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98-066319 lur STATE OF OREGON } SS ' County of Washington t, Jerry R. Hanson, Dii4dwr of Assess- ment and Taxattbn and 'bi bfticio County Clerk for said county, do hereby certify that the within instrument of writing was received and recorded in book of records of said county:' Jerry R. Hanson, Director of Assesd erit`and.Taxation, Ex- 0ffIcio,Cpkrnty Clerk Doc ; 98066319 Rect: 211076 28.00' 06/22/1998 11:00:50am j v CORRECTION .DEED~y~ - STEWART TITLE.COMPAA 10. ®l/ j RJ S..,i E OF OREGON RETURN DOCUMENT TO DESIGNEE OELOWV ~ County of Washington SS Title Order No. 971398591; 1, Jerry R. Hanson, Director o ssess- Escrow No. 97139859 ment and Taxation and Ei= o County Clerk for said county, do he y``ceertify that the within instrument of w ' ng was received After recording return to: and recorded in boo of records of said City Of Tigard county.' 13125 SW Hall Boulevard XTiptard,_ OR 97223 Name, Address, Zip Jerry R. Hanson,-,Director of Until a change is requested all tax statements shall be sent to the Assessment aii Taxation, Ex- following address. Officio Count 'Clerk City Of Tigard Doc 97119429 13125 SW Hall Boulevard ' Tigard, OR 97223 Rect: 199983 18.00 Name, Address, Zip 12/23/1997 0 9 : 16 : 18 am STATUTORY WARRAiINTY DEED Correction Deed - To correct errors in distances on. Doc. # 97119429 for tax lot 1S1 34DA 3300 Beacon Homes, Inc. , an Oregon corporation, Grantor, conveys and warrants to City Of. Tigard, an Oregon municipal corporation, Grantee, the following described real property free of encumbrances, except as specifically set forth herein situated in Washington county, OREGON, to wit: As fully described on Exhibit "A" attached and by reference made a part hereof. This property is free from encumbrances, EXCEPT: Statutory powers of Unified Sewerage Agency; rights of the public in and to any portion of the herein described premises lying within the boundaries of SW North Dakota Street. THIS INSTRUMENT WILL NOT ALLOW USE OF THE PROPERTY DESCRIBED IN THIS INSTRUMENT IN VIOLATION OF APPLICABLE LAND USE LAWS AND REGULATIONS. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING FEE TITLE TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY APPROVED USES AND TO DETERMINE ANY LIMITS ON LAWSUITS AGAINST FARMING OR FOREST PRACTICES AS DEFINED IN ORS 30.930. The true consideration for this conveyance is $30,000.00. (Here comply with the requirements of ORS 93.030) Dated this day of December , 19 97 Beacon Homes, Inc. BY: Peter A. Kusyk, esident STATE OF OREGON County of Washington }ss. On this / day of December 1997, before me appeared Peter A. Kusyk and both to me personally known, who being duly sworn, did say that he, the said Peter A. Kusyk is the President President, and he, the said is the of BEAC017 11CMES- Ta*r tL~ ~ the within. named Corporation, and that the said instrument was signed in behalf of said Corporation by authority of its .Board of Directors, and Peter A. Kusyk and acknowledge said instrument to be the free =t and deed of said Corporation. IN TESTIMONY F, I h e hereunto se and and'affixed my offs eal a da l year ast above written. OFFICIAL SEAL Charlene Norris Notary or Oregon CHARLENE MORRIS My C ssion Expires 6/16/01 NOTARY PU8LIC-OREGON COMMISSION N0.3G219J MY COMMISSION EXPIRES JUN 16, 2001 EXHIBIT "A' A TRACT OF LAND SITUATED IN THE SOUTHEAST ONE QUARTER OF THE SECTION 34, TOWNSHIP 1 SOUTH, RANGE 1 WEST, WILLAMETTE MERIDIAN, CITY OF TIGARD, WASHINGTON COUNTY, OREGON, DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHWEST CORNER OF THAT TRACT OF LAND CONVEYED, TO BEACON HOMES, INC., BY DEED RECORDED AS DOCUMENT NO. 96-099760 IN THE WASHINGTON COUNTY DEED RECORDS; THENCE ALONG THE SOUTH LINE OF SAID BEACON HOMES TRACT, N 89° 28'05" E 113.20 TO THE TRUE POINT OF BEGINNING; THENCE N 00° 40' 21" W A DISTANCE OF 18.20 FEET TO A POINT OF CURVE OF A CURVE TO THE RIGHT; THENCE ALONG THE ARC OF SAID CURVE WITH A RADIUS OF 175.00 FEET A DELTA OF 41 ° 16' 27" (A CHORD WHICH BEARS N 19° 59'18" E 123.36 FEET) AND A LENGTH OF 126.06 FEET TO A POINT OF COMPOUND CURVE TO THE RIGHT; THENCE ALONG THE ARC OF SAID CURVE WITH A RADIUS OF 104.00 FEET A DELTA OF 270 50' 56" (A CHORD WHICH BEARS N 54° 33' 00" E 50.05 FEET), AND A LENGTH OF 50.55 FEET TO THE POINT OF TANGENCY; THENCE N 68° 28'27" E A DISTANCE OF 17.89 FEET TO A POINT OF CURVE OF A CURVE TO THE LEFT; THENCE ALONG THE ARC OF SAID CURVE WITH A RADIUS OF 71.00 FEET, A DELTA OF 740 11' 14" (A CHORD WHICH BEARS N 31° 22' 50" E 85.64 FEET), AND A LENGTH OF 91.93 FEET TO A POINT OF TANGENCY; THENCE N 05° 42'47" W A DISTANCE OF 224.97 FEET TO A POINT WHICH LIES 30.00 FEET SOUTH OF THE CENTERLINE OF SW NORTH DAKOTA STREET; THENCE S 89° 51'28" E, PARALLEL WITH SAID CENTERLINE, A DISTANCE OF 169.50 FEET TO THE EAST LINE OF SAID BEACON HOMES TRACT; THENCE S 00° 31' 42" E, ALONG SAID EAST LINE A DISTANCE OF 463.55 FEET TO THE SOUTH LINE OF SAID BEACON HOMES TRACT; THENCE, ALONG SAID SOUTH LINE, S 89° 28' 05" W A DISTANCE OF 295.23 FEET TO THE TRUE POINT OF BEGINNING. 3 ~~i 10 L 106TH AVE CT HI 01 S Washington County, Oregon April 13`x, 1998 RECEIVED PLANNING To: City of Tigard 13125 SW Hall' Boulevard APR 15 1998 Tigard, Oregon 97223 / CITYQF TTIGARD RE: Map & Taxlot Numbers: IS 134DA-33001105,80 Sw /VOv t sT- -DA2aT-PVvoADG.t~ 6L.6DILAS1 W Dear Property Owners LR, 9.7 -COO I 1Z01\1 CJ 7 66n 1 We are in receipt of our copy of document number 97-1 1 9429, which was recorded December 23rd, 1997. Please be advised that upon examination of this document, we found that an error may exist in the legal description. You may wish to contact your title company (Stewart Title) or call us for further clarification. This courtesy letter is to inform you that possible errors may exist and is not intended to be an irrevocable fact. Your attention to this matter will possibly divert some future problems. Problem Summary: Your document attempts to convey a portion of taxlot 3300. This legal description however, describes an area that extends in to the taxlot to the immediate east by almost 22 feet, a taxlot that is not shown to be in the ownership of the Grantors, Beacon Homes Inc. We suggest that you have this deed re-recorded with a corrected legal description, to avoid future complications in the transfer of these properties. The document action in question will not be carved out until such time as an accurate and corrected legal description is filed with Washington County. If you have any questions please write or call your title company or the Cartography section here at Washington County at (503) 648-8871, Monday through Friday, between 8:30 am and 5:00 p.m. Very Truly Yours, Department of Assessment and Taxation Jerry R. Hansen, Director By: Eric Stone III, Cartographer I Mapping & Recording Division Mail Stop-#9 Department of Assessment and Taxation, Cartography and Records Division 155 North First Avenue, Suite 136, Mail Stop 9 Hillsboro, Oregon 97124-3087 Telephone 503-648-8871 Fax 503-681-3908 U-ONNFLL RRMIS ET AL 503-243-2944 Apr 10,98 13:09 No.006 P.02 i1WX TIU OWMW NO, PIMA/ RAT I OF ONCION } ge RIB DWAIiD'1't+ TO 6LNONU GLOW ~ CeuRMetVVwhla~ret~;~ ' Shle Ot±rirr Na QLii3R+1lL - '~i i t, Joey t ae o S the td~A, A Aft. nmtdlq we pi and ro a4~e' • a" d dity Of WiAj- r. t , a y tt+Nwi11 . ink Y WIRIeNI fOR W e~r SIM _ IU#- Doe t 97119424 Reobi 199982 38.00 i1L.a R4 ~ 12/39/1997 09b 1g118aia NAM AMINN. IV ITA'!'tJIM WARRANTT DZED , beacon 1lottas, :no,, an Oregon eorpotatiot%OHM, oent+gicadwmnnuto City Of Tigard, an, Cyagon munietpal corporation OWN, tM M1ew1116 datedatd Tall p 1 m (tree of enaunleratoa, In* m spoalflaWly IN tbRh herein ritumad to 6faahinptonaocmy, OR800N, to rut At fully described on AxKbit °A° aetadbod and by raP•t•noo made a pest horsol. Tttb plop my b free !rum asanrobfanoaa, BXCAPTt Statutory po+wn of MOM Sawtn3a AVm,, tiphla of rho public to sad to arty portion or the ttaMb doUdbrd peao11re1 lyty wBLtn Na bat WWO of 8W NSM Crhom Sheet, THIS INMUMBNT WILL NOT ALLOW USS OP T'8E PROPERTY DBSCRM90 IN THIS INtfML%BNtT IN VIOLATION 9F APPLICABLB LAND USB LAWS AND REGULATIONS, BEFORE SIGNING OR ACCBPTtNO THIS IN8'T ymENT, Tits Pnwm Atmuralw0 P68 TITLE TO tft PRCP1fRTY sHOULb C1r8Cit wind TKB APPROPRIATE CITY OR COUNTY MANNINO DUARTMBNPT TO YBR7Y APPROVED USES AND TO DETWWNB ANY LIMITS ON LAWBUIll AGAINST PARMINtO OR FOREST PRACTICES AS DUPINED IN OR8 70,410. mm true aoadeatatios far ttt11 Oeoweyatse it 490 , 000 , 00, (Hare comply with rbo rogeite2eeetr of OR$ 23=0) Dual ih11 dry of D.o.mb•s ,19.E beacon Homes. Inc, By L lstar A; w 0k, esid•nt STATE OF DIMON owly of On thlr I ±dmy of DUUUX bAQara Dt! N! tan: ft~ us- d ,mow, 6•rls Iy 1o►ewu, w o ednj WON, Icy , %68-lffd I'Atfiv A, K98341 !r tbo Ps•.id.ns PrWldacr, sod ho, to ia0o _~f ~ueob sates. `rto. the withta used Corp 11on, AM tA1129k% said loatt+tmmt vrm IIFW in I>"f of"d Cwwalloo ty awtbeAry of Na !Gard of Db00 Mo rob Peter ~ aettooV/lId ja card 1tIItNaltftt a .the act aa~ of acid CarpOrvtio•+ IN TW MONiY "POP. t tialeunta tiodalflsW nq s wrltiat+ OFFIGAL4iiAl CIIar2dna Iterri'a j e goc CNARidMb rWMIl1 M Battoc bpt1a ~ NOTM7 PU UrYORitb1ON GOMtlloilON NO.0211" IIIi eblOlt llbtpSti®rurt a aeot C?i~10NNFLL F'RMI'S ET AL 503-2'43--2 94:1 Hpr 10,98 1 10 hJu.006 F'. 7w, $XMt81T "A' i Legal Descio(WI, A Scat of land butrrd In the twoumasl onaguaRsr of 8sotlcn 34 and the Soulhweel ono-quarter of Section 35, Township 1 South, Rings 1 West, of the Wtamelta Morldlon, in N City of Tigard, 0ounly of Washington and Riots of Oregon, belrlg more panlwi ly desaib+d is billows, lipinning at the Bouthweel comes of (hill tract of land convayed to Hogan Hares, Inc., by Deed Recorded as Ocioumsnt No, 94499750 In Ws"gtan County Dead Recordsi thenca Cow the South line of gild 8esleon Monies Tract, North 69`26'05' Bait, 133,20 foal to the trug point of beghul4g; thence North 0014021' Wait, 10.20 feet to a potilt of afnalure; thence 126.05 fail along the am of a 176,00 fail radius ourve to the right through a cantrll anVA of 41014'16' (Ina long shard bears North 10188'47' float, 133.36 feel) 10 a point of compound curvature; thence 50.56 foot %long the am of a 104,00 foot raolus arrys to the light through a carivol angle of !7'60'68' (the long ahofd bases North 64033'001 pest 60,08 feet) to a *at of tangency; thence North 88.2527' Evil 17,86 fast to a polnl of curvature; them 91.63 fool along the arc of a 71,00 foot radius curve to the left through a antral an01a of 740111144 (the long dtad burg North 31122'60' East 86.54 fairq to a point of terlge+lcy; thenoe North 050421471 West 224.07 feat to a point which Iles 38.00 fast South of the aentarilne of S.W. North Dakota Sml; Ihonoe South 8018t'21, Bast, parallel with said oanlarllno, 170,74 feet to the Hest Nno of sold Seoaan Homes tract; thence Eoulh 00131'42' 0,est, Nang sold Asim line 483,53 reel to the South tine of sald Sesoan Harmed trial; thence, along sold Aauth line, South 89428'08' West, 798.23 feet to Iho true polyd of booinning, 1 C PAGE 4 of P,allrnlrery CamNlllmoPil Omer No, IT 17865Q,*14 STEWART TITLE TRI-COUNTY 9020 SW Washington Square Road Suite 220 Sanctity of Contract Tigard Oregon 97223 PRELIMINARY COMMITMENT FOR TITLE INSURANCE September 8, 1997 Order Number: 97139859-WN Stewart Title of Oregon, Inc. 9020 SW Washington Square Road Suite 170 Tigard, OR 97223 Attention : Charlene Norris Telephone (503)671-0540 Reference Beacon Homes, Inc./City Of Tigard Amount Premium Owner's ALTA Standard $30,000.00 $149.00 B/R Owner's ALTA Extended Purchaser's ALTA Standard Mortgagee's ALTA Standard Mortgagee's ALTA Extended Lien Search/Government Service Charge $ 25.00 This is a preliminary billing only; a consolidated statement of all charges, credits, and advances, if any in connection with. this order will be provided at closing. Stewart Title is prepared to issue on request and on recording of the appropriate documents, a policy or policies as applied for, with coverages as indicated, based on this preliminary commitment that as of August 28, 1997 at 5:00 p.m. title of the property described herein is vested in: BEACON HOMES, INC., an Oregon corporation Subject only to the exceptions shown herein and to the terms, conditions and exceptions contained in the policy form. This commitment is preliminary to the issuance of a policy of title insurance and shall become null and void unless a policy is issued, and the full premium paid. Description: For legal description see Exhibit "A" attached hereto. PAGE 1 of Preliminary Commitment Order No. 97139859-WN SCHEDULE B GENERAL EXCEPTIONS: 1. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records. Proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the public records. 2. Any facts, rights, interest, easements or claims which are not shown by the public records but which could be ascertained by an inspection of said land or by making inquiry of persons in possession thereof. 3. (a) Uripatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the. matters excepted under (a), (b), or (c) are shown by the public records. 4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments or any other facts which a correct survey would disclose, and which are not shown by the public records. 5. Statutory liens or other liens or encumbrances, or claims thereof, which are not shown by the public records. SPECIAL EXCEPTIONS: 6. 1997-98 taxes, a lien not yet payable. 7. As disclosed by the tax roll the premises herein described have been zoned or classified for farm use. At any time that said land is disqualified for such use, the property may be subject to additional taxes or penalties and interest. 8. City liens, if any. We have requested a search and will advise when we have received a response from the City of Tigard. 9. The herein described premises are within the boundaries of and subject to the statutory powers, including the power of assessment, of the Unified Sewerage Agency. 10. Rights of the public in and to any portion of the herein described premises lying within the boundaries of S.W. North Dakota Street. 11. Trust Deed, including the terms and provisions thereof to secure the amount noted below and other amounts secured thereunder, if any: Grantor Beacon Homes, Inc., an Oregon corporation Trustee Stewart Title of Oregon, Inc. Beneficiary Sterling Savings Association Dated November 5, 1996 Recorded November 6, 1996 Fee No. 96099761 Amount $227,500.00 Loan No. 158013260 PAGE 2 of Preliminary Commitment Order No. 97139859-WN 12. The herein described property appears to be a portion of an existing tract. We find no partition plat of record. A sale or conveyance of said parcel may be in violation of the partition statutes. - (This exception may not appear in the policy to be issued, as the matters referred to herein are excluded from coverage.) NOTE: Taxes paid in full for 1996-97: Levied Amount $1,869.89 Prepaid 1997-98 $6,830.58 Account No. 1S134DA-03300 Levy Code 023.74 Key No. 8269658 Said amount includes $7,041.83 for unzoned farmland. NOTE: Washington County Ordinance No. 193, recorded May 13, 1977 in Washington County, Oregon, imposes a tax of $1.00 per $1,000.00 or fraction thereof on the transfer of real property located within Washington County. If you have any questions regarding this report or your escrow closing please call Charlene Norris at (503)671-0540. Charlene Norris is located at 9020 SW Washington Square Road Suite 170, Tigard, OR 97223. STEWART TITLE By J James J. Welch Title Examiner JJW:ls cc:. Beacon Homes, Inc. cc: City of Tigard Attn: Duane Roberts cc: O'Donnell Rais Crew Corrigan & Bachrach Attn: Pamela J. Berry PAGE 3 of Preliminary Commitment Order No. 97139859-WN EXHIBIT "A" Legal Description: A tract of land located in the Southeast one-quarter of Section 34 and the Southwest one-quarter of Section 35, Township 1 South, Range 1 West, Willamette Meridian, City of Tigard, Washington County, Oregon, being more particularly described as follows: Beginning at the Northwest comer of the John L. Hicklin D.L.C. No. 54; thence South 89051'28" East, along the North line of said D.L.C., 2571.36 feet to the Northwest comer of that tract of land conveyed to, Beacon Homes, Inc. in Document No. 96-099760 in Washington County Deed Records; thence South 89051'28" East along said North D.L.C. line, 237.61 feet; thence South 00008'32" East, 30.00 feet to the TRUE POINT OF BEGINNING; thence South 0504247" East, 224.98 feet to a point of curvature; thence 91.93 feet along the arc of a 71.00 foot radius curve to the right through a central angle of 74011'14" (the long chord bears South 31022'50" West, 86:64 feet) to a point of tangency; thence South 6802828" West, 17.89 feet to a point of curvature; thence 50.82 feet along the arc of a 104.00 foot radius curve to the left through a central angle of 27059'51" (the long chord bears South 54028'32" West, 50.32 feet) to a point of compound curvature; thence 125.68 feet along the arc of a 175.00 foot radius curve to the left through a central angle of 41008'58" (the long chord bears South 19054'08" West, 123.00 feet) to a point of tangency; thence South 00°40'22" East, 19.52 feet to the South line of said Beacon Homes,.Inc. Tract; thence South 89051'28" East, along said South line; 293.27 feet to the Southeast corner of said Beacon Homes, Inc. Tract; thence North 0002226" West, along the East line of said Beacon Homes, Inc. Tract, 468.27 feet to a point which is 30.00 feet South of the North line of said Hicklin D.L.C.; thence North 89051'28" West, parallel with said North line, 168.78 feet to the TRUE POINT OF BEGINNING. PAGE 4 of Preliminary Commitment Order No. 97139859-WN MAP # ~ 3~ IAA THIS MAP IS FURNISHED X H 1 I I\ ~ A AS A CONVENIENCE BY: v V 1 /4 OF SEC. 34 AND THE S.w. 1 /4 OF SEC. 35. STEWART TITLE CITY 0 TIGARD WASHINGTON COUNTY OREGON THIS MAP IS NOT A SURVEY AND DOES NOT SHO'NTHELOCATION OFANY IMPROVEMENTS THE COMPANY ASSUMES'NO LIABILITY FOR ERRORS THEREIN. . I SCALE: 1":=100' N.W. COR. JOHN HICKLIN D.L.C. S.W. NORTH DAKOTA ST.