_fu-6 Foot to e S/6 r.rw nrfaly w
rvtfnowt canes of Lot pp,,odd rb,*~K
V—.K 72'20'SY'W wtoo foot dory w MrBI bvjWvy of
said Lot 12 to o 518'robs,
ff-x,S 20'2!'Or206.R roof to a 5/6'1 obw rnwrir w
nawwt carnes o,M.Ler L3. APPROVAL OF THE CITY OF YcCALL
BrK ncs, 69'4r 09'w,16.81 root to w PeiM NK
contaiiq J.72—n,—,a Aaoo.
Bsaipr
G THE LMERSUAIED CRY CLEW N AAD FOR THE pTY OF AkCALL,VALLEY COINTY
mood on Stop/tarn 0!Ai AsireAh A ADTARY DAHO,HEREB CERTFY A7 RE TNG OF THE CRY COUICL HELD
LALRE E. ON THE�DAY OF ,-PLAT OF T6f8fT6.OST Vl
iHNT FARWAY RIDGE 5 DU.Y AXxf'P AAD VED.
TNAT R 6 THE AT. THEY A THE p4)CATD TO AO MY 00 Tl'EHSIF OQ M-O»I,L. /I ' 1.
LAND N/H'fS PLAT. THE EASEIE}/TS IDCAIED�SAD T SEAL •� f; C 'h/Y Y
THE BUT THE MGHT TO USE SAD EASDVM B
ALL VAHO
RESERVID FOR PUMLC UMITFS AND FOR 9"Oritir AS
Aro AD STRUCIUES OTHfR THAN FLM SUM UTETrY ro i*z *i
WITIN THE L,ES OF THE EASEb4WM
ALL ROADS SFDWN ON TFC FOXECOM PLAT AXE AVVATE AAD THE ary HAS MO O
41
RESPON58RTY N COAWCTM HEIEMTH �rA wn'roH4
THE OWNERS/EAEBY LOPIFY THAT THE PD MAAL LOTS DOW N M MT ILL fir
SERVED BY THE ary OF ACCALL PMX WA TER SYSTEM
THE 0*7ERS FURTHER CERTFY THAT THEY"u COMLY WIN CANO CM`�^� APPROVAL OF THE COUNTY SURVEYOR
CONCER TWO RMA TION RGHTS AAD DSCLOSEME
_ L LESLE L.AMMWAI J PROHFSSKMAL LAAO SURVEYOR FOR VALLEY COLNrY,DAHHO Do
FARWAY Imp NC. _
HEIEEBY CERTFY THAT I HAVE CHECKED dED THS PLAT ATHAT R NTTH Tf�
_ STATE OF DAFD COLE RELAlIrr,i0 FLATS AAD SURKYS /aw,�
OdV C.AEp.EY,PAR/IIf,WVT L MMLEY
VALLEY COLNr
s
BY: orlit, b/ +,►
AIAALAI AW A NOTARY L. AIIY.`•
AELE S.
THAT CERTIFICATE OF THE COUNTY TREASURER
BY: I WY7 G NAND NTLIE
THE twERsowD COUNTY TREASAFOR THE COUNTY OF VAy,STATE
E. AR/fER SEAL IRUER OF DAHD,PER THE REOUWEAENTS OF LC.50-M&00 HEREBY CERTFY THAT ANY AND
ALL CURRENT AID OR DELFIQUENT COUNTY PROPERTY TAXES FOR THE PROPERTY
BY: KY D. PAR14 6QVW �FOR?E r (IN INS SLMVMN 0 OPALDY N FUl. THS Q7R/EICA TDM 6
•C'P.» e3At5 000 oSip {.rp
0275 ooSools
- LA rE COUNTY TREASURER
ACKNOWLSDOErsxT
COUNT O VA 1 SS, CERTIFICATE OF COUNTY RECORDER
STA TE
OF VALLEY I
NSTRUEMT MA MP
ON THS LAID FOR OF A W OR STATE OF DAD 1
RATE N A/O FOR SAD STA 7E RY?AyS Do,
APP( Op,H OF COUNTY OF VALLEY
AEDLEY,IOOONTi TO AE TO BE PARIHEHUS OF FARW'A�y�/�
EXECUTED THE WITHW/P671RAENT AND AGorpNlm6m/0 i(T►N 1 1 HEREBY CERTFY THAT TIS NSTNRAEHT WAS FLED FOR RECORD AT THE REQUEST OF
AG
EXECUTED THE SAW. .AT_WAS F5 PAST_OLD AT _Al,ON THS
N WIRESS N/E71aEOF l IU K HE WWO S[T W HARD Alp AFTIID W Lr►OIL DAY OF .9_,AND OLCY RECORDED N BOGY(
TFE OAY AID YEM N THS CDRTFCATE fkST AWOK M�TTDI _ OF
FLATS ON PAGE
A NOTARY PU.Kr FOR THE STATE OF DAHA7 DEPUTY IX-OFFCD RECORDER
m= JAISET 2 OF Z
L
s
T1 11 BE R LOST 7"
_A TRACT OF LAND IN THE NEA OF SECTION 9 AND THE uY • OF SECTION 10 TI■u ■sc ■ u
VALLEY COUNTY, IDAHO
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KNOW ALL MEN DY THESE P2ESENT.S: Thr/ CWS IJEVELOPMENT
wLeInh ,wandde
OMPANadP.o/fSLews,wv/ iEnZ(-A,TNE/,�f/CQMNNJIEdR
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cos odi, /diho; the a 30.0/'�wa/cr-.�lhs aaal,bior/no/ary%ios Pa+;d ACKNOWLEDGMENT
eubdi�is, and/hs,or�/Lc/ion /h.rsof; OO Pis//o a aMe/pi/� /b.nos STATE OF/IDAHO ii S.S
Ne 9.3 20'�', 5 0'01'4,9'W,'1la.G✓b/e�f /o+efN/ COUNTY OF AL7A 1
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, day o/' /,P' ,/97�• 1���o ray
C.w S. DEVELOPMENT C:LWIP,CNY ��Jaiw rr�
��cyy-�O� Cavn/ n9,irNr res ~ fy,/deho
Eii/ F- Chan /er...T s ee cr fo L�`,�r
APPROVAL Qf CENTRAL O/STR/CT HEALTH OEP.4 ENT
sen:l�ry fhie pi/+..her.6y m .da co d�j fo fh.///w- b b.
AC&NOWL60CM6NT read en r. wi/h /h. 0I /y Qece.d r er h;:�.,'f, /i 9 /h ens l eve e
STATE O-//JAWO l( Pero w/.
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day on ysrr ,n /his car/i P,crfe �i�s� rbove wr,/�n.
