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2011-023482 V Washington County, Oregon 2011 -023482 Lif 03/28/201102:62 :28 PM 7 ll D-DW Cnt■1 Stn•22 I REED $25.00 $5.00 $11 .00 $16.00 - Total • 568.00 �S t +� u F: R r� THIS SPACE REST I 1111111I II II 11111111111 1111111 I III 4 ! 01684394201100234920060063 I, Richard Hobernlcht, Director of Assessment and . Taxation and Ex-Officio County Clerk for Washington ;,',, teAr County, Oregon, do hereby certify that the within !,. - ;• Instrument of writing was received aQa re ordsd In the eo, d", ; book of records of said coupy. . O G�� 'tom e Richard Hobernlcht, Director of A mint and lea;-l; After recording return to : Taxation, Ex-Officio County Clerk The City of Tigard 13325 SW Hall Blvd . Tigard, Oregon 97223 Attn : City Manager Until a change is requested all tax statements shall be sent to the following address: The City of Tigard 13325 SW Hall Blvd . Tigard, Oregon 97223 Attn : City Manager File No. : NCS-478894-OR1 (tc) Date : March 22, 2011 1 STATUTORY WARRANTY DEED The Trust for Public Land, a California nonprofit public benefit corporation, Grantor, conveys \y' and warrants to The City of Tigard, a political subdivision of the State of Oregon, Grantee, the following described real property free of liens and encumbrances, except as specifically set forth herein : See Legal Description attached hereto as Exhibit "A" and by this reference incorporated herein . Subject to: See Exhibit " B" attached hereto and incorporated herein by this reference The true consideration for this conveyance is $625,000.00 . (Here comply with requirements of ORS 93.030) O BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON TRANSFERRING FEE TITLE SHOULD INQUIRE ABOUT THE PERSON'S RIGHTS, IF ANY, UNDER ORS 195. 300, 195 . 301 AND 195. 305 TO • 195 . 336 AND SECTIONS 5 TO 11, OF CHAPTER 424, OREGON LAWS 2007, AND SECTIONS 2 TO 9 AND Q 17, CHAPTER 855, OREGON LAWS 2009. THIS INSTRUMENT DOES 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 I � TITLE TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY THAT THE UNIT OF LAND BEING TRANSFERRED IS A LAWFULLY ESTABLISHED LOT OR PARCEL, AS DEFINED IN ORS 92.010 OR 215 .010, TO VERIFY THE APPROVED USES OF THE LOT OR PARCEL, TO DETERMINE ANY LIMITS ON LAWSUITS AGAINST FARMING OR FOREST PRACTICES, AS DEFINED IN ORS 30.930 AND TO INQUIRE ABOUT THE RIGHTS OF NEIGHBORING PROPERTY OWNERS, IF ANY, UNDER ORS 195 . 300, 195 . 301 AND 195 . 305 TO 195 . 336 AND SECTIONS 5 TO 11, OF CHAPTER 424, OREGON LAWS 2007, AND SECTIONS 2 TO 9 AND 17, CHAPTER 855, OREGON LAWS 2009. Page 1 of 5 Dated this 2 1 day of March, 2011 . The Trust for Public Land , a California nonprofit public benefit corporation 4144,14,0cedui,s, BY : ita10M AS a 11.--( 14€42-• Its: teen tO LAL COVIJSEL 1`��� ���•yS;oN F� s � • • „ _ • STATE OF : lk) R SI-A- 1 N PUSL1G )ss. 9lF• •:.. .. ....... .. County of i r� ) �, OF v01/4, 1c This instrument was acknowledged before me on this old day of March, 2011 by Thomas E . Tyner as Regional Counsel of The Trust for Public Land, on behalf of the Trust. n i-CS2 t_ rint Name : 7AvoIC{ -C . i_ aILsv n.) Notary Public for : STATE v F LW') S N I &U1 ° ' J My commission expires: 0 a f ° 4 / a o ' 4J Approved and Accepted by: Grantee : The City of Tigard, an Oregon municipal corporation By : Its : ( r Page 2 of 5 f • • • STATE OF : ©R& UON ) )ss. County of : WfksH I N6TVtJl ) This instrument was acknowledged before me on this ZJ day of March, 2011 by r R/1/4 & 1'Q055ERas Cfr'F MA-N04-4C---. 1e of The City of Tigard, on behalf of the municipal corporation . . , - 4 Print Nam - • i✓E /GTSD IV RP- 6- 0 N J BENGTOFFICIAL SEAL 4 Notary Public for : STATE OF C l '4 .. . ° NOTARY PUBLIC-OREGON l My commission expires : ,p L.. 2 7 2_0 I I " ` COMMISSIGf� N0. 413772 MY COMMISSION SPIRES APR. 27, 2011 Page 3 of 5 APN: R2157861 Statutory Warranty Deed File No. : 478894-OR1 (tc) - continued Date: 03/ /2011 EXHIBIT A LEGAL DESCRIPTION : Real property in the County of Washington, State of Oregon, described as follows : Parcel 2, PARTITION PLAT 2007-064, in the City of Tigard, County of Washington, State of Oregon . TOGETHER WITH an access easement as disclosed in agreement recorded February 21, 2007, Fee No. 2007-019321. ALSO TOGETHER WITH an access easement as disclosed by agreement recorded February 21, 2007, Fee No. 2007-019322. AND ALSO TOGETHER WITH an access easement as shown on PARTITION PLAT 2007-064. Page 4 of 5 • APN : R2157861 Statutory Warranty Deed File No. : 478894-0R1 (ft) - continued Date: 03/ /2011 Exhibit "B" 1 . General and special taxes and assessments for the fiscal year 2010-2011 are exempt. If the exempt status is terminated an additional tax may be levied . Account No. R2157861 2. These premises are within the boundaries of the Clean Water Service District and are subject to the levies and assessments thereof. 