(CENTERLINE) S 89'51'28" E. 2571.36' 237.61' 30.00' r TRUE POINT OF BEGINNING . o9g~~C DESCRIBED AREA PREPARED BY- ALPHA ENG.. INC. 9600 S.W. OAK. STE.230 PORTS AND, ORE. 97223 (503) d52-8003 FILE NO. 141-014 e a6ed`•0LI,# X9laf!N4d£Z:£ L6/t,0/60 !Svso LL9 £OS 31111 iHVM31S :Aq jusS If you want information about coverage or need assistance to resolve complaints, please call our toll free number: 1-800-729-1902. If you make a claim under your policy, you must fu,-'eh written notice in accordance with Section 3 c" Conditions and Stipulations. Visit our World-Wide Web site at: http://www. ~wart.com POLICY OF TITLE INSURANCE ISSUED BY r { 1 + S T EWART TITLE } } GUARANTY COMPANY } } SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN } } SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, STEWART TITLE GUARANTY COMPANY, a Texas + } corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not } exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of: } 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; } + 2. Any defect in or lien or encumbrance on the title; } 3. Unmarketability of the title; 4. Lack of a right of access to and from the land. The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but + only to the extent provided in the Conditions and Stipulations. f } IN WITNESS WHEREOF, Stewart Title Guaranty Company has caused this policy to be signed and sealed by its } 4 duly authorized officers as of the date of Policy shown in Schedule A. + + t } STEWART TITLE GUARANTY COMPANY -.01 AAA.-I I gill rvw A.- - W. } Chairman o the Boar President + + Countersigned: } Authorized S atory 3; ~co N,1 } STEViVART TITLE OF OREGOM, IMC. - 1908 } Com I AD `A__ a ' + SUITE 220 TEx•AuO.V 1 + City, } EXCLUSIONS FROM COVERAGE } } The followingg matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attomeys' fees or expenses which arise by reason of: f 1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, } prohl sting ar relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improvement now or hereafter erected + on the land; (iiil a separation in ownership or a change In the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental + } protection, or the effect of any violation of these laws, ordinances or govemmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. } (b Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or i encumbrance resuting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage } any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. } 3. Defects, liens, encumbrances, adverse claims or other matters: (a) created, suffered, assumed or agreed to by the insured claimant; } (b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to the + Com ny by the insured claimant prior to the date the insured claimant became an insured under this policy; + + c) resulting in no loss or damage to the insured claimant; } attaching or created subsequent to Date of Policy; or } e resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. } 4. y claim, which arises out of the transaction vesting in the Insured the estate or interest insured by this policy, by reason of the operation of federal + bankruptcy, state insolvency, or similar creditors' rights, laws, that is based on: } t (a) the transaction creating the estate or interest insured byy this policy being deemed a fraudulent conveyance or fraudulent transfer; or } (b) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer results } from the failure: } ~i) to timely record the instrument of transfer; or il) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. SerialY No°. 0-9993- 12 3 9 3 4 3 - ALTA OWNER'S POLICY -10-17-92 CONDITIONS AND STIPULATIONS 1. DEFINITION OF TERMS. reserves the right, in its sole discretion, to appeal from any adverse judgment or order. The following terms when used in this policy mean: (d) In all cases where this policy permits or requires the Company to prosecute (a) "insured": the insured named in Schedule A, and, subject to any rights or or provide for the defense of any action or proceeding, the insured shall secure to the defenses the Company would have had against the named insured, those who Company the right to so prosecute or provide defense in the action or proceeding, and succeed to the interest of the named insured by operation of law as distinguished from all appeals therein, and permit the Company to use, at its option, the name of the purchase including, but not limited to, heirs, distributees, devisees, survivors, personal insured for this purpose. Whenever requested by the Company, the insured, at the representatives, next of kin, or corporate or fiduciary successors. Company's expense, shall give the Company all reasonable aid (i) in any action or b) "insured claimant": an insured claiming loss or damage. proceeding, securing evidence, obtaining witnesses, prosecuting or defending the "knowledge" or "known": actual knowledge, not constructive knowledge or action or proceeding, or effecting settlement, and (u) in any other lawful act which, in the notice which may be imputed to an insured by reason of the public records as defined opinion of the Company may be necessary or desirable to establish the title to the in this policy or any other records which impart constructive notice of matters affecting estate or interest as insured. If the Company is prejudiced by the failure of the insured the land. to furnish the required cooperation, the Company's obligations to the insured under the (d) "land": the land described or referred to in Schedule A, and improvements policy shall terminate, including any liability or obligation to defend, prosecute, or affixed thereto which by law constitute real property. The term "land" does not include continue an y litigation, with regard to the matter or matters requiring such cooperation. any property beyond the lines of the area described or referred to in Schedule A, nor 5. PROOF OF LOSS OR DAMAGE. any right, title, interest, estate or easement in abutting streets, roads, avenues, alleys, In addition to and after the notices required under Section 3 of these Conditions lanes, ways or waterways, but nothing herein shall modify or limit the extent to which a and Stipulations have been provided the Company, a proof of loss or damage signed right of access to and from the land is insured by this policy. and sworn to by the insured claimant shall be furnished to the Company within 90 days (e) "mortgage": mortgage, deed of trust, trust deed, or other security instrument after the insured claimant shall ascertain the facts giving rise to the loss or damage. (f) "public records": records established under state statutes at Date of Policy for the The proof of loss or damage shall describe the defect in, or lien or encumbrance on the purpose of imparting constructive notice of matters relating to real property to title, or other matter insured against by this policy which constitutes the basis of loss or purchasers for value and without knowledge. With respect to Section 1(a)(iv) of the damage and shall state, to the extent possible, the basis of calculating the amount of Exclusions From Coverage, "public records" shall also include environmental protection the loss or damage. If the Company is prejudiced by the failure of the insured claimant liens filed in the records of the clerk of the United States district court for the district in to provide the required proof of loss or damage, the Company's obligations to the which the land is located. insured under the policy shall terminate, including any liability or obligation to defend, (g) "unmarketability of the titre": an alleged or apparent matter affecting the title to prosecute, or continue any litigation, with regard to the matter or matters requiring such the land, not excluded or excepted from coverage, which would entitle a purchaser of proof of loss or damage. the estate or interest described in Schedule A to be released from the obligation to In addition, the insured claimant may reasonably be required to submit to purchase by virtue of a contractual condition requiring the delivery of marketable title. examination under oath by any authorized representative of the Company and shall 2. CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITLE. produce for examination, inspection and copying, at such reasonable times and places The coverage of this policy shall continue in force as of Date of Policy in favor of as may be designated by any authorized representative of the Company, all records, an insured only so long as the insured retains an estate or interest in the land, or holds books, ledgers, checks, correspondence and memoranda, whether bearing a date an indebtedness secured by a purchase money mortgage given by a purchaser from before or after Date of Policy, which reasonably pertain to the loss or damage. Further, the insured, or only so long as the insured shall have liability by reason of covenants of if requested by any authorized representative of the Company, the insured claimant warranty made by the insured in any transfer or conveyance of the estate or interest. shall grant its permission, in writing, for any authorized representative of the Company This policy shall not continue in force in favor of any purchaser from the insured of to examine, inspect and copy all records, books, ledgers, checks, correspondence and either (i) an estate or interest in the land, or (ii) an indebtedness secured by a purchase memoranda in the custody or control of a third party, which reasonably pertain to the money mortgage given to the insured. loss or damage. All information designated as confidential by the insured claimant 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT. provided to the Company pursuant to this Section shall not be disclosed to others The insured shall notify the Company promptly in writing (i) in case of any litigation unless, in the reasonable judgment of the Company, it is necessary in the as set forth in Section 4(a) below, (ii) in case knowledge shall come to an insured administration of the claim. Failure of the insured claimant to submit for examination hereunder of any claim of title or interest which is adverse to the title to the estate or under oath, produce other reasonably requested information or grant permission to interest, as insured, and which might cause loss or damage for which the Company secure reasonably necessary information from third parties as required in this may be liable by virtue of this policy, or (iii) if title to the estate or interest, as insured, is paragraph shall terminate any liabili of the Company under this policy as to that claim. rejected as unmarketable. If prompt notice shall not be given to the Company, then as 6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF to the insured all liability of the Company shall terminate with regard to the matter or LIABILITY. matters for which prompt notice is required; provided, however, that failure to notify the In case of a claim under this policy, the Company shall have the following Company shall in no case prejudice the rights of any insured under this policy unless additional options: the Company shall be prejudiced by the failure and then only to the extent of the (a) To Pay or Tender Payment of the Amount of Insurance. prejudice. o pay or tender payment of the amount of insurance under this policy together 4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF INSURED CLAIMANT with any costs, attomeys' fees and expenses incurred by the insured claimant, which TO COOPERATE. were authorized by the Company, up to the time of payment or tender of payment and (a) Upon written request by the insured and sub1ect to the options contained in which the Company is obligated to pay. Section 6 of these Conditions and Stipulations, the Company, at its own cost and Upon the exercise by the Company of this option, all liability and obligations to the without unreasonable delay, shall provide for the defense of an insured in litigation in insured under this policy, other than to make the payment required, shall terminate, which any third party asserts a claim adverse to the title or interest as insured, but only including any liability or obligation to defend, prosecute, or continue any litigation, and as to those stated causes of action alleging a defect, lien or encumbrance or other the policy shall be surrendered to the Company for cancellation. matter insured against by this policy. The Company shall have the right to select (b) To Pay or Otherwise Settle With Parties Other than the Insured or With counsel of its choice (subject to the right of the insured to object for reasonable cause) the Insured Claimant to represent the insured as to those stated causes of action and shall not be liable for (i) to pay or otherwise settle with other parties for or in the name of an and will not pay the fees of any other counsel. The Company will not pay any fees, insured claimant any claim insured against under this policy, together with any costs, costs or expenses incurred by the insured in the defense of those causes of action attorneys' fees and expenses incurred by the insured claimant which were authorized which allege matters not insured against by this policy. by the Company up to the time of payment and which the Company is obligated to pay; (b) The Company shall have the right, at its own cost, to institute and prosecute or any action or proceeding or to do any other act which in its opinion may be necessary ii) to pay or otherwise settle with the insured claimant the loss or damage or desirable to establish the title to the estate or interest, as insured, or to prevent or provided ~or under this policy, together with any costs, attorneys' fees and expenses reduce loss or damage to the insured. The Company may take any appropriate action incurred by the insured claimant which were authorized by the Company up to the time under the terms of this policy, whether or not it shall be liable hereunder, and shall not of payment and which the Company is obligated to pay. thereby concede liability or waive any provision of this policy. If the Company shall Upon the exercise by the Company of either of the options provided for in exercise it rights under this paragraph, it shall do so diligently. paragraphs (b)(i) or (ii), the Company's obligations to the insured under this policy for (c) Whenever the Company shall have brought an action or interposed a defense the claimed loss or ddamage, other than t e payments required to be made, shall as required or permitted by the provisions of this policy, the, Company may pursue any terminate, including any liability or obligation to defend, prosecute or continue any litigation to final determination by a court of competent jurisdiction and expressly litigation. (continued and concluded on lastpage of this policy) CONDITIONS AND STIPULATIONS Continued 1_antinued and concluded from reverse side of Policy Face) - 7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE. (b) When liability and the extent of loss or damage has been definitely fixed in This policy is a contract of indemnity against actual monetary loss or damage accordance with these Conditions and Stipulations, the loss or damage shall be sustained or incurred by the insured claimant who has suffered loss or damage by payable within 30 days thereafter. reason of matters insured against by this policy and only to the extent herein described. 13. SUBROGATION UPON PAYMENT OR SETTLEMENT. (a) The liability of the Company under this policy shall not exceed the least of: (a) The Company's Right of Subrogation. ~i) the Amount of Insurance stated in Schedule A; or, Whenever the Company shall have settled and paid a claim under this policy, all ii) the difference between the value of the insured estate or interest as right of subrogation shall vest in the Company unaffected by any act of the insured insured and the value of the insured estate or interest subject to the defect, lien or claimant. encumbrance insured against by this policy. The Company shall be subrogated to and be entitled to all rights and remedies (b) In the event the Amount of Insurance stated in Schedule A at the Date of which the insured claimant would have had against any person or property in respect to Policy is less than 80 percent of the value of the insured estate or interest or the full the claim had this policy not been issued. If requested by the Company, the insured consideration paid for the land, whichever is less, or if subsequent to the Date of Policy claimant shall transfer to the Company all rights and remedies aggainst any person or and improvement is erected on the land which increases the value of the insured estate property necessary in order to perfect this right of subrogation. The insured claimant or interest by at least 20 percent over the Amount of Insurance stated in Schedule A, shall permit the Company to sue, compromise or settle in the name of the insured then this Policy is subject to the following: claimant and to use the name of the insured claimant in any transaction or litigation (i) where no subsequent improvement has been made, as to any partial involving these rights or remedies. loss, the Company shall only pay the loss pro rata in the proportion that the amount of If a payment on account of a claim does not fully cover the loss of the insured insurance at Date of Policy bears to the total value of the insured estate or interest at claimant, the Company shall be subrogated to these rights and remedies in the Date of Policy; or proportion which the Company's payment bears to the whole amount of the loss. (ii) where a subsequent improvement has been made, as to any partial loss, If loss should result from any act of the insured claimant, as stated above, that act the Company shall only pay the loss pro rata in the proportion that 120 percent of the shall not void this policy, but the Company, in that event, shall be required to pay only Amount of Insurance stated in Schedule A bears to the sum of the Amount of Insurance that part of any losses insured against by this policy which shall exceed the amount, if stated in Schedule A and the amount expended for the improvement. any, lost to the Company by reason of the impairment by the insured claimant of the The provisions of this paragraph shall not apply to costs, attorneys' fees and Company's right of subrogation. expenses for which the Company is liable under this policy, and shall only apply to that (b) The Company's Rights Against Non-insured Obligors. portion of any loss which exceeds, in the aggregate, 10 percent of the Amount of a Company's right of subrogation against non-insured obligors shall exist and Insurance stated in Schedule A. shall include, without limitation, the rights of the insured to indemnities, guaranties, (c) The Company will pay only those costs, attorney's fees and expenses other policies of insurance or bonds, notwithstanding any terms or conditions contained incurred in accordance with Section 4 of these Conditions and Stipulations. in those instruments which provide for subrogation rights by reason of this policy. 