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, 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,