3. An easement for electric power line and incidental purposes, recorded September 16, 1971 as Book 835, page 506 of Official Records. In Favor of: Portland General Electric Company, an Oregon corporation Affects : The Southeasterly 6 feet 4. The terms and provisions contained in the document entitled "Cross-Easements Agreement" recorded February 21, 2007 as Fee No. 2007-019321 of Official Records. 5 . The terms and provisions contained in the document entitled "Easement Agreement" recorded February 21, 2007 as Fee No. 2007-019322 of Official Records. 6. Restrictions shown on the recorded plat of PARTITION PLAT NO. 2007-64. 7. Easements for access over the Southeasterly 4 feet as shown on the recorded plat of PARTITION PLAT NO. 2007-64. 8 . Restrictive Covenant to Waive Remonstrance, pertaining to street improvements including the terms and provisions thereof Recorded : September 18, 2007 as Fee No. 2007- 100905 9. The terms and provisions contained in the document entitled "Easement Agreement" recorded November 13, 2007 as Fee No. 2007- 118241 of Official Records. Page 5 of 5 AGREEMENT FOR PURCHASE OF REAL PROPERTY (Potso Dog Park) BETWEEN: Oregon Field Office The Trust for Public Land ("Seller") 806 SW Broadway Suite 300 Portland,Oregon 97213 Attn: Robert Betcone Office: (503)228-6620 FAX: (503) 228-4529 AND: City of Tigard ("Buyer") 13325 SW Hall Blvd. Tigard, Oregon 97223 Attn: Craig Prosser, City Manager Office: (503) 718-2486 DATED: February 0 ,2011 ("Effective Date") RECITALS A. Seller holds an exclusive option to purchase approximately 2.59 acres of certain real property located south of Hunziker Road on Wall Street in Washington County, Oregon, known as the Potso Dog Park property (hereinafter the "Subject Property"), which is legally described in the attached Exhibit A. The Subject Property includes any improvements, fixtures, timber, water and minerals located thereon, and any and all rights appurtenant thereto owned by Seller, including but not limited to development rights, timber rights, water rights, grazing rights, access rights, and mineral rights. B. Buyer wishes to purchase the Subject Property from Seller and Seller wishes to sell the Subject Property to Buyer on the terms and conditions set forth in this Agreement for Purchase of Real Property(the"Agreement"). AGREEMENT NOW, THEREFORE, in consideration of the Recitals set forth above, which are contractual, and for other good and valuable consideration described in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as set forth below. SECTION 1 General Provisions 1.1 Purchase and Sale. Seller agrees to sell to Buyer and Buyer agrees to buy from Seller the Subject Property on the terms and conditions set forth herein. AGREEMENT FOR PURCHASE OF REAL PROPERTY—Page 1 50014-36792.010 48728 4.DOCXIDRF/2/9/2011 1.2 Purchase Price. The purchase price for the Subject Property shall be $625,000.00 (Six Hundred Twenty-Five Thousand Dollars) (the"Purchase Price"). The Purchase Price shall be validated by an appraisal of not less than the Purchase Price by a qualified,licensed appraiser, which will be supplied to Buyer for review and approval, in its sole discretion. 1.3 Purchase Terms. The Purchase Price shall be paid in cash on the closing date. 1.4 Future Action. During the term of this Agreement, Seller shall not, without the prior written consent of Buyer, execute or consent to the execution of any document, agreement or other instrument which may result in an alteration of the condition of title as approved by Buyer pursuant to the preliminary title report, or impair the ability of Seller to deliver title to the Subject Property to Buyer. 1.5 Possession. Except for the existing lease of the dog park with Buyer as tenant, there are no leases, licenses or other agreements permitting,nor has Seller entered any course of conduct that would permit any person or entity to occupy or use any portion of the Subject Property. Seller shall deliver immediate and exclusive possession of the entire Subject Property to Buyer at closing. SECTION 2 Conditions Precedent to Closing 2.1 Seller's Vesting. This Agreement shall remain contingent upon Seller's successful acquisition of the Subject Property. Seller shall not be obligated to exercise its option with the current owner of the Subject Property. 