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Home My WebLink About2008-253 Escrow Agrmt - 380 Clay St First American First American Title Insurance Company of Oregon 1225 Crater Lake Ave, Ste 101 Medford, OR 97504 Phn - (541)779-7250 Fax - (866)839-7125 City of Ashland 20 E. Main Street Ashland, OR 97520 December 19, 2008 File No.: 7161-1141303 (MR) Re: Property: 380 Clay Street, Ashland, OR 97520 The closing of the above referenced transaction is now complete. For your records we enclose the following: (Keep these instruments in a safe place as some of them cannot be replaced.) · Final HUD-I Statement and/or Settlement Statement · Signed Copy Package · Our check in the amount of $934.67 representing a refund of overdeposit Your Deed and Policy of Title Insurance will be forwarded separately. If checks are included in this package, please negotiate as soon as possible. Should you have any questions or need further assistance, please contact the undersigned. ~can Title ~rance Company of Oregon Marion Rose~ ~ .... ....... ! ~ ! First American ~d! First American Title Insurance Company of Oregon 1225 Crater Lake Ave, Ste 101 · Medford, OR 97504 Buyer's Final Settlement Statement Property: 380 Clay Street, Ashland, OR 97520 File No: 7161-1141303 Officer: Marion Rose/MR New Loan No: Settlement Date: Disbursement Date: Print Date: 12/19/2008 12/19/2008 12/19/2008, 1: 11 PM Buyer: City of Ashland; Housing Authority of Jackson County Address: Seller: DRRAM Ashland Limited Partnership Address: Char2e Description Buyer Char2e Buyer Credit Consideration: Total Consideration 3,600,000.00 Deposits in Escrow: Receipt No. 716123489 on 12/0812008 by City of Ashland 36,000.00 Receipt No. 716123554 on 12/18/2008 by Housing Authority Jackson County 900,000.00 Receipt No. 716123555 on 12/18/2008 by Housing Authority of Jackson County 380,985.31 Receipt No. 716123561 on 12/19/2008 by City of Ashland 588,135.31 Ad.iustments: Trade Equity 2 Strawberry Lots 1,200,000.00 Trade Equity Lithia Lot 500,000.00 Potential Add'l Tax Liability 8,180.44 Prorations: County Tax 12/19/08 to 07/01/09 ~$13804.02/yr 7,336.93 Assessments 10/01/08 to 12/19/08 ~$560.00/yr 121.21 Title/Escrow Char2es to: Government Service Fee - First American Title Insurance Company of Oregon 60.00 Escrow/Closing Fee - First American Title Insurance Company of Oregon 970.00 Policy: AL T A Owners - 2006 STD (TRADE PROPERTIES) - First American Title Insurance Company 3,150.00 of Oregon Record Special Warranty Deed-Clay Street - First American Title Insurance Company of Oregon 36.00 Disbursements Paid: Refund of Overdeposit to City of Ashland 934.67 Refund of Overdeposit to Housing Authority of Jackson County 934.67 Totals 3,613,422.27 3,613,422.27 First American Title Insurance Company of Oregon BY~~ Marion Rose Page 1 of 1 -- -ir...' /' CHECK NO. 1294204149 CHECK AMOUNT: $ 934.67 BUYER: City of Ashland, et al SELLER: DRRAM Ashland Limited Partnership Property Address: 380 Clay Street, Ashland, OR 97520 Funds Due Re: Charge Details: Refund of Overdeposit: 934.67 Thank you for doing business with First American Title Insurance Company of Oregon III . 2 t1 ~ 2 0 ~ . ~ t1111 I:. 2 2 2 ~ . 25 51: ~ 0 . 