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HomeMy WebLinkAbout4 C3 928843 Title CommitmentStewart title View your transaction progress 24/7 via SureClose. Ask us about your login today! Glenwood Springs Division 1620 Grand Avenue Glenwood Springs, Colorado 81601 Phone: 970-945-5434 Fax: 1-800-886-2330 Date: May 21, 2013 Order Number: 928843-C3 t Buyer: TBD Seller: WPX Energy Rocky Mountain, LLC t Property TBD, Parachute, CO 81635 Please direct all Closing inquiries to: Please direct all Title inquiries to: Title Only Susan Sarver Phone: 970-945-5434 or 866-932-6098 Email Address: susan.sarver@stewart.com SELLER: BUYER/BORROWER: WPX Energy Rocky TBD Mountain, LLC P.O. Box 370 Parachute, Colorado 81635 LISTING BROKER: SELLING BROKER: Phil Vaughan Construction Management, Inc. NONE Attn: RE: 2409-014-00-011 1038 County Road 323 Phone: Rifle, Colorado 81650 Phone: (970) 625-5350 ALTA Commitment (6/17/06) ALTA Commitment Form COMMITMENT FOR TITLE INSURANCE Issued by stewart .title guaranty company Stewart Title Guaranty Company, a Texas Corporation ("Company"), for a valuable consideration, commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the Proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest in the land described or referred to in Schedule A, upon payment of the premiums and charges and compliance with the Requirements; all subject to the provisions of Schedules A and B and to the Conditions of this Commitment. This Commitment shall be effective only when the identity of the Proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A by the Company. All liability and obligation under this Commitment shall cease and terminate six months after the Effective Date or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue the policy or policies is not the fault of the Company. The Company will provide a sample of the policy form upon request. This commitment shall not be valid or binding until countersigned by a validating officer or authorized signatory. IN WITNESS WHEREOF, Stewart Title Guaranty Company has caused its corporate name and seal to be hereunto affixed by its duly authorized officers on the date shown in Schedule A. Countersigned: �Y G Authorized Countersignature Stewart Title Glenwood Springs Division 1620 Grand Avenue Glenwood Springs, Colorado 81601 Phone: 970-945-5434 Fax: 1-800-886-2330 stewart title guaranty company -h oz(-) Senior Chairman of the Board Chairman of the Board President Order Number: 928843- ALTA Commitment (6/17/06) Title Officer: Susan Sarver COMMITMENT FOR TITLE INSURANCE SCHEDULE A 1. Effective Date: April 19, 2013, at 8:00 a.m. t Order Number: 928843-C3 4 Title Officer: Susan Sarver Amount of Insurance: 2. Policy or Policies To Be Issued: (a) A.L.T.A. Owner's (Standard) $50,000.00 Proposed Insured: WPX Energy Rocky Mountain, LLC (b) A.L.T.A. Loan 3. The estate or interest in the land described or referred to in this Commitment and covered herein is: Fee Simple 4. Title to the fee simple estate or interest in said land is at the effective date hereof vested in: WPX Energy Rocky Mountain, LLC 4 Parcel ID 2409-014-00-011 5. The land referred to in this Commitment is described as follows: See Attached Legal Description Purported Address: Statement of Charges: TBD These charges are due and payable before a Parachute, Colorado 81635 Policy can be issued: Search Rate Update Fee: $125.00 SCHEDULE A LEGAL DESCRIPTION Parcel 1: A parcel of land situate in the SW1/4SW1/4 of Section 1, Township. 7 South, Range 96 West of the 6th P.M., more particularly described as follows: Beginning at the NE Corner of the SW1/4SW1/4 of said Section 1; thence along the East line of said SW1/4SW1/4, S06°26'13"W. 77.0 feet with all bearings contained herein being Colorado Grid Bearings (Central Zone). True Bearings are obtained by rotating bearings herein counter -clockwise O1°37'28". thence S41°25'02"W. 411.02 feet to the intersecting point with the Southwesterly right -of way of a railroad alignment; thence along said southwesterly right-of-way N51°43'07"W. 63.24 feet to a point alongside a fence bearing Northeasterly and Southwesterly; thence alongside and a projection of said fence N39°37'28"E. 311.11 feet to a point alongside a fence bearing Northerly and Southerly; thence alongside said fence N00°28'22"E. 108.35 feet to a point on the North line of said SW1/4SW1/4; thence S88°56'44"E. 130.9 feet to the point