My Comrvri.e/on s/pired: c(I.t��y
Ne/ary vt/b/,c ov�e SAe/e o /daho APPROVAL Of CO!/NTY CA"M/SS/ONE'Re
Ax.p/.d +rro/ aoare�ed l,S,b-oLyP ,/s Z, by fbs saerd eP
Coun/y Cemmiasi ones o/7 Vi//may Cou,o fy,fd ho.
APAMROVAL OIC' C/TY COUNC/L �ti%ren
C,/v C/ s fbr /h. O,/ oP Mc C-//, V.///e
Coun fy, /doho, /re � cur/j Py�nha/+t r ref ,(dam n,ee lin{ 0!7 fhs Ci/y
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/A srmUMENT N//N1BER /oaeTs'
Ci Iy /lr.f«MG //, /d,SO
STATE OF PDA HO S.S.
PPROVAL OF CC171" iN6./Ni'ER E^'M V.LL
AFsY
ed C,/>, En�,nser, n♦n�f!ar //S. Ci fy o/7 t• '1 a✓ /�� minis/.s pdsf�o'o%elr�M err fh,i�dsy of
heroby reprove fhs p.(sf o `T/MBE,QL/OST
�o 'J
Eno! er-.MCCr//, f epufy @<-0PO'o,'o ,?sooro4r
itiLET NO.2 OF<
DRAFT OF 1 .171� _
FOR DISCUSSI w. , :.._ 4duLS ONLY
ESCROW CLOSING INSTRUCTIONS
Instructions effective , 1988 by CWS Development
Company, an Idaho general partnership ("CWS") and The Club Hill
Partners, an Idaho general partnership ("Club Hill") to Central
Idaho Title, Inc. , an Idaho corporation ("Closing Agent") .
1. Background.
A. Sale of Real Property. Warren H. Brown and Jayne J.
Brown, husband and wife ("Browns") and the City of McCall , a
municipal corporation of the State of Idaho ("McCall") executed an
"Option to Purchase" dated July 2 , 1988 . The Option to Purchase
provides in part that the Browns shall sell to McCall real property
located in Valley County, Idaho, and more particularly described
as follows:
Unit 1, Block 5 of Timberlost V Condominiums,
as shown on the Plat for Timberlost V appearing
in the records of Valley County, Idaho as
Instrument No. 1000751 and as defined and
described in that Condominium Declaration for
Timberlost Condominiums V placed in the records
of Valley County, Idaho as Instrument No.
100077 .
B. Closing on Sale. Closing on the transaction
referenced in 1 A. above is scheduled for December 15, 1988 , or
such earlier date as the Browns and McCall mutually agree
("Closing") . The Closing Agent has been designated as the escrow
closing agent for the Closing.
2 . Delivery of Documents to Escrow. In order to permit the
Closing, CWS and Club Hill hereby deliver to the Closing Agent the
following documents to be held in accordance with these
instructions:
ESCROW CLOSING INSTRUCTIONS - 1
A. Club Hill Partial Reconveyance Deed. A Deed of
Partial Reconveyance reconveying certain real property covered by
a deed of trust in favor of Club Hill ("Club Hill Partial
Reconveyance Deed") .
B. Palestine Bank Reconveyance Deed. A Deed of
Reconveyance reconveying certain real property covered by a deed
of trust in favor of First National Bank of Palestine Texas
("Palestine Bank Reconveyance Deed") .
C. CDI Deed. One original of a Deed from Clubhouse
Development, Inc. to CWS ("CDI Deed") .
D. McCall Parcel Deed from CWS. One original of a
Partnership Warranty Deed from CWS to the Browns for the real
property described in Section 1 above and to be transferred to
McCall ("McCall Parcel Deed") .
E. Brown Parcel Deed from CWS. One original of a
Partnership Warranty Deed from CWS to the Browns for real property
located in Valley County, Idaho near the McCall golf course ("Brown
Parcel Deed") .
F. Unit 2 Deed from CWS. One original of a Partnership
Warranty Deed from CWS to Club Hill for Unit 2 , Block 2 of
Timberlost V Condominiums ("Unit 2 Deed") .
G. Club Hill Parcel Deed from CWS. One original of a
Partnership Warranty Deed from CWS to Club Hill for real property
located in Valley County, Idaho near the McCall golf course ("Club
Hill Parcel Deed") .
H. Assignment of Deed of Trust. An Assignment of Deed
of Trust by CWS to Club Hill ("Assignment of Deed of Trust") .
3 . Conditions Precedent to Use of Documents. The Closing
Agent is authorized and directed to proceed as set forth in Section
4 below only if the Closing Agent is in a position to finalize the
Closing.
ESCROW CLOSING INSTRUCTIONS - 2
4 . Use and Delivery of Documents. At Closing and if the
conditions set forth in Section 3 above are fully satisfied, the
Closing Agent is instructed to proceed as follows:
A. Record Documents. Record with the Valley County,
Idaho Recorder the following documents in the order listed: (i) the
Club Hill Partial Reconveyance Deed; (ii) the Palestine Bank
Reconveyance Deed; (iii) the CDI Deed; (iv) the McCall Parcel Deed;
(v) the Brown Parcel Deed; (vi) the Unit 2 Deed; (vii) the Club
Hill Parcel Deed; and (viii) the Assignment of Deed of Trust.
B. Deliver Documents. Deliver the recorded originals
of the documents described in Section 4 . A. to Lee B. Dillion at
the following address:
CHANDLER, DILLION & ALLYN
CHARTERED
325 West Idaho Street
Boise, ID 83702-6040
(208) 344-8990
S. Return of Documents. These Instructions are effective
until December 31, 1988 . If you are unable or unwilling to comply
with these instructions on or before such date, then you are
instructed to return the documents identified in Section 2 above
to CWS and Club Hill upon written request of CWS and Club Hill .
6. General Provisions.
A. Limitation of Closing Agent' s Responsibilities. The
Closing Agent is bound solely by the provisions set forth in these
Instructions and the instructions of the other parties to the
Closing. The CWS and Club Hill acknowledge and agree that, except
as expressly provided in the preceding sentence, the Closing Agent
is not a party to any other agreement, including, without
limitation, the agreements referenced in Sections 1 and 2 above.
ESCROW CLOSING INSTRUCTIONS - 3
i
B. Governing Law, Jurisdiction, and venue. This
Agreement shall be construed and interpreted in accordance with the
laws of the State of Idaho. The parties agree that the courts of
Idaho shall have exclusive jurisdiction and agree that Ada County
is the proper venue.
C. Time of the Essence. Time is of the essence with
respect to the obligations to be performed under this Agreement.
D. Counterparts. This Agreement may be executed in one
or more counterparts, each of which shall be deemed to be an
original, but all of which together shall constitute one and the
same instruments.