2 t1 ~ 0 0 0 0 III ---- ----- - -- ----- - --rr--T ADDENDUM TO SETTLEMENT STATEMENT File No. 7161-1141303 380 Clay Street, Ashland, OR 97520 FEE DESCRIPTION TOTAL CITY HAlC Title Policy for Trade Properties 3,150.00 3,150.00 County Tax Proration 7,336.93 3,668.4 7 3,668.46 Government Service Fee 60.00 30.00 30.00 Escrow Closing Fee 970.00 485.00 485.00 Record Deed 36.00 18.00 18.00 Purchase Price 3,600,000.00 2,320,000.00 1,280,000.00 Prorate Credit TID Assessment - 121.21 -60.61 -60.60 Credit from Seller for Potential Tax - 8,180.44 -4,090.22 -4,090.22 I ~~ Escrow Offi er /2/;'7 hJ7 Date First American Title Insurance Company of Oregon 1225 Crater Lake Ave, Ste 101 Medford, OR 97504 PR: NWEST Ofe: 7161 (1294) DATE: 12/19/2008 RECEIPT NO.: 716123561 FILE NO.: 7161-1141303 RECEIPT FOR DEPOSIT FUNDS IN THE AMOUNT OF: $588,135.31 WERE RECEIVED FROM: City of Ashland CREDITED TO THE ACCOUNT OF: Buyer TYPE OF DEPOSIT: Cashier's Check REPRESENTING: Closing Costs Comments: Property Location: 380 Clay Street, Ashland, OR 97520 BY: Marion Rose, 12/19/2008 ESCROW OFFICER: Marion Rose "The validity of this receipt, for the deposit referenced, is subject to clearance by the depository financial institution and credit to our account." Customer Copy 12/18/2008 15:58 FAX 15418571118 HOUSING AUTHORITY ~ 002/002 ~ I PlnIl Artw:..w:... First AmeriCtlD Title /nf!iur~nc~ CompJUJY orQl't!!gon 122~ Crnlcr Irnkl: A. YC. SlL: 10J . Medford. OR 97504 Buy~r's ESDrmJted Settlement StSUt:meJ..t -.. . ,~ -- Proptrty: 380 Clay StrtCl, Ashhmd, OR 97520 File No: 7 16 J -.1::141303 Office,.: Marion RoselMR New Loan No: Settlement Date; Dbbursement Dale: Print Datc; 12/] 9/2008 12/19/2008 12/]812008.2:1SJ>M . City or Ashland; Houliin~ Authority of Jackson COl.lTlly Buyer: Address: Seller: Address: DRRAM A!\hhl11d Limilt:d Plltlnership 380 CJ{lY Street, Ashland, OR 97520 CharRe Deserlndon Iliuver Cbaree 1 Buver Credit Conllderlttion: ., 3.600..00Q:.o_o ! t~l!!I.G~.rr~~~!1.!9!1___ _____ __ ___ -.... .-. -........-------..-.. . - -..- ... ---- --- p'~'p'o..It~ !!'~!~r!.~__ _.__.. __. _ . i .. !~iplNo. 7!_~J23489 on 1210812008 byCily.~r ^$h~__. .. .- .--.. -.-.---...-.-- no., ___e. ---- -. . .. . --- ... . . -I .. ..- 36.000.00 Rac;alpl No. .., 161 Z3$~4 tin 1211 "I2QOR by ,",Cl,'~inll ^\Ilhorily JIIC~O~ CUIII;l)' -YOO;~O:OO _~~11l~.!.61235S5 o!lIUY.ltlI2008 by HO\l5ini.~~~ri!)'_~f :!.uck'C!!I.~_~~I~ ____ . . . ... .- --- _.______ .._.L__.__..l80.~~~31_ - 0 I _.~dl\JUlnC'm; . - . --. . .. ...-. ..-.- . -- l .. - ._TJ1\de_~.~j!)' 2 Sl!!.~bcrry_l.oI5 I _.1.200.~Q.&Q.. . :rrlld~ equity Lilhin I.DI . -. -.- . . o. , , - - 'r--- SOO.ODO.OO POlcntil11 Add'l TILl' !-~.hH_ily - . -.-.. o _ . .0 .... . .--.. - .... ... ~. 11,1110.44 Proration.: i ...-.--. ...--.. -- . I .f~~~~Y ~~x 1-~~j?~8 l;-o~io,lT09 ~s i3604.0~~y'!._ .-- n. __ .. ... .- ... !.'~~:?~ .~----~ ^.KUmcnl~ IU/OIJOH 10 J2/19/0Y @lSS60.00/yr I 121.21 --..-..--- ---- ... . .... .-. - --. -- -- --.. -..--. . - . ..-L----- T~t1I1:1E;~row ~barge' to: I Oovcmmcnl Scrvi;c Pee. Flnl Am~m:l1n Title IndurunCC Compnll)' ofOrc&Dn ..--. .. - . 60.00 ..Estro~!f!~s~l!'~': .finn ~~r{cin,~ith: liis~,:~_c.pini!!:!~O!c..&~~______ . -:-_: 970.00 r - - Policy: AL TA Owncnl- :lOOE. STD (TRADE PROPER.T1F-S). Fir~1 ^mcriclltl Title In"Urll"C~ CampDll)' -. .. - '-r.iSo.oo t---- - ~r~i~n _ . __. ___u__ _ __... . .. . . - .- .. -. . .. ... . ------1- .----- ..---- ..~eeord .S"p~ciI11 WDl'fll~ty Dc:cd-Clo)' Sln:.:I- Fil'5l Am.:ril:Dn Tille Ins!1l'llne~ CO~~)' ~f..9rc.so.~ ;\{I.00 I . _. ... .. I .- .. Cash (X From) ("To) Borrower I' . . '.S86.i65.97 i i Totals ).611.~~~.93 ! 3.611.552.93 I 8uyer(S): City Or Ashland By: John Morrison, Mayor P.Jr I or 1 ,,- T First American First American Title Insurance Company of Oregon 1225 Crater Lake Ave, Ste 101 Medford, OR 97504 Phn - (541)779-7250 Fax - (866)839-7125 ESCROW AGREEMENT (SALE) File No: 7161-1141303 (MR) Seller: DRRAM Ashland Limited Partnership Buyer: City of Ashland and Housing Authority of Jackson County Property Address: 380 Clay Street, Ashland, OR 97520 Date: December 13, 2008 TRANSACTION INSTRUCTIONS To: First American Title Insurance Company of Oregon, hereinafter "Escrow Agent" Real Property Description: As set forth in Preliminary Title Report issued by First American Title