of beginning. Parcel 2: All of the following described lot or parcel of land situate, lying and being in the County of Garfield and State of Colorado, to -wit: The S 1/2of the NW1/4, the NW1/4 of the SW1/4 and Lot 4 of Section 1,T. 7 S., R. 96W. of the 6th P.M. Parcel 3: The S1/2 SE1/4, the NW1/4SE 1/4 and the NE1/4SW1/4 of Section 1, T. 7 S., R. 96W. of the 6th P.M. Garfield County Colorado, excepting therefrom that part described as follows, to -wit, beginning at a point on the west line of said SE1/4 which is 458 feet from the Southwest comer of said SE1/4; thence South on said line to said Southwest corner; thence East to the Southwest corner of the SE1/4SE1/4 of said Section 1; thence 761 feet east along the south line of said SE1/4SE1/4; thence North 361 feet; thence Westerly to the point of beginning. County of Garfield, State of Colorado COMMITMENT FOR TITLE INSURANCE SCHEDULE B — Section 1 REQUIREMENTS Order Number: 928843-C3 The following are the requirements to be complied with: 1. Payment to or for the account of the grantor(s) or mortgagor(s) of the full consideration for the estate or interest to be insured. 2. Proper instrument(s) creating the estate or interest to be insured must be executed and duly filed for record. COMMITMENT FOR TITLE INSURANCE SCHEDULE B — Section 2 EXCEPTIONS Order Number: 928843-C3 The policy or policies to be issued will contain exceptions to the following unless the same are disposed of to the satisfaction of the Company: 1. Rights or claims of parties in possession, not shown by the public records. 2. Easements, or claims of easements, not shown by the public records. 3. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the title that would be disclosed by an accurate and complete land survey of the land and not shown by the public records. 4. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the public records. 5. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof, but prior to the date the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this commitment. 6. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) minerals of whatsoever kind, subsurface and surface substances, in, on, under and that may be produced from the Land, together with all rights, privileges, and immunities relating thereto, whether or not the matters excepted under (a), (b) or (c) are shown by the Public Records or listed in Schedule B. 7. Water rights, claims or title to water. 8. Any and all unpaid taxes and assessments and any unredeemed tax sales. 9. The effect of inclusions in any general or specific water conservancy, fire protection, soil conservation or other district or inclusion in any water service or street improvement area. (7A) 10. Reservations or exceptions contained in U.S. Patents, or in Acts authorizing the issuance thereof, recorded November 1, 1910 in Book 71 at Page 442 as Reception No. 40542 and Patent recorded June 26, 1922 in Book 112 at Page 376 as Reception No. 79869, reserving 1) Rights of the proprietor of a vein or lode to extract and remove his ore therefrom and 2) rights of way for ditches and canals constructed under the authority of the United States. 11. Preliminary Map the Starkey Gulch Reservoir and South Starkey Gulch Reservoir, recorded June 20, 1967 as Reception No. 238255. 12. Map of East Elk -Roan Plateau Pipe Line, recorded May 20, 1968 as Reception No. 240913. 13. Service Plan for the Organization of the Parachute/Battlement Mesa Park and Recreation District recorded January 20, 1983 in Book 617 at Page 266 as Reception No. 336199 and recorded December 23, 1983 in Book 640 at Page 961 as Reception No. 348440. Insofar as to how it may affect subject property. 14. Memorandum and Agreement, recorded August 22, 1983 in Book 633 at Page 461 as Reception No. 344923. 15. Resolution No. 91-027 recorded April 2, 1991 in Book 801 at Page 520 as Reception No. 422373. 16. Electrical Line and Facilities Agreement, recorded June 12, 1992 in Book 833 at Page 967 as Reception No. 435719. 17. Railroad Access Agreement, recorded June 12, 1992 in Book 833 at Page 988 as Reception No. 435721. 18. Access License Agreement (Hayes Gulch Road), recorded August 26, 1994 in Book 913 at Page 795 as Reception No. 467718. 19. Communitization Agreement C0054374, recorded October 11, 1994 in Book 918 at Page 489 as Reception No. 469442. 20. Communitization Agreement, recorded October 2, 1995 in Book 954 at Page 668 as Reception No. 483813. 