Dated: , 1988 CWS Development Company
By:
Earl F. Chandler, Trustee for
the following Trusts:
Amy S. Brown Trust
Charles C. Brown Trust
Stanley D. Brown Trust
and Warren L. Brown Trust
constituting the Partners
of CWS Development Company
Dated: , 1988 The Club Hill Partners
By:
Earl F. Chandler, Trustee for
the following Trusts:
Amy S. Brown Trust II
Charles C. Brown Trust II
Stanley D. Brown Trust II
and Warren L. Brown Trust
II constituting the
Partners of The Club Hill
Partners
ESCROW CLOSING INSTRUCTIONS - 4
I
DRAFT OF 0 f _
[OR DISCUSSION PUtKi v'HS ONLY
PARTNERSHIP WARRANTY DEED
1. Conveyance of Real Property. For value received, CWS
Development Company, an Idaho partnership consisting of the Amy S.
Brown Trust, Charles C. Brown Trust, Stanley D. Brown Trust and
Warren L. Brown Trust, with its principal office at 325 West Idaho
Street, Boise, Idaho 83702 ("Grantor") hereby GRANTS, BARGAINS,
SELLS, AND CONVEYS to Warren H. Brown and Jayne J. Brown, husband
and wife whose current address is P.O. Box 745, McCall , Idaho
83638 ("Grantee") the real property located in Valley County, State
of Idaho and further described on Exhibit A attached ("Real
Property") , TO HAVE AND TO HOLD the Real Property and the
appurtenances to the Real Property unto the Grantee and the
Grantee' s heirs and assigns forever.
2 . Representations and Covenants of the Grantor. The Grantor
represents to and covenants with the Grantee as follows:
A. The Grantor is the owner in fee simple of the Real
Property.
B. The Real Property is free from all encumbrances,
except for (i) the encumbrances described on Exhibit B attached,
(ii) encumbrances made, suffered, or done by the Grantee, (iii)
reservations, restrictions, dedications, easements, rights of way,
and agreements (if any) of record, and (iv) general taxes and
assessments (including irrigation and utility assessments, if any)
for the current year which are not yet due and payable.
C. The Grantor will warrant and defend the Real
Property from all lawful claims.
3 . Certification of Authorization. The person who signs this
Deed certifies that the Deed and the transfer represented by the
PARTNERSHIP WARRANTY DEED - 1
Deed were duly authorized by the partners constituting the Grantor
in accordance with the partnership agreement of the Grantor and the
laws applicable to the Grantor.
Dated: , 1988 CWS DEVELOPMENT COMPANY
By:
Earl F. Chandler, Trustee for
the following Trusts:
Amy S. Brown Trust
Charles C. Brown Trust
Stanley D. Brown Trust
and Warren L. Brown Trust
constituting the Partners
of CWS Development Company
STATE OF IDAHO )
ss
County of Ada )
On this day of , 1988 , before me, a
notary public in and for the State of Idaho, personally appeared
Earl F. Chandler, known or identified to me to be the Trustee of
the Amy S. Brown Trust, Charles C. Brown Trust, Stanley D. Brown
and Warren L. Brown Trust, the partners in the partnership of CWS
Development Company and the partners who subscribed said
partnership name to the foregoing instrument, and acknowledged to
me that he executed the same in said partnership name.
Notary Public for Idaho
Residing at Boise, Idaho
Commission Expires:
PARTNERSHIP WARRANTY DEED - 2
EXHIBIT A
REAL PROPERTY
Unit 1, Block 5 of Timberlost V Condominiums, as shown
on the Plan for Timberlost V appearing in the records of
Valley County, Idaho as Instrument No. 100075, and as
defined and described in that Condominium Declaration for
Timberlost Condominiums V placed in the records of Valley
County, Idaho as Instrument No. 100077.
EXHIBIT B
ENCUMBRANCES
1 . General taxes for the year 1988, a lien, not yet due or
payable.
2 . Easements, restrictions, reservations and dedications, if any,
as shown on the official plan for Timberlost V appearing in
the records of Valley County, Idaho as Instrument No. 100075.
3 . Reservations and restrictions as set forth in the Removal of
Sanitary Restrictions, recorded April 9 , 1979 under Instrument
No. 100076, records of Valley County, Idaho.
4 . Covenants, conditions, restrictions, reservations,
dedications, limitations, easements, exceptions, terms,
assessments, liens and charges in an instrument recorded under
Instrument No. 100077, recorded on April 9, 1979, records of
Valley County, Idaho.
5 . Designation of an Agent for Timberlost V Condominiums,
recorded April 9, 1979 under Instrument No. 100079 , records
of Valley County, Idaho.
6 . Easement from Brown's Tie and Lumber Company to the City of
McCall for access purposes between Fairways 5, 6, 7 , 8 and 9
of the McCall City Golf Course, recorded March 2, 1976 under
Instrument No. 87480, records of Valley County, Idaho.
City of McCa��
BOX 1065
MCCALL, IDAHO 83638
May 31, 1988
Frank Brown
P.O. Box 864
McCall, Idaho 83638
Dear Frank,
On May 26th, the council acknowledged your refusal of the offer
dated May 13th on Lot 1, Block 5, Timberlost V Subdivision. They also
authorized me to respond with a second offer.
I am authorized to offer an immediate payment of $28,250 and a
second payment of $28,250 to be paid on or about December 10, 1988.
No interPpt oii flip hnlnllce wou.1d be paid. Tlio total offer r9t'1QCta
appraised value for the parcel of $56,500.
ff you Could r@Ppond to thfp offer by S p,m, .lune 9, 1988, I
could schedule this item for the council's further actions for that
meeting.
Sincerely,
n '
L ,
Arthur J,. Schmidt
City Ad inistrator
�cl3lg�
ADDENDUM TO OPTION TO PURCHASE
Dated: July 20, 1988
Buyers: City of McCall, a municipal corporation
Sellers: Warren H. Brown and Jayne J. Brown, husband and wife
The option period of that certain Option to Purchase by and Between
Warren H. Brown and Jayne J. Brown, Husband and Wife and the City
of McCall, dated July 20, 1988 is hereby extended to on or before
December 15, 1988.
Warren H. Brown Jayne J. Brown
J h J. A e , Jr. Arthur J. chmitt
Mayor - City of McCall Clerk - CZty of McCall
City of McCa//
OFFICE OF THE CLERK
BOX 1065
MCCALL, IDAHO 83638
July 22, 1988
Warren, Jayne and Frank Brown
Box 745
McCall, Idaho 83638
Dear Browns,
Enclosed find the executed option on Lot 1, Block 5, Timberlost V
and check number 5042. City staff has budgeted for the exercise of
the option and we fully expect that to be approved.
Thank you for you assistance in this transaction.
Sincerely,
L
Arthur J. Schmidt,
City Administrator
i City of McCall
CHECK NO. 0005042
DATE DESCRIPTION AMOUNT DEDUCTION NET MOUNT
74-545 Land Option--Lot #1, Block #5 of Timberlost Condominiums �iW*'
28,250.00
fi
I
CHECK DATE CONTROL NUMBER
i 7/21/88 �TOALS �
28,250.00
IDAHO FIRST NATIONAL VOID AFTER 90 DAYS
McCall, Idaho
City of McCall 92-202 88-01914
P.O. Box 1065 1241
McCall, Idaho 83638 CHECK NO. 0005042
THOUSAND, TW
0-HUNDRED FIFTY DOLLARS NO/100�-*
PAY
THE
OR CONTROL.NO.
ORDER OF DATE AMOUNT
7/21/88 ***$28,250.00*-
Brown, Warren H. & Jayne J. CITY OF MC CALL
Box 745
McCall, ID 83638 MAYOR
"IC94CLERK ;
AUTHOR] ED SIGNATURE
2
n'00 504 2 L 24 10 20 201: e 1R :iRn :z ? I_11•
City of McCall
CHECK NO. 0005042
DATE DESCRIPTION AMOUNT DEDUCTION NET MOUNT
1.-545 Land Option--Lot #l , Block #5 of Timberlost Condominiums
28,250.00
i
TE CONTROL NUMBER
8 TOTALS 1000-
LL/21 s
28,250.00
IDAHO FIRST NATIONAL VOID AFTER 90 DAYS
McCall, Idaho
Cit of McCall 88-01914
Y 92-202
P.O. Box 1065 1241
McCall, Idaho 83638 CHECK NO. 0005042
TWENTY-EIGHT THOUSAND, TWO-HUNDRED FIFTY DOLLARS NO/100X",n
PAY „" n
TO THE:
DATE CONTROL NO. AMOUNT
ORDER OF
7/21/88 ***$28,250.00***
Brown, Warren H. & Jayne J. CITY OF MC CALL
Box 745
McCall, ID 83638 MAYOR
/LERK
AUTHORIZED SIGNATURE
II'00 SO4 211' 1: 1 24 10 20 201: u■ LR Rn : v i-its
I
ROBERT H. REMAKLUS, LAWYER P.A.
PROFESSIONAL CENTER BUILDING
POST OFFICE BOX 759
CASCADE,IDAHO 83611
TELEPHONE(208)382-4267
July 12, 1988
Mr. Arthur J. Schmidt
City Clerk/Administrator
P. 0. Box 1065
McCall, Idaho 83638
Dear Bud:
Enclosed are three copies of the Proposed option to purchase
the Brown land at the golf course. I have discussed this
matter with Frank Brown and he approves. If satisfactory to
you and the 211ayor please hand them to Frank to obtain the
necessary signatures.
Also enclosed are copies of the proposed ordinance amending
Section 8-1-4A of the city code concerning extension of water
service to be presented at the next meeting of the Council.
The third enclosure is the memorandum in response to the
question of whether or not the city may levy a tax upon the
transfer of real property. The memorandum recites existing
taxing authority which does not include a transfer tax.
Very truly yours,
Robert H. Remaklus
bb
City of' McCall
OFFICE OF THE CLERK
BOX 1065 `
MCCALL, IDAHO 83638 \
May 13, 1988
Mr. Frank Brown
P. 0. Box 864
McCall, Idaho 83638
Dear Frank,
The McCall City Council has authorized me to make an offer to purchase
Lot 1 , Block 5, Timberlost V Subdivision, Valley County, McCall,
Idaho, more or less 2.97 acres, for additional land for the proposed
golf course clubhouse.
I am authorized to offer a single immediate cash payment of $42,000.00
or two payments of $24,000, one payment to be made immediately and the
second payment on or about December 10, 1988.
The city must be assured of clear title to the land and title insur-
ance will be required.
If you could respond to this offer by 12 noon on 'Tuesday. May 24, f
would be able to schedule this item for the Council's further dis-
cussion at their May 26 meeting.
Sincere ,
7
Arthur J. chmidt
City Administrator
City of McCa//
OFFICE OF THE CLERK
BOX 1065
MCCALL, IDAHO 83638
May 13, 1988
Mr. Frank Brown
P. 0. Box 864
McCall, Idaho 83638
Dear Frank,
The McCall City Council has authorized me to make an offer to purchase
Lot 1 , Block S, Timberlost V Subdivision, Valley County, McCall,
Idaho, more or less 2.97 acres, for additional land for the proposed
golf course clubhouse.
I am authorized to offer a single immediate cash payment of $42,000.00
or two payments of $24,000, one payment to be made immediately and the
second payment on or about December 10, 1988.
The city must be assured of clear title to the land and title insur-
ance will be required.
If you could respond to this offer by 12 noon on Tuesday, May 24, I
would be able to schedule this item for the Council's further dis-
cussion at their Mary 26 meeting.
Sincere
Arthur J. chmidt
City Administrator
�
cOo: rom.
J
CITY OF WCALL
P.O. Box 1065
McCall, Idaho 83638
(208) 634-7142
SUBJECT DATE DEPARTMENT
MESSAGE
SIGNED
RE P L Y DATE OF REPLY REPLY TO
DEPARTMENT SIGNED
Y
OPTION TO PURCHASE
1
THIS OPTION TO PURCHASE dated this day of July,
1988, from WARREN H. BROWN and JAYNE J. BROWN, husband and
wife, (herein called Browns) , to the CITY OF McCALL, a municipal
corporation of the State of Idaho (herein called the City) ,
W I T N E S S E T H
In consideration of the terms herein set forth, Browns
hereby grant to the City the exclusive right and option to
purchase the within described real property upon the terms
and conditions hereinafter set forth.
1. DESCRIPTION: The real property is situate in Valley
County, Idaho, and is more particularly described as follows,
to-wit:
p ' Lot One (1) , Block Five (5) of Timberlost V Condo-
J �o,tX miniums, according to the official plat thereof on
file and of record in the office of the Recorder of
i1l Valley County, Idaho.
2. PURCHASE PRICE: The purchase price for said option
and for said real property is as follows, to-wit:
(a) The total purchase price for said real property
is the sum of $56,500. 00;
(b) There shall be paid for said option coincident-
ally with the execution hereof the sum of $28 , 250. 00,
the receipt whereof is hereby acknowledged by Browns
all of which said sum shall be applied to such pur-
chase price upon the exercise of this option;
(c) The remaining balance of such purchase price
in the amount of $28 , 500. 00 shall be paid to the
escrow holder hereinafter named, to be by it dis-
bursed to Browns upon closing of this transaction.
3. REFUND UPON ELECTION NOT TO EXERCISE OPTION: In
the event the City elects not to exercise this option Browns
shall refund to the City the sum of $23 , 250. 00. PROVIDED,
HOWEVER, in the event that this transaction is not closed as
provided in Section 6 hereof, all of such payment of $28, 250. 00
heretofore made to Browns shall be refunded to the City.