Insurance Company of Oregon, Order/File No. 7161-1141303 dated December 11, 2008 a copy of which has been read and approved by Seller and Buyer. Seller deposits with Escrow Agent, pursuant to these instructions, the following: · Fully executed Special Statutory Warranty Deed · 1099 Input Form or Seller Certification · Affidavits: FIRPTA, Oregon Withholding · Copies of Deeds for "trade" properties which have been "Read and Approved" And authorizes delivery, release, and recording of documents when you hold for the account of the Seller the sum as shown on the attached Estimated Settlement Statement, and, further authorizes credits, deductions and adjustments as set forth on the attached Estimated Settlement Statement. Certain items shown on the closing statement are estimates only and the final figures may be adjusted to accommodate exact amounts required at the time of disbursement. Buyer deposits with Escrow Agent, pursuant to these instructions, the following: · Funds to close as shown on the Estimated Settlement Statement . Deeds for lItrade" properties · Copy of Statutory Warranty Deed which has been read and approved And authorizes delivery, release and recording of documents when you are prepared to: 1. CLAY STREET: Issue an Owner's Title Insurance Policy (ALTA ) in standard form in the amount of the sales price, insuring the Grantee (City and HAJC)) on the deed deposited by Seller, which has been read and approved by Buyer, as the owner of that certain real property referenced above, subject to exclusions, conditions and stipulations as contained in the policy and special exceptions # as appear on the Preliminary Title Report referenced above. Page 1 of 6 ----,,---r -- First American Title Insurance Company of Oregon File No.: 7161-1141303 (MR) Date: December 13, 2008 2. FOUR "TRADE LOTS": Issue an Owner's Title Insurance Policy (ALTA 2006 ) in standard form in the aggregate amount of the considerations shown on the face of each deed, insuring the Grantee (DRRAM) on the deed deposited by The City of Ashland, which has been read and approved by DRRAM, as the owner of that certain real property referenced above, subject to exclusions, conditions and stipulations as contained in the policy and special exceptions # as appear on the Preliminary Title Report referenced above. Said Owner's Title Insurance Policies shall be issued from First American Title order number 7161-1323473, closing concurrently herewith. AUTHORIZATIONS If your closing occurs between July 1st and date the tax roll is certified by the county, please be advised of the following: Taxes: Closing tax prorations for the current year are to be based upon 2008-2009 taxes, which is accepted by the undersigned as a final proration for the purposes of the escrow closing. The undersigned will not hold First American Title Insurance Company of Oregon responsible for any re-proration caused by any increase or decrease of the tax amount due. Prorate: You are to prorate taxes on the Clay Street property as of the close of escrow. Parties agree that there shall be no prorations of taxes on the three (3) Strawberry Lots, nor on the Lithia Lot because these lots are not currently assessed. Seller herein understands that there shall be future assessments on these lots which are not a part of this escrow. Fire Insurance: The parties are to secure fire insurance outside of escrow to protect their interest(s) as they may appear. Counterpart: These instructions may be signed in counterpart. Escrow Agent may consider, upon receipt, all duly executed counterparts to be a single instruction. Fax: Escrow Agent is authorized to complete all necessary actions set forth herein upon receipt of a signed facsimile (FAX) of these instructions