2.2 Title Review. Buyer shall review and, at its sole discretion, approve the condition of title including any reserved easements or proposed easements. 2.3 Availability of Funds. Seller understands that Buyer intends to use funds from the issuance of park bonds recently approved by voters. This Agreement is contingent upon the issuance of such bonds. 2.4 Environmental. Seller shall commission an environmental assessment of the Subject Property by a qualified environmental professional following ASTM Practice E 1527-05. Said assessment shall indicate no "recognized environmental conditions" as defined by the standard. Buyer's receipt and approval of said report and Buyer's approval of the overall environmental condition of the Subject Property, based on its due diligence and inspections, are conditions to closing. 2.5 Appraisal. Buyer shall receive and approve, in its sole discretion,the appraisal referenced in Section 1.2. 2.6 Contingency Failure. In the event any of the contingencies set forth in Section 2 AGREEMENT FOR PURCHASE OF REAL PROPERTY—Page 2 50014-36791.010 48728 4.DOCXIDRF/1/9/2011 are not timely satisfied or waived, for a reason other than the default of the Buyer or the Seller under this Agreement, this Agreement and the rights and obligations of the Buyer and the Seller shall terminate, except as otherwise provided. SECTION 3 Seller and Buyer Representations Seller's Representations. Seller makes the following representations: 3.1 Seller has full power and authority to enter into this Agreement. 3.2 Seller has not entered into any other contracts for the sale of the Subject Property or any portion thereof, nor do there exist any rights of first refusal or options to purchase the Subject Property(except for the option described in Recital A of this Agreement). 3.3 Within Seller's knowledge,there is no suit, action, arbitration, legal, administrative or other proceeding or inquiry pending or threatened against the Subject Property or pending or threatened against Seller which could affect Seller's title to the Subject Property, affect the value of the Subject Property, or subject an owner of the Subject Property to liability. The representations and warranties of Seller contained herein shall be effective through the close of escrow. Buyer's Representations. Buyer makes the following representations: 3.4 Buyer has all requisite authority and power to enter into this Agreement. 3.5 Neither Buyer's execution of this Agreement nor its taking any of the actions contemplated hereunder will violate any City, County, State or Federal Codes or Ordinances, or other governmental regulations. 3.6 The representations and warranties of Buyer contained herein shall be effective through the close of escrow. SECTION 4 Closing and Escrow 4.1 Escrow. Upon execution of this Agreement, or as soon thereafter as is convenient, the parties shall open an escrow with First American Title,National Commercial Services, 200 SW Market St., Portland, Oregon (the "Escrow Holder") for the purpose of closing the purchase and sale of the Subject Property. 4.2 Closing. Closing on the purchase and sale of the Subject Property shall occur as soon as practical,but in no event later than September 30, 2011. AGREEMENT FOR PURCHASE OF REAL PROPERTY—Page 3 50014-36792.010 48728 4.DOCXIDRF/2/9/1011 4.3 Seller to Deliver at Closing. 4.3.1 Title. Title shall be conveyed to Buyer,via statutory warranty deed(the "Deed") and shall be free and clear of all title defects, liens, encumbrances, deeds of trust, and mortgages except: (a)the standard printed exceptions on a form of title insurance policy; and(b) the special exceptions showing on the First American Title Preliminary Title Report, Order No. NCS-460248 (attached as Exhibit B); provided, however,the line of credit deed of trust granted for the benefit of Capital Pacific Bank dated June 30, 2008 (exception number 11) shall be released prior to the close of escrow. At the close of escrow, Escrow Holder shall cause the Deed to be recorded in the official property records of Washington County and shall subsequently deliver conformed copies of the Deed to the parties. 