21. Memorandum of Gas Gathering Agreement, recorded July 26, 1996 in Book 986 at Page 830 as Reception No. 496352. 22. Right -of -Way and Easement, recorded November 4, 1996 in Book 998 at Page 532 as Reception No. 500638. 23. Communitization Agreement, recorded June 6, 1997 in Book 1021 at Page 373 as Reception No. 509236. 24. Right -of -Way and Easement, recorded June 20, 1997 in Book 1023 at Page 701 as Reception No. 509881. 25. Right -of -Way and Easement, recorded July 24, 1997 in Book 1027 at Page 420 as Reception No. 511418. 26. Pipeline Easement and Usage Right Agreement, recorded August 14, 1997 in Book 1030 at Page 228 as Reception No. 512339. 27. Pipeline Agreement, recorded August 14, 1997 in Book 1030 at Page 254 as Reception No. 512340. 28. Right -of -Way and Easement, recorded October 9, 1997 in Book 1037 at Page 573 as Reception No. 514827. 29. Memorandum of Agreement, recorded August 22, 1983 in Book 633 at Page 461 as Reception No. 344923 and Amendment Grants of Easement and Agreements Creating Restrictive Covenant, recorded January 5, 1998 in Book 1049 at Page 112 as Reception No. 518734 and in Book 1049 at Page 118 as Reception No. 518735 and in Book 1049 at Page 124 as Reception No. 518736 and in Book 1049 at Page 130 as Reception No. 518737 and in Book 1049 at Page 136 as Reception No. 518738. 30. Pipeline Agreement, recorded January 5, 1998 in book 1049 at Page 79 as Reception No. 518732. 31. Service Corridor Usage Right Agreement, recorded January 5, 1998 in Book 1049 at Page 97 as Reception No. 518733 and Pipeline and Pipeline Right -of -Way Quit -Claim recorded October 14, 2008 as Reception No. 757190. 32. Pipeline Easement and Usage and Right Agreement, recorded May 5, 1997 in Book 1017 at Page 653 as Reception No. 507868 and re-recorded February 9, 1998 in Book 1052 at Page 821 as Reception No. 520171. 33. Right -of -Way and Easement, recorded February 9, 1998 in Book 1052 at Page 847 as Reception No. 520174. 34. Access License Agreement, recorded March 2, 1998 in Book 1055 at Page 516 as Reception No. 520982. 35. Access License Agreement, recorded March 2, 1998 in Book 1055 at Page 530 as Reception No. 520983. 36. Access License Agreement, recorded March 2, 1998 in Book 1055 at Page 544 as Reception No. 520984. 37. Right -of -Way and Easement, recorded June 1, 1998 in Book 1070 at Page 141 as Reception No. 525980. 38. Access License Agreement, recorded April 29, 1998 in Book 1065 at Page 14 as Reception No. 524305. 39. Right -of -Way and Easement, recorded June 1, 1998 in Book 1070 at Page 154 as Reception No. 525981. 40. Right -of -Way and Easement, recorded September 8, 1998 in Book 1087 at Page 579 as Reception No. 531845. 41. Utility Easements Agreement, recorded May 12, 1999 in Book 1129 at Page 117 as Reception No. 545333. 42. Property Line Agreement, recorded May 21, 1999 in Book 1130 at Page 969 as Reception No. 545908. 43. Access License Agreement, recorded June 14, 1999 in Book 1134 at Page 979 as Reception No. 547240. 44. Access License Agreement, recorded June 14, 1999 in Book 1134 at Page 995 as Reception No. 547241. 45. Access License Agreement, recorded June 14, 1999 in book 1135 at Page 10 as Reception No. 547243. 46. Rail Spur Agreement, recorded July 6, 1999 in book 1138 at Page 824 as Reception No. 548388. 47. Right -of -Way and Easement recorded August 11, 1999 in Book 1144 at Page 858 as Reception No. 550386. 48. Right -of -Way and Easement, recorded August 12, 1999 in Book 1144 at Page 997 as Reception No. 550445. 49. Right -of -Way and Easement, recorded October 1, 1999 in Book 1153 at Page 312 as Reception No. 553054. 50. Access License Agreement, recorded March 7, 2000 in Book 1175 at Page 779 as Reception No. 560107. 51. Access License Agreement, recorded March 7, 2007 in Book 1175 at Page 818 as Reception No. 560110. 52. Right -of -Way and Easement, recorded April 26, 2000 in Book 1184 at Page 89 as Reception No. 562556. 53. Right -of -Way and Easement, recorded July 24, 2000 in Book 1198 at Page 746 as Reception No. 566783. 54. Access License Agreement, recorded March 29, 2001 in Book 1240 at Page 683 as Reception No. 578279. 55. Access License Agreement, recorded March 29, 2001 in Book 1240 at Page 699 as Reception No. 578280. 56. Access License Agreement, recorded March 29, 2001 in Book 1240 at Page 709 as Reception No. 578281. 