without receipt of original signed instructions. Electronic Transfer: Escrow Agent may, in its discretion, receive and/or disburse any funds in connection with this agreement by electronic (wire) transfer. If required by any of the parties to utilize this method of transfer, the requesting party agrees to pay any reasonable fee as assessed by Escrow Agent for this service. Deposits: Parties understand and agree that all checks, money orders or drafts will be processed for collection in the normal course of business. Parties further understand that all funds required to close must be payable to First American Title Insurance Company of Oregon and must be collected funds, as required by Federal and State or Oregon statutes and regulations prior to the Escrow Agent's disbursement of any sums. Escrow Agent may commingle funds received with escrow funds of others, and may, without limitation, deposit such funds in its custodial or escrow accounts with any reputable trust company, bank, savings bank, savings association or other financial services entity. It is understood that Escrow Agent, except by virtue of separate signed instructions as required by State of Oregon regulation, shall be under no obligation to invest the funds deposited on behalf of any depositor, nor shall it be accountable for any earnings or incidental benefit attributable to the funds which may be received by Escrow Agent while it holds such funds. The undersigned are hereby informed that Escrow Agent deposits all funds into a non-interest bearing account and receives or may receive certain credits and benefits including, without limitation, checks, deposit slips, data processing and account services from or through various financial entities as a result of the banking relationships maintained in the regular course of its escrow and title insurance business. The undersigned hereby waive any and all rights or claims with respect to such credits and benefits received by the Escrow Agent or any affiliates Page 2 of 6 ~ --~ -,,~ T First American Title Insurance Company of Oregon File No.: 7161-1141303 (MR) Date: December 13, 2008 thereof. A good faith estimate of the benefits received by Escrow Agent is $32.16 (based on 2001 results) per escrow transaction. This disclosure is made in compliance with Oregon Administrative Rule 863-50-065. Any funds remaining on deposit after closing or refunds received by Escrow Agent will be refunded to the party whose account was charged. No further instructions will be required by any party prior to the disbursement of any such refund by Escrow Agent. Escrow Agent will charge an accounting fee of $10.00 for each month any funds are held after one (1) month in the event the person(s) entitled to such funds, after reasonable and diligent effort, cannot be found. Escrow Agent may charge a reasonable fee for replacement and/or stale dated checks. Oregon Tax Withholding: When applicable, parties authorize and instruct Escrow Agent to withhold and submit the necessary forms and sums, if any, to the Oregon Department of Revenue pursuant to Chapter 864, Oregon Laws 2007. When this amount is based upon net proceeds, escrow is to use the final net proceeds as set out in the Final Closing Statement. Copies: The undersigned authorize distribution of these escrow instructions and/or estimated or final closing statements prepared on my behalf to any designee, real estate broker/agent or lender identified in this transaction. Closing: Closing is defined, for purposes of this agreement, as the time of the recording of all documents as required by the parties herein. Escrow Agent shall be entitled to payment of all fees charged for services provided at the time of closing. Any funds held for satisfaction/release