4.3.2 Proof of Authority. Such proof of the Seller's authority and authorization to enter into this Agreement and consummate the transaction contemplated by it, and such proof of the power and authority of the persons executing and/or delivering any instruments, documents, or certificates on behalf of the Seller to act for or bind the Seller, as may be reasonably required by the Title Company and/or the Buyer. 4.3.3 Nonforeign Certification. The Seller represents and warrants that it is not a"foreign person" as defined in IRC §1445. If required by the Buyer, Seller will give an affidavit to the Buyer to this effect in the form required by that statute and related regulations. 4.3.4 Closing Expenses and Fees. The escrow fee shall be paid one-half by Buyer and one-half by Seller. Seller will pay the premium on the ALTA title policy insuring Buyer's interest. Real estate taxes, if any, on the Subject Property shall be prorated between the Seller and Buyer as of the close of escrow based upon the latest available tax bill. Other fees and charges shall be allocated in accordance with the customary practices of Washington County, Oregon. 4.3.5 Title Insurance. Buyer shall be provided with a standard ALTA owner's policy of title insurance, at Seller's expense, in the full amount of the Purchase Price insuring that title to the Subject Property is vested in Buyer upon close of escrow subject only to the exceptions noted in Section 4.3.1. SECTION 5 Defaults and Remedies 5.1 Buyer's Default and Seller's Remedies. If Buyer breaches this Agreement, which breach Buyer fails to cure within twenty(20) days after receipt of written notice thereof from Seller,Buyer shall be in default hereunder and Seller shall be entitled, as Seller's sole exclusive remedy, to terminate this Agreement. If closing does not occur solely due to Buyer's default, Buyer shall pay all escrow cancellation charges. 5.2 Seller's Default and Buyer's Remedies. If Seller breaches this Agreement, which breach Seller fails to cure within twenty(20) days after receipt of written notice thereof from Buyer, Seller shall be in default hereunder and Buyer shall be entitled to terminate this AGREEMENT FOR PURCHASE OF REAL PROPERTY—Page 4 50014-36792.010 48728 4.DOCXIDRF/2/9/2011 Agreement or pursue an action for specific performance. If closing does not occur solely due to Seller's default, Seller shall pay all escrow cancellation charges. SECTION 6 Miscellaneous 6.1 Notices. All notices pertaining to this Agreement shall be in writing delivered to the parties hereto personally by hand, courier service or Express Mail, or by first class mail, postage prepaid, at the addresses set forth on the first page of this Agreement. All notices shall be deemed given when deposited in the mail, first class postage prepaid, addressed to the party to be notified, or if delivered by hand, courier service, or Express Mail, shall be deemed given when delivered. The parties may,by notice as provided above, designate a different address to which notice shall be given. 6.2 No Broker's Commission. Each party represents to the other that it has not used a real estate broker in connection with this Agreement or the transaction contemplated by this Agreement. In the event any person asserts a claim for a broker's commission or finder's fee against one of the parties to this Agreement,the party against whom the claim is asserted will hold the other party harmless from said claim. 6.3 Time of the Essence. Time is of the essence under this Agreement. 6.4 Binding on Successors. This Agreement shall be binding not only upon the parties but also upon their assigns, and other successors in interest. Neither party shall assign its rights and/or obligations under this Agreement without the prior written consent of the other party, which consent shall not be unreasonably withheld, conditioned or delayed. 6.5 Additional Documents. Seller and Buyer agree to execute such additional documents, including escrow instructions, as may be reasonable and necessary to carry out the provisions of this Agreement. 6.6 Entire Agreement; Modification; Waiver. This Agreement constitutes the entire agreement between Seller and Buyer pertaining to the subject matter contained in it and supersedes all prior and contemporaneous agreements,representations, and understandings. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by all the parties. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision, whether or not similar,nor shall any waiver constitute a continuing waiver. No waiver shall be binding unless executed in writing by the party making the waiver. 