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s i i i 1 r • • •.. PA/cilia a Cik tied eJ rrazia rt" Wendaday, d;ze. BOISE, IDAHO 1&/d if€ 'iM GGCf 1459 TYRELL LANE, SUITE B BOISE, IDAHO 83706 TELEPHONE: 208 336-1097 April 11, 1988 Mr. Frank Brown P.O. Box 864 McCall, ID 83638 STANLEY D. MOE, MAI JON C. CORLETT, MAI JOE CORLETT, MAI, SRPA MAURICE J. "MOE" THERRIEN, MAI DARREL MATTHEWS, MAI 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 NE4 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 all 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 o f a sale as of a specified date and the passing of title from seller to buyer u nder 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 h7s 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 7n 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 sale."' 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 o f the appraisal. Alternatively, that use, from among reasonably probable and legal alter- n ative 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 goa7s 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 ✓ alue 7s based. In the context of most probable selling price (market value) another appropriate term to reflect highest and best use would be most prob- 'Federal 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 coptext of investment value, an alternative term would be most profitable use." The estimated highest and best use of the subject at the present time w ould 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 ✓ esidential properties. It also has availability of city utilities, as well as public access. Therefore, its value has been estimated based on a develop- e r'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 ✓ esidentially 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 n o 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 e stimated at ten percent of the gross sales proceeds. Additional development e xpenses 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 o f 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. Less: Sales Promotion and Overhead (10%) Sales Proceeds Less: Development Expenses @ $1,500/site Subtotal Less: Developer's Profit (20%) Land Residual Discounted 24 mos. @ 14% $2,712.50/mo. x 20.8276* _ *PW of $1/mo. - 24 mos. @ 14% annual interest. Summary and Conclusions $105,000 $-10,500 $ 94,500 $-10.500 $ 84,000 $-18,900 $ 65,100 $ 56,495 Rounded to: $ 56,500 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 II, 1988 Page 6 files, the estimated market value of the subject property in fee simple title, as of April 6, 1988, was: ***E f i. i Y SIX THOUSAND FIVE HUNDRED DOLLARS*** ***($56,500)*** I t 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. orlett, MAI, SRPA sh Certification I, Joe Corlett, MAI, SRPA, do hereby certify that except as otherwise noted in this memorandum appraisal: 1. 1 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. 1 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. 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. Assumptions and Limitin4 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 o n -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 w hole 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- e rs 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 w hich 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, n ews media, sales media, or any other public means of communication with- o ut the prior written consent and approval of the appraiser. 8. We have no knowledge concerning the presence of any hazardous materials o n 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 e ngineers 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- e rs 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 e stimating value are merely aids to the formulation of the opinion of ✓ alue 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 ✓ alue 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 ✓ alue. 