of liens and encumbrances or to meet other conditions of this escrow may be transferred from this escrow account to an appropriate department or escrow for subsequent processing. AGREEMENTS Arbitration: Except as noted below, if any dispute or claim arises out of or relates to this escrow agreement, or to the interpretation or breach thereof, Escrow Agent may, at its election; a) hold all matters in its existing status pending resolution of such dispute or; b) it shall be resolved by arbitration in accordance with the then in effect rules of Arbitration Service of Portland, Inc., of the American Arbitration Association, whichever is selected by the party which first initiates arbitration, and any judgment rendered pursuant to such arbitration may be entered in any court having jurisdiction thereof. Interpleader: Escrow Agent shall have the option of interpleading funds in the Circuit Court of Oregon, including the Small Claims Division of same, as may be appropriate, in the event of a dispute regarding the disposition of any funds held by Escrow Agent. Attorney Fees: In the event suit or action is brought, or an arbitration proceeding is initiated, to enforce or interpret any of the provisions of this agreement, or which is based thereon, the prevailing party shall be entitled to reasonable attorney's fees in connection herewith. the determination of who are the prevailing party and the amount of reasonable attorney fees shall be decided by the arbitrator(s) or by the court as may be appropriate. Limited Power of Attorney: The undersigned hereby grant Escrow Agent Limited Power of Attorney to correct and initial all typographical or clerical errors discovered in any or all of the closing documentation required to be executed by any of the parties hereto. In the event Escrow Agent exercises this Limited power of Attorney, a copy of the document(s) corrected and/or initialed will be sent to the affected party. EXCLUSIONS COMPLIANCE WITH VARIOUS LAWS OR STATUTES: Escrow Agent has no liability or responsibility with respect to any matters connected with the following (unless expressly authorized herein or by separate written instructions acknowledged by Escrow Agent); Page 3 of 6 First American Title Insurance Company of Oregon File No.: 7161-1141303 (MR) Date: December 13, 2008 1. Compliance with the requirements of the Consumer Credit Protection Act or Interstate Land Sales Act, or similar laws; 2. Compliance with the requirements of the Oregon Revised Statutes 537.330 (relating to water rights), 537.788 (relating to well information), 448.271 (relating to well testing) and any similar laws; 3. Compliance with Oregon Laws 2001 Chapter 311 (relating to cautionary notice or other information as applicable regarding potential construction liens); 4. Compliance with the obligation to disclose the existence of lead based paint as required by federal regulation 24 CFR Part 35 and 40 CFR Part 35 et seq and any other related statute or regulation' 5. Compliance with collection, withholding, reporting or payment of any amounts due under Section 1445 and 6039C of the Internal Revenue Code, as amended, regulations adopted thereunder, and any other related statute or regulation (Foreign Investment in Real Property Tax Act, commonly referred to as FIRPTA). Notwithstanding the fact Escrow Agent assumes no liability or responsibility to the parties for compliance with FIRPTA, Escrow Agent reserves the right to take any action required by such law and/or regulation without further instructions of the parties. REPRESENTATIONS Compliance with Earnest Money Agreement: All terms and provisions of the earnest money agreement, amendments or addenda thereto, have been complied with to the satisfaction