_ _ r. ,
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4. PERIOD OF OPTION: This option may be exercised by
the City giving written notice thereof to said escrow holder
by paying to the escrow holder the sum of $28, 500. 00 coinci-
dentally therewith at any time from date hereof until midnight
October 18, 1988.
5. TITLE: If this option is exercised, the Browns shall
within five (5) days after payment to the escrow holder, fur-
nish to the City a policy of title insurance showing merchant-
able title in the property in Browns.
6. ESCROW: An escrow shall be opened with Central Idaho
Title, Inc. , McCall, Idaho, within five (5) days of the date
hereof. A warranty deed from Browns to the City describing
the real property described herein and copy of this option
shall be delivered to such escrow agent and the balance of
the purchase price required hereunder shall be made to such
escrow agent. Taxes and assessments shall be pro-rated to
the date of e::ercise of this option.
The said transaction shall close when merchantable title
is vested in the City and if such closing is not accomplished
within ten (10) days from the date of exercise of this option,
at the election of the City the escrow shall be terminated,
and all payments made on the purchase price shall be refunded
to the City including the payment made pursuant to Section
24b) hereof, and all instruments deposited in escrow shall be
returned to the respective parties entitled thereto.
7. POSSESSION: Possession of such real property shall
be delivered to the City upon the close of this transaction
and all risk or loss for any reason shall be Browns until
transfer of possession.
8. BINDING ON. SUCCESSORS: This option shall bind and
inure to the benefit of the heirs, administrators, executors,
-2-
successors, and assigns of the respective parties.
EXECUTED in triplicate this day of July, 1988 .
Warren H. Brown
Jayne J. Brown
Accepted this day of July, 1988.
CITY OF McCALL, IDAHO
Mayor
Attest:
City Clerk
STATE OF IDAHO )
ss.
County of Valley )
On this day of July, 1988, before me the undersigned
Notary Public in and for said State, personally appeared WARREN
H. BROW14 and JAYNE J. BROWN, husband and wife, known to me to
be the persons whose names are subscribed to the within
instrument, and acknowledged to me that they executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed my official seal the day and year in this certificate
first above written.
Notary Public for Idaho
Residing at McCall, Idaho
`„ : � t L
__------
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OPTION TO PURCHASE
THIS OPTION TO PURCHASE dated this day of July,
1988, from WARREN H. BROWN and JAYNE J. BROWN, husband and
wife, (herein called Browns) , to the CITY OF McCALL, a municipal
corporation of the State of Idaho (herein called the City) ,
W I T N E S S E T H :
In consideration of the terms herein set forth, Browns
hereby grant to the City the exclusive right and option to
purchase the within described real property upon the terms
and conditions hereinafter set forth.
1. DESCRIPTION: The real property is situate in Valley
County, Idaho, and is more particularly described as follows,
to-wit:
Lot One (1) , Block Five (5) of Timberlost V Condo-
miniums, according to the official plat thereof on
file and of record in the office of the Recorder of
Valley County, Idaho.
2. PURCHASE PRICE: The purchase price for said option
and for said real property is as follows, to-wit:
(a) The total purchase price for said real property
is the sum of $56, 500 . 00 ;
(b) There shall be paid for said option coincident-
ally with the execution hereof the sum of $28, 250. 00,
the receipt whereof is hereby acknowledged by Browns
all of which said sum shall be applied to such pur-
chase price upon the exercise of this option;
(c) The remaining balance of such purchase price
in the amount of $28, 500. 00 shall be paid to the
escrow holder hereinafter named, to be by it dis-
bursed to Browns upon closing of this transaction.
3. REFUND UPON ELECTION 140T TO EXERCISE OPTION: In
the event the City elects not to exercise this option Browns
shall refund to the City the sum of $23 , 250. 00. PROVIDED,
HOWEVER, in the event that this transaction is not closed as
provided in Section 6 hereof, all of such payment of $28, 250. 00
heretofore made to Browns shall be refunded to the City.
s .,y
4. PERIOD OF OPTION: This option may be exercised by
the City giving written notice thereof to said escrow holder
by paying to the escrow holder the sum of $28, 500. 00 coinci-
dentally therewith at any time from date hereof until midnight
October 18, 1988.
5. TITLE: If this option is exercised, the Browns shall
within five (5) days after payment to the escrow holder, fur-
nish to the City a policy of title insurance showing merchant-
able title in the property in Browns.
6. ESCROW: An escrow shall be opened with Central Idaho
Title, Inc. , McCall, Idaho, within five (5) days of the date
hereof. A warranty deed from Browns to the City describing
the real property described herein and copy of this option
shall be delivered to such escrow agent and the balance of
the purchase price required hereunder shall be made to such
escrow agent. Taxes and assessments shall be pro-rated to
the date of e;:ercise of this option.
The said transaction shall close when merchantable title
is vested in the City and if such closing is not accomplished
within ten (10) days from the date of exercise of this option,
at the election of the City the escrow shall be terminated,
and all payments made on the purchase price shall be refunded
to the City including the payment made pursuant to Section
2 (b) hereof, and all instruments deposited in escrow shall be
returned to the respective parties entitled thereto.
7. POSSESSION: Possession of such real property shall
be delivered to the City upon the close of this transaction
and all risk or loss for any reason shall be Browns until
transfer of possession.
8. BINDING ON SUCCESSORS: This option shall bind and
inure to the benefit of the heirs, administrators, executors,
-2-
w �
successors, and assigns of the respective parties.
.-ya^
EXECUTED in triplicate this Z6 `day of July, 1988.
Warren H. Brown
Ja ne . Brown
Accepted this day of July, 1988.
CITY OF McCALL, IDAHO
M r
Attest:
City Clerk
STATE OF IDAHO )
ss.
County of Valley )
On this /!�— day of July, 1986 , before me the undersigned
Notary Public in and for said State, personally appeared WARRE14
H. BROWN and JAYNE J. BROWN, husband and wife, known to me to
be the persons whose names are subscribed to the within
instrument, acid acknowledged to me that they executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed my official seal the day and year in this certificate
first above written.
Notary Public for Idaho
Residing at McCall, Idaho
f
Ant
First American Title Insurance Company
FINAL ESCROW STATEMENT OF: City of MCCR:L7
Order No. IF 61/8
Date: December 15, 1988
Property: Lot 1 Block 5 Timberlost V Recording Date: December 15, 1988
McCall, Idaho
Other Party Warren H. & Jayne J. Brown Debits Credits
Sales Price
56,500-000
6,500.00
Deposit Retained (Paid Outsiof Escrow) to Brown 28.250-00
Deposit by
Deposit by - ---
Encumbrance of Record (Unpaid Balance)
Encumbrance of Record (Unpaid Balance)
First Deed of Trust(New)
Second Deed of Trust (New)
Loan fr ust Fund--- - -- -- -- - - ----- -
Assumption Fee ---- -- - — — --- - -
__Forwarding Fee
Loan Charges: - —— - -
Loan Fee
__- Appsl. Fee
— Cred. Rept.
Tax Res. - ------- ----- -- ----
Ins. Res.
-----FHA Prem. --- --- -------- --- -- -
-- Int. @ % From To - ----- — $---- ---- — - -
Pay Tax Service Contract Fee to -
---------------
Pay Taxes
Personal Property Tax --- -
Pay Assessments or Bonds — —
Prorate Taxes From To on $ —
Prorate Fire Insurance From To — - --
_
Prorate Int. @ % From _ To _ on $ - -
-Prorate Rent From Tc on $ -
Commission Paid To — --- --- ---_0a i�d Demand of -------
Notary Fee -
Title Policy Fee
_Escrow Fee
Drawing
Closing Fee Central Idaho Title 134-00
Revenue Stamps Recording
g
6.00--- --..
Balance --
Totals - — __28,310.00
56,560.00 56,560.00
THIS STATEMENT SHOULD BE RETAINED BY YOU FOR INCOME TAX PURPOSES 1024 (2/67)
(11 ty of McCall
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� 9
• l
ESCROW (CLOSING) INSTRUCTIONS
CENTRAL IDAHO TITLE, INC.
Date: December 15, 1988 Escrow Officer: Michael R. Anderson Escrow No. IF 61/8
Warren H. Brown and Jayne J. Brown, herein called SELLERS
whose address is: P.O. Box 745, McCall, Idaho 83638 Phone No. .
City of McCall, herein called BUYERS/BORROWERS,
whose address is: P.O. Box 1065, McCall, Idaho 83638 Phone No. .
All parties herein employ CENTRAL IDAHO TITLE, INC. , an Idaho Corporation, to act as Escrow
Agent in connection with this transaction by Seller to Buyer/Borrower upon the following terms
and conditions which shall be complied with by said parties on or before December 15, 1988,
except as otherwise specified herein. The property herein reffered to is situated in Valley
County, State of Idaho, and is described in Schedule C of Central Idaho Title, Inc. Commitment
for Title Insurance Order No. T-3721 .
Upon recordation of executed documents, Title Insurance Policy/Policies will be issued insuring:
Owners Policy - City of McCall
Lenders Policy -
1 . Sale Price to be paid by Buyer: $56,500.00
Ia. Earnest Money in the amount of $28,250.00 held by: Browns
2. Cash to be paid by Buyer in the amount of $28,310.00
(amount shown on the enclosed Settlement Statement) on or before closing
CASHIER'S CHECK payable to Central Idaho Title, Inc. or BANK WIRE TRANSFER to:
CENTRAL IDAHO TITLE, INC. - Trust Account # 18-01800-4
IDAHO FIRST NATIONAL BANK - P.O. Box 903, McCall, ID 83638 (208) 634-2281 .
3. The following is to be Assumed or taken subject to:
4. The following exception Nos . are to be removed from Central Idaho Title, Inc.
Commitment No. T-3721 Schedule B Part II: 1 , 8, 9, and 10
5. Any reserve funds held under said Notes or Agreements are to be:
6. Any variation in the amount or Notes or Agreements are to be:
continued on page 2.
S� AM1fER �
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4. �V
9
v /6 CENTRAL IDAHO TITLE, INC.
Page 2 of Escrow (Closing) Instructions
7. Other:
8. THE FOLLOWING ITEMS ARE TO BE PAID BY:
(S = SELLER) (B=BUYER/BORROWER) (E=SHARED EQUALLY BUYER & SELLER)
S Title Insurance Premium
E Closing Agent's Fee
Escrow Acceptance/Set-up Fee
Escrow Collection/Disbursement Fee
Recording Fees:
B Warranty Deed(s)
X'
continued on page 3.
5,�
c
♦Q '9
f46 1
ESCROW INSTRUCTIONS to
CENTRAL IDAHO TITLE, INC.
Page 3
�� BTT fig
J�
1. Will deliver to Escrow Agent a deed of the property from Seller to Buyer to be held by Escrow Agent until the
terms hereof have been performed, at which time it shall deliver said deed to Buyer.
SELLER AND BUYER:
2. Will deliver to Escrow Agent all documents, pay to Escrow Agent all sures and do or cause to be done all other
requirements necessary, in the sole judgment of Escrow Agent, to enable it to comply herewith and to enable a title
insurance company to issue any title insurance policy provided for herein.
3. Should these instruction contemplate a transfer of an interest in an agreement for sale, Seller and Buyer will
deliver to Escrow Agent such documents as Escrow Agent may, in its sole judgment, require for the benefit of any
party to said agreement.
4. Authorize Escrow Agent to pay, from any funds held by it for their respective credit hereunder, all amounts
necessary to procure the delivery of such documents and to pay, on their behalf, all charges and obligations payable
by them respectfully, as specified herein.
5. Will each pay to Escrow Agent, upon demand, all charges payable by them respectively, as provided herein.
6. Authorize Escrow Agent to execute on their behalf form assignments or otherwise order changes in any insurance
called for herein other than title insurance and forward the needed endorsements to insurer's agent with the request
that the insurer consent to such transfer, attach loss payable clause or make such other additions or corrections as
may be specifically required therein, and that said agent thereafter return such endorsement to Escrow Agent for
forwarding to the parties entitled thereto.
7. There will be no responsibility upon the part of the Escrow Agent to see the Fire Insurance provided for herein
as renewed upon expiration, or otherwise kept in force, either during the interim and/or subsequent to the close of
Escrow.
8. Direct Escrow Agent to comply herewith within the time limits provided herein for compliance, or as soon
thereafter as possible unless a demand for cancellation has been made on Escrow Agent as herein provided.
9. Authorize Escrow Agent, in the event any demand is made upon it concerning these instructions or the escrow at
its election, to hold any money and documents deposited hereunder until an action shall be brought in a court of
competent jurisdiction to determine the rights of Seller and Buyer or to interplead said parties by an action
brought in any such court. Deposit by Escrow Agent of said documents and funds, after deducting therefrom its
charges and its expenses and attorney's fees incurred in connection with any such court action, shall relieve Escrow
Agent of all further liability and responsibility.
10. Will indemnify and save harmless Escrow Agent against all costs, damages, attorney's fees, expenses and
liabilities, which it may incur or sustain in connection with any such court action arising therefrom and will pay
the same upon demand.
11. Grant to Escrow Agent a lien upon and authority to reimburse itself for its charges and for all damages or
expenses which it may incur or sustain in connection herewith, from all of the rights, title and interest of Seller
and Buyer in all of the documents and money deposited hereunder.