6.7 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and which together shall constitute one and the same agreement. 6.8 Severability. Each provision of this Agreement is severable from any and all other provisions of this Agreement. Should any provision(s) of this Agreement be for any reason unenforceable,the balance shall nonetheless be of full force and effect. AGREEMENT FOR PURCHASE OF REAL PROPERTY—Page 5 50014-36792.01048728 4.DOCXIDRF/1/9/2011 6.9 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Oregon. 6.10 Statutory Notice under ORS 93.040. 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 THAT, IN FARM OR FOREST ZONES, MAY NOT AUTHORIZE CONSTRUCTION OR SITING OF A RESIDENCE AND THAT LIMIT LAWSUITS AGAINST FARMING OR FOREST PRACTICES, AS DEFINED IN ORS 30.930, IN ALL ZONES. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON TRANSFERRING FEE TITLE SHOULD INQUIRE ABOUT THE PERSON'S RIGHTS, IF ANY,UNDER ORS 195.300, 195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11, CHAPTER 424, OREGON LAWS 2007,AND SECTIONS 2 TO 9 AND 17, CHAPTER 855, OREGON LAWS 2009. 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 THAT THE UNIT OF LAND BEING TRANSFERRED IS A LAWFULLY ESTABLISHED LOT OR PARCEL, AS DEFINED IN ORS 92.010 OR 215.010, TO VERIFY THE APPROVED USES OF THE LOT OR PARCEL, TO VERIFY THE EXISTENCE OF FIRE PROTECTION FOR STRUCTURES AND TO INQUIRE ABOUT THE RIGHTS OF NEIGHBORING PROPERTY OWNERS, IF ANY, UNDER ORS 195.300, 195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11, CHAPTER 424, OREGON LAWS 2007, AND SECTIONS 2 TO 9 AND 17, CHAPTER 855, OREGON LAWS 2009. 6.11 Damage or Destruction; Condemnation.Until the transfer of legal title, the risk of loss shall be retained by the Seller. The Seller shall keep the Subject Property fully insured until the transfer of legal title. In the event any material portion of the Subject Property is damaged, destroyed, or condemned or threatened with condemnation before the transfer of legal title,the Buyer may terminate this Agreement. In such event, this Agreement shall have no further force or effect whatsoever. If a nonmaterial portion of the Subject Property is destroyed then Buyer is obligated to close this transaction as provided for herein and to pay the full Purchase Price to the Seller. In such event, the Buyer shall be assigned all insurance proceeds or condemnation proceeds payable to or for the account of the Seller. 6.12 Attorneys'Fees. If any action is instituted between Seller and Buyer in connection with this Agreement, the party prevailing in such action shall be entitled to recover from the other party all of its costs of action, including,without limitation, attorneys' fees and costs, as fixed by the court therein, at trial or on appeal. In addition, if either party incurs attorneys' fees or costs in successfully enforcing any right under this Agreement, such attorneys' fees and costs shall be recoverable from the other party hereto. AGREEMENT FOR PURCHASE OF REAL PROPERTY—Page 6 50014-36792.01048728 4.DOCXIDRF/2/9/2011 IN WITNESS of the foregoing provisions the parties have signed this Agreement below: BUYER: SELLER: CITY OF TIG THE TRUST FOR PUBLIC LAND ::; By: Gu By: Title: Q Title: Date: � (/ Date: Approved as to Form: By: - 6 Title: City Attorney Date: �� AGREEMENT FOR PURCHASE OF REAL PROPERTY—Page 7 50014-36792.01048728 4.DOCXIDRF/2/9/2011 IN WITNESS of the foregoing provisions the parties have signed this Agreement below: I BUYER: SELLER: CITY OF TIGARD THE TRUST FOR PUBLIC LAND By: By: A" 0� Title: Title: 1Q4AL cM','e L-- Date: Date: ' 1L- ur - Approved as to Form: By: Title: City Attorney Date: AGREEMENT FOR PURCHASE OF REAL PROPERTY-Page 7 50014-36792.01048728 4.DOCXIDRF/2/9/2011 Exhibit "A" Real property in the County of Washington, State of Oregon, described as follows: Preliminary Report Order Number. NCS-960248-0111 Page Number; 7 EXhilbilt"Ari Real property in the County of Washington,State of Oregon,described as follows: Parcel 2, PARTMON PLAT 2007-064,in the City of Tigard,County of Washington,State of Oregon. TOGETHER WITH an access easement as disclosed in agreement recorded February 21, 2007,Fee No. 2007-019321. ALSO TOGETHER WIlli an access easement as disclosed by agreement recorded February 21,2007,Fee No.2007-019322. AND ALSO TOGETHER WITH an access easement as shown on PARTITION PLAT 