of the undersigned or will be completed outside of this escrow. Escrow Agent is not responsible for any matters except as set forth in this agreement. Utilities: The undersigned acknowledge that water, sewer, waste collection, electricity, and other utility charges and inventory for fuel, including any final billings will be adjusted outside this escrow by the respective parties and Escrow Agent shall have no obligation or responsibility for such adjustment. Compliance with Escrow Agreement: The undersigned acknowledge that they have and shall have a continuing obligation to cooperate with Escrow Agent in good faith to enable Escrow Agent to fulfill its responsibilities under this agreement. Such obligations shall survive the closing of the transaction described herein and shall include, without limitation, the obligation to; a) disclose to Escrow Agent any liens, encumbrances or any other rights, claims or matters known to the parties which affect or relate to the property and transaction referred to in this agreement; b) return to Escrow Agent for proper disposition any funds, documents or other property which are, for any reason, improperly or mistakenly released to any persons; c) pay any charges, advances or expenses that are properly chargeable to the parties; and d) to proceed pursuant to the provisions of ORS 86.720 to take those steps necessary to secure an appropriate deed of reconveyance of any trust deed which has been paid and fully satisfied. Practice of Law I Advice: The undersigned acknowledge that Escrow Agent is not licensed to practice law and that Escrow Agent's duties and obligations under this agreement are limited to those of an escrow holder. The undersigned have not been referred to any named attorney(s) or discouraged from seeking the advice of an attorney but have been requested to seek legal counsel of their own choosing, at their own expense, if they have any doubts or questions concerning any aspect of this transaction. Other Obligations: The undersigned acknowledge that, to the extent other obligations exist between them as a result of this transaction that are not specifically set forth herein, they are individually responsible for the execution thereof and Escrow Agent is not obligated for matters except as specifically set forth in this agreement. Review: The undersigned acknowledge that they have been afforded adequate time and opportunity to read and understand the escrow instructions and all other documents referred to herein. SPECIAL INSTRUCTIONS Page 4 of 6 _.~-----~-_. -or -T -- First American Title Insurance Company of Oregon File No.: 7161-1141303 (MR) Date: December 13, 2008 PLEASE READ THE PRELIMINARY TITLE REPORT AND YOUR CLOSING STATEMENT CAREFULLY BEFORE SIGNING THIS DOCUMENT. BE SURE THAT ALL FACTS KNOWN TO YOU ARE ACCOUNTED FOR IN THIS ESCROW. THE ESCROW AGENT HEREIN IS A NEUTRAL THIRD PARTY AND CANNOT ADVISE YOU OR PROTECT YOUR LEGAL RIGHTS. YOU SHOULD CONSULT LEGAL COUNSEL FOR SUCH ADVICE AND PROTECTION. The undersigned has read the Preliminary Title Report and Estimated Closing Statement attached to the original Escrow Instructions, as well as the Escrow Instructions in this escrow, and any Amendments thereto. The undersigned represents to First American Title Insurance Company of Oregon, that there are no existing liens, assessments, taxes, deferred taxes, unpaid water or sewer bills, or any other obligations which are the responsibility of the undersigned and which are not shown on the above documents. The undersigned understands and agrees that any obligation known to it and not disclosed herein, remains the responsibility of the undersigned subsequent to the closing of this escrow. The undersigned further understands and agrees