57. Access License Agreement, recorded March 29, 2001 in Book 1240 at Page 723 as Reception No. 578282. 58. Access License Agreement, recorded March 29, 2001 in Book 1240 at Page 741 as Reception No. 578283. 59. Easement Agreement, recorded November 5, 2001 in Book 1300 at Page 431 as Reception No. 591322. 60. Assignment and Assumption of Access Agreements of Record, recorded November 5, 2001 in Book 1300 at Page 439 as Reception No. 591323. 61. Agreement recorded November 5, 2001 in Book 1300 at Page 448 as Reception No. 591324. 62. Right -of -Way and Easement Agreement, recorded September 4, 2003 in book 1514 at Page 553 as Reception No. 635706. 63. Surface Use Agreement, recorded January 20, 2004 in Book 1555 at Page 767 as Reception No. 645001, Amendment recorded September 10, 2004 in Book 1621 at Page 885 as Reception No. 659631, Second Amendment recorded July 31, 2006 in Book 1826 at Page 231 as Reception No. 703194 and Third Amendment recorded January 16, 2009 as Reception No. 761654. 64. Resolution No. 2005-09, recorded January 11, 2005 in Book 1655 at Page 230 as Reception No. 666856. 65. Public Service Company of Colorado Easement, recorded January 12, 2006 in Book 1763 at Page 705 as Reception No. 690411. 66. Public Service Company of Colorado Easement, recorded February 3, 2006 in Book 1769 at Page 988 as Reception No. 691800. 67. Public Service Company of Colorado Easement, recorded March 16, 2006 in Book 1780 at Page 409 as Reception No. 694081. 68. Grant of Easement, recorded May 1, 2006 in Book 1795 at Page 96 as Reception No. 697033. 69. Public Service Company of Colorado Easement, recorded May 3, 2006 in Book 1795 at Page 834 as Reception No. 697174. 70. Affidavit of Production, recorded February 23, 2007 in Book 1895 at Page 963 as Reception No. 717854. 71. Notice of Intent to Acquire and Final Offer to Purchase, recorded June 27, 2008 as Reception No. 751278. 72. Town of Parachute Ordinance No. 586, recorded September 23, 2008 as Reception No. 756229. 73. Public Service Company of Colorado Easement, recorded November 19, 2008 as Reception No. 758966. 74. Notice of Intent to Acquire and Final Offer to Purchase, recorded January 8, 2009 as Reception No. 761226. 75. Matters disclosed on Williams Annexation Map, recorded February 18, 2010 as Reception No. 782119. 76. Town of Parachute Ordinance No. 610, recorded February 18, 2010 as Reception No. 782120. 77. Town of Parachute Ordinance No. 609, recorded February 18, 2010 as Reception No. 782121. 78. Hayes Compressor Facility Lease and Agreement, recorded November 1, 2010 as Reception No. 793724. 79. ► Grant of Easement, recorded December 6, 2010 as Reception No. 795276. 80. IP. Assignment, Conveyance, Quitclaim and Bill of Sale, recorded December 10, 2010 as Reception No. 795537. 81. ► Certificate of Amendment of Williams Production RMT Company LLC, recorded February 1, 2012 as Reception No. 814004. NOTE: This product is for informational purpose only. It is not a title insurance product and does not provide any form of coverage. This product is not a guarantee or assurance and does not warrant, or otherwise insure any condition, fact or circumstance. This product does not obligate this Company to issue any policies of title insurance for any subsequent transaction based on the information provided or involving the described herein. This Company's sole liability for any error(s) relating to this product is limited to the amount this was paid for this product. DISCLOSURES Order Number: 928843-C3 Note: Pursuant to C.R.S. 10-11-122, notice is hereby given that: A. The subject real property may be located in a special taxing district; B. A certificate of taxes due listing each taxing jurisdiction shall be obtained from the county treasurer or the county treasurer's authorized agent; C. Information regarding special districts and the boundaries of such districts may be obtained from the board of county commissioners, the county clerk and recorder, or the county assessor. Note: Colorado Division of Insurance Regulations 3-5-1, Subparagraph (7) (E) requires that "Every title entity shall be responsible for all matters which appear of record prior to the time of recording whenever the title entity conducts the closing and is responsible for recording or filing of legal documents resulting from the transaction which was closed." Provided that Stewart Title conducts the closing of the insured