8. APPORTIONMENT. 14. ARBITRATION If the land described in Schedule A consists of two or more parcels which are not Unless prohibited by applicable law, either the Company or the insured may used as a single site, and a loss is established affecting one or more of the parcels but demand arbitration pursuant to the Title Insurance Arbitration Rules of the American not all, the loss shall be computed and settled on a pro rata basis as if the amount of Arbitration Association. Arbitrable matters may include, but are not limited to, any insurance under this policy was divided pro rata as to the value on Date of Policy of controversy or claim between the Company and the insured arising out of or relating to each separate parcel to the whole, exclusive of any improvements made subsequent to this policy, any service of the Company in connection with its issuance or the breach of Date of Policy, unless a liability or value has otherwise been agreed upon as to each a policy provision or other obligation. All arbitrable matters, when the Amount of parcel by the Company and the insured at the time of the issuance of this policy and Insurance is $1,000,000 or less shall be arbitrated at the option of either the Company shown by an express statement or by an endorsement attached to this policy. or the insured. All arbitrable matters when the Amount of Insurance is in excess of 9. LIMITATION OF LIABILITY. $1,000,000 shall be arbitrated only when agreed to by both the Company and the (a If the Company establishes the title, or removes the alleged defect, lien or insured. Arbitration pursuant to this policy and under the Rules in effect on the date the encumbrance, or cures the lack of a right of access to or from the land, or cures the demand for arbitration is made or, at the option of the insured, the Rules in effect at claim of unmarketability of title, all as insured, in a reasonably diligent manner by any Date of Policy shall be binding upon the parties. The award may include attorneys' method, including litigation and the completion of any appeals therefrom, it shall have fees only if the laws of the state in which the land is located permit a court to award fully performed its obligations with respect to that matter and shall not be liable for any attorneys' fees to a prevailing party. Judgment upon the award rendered by the loss or damage caused thereby. Arbitrator(s) may be entered in any court having jurisdiction thereof. (b) In the event of any litigation, including litigation by the Company or with the The law of the situs of the land shall apply to an arbitration under the Title Company's consent, the Company shall have no liability for loss or damage until there Insurance Arbitration Rules. has been a final determination by a court of competent jurisdiction, and disposition of A copy of the Rules may be obtained from the Company upon request. all appeals therefrom, adverse to the title as insured. 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT. (c) . The Company shall not be liable for loss or damage to any insured for liability (a) This policy together with all endorsements, if any, attached hereto by the voluntarily assumed by the insured in settling any claim or suit without the prior written Company is the entire policy and contract between the insured and the Company. In consent of the Company. interpreting any provision of this policy, this policy shall be construed as a whole. 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY. (b) Any claim of loss or damage, whether or not based on negligence, and which All payments under this policy, except payments made for costs, attorneys' fees arises out of the status of the title to the estate or interest covered hereby or by any and expenses, shall reduce the amount of the insurance pro tanto. action asserting such claim, shall be restricted to this policy. 11. LIABILITY NONCUMULATIVE. (c) No amendment of or endorsement to this policy can be made except by a It is expressly understood that the amount of insurance under this policy shall be writing endorsed hereon or attached hereto signed by either the President, a Vice reduced by any amount the Company may pay under any policy insuring a mortgage to President, the Secretary, an Assistant Secretary, or validating officer or authorized which exception is taken in Schedule B or to which the insured has agreed, assumed, signatoryry of the Company. or taken subject, or which is hereafter executed by an insured and which is a charge or 16. SEVERABIL lien on the estate or interest described or referred to in Schedule A, and the amount so In the event any provision of the policy is held invalid or unenforceable under paid shall be deemed a payment under this policy to the insured owner. applicable law, the policy shall be deemed not to include that provision and all other 12. PAYMENT OF LOSS. provisions shall remain in full force and effect. (a) No payment shall be made without producing this policy for endorsement of 17. NOTICES, WHERE SENT. the payment unless the policy has been lost or destroyed, in which case proof of loss or All notices required to be given the Company and any statement in writin destruction shall be furnished to the satisfaction of the Company. required to be furnished the Comppany shall include the number of this policy and sha I be addressed to the Company at P. 0. Box 2029, Houston, Texas 77252-2029. STEWART TITLE GUARANTY COMPANY i } t t ~ + t + STEWART TITLE + } ► { GUARANTY COMPANY } } 1 1 ESTABLISHED 1893 } } + } } { INCORPORATED 1908 + 1 } + } { 4 } POLICY { A NAME } + } r t ' } OF } RECOGNIZED NATIONALLY } } + } TITLE { } AS BEING } } INSURANCE ' SYNONYMOUS WITH QUALITY } } { 1 } } f } } { } S,rrrrrirv of (nnrrrrrr 1 + } } } } } + } f STEWART TITLE { } } } } GUARANTY COMPANY ~ r I } f P.O. Box 2029 " Houston, Texas 77252 SCHEDULE A Order No.: 97139859-WN Policy No.: 0-9993-1239843 Date of Policy: December 23, 1997 at 9:17AM Amount of Insurance: $30,000.00 Premium: $149.00 1. Name of Insured: CITY OF TIGARD, an Oregon municipal corporation 2. The estate or interest referred to herein is, at the date hereof, vested in: CITY OF TIGARD, an Oregon municipal corporation, an estate in fee simple 3. The land referred to in this policy is situated in the State of Oregon, County of Washington and described as follows: For legal description see Exhibit "A" attached hereto STEWART TITLE Guaranty Company PAGE 1 of Order No. 97139859 - ALTA Owner's Policy Form 1992 EXHIBIT "A" Legal Description: A tract of land located in the Southeast one-quarter of Section 34 and the Southwest one-quarter of Section 35, Township 1 South, Range 1 West, of the Willamette Meridian, in the City of Tigard, County of Washington and State of Oregon, being more particularly described as follows: Beginning at the Southwest corner of that tract of land conveyed to Beacon Homes, Inc., by Deed Recorded as Document No. 96-099760 in Washington County Deed Records; thence along the South line of said Beacon Homes Tract, North 89028'05 East, 133.20 feet to the true point of beginning; thence North 00040'21" West, 18.20 feet to a point of curvature; thence 125.95 feet along the arc of a 175.00 foot radius curve to the right through a central angle of 4101416" (the long chord bears North 19056'47'° East, 123.25 feet) to a point of compound curvature; thence 50.55 feet along the arc of a 104.00 foot radius curve to the right through a central angle of 27050'56" (the long chord bears North 54033'00" East 50.05 feet) to a point of tangency; thence North 68028'27" East 17.89 feet to a point of curvature; thence 91.93 feet along the arc of a 71.00 foot radius curve to the left through a central angle of 74011'14" (the long chord bears North 31 °22'50" East 85.64 feet) to a. point of tangency; thence North 05042'47" West 224.97 feet to a point which lies 30.00 feet South of the centerline of S.W. North Dakota Street; thence. South 89°51'28" East, parallel with said centerline, 170.74 feet to the East line of said Beacon Homes tract; thence South 00031'42" East, along said East line 463.55 feet to the South line of said Beacon Homes tract; thence, along said South line, South 89028'05" West, 295.23 feet to the true point of beginning. STEWART TITLE Guaranty Company PAGE 2 of Order No. 97139859 - ALTA Owner's Policy Form 1992 ` - SCHEDULE B Policy No. 0-9993-1239843 This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of: 1. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records. Proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the public records. 2. Any facts, rights, interests, easements or claims which are not shown by the public records but which could be ascertained by an inspection of said land or by making inquiry of persons in possession thereof. 3. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b) or (c) are shown by the public records. 4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other facts which a correct survey would disclose, and which are not shown by the public records. 5. Statutory liens or other liens or encumbrances, or claims thereof, which are not shown by the public records. 6. The herein described premises are within the boundaries of and subject to the statutory powers, including the power of assessment, of the Unified Sewerage Agency. 7. Rights of the public in and to any portion of the herein described premises lying within the boundaries of S.W. North Dakota Street. STEWART TITLE Guaranty Company PAGE 3 of Order No. 97139859 - ALTA Owner's Policy Form 1992 i 3~1 tl ~ MAP # GOOD- THIS MAP IS FURNISHED + k I i ' ~ i ' ~ AS A CONVENIENCE BY: /d:~,~ TITLE 1 /4 OF SEC. 34 AND THE S.W. 1 /4 Or SEC. S CITY 0= TI:AK ! WASHINGTON COUNTY ORE,-rON THIS MAP IS NOT A SURVEY AND DOES NOT SHO'NTHE LOCATION OF ANY IMPROVEMENTS THE COMPANY ASSUMES NO LIABILITY FOR ■j ERRORS THEREIN. SCALE: 1"-1100' N.W. COR. JOHN HICKLIN D.L.C. S.W. NORTH DAKOTA ST.(CENTERLINE) S 89'51'28" E. 2571.36' 237.61' 30.00, TRUE POINT OF BEGINNING ~6C 99 a6'O I rp. ooG~~~;s p0 P~ / DESCRIBED AREA / / .j / PP.EPAREO BY: ALPHA ENG., INC. 9600 S.W. OAK, STE.230 PORTLAND, ORE. 97223 (503) 452-8003 FILE NC. 141-014 i 86Ed!OL4 XI*ar•r4d£Z:E L61V,0160 !SVSO lL9 COS 31111 iHVivi31S :Aq juaS. STEWART TITLE Sanctity of Contract ORDER NO. 97139M IMPORTANT PAPERS! BEEP THIS POLICY INA SAFE PLACE On your next transaction you may be entitled to a credit. on your title insurance premium. To ensure that you get this credit and for the quickest possible service on your future sale or loan, please give this Order No. to your real estate broker, lender or your local Stewart Title office. WE ARE PLEASED TO HAVE THE OPPORTUNITY TO BE OF SERVICE PLEASE CALL US IF WE MAY BE OF FURTHER ASSISTANCE Dedicated to Customer Satisfaction SINCE 1893 Tri-County Customer Service 9020 SW Washington Square Road, Suite 220 Tigard, Oregon 97223 (503) 671-0505 FAX (503) 671-0535 PURCHASE AND SALE AGREEMENT. AND JOINT ESCROW INSTRUCTIONS THIS PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS ("Agreement") is entered into as of July , 1997 (the "Effective Date"), between BEACON HOMES, INC., an Oregon corporation ("Seller") and the CITY OF TIGARD, an Oregon municipal corporation ("Purchaser"). RECITALS A. Seller is the owner of the property located in the City of Tigard, Washington County, Oregon that is described in Exhibit "A" attached hereto and incorporated herein by reference (the "Property"). B. Purchaser desires to purchase from Seller, and Seller desires to sell to Purchaser, the Property. C. It is the intention of the parties to set forth in this Agreement the terms and conditions of the sale and purchase of the Property. D. These recitals are contractual in nature and shall be construed to give full effect to the provisions of this Agreement. AGREENEF,NT In consideration of the mutual promises set forth in this Agreement, the parties agree as follows: 1. Purchase Price. The purchase price (the "Purchase Price") to be paid by Purchaser to Seller for the Property is Thirty Thousand and No/100 Dollars ($30,000). The Purchase Price shall be payable in cash or other readily available funds through escrow at the Closing (as defined below). 2. Escrow and Earnest Money en t. 2.1 Escrow ent. Upon execution of this Agreement, the parties shall deliver a copy of this fully executed Agreement to Stewart Title of Oregon, 9020 SW Washington Square Road, Suite 220, Tigard, Oregon 97223 (the "Escrow Agent"). Seller and Purchaser hereby authorize Escrow Agent to take necessary steps for the closing of this transaction pursuant to the terms of this Agreement. Further, Seller and Purchaser hereby authorize their respective attorneys to execute and deliver into escrow any additional instructions consistent with this Page 1 - PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS a;~,aw~mns~~q Agreement as may be necessary or convenient to implement the terms of this Agreement and to close this transaction. 2.2 Cancellation Fee and EX=ses. In the event this escrow terminates because of the non-satisfaction of any condition set forth in Section 3 any cancellation charges required to be paid to Escrow Agent shall be borne equally by Seller and Purchaser. In the event this escrow terminates because of Purchaser's default, the cancellation charges required to be paid to Escrow Agent shall be borne by Purchaser. In the event this escrow terminates because of Seller's default, the cancellation charges required to be paid to Escrow Agent shall be borne by Seller. 3. Conditions Precedent to Purchaser's Obligation to Close. Purchaser's obligation to close the transaction described in this Agreement is expressly contingent on satisfaction or waiver by Purchaser of all of the following conditions precedent: 3.1 Purchaser's Inspection Period. Concurrently with execution of this Agreement, Seller has furnished to Purchaser copies of all environmental audit reports, engineering documents, surveys, exhibits, permits and all other documents concerning the Property that are in Seller's possession or reasonably accessible to Seller. Purchaser shall have until June 15, 19972 to conduct a review and investigation of any and all matters pertaining to this Agreement and the condition of the Property (the "Inspection Period"). Purchaser and its agents shall have the right to enter the Property at reasonable times during the Inspection Period to perform such environmental, geological and other site tests, inspections, studies and other investigations ("Inspections") of the Property as Purchaser deems necessary, at Purchaser's risk. Purchaser shall indemnify and hold Seller harmless from any loss, damage or claim arising out of Purchaser's or Purchaser's agents entry on the Property for the purpose of making such Inspections, which obligation to indemnify shall survive any termination of this Agreement. Purchaser may terminate this Agreement for any reason by notifying Seller of such termination in writing within ten (10) days from the last day of the Inspection Period. In the event the transaction does not close, and the failure to close the transaction was not a result of a default of Seller, Purchaser shall convey all of its right, title and interest in and to any appraisal or environmental assessments with respect to this Property, or any other studies with respect to the Property that it has obtained, to Seller. 3.2 Creation of Legal Parcel. The Property must be a confirmed or established as a legal parcel not later than ten (10) days prior to the date set forth the Closing of this transaction in Section 5.1 hereof. 3.3 Approval of Title by Pub haser. 