that any payoffs made on its behalf in this escrow are made by First American Title Insurance Company of Oregon with complete reliance on figures supplied by the lender, creditor or taxing agency. Such figures may not be accurate. In the event that additional funds are required to complete said payoffs, the undersigned hereby agrees that it will immediately, upon request by First American Title Insurance Company of Oregon, provide the additional funds needed to complete said payoffs. THE PARTIES ACKNOWLEDGE THAT BY THE APPROVAL OF THE ESTIMATED CLOSING STATEMENT REFERRED TO BY THESE INSTRUCTIONS, THEY HAVE AGREED AS TO THE ALLOCATION OF COSTS ASSOCIATED WITH THE TITLE PREMIUMS REQUIRED, IF ANY, FOR THE PROTECTION REQUIRED FOR THE PURCHASER IN COMPLIANCE WITH HOMEBUYER PROTECTION ACT. Notwithstanding reference, if any, in applicable purchase and sale agreements regarding transfer of water rights, the parties acknowledge that Escrow Agent will not be responsible for any such transfer and that the parties are solely responsible for such transfer outside this escrow. YOU WILL BE REVIEWING, APPROVING AND SIGNING IMPORTANT DOCUMENTS AT CLOSING. LEGAL CONSEQUENCES FOLLOW FROM THE SELECTION AND USE OF THESE DOCUMENTS. THESE CONSEQUENCES AFFECT YOUR RIGHTS AND OBLIGATIONS. YOU MAY CONSULT AN ATTORNEY ABOUT THESE DOCUMENTS. YOU SHOULD CONSULT AN ATTORNEY IF YOU HAVE QUESTIONS OR CONCERNS ABOUT THE TRANSACTION OR ABOUT THE DOCUMENTS. IF YOU WISH TO REVIEW TRANSACTION DOCUMENTS THAT YOU HAVE NOT YET SEEN, PLEASE CONTACT THE ESCROW AGENT. 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. /2/;) Iv~ , Dated: Page 5 of 6 -----~------.rT First American Title Insurance Company of Oregon File No.: 7161-1141303 (MR) Date: December 13, 2008 SELLER(S): DRRAM Ashland Limited Partnership, a California limited partnership By: D.R.R Asset Management, Inc., Partner By: Randall C. Luce, President Seller's Forwarding Address: , Home Phone: BUYER(S): City of Ashland Housing Authority of Jackson County X By: John Morrison, Mayor ~ ?6-vl~ By: Scott Foster, Executive Director Buyer's Forwarding Address: , Home Phone: Accepted this ~ day of ))e~ be-, , 20 () ? ::~s~oregon Page 6 of 6 --~-~--_..IT. .. First American Title Insurance Company of Oregon File No.: 7161-1141303 (MR) Date: December 13, 2008 SELLER(S): DRRAM Ashland Limited Partnership, a California limited partnership By: D.R.R Asset Management, Inc., Partner By: Randall C. Luce, President Seller's Forwarding Address: I Home Phone: BUYER(S): City of AShland Housing Authority of Jackson County By: Scott Foster, Executive Director Buyers Forwarding Address: I Home Phone: Accepted this IF day of ~ ~_. 20Pf First American TItle Insurance Company of Oregon B~.~ Page 6 of 6 ---~--"'-.T First AmerIcan TItle Insurance Company d Oregon SlWR(S): ORRAM Ashland Limited Partnership, a California limited partnership By: D.R.R Asset Management. Inc., Partner )<,tZwt,k ~ , By: Randall C. Luce, President Seller's forwarding Address: , Home Phone: 8UY!R(S): City of Ashland By: John Morrison, Mayor Buyer's forwarding Address: , Home Phone: Aa:eptl!d thls.LL day of ~;/?'./.-:zn ~ First AmerIcan iltte Insurance Company of Oregon B~~ ~ PIgI 6 of 6 File No.: 7161-1141303 (MR) Date: December 13, 2008 Housing Authority of Jackson County By: Scott Foster, Executive Director , 20.1l2 -.r T- ..' "Mf.,C- .