transaction and is responsible for recording the legal documents from the transaction, exception number 5 will not appear on the Owner's Title Policy and the Lender's Title Policy when issued. Note: Affirmative Mechanic's Lien Protection for the Owner may be available (typically by deletion of Exception No. 4 of Schedule B, Section 2 of the Commitment from the Owner's Policy to be issued) upon compliance with the following conditions: A. The land described in Schedule A of this commitment must be a single-family residence, which includes a condominium or townhouse unit. B. No labor or materials have been furnished by mechanics or materialmen for purposes of construction on the land described in Schedule A of this Commitment within the past 6 months. C. The Company must receive an appropriate affidavit indemnifying the Company against unfiled mechanic's and Materialmen's Liens. D. The Company must receive payment of the appropriate premium. E. If there has been construction, improvements or major repairs undertaken on the property to be purchased, within six months prior to the Date of the Commitment, the requirements to obtain coverage for unrecorded liens will include: disclosure of certain construction information; financial information as to the seller, the builder and/or the contractor; payment of the appropriate premium; fully executed Indemnity agreements satisfactory to the company; and, any additional requirements as may be necessary after an examination of the aforesaid information by the Company. No coverage will be given under any circumstances for labor or material for which the insured has contracted for or agreed to pay. Note: Pursuant to C.R.S. 10-11-123, notice is hereby given: A. That there is recorded evidence that a mineral estate has been severed, leased or otherwise conveyed from the surface estate and that there is a substantial likelihood that a third party holds some or all interest in oil, gas, other minerals, or geothermal energy in the property; and B. That such mineral estate may include the right to enter and use the property without the surface owner's permission. This notice applies to owner's policy commitments containing a mineral severance instrument exception, or exceptions, in Schedule B, Section 2. NOTHING HEREIN CONTAINED WILL BE DEEMED TO OBLIGATE THE COMPANY TO PROVIDE ANY OF THE COVERAGES REFERRED TO HEREIN UNLESS THE ABOVE CONDITIONS ARE FULLY SATISFIED. STG Privacy Notice 1 (Rev 01/26/09) Stewart Title Companies WHAT DO THE STEWART TITLE COMPANIES DO WITH YOUR PERSONAL INFORMATION? Federal and applicable state law and regulations give consumers the right to limit some but not all sharing. Federal and applicable state law regulations also require us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand how we use your personal information. This privacy notice is distributed on behalf of the Stewart Title Guaranty Company and its affiliates (the Stewart Title Companies), pursuant to Title V of the Gramm -Leach -Bliley Act (GLBA). The types of personal information we collect and share depend on the product or service that you have sought through us. This information can include social security numbers and driver's license number. All financial companies, such as the Stewart Title Companies, need to share customers' personal information to run their everyday business—to process transactions and maintain customer accounts. In the section below, we list the reasons that we can share customers' personal information; the reasons that we choose to share; and whether you can limit this sharing. swecan share ya Yes No For our everyday business purposes— to process your transactions and maintain your account. This may include running the business and managing customer accounts, such as processing transactions, mailing, and auditing services, and responding to court orders and legal investigations. For our marketing purposes— to offer our products and services to you. Yes No For joint marketing with other financial companies No We don't share For our affiliates' everyday business purposes— information about your transactions and experiences. Affiliates are companies related by common ownership or control. They can be financial and nonfinancial companies. Our affiliates may include companies with a Stewart name; financial companies, such as Stewart Title Company Yes No For our affiliates' everyday business purposes— information about your creditworthiness. No We don't share For our affiliates to market to you Yes No For non -affiliates to market to you. Non -affiliates are companies not related by common ownership or control. They can be financial and nonfinancial companies. No We don't share We may disclose vour personal information to our affiliates or to non -affiliates as permitted by law. If you request a transaction with a non -affiliate, such as a third party insurance company, we will disclose your personal information to that non -affiliate. [We do not control their subsequent use of information, and suggest you refer to their privacy notices.] harns.,plactices How often do the Stewart Title Companies notify me about their practices? We must notify you about our sharing practices when you request a transaction. How do the Stewart Title Companies protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal and state law. These measures include computer, file, and building safeguards. How do the Stewart Title Companies collect my personal information? We collect your personal information, for example, when you • request insurance -related services • provide such information to us We also collect your personal information from others, such as the real estate agent or lender involved in your transaction, credit reporting agencies, affiliates or other companies. What sharing can I limit? Although federal and state law give you the right to limit sharing (e.g., opt out) in certain instances, we do not share your personal information in those instances. 1 If you have any quest ons about this privacy notice, please contact us at: Stewart Title Guaranty Company, 1980 Post Oak Blvd., Privacy Officer, Houston, Texas 77056 Stewart Title DISCLOSURE The title company, Stewart Title in its capacity as escrow agent, has been authorized to receive funds and disburse them when all funds received are either: (a) available for immediate withdrawal as a matter of right from the financial institution in which the funds are deposited, or (b) are available for immediate withdrawal as a consequence of an agreement of a financial institution in which the funds are to be deposited or a financial institution upon which the funds are to be drawn. The title company is disclosing to you that the financial institution may provide the title company with computer accounting or auditing services, or other bank services, either directly or through a separate entity which may or may not be affiliated with the title company. This separate entity may charge the financial institution reasonable and proper compensation for these services and retain any profits there from. The title company may also receive benefits from the financial institution in the form of advantageous interest rates on loans, sometimes referred to as preferred rate loan programs, relating to loans the title company has with the financial institution. The title company shall not be liable for any interest or other charges on the earnest money and shall be under no duty to invest or reinvest funds held by it at any time. In the event that the parties to this transaction have agreed to have interest on earnest money deposit transferred to a fund established for the purpose of providing affordable housing to Colorado residents, then the earnest money shall remain in an account designated for such purpose, and the interest money shall be delivered to the title company at closing. CONDITIONS 1. The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument. 2. If the proposed Insured has or acquired actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations. 3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and Conditions and Stipulations and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. 4. This Commitment is a contract to issue one or more title insurance policies and is not an abstract of title or a report of the condition of title. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment. 5. The policy to be issued contains an arbitration clause. All arbitrable matters when the Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. You may review a copy of the arbitration rules at www.alta.org. stewart title guaranty company All notices required to be given the Company and any statement in writing required to be furnished the Company shall be addressed to it at P.O. Box 2029, Houston, Texas 77252.