12. Direct that no notice, demand or change in these instructions shall be of effect unless given in writing and
that these instructions, and any subsequent instructions, given mutually by Seller and Buyer to Escrow Agent in
connection herewith shall constitute the complete escrow instructions, notwithstanding any agreement which Seller
and Buyer may have concerning the property.
13. Direct that all money payable hereunder be paid to Escrow Agent in the form of a certified Cashier's Check or
Bank wire transfer. Disbursement of any funds may be made by check of Escrow Agent. Escrow Agent shall be under no
obligation to disburse any funds represented by check or draft, and no check or draft shall be payment to Escrow
Agent in compliance with arty of the requirements hereof, until it is advised by the bank in which deposited that
such check or draft has been honored, unless Escrow Agent specifically agrees in writing to accept liability for the
sufficiency thereof. Income, if any, earned by money deposited herein, shall be retained by Escrow Agent as
additional compensation.
14. Authorize Escrow Agent to act upon any statement furnished by the holder or payee, or a collection agent for
the holder or payee, of any lien on or charge or assessment in connection with the property, concerning the amount
of such charge or assessment or the amount secured by such lien without liability or responsibility for the accuracy
of such statement.
continued on page 4
C
♦ 9
4c
7 � ,, /.
' ESCROW INSTRUCTIONS to
^!` CENTRAL IDAddO TITLE, INC.
Page 4
15. Direct that when these instructions have been complied with and the title insurance company is willing to issue
its title insurance policy, as hereinafter provided, and when Escrow Agent's charges have been paid, it shall
deliver by filing for record in the appropriate public office, all necessary documents required to be filed or
recorded, instructing the County Recorder's office to mail any documents recorded therein to the parties entitled
thereto at the address given herein, at which time Escrow Agent shall disburse all funds paid to it hereunder, as
provided herein. Any other paper or documents may, at the option of Escrow Agent, be delivered to the party
entitled hereto by mailing in the manner herein provided for mailing of "Notices, Demands or Declarations." Escrow
Agent may destroy its file and the contents therein after three years from close of escrow, or termination of
collection as appropriate. No action against Escrow Agent arising under these instructions shall be commenced more
than three years from the date the cause of action accrues.
16. Agree that the employment of Central Idaho Title, Inc. an Idaho Corporation, its agents, as Escrow Agent shall
not affect any rights which it may be subrogated under the terms of any insurance policy issued pursuant to the
provisions thereof.
CANCELLATION:
17. If either party selects to cancel these instructions because of the failure of the other party to comply with
any of the terms hereof within the time limits provided herein, said party so electing to cancel shall deliver to
Escrow Agent a written notice to the other party and Escrow Agent demanding that said other party comply with the
terms hereof within thirteen days from the receipt of said notice by Escrow Agent or that these instructions shall
hereupon become cancelled.
18. When such written notice is delivered to Escrow Agent by the party so electing to cancel, Escrow Agent shall
within three days thereafter send a copy of said notice to the other party in the manner provided herein for the
mailing of "Notices, Demands or Dec larat ions."
19. In the event said other party shall fail within said thirteen-day period to comply with all of the terms
hereof, these instructions shall become cancelled and Escrow Agent is thereupon authorized:
20. First: To pay to the party electing to cancel, any earnest money deposited hereunder by said other party, after
deducting any charges;
21. Second: To pay to said other party, any other money deposited hereunder by said other party, after deducting
any charges remaining unpaid;
22. Third: To pay to the party electing to cancel, any money deposted by said party, after deducting any charges
remaining unpaid;
23. Fourth: To return all documents deposited hereunder to the party who delivered the same except documents
executed by both Seller and Buyer, which shall be marked "cancelled" and retained in the files of Escrow Agent.
24. If under these instructions, a commission is to be paid to a licensed real estate broker, then, notwithstanding
any conflicting provisions herein contained:
a. The party obligated to pay the commission shall not acquiesce in any mrtual cancellation of
these instructions without having first delivered said real estate broker's consent to Escrow
Agent.
b. Upon cancellation of these instructions for any reason, should any funds, after deducting Escrow
Agent's charges, became payable to a party obligated hereunder to pay said commission, then
Escrow Agent shall pay to the real estate broker therefrom, a sum equal to one—half of the
earnest maney deposited by any other party and payable to Escrow Agent.
25. If Escrow Agent is unable or unwilling to comply with these instructions for any reason other than cancellation
as hereinbefore provided, or First American Title Insurance Company, or arty other title insurance company involved
in the transaction is unwilling to issue any title insurance policy provided for herein, Escrow Agent is directed to
pay the charges payable by Buyer from any money deposited hereunder by Buyer, paying the balance then remaining to
Buyer, and to pay the charges payable by Seller from any money deposited hereunder by Seller, paying the balance
then remaining to Seller.
continued on page 5
S A ki•E
C
a ESN7C�RAOTW mINAS*TTRUTCITIONS 7t�oo
Page 5
AGREEMENTS FOR SALE OF REAL PROPERTY:
26. Should any part of the amount provided be paid by Buyer, be evidenced by an agreement for sale, and executed
copy thereof, the deed herein provided to be furnished by Seller, a deed of property from Buyer to Seller and such
other documents as Escrow Agent may, in its sole judgment, require will be delivered by Seller and Buyer to Escrow
Agent which shall record said agreement and hold said deeds until such time as all sums due for the account of
Seller under this agreement for sale have been paid and the instructions herein have been met, at which time Escrow
Agent shall deliver said deeds and other documents to Buyer.
27. If Buyer is in default under agreement, Seller may either elect to bring an action against Buyer for specific
performance of agreenestt or enforce a forfeiture thereof in any lawful manner, including, but not limited to,
Forfeiture by notice as hereinafter provided. Forfeiture may be enforced only after the expiration date of the
following periods after such default: where Buyer has paid on the purchase price less than 20% - 30 days; 20% or
more, but less than 30% - 60 days; 30% or more, but less than 50% - 120 days; 50% or more - 9 months.
In computing said percentages, the amount of any agreement for sale or mortgage agreed to be paid by Buyer shall be
treated as payment only to the extent of principal actually paid thereon by Buyer.
28. If Seller elects to forfeit such agreement by notice, Seller shall do so through Escrow Agent by delivering to
Escrow Agent a written declaration of forfeiture directed to Buyer together with Escrow Agent's established fee for
services rendered in cormnectin with forfeitures. Said fee of Escrow Agent shall be the Buyer's obligation, shall be
added to the contract balance owed by Buyer to Seller, shall be a lien upon subject property and shall be collected
by Escrow Agent from Buyer in order for Buyer to avoid the forfeiture. Escrow Agent shall, within a reasonable
length of time, send a copy of said declaration to Buyer in the mann ner provided herein for the mailing of "Notices,
Demands or Declarations." If Buyer fails to comply with the terms of such agreement to the date of such compliance
before the expiration of ten days from the date of said copy was deposited in the United States mail as herein
provided, Escrow Agent is authorized to deliver to Seller the documents and money deposited under these instructions
or under such agreement.