2007-064. Flnst American Title Exhibit A Exhibit "B" Special Exceptions s a` First American Title Insurance Company National Commercial Services 200 SW Market Streetr Suite 250 Portland,Oregon 97201 Escrow Officer: Trevor Cheyne Phone: (503)790-7852 Fax: (866)678-0591 E-mail tcheyne@fimtom.com File No: NCS-460248-ORI Title Officer: 3ody Matlock Phone: (503)790-7855 Fax: (866)678-0591 E-mail jmatlock@firstem.com File No: NCS-460248-OR1 PRELIMINARY TITLE REPORT ALTA Owners Standard Coverage Liability $ TBD Premium $ Teo ALTA Owners ectended Coverage Liability $ Premium $ ALTA tenders Standard Coverage uaWlity $ Premium ; ALTA Lenders Extended Coverage uablllty $ Premium ALTA Leasehold Standard Coverage Liability $ Premium $ ALTA L.easehoid Exuded Coverage Liability $ Premium $ Endorsements Liability $ Premium $ Govt Service Charge Cos[ $ Other $ We are prepared to issue Title Insurance Policy or Policies in the form and amount shown above,insuring title to the following described land: The land referred to in this report Is described in Exhibit"A"attached hereto. and as of 10/12/2010 at 8:00 a.m.,title to the fee simple estate is vested in: Capital Pacific Bank Subject to the exceptions,exclusions,and stipulations which are ordinarily part of such Policy form and the following: This report is for the exclusive use of the parties herein shown and is prercminary to the issuance of a tide insurance pocky and shall become void unless a policy is Lasared,and the fu$premium paid. 50014-36791.010 48728_4.DOCXIDRF/2/9/2011 Exhibit B Preliminary Repot Order Number: NCS-460248-ORI Page Number: 2 1. General and special taxes and assessments for the fiscal year 2010-2011 are exempt. If the exempt status is terminated an additional tax may be levied. Account No.R2157861 2. City liens,if any,for the city of Tigard. Note:An inquiry has NOT been made concerning the actual status of such liens.A fee of$25.00 will be charged per tax account each time an inquiry request is made. 3. These premises are within the boundaries of the Clean Water Service District and are subject to the levies and assessments thereof. 4. An easement for electric power line and incidental purposes,recorded September 16, 1971 as Book.835,page 506 of Official Records. In Favor of: Portland General Electric Company,an Oregon corporation Affects: The Southeasterly 6 feet 5. The terms and provisions contained in the document entitled"Cross-Easements Agreement" recorded February 21,2007 as Fee No.2007-019321 of Official Records. 6. The terms and provisions contained in the document entitled"Easement Agreement" recorded February 21,2007 as Fee No.2007-019322 of Official Records. 7. Restrictions shown on the recorded plat of PARTITION PLAT NO.2007-64. 8. Easements for access over the Southeasterly 4 feet as shown on the recorded plat of PARTITION PLAT NO.2007-64. 9. Restrictive Covenant to Waive Remonstrance,pertaining to street improvements including the terms and provisions thereof Recorded:September 18,2007 as Fee No. 2007-100905 10. The terms and provisions contained in the document entitled"Easement Agreement' recorded November 13,2007 as Fee No. 2007-118241 of Official Records. 11. A Line of Credit Deed of Trust to secure an original Indebtedness of$659,750.00 recorded July 3,2008 as Fee No.2008-059644 of Official Records. Dated: June 30,2008 Trustor: RealNet Properties,LLC,an Oregon limited liability company Trustee: Ticor Title Insurance Company Beneficiary: Capital Pacific Bank Document(s)declaring modifications thereof recorded September 2,2009 as Fee No.2009- 080046 of Official Records. A document entitled"Assignment of Rents"recorded July 3,2008 as Fee No. 2008-059645 of Official Records,as additional security for the payment of the indebtedness secured by the deed Of trust. FfrstAmed2an Title 50014-36792.010 48728_4.DOCXIDRF/2/9/2011 Exhibit B Preliminary Report Order Number: NCS-460248-OR1 Page Number: 3 12. Unrecorded leases or periodic tenancies, if any. 13. The following matters pertain to Lenders Extended coverage only: a) Parties in possession,or claiming to be in possession,other than the vestees shown herein b) Statutory liens for labor and/or materials,including liens for contributions due to the State of Oregon for employment compensation and for workman's compensation,or any rights thereto,where no notice of such liens or rights appears of record. -END OF EXCEPTIONS- Hrst American Tkie 50014-36792.01048728 4.DOC"RF121912011 Exhibit B