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, o r 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. Ph vLograDhs of the Subject ^ • • • 1 • • • allrirby eseffrrnet 'e` 1�P astir •1 • • En 1 or 11, • Ai • •`r_`,i1 41 q 41. 1 • 1,;fa Ilk note 1 r if SPONtipir • • T • st tir• • , r e ' ' 1 - a • ••, • • •:` [9 • 1' • • • • •� car ', J 4 idloi � - '.. 1 1 • • ,• jf �•, i ��aar1 4. • • lbe • 1 • 1 .I • • • 4,7414 "‘• • t r f• 1 Southeasterly view of subject from Reedy Lane Southeasterly view from subject towards golf course. Photographs of the Sutiect, Cont'd. - :rear- , Westerly view along Reedy Lane, subject on left. Easterly view along Reedy Lane, subject on right. " " " t o m . , t ' : : ; , : ; l i l t ' , r . i - R : q i ����s ; t ��i ��. _ . ` . i ( ; i ��r ; r ' �� , ' " , ' " . t ��" w , . ' , i . A . . N t . ; ��_ . : h : l . ; ' ; ��. . y " . , �� ��; , . A l t _ ; t " c c ; r a ��: ��. , 1 . . ' . 1 1 > , ; �� 1 d . " : y ; - t ' j . : r " f ( : c . ' ; , 1 ? i ; { . Y ? " ; ' i i , . ; " ; 5 . " " " ? ; 1 4 Y r - . 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" " f _ m : ' % f i ` �% ' " ; ; a f t _ _ T " a ' 4 ' c t + ^ t F ��' . ' ! " L : 5 ' " t P Y k ` L . Y " " ' ; ; . " " s e , , 1 t o s s l " J / C r i e l l I l s e " I " 1 l . I " " " 4 t " 0 6 6 6 � s e f i s " " L M P 9 , 1 " . J O " I s l t t O r a n & p e r ' r t l t " " s l s t y O r r l � O s s _ � � � � I t l r 1 d a l � � f 1 - O r t l e O t O C " " s a l t " S 0 1 1 0 r 4 0 ' " " " " t l l . I 1 " - - - - - I 1 * 4 . : " 6 j & 7 1 2 1 , , d I : " �� ` " " " ` t r " " N $ " " " " " r 4 l y " . , � 4 ��! 1 t 0 9 " T V t r 4 4 a t t " I 1 4 O U T X 7 9 8 . 3 C A S C A D E , I L " 1 m o " e t @ e t I l e . - 1 # " / " l �� r s " - P i > > " . A ' d i l l " f J i l t I s G o r t " 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: AHD 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 Ma:Tor 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 EA Th' "?"PII'Irtlll Tlll!I "sill "II;I'ii'inminnn;!'I'll cc AMER/ i 11: ]. ji JjflFWlli t Az c ica tie Insu. 3ance td#I I :;IWI�i!IiIIIIIIII!��n'�" Wit Ik9 FORMAT III!:IIlIINI.1)J)I1,llillJlil;il_l,1 14i1 Jt1 1ll1iC,11)iJ.) 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 AGREEMENT TO ISSUE POLICY SCHEDULE A 1. Commitment Date 2. Policies to be Issued, Amounts and Proposed Insureds 3. Interest in the Land and Owner 4. Description of the Land SCHEDULE B-1 — Requirements SCHEDULE B-2 — Exceptions CONDITIONS Page 1 2 2 2 2 3 4 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. 1343 (1982) ALTA Plair.. Language Commitment c TEITL 14 'Jl._11 ) U GkcJ A i CC Hrst Awen°caxn. /1tle Insiz±zrance ComPand 4�� AE Mj 1 4Y ova an* ars .;• • Central Idaho Title, Inc. 301 Park Street P.O. Box 1024 McCall, Idaho 83638 (208) 634-2153 Agent for: First American Title Insurance Company AGREEM1=N T 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 is not valid without SCHEDULE A and Sections 1 and 2 of SCHEDULE B. First American Title Insurance Company BY ATTEST/ itAic 7Zedimet �,� SECRETARY � L� COUNTERSIGNED Page 1 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 (X) (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 h ereof vested in: ✓ illage of McCall 4 The land referred to in this Commitment is situated in the State of Idaho, County of ✓ alley and is described as follows: (Old golf course Club House Property, Part of SE1/4 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 (f) We require a certified copy of the corporate resolution authorizing the sale and directing the execution of the forthcoming deed. 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 o f any taxing authority that levies taxes or assessments on real property o r by the public records. 2. Any facts, rights, interest, or claims which are not shown by the public o ecords 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, o r 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 t o 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 h ereafter 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 o f 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 t hat, 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. NOTE: NOTE: NOTE: Schedule B T-5588 (continued) 1993 TAXES IN THE AMOUNT OF $NOT AVAILABLE PARCEL NO. NOT AVAILABLE ✓ alley County Treasurer (208) 382-4293 P ursuant to the State of Idaho insurance regulation: A cancellation fee will be charge on all cancelled orders, unless notified to the contrary, all orders shall be cancelled and a billing sent within 6 months of the effective date on the commitment. S hould you have any questions with regard to the items referred t o on Schedule B, or need copies of said documents, please contact Jo Proctor or Joanne Dyer, Title Officers, at CENTRAL IDAHO TITLE, INC., 301 Park Street, McCall, Idaho 83638, or call 1-800-568-6940, locally (208) 634-2153. " " " ' " 5 0 o 3 q a A c c - x _ s e 4 - S i t r ; , a . - 1 Q 1 . . . " " . 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JJOMfN 1 ran ri ts c:Ntizzia,a;c4":4;1/24:4:t00:4,4•4:"" SgA .2,ot,ro.o a 3. 41 lira r 75.001 0 hfcCALL GOLF COURSE ,p ,OD,IO.O S ciONO 9N07 Pit tN ti Pti SOSO/ vistas, 0 el ei 0 171 Ze 0 Prt rn OHVOI "A1Nf100 tfl 0 0 I Zs 0 0 rn 01 NO11:J3S 30 T, MN rn 44ty N4 t4 43 • • p4 tt NJ Na, pp• tit • ''4 00 e c 01 e • ° n -Koi 0.4 tiA •� tnky� b a Z � wirer 1 "hr, b •a y *no °kc3.Oo ilnEi • r.St ° (0jr:1 94 Vtlyo\!i'D w•00�N1 4 2+ 14 Na,• �°4' 1) 114r4' tom° QG • •t?o m%• `4%N r mki @p .Z °4 Zt"" otnila °,ao4m4 aV�Aa \dip. atjC 13%'\c�)8�� a' yNg,Ha� ZNr�1ti?'\a 4� 1{a ° lo Niot o . kJ iti 0% Gip da°w��YLito 'C.:3- a oa'a % n nt o,.a a..' a 1 u•�n2110`'4pG." tA•: nbCOM�4NN �\p 1\‘v.a•Nna•VAea�' 1 p\�° � 4p..�0aa 4og ai. .3 ‘1:1.% kr1 i.,. J u .N O'O- NiJrnoaBO,°kj. °pa �gyPr4\rp4• 01•`-l= U�••.• �� • ri << AiNr:rn�$•4D4"4!0' °� b n DRAFT OF_.__ /./7/S FOR DISCUSSIbiry 4 ;ES 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 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. 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 P artnership 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 P arcel Deed"). F. Unit 2 Deed from CWS. One original of a Partnership W arranty 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 P artnership 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. Assicnment 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 (will) 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 5. 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 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 ✓ espect to the obligations to be performed under this Agreement. D. Counterparts. This Agreement may be executed in one o r more counterparts, each of which shall be deemed to be an o riginal, but all of which together shall constitute one and the same instruments. Dated: Dated: , 1988 CWS Development Company , 1988 ESCROW CLOSING INSTRUCTIONS - 4 By: Earl F. Chandler, Trustee for the following Trusts: Amy S Brown Trust Charles C. Brown Trust S tanley D. Brown Trust and Warren L. Brown Trust constituting the Partners of CWS Development Company The Club Hill Partners By: Earl F. Chandler, Trustee for the following Trusts: Amy S Brown Trust II Charles C. Brown Trust II S tanley D. Brown Trust II and Warren L. Brown Trust II constituting the P artners of The Club Hill Partners DRAFT OF II II 1II� FOR DISCUSSION P11h► u:LS 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 W arren L. Brown Trust, with its principal office at 325 West Idaho S treet, Boise, Idaho 83702 ("Grantor") hereby GRANTS, BARGAINS, S ELLS, 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 o f Idaho and further described on Exhibit A attached ("Real P roperty"), 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 ✓ epresents to and covenants with the Grantee as follows: A. The Grantor is the owner in fee simple of the Real P roperty. B. The Real Property is free from all encumbrances, e xcept for (i) the encumbrances described on Exhibit B attached, (ii) encumbrances made, suffered, or done by the Grantee, (iii) ✓ eservations, 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) f or the current year which are not yet due and payable. C. The Grantor will warrant and defend the Real P roperty from all lawful claims. 3. Certification of Authorization. The person who signs this Deed certifies that the Deed and the transfer represented by the P ARTNERSHIP 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: S TATE OF IDAHO County of Ada , 1988 ) ) ) ss 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 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 t he 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: P ARTNERSHIP 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 t he records of Valley County, Idaho as Instrument No. 100075. 3 Reservations and restrictions as set forth in the Removal of S anitary Restrictions, recorded April 9, 1979 under Instrument No. 100076, records of Valley County, Idaho. 4 Covenants, conditions, restrictions, reservations, d edications, limitations, easements, exceptions, terms, assessments, liens and charges in an instrument recorded under Instrument No. 100077, recorded on April 9, 1979, records of ✓ alley County, Idaho. 5 Designation of an Agent for Timberlost V Condominiums, ✓ ecorded April 9, 1979 under Instrument No. 100079, records o f 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 o f the McCall City Golf Course, recorded March 2, 1976 under Instrument No. 87480, records of Valley County, Idaho. City of McCall 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. Nn InrererP on the hnlnnr.e would he paid, 'I'ho tot offer reflnctn appraised value for the parcel of $56,500. If you could respond to thie offer by 5 poll, June 9, 1988, I could schedule this item for the council's further actions for that meeting. Sincerely, n Arthur JSchmidt City Ad inistrator 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 J Jr. Mayor - City of McCall Jayne J. Brown Arthur J. chmitt Clerk - ty of McCall City of McCall 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, Arthur J. Schmidt, City Administrator O 2 `105 00■u an ru moma 0 ru 0 ru 0 •0 133 0 w r m 0 33 11VO OW dO A1IO f-+ 00 CO g O O w®® 03 -at pl X 0 0 0 g 8 0 0133 CD CD CD CD N 00 00 1 O H F-+ SAVO 06 1:131dV GIOA 0 T�T r i 00 N In 0 • 0 0 0 r In ` I# 10'I--not:do push Block #5 of Timberlost Condominiums N 07 01 O O O 0 0) 0 v 0 z 0 0 0 0 z mzm 0 Z -1 2 0 CD CD CD N IIBooW 10 AHO 0 0 od ttri i o > 73 in 16 i oo r 1 r 0-1 0 0 tou ea 0 0 a 00 Co 0 0 0 0 O CD CD ROBERT H. REMAKLUS, LAWYER P.A. PROFESSIONAL CENTER BUILDING POST OFFICE BOX759 CASCADE, IDAHO83611 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 t he Brown land at the golf course. I have discussed this matter with Frank Brown and he approves. If satisfactory to you and the Mayor please hand them to Frank to obtain the necessary signatures. Also enclosed are copies of the proposed ordinance amending S ection 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 q uestion of whether or not the city may levy a tax upon the t ransfer of real property. The memorandum recites existing t axing authority which does not include a transfer tax. Very truly yours, Robert H. Rema bb lus 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. 1 am authorized to offer a single immediate cash payment of $42,000.O0 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. 1f you could respond to this offer by 12 noon on Tuesday, May 24, 1 would be able to schedule this item for the Council's further dis- cussion at their May 26 meeting. Sincere Arthur J. :chmidt City Administrator It? of .McCll 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, I would be able to schedule this item for the Council's further dis- cuv.:; ion nt their Mny 76 meeting. Sincere Arthur J. chmidt City Administrator 1 OPTION TO PURCHASE THIS OPTION TO PURCHASE dated this h usband and z BROWN and JAYNE J. from WARREN H. t o the CITY OF McCALL, a municipal (herein called Browns), • (herein called the City), corporation of the State of Idaho • H m 0 h erein set forth, In consideration of the terms h ereby grant to the City the exclusive right and option to purchase the within described real property upon the terms and conditions hereinafter set forth. The real property is DESCRIPTION: • 4-1 O 0 0 Tt • 4-r Q) U a)4 H 0 4 NNN 4-1W U] (1) Sal 4a H H.O H r1a) U U 4-1 r-1 ri 0 4H 4-i 4H 4H --00 a) Q) a) IJ •t-J H O H O .0 x s s r0 r d U 0•ri O H r-I rd as Ha) U -1J O 4- C rd O 0 Og�a0) •ri (1) rl 4J >✓"i r-I r 4 0 ••-i •H rd H rl 4 r tJ rt 3 • O O U tJ and is more particularly described as follows, 0 rd H for said option The purchase price P URCHASE PRICE: • and for said real property is as follows, o cn I C C I 43 o a) O Lc s-1O O t N W rC U co >1 U • fa. R, DNA • r-I {n- U) O rd U 4H 0.3 0 y FY 0 O 0 r rd ri g r I O U) •H •ri rt R O r-t U) O a) g R -J 4— a 0 O T •tJ U M 4H • r1 rd O 4-i rd 4a u) O >1A U a) a) A to •H O a) r4 O • • •• LH rC C) cd H 0. 0 •C a) o rd C rn x 0 • • ri O U) a) U) o rd •r-i •H rd o 4 a) x H •r•I C Clew- r-i a) a) rd 0 4-i r-I fd �.33S.1 rn S� rd O .0 .0 4 � C1) QH :sal C a) . 3 aa)) Lk H.; H H O 0 U) • I a) r i rd rd u) AH4H.0 •H rd IJ rd U • I g a) a) in O • ri rd 4J �I U • O •tJ rd ^, aJ W C U) I rd •rI A • rO al 0 H A m • a) •r•I G A O .0 44J ,C ri O r--i 4H • rd rd O U) (1) 4H rd 0o C•rl o U) a) • ICI 0 U 0 0 rH s~ o aJ U rd 1n1 4H r-i - rd rd co C O ACH N • 4- o to � 3 • H •iJ u 0 cd C a) H N O r ni 4 -o 4 0 3 rd E+ rC O 0 4J k U) U ?•I U C U) •ri a) A • w o H a) REFUND UPON ELECTION NOT TO EXERCISE OPTION: P ROVIDED, • U) Q •H 0 • 4J o 10 a) N u) '-i M U N k (1 a) 0 shall refund to the City the sum of HOWEVER, in the event that this transaction is not closed as all of such payment of $28,250.00 provided in Section 6 hereof, h eretofore made to Browns shall be refunded to the City This option may be exercised by P ERIOD OF OPTION: 4) H 1 k 1 en k g a) •r-1 4 g ro rj U C U) 44 ,.s~ H ', 0 O ri -r1 to i4 C 0 C a) H 0 r 0 0 • H )-1 H Cr k 0 -p gr 0 Z U 4 •r1 W 0 0) 3 a) 0 4k 0 rii a 0 k m • rl o a) U co N 4•I rO U) a) u) a) a) 0 U 4 co _ 0 • H a) fd 4 ) 0 a) U 4 S-1 4i k 4, g 4-1 ra a) O rt X O >~ a) U) (1) 4, •H k E k ,� 0 •ri >~ r-1 4-) 4-) gm) a) 4-) E H a) a) O >1 4-) U a) E •H rU • r•1 •r1 4) (D4 4k 4-) H -P Ri 0 O 0 O S4 Z >1 0 (.) 4-) U s~ 3 ra •r-1 4a •r-1 a) O 4) 44) `� 0 4) U !d U) a • H U) 4-1 >1 a) 4 IQ 4-)H b ro •r1 CO b) CO 4-) S1 -P 0 CS W in •ri O 0 H H U • ri . 4 ) 4 6- H a) Q) H -H -P >1 4-1 • e)' -�-1 - Y rH-1 0) In 0 Z 4-) 0 Z 4) U) 4�-) r b 0U 3 P able title in the property in Browns. O H An escrow shall be opened with Central w d ays of the date Idaho, within five Inc., McCall, A warranty deed from Browns to the City describing t he real property described herein and copy of this option shall be delivered to such escrow agent and the balance of t he purchase price required hereunder shall be made to such Taxes and assessments shall be pro -rated to t he date of exercise of this option. The said transaction shall close when merchantable title ro � U o 4 -H U) 4-) • H 04 H 0 m O U 4) 4-4 Jr) 0 0 a) U) U) •H • rl tp a) • H a) U) 0 4H H 0 U a) iC 4) U (CS CO U) a). 4H ,C -ri 4--) E 0 k 4-1 4J U) ?, U (zi O 4▪ ) H rd 0) m a) within ten at the election of the City the escrow shall be terminated, and all payments made on the purchase price shall be refunded t o the City including the payment made pursuant to Section 0 RS U) 3 • )4 O o a) U) 0 0 O W Q4 -r-I tCS r0 (1) rt15 a) k a) H 4, 43 • r-1 • r-1 U to 4J O s~ 0) a (1) a) 4� ro to O 0 U) • H f� 4) 4) 0 -H a) ro to E R1 to a) k o m u) H 0 4-1 a r-I U a) H a r-1 N (tj a) ro rt 4 4-) 4-1 0 O -N v b 0 P OSSESSION: be delivered to the City upon the close of this transaction H •r{ 4-) U) 0 k r:' a) O w U to ✓ cs g 0 _) ✓ o • 1 x ..Q a) cts m 0 • r•1 4) 04 0 • H Ei BINDING ON. SUCCESSORS: administrators, inure to the benefit of the heirs, and assigns of the respective parties. successors, • OD CO rn d ay of July, EXECUTED in triplicate this 0 3 S~ a 0 0 3 a >, N O co r" rd W H m U ti Ce 0 U x• b 4.. w 0 a) a) H 1 b H ,s frp 4-a U 0 ui En Accepted this City Clerk S TATE OF IDAHO County of Valley before me the undersigned co CO 0 r4 h w 0 rcl personally appeared WARREN Notary Public in and for said State, BROWN and JAYNE J. _ ro c a) E a) ro r-I 3 0 0 cn OrC 0 I have hereunto set my hand and IN WITNESS WHEREOF, 0 • O 4 'o r d H •r•1 r �+ O cd rd 4i U NNH U ro r-1 4-) ,C rt Cif en rd b H� rti W O N 4J za rH EEC a) ri rd 4) r-1 U -H •H LH H L 0 a) > 0 To ni w X -ra u) 4A-1 •r-1 n w t his certificate all of such payment of 00`OSZ'8Z$ HOWEVER, in the event that this transaction is not closed as shall refund to the City the rh 2 0 0 0 rh tryr-� 0 n H- rt (D H 0 0 rh (n 0 rt (n rt E 0 O (D 1-h X (D --cn- N 0 W H (n N 0 Ul • O H• o• to 0 it fr-0 rh H O• •hi I —I w O (n ' QaaIAO2id W 0 REFUND UPON ELECTION HSIDUMCH OI ION O 0 r; O 11 tH O H• to 0 t h L-c) O ( Iv Hh U1 P) O rt-O� H 0 O 0 O hi 0 m o H 0 0 • AO t-h (D 1-1 (n 0 Pi CD H-1` N r0 Cr (n tr 0 n 0 '0 0 rh hi 0-IH•CD PiINC P,(n 0 (n H• rh rh O 1-0 ct Pi rh H • H•H•� O In (D (D • I rh (D (D X 0 0 H 0 0 Pi hh Pi 0 rt 04 1-0r� rh f ti (D O H • H • rh (n 0 H H' 0 R' 'd rf' LQ O rh O (D Eh 0 H• PI 0 0-1 -° O IC co 0 �tTJ N¢ 'O Fi Ui (D I✓ 0 0 ° rr I ti o I (n CD rh A� H (D Hv O hi H M(D 00 Ham• (D 0 l P H•t'0 H•'d 0 rh (n H• Cn H (D 0 H (D (D t5' O 0 (D fr0 H•H•Ai Oath hi 0 0 (D hi hi is (D 1-C O W Ft Pi • PO 11 Eh H• 0 (n Pi hi rh v (D ^H^• V UJ • rh 0 0 0 p N th H 1-0 0 S ri '0 Ul' n o m C O O H• orb (n • hi H• 0 (n 0 Fh it 0 O H 0 (n (n H• rt- hi 0 Z H H ° '-i 0 rci (D t-i rr SDI23d `3SVHD23i1d The purchase price for said option rr n O 0 a H• rh < A� H• H• O HH� ra H(D H• kC C O n>a��' O A) H kcn0� (D ¢ H H O H • 0 a hi 0 • O H rt 0 00-� Ul O O hh t h t-h f-h O H H Ft O 0 (D H O H hh • Al H 0 ct O m (;AlD t' ri O hi C hi (D n N II 0-1 0 0 O I rh H pi 0 ' SMoTToJ SP pagTaosap IZT1PTnoTgapd a1OW ST pup = MOIIdI23DS3a The real property is situate in Valley and conditions hereinafter •gv.toJ ;es hci 0 n n 0 0 Iv k< (n Fi mrr 0 r+ H- rh H 0 ((DD H 0 kC n tr � 0 N n x 0 0 H H (n r0 H• n C 0 0 (D fi (i �Q r1 v0 SD 0 Q r 0 (D (t H- rh 0 (D Fi (n 0 In consideration of the terms herein set forth, Browns H tri en (n �-3 corporation of the State of Idaho (herein called the City), H• 0 (herein called Browns), to the CITY OF n t-' H• 0 H• pi H CO co BROWN and JAYNE J. BROWN, husband and THIS OPTION TO PURCHASE dated this JSVHDUnd OI NOIIdO inure to the benefit of the heirs, Al N- N• (n rt rj A) rt 0 K (D X (D 0 r1- 0 n m CO BINDING ON SUCCESSORS: pup puiq TTpTs uoTgdo szus t ransfer of possession. er O AZ (D H H• ai (D O rim hi 0 o 01 CI) (D m n 1-h N• o rt 11 h< 1-0 "c 0 (D rt U) (D 0 O 0 U) 0 0) (D H F-' 0 tja (D rt W H. hi in 0 rt U1 cn pi rt 0 N• rt H H• 0 NOISS2SSOd P ossession of such real property shall returned to the respective parties entitled thereto. tv ri- A) 0 rl• H 0-1 rf- 0-1 rr rt H• 0-1 (D H (D n (D rt o rt ((DD h< 5 r1- (D H• H p Pi F 0 0 O 0 0 rl- 0 Pi alrn H H• a w SZ ri- o0-1 F'• (D rt- 0 n rr (D h'• n rt rt- E pi 0 rr r0 rim 0 (D U) 0 hi rh 0 (D 3 U) (D Pi 0 Al W 1-j O iZ (D 0 cn 0 rim 'z3 cn (D N• 01 al hi 0 A) Ut (D H 1-' • 0 O A) U) 0 0 rt A) (D U) o (1- H rt hi 0 (D O 0-' hi cn o (D H• 0) 0 -1 rt- (D Po A) N• rh rt N 0 0 (D H 0 0 iZ t)-a cD a d ays from the date of exercise of this option, pagsiTdm000p you sT buzsoTo Lions gT pup Agz0 atiq uT pa;san sT rt (D 0' to 0 0 Fj al 0 1-3 Sv 0 0 0 0 rh (D AA D7 H a rt (D n n pi 0 N• m w 0 0 rt 0 H• 1-h 0 in N • 0) H 0 H rt- 0 H• H 0 0 0 U) 0 (D 0 0 W rr O rt I• rt H 0 Taxes and assessments shall be pro -rated to t he purchase price required hereunder shall be made to such o; paaaATTap aq TTpLis such escrow agent and the balance of t he real property described herein and copy of this option A warranty deed from Browns to the City describing r1- O ' TTpDoW ' ° ouI GAT; uiq;.TLA ° oLiPPi agpp alp go sRep : MOUDSS An escrow shall be opened with Central Idaho able title in the property in Browns. amp. o; gsTu City a policy of title insurance showing merchant - days after payment to the escrow holder, (D 0 1-h (D -vr I� N 0 co 0 -34 1-h 01 O O 0 • rt O N• O H 0 5 0 N• N. iz 0 rh U) 0 0 sJ H• H hj Al w I i H rt If this option is exercised, T the City giving written notice thereof to said escrow holder : NOIidO 3O UOIH2d This option may be exercised by first above written. CD O in (la H•2J Pi hi H•k< 4 rd Pi 0-1 rtH•\\, Pi 0ni H hi A H H PJ Pi O 0 affixed my official seal the day and year in tt H in 0 t; rt H• rt� H• 0 pJ rr (Ti IN WITNESS WHEREOF, I have hereunto set my hand and H• O' 0 a 0 in ct ct (1- td CD hi 1-1 (D 0 1-c (D rz hd ct hi cn H O AL H• W 0 N r ¢ H• Pi O O Gd A) X' to (D LIcli 0 hi H Pi bJ 0 (D E hi (D P) al n mH. cal rr (D O (1) rt E Pi (D W rr (D rt• n p- 3 H t-ci rt n ri- o (D rr H F.0 O Fh PJ H (D (1 H (D (D O pJ 0 rat tom• rd (D rt (D 0 Pi rt hi rt 0 (D Pi O (D R: rh ;d - O 7J O LTJ T a 0 rr • cn of July, 198E, before me the undersigned AaTTu11 ao Agunop 0) OHVGI JO 21VTs 1 'z 1Voow ao AI,ID H F4 sTgg pa;daooy 1< O lJ co co w Fi O hi ri 0 w 0 cn 0 0 0 0) 0 Co n C, m H Fr, O Pi 11 H• Cai A> rt zo hi to H• H• It H H• 0) 0 A 0 rtrt t-h (D (D H• tocn 0 (D 0 rr w •r� t-i rt H• 0 cn ATnl, jo A2p H CO CO N N m m 0 1 v m co D m v c 7° 0 m D 0 m H a\I v � 0 31 J 0 0) V • 0 Zvi aN Co r VI W Cr o 0l • /• `I o I 0►o 1 Co D 0 I I i z car 1E) I� co • 0 -+ cu cn aa, j S'uTso T3 0 CD Cr 1 a Tyrj oq'ePI • 1 1 3o puewa4 peed of pied uoissivauao: 3 3 0 0 _ I! ! 0 0k<!1.< t< m rn D'� n, 11 2— as N amp 0 (D• X(1)J O v1i ' 3 0 C N -+" -1 %< O Z O 00 0 n O O Q _ 3 3 N 0 O 0 0 0 0 0) 1 I) 0 3 5;�!�1D0 n X a.I� Q, 7I 7I • Hn v�i 0) 17o r co CD • . (D I -T1 cn n za • CD Cn0 0_ 01 CD I 01 0 0 1 • J CD F" --a CD auMap 32 'H n Q a Q Q Ul gsotaagwrts, ,773 o O O cD Q 5' (Q O Fir d d F-i CDC 00 CD CD iT C3" cr CD al -oak rel$ �l)-1 OD Oo OD OD INTW]IV1S 0 11 Cb 7.07-0 r Date: ESCROW (CLOSING) INSTRUCTIONS CENTRAL IDAHO TITLE, INC. 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. Allparties 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 la. 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. CENTRAL IDAHO TITLE, INC. Page 2 of Escrow (Closing) Instructions 74, 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) continued on page 3. A N E ESCROW INSTRUCTIONS to CENTRAL IDAHO TITLE, INC. Page 3 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 BUY 2. Will deliver to Escrow Agent all documents, pay to Escrow Agent all sums 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 then respectfully, as specified herein. 5. Will each pay to Escrow Agent, upon demand, all charges payable by then respectively, as provided herein. 6. Authorize Escrow Agent to execute on their behalf form assign nts 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 crosent 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 coxmection 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 any 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 matey 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 m 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 ,I ANI E R/ C •9 ESCROW INb71(UCTIONS to CENTRAL IDAHO 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 airy documents recorded therein to the parties entitled thereto at the address given herein, at which tine Escrow Agent shall disburse all funds paid to it hereunder, as provided herein. Arty 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 apy 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 camel 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 bane 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 nn the manner provided herein for the mailing of "Notices, Demands or Declarations." 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 camel, 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 m any mutual 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 money 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 any 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 ,t,.,nntER•� r ESCROW INSTRUCTIONS to CENTRAL IDAHO TITLE, INC. Page 5 AGREEMENTS FOR SALE OF REAL PROP`4' 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, m 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 agreement 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 pawl 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 connectin 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 manner provided herein for the mailing of "Notices, Demands or Declarations." If Buyer fails to comply with the teiuse 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 made by Escrow Agent, Seller and Buyer will pay to Escrow Agent for its services En 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 terms 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 sane together with late charge to the principal balance, under any Agreenent 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 agreco 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 on page 6 NOTICES, S OR DECLARATIONS: ESCROW INSTRUCTIONS to CENTRAL IDAHO TITLE, INC. Page 6 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. comfit tian lied with to the tisfaction of the r(rtl Molder i s to c x fn ly with all imstractions of the 1.e• in with finali i' off, r 1+.t,ect. 36. The respective address of Seller and Buyer as set forth herein or the last notice of change thereof filed with Escrow Agent by the respective parties, shall be used by Escrow Agent in mailing any "Notice, Demand or Declaration" to the other party. 37. If, for any reason, a "Notice, Demand or Declaration" of any kind is to be given by either party to the other party, said "Notice, Demand or Declaration" shall be in writing, signed by the party giving the Notice or making the Demand or Declaration and directed to the other party and shall be filed with Escrow Agent. Escrow Agent shall within three days after receipt of said "Notice, Demand or Declaration," send it to the party to 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 notice of the contents by such instrument to the party to whom the instrument is directed as of the date of such mailing and no further notice thereof shall be required. 39. The word "charges" 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 "pLoperty" 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 net 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 bus mess hours on said day such requirement may be met on the next succeeding day on which Escrow Agent is open for business throughout said business hours. 44. "Close of Escrow" 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 refetied to herein; e. Rights of parties under the agreement for sale referred to herein; f. Rights of Buyer under the agreement for sale refetLei to herein; g. Any liens or encumbrances affecting said property suffered or izturred 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 s to " 9 B y B y S e l l e r B y S e l l e r B y L e n d e r B y " t A N I �� c 4 - l - E S C R O W I N S T R U C T I O N S t o C E N T R A L I D A H O T I T L E , I N C . P a g e 7 4 6 h . L i a b i l i t i e s a n d o b l i g a t i o n s i m p o s e d o n t h e l a n d b y i n c l u s i o n i n a n y w a t e r o r i r r i g a t i o n d i s t r i c t ; i . R e s e r v a t i o n s o r E x p e c t a t i o n s i n P a t e n t s . 4 7 . g r t T h e r e a r e s o m e m a t t e r s w h i c h a t i t l e i n s u r a n c e c o m p a n y d o e s n o t a t t e m p t t o i n v e s t i g a t e o r d e t e r m i n e a n d f o r w h i c h i t a s s u m e s n o l i a b i l i t y . 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Box 1065 McCall, Idaho 83638 (208) 634-7142 REPLY TO BIGNED DEPARTMENT n '�� f • I 0 d s { scaLt. t ROOSF.VEL1 P Pea 0 run r v 2 stir c C►rt t4 a y 1lo et a 4 R 11 4 .1• t', • • 0 r m • Qt Z-6 cc 9• 1 r• 'Y♦ .s- - �• ilulw R m rt `74C•ta.,rJx- • N • • • L• 'S} A •