29. In addition to the regular escrow Dade by Escrow Agent, Seller and Buyer will pay to Escrow Agent for its
services in receiving, accounting for, remitting funds, terminating the account and in performing services in
connection with the transmission of any "Notice, Demand or Declaration" required to be transmitted under the term
of the escrow instructions, or the agreement for sale and implementing the action contemplated or prescribed by any
such "Notice, Demand, or Declaration," such reasonable fees as Escrow Agent has established for the various services
to be performed.
ESCROW AGENT'S PRESENT SERVICE CHARGES:
30. Escrow Agent may deduct from any installment due Seller such service fees not paid by Buyer and add same
together with late charge to the principal balance, under any Agreement or Mortgage due and owing by the Buyer.
COLLECTION SERVICES:
31. Seller or Mortgagee as the payee of future installments which may be provided for in these instructions agrees
to refund any remittance made by Escrow Agent in reliance on a check which is subsequently dishonored.
32. If a deferred balance is represented by a Note secured by Mortgage, the Mortgagee agrees to deposit a
Satisfaction of said Mortgage with Escrow for delivery to Mortgagor upon full payment of the Note. The Mortgagee
further agrees that if upon payment of said Note in full, Escrow agent has not for any reason been furnished with a
release executed by Mortgagee, Escrow Agent is authorized as Mortgagee's agent to mark the Promissory Note paid in
full and cancelled and to execute and record a satisfaction of said Mortgage.
33. In the event a Note and Mortgage is deposited with Escrow Agent for collection hereunder, the Mortgagee shall
have the right to withdraw the Note and Mortgage or any Modification thereof at any time without prior notice upon
payment of fees due Escrow Agent.
34. Time is of the essence of any agreement to pay or perform hereunder, which agreement shall remain unpaid or
unperformed as of close of escrow. No payment by Buyer or Mortgagor of such amounts shall be received or receipted
for by Escrow Agent unless all amounts due as of the date of compliance are paid unless and until written authority
thereof has been delivered to Escrow by the payee of said amount.
continued an page 6
t ESCROW INSTRUCTIONS to
CENTRAL IDAHO TITLE, INC.
Page 6
NOTICES, DEMANDS OR DECLARATIONS:
35. These escrow instructions may be executed in any number of counterparts, and each such counterpart hereof shall
be deemd to be an original instrument, but all such counterparts together shall constitute but one agreement.
Terre and coii-tions of Real Estate transaction have been complied with to
hereto. the satisfaction of the parties
Facrow Holder is to comely with all instructions and requirements of the lender herein with regards to
final payoff, new loan, ect.
36. The respective address of Seller and Buyer as set forth herein or the last notice of change thereof filed with
Escrow Agentby other party.the respective parties, shall be used by Escro
to the other paw Agent in mailing any "Notice, Demand or Declaration"
37. If, for any reason, a "Notice, Demand or Declaration" of any kind is to be given
party, said "Notice, Demand or Declaration" shall be in writ' g by either party to the other
Danand or Declaration and directed to the other a �' signed �' the party giving the Notice or making the
labe filed with Escrow
within three days after receipt of said "Notice, Demand or Declaration," send t to the party tto whom it is directed
by enclosing a copy of said instrument in an envelope addressed to said party at the last address which said party
shall have filed with Escrow Agent, or, if no address has been so filed, to said party, in care of General Delivery,
at the City in which the office of the Escrow Agent is located as shown on the first page of these instructions and
depositing said envelope with proper postage affixed thereto in the United States Mail.
38. The mailing of any such instrument by Escrow Agent in the manner herein provided shall constitute notce of the
contents by such instrument to the party to whom the instrument is directed as of the date of such mailiing and he
further notice thereof shall be required. no
39. The word "changes" as used herein, refers to all charges and advances made and obligations incurred by Escrow
Agent in connection herewith, and all charges in connection with the issuance of title insurance policy or the
cancellation of any order therefor.
40. The word "property" as used herein, refers to the real property described in and which is the subject of these
escrow instructions.
41. The word "party" as used herein, refers to Seller or Buyer as the case may be.
42. The phrase "Seller and Buyer" as used herein, refers to Seller and Buyer both jointly and severally unless
otherwise specified.
43. The day provided within which compliance with any requirement must be met shall end at the close of the then
regularly established public business hours of Escrow Agent for such day, provided, should Escrow Agent be closed
during any of said business hours on said day such requirement may be met an the next succeeding day on which Escrow
Agent is open for business throughout said business hours.
44. "Close of Fzcrow" shall mean the date of the policy of title insurance to be issued herein.
45. The word "mortgage" includes "deed of trust" when permitted by law.
46. The title insurance provided for herein, shall be subject to the conditions of and evidenced by the regular
form of owner's title insurance policy with a limit of liability equal to the total amount to be paid by Buyer.
Said policy, upon issuance, shall insure Buyer against loss by reason of defects in the title to the property on the
date of filing for record of the documents as provided herein subject to such of the following exceptions as may be
applicable in addition to the printed exceptions thereof.
a. Taxes and assessments payable by Buyer as set forth herein;
b. Building and other restricitve covenants to which the property is subject;
C. Easements and rights-of-way for roadways, canals, laterals, ditches and public Utilities over
and across the property;
d. Mortgages referred to herein;
e. Rights of parties under the agreement for sale referred to herein;
f. Rights of Buyer under the agreement for sale referred to herein;
g. Any liens or eencnmibrances affecting said property suffered or incurred through any act or fault
of the party insured or anyone deriving an interest in said property by or through the said
party insured.
continued on Page 7
i
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ESCROW INMUCPIONS to
CENTRAL IDA110 TITLE, INC.
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46 h. Liabilities and obligations imposed on the land by inclusion in any water or irrigation
district;
i. Reservations or Expectations in Patents.
47. NM: There are some matters which a title insurance company does not attempt to investigate or determine and
for which it assumes no liability. While not a complete list, experience has shown that among these, the following
deserve your particular consideration:
a. Unrecorded mechanic's and material men's liens.
b. Current personal property taxes.
C. Utility charges, such as electric, gas, water and sewer.
d. Charges for irrigation water and sewer.
e. Boundary lines, location of improvements and possession.
f. Compliance with limitations on use of the property, such as zoning and building ordinances and
building and other restrictions.
g. Premiums for fire insurance policies provided for herein. (It's your obligation to determine
that such premiums are paid and that such policies are in effect.)
h. Reservations and exceptions in Patents, such as, for example, oil or mineral reservations.
i. Proposed improvement assessments, not yet liens.
By By
Seller Buyer/Borrower
By By
Seller Buyer/Borrower
By By
Seller Buyer/Borrower
By By
Seller Buyer/Borrower
By
Lender