3.3.1 Preliminarv Title Report. Within five (5) days of the effective date of this Agreement, Seller, at Seller's expense, shall furnish to Purchaser a Preliminary Title Report issued by the Escrow Agent, describing the Property, listing the Purchaser or the Purchaser's designee as the prospective named insured, and showing as the policy Page 2 - PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS agc\upzanns/Mc=a amount the total Purchase Price. The Escrow Agent shall also deliver to Purchaser copies of any financing statements filed against the Property and true, correct and legible copies of all instruments referred to in such Preliminary Title Report as conditions or exceptions to title to the Property, including liens. 3.3.2 Title O jections 3.3.2.1 Notice to Seller. In the event the Preliminary Title Report should show any exceptions other than the Permitted Exceptions (defined below), Purchaser shall have until that date which is ten (10) days after the end of the Inspection Period to disapprove the exception(s) in Purchaser's sole discretion by written notice of disapproval to Seller. Faihure of Purchaser to disapprove of any exception within such time shall be deemed an approval. 3.3.2.2 Seller's Removal of Exceptions. In the event Purchaser shall disapprove any exceptions to title, Seller, within five (5) days of written notice of disapproval by Purchaser, notify Purchaser in writing of those disapproved exceptions that Seller agrees to remove, or will not remove, prior to the Closing. 3.3.2.3 Purchaser's Remedies. In the event Purchaser does not approve the exceptions and Seller is unable or unwilling to remove the same with the exercise of due diligence prior to Closing, the Purchaser may, in Purchaser's sole discretion, (i) suspend performance of its obligations under this Agreement at no cost to Purchaser and extend the Closing Date until the exceptions Seller has notified Purchaser will be removed have been removed; or (ii) terminate this Agreement, in which event all the rights and obligations of the parties under this Agreement shall be null and void; or (iii) agree to close this transaction subject. to all unremoved exceptions. In no event shall Seller be required to remove or to reimburse Purchaser for the removal of any lien or other exception to title created by Purchaser's activities with respect to the Property. 3.3.3 Permitted 'ons. As used herein, the term "Permitted Exceptions" means: 3.3.3.1 The standard printed exceptions contained in the Preliminary Title Report of only zoning ordinances, building and use restrictions, reservations and federal. patents, and utility easements of record. 3.3.3.2 The standard printed exception for encroachments, overlaps, boundary line disputes, and any matters which would be disclosed by an accurate survey and inspection of the premises to the extent allowed by applicable rules and regulations unless Purchaser obtains a survey of the Property and Purchaser obtains the right to object to any exceptions that would be disclosed by an accurate survey. Seller shall furnish to Purchaser at no cost any surveys of the Property in Seller's possession or which Seller could obtain from surveyors that Seller has previously retained to survey the subject Property. Page 3 - PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS 3.3.3.3. The standard exception as to the lien for taxes, limited to the period during which Closing is scheduled to occur for which said taxes are not yet due and payable. 3.3.3.4 Any exception contained in the Preliminary Title Report that has been approved by Purchaser. 3.3.3.5 Any lien or encumbrance created by Purchaser, including any from Purchaser to Seller. 3.4 Failure of Conditions Precedent. In the event of a failure of any condition precedent to Purchaser's obligation, or if Purchaser has timely terminated this Agreement pursuant to Sections 3.1, 3.2 or 3.3, the escrow and the rights and obligations of Purchaser and Seller under this Agreement shall terminate, and the Earnest Money deposit shall be returned to Purchaser by Escrow Agent. 4. Seller's Warranties. 4.1 Marketable Title. Seller warrants good and marketable title, good right to convey, quiet possession and further warrants that no work, labor or materials have been. expended, bestowed or placed upon the Property, adjacent thereto or within any existing or proposed assessment district which will remain unpaid at close of escrow or upon which a lien may be filed at close of escrow. 4.2 Seller warrants that as of the close of escrow there will be no parties or trespassers in possession of any of the Property, and there will be no rental agreements or leases affecting the Property. 4.3 Authority offSSeller. Seller warrants that it has the authority to execute this Agreement, to enter into the escrow contemplated herein, to perform all of its obligations hereunder, and that the party executing this Agreement on behalf of Seller has been fully authorized by appropriate corporate resolution to bind Seller to the terms and provisions hereof. 4.4 No tion to Acquire Premises. Seller represents that no person or entity has any right of first refusal or option to acquire any interest in the property or any part thereof. 4.5 Environmental Warranty. Seller has no knowledge of any existing or pending claim or of any facts or circumstances that may give rise to any future civil, criminal or administrative proceedings against Seller relating to hazardous materials. To the best of Seller's knowledge, no hazardous materials have been discharged upon, brought upon or stored on the Property in violation of applicable law. As used herein "hazardous materials" means any substance the presence of which on the Property is regulated by any federal, state or local law relating to the protection of the environment or public health. Page 4 PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS tsngn~a 5. Closing. 5.1 Cl_ d' g Date. The closing (the "Closing") of the sale of the Property by Seller to Purchaser shall occur in escrow in the offices of the Escrow Agent on or before July 15, 1997 (the date of the Closing being the "Closing Date"). The transaction contemplated in this Agreement is "closed" when the Deed (as defined below) to be delivered by Seller is recorded, all other documents required by this Agreement are executed and delivered, and the Purchase Price is paid through escrow to Seller as provided in this Agreement. 5.2 Deliveries to Escrow Agent. In connection with the Closing, the following shall occur, and the performance or tender of performance of all matters set forth in this Section 5.2 shall be mutually concurrent conditions: 5.2.1 Seller's Deliveries. On or before the Closing Date, Seller, at its sole cost and expense, shall deliver the following into escrow: (i) Statutory Warranty Deed ("Deed"), fully executed and acknowledged by Seller, conveying to Purchaser the Property free and clear of all encumbrances other than the Permitted Exceptions; (ii) At Closing, and at the expense of Seller, Seller shall cause to be issued to Purchaser an ALTA standard coverage owner's title policy in the amount of the total Purchase Price that shall insure fee simple, indefeasible title to the Property in Purchaser, subject only to the Permitted Exceptions; provided that Purchaser shall have the right to order an ALTA extended coverage owner's policy. Purchaser shall be responsible for and pay the difference between the premium for the standard ALTA owner's policy and the ALTA extended coverage owner's policy, together with all related expenses. (iii) Certificate executed and sworn to by Seller (a) confirming Seller's United States taxpayer identification number and (b) stating that Seller is not a "foreign person" within the meaning of Section 1445 of the Internal Revenue Code of the United States of America of 1986 and otherwise in compliance with § 1.1445-2T of the regulations promulgated thereunder. 5.2.2 Purchaser's Deliveries. On or before the Closing Date, Purchaser shall deliver the Purchase Price into escrow, receiving full credit for the Earnest Money. 5.3 Closing Costs; Pmna ans. Seller and. Purchaser shall each pay one-half (1/2) of all escrow fees. Seller shall pay the cost of recording the Deed and the cost of an ALTA standard coverage owner's policy of title insurance. Purchaser shall pay the additional premium necessary for an ALTA extended coverage owner's policy of title insurance, if Purchaser shall desire such extended coverage, together with all other attendant costs for such extended coverage. Ad valorem and similar taxes and assessments relating to the Property shall be prorated between Page 5 - PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS a~wa~tsncm» Seller and Purchaser as of the Closing Date, Seller being charged and credited for the same up to such date and Purchaser being charged and credited for the same on and after such date. If the actual amounts to be prorated are not known at the Closing Date, the proration shall be computed on the basis of the evidence then available; when actual figures are available a cash settlement shall be made between Seller and Purchaser. The provisions of this Section 5.3 shall survive the Closing. 5.4 Authod Documents. Purchaser and Seller shall, if requested by the other party or the Escrow Agent, furnish satisfactory evidence of their authority to consummate the sale and purchase contemplated by this Agreement. 5.5 . Seller shall deliver to Purchaser possession of the Property on the first full day after completion of the Closing with all manufactured homes and debris removed from the Property and in a condition suitable for immediate occupation by Purchaser. 6. dies. 6.1 Seller's Remedies. If Purchaser fails or refuses to perform any of its obligations under this Agreement for any reason other than failure of a condition precedent to occur or termination of this Agreement pursuant to Sections 3.1, 3.2, or 3.3, then Seller may terminate this Agreement by notifying Purchaser thereof, in which event neither party shall have any further rights or obligations hereunder and Seller may retain the Earnest Money as liquidated damages and as Seller's exclusive remedy. 6.2 Purchaser's Remedies. If Seller fails or refuses to perform any of its obligations under this Agreement for any reason other than termination of this Agreement by Purchaser, then Purchaser may either. (i) terminate this Agreement by notifying Seller thereof and thereafter neither party hereto shall have any further rights or obligations hereunder; or (ii) Purchaser may seek any other rights, recourses or remedies (including, without limitation, specific performance) available to Purchaser, such rights, remedies and recourses hereunder to be cumulative, and not in exclusion of any other. 7. General Provisions. 7.1 Tune. TIME IS OF THE ESSENCE of this Agreement. 7.2 FUU Each of the signatories to this Agreement represents and warrants that he/she has the full right, power, legal capacity and authority to enter into and perform his obligation hereunder and no approval or consents of any other person are necessary in connection herewith. 7.3 Kmthm of Agcy and Paitnershin. Any agreement by either party to cooperate with the other in connection with any provision of this Agreement shall not be construed as making either party an agent or partner of the other party. Page 6 - PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS aarmm~.~tsn~nc~a 7.4 Applicable Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Oregon. 7.5 Statutory Disclaimer. THE PROPERTY DESCRIBED IN THIS INSTRUMENT MAY NOT BE WMHN A FIRE PROTECTION DISTRICT PROTECTING STRUCTURES. THE PROPERTY IS SUBJECT TO LAND USE LAWS AND REGULATIONS, WHICH, IN FARM OR FOREST ZONES, MAY NOT AUTHORIZE CONSTRUCTION OR SITING OF A RESIDENCE AND WHICH LIMITS LAWSUITS AGAINST FARMING OR FOREST PRACTICES AS DEFINED IN ORS 30.930 IN ALL ZONES. BEFORE SIGNING OR ACCEFIING THIS INSTRUMENT, THE PERSON ACQUIRING FEE TITLE TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY APPROVED USES AND EXISTENCE OF FIRE PROTECTION FOR STRUCTURES. 7.6 Si]itX• If any provision of this Agreement shall be held to be void or invalid, the same shall not affect the remainder hereof which shall be effective as though the void or invalid provision had not been contained herein. 7.7 Amendments. Modification or No amendment, change or modification of this Agreement shall be valid, unless in writing and signed by all the parties hereto. 7.8 Waiver. Except as otherwise provided in this Agreement, failure of either party at any time to require performance of any provision of this Agreement shall not limit the party's right to enforce the provision, nor shall any waiver of any breach of any provision be a waiver of any succeeding breach of the provision or a waiver of the provision itself or any other provision. 7.9 Assignment. Seller shall not delegate its duties under this Agreement to any party without the written consent of Purchaser which may be granted or withheld in the sole and unfettered discretion of Purchaser. Seller acknowledges and agrees that the continuing obligation of Seller regarding remediation of hazardous materials which may be located on the Property and for indemnification as provided in this Agreement constitute a material portion of the consideration for entry into the Agreement by Purchaser. Purchaser shall not assign its right, title and interest under this Agreement without the prior written consent of Seller, which consent shall not be unreasonably withheld by Seller, provided, however that no such consent shall release Purchaser from its obligations hereunder. 7.10 Successors and Asgi . Subject to the provisions of Section 8.9, this Agreement shall inure to the benefit of, and shall be binding upon, the parties hereto and their respective heirs, legal representatives, successors and assigns. 7.11. All notices required or provided under this Agreement shall be in writing. If mailed, notice shall be deemed effective forty-eight (48) hours after mailing as certified mail, postage prepaid, directed to the other party at the address set forth below or such other address as the party may indicate by written notice to the other as provided herein; notice Page 7 - PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS aaa~sr,, given in any other manner shall be effective upon receipt by the addressee. For purposes of notice, the addresses of the parties shall be as follows: If to Seller, to: Beacon Homes, Inc. 1865 NW 169' Place Suite 200 Beaverton, OR 97006 If to Purchaser, to: City of Tigard Attn: Duane Roberts 13125 SW Hall Boulevard Tigard, OR 97223 With a Copy to: Pamela. J. Beery O'Donnell Ramis Crew Corrigan & Bachrach 1727 N.W. Hoyt Street Portland, Oregon 97209 7.12 Countemarts. This Agreement may be executed in several counterparts, each of which shall be an original, but all of which shall constitute but one and the same agreement. 7.13 motions and Headings. The captions and headings of this Agreement are for convenience only and shall not be construed or referred to in resolving questions of interpretation or construction. 7.14 Calculation of lime. All periods of time referred to herein shall include Saturdays, Sundays and legal holidays in the State of Oregon, except that if the last day of any period falls on any Saturday, Sunday or such holiday, the period shall be extended to include the next day which is not a Saturday, Sunday or such holiday. 7.15 Commissions. Each party warrants that it has not utilized the services of an agent, broker or finder with regard to the transaction contemplated by this Agreement. Seller hereby agrees to defend, indemnify and hold harmless Purchaser, and Purchaser hereby agrees to defend, indemnify and hold harmless Seller, from and against any claim by any third parties not named herein for brokerage, commission, finder's or other fees relative to this Agreement or the sale of the Property, and any court costs, attorney's fees or other costs or expenses arising therefrom, and alleged to be due by authorization of the indemnifying party. 7.16 Attorna Fees. If a suit, action, or other proceeding of any nature whatsoever (including any proceeding under the U.S. Bankruptcy Code) is instituted in connection with any controversy arising out of this Agreement or to interpret or enforce any rights hereunder, Page 8 - PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS u,~rnc~a the prevailing party shall be entitled to recover its attorneys', paralegals', accountants', and other experts' fees and all other fees, costs, and expenses actually incurred and reasonably necessary in connection therewith, as determined by the court at trial or on any appeal or review, in addition to all other amounts provided by law. 7.17 Entire Agreement. This Agreement constitutes the entire agreement between and among the parties, integrates all of the terms and conditions mentioned herein or incidental hereto, and supersedes all negotiations or previous agreements between the parties or their predecessors in interest with respect to all or any part of the subject matter hereof. EXECUTED as of the Effective Date. SELLER: PURCHASER: Beacon Homes, Inc., an 7n corporation City of Tigard, an Oregon municipal corporati n By: Print Name: Title: s~ By- Duly Authorized Representative 01te Name: TAm c5 Ali co ti Mdk4g)r Duly Authorized Representative ACCEPTANCE BY TITLE COMPANY Stewart Title of Oregon, by its duly authorized signature below, agrees to accept this escrow on the terms and conditions of, and to comply with the instructions contained in, the foregoing Agreement. STEWART TITLE OF OREGON By: Its: Page 9 - PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS,,, EXHIBrr,.