~......tf *'''1:'' First AlDerican First American Titfe rnsur.nce Compilny of Ol'f!9On 1225 Crater Lake Ave, Ste 101 Medford, OR 9750'1 Phn . (541 )779-7250 Fax - (866)400-2250 First American Tit1e Insurance Company of Oregon 1225 Crater Lake Ave, Ste 101 Medford, OR 97504 Order No.: 7161-1141303 December 16, 2008 It (!1FdQ. ~r,PPROVEfJ ~==~l~r:-~= Attn: Marion Rose, Escrow Officer Phone No.: (541)842-5475 - Fax No.: (866)839-7125 Email: marose@firstam.com 2nd Revised Preliminary Title Report ALTA Owners Standard Coverage liability $ 3,600,000.00 Premium $ 6,000.00 AL T A CNlners Extended Coverage Liability $ Premium $ AL T A lenders Standard Coverage L1ab4hty $ Premium $ Al T A lenders Extended Coverage Liability $ Premium $ Endorsement Premium $ Govt Service Charge C.ost $ 120.00 Other Add!. Chain Cost $ 400.00 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 December 11, 2008 at 8:00 a.m., title vested in: DRRAM Ashland Limited Partnership, a California limited Partnership, as to Parcel 1 City of Ashland, a municipal corporation in the State of Oregon, as to Parcels 2, 3 & 4 Subject to the exceptions, exclusions, and stipulations which are ordinarily part of such Policy form and the following: THE FOLLOWING MATTERS AFFECT PARCELS 1 THROUGH 4: 1. INTENTIONALLY DELETED 2. City liens, if any, of the City of Ashland. This report is for the exclu~ve use of the parbes herein shown and IS preliminary to the issuance of a title Insurance policy and shall become vokl unless a policy is issued{ and the full premium paid. , ~"("J '~. - . .. .. ~ ~#- .-....- First American First American Title Insurance Company of Oregon 1225 Crater Lake Ave, Ste 101 Medford, OR 97504 Phn - (541)779-7250 Fax - (866)400-2250 First American Title Insurance Company of Oregon 1225 Crater Lake Ave, Ste 101 Medford, OR 97504 Order No.: 7161-1141303 December 16, 2008 READ & APPROVED 5~4-, Attn: Marion Rose, Escrow Officer Phone No.: (541)842-5475 - Fax No.: (866)839-7125 Email: marose@firstam.com x A 2nd Revised Preliminary Title Report AL T A Owners Standard Coverage Liability $ 3,600,000.00 Premium $ AL T A Owners Extended Coverage Liability $ Premium $ AL T A Lenders Standard Coverage Liability $ Premium $ AL T A Lenders Extended Coverage Liability $ Premium $ Endorsement Premium $ Govt Service Charge Cost $ Other Add!. Chain Cost $ 6,000.00 120.00 400.00 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 December 11, 2008 at 8:00 a.m., title vested in: DRRAM Ashland Limited Partnership, a California Limited Partnership, as to Parcel 1 City of Ashland, a municipal corporation in the State of Oregon, as to Parcels 2, 3 & 4 Subject to the exceptions, exclusions, and stipulations which are ordinarily part of such Policy form and the following: THE FOLLOWING MATTERS AFFECT PARCELS 1 THROUGH 4: 1. INTENTIONALLY DELETED 2. City liens, if any, of the City of Ashland. This report is for the exclusive use of the parties herein shown and is preliminary to the issuance of a title insurance policy and shall become void unless a policy is issued, and the full premium paid. , ;;...,. " ~.,~ ~ .....~ ','; 44\" . .,.,/#~ -- .-..... ....,- First American F;~ AmfJriciln Tit!, Insunmctl ComfMny of Of'tll/Dn 1225 Crater lake Ave, Ste 101 Medford, OR 97501 Phn - (541)779-7250 Fax - (866)40D-2250 First American Title Insurance Company of Oregon 1225 Crater Lake Ave, Ste 101 Medford, OR 97504 Attn: Marion Rose, Escrow Officer Phone No.: (541)842-5475 - Fax No.: (866)839-7125 Email=marose@firstam.com ,x Order No.: 7161-1141303 December 16, 2008 __~ & APPR~ 2nd Revised Preliminary Title Report AL T A Owners Standard Coverage Al T A Owners Extended Coverage AL TA Lenders Standard Coverage AL T A Lenders Extended Coverage Endorsement liability $ 3,600,000.00 Premium $ liability $ Premium $ Liability $ PremIum $ Liability $ Premium $ Premium $ Cost $ Cost $ 6,000 00 Govt ServIce Charge Other Addl Chain 120.00 400 00 We are prepared to issue Title Insurance Policy or Policies in the form and amount shown above, insuring title to the followi n9 described la nd: The land referred to in this report is described in Exhