43-25 RFP-Responses-Rock Spring Golf Course.pdf

insured, two (2) Notices must be filed: one for the deed, and the other for the mortgage. 40. If the present transaction involves a mortgage to be insured and in the event the proceeds of the loan to be secured by the mortgage to be insured are not to be fully disbursed at closing (or if any of the proceeds of the loan are to be deposited into a construction disbursement or similar account), the Company must be notified prior to closing and this Commitment will be modified accordingly. This page is only a part of a 2016 ALTA® Commitment for Title Insuwance issued by Commonwealth Land Title insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Pollcy; the Commitment Conditions; Schedule A; Schedule B, Part !-Requirements; Schedule B, Part t-Exceptions; and a countersignature by the Company or its issuing agent that mey be in electronic form. Copyright American Land Title Association. All rights reserved. Soon SI6GATION The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as - of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. * ALTA Commitment for Title Insurance (08/01/2016) Technical Corrections 04-02-2018 Printed: 09.04.19 @ 04:08 PM NJRB 3-09 (Revised 7/04/48} Page4 NJ-CW-FXTD-01090.404974-SPS-1-19-19-LT-0033,

This Commitment expires 180 days after the Commitment Date. COMMONWEALTH LAND TITLE INSURANCE COMPANY COMMITMENT NO. 19-LT-0033 SCHEDULE B, PART! REQUIREMENTS (continued) 4. The identity of the Proposed Insured(s) must be disclosed to the Company prior to closing. For each policy to be issued as identified in Schedule A, item 2; the Company shall not be liable under this Commitment until it receives a designation for a Proposed Insured(s), acceptable fo the Company. As provided in Commitment Condition 4, the Company may amend this commitment to add, among other things, additional exceptions or requirements after the designation of the Proposed Insured({s). 12. The proposed Amount(s) of Insurance must be increased to the full value of the estate or interest being insured in accordance with NJLTIRB Manual of Rates and Charges, Article 3. When the final Amount(s) of Insurance are approved by the Company, the proposed Amounts(s) of Insurance will be revised accordingly, and the underwriting rate for the policy or policies and endorsement charges will be calculated consistent therewith. 13. Notice: Please be aware that due to the conflict between federal and state laws concerning the cultivation, distribution, manufacture or sale of marijuana, The Company is not able to close or insure any transaction involving Land that is associated with these activities. 14, New Jersey Superior and United States District Court returns dated February 7, 2019, show clear, see attached. Note: United States Patriot Search dated February 15, 2019, see attached. 15. Corporate Status Report vs. Montclair Golf Club is attached. 16. New Jersey UCC Search vs. Montclair Golf Club is attached. 17. Mortgage with instrument no. 2018096854, between Montclair Golf Club, a New Jersey not-for-profit corporation (mortgagor/borrower) and Provident Bank (mortgagee/iender) dated October 30, 2018, recorded November 8, 2018 in the Office of the County Clerk/Register of Essex; in the initial amount of $8,220,966.31. Assignment of Leases and Rents with instrument no. 2018096857, between Montclair Golf Club, a New Jersey not-for-profit corporation (mortgagor/borrower) and Provident Bank (mortgagee/lender) dated October 30, 2018, recorded November 8, 2018 in the Office of the County Clerk/Register of Essex; in the initial amount of $8,220,966.31. UCC Financing Statement with instrument no.

agee/lender) dated October 30, 2018, recorded November 8, 2018 in the Office of the County Clerk/Register of Essex; in the initial amount of $8,220,966.31. UCC Financing Statement with instrument no. 2018096861 filed November 8, 2018, wherein Montclair Golf Club is the debtor and Provident Bank is the secured party. COMPANY REQUIRES SAID MORTGAGE TO BE CANCELLED OR DISCHARGED OF RECORD. END OF SCHEDULE B, PART! This page is only a part of a 2016 ALTA® Commitment for Title Insurance Issued by Commonwealth Land Title insurance Company. This Commitment is nef valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part -Requirements; Schedule B, Part i!-Exceptions; and @ counter-signature by the Company or its issuing agent that may be in electronic form. —— Copyright American Land Title Association. All rights reserved. ae EOCRION The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as. 9 of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. 7 ALTA Commitment for Title insurance (08/01/2016) Technical Corrections 94-02-2018 Printed: 03.04.19 @ 04:09 PM NJRS 3-09 (Revised 7/01/18) Page 5 NJ-GW-FXTD-01090.404974-SPS-1-19-19-LT-0033,

This Commitment expires 180 days after the Commitment Date. COMMONWEALTH LAND TITLE INSURANCE COMPANY COMMITMENT NO. 19-LT-0033 SCHEDULE B, PART Il EXCEPTIONS For Information Only: tf the instrument to be insured is a purchase money mortgage covering a 1 to 4 family dwelling and owner's insurance is not desired, written notice declining right to purchase same is required from mortgagor pursuant to statutory requirement. (Notice and Waiver form enclosed) The Policy will not insure against taxes, water rates, assessments and other matters relating to taxes which have not become a lien up to the date of the policy or installments due after the date of the policy. Neither the tax search nor our policy covers any part of the streets on which the premises to be insured abut. This Commitment does not purport to show all the terms and provisions of the mortgage(s) contained herein, if any. Interested parties should communicate with the holder(s) thereof to consider the terms thereof, the obligation(s) secured and the effect of any unrecorded agreements in modification thereof. To the extent applicable, any map/plat being furnished is done so as an aid in locating the herein described Land in relation to adjoining streets, natural boundaries and other land, and is not a survey of the land depicted. Except to the extent a policy of title insurance is expressly modified by endorsement, if any, the Company does not insure dimensions, distances, and location of easements, acreage or other matters shown thereon. This Commitment does not republish any covenant, condition, restriction, or limitation contained in any document referred to in this commitment to the extent that the specific covenant, condition, restriction, or limitation violates state or federal law based on race, color, religion, sex, sexual orientation, gender identity, handicap, familial status, or national origin. The Policy will not insure against loss or damage resulting from the terms and provisions of any lease or easement identified in Schedule A, and will include the following Exceptions unless cleared to the satisfaction of the Company: 1, Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof, but prior to the date the Proposed Insured acquires for value of record the estate

matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof, but prior to the date the Proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment. 2. Rights or claims of parties in possession not shown by the Public Records. 3. Notwithstanding any provision of the policy to the contrary, the following matters are expressly excepted from the coverage of the policy, and the Company will not pay loss or damage, costs, attomey's fees or expense that arise by reason of any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the title that would be disclosed by an accurate and complete land survey of the land. 4, Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law, and not shown by the Public Records. & Liability for any additional assessment for reai estate taxes in connection with new construction pursuant to NUJLS.A. 54:4-63.1 et seq. This page ts only 2 part of a 2016 ALTA® Commitment for Title Insurance issued by Commonwealth Land Title Insurance Company. This Commitment Is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part |-Requirements; Schedule B, Part {-Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. ——- Copyright American Land Title Association. All rights reserved. SERGE The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as - of the date of usa, All other uses ate prohibited. Reprinted under license from the American Land Title Association. = ALTA Commitment for Title Insurance (08/01/2016) Technical Corrections 04-02-2018 Printed: 03.04.19 @ 04:09 PM. NJRB 3-09 (Ravised 7/01/18) Page 6 NJ-CW-FXTD-01080.404974-SPS-1-19-18-1T-0033

This Commitment expires 180 days after the Commitment Date. COMMONWEALTH LAND TITLE INSURANCE COMPANY COMMITMENT NO. 19-LT-0033 SCHEDULE B, PART Ii EXCEPTIONS (continued) 6. Taxes, charges, and assessments. 7. Municipal liens, if any, for utility services due and payable at or prior to the policy effective date are hereby excepted from coverage. 8. Subsurface conditions and/or encroachments not disclosed by an instrument of record. (Owner's policy only) 9. Computed measure of the area and/or acreage is not insured to be accurate. 10. Subject to 25 foot wide Right of Way as set forth in Deed Book Q110 page 380. 11. Subject to 25 foot wide Right of Way in Deed Book S79 page 345. 12. Right of Way as set forth in Deed Book B73 page 331. END OF SCHEDULE B, PART II This page is only a part of a 2016 ALTA® Commitment for Tile Insurance issued by Commonwealth Land Title insurance Company. This Commitment is nof valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part tRequirements; Schedule B, Part i!-Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association, All rights reserved. Gap The use of this Form {or any derivative thereof} is restricted to ALTA ficensees and ALTA members In good standing as ye of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title insurance (08/01/2016) Technical Corrections 04-02-2018 Printed: 03.04.19 @ 04:08 PM NJRB 3-09 (Revised 7/01/18) Page? NJ-<CW-FXTD-01090.404974-SPS-1-19-19-LT-0033

ENDORSEMENT SURVEY Attached to Loan Policy Number: Issued By: @ Commonwealth LAND TITLE INSURANCE COMPANY 19-LT-0033 Exception No. 3 is removed, Notwithstanding any provision in the policy to the contrary, unless an exception is taken in Schedule B, the policy insures against loss arising from any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title. The following matters shown on a survey made by GCStewart Associates, Inc., dated June 30, 2014, are added to Schedule B. (a) Fences, curbs, ditches and paved drives on and over sidelines This policy does not insure against errors or inaccuracies in the survey with respect to matters which do not affect title. This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (if) modify any prior endorsements, (iti) extend the Date of Policy, or (iv) increase the Amount of insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls, Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements. A Survey Affidavit of No Change is required to be submitted to this company at closing. Commonwealth Land Title Insurance Company Dated: Countersigned By: Authorized Officer or Agent NJRB 5-01 Printed: 03.04.19 @ 12:17 PM ‘Survey (Revised 9/10/07) NJ-CW-FXTD-01000.404874-SPS-1-18-LT-0033

COMMONWEALTH LAND TITLE INSURANCE COMPANY COMMITMENT NO. 19-LT-0033 COMMITMENT CONDITIONS 1. DEFINITIONS {a) "Knowledge" of "Known"; Actual or imputed knowledge, but not constructive notice imparted by the Public Records. {b) “Land”: The land described in Schedule A and affixed improvements that by law constituta real property. The term "Land" does not include any property beyond the lines of the area described in Schedule A, nor any right, itl, interest, estate, or easement in abutting streets, roads, avenues, alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to and from the Land is to be insured by the Policy. (©) "Mortgage": A mortgage, deed of trust, or other security instrument, including one evidenced by electronic means authorized by law. {d) "Policy": Each contract of titfe insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company pursuant to this Commitment. {e) “Proposed Insured*: Each person identified In Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment. {f) "Proposed Policy Amount": Each dollar amount specified in Schedule A as the Proposed Policy Amount of each Policy to be Issued pursuant to this Commitment. {g) "Public Records": Records established under state statutes at the Commitment Date for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge. {h) "Title": The estate or interest described in Schedule A. 2. If all of the Schedule B, Part |-Requirements have not been met within the time period specified in the Commitment to Issue Policy, this Commitment terminates and the Company's liability and obligation end. 3. The Company's liability and obligation is limited by and this Commitment is not valid without: {a) the Notice; {o) the Commitment to !ssue Policy; {c) the Commitment Conditions; (d) Schedule A; {e) Schedule B, Part -Requirements; {f} Schedule B, Part [i-Excaptions; and {g) a counter-signature by the Company or its issuing agent that may be in electronic form. 4, COMPANY'S RIGHT TO AMEND The Company may amend this Commitment at any time. If the Company amends this Commitment fo add a defect, lien, encumbrance, adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, any

this Commitment at any time. If the Company amends this Commitment fo add a defect, lien, encumbrance, adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment Condition 5. The Company shall not be liable for any other amendment to this Commitment. 5. LIMITATIONS OF LIABILITY (a) The Company's liability under Cornmitment Condition 4 is limited to the Proposed Insured's actual expense incurred in the Intarval batween the Company's delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the Proposed Insured’s good faith reliance to: () comply with the Schedule B, Part Requirements; (i) eliminate, with the Company's written consent, any Schedule B, Part II-Exceptions; or (il) acquire the Title or create the Mortgage covered by this Commitment. (b) The Company shall not be liable under Commitment Condition 5(a) if the Proposed Insured requested the amendment or had Knowledge of the matter and did not notify the Company about tt in writing. (c) The Company will only have tiability under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment included the added matter when the Commitment was first delivered ta the Proposed Insured. (4) The Company's liability shall not exceed the lesser of the Proposed Insured's actual expense incurred in good faith and described in Commitment Conditions 5(a\(i) through 5¢a)(if) or the Proposed Policy Amount. (e) The Company shall not be liable for the content of the Transaction Identification Data, if any. (In no event shall the Company be obligated to Issue the Policy referred to in this Commitment unless all of the Schedule B, Part |-Requiraments have been met tc the satisfaction of the Company. (g)_ in any event, the Company's liability is mited by the tetms and provisions of the Policy. This page is only a part of a 2016 ALTA® Commitment for Tile insurance issued by Commonwealth Land Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Scheduts B, Part -Requirements; Schedule 8, Part !!-Exceptions; and @ counter-signature by the Company or its Issuing agent that may be in electronic form. Copyright American Land Title Association. All

eduts B, Part -Requirements; Schedule 8, Part !!-Exceptions; and @ counter-signature by the Company or its Issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted undar license from the American Land Title Association, ALTA Commiiment for Title Insurance (08/01/2018) Technical Comactions 04-02-2018 Printed: 03.04.19 @ 04:09 PM NURB 3-09 (Revised 7/01/18) Page 8 NJ-CW-FXTD-01080.404974-SPS-1-18-18-T-0033