~ ALPHA ENGINEERING, INC. JUNE 26, 1997 LEGAL DESCRIPTION DAKOTA MEADOWS/CITY OF TIGARD JOB NO. 141-018 TRACTS "L" AND 64M19, "DAKOTA MEADOWS" A TRACT OF LAND LOCATED IN THE SOUTHEAST ONE-QUARTER OF SECTION 34 AND THE SOUTHWEST ONE-QUARTER OF SECTION 35, TOWNSHIP 1 SOUTH, RANGE 1 WEST, WILLAMETTE MERIDIAN, CITY OF TIGARD, WASHINGTON COUNTY, OREGON, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF THE JOHN L. HICKLIN D.L.C. NO. 54; TI-HENCE SOUTH 89051'28"EAST, ALONG THE NORTH LINE OF SAID D.L.C., 2571.36 FEET TO THE NORTHWEST CORNER OF THAT TRACT OF LAND CONVEYED TO BEACON HOMES, INC. IN DOCUMENT NO, 96-099760 IN WASHINGTON COUNTY DEED RECORDS; THENCE SOUTH 89°51'28" EAST. ALONG SAID NORTH D.L.C. LINE, 237.61 FEET: THENCE SOUTH 00°08'32" EAST, 30.00 FEET TO THE TRUE POINT OF BEGINNING; THENCE SOUTH 05°4247" EAST, 224.98 FEET TO A POINT OF CURVATURES THENCE 91.93 FEET ALONG THE ARC OF A 71.00 FOOT RADIUS CURVE TO THE RIGHT THROUGH A CENTRAL ANGLE OF 74011'14" (THE LONG CHORD BEARS SOUTH 31 °22'50" WEST, 85.64 FEET) TO A POINT OF TANGENCY; THENCE SOUTH 68°28'28" WEST, 17.89 FEET TO A POINT OF CURVATURE; THENCE 50.82 FEET ALONG THE ARC OF A 104.00 FOOT RADIUS CURVE TO THE LEFT THROUGH A CENTRAL ANGLE. OF 27°59'51 "(TIE LONG CHORD BEARS SOUTH 54°28'32" WEST, 50.32 FEET) TO A POINT OF COMPOUND CURVATURE; THENCE 125.68 FEET ALONG THE ARC OF A 175.00 FOOT RADIUS CURVE TO THE LEFT THROUGH A CENTRAL ANGLE OF 41-08'58" (THE LONG CHORD BEARS SOUTH 19°54'08" WEST, 123.00 FEET) TO A POINT OF TANGENCY; THENCE SOUTH 00°40'22" EAST, 19.52 FEET TO THE SOUTH LINE OF SAID BEACON HOMES, INC. TRACT; THENCE SOUTH 89°51'28" EAST, ALONG SAID SOUTH LINE, 293.27 FEET TO THE SOUTHEAST CORNER OF SAID BEACON HOMES, INC. TRACT; THENCE NORTH 00°22'26" WEST, ALONG THE EAST LINE OF SAID BEACON HOMES . INC. TRACT, 468.27 FEET TO A POINT WHICH IS 30.00 FEET SOUTH OF THE NORTH LINE OF SAID HICKLIN D.L.C.; THENCE NORTH 89°51'28" WEST, PARALLEL WITH SAID NORTH LINE, 168.78 FEET TO THE TRUE POINT OF BEGINNING, CONTAINING 2.14 ACRES MORE OR LESS. BASIS OF BEARINGS- S.N.23,887 REGISTERED PROFESSIONAL. LAND SURVEYOR GREG JANUARY 15. 1967 JON T. FEIGION 252 R~N•~~~2-3i-q7 Plaza West - Suite 230.9600 SW Oak - Portland, Oregon 97223 Office 503-452-8003 - Fax 503-452-8043 J EXHIBIT MAP LOCATED IN THE S.E. 1 /4 OF SEC. 34 AND THE S. W. 1 /4 OF SEC. 35, T.1S., R.1.W., W.M. CITY OF TIGARD WASHINGTON COUNTY OREGON JUNE 30, 1997 SCALE: 1"=100' N.W. COR. JOHN HICKLIN D.L.C. S.W. NORTH DAKOTA ST.(CENTERLINE) S 89'51'28" E, 2571.36' 237.61' 30.00' TRUE POINT OF BEGINNING 0°g~60 g6' Np. OG~~ 0 P~ DESCRIBED AREA PREPARED BY: ALPHA ENG., INC. 9600 S.W. OAK, STE.230 PORTLAND, ORE. 97223 (503) 452-8003 FILE NO. 141-014 °ssasse 600 6200 10 ^ 3 ` e ° 1400 L~ -AO 5 to f I Q 500 F 4 B 5 N 6 2 II _ 1900 $ ISOO 6 ee p - 7tA9 3 .22Aa ;1802 6100 1400 73 . arse. l 1ax 1600 12 53600E 1 .4209 .37Ar. 2 7 C.• ~o o 300 n 3500 r 4300 I_ 302 _ 1 S I/ pQ 6 6 T 53 sel I S&I 55m 134.7 eCO) 0 ,.to 7399 at. 73 b• I - T Sri f r 1--r- '--r---,-LNORTH-r .i-T-CR. ~ '~3ah rSTREE~- = - C. N0. 432 B~NORTH LINE JOHN L. MICKLIN DEC. 34 A 50 1 7e^3. 07.14 47 97 40M • 90 to LumeM _ \ Ie0 W 2200. 2300 2400 2500 6500 2800 2900 3000 7qf 5300 ` 3300 50&53 3400 ' o .96AC. .37AG .37AC. L/BAC ° 12BAC .96AC •96AC. 590 6 VQ 4.47AC 1•10AC 1 (n tt - 23-74 ee 9 it G- a e as c I 6600' ° eaeo I ~ ~ E N 2 5800 s j 70 °TR. 6 ° r J 1/~+ b w 200 ~ ~ e 6700 e S j $ ' ~ ~ 9 ~I ;a o 87 R7 ti 1:19 b C 10'63 $ 8000 SEE MAP 5100 t 5 ts' IS 1 35c8 R e 5400 IL9 i ~ 2 :t ~ e .5000 ~ a R 7 o a « ~ 5600 7eaa 5500 1490 L,1 9 4 3 b i 6 e SaY 7d ao" c a.97cx. unre ar. ee^sl'r,~s•r l7.S4 ~74J6e aascit 1 a.se L3L7ex.~ a ea e61JH e0e•sa lao., SEE MAP IS 134DD FOR ASSESSMENT PURPOSES ONLY DO NOT RELY ON FOR ANY OTHER USE T Ijr% A do Z.LLI `u 7-1 1 .E V ~ o . 30.0 - - - - 13 a v 3500 4300 co) 302 I ~a a 8 e R 60 115.28 72.99 24 73 cR. Na 482~'1~'`~"" ~►1~1~~'TF~ TSTREEOF o 'R"-NORTH LINE JOHN L. HICKLIN DLC. 54 30 1.325CN 100 f 44.23 7398 5702 ~ .800 2900 3000 v1 5300 3300 506.55 3400 ~ 5900 V 1 26.40. .9SAC. .96AC. 4.47AC. ~ eoj Q ~ /OAC, w ~f id t 23-o74 p - a b so.so M r a _580C oab b W 90 0 of 6 ee S led m Q 1~ N V ~p , M 10 + SEE MAP a m 60 '00 N IS I 35C B ss 570 xII 48 5 .11 g 5400 a f~ a 4~ f C.. ~ ~ of 2 m _ O 70.50 5600 7a.72 5500 S 3 1 2.80 N. INI71AL1 PT. 89°51'28°w 881.II5 1.325CN 88 87.28 506.02 /00-~ SEE MAP I S 134DD FOR ASSESSMENT PURPOSES ONLY DO NOT RELY ON FOR ANY OTHER USE o a CLOSING BINDER ' FOR NORTH DAKOTA STREET PROPERTY ' ACQUISITION ' Prepared For: City of Tigard ' Prepared By: ' DOMINIC G. COLLETTA ' o'noxxELL, RAMIS, CREW CORRIGAN & BACHRACH LLP 1 1727 N.W. HOYT STREET PORTLAND, OREGON 97209 ' (503) 222-4402 1 1 Original returned to client.] NORTH DAKOTA STREET PROPERTY ACQUISITION Transaction between Beacon Homes, Inc., as Seller' and the City of Tigard, as "Purchaser" or "Buyer". TABLE OF CONTENTS All of the following documents are dated December 23, 1997, unless otherwise noted. ' CLOSING DOCUMENTS 1. Purchase and Sale Agreement and Joint Escrow Instructions executed by the ' Purchaser and Seller effective as of August 12, 1997. 2. Preliminary Commitment for Title Insurance dated December 17, 1997. 1 3. Wire Instructions. 4. Joint Escrow Instructions to Stewart Title Insurance Company. ' 5. General Escrow Instructions to Stewart Title Insurance Company. 6. Non-Foreign Certification executed by Seller on December 17, 1997. t 7. Estimated Buyer's Closing Statement dated December 22, 1997 and executed by Purchaser. 8. Final Buyer's Closing Statement dated January 19, 1998 and executed by escrow agent. 9. Statutoly Warranty Deed executed on December 17, 1997, and recorded in the official deed records for Washington County, Oregon at Fee No. 97119429. 10. Title Insurance Policy in the amount of $30,000.00. 11. Subdivision Plat Consent Affidavit executed by Purchaser on December 24, 1997. 1 i 11 Cr, PU RCHASE A_ND SALE AGREEM_FNT AND JOINT ESCROW INSTRUCTIONS 1 THIS PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS 1 ("Agreement") is entered into as of August 12, 1997 (the "Effective Date"), between BEACON HOMES, INC., an Oregon corporation ("Seller") and the CITY OF TIGARD, an Oregon municipal corporation ("Purchaser"). 1 RECITALS A. Seller is the owner of the property located in the City of Tigard, Washington County, Oregon that is described in Exhibit "A" attached hereto and incorporated herein by 1 reference (the "Property").. 1 & Purchaser desires to purchase from Seller, and Seller desires to sell to Purchaser, the Property. 1 C. It is the intention of the parties to set forth in this Agreement the terms and conditions of the sale and purchase of the Property. 1 D. These recitals are contractual in nature and shall be construed to give full effect to the provisions of this Agreement. 1 AGREEMENT In consideration of the mutual promises set forth in this Agreement, the parties agree as 1 follows: 1 1. Purchase Price. The purchase price (the "Purchase Price") to be paid by Purchaser to Seller for the Property is Thirty Thousand and No/100 Dollars ($30,000). The Purchase Price ' shall be payable in cash or other readily available funds through escrow at the Closing (as defined below). 1 2. Escrow and Farnec Money Pa, m n . 2.1 Escrow Agent. Upon execution of this Agreement, the parties shall 1 deliver a copy of this fully executed Agreement to Stewart Title of Oregon, 9020 SW Washington Square Road, Suite 220, Tigard, Oregon 97223 (the "Escrow Agent"). Seller and Purchaser hereby authorize Escrow Agent to take necessary steps for the closing of this transaction pursuant 1 to the terms of this Agreement. Further, Seller and Purchaser hereby authorize their respective attorneys to execute and deliver into escrow any additional instructions consistent with this 1 pabQ e 1 - PURCHASE AND SALE AGE AND JOINT ESCROW INSTRUCTIONS t aBc4i~udWalmmyr[7/IS/97)(ml~ 1 ' Agreement as may be necessary or convenient to implement the terns of this Agreement and to close this transaction. ' 2.2 Cancellation Fee and Expenses. In the event this escrow terminates because of the non-satisfaction of any condition set forth in Section 3 any cancellation charges required to be paid to Escrow Agent shall be borne equally by Seller and Purchaser. In the event ' this escrow terminates because of Purchaser's default, the-cancellation charges required to be paid to Escrow Agent shall be borne by Purchaser. In the event this escrow terminates because of Seller's default, the cancellation charges required to be paid to Escrow Agent shall be borne by ' Seller. 3. Conditions Precedent to Purchaser's Obligation to Close. ' Purchaser's obligation to close the transaction described in this Agreement is expressly contingent on satisfaction or waiver by Purchaser of all of the following conditions precedent: 3.1 Purchaser's Inspection encl. Concurrently with execution of this Agreement, Seller has furnished to Purchaser copies of all environmental audit reports, engineering documents, surveys, exhibits, permits and all other documents concerning the Property that are in Seller's possession or reasonably accessible to Seller. Purchaser shall have until June 15, 1997, to conduct a review and investigation of any and all matters pertaining to this Agreement and the condition of the Property (the "Inspection Period"). Purchaser and its agents shall have the right to enter the Property at reasonable times during the Inspection Period to perform such environmental, geological and other site tests, inspections, studies and, other investigations ("Inspections") of the Property as Purchaser deems necessary, at Purchaser's risk. Purchaser shall indemnify and hold Seller harmless from any loss, damage or claim arising out of Purchaser's or Purchaser's agents entry on the Property for the purpose of making such -Inspections, which obligation to indemnify shall survive any termination of this Agreement. Purchaser may terminate this Agreement for any reason by notifying Seller of such termination in writing within ten (10) days from the last day of the Inspection Period. In the event the transaction does not close, and the failure to close the transaction was not a result of a default of Seller, Purchaser shall convey all of its right, title and interest in and to any appraisal or ' environmental assessments with respect to this Property, or any other studies with respect to the Property that it has obtained, to Seller. 3.2 Creation of Legal Parcel. The Property must be a confirmed or established as a legal parcel not later than ten (10) days prior to the date set forth the Closing of 1 this transaction in Section 5.1 hereof. 3.3 A=roval of Title by Purchaser. 1 3.3.1 Title . Within five (5) lays of the effective date of this Agreement; Seller, at Seller's expense, shall furnish to Purchaser a Preliminary Title Report issued by the Escrow Agent, describing the Property, listing the Purchaser or the Purchaser's designee as the prospective named insured, and showing as the policy ' Page 2 PURCHASE AND SALE AGREENIENT AND JOINT ESCROW INSTRUCTIONS ~•c*n,1sRnco.a 1 amount the total Purchase Price. The Escrow Agent shall also deliver to Purchaser copies of any financing statements filed against the Property and true, correct and legible copies of all instruments referred to in such Preliminary Title Report as conditions or exceptions to title to the Property, including liens. 3.3.2 Title Objections ' 3.3.2.1 Notice to Sell er. In the event the Preliminary Title Report should show any exceptions other than the Permitted Exceptions (defined below), ' Purchaser shall have until that date which is ten (10) days after the end of the Inspection Period to disapprove' the exception(s) in. Purchaser's sole discretion by written notice of disapproval to Seller. Failure of Purchaser to disapprove of any exception within such time shall be deemed an approval. 3.3.2.2 Seller's Removal of x= inns. In the event ' Purchaser shall disapprove any exceptions to title, Seller, within five (5) days of written notice of disapproval by Purchaser, notify Purchaser in writing of those disapproved exceptions that Seller agrees to remove, or will not remove, prior to the Closing. 3.3.2.3 Purchaser's Remedies. In the event Purchaser does not approve the exceptions and Seller is unable or unwilling to remove the same with the exercise of due diligence prior to Closing, the Purchaser may, in Purchaser's sole discretion, (i) suspend performance of its obligations under this Agreement at no cost to. Purchaser and extend the Closing Date until the exceptions Seller has notified Purchaser will be removed have been removed; or (ii) terminate this Agreement, in which event all the rights and obligations of the parties under this Agreement shall be null and void; or (iii) agree to close this .transaction subject to all unremoved exceptions. In no event shall Seller be required to remove or to reimburse Purchaser for the removal of any lien or other exception . to title created by Purchaser's activities with respect to the Property. 3.3.3 Rmaj=d As used herein the_ term "Permitted Exceptions" means: 3.3.3. 1 The standard printed exceptions contained in the Preliminary Title Report of only zoning ordinances, building and use restrictions, reservations and federal ' patents, and utility easements of record. 3.3.3.2 The standard printed exception for encroachments, overlaps, ' boundary line disputes, and any matters which would be disclosed by an accurate survey and inspection of the premises to the extent allowed by applicable rules and regulations unless Purchaser obtains a survey of the Property and Purchaser obtains the right to object to any exceptions that would be disclosed by an accurate survey. Seller shall furnish to Purchaser at no cost any surveys of the Property in Seller's possession or which Seller could obtain from surveyors ' that Seller has previously retained to survey the subject Property. Page 3 - PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS aer~.~sms'~1c~. 3.3.3.3. The standard exception as to the lien for taxes, limited to ' the period during which Closing is scheduled to occur for which said taxes are not yet due and payable. ' 3.3.3.4 Any exception contained in the Preliminary Title Report that has been approved by Purchaser. ' 3.3.3.5 Any lien or encumbrance created by Purchaser, including any from Purchaser to Seller. 3.4 Failure of Conditions Precedent. In the event of a failure of any condition precedent to Purchaser's obligation, or if Purchaser has timely terminated this Agreement pursuant to Sections 3.1, 3.2 or 3.3, the escrow and the rights and obligations of Purchaser and Seller under this Agreement shall terminate, and the Earnest Money deposit shall be returned to Purchaser by Escrow Agent. ' 4. Seller's Warranties. ' 4.1 Marketable Title. Seller warrants good and marketable title, good right to convey, quiet possession and further warrants that no work, labor or materials have been ' expended, bestowed or placed upon the Property, adjacent thereto or within any, existing or proposed assessment district which will remain unpaid at close of escrow or upon which a lien may be filed at close of escrow. 4.2 Parties in Possession. Seller warrants that as of the close of escrow there will be no parties or trespassers in possession of any of the Property, and there will be no rental ' agreements or leases affecting the Property. 4.3 Authori of Sell er. Seller warrants that it has the authority to execute this Agreement, to enter into the escrow contemplated herein, to perform all of its obligations hereunder, and that the party executing this Agreement on behalf of Seller has been fully authorized by appropriate corporate resolution to bind Seller to the terms and provisions hereof. ' 4.4 No Qption to AcQuire Premises. Seller represents that no person or 1 entity has any right of first refusal or option to acquire any interest in the property or any part thereof. 4.5 Environmental War_wjx.. Seller has no knowledge of any existing or pending claim or of any facts or circumstances that may give rise to any future civil, criminal or administrative proceedings against Seller relating to hazardous materials. To the best of Seller's knowledge, no hazardous materials have been discharged upon, brought upon or stored on the Property in violation of applicable law. As used herein "hazardous materials" means any substance the presence of which on the Property is regulated by any federal, state. or local law relating to the protection of the environment or public health. ' Page 4 - PURCHASE AND SALE AGREE VIENT AND JOINT ESCROW INSTRUCTIONS a~woae.msvtsn~c~ 1 5. Closin 5.1 Closing Date. The closing (the "Closing") of the sale of the Property by Seller to Purchaser shall occur in escrow in the offices of the Escrow Agent on or before July 15, 1997 (the date of the Closing being the "Closing Date"). The transaction contemplated' in this ' Agreement is "closed" when the Deed (as defined below) to be delivered by Seller is recorded, all other documents required by this Agreement are executed and delivered, and the Purchase Price is paid through escrow to Seller as provided in this Agreement. 5.2 Deliveries to Escrow Agen . In, connection with the Closing, the following shall occur, and the performance or tender of performance of all matters set forth in this Section 5.2 shall be mutually concurrent conditions: 5.2.1 Seller's Deliveries. On or before the Closing Date, Seller, at its sole cost and expense, shall deliver the following into escrow: ' (i) Statutory Warranty Deed ("Deed"), fully executed and acknowledged by Seller, conveying to Purchaser the Property free and clear of all encumbrances other than the Permitted Exceptions; ' (ii) At Closing, and at the expense of Seller, Seller shall cause to be issued to Purchaser an ALTA standard coverage owner's title policy in the amount of the. total ' Purchase Price that shall insure fee simple, indefeasible title to the Property in Purchaser, subject only to the Permitted Exceptions; provided that Purchaser shall have the right to order an ALTA extended coverage owner's policy. Purchaser shall be responsible for and pay the difference between the premium for the standard ALTA owner's policy and the ALTA extended coverage owner's policy, together with all related expenses. ' (iii) Certificate executed and sworn to by Seller (a) confirming Seller's United States taxpayer identification number and (b) stating that Seller is not a "foreign person" within the meaning of Section 1445 of the Internal Revenue Code of the United States of America of 1986 and otherwise in compliance with § 1.1445-2T of the regulations promulgated thereunder. 5.2.2 Purchaser's Deliveries. On or before the Closing Date, Purchaser shall deliver the Purchase Price into escrow, receiving full credit for the Earnest ' Money. 5.3 losing Costs; Prorat ons, Seller and Purchaser shall each pay one-half (1/2) of all escrow fees. Seller shall pay the cost of recording the Deed and the cost of an ALTA standard coverage owner's policy of title insurance. Purchaser shall pay the additional premium necessary for an ALTA extended coverage owner's policy of title insurance, if Purchaser shall desire such extended coverage, together with all other attendant costs for such extended coverage. Ad valorem and similar taxes and assessments relating to the Property shall be prorated between ' Page 5 - PURCHASE AND SALE AGREIIVVIENT AND JOINT ESCROW INSTRUCTIONS dto4*9%&ko 5/7IV4cna Seller and Purchaser as of the Closing Date, Seller being charged and credited for the same up to such date and Purchaser being charged and credited for the same on and after such date. If the actual amounts to be prorated are not known at the Closing Date, the prorations shall be computed ' on the basis of the evidence then available; when actual figures are available a cash settlement shall be made between Seller and Purchaser. The provisions of this Section 5.3 shall survive the Closing. ' 5.4 Authority Documents. Purchaser and Seller shall, if requested by the other parry or the Escrow Agent, furnish satisfactory evidence of their authority to consummate the sale and purchase contemplated by this Agreement. 5.5 Possession. Seller shall deliver to Purchaser possession of the Property on the first full day after completion of the Closing with all manufactured homes and debris removed from the Property and in a condition suitable for immediate occupation by Purchaser. 6. Wis. ' 6.1 Seller's Remedies. If Purchaser fails or refuses to perform any of its obligations under this Agreement for any reason other than failure of a condition precedent to occur or termination of this Agreement pursuant to Sections. 3.1, 3.2, or 3.3, then Seller may 1 terminate this Agreement by notifying Purchaser thereof, in which event neither parry shall have. any further rights or obligations hereunder and Seller may retain the Earnest Money as liquidated damages and as Seller's exclusive remedy. 6.2 Purchaser's Remedies. If Seller fails or refuses to perform any of its obligations under this Agreement for any reason other than termination of this Agreement by Purchaser, then Purchaser may either. (i) terminate this Agreement by notifying Seller thereof and thereafter neither parry hereto shall have any further rights or obligations hereunder; or (ii) `Purchaser may seek any other rights, recourses or remedies (including, without limitation, specific ' performance) available to Purchaser, such. rights, - remedies and recourses hereunder to be cumulative, and not in exclusion of any other. ' 7. General Provisions. 7.1 Time. TIlv1E IS OF THE ESSENCE of this Agreement. 7.2 Full Authority. Each of the signatories to this Agreement represents and warrants that he/she has the full right, power, legal capacity and authority to enter into and ' perform his obligations hereunder and no approval or consents of any other person are necessary in connection herewith. ' 7.3 Nezat~m of Ac= and . Any agreement by either party to cooperate with the other in connection with any provision of this Agreement shall not be construed ' as making either party an agent or partner of the other party. Page 6 - PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS d`o%4wdWa1wW5n47)(-4 7.4 e plkable Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Oregon. ' 7.5 Statutory Disc aim__er. THE PROPERTY DESCRIBED IN THIS INSTRUMENT MAY NOT BE WITHIN A FIRE PROTECTION DISTRICT PROTECTING STRUCTURES. THE PROPERTY IS SUBJECT TO LAND USE LAWS AND ' REGULATIONS, WHICH, IN FARM OR FOREST ZONES, MAY NOT AUTHORIZE CONSTRUCTION OR SITING OF A RESIDENCE AND WHICH LIMITS LAWSUITS AGAINST FARMING OR FOREST PRACTICES AS DEFINED IN ORS 30.930 IN ALL ' ZONES. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING FEE TITLE TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY APPROVED ' USES AND EXISTENCE OF FIRE PROTECTION FOR STRUCTURES. ' 7.6 SmmbjU y. If any provision of this Agreement shall be held to be void. or invalid, the same shall not affect the remainder hereof which shall be effective as though the void or invalid provision had not been contained herein. ' 7.7 Modification or Am__endmentc. No amendment, change or modification of this Agreement shall be valid, unless in writing and signed by all the parties hereto. ' 7.8 Waiver. Except as otherwise provided in this Agreement, failure of either party at any time to require performance of any provision of this Agreement shall not limit ' the party's right to enforce the provision, nor shall any waiver of any breach of any provision be a waiver of any succeeding breach of the provision or a waiver of the provision itself or any other provision. 7.9 Assignment. Seller shall not delegate its duties under this Agreement to any party without the written consent of Purchaser which may be granted or withheld in the sole ' and unfettered discretion of Purchaser. Seller acknowledges and agrees that the continuing obligation of Seller regarding remediation of hazardous materials which may be located on the Property and for indemnification as provided in this Agreement constitute a material portion of the consideration for entryinto the Agreement by Purchaser. Purchaser shall not assign its right, title and interest under this Agreement without the prior written consent of Seller, which consent shall not be unreasonably withheld by Seller, provided, however that no such consent shall release Purchaser from its obligations hereunder. ' 7.10 Successors and A sigps. Subject to the provisions of Section 8.9, this Agreement shall inure to the benefit of, and shall be binding upon, the parties hereto and their respective heirs, legal representatives, successors and assigns. 7.11 Notice. All notices required or provided under this Agreement shall be in writing. If mailed, notice shall be deemed effective forty-eight (48) hours after mailing as ' certified mail, postage prepaid, directed to the other party at the address set forth below or such other address as the party may indicate by written notice to the other as provided herein; notice ' Page 7 PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS given in any other manner shall be effective upon receipt by the addressee. For purposes of notice, the addresses of the parties shall be as follows: If to Seller, to: Beacon Homes, Inc. ' 1865 NW 169' Place Suite 200 t Beaverton, OR .97006 If to Purchaser, ' to: City of Tigard Attn: Duane Roberts 13125 SW Hall Boulevard ' Tigard, OR 97223 With a . ' Copy to: Pamela J. Beery O'Donnell Ramis Crew Corrigan ' & Bachrach 1727 N.W. Hoyt Street Portland, Oregon 97209 ' 7.12 Countemarts. This Agreement may be executed in several counterparts, each of which shall be an original, but all, of which shall constitute but one and the same ' agreement. 7.13 Caption and Headings. The captions and headings of this Agreement ' are for convenience only and shall not be construed or referred to in resolving questions of, interpretation or construction. 1 7.14 Calculation of Time. All periods of time referred to herein shall include Saturdays, Sundays and legal holidays in the State of Oregon, except that if the last day of any period falls on any Saturday, Sunday or such holiday, the period shall be extended to include the ' next day which is not a Saturday, Sunday or such holiday. 7.15 Commissions, Each party warrants that it has not utilized the services 1 of an agent, broker or finder with regard to the transaction contemplated by this Agreement. Seller hereby agrees to defend, indemnify and hold harmless Purchaser, and Purchaser hereby agrees to defend, indemnify and hold harmless Seller, from and against any claim by any third parties not named herein for brokerage, commission, finder's or other fees relative to this Agreement or the sale of the Property, and. any court costs, attorney's fees or other costs or expenses arising therefrom-, and alleged to be due by authorization of the indemnifying party. 7.16 Attorney Fees. If a suit, action, or other proceeding of any nature whatsoever (including any proceeding under, the U.S. Bankruptcy Code) is, instituted in connection with any controversy arising out of this Agreement or to interpret or enforce any rights hereunder, Page 8 - PURCHASE AND SALE AGREEN ENT AND JOINT ESCROW INSTRUCTIONS a~u;wae.~,vtsnro~cma the prevailing party shall be entitled to recover its attorneys', paralegals', accountants', and other experts' fees and all other fees, costs, and expenses actually incurred and reasonably necessary in connection therewith, as determined by the court at trial or on any appeal or review, in addition to all other amounts provided by law. 7.17 Entire An=ent. This Agreement constitutes the entire agreement between and among the parties, integrates all of the terms and conditions mentioned herein or incidental hereto, and supersedes all negotiations or previous agreements between the parties or their predecessors in interest with respect to all or any part of the subject matter hereof. EXECUTED as of the Effective Date. ' SELLER: PURCHASER: Beacon Homes, c. , an Ore on corporation City of Tigard, an Oregon municipal . By: Print N ' 1eM:J7AM n Title: Duly Authorized Representative nI i LD 2~ Duly Authorized Representative ' ACCEPTANCE BY TITLE COMPANY Stewart Title of Oregon, by its duly authorized signature below, agrees to accept this escrow on the terms and conditions of, and to comply with the instructions contained in, the foregoing Agreement. STEWART TITLE OF OREGON By: Its: 1 Page 9 - PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS ~s~s*n„slc EXHIBIT JUNE 26, 1997 LEGAL DESCRIPTION DAKOTA MEADOWS/CITY OF TIGARD JOB NO. 141-018 ' TRACTS "L" AND "M", "DAKOTA MEADOWS" A TRACT OF LAND LOCATED IN THE SOUTHEAST ONE-QUARTER OF SECTION 34 AND THE SOUTHWEST ONE-QUARTER OF SECTION 35, TOWNSHIP 1 SOUTH, RANGE 1 WEST, WILLAMETTE MERIDIAN, CITY OF TIGARD, WASHINGTON COUNTY, OREGON, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF THE JOHN L. HICKLIN D.L.C. NO. 54; ' THENCE SOUTH 89051'28"EAST, ALONG THE NORTH LINE OF SAID D.L.C., 2571.36 FEET TO THE NORTHWEST CORNER OF THAT TRACT OF LAND CONVEYED TO BEACON HOMES, INC. IN DOCUMENT NO, 96-099760 IN WASHINGTON COUNTY DEED RECORDS; THENCE SOUTH 89°51'28" EAST. ALONG SAID NORTH D.L.C. LINE, 237.61 FEET: THENCE SOUTH 00°08'32" EAST, 30.00 FEET TO THE TRUE POINT OF BEGINNING; THENCE SOUTH 05°42'47" EAST, 224.98 FEET TO A POINT OF CURVATURE; THENCE 91.93 FEET ALONG THE ARC OF A 71.00 FOOT RADIUS CURVE TO THE RIGHT THROUGH A CENTRAL ANGLE OF 7401 F14" ( THE LONG CHORD BEARS SOUTH 31 °22'50" WEST, 85.64 FEET) TO A POINT OF TANGENCY;. THENCE SOUTH 68°28'28" _ WEST, 17.89 FEET TO A POINT OF CURVATURE; THENCE 50.82 FEET ALONG THE ARC OF A 104.00 FOOT RADIUS CURVE TO THE LEFT THROUGH A CENTRAL ANGLE OF 27°59'51 "(THE LONG CHORD BEARS SOUTH 54°2832" WEST, 50.32 FEET) TO A POINT OF ' COMPOUND CURVATURE; THENCE 125.68 FEET ALONG THE ARC OF A 175.00 FOOT RADIUS CURVE TO THE LEFT THROUGH A CENTRAL ANGLE OF 41 °08'58" (THE LONG CHORD BEARS SOUTH 19°54'08" WEST, 123.00 FEET) TO A POINT OF TANGENCY; ' THENCE SOUTH 00°40'22" EAST, 19.52 FEET TO THE SOUTH LINE OF SAID BEACON HOMES, INC. TRACT; THENCE SOUTH 89°51'28" EAST, ALONG SAID SOUTH LINE, 293.27 FEET TO THE SOUTHEAST CORNER OF SAID BEACON HOMES, INC. TRACT; THENCE ' NORTH 00°22'26" WEST, ALONG THE EAST LINE OF SAID BEACON HOMES . INC. TRACT, 468.27 FEET TO A POINT WHICH IS 30.00 FEET SOUTH OF THE NORTH LINE OF SAID HICKLIN D.L.C.; THENCE NORTH 89°51'28" WEST, PARALLEL WITH SAID NORTH LINE, 168.78 FEET TO THE TRUE POINT OF BEGINNING, CONTAINING 2.14 ACRES MORE OR LESS. ' BASIS OF BEARINGS- S.N.23,887 REGISTERED PROF ESSItONAL ' LAND SURVEYOR t GO Y 15. 1967 FEIGION 252 ' Plaza Rest • Suite 230.9600 SW Oak • Portland, Oregon 97223 Offive 503-452-8003 • Fax 503-452-8043 EXH B T MAP ' LOCATED IN THE S.E. 1 /4 OF SEC. 34 AND THE S. W. 1 /4 OF SEC. 35, T.1S., R.1.W., W.M. CITY OF TIGARD WASHINGTON COUNTY OREGON JUNE 30, 1997 ' SCALE: -1"=.100' i-N.W. COR. JOHN HICKLIN D.L.C. S.W. NORTH DAKOTA ST.(CENTERLINE) ' S 89'51'28" E, 2571.36' 237.61' 30.00' ' TRUE POINT OF BEGINNING Ogg 00 - 6 0 0 OGJ~~N 1 ~N 0 ' DESCRIBED AREA ' PREPARED BY: ALPHA ENG., INC. 9600 S.W. OAK, STE.230 ' PORTLAND, ORE. 97223 (503) 452-8003 FILE NO. 141-014 \C)O 1 1 1 1 1 1 1 1 STEWART TITLE TRI-COUNTY BY~ ' 9020 SW Washington. Square Road Suite 220 Sanctity of Contract Trgard, Oregon 97223 ' a sv r~ 'da L 8-4 C'`6. PRELIMINARY COMMITMENT FOR TITLE INSURANCE December 17, 1997 Order.Number: 97139859-WN ' Stewart Title of Oregon, Inc. REVISED REPORT 9020 SW Washington Square Road Suite 170 Tigard, OR 97223 ' Attention Charlene Norris Telephone (503)671-0540 ' Reference Beacon Homes, Inc./City Of Tigard ' Amount Premium Owner's ALTA Standard $30,000.00 $149.00 B/R Owner's ALTA Extended ' Purchaser's ALTA Standard Mortgagee's ALTA Standard Mortgagee's ALTA Extended ' Lien Search/Government Service Charge $ 25.00 This is a preliminary billing only; a consolidated statement of all charges, credits, and advances, if any in connection with this order will be provided at closing. Stewart Title is prepared to issue on request and on recording of the appropriate documents, a policy or ' policies as applied for, with coverages as indicated, based on this preliminary commitment that as of December 9, 1997 at 5:00 p.m. title of the property described herein is vested in: BEACON HOMES, INC., an Oregon corporation Subject only to the exceptions shown herein and to the terms, conditions and exceptions contained in the policy form. This commitment is preliminary to the issuance of a policy of title insurance and shall become t null and void unless a policy is issued, and the full premium paid. Description: ' For legal description see Exhibit "A" attached hereto. PAGE 1 of Preliminary Commitment Order No. 971.39859-WN ' SCHEDULE B ' GENERAL EXCEPTIONS: ' 1. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records. Proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the public records. 2. Any facts, rights, interest, easements or claims which. are not shown by the public records but Which could be ascertained by an inspection of said land or by making inquiry of persons in, possession ' thereof. 3. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the ' issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b), or (c) are shown by the public records. 4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments or any other facts which ' a correct. survey would disclose, and which are not shown by the public records. 5. Statutory liens or other liens or encumbrances, or claims thereof, which are not shown by the public ' records. SPECIAL EXCEPTIONS: 6. City liens, if any. We have requested a search and will advise when we have received a response from the City of Tigard. 7. The herein described premises are within the boundaries of and subject to the statutory powers, including the power of assessment, of the Unified Sewerage Agency. ' 8. Rights of the public in and to any portion of the herein described premises lying within the boundaries of S.W. North Dakota Street. 