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

This Commitment expires 180 days after the Commitment Date. COMMONWEALTH LAND TITLE INSURANCE COMPANY COMMITMENT NO. 19-LT-0033 SCHEDULE B, PARTI REQUIREMENTS All of the following Requirements must be met: 1, The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions. 2. Pay the agreed amount for the estate or interest to be insured. 3. Payment of all applicable underwriting rates, premiums, charges and fees to the Company. 4, Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, recorded and indexed in the Public Records: a Deed from Montclair Golf Club, a New Jersey not for Profit corporation to Township of West Orange. 5. If the present transaction is an assignment of a mortgage or lease, an estoppel certificate executed by the owner of the fee must be obtained. 6. if the present transaction consists in whole or in part of a conveyance, mortgage or lease by a corporation, a certified copy of the Resolution of the Board of Directors authorizing the transaction together with a certificate that the corporation is solvent and the By-Laws have been complied with must be obtained. 7. An affidavit of title executed by the seller(s) and /or mortgagor(s) must be obtained and the facts set forth therein must be considered. 8. The Company requires that you order a title continuation search ("Run-Down" or "Bring-Down") at least 24 hours prior to the scheduled closing or settlement. if the date of closing or settlement is postponed, you must order a new title continuation search. 9. The Company requires that a Notice of Settlement in connection with this transaction be filed, pursuant to N.J.S.A. 46:26A-11, as nearly as possible to, but not more sixty (60) days before, the anticipated date of recording of the closing documents. If the closing is postponed, a second Notice must be filed before the expiration of the first. If both a deed and mortgage are to be 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

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,