9. The herein described property appears to be a portion of an existing tract. We find no partition plat ' of record. A sale or conveyance of said parcel may be in violation of the partition statutes. (This exception may not appear in the policy to be issued, as the matters referred to herein are ' excluded from coverage.) NOTE: Taxes paid in full for 1997-98: ' Levied Amount $11,337.43 Account No. 1S134DA-03300 Levy Code 023.74 Key No. R269658 ' (Affects other property also) Said amount includes $7,041.83 for Unzoned Farmland. ' NOTE: Washington County Ordinance No. 193, recorded May 13, 1977 in Washington County, Oregon, imposes a tax of $1.00 per $1,000.00 or fraction thereof on the transfer of real property 1 located within Washington County. PAGE 2 of Preliminary Commitment Order No. 97139859-WN NOTE: Policies issued subsequent to January 1, 1998 will be underwritten by Pacific Northwest Title Insurance Company, which has a rating of A' (Unsurpassed Financial Stability) by Demotech. ' Additional information on the underwriter will be furnished upon request. If you have any questions regarding this report or your escrow closing please call Charlene. Norris ' at (503)671-0540. Charlene Norris is located at 9020 SW Washington Square Road Suite 170, Tigard, OR 97223. ' STEWART TITLE ' James J. Welch Title Examiner ' JJW:jjw 1 ' . PAGE 3 of Preliminary Commitment Order No. 97139859=WN EXHIBIT A ' Legal Description: ' A tract of land located in the Southeast one-quarter of Section 34 and the Southwest one-quarter of Section 35, Township 1 South, Range 1 West, of the Willamette Meridian, in the City of Tigard, County of Washington and State of Oregon, being more particularly described as follows: ' Beginning at the Southwest comer of that tract of land conveyed to Beacon Homes, Inc., by Deed Recorded as Document No. 96-099760 in Washington County Deed Records; thence along the South line of said Beacon Homes Tract, North 89°28'05" East, 133.20 feet to the true point of beginning; thence North 00°40'21" West, 18.20 feet to a point of curvature; thence 125.95 feet along the arc of a 175.00 foot. radius curve to the right through a central angle of 41 °14'16" (the long chord bears North 19°56'47" East, 123.25 feet) to a point of compound curvature; thence 50.55 feet along the arc of a 104.00 foot radius ' curve to the right through a central angle of 27°50'56" (the long chord bears North 54033'00" East 50.05 feet) to a point of tangency; thence North 68028'27" East 17.89 feet to a point of curvature; thence 91.93 feet along the arc of a 71.00 foot radius curve to the left through a_ central angle of 74011'14" (the long chord bears North 31 °22'50" East 85.64 feet) to a point of tangency; thence North 05042'47" West 224.97 ' feet to a point which lies 30.00 feet South of the centerline of S.W. North Dakota Street; thence South 89°51'28" East, parallel with said centerline, 170.74 feet to the East line of said Beacon Homes tract; thence South 00031'42" East, along said East line 463.55 feet to the South line of said Beacon Homes ' tract; thence, along said South line, South 89°28'05" West, 295.23 feet to the true point of beginning. ' PAGE 4 of Preliminary Commitment Order No. 97139859-WN MAP It I, THIS MAP IS FURNISHED ~ X H I B I I I V AP AS A CONVENIENCE BY: 1/4 OF SEC. is AND THE S. W. 1/4 OF SEC. 35. STE1~ART TITLE CITY 0= TIGARD WASHINGTON COUNTY OREGON THIS MAP IS NOT A SURVEY AND DOES NOT SHOWTHELOCATION OFANY IMPROVEMENTS THE COMPANY ASSUMES'NO LIABILITY FOR ERRORS THEREIN. i i I ' SCALE: 1 *':=i00' N.W. COR. JOHN HICKLIN D.L.C. S.W. NORTH DAKOTA ST.(CENTERLINE) ' S 89'51'28" E, 2571,36' 237.51' y 30.00' ' TRUE POINT OF BEGINNING 09g 96~ N~ a0 O P`~ O / ~ DESCRIBED AREA / / ' PREPARED 8Y: ALPHA ENG., INC. 9600 S.W. OAK. STE.230 PORTLAND, ORE. 47223 ' (503) 452-8003 FILE NO. 141 -014 £-/E a62d-'0LL# xp=par`•Y`ad£Z:£ L6/t,0/60 `•Svso LL9 £OS 31111 laVM31S :hq juaS S~ 12122 09:55 1997 FROM: 5032432944 P503 TO: 1234 PAGE: 4 Se.I't'by: STEWART TITLE 503 671 0545; 12/22/97. 47AM;_IWft #525;Page 3/3 i Sam* "fca-M-1 STEWART TITLE oozo SW wwftroan squam Raad of Oregon. Inc. Suite 170 TtgaM, Orqion 97223 (503) 871-Ofi4t1 WRING /NSTRUCnONS Please lie advised of the following wire transfer information for Stewart Title of Oregon, Inc. for transmittal of 1 Loari Funds ( X ) Funds to Close/Downpayment { )Earnest Money ' Key Bank of Oregon - Head Office 1222 SW Bth Ave. Portland, OR 97204 ' AISM 123 002 011 For the Account of Stewart Title of Oregon, Inc. ' Account No.: 370211002925 Attention: Charlene Norris ' Please include the following information with your wire transfer. Client: Charlene Norris Escrow No.: 97139659-02 Thank 'You. 1 Chars 1~ Norris 5 Ttv Officer ' ranch Manager i STEWART TITLE JOINT ESCROW INSTRUCTIONS Branch: Washington Square Escrow Unit Escrow No.: 97139859 ' . Branch Phone: (503) -671-0540 Title Order No.: 97139859 TO: STEWART TITLE, Charlene Norris, Escrow Agent: ' Seller: Beacon Homes, Inc., an Oregon corporation Buyer City Of Tigard, an Oregon municipal corporation ' Property Address: Portion of 1S134DA-03300, Tigard, OR Property Description: (as shown in Stewart Title of Oregon, Inc. Preliminary Title report issued by Stewart Title of Oregon, Inc. under order NO. 97139859 dated December 17, 1997a copy of which ' has been received and approved by the undersigned). These joint escrow instructions may be executed in counterparts with like effect as if all signatures appeared on a single copy. ' SELLER deposits with you under these instructions the following: Approved estimated closing statement; (escrow is authorized to adjust statement as of actual date of recording.) Executed Statutory Warranty Deed; Approved preliminary title report; Non Foreign Affidavit and authorizes delivery and release (if so directed) thereof when you hold for the account of Seller the sum of 30, 000.00) plus and minus credits and deductions authorized herein as per approved copy of escrow closing statement. Said documents are to be recorded. ' PURCHASER deposits with you under these instructions the sum of ($PER ESTIMATED STATEMENT) and the following items: ' Approved estimated closing statement; (escrow is authorized to adjust statement as of actual date of recording.) Approved copy of Statutory Warranty Deed; Approved preliminary title report; Consent to Plat Affidavit and will deposit with you such other sums and items as may be required to enable you to comply with these instructions, ' which sutras and items you are authorized to deliver, release or pay over when you hold for the account of the Purchaser: A properly executed Statutory Warranty Deed ' Along with your specified* form of policy of title insurance for amount specified below) * ALTA Standard Owner's Title Policy in the amount of $ 30, 000.00 subject to printed conditions and exceptions in the usual form of title insurance policy, matters attaching by, through, or under the Purchaser, and the following paragraphs of the preliminary title report noted above: 7, 8 and 9 showing title vested in: City Of Tigard, an Oregon municipal corporation Said documents are to be recorded. Prorate** and adjust as of the following date: Recording ' Real property taxes - $ 2 ,177.86 Taxes have been estimated for closing purposes. The estimate is based on land value multiplied by tax rate, multiplied by total tax lot acreage, divided by estimated acreage of property being sold. Stewart Title is hereby held harmless from any and all liaibility in regard to said estimated tax. ' Continued on next page JOINT ESCROW INSTRUCTIONS- continued Page 2 Escrow No.: 97139859 1 PURCHASER also agrees to pay any additional funds as are necessary to comply with the Purchaser's instructions and authorizes payments and credits in accordance with the Purchaser's Estimated Escrow Statement attached hereto and made a part hereof. SELLER also agrees to pay any additional as is necessary to place title in the condition as required by these instructions and authorizes payment of and deduction from and credit to the gross sum above specified in accordance with the ' Seller's Estimated Escrow Statement attached hereto and made a part hereof. NOTES: TERMS AND CONDITIONS OF THE EARNEST MONEY AGREEMENT HAVE BEEN COMPLIED WITH TO THE SATISFACTION OF THE UNDERSIGNED OR WILL BE HANDLED BETWEEN PARTIES OUTSIDE OF ESCROW. PARTIES HEREIN ACKNOWLEDGE THAT STEWART TITLE IS EXEMPT FROM COMPLIANCE WITH THE FOREIGN INVESTMENT ACT. ANY COMPLIANCE WITH SAID ACT WILL BE HANDLED BETWEEN THE PARTIES OUTSIDE OF ESCROW. It is understood that water, sewer, waste collection, electricity and utility charges and inventory for fuel will be adjusted between Seller and Purchaser outside this escrow. In the event any portion of the buyer's required deposit is in the form of loan funds from a lender, buyer and seller authorize recording of the within deposited documents prior to the lender funding their loan. It is understood that ' seller's proceeds will be disbursed upon receipt of the loan funds from the new lender. All funds deposited in this escrow shall be disbursed in accordance with Real Estate Administration Rule #863-50-055. Seller shall provide all information necessary, including a taxpayer identification number, for the preparation of a Form ' 1099-B as required by the Internal Revenue Service in connection with the closing and completion of the transaction. If seller fails to furnish adequate information, then seller will be subject to all I.R.S. Regulations, including the possible withholding of twenty percent (20 of the sales price. Stewart Title is authorized to release a copy of the signed Form 1099-B to lenders upon their request. ' In the event wired funds are not received by Stewart Title with sufficient time to wire out or invest funds, the undersigned parties release Stewart Title of all liability relating to any additional interest charges assessed. In the event, following close of escrow, any payoff amount provided by any encumbrance or lien holder, proves to be insufficient to retire the debt, or other adjustment must be made to clear title, the seller, upon demand of Escrow Agent, will immediately pay the amount of such deficiency. STEWART TITLE OF OREGON, INC. receives banking benefits from non-interest bearing trust account deposits. These benefits are in the form of miscellaneous banking and accounting services, i.e. cashier's checks, wire transfers. The benefit received averages nineteen dollars ($19.00) per escrow file. ' SEE GENERAFIN TRUCTIONS ATTACHED HERETO AND MADE A PART HEREOF. SELLER: PURCHASER: ' Dated this 17&- day of ~ iu 19 SELLER: ' Beacon Homes, Inc. ' BY: "KII Zz Peter A. Kusyk, lk~esident JOINT ESCROW INSTRUCTIONS -continued Page 3 Escrow No.: 97139859 BUYER: ' City' Of Tigard By: ' Receipt of money and/or instruments hereinabove mentioned is hereby acknowledged. $TEWART TITLE OF OREGON, INC. BY ' Charlene Norris, Escrow Revised 10/96 1 STEWART TITLE ' GENERAL ESCROW INSTRUCTIONS To: Stewart Title of Oregon, Inc. Date: December 17, 1997 ' 9020 S.W. Washington Square Road Escrow No.: 97139859 Tigard, OR 97223 Page: I Attn: Charlene Norris,(503)-671-0540 You are to have no liability or responsibility with respect to any matters connected with the following (unless expressly authorized herein): (1) Compliance with requirements of the Consumer Credit Protection Act or Inter-State Land Sales Act, or similar laws; (2) Title to personal property, or encumbrances thereon, including personal property taxes, sales tax and instruments filed under the Uniform Commercial Code, or leased equipment on premises; (3) Forgeries or false ' pcrsonations of any person or party in connection with these instructions or this escrow; (4) Fire Insurance and any other insurance coverage and Seller and Purchaser agree that such coverage will be provided for outside this escrow. ' All funds received in this escrow shall be deposited with other escrow funds in a general escrow account or accounts of Stewart Title with any state or National Bank, and may be transferred to any other such general escrow account or accounts. All disbursements shall be made by check of Stewart Title. All adjustments to be made on a per diem basis, except rentals which shall be prorated on the basis of a 30-day month. When requested to do so, a copy of the Escrow Instructions and closing statement showing disbursements, in accordance ' with these instructions, may be delivered to the realtor who consummated the transaction, the mortgagee or its agent or to my attorney. ' In the event any portion of a party(ics) required deposit is in the form of loan funds from a lender, the party(ies) authorize recording of the within deposited documents prior to the lender funding their loan. It is understood that the escrow file will be disbursed upon receipt of loan funds from lender. All funds deposited in this escrow shall be disbursed in accordance with Real Estate Administration Rule #863-50-055. ' In the event, following the close of escrow, any payoff amount provided by any encumbrance or lien holder, proves to be insufficient to retire the debt, or other adjustment must be made to clear title, the party(ies), upon demand of Escrow Agent, will immediately pay the amount of such deficiency. ' You will file for recording the necessary legal instruments and you are then authorized to pay off such encumbrances of record as may exist at time of filing such instruments, to permit issuance of said title policy as above stated and shall not be responsible for liens in the event wired funds are not received by Stewart Title with sufficient time to wire out or in- vest funds, the undersigned parties release Stewart Title of all liability relating to any additional interest charges ' assessed. If you are not able to comply with these instructions on or before 30 DAYS FROM DATE, said money and/or instruments shall thereafter be returned to me on my written demand, but in the absence of such demand you will proceed to comply with these instructions as soon as possible thereafter. When time is of the essence in requiring ' performance of any condition of this escrow and delivery of the documents or monies necessary is not made until the last day limited and defined herein, no tender of such performance or compliance shall be binding upon you unless made prior to 10:00 a.m. on said day, and you are authorized to perform duties imposed hereunder on the next business day without liability for delay in closing of the escrow. In the event any disputes arise between parties interested in property or funds covered by these instructions, or the principals thereto, you may hold all matters in their existing status, join a court action or commence a court action. In the event that you institute the court action in order to interplead funds into the Court for a determination of the rights ' of the principals or any parties interested in these properties or funds, you are hereby authorized to deduct any expenses, costs and reasonable attorney's fees of $500.00 required to commence said litigation and any additional interpleader fees and submit the funds remaining into the Court. In the event such interpleader is required, you are hereby relieved of all ' responsibility for determination of the parties rights and liabilities with regard to the funds so interplead. It is further agreed, that if a suit or action is filed arising out of this transaction or to enforce the terms and provisions of this agreement, the losing party agrees to pay the prevailing party's costs, expenses, and reasonable attorney's fees, both at trial and on appeal, in addition to all other sums to which the prevailing party is adjudged entitled. If attorneys fees ' for interpleader exceed $500.00, you are authorized to seek reimbursement for additional fees. INITIAL INITIAL 1 1 • • I GENERAL ESCROW INSTRUCTIONS - continued Page 2 Escrow No.: 97139859 The foregoing constitutes your entire and exact instructions and you shall not be concerned with oral directives, earnest money agreements or other writings, other than a mutual written amendment to these instructions. ' DECLARATION OF ESCROW SERVICES All parties acknowledge by their signatures hereon, the following: I have been specifically informed that Stewart Title (hereinafter designated "Stewart") is not licensed to practice law and no legal advice has been offered by Stewart or any of its employees. I have been further informed that Stewart is acting only as an escrow holder and is forbidden by law from offering any advice to any party respecting the merits of this escrow transaction or the nature of the instruments utilized, and that it has not done so. I have not been referred by Stewart to any named attorney or attorneys or discouraged from seeking advice of an attorney but have been requested to seek legal counsel of my own choosing at my own expense, if I have doubt ' concerning any aspect of this transaction. I further declare all instruments to which I am a party, if prepared by Stewart, have been prepared under the direction of my attorney or myself and particularly declare that copying legal descriptions from title reports into forms of deeds, etc. or reforming of legal descriptions or agreements is, or will be solely at my direction and request. ' I have been afforded adequate time and opportunity to read and understand the escrow instructions and all other documents referred to therein. IT IS UNDERSTOOD BY THE PARTIES SIGNING THE ABOVE ESCROW INSTRUCTIONS OR THOSE ESCROW INSTRUCTIONS WHICH ARE ATTACHED HERETO THAT SUCH INSTRUCTIONS CONSTITUTE ' THE WHOLE AGREEMENT BETWEEN THIS FIRM AS AN ESCROW AGENT AND YOU AS A PRINCIPAL TO THE ESCROW TRANSACTION. THESE INSTRUCTIONS MAY NOT INCLUDE ALL THE TERMS OF THE AGREEMENT WHICH IS THE SUBJECT OF THIS ESCROW. READ THESE INSTRUCTIONS CAREFULLY, AND DO NOT SIGN THEM UNLESS THEY ARE ACCEPTABLE TO YOU. City Of Tigard 1 Beacon Homes, Inc. BY Peter A. Kusyk, resident 1 ~C~ ~ V~ 1 1 1 1 1 1 1 1 STEWART TITLE NON-FOREIGN SELLER AFFIDAVIT ' This Declaration is made in connection with the sale of the property located at: Portion of 1S134DA-03300, Tigard, OR Section 1445 of the Internal Revenue Code provides that a transferee of United States real property must withhold tax if ' the transferor is a foreign person. To inform the transferee that withholding of tax is not required upon the disposition of the property described above, the undersigned transferor hereby certifies the following: 1. Transferor, Beacon Homes, Inc. , an Oregon corporation , is not a foreign corporation, foreign ' partnership, foreign trust, or foreign estate (as those terms are defined in the Internal Revenue Code and Income Tax Regulations). 2. Transferor's United States employer identification number is: 93-1006138 ' 3. Transferor's office address is: 1865 NW 169th Place, x{200, Beaverton, OR 97006 The undersigned transferor understands that this certification may be disclosed to the Internal Revenue Service by transferee and that any false statement made here could be punished by fine, imprisonment or both. Under penalties of perjury I declare that I have examined this certification and to the best of my knowledge and belief it is true, correct, and complete, and that 1 have authority to sign this document on behalf of the transferor. ' Date: December L, 1997 ' Beacon Homes, Inc. BY: Peter A. Kusyk, P esident Purchaser must retain this certification until the end of the fifth taxable year following the taxable year in which the transfer takes place, and make it available to the Internal Revenue Service upon request. ' NOTICE TO TRANSFEROR OR TRANSFEREE: An affidavit should be signed by each entity transferor to whom or to which it applies. Before you sign any questions relating to the legal sufficiency of this form, or to whether it applies to a particular transaction, or the definition of any of the terms used, should be referred to a certified public accountant, attorney, or other professional tax advisor, or to the ' Internal Revenue Service. r ~ SanchlyofConfracr STEWART TITLE 9020 SW Washington Square Road of Oregon, Inc. Suite 170 Tigard, Oregon 97223 ESTIMATED BUYER'S CLOSING STATEMENT (503) 671-0540 ' Escrow: 97139859 Order: 97139859 Escrow Officer: Charlene Norris Date: 12/22/97 Closing Date: 12/23/97 ' ESCROW STATEMENT OF: City Of Tigard SELLER: Beacon Homes, Inc. ' Property Address: Portion of 1S134DA-03300, Tigard, OR ITEMS DEBITS CREDITS ' TOTAL CONSIDERATION 30,000.00 PROBATIONS/ADJUSTMENTS FROM TO County Taxes, TAX ACCOUNT Portion 1S134DA-03300 ' CURRENT YEAR TAXES AT $2,177.86 12/23/97 7/01/98 1,133.68 ESCROW CHARGES Escrow Fee 130.00 ' BALANCE DUE ESCROW 31,263.68 TOTALS $ 31,263.68 $ 31,263.68 ' THIS IS AN ESTIMATED STATEMENT ONLY - SOME OF THE DISCLOSED CHARGES MAY CHANGE UPON RECORDING. City Of Tigard BY. it BY: 1 1 0 ~LJ ~ ~ ~ ~ - - PACIFIC NORTHWEST TITLE ' of Oregon, Inc. 9020 SW Washington Square Road Suite 170 Tigard, Oregon 97223 (503) 671-0540 FINAL BUYER'S CLOSING STATEMENT ' Escrow: 97139859 Order: 97139859 Escrow Officer: Charlene Norris Date: 1/19/98 ' Closing Date: 12/23/97 ESCROW STATEMENT OF: City Of Tigard SELLER: Beacon Homes, Inc. ' Property Address: Portion of 1S134DA-03300, Tigard, OR ITEMS DEBITS CREDITS ' TOTAL CONSIDERATION 30,000.00 ADDITIONAL DEPOSITS TO ESCROW 31,263.68 ' PRORATIONS/ADJUSTMENTS FROM TO County Taxes, TAX ACCOUNT Portion 1S134DA-03300 CURRENT YEAR TAXES AT $2,177.86 12/23/97 7/01/98 1,133.68 ESCROW CHARGES ' Escrow Fee 130.00 TOTALS $ 31,263.68 $ 31,263.68 PLEASE KEEP THIS FINAL STATEMENT FOR INCOME TAX FILING PURPOSES. ' Pacific Northwest Title of Oregon, Inc. Escrow Officer i sEMMRf Tff1H tXZMFV1IVlf NQ 911ATEOFOREGON l ti8 R1ETum 000AQ a1T 10 DES03M Cau+4r of tlyy.ttlnptoa j TkIe Oader No. 57139859 _ r 4 Jerry .R of Assess- Cam* BMW No. 57139859 clef ie i tltadl 1~' A9u n note as sand re • Lt In bo 01 aw 00, city Of Tiaar~ 0OW1 'r ' 4 10124 AV Rill-Boulevard r , Now, Addnu, Zip J R Hpryw b 010r W a tie Y npwsad in to rstutroaa sge9 be revs w ere ~ IA tbibwfot IM MM gity of rd Doc s 97319829 13123,&V HA11 Soulevard.Rafts 199983 14.00 Tiltardt OR 47229 Adna. Zip 12/23/1997 09116118a1m Netm, STATUTORY WARRANTY DEED 4eaoon Homes, Inc.. an Oregon corporation Ormtor, conveys lad warrants to City Of Tigard, an Oregon municipal corporation Grantee, the following described rd prop" free of aecuatbrsnaes, exoW ss spedficslly set forth heroin situued In pashingtonommy. OREGON, to wit: An fully described on Exhibit °A° attachod and by reference made a. part hereof. This ptgwty Is funs (tons encumbrances. EXCEPT: Statutory powers of Unlaed Ss werage Agtmry; rights of rho public Ig ad to any ponlon of the herein described pmnisct lying wWdn dw boundaries of SW Notch Dakota Sttest. THIS INSTRUMENT WILL NOT ALLOW USE OF THE PROPERTY DESCRIBED IN THIS INSTRUMENT IN VIOLATION OF APPLICABLE LAND USE LAWS AND REGULATIONS. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING FBE TITLE TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY APPROVED USES AND TO DBTEIMM ANY LIMITS ON LAWSUITS AGAINST FARMING OR FOREST PRACTICES AS DEFINED - IN ODA 30.930. The true eoadden don for this conveymce is $30.000.00. (Here comply with die nquiraaema of ORS 93M M Dated Ibis day of December .19_ 97 Beacon Homes, Inc, i By: Peter A. Kuayk, esident STATE OF OREGON County of Vashinaton }sc on this ! J dry of December 1997, betcee me sppearod Peter A. xusyk and both to me personally known, who bdsg. duly swoma, did say that he, dw dd Peter A. Kuevk Isom President . President, and be, the said is asp of sP&CON HONES . INC. On widda mmaod Ompoustion, and that she said insumneat was signed in behalf of said Corporation by authority of its Boardo0becmts, and Peter A. Kusyk and age said instrument w be the five act and deed of said Corporation. Mwe F. Ihave hetetuuo asd!aftixod ray Lit TBSTiMONY the d ye4I t above written. oft ad Charlene Norris Notary rOregon d2ok CHAR~LWBNO~ta My tea Expire. 6116101 NOTARY PUBUrr OAEGON COMMOMON NO.302190 atl'COY1119210NEXPIREBJUN to. 2001 t i . w• EXHISIT "P Legal Description: A tract of land located in the Southeast one-quarter.of Section 34 and this Southwest one-quartm of Section 36, Township 1 South, Range 1 West, of the Wl9ennete Morldlan, In Me City of TOW, Oounty of washlrom and State of Oregon, being more particularly desrtrbed ae followe: Beginning at the Southwest corner of that tract of land conveyed to Beacon Hanes, Inc.. by Dead Rocorded as Document ft 98-0097110 In Wm* hgton County Used Records; thence abW the South Due of said Seaton Homes Tract, North 88'28'05" East. 133.20 feet to Do true point of beginning; thence North 000402V Weet,10.20 leg to a point of curvature; thence 126.85 feat along the am of a 17840 foot radio curve to the right through a omntrsl angle of 41 °14'18' (the long chord bears North 18.58'47' 123.25 feet) to a point of compound curvature; Iheme 60.65 feet along to wo of a 104.00 foot radius curve to 118 tiW through a central angle of 27°50 6W (the long chord bean North 54033W East BOAR fast) to a poll of tangency; thenco North 68028710 East 17.60 feet to a point of cuvatura; thence 91.99 feet along the arc of a 71.00 foot radius curve to the left through a central ~e of 7dMi'14' (8le long dwrd beare North 31°22W East 85.84 feet) to a paw of tangeuuy, thence North 95°42'47' Wed 224.97 feet to a point which Has 30.08 rest South of the centar9ne of S.M. North Daloota Street; Moms South 89'8178" East, peretiel with Wld canter lne. 170.74 feet to the East Une of said Seaton Homes trad; thence South 0003142" Eosk along sold East Ana 483.55 feel to the SaWh Une of said Beacon Hanes tract; thane, along said South line, South 89028'O5' West, 295.23 feet to the true point of beginning. PAGE 4 of Prenmhnary Commitment Order No. 27139659•WN i l Title Order No. 97139859 This space reserved for recorder's use ' Escrow No. 97139859 After recording return to: City of Tigard 13125 SW Hall Boulevard ' Tigard. OR 97223 Name, Address, Zip Until a change is requested all tax statements shall be sent to the following address. City Of Tigard 13125 SW Hall Boulevard Tigard, OR 97223 Name, Address, Zip ' STATUTORY WARRANTY DEED ' Beacon Homes, Inc. , an Oregon corporation, Grantor, conveys and warrants to City Of Tigard, %an Oregon municipal corporation, Grantee, the following described real property free of encumbrances, except as specifically set forth herein situated in Washington county, OREGON, to wit: ' As fully described on Exhibit "A" attached and by reference made a part hereof. This property is free from encumbrances, EXCEPT: Statutory powers of Unified Sewerage Agency; rights of the public in and to any portion of the herein described premises lying within the boundaries of SW North Dakota Street. THIS INSTRUMENT WILL NOT ALLOW USE OF THE PROPERTY DESCRIBED IN THIS INSTRUMENT IN VIOLATION OF APPLICABLE LAND USE LAWS AND REGULATIONS. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING FEE TITLE TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY APPROVED USES AND TO DETERMINE ANY LIMITS ON LAWSUITS AGAINST FARMING OR FOREST PRACTICES AS DEFINED IN ORS 30.930. The true consideration for this conveyance is $30,000.00. (Here comply with the requirements of ORS 93.030) Dated this day of December -,19 97 ' Beacon Homes, Inc. BY : Zell Peter A. Kusyk, esident STATE OF OREGON f~ County of Washington }ss. On this ! day of December 19 1997, before me appeared Peter A. Kusyk and both to me personally known, who being duly sworn, did say that he, the said Peter A. Kusyk is the President President, and he, the said is the of BEACON HOMES. INC. the within named Corporation, and that the said instrument was signed in behalf of said Corporation by authority of its Board of Directors, and Peter A. Kusyk and acknowledge said instrument to be the free act and deed of said Corporation. IN TESTIMONY F, I h e hereunto se and and'affixed my offs eal a da year last above written. OFFICIAL SEAL Charlene Norris Notary Public or Oregon CHARLENENORRIS My ommission Expires 6/16/01 w i NOTARY PUBLIC-OREGON COMMISSION NO, 30219C? MY COMMISSION EXPIRES JUN 16, 2001 V ~1J It you want information about coverage or need assistance to resolve complaints, please call our toll tree number: 1-800-729-1.902. rfj~m ' make a claim under your policy, you mus' lurnish written notice in accordance with Section,- -)f the Conditions and Stipulations. Visit our World-Wide Web site at: http://www.stewart.com a 3- - - _ - - - - - - - - - y- - - Y - y - - - - - } - POLICY OF TITLE INSURANCE ISSUED BY t r t t S T ENVART TIT EE + ' t GUARANTY COMPANY } t ' SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN } SCHEDULE BAND THE CONDITIONS AND STIPULATIONS, STEWART TITLE GUARANTY COMPANY, a Texas t N corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not + exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; } } 2. Any defect in or lien or encumbrance on the title; ' 3. Unmarketability of the title; f 4. Lack of a right of access to and from the land. + The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but ' only to the extent provided in the Conditions and Stipulations. IN WITNESS WHEREOF, Stewart Title Guaranty Company has caused this policy to be signed and sealed by its duly authorized officers as of the date of Policy shown in Schedule A. _ STEWART TITLE GUARANTY COMPANY • } ' t Chairman of the Boar President C ntersigned: ,~~ZIE 16 ' Authorized S atory S siY;%Z7 1 i.!L Or ~1C=tiLC:I. D11C.. Q8: Comp4ii v.~! i~UAC i••:, $Ul~~ - - TfXAs t city, 9171 U, :y , V ~ r aJ ' j EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy anc the Company will not pay loss or damage, costs. attorneys' fees or expenses ` which arise by reason of: 1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land, (ii) the character, dimensions or location of any improvement now or hereafter erected } ' t on the land; (iii) a.separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or ggovemmental reeggulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation oralfeged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or ' encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2 Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be bindingcn the rights of a.purchaser for value without knowledge. t 3. Defects, liens, encumbrances, adverse claims or other matters: ' t (a) created, suffered, assumed or agreed to by the insured claimant; i (b; not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to the + Corn any by the insured claimant prior to the date the insured claimant became an insured under this policy; + t c) resulting in no loss or damage to the insured claimant: t d) attaching or created subsequent to Date of Policy; or e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy.. 4. Any claim, which arises out of the transaction vesting in the Insured the estate or interest insured by this policy, by reason of the operation of federal ` bankruptcy, state insolvency, or similar creditors' nights laws, that is based on: t a) the transaction creating the estate or interest insured byy this policy being deemed a fraudulent conveyance or fraudulent transfer: or ~b) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer results t from the failure: t l) to timely record the instrument of transfer; or. " ~il) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. 11 0 Po9c o 0-9993- 12 - - - - - - = Sana rto _ 3 o 3 ALTA OWNER'S POLICY - 10-17-92 ' SCHEDULE A ' Order No.: 97139859-WN Policy No.: 0-9993-1239843 ' Date of Policy: December 23, 1997 at 9:17AM Amount of Insurance: $30,000.00 Premium: $149.00 ' 1. Name of Insured: ' CITY OF TIGARD, an Oregon municipal corporation Z. The estate or interest referred to herein is, at the date hereof, vested in: - CITY OF TIGARD, an Oregon municipal corporation, an estate in fee simple 3. The land referred to in this policy is situated in the State of Oregon, County of Washington and ' described as follows: For legal description see Exhibit "A" attached hereto 1 1 " STEWART TITLE Guaranty Company ' PAGE 1 of Order No. 97139859 - ALTA Owner's Policy Form 1992.. EXHIBIT "A" Legal Description: A tract of land located in the Southeast one-quarter of Section 34 and the Southwest one-quarter of Section 35, Township 1 South, Range 1 West, of the Willamette Meridian, in the City of Tigard, County of Washington and State of Oregon, being more particularly described as follows: Beginning at the Southwest corner of that. tract of land conveyed to Beacon Homes, Inc., by Deed Recorded as Document No. 96-099760 in Washington County Deed Records; thence along the South line of said Beacon Homes Tract, North 89028'05" East, 133.20 feet to the true point of beginning; thence North 00040'21" West, 18.20 feet to a point of curvature; thence 125.95 feet along the arc of a 175.00 foot radius curve to the right through a central angle of 41 °14'16" (the long chord bears North 19056'47" East, ' 123.25 feet) to a point of compound curvature; thence 50.55 feet along the arc of a 104.00 foot radius curve to the right through a central angle of 27°50'56" (the long chord bears North 54033'00" East 50.05 feet) to a point of tangency; thence North 68°28'27" East 17.89 feet to a point of curvature; thence 91.93 feet along the arc of a 71.00 foot radius curve to the left through a central angle of 74011'14" (the long chord bears North 31022'50" East 85.64 feet) to a point of tangency; thence North 05042'47" West 224.97 feet to a point which lies 30.00 feet South of the centerline of S.W. North Dakota Street; thence South 890.51'28" East, parallel with said centerline, 170.74 feet to the East line of said Beacon Homes tract; thence South 00031'42" East, along said East line 463.55 feet to the South line of said Beacon Homes tract; thence, along said South line, South 89°28'05" West, 295.23 feet to the true point of beginning. 1 STEWART TITLE Guaranty Company ' PAGE 2 of Order No. 97139859 - ALTA Owner's Policy Form 1992 ' SCHEDULE B Policy No. 0-9993-1239843 This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of: 1. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records. Proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the public records. 2. Any facts, rights, interests, easements"or claims which are not shown by the public records but which' could be ascertained by an inspection of said land or by making inquiry of persons in possession thereof. 1 3. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b) or (c) are shown by the public records. ' 4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other facts which, a correct survey would disclose, and which are not shown by the public records. ' 5. Statutory liens or other liens or encumbrances, or claims thereof, which are not shown by the public records. 6. The herein described premises are within the boundaries of and subject to the statutory, powers, including the power of assessment, of the Unified Sewerage Agency. 7. Rights of the public in and to any portion of the herein described premises lying within the boundaries ' of S.W. North Dakota Street. STEWART TITLE Guaranty Company PAGE 3 of Order No. 97139859 - ALTA Owner's Policy Form 1992 (MAP # 3q Imo. iv: THIS MAP IS FURNISHED ! AS A CONVENIENCE BY: 1 /4 OF SEC. 34 AND THE S. W. 1/4 OF SEC. STEWART TITLE CITY 0= TIGARD WASHINGTON COUNTY OREGGN THIS MAP IS NOT A SURVEY AND DOES NOT SHaNTHE LOCATION OF ANY IMPROVEMENTS THE COMPANY ASSUMES NO LIABILITY FOR ERRORS THEREIN. SCALE: 1 100' ' NX COR. JOHN HICKLIN D.L.C. S.W. NORTH DAKOTA ST.(CENTERLINE) S 89'51'28" E. 2571.36' 237.51' ' TRUE POINT OF BEGINNING C9~', 6C g6/ N~ gyp. dp0'd~~ p0 P~ / DESCRIBED AREA / / / % / PREPARED BY: ' ALPHA ENG., INC. 9600 S.W. OAK, STE.230 PORTLAND, ORE. 97223 (503) 452-8003 ' FILE NO. 141 -014 . a6ad•OLl# r!Nd£Z:£ L6/b0/60 `•SbSO I.L9 COS 311 I1 iUVM31S :Aq juaS O ~l ~J - . ~ ~ ~ i , 1 i i i ' AFTER RECORDING PLEASE RETURN TO: STEWART TITLE 9020 SW WASHINGTON SQUARE RD ' SUITE 120 TIGARD, OR 97224 I t I 1 ' SUBDIVISION PLAT CONSENT AFFIDAVIT ' We, City of Tigard, an Oregon municipal corporation, owners of that certain property as recorded on December , 1997 in fee number Washington County Deed Records, hereby consent and agree to the conditions of 51 and the platting of Dakota Meadows subdivision as recorded in Plat Book Page(s) Washington County Plat Records. We also i consent to the dedication of all public rights-of-way and the granting of all public and private easements. By: City of Tigard, an Oregon municipal corporation I STATE OF OREGON ) )Ss. County of _ i BE IT REMEMBERED, That on this4e_day of 1911 before me, the un ers ed, a Notary Pub 'c in and for said County and State, personally appeared the within named Q. as dzk .w«1~' , of Lk q a corporation, and that said instrument was signed and sealed o behalf of said orporation, and does acknowledge said instrument to be its voluntary act and deed. I OFFICIAL SEAL NOTARY UBLIC FOR ORE N MY CO M JO ANN HAVES SSION EXPIRES: t if 1 NOTARY PUBLIC-OREGON VIY~ COMMISSION NO. OA2148 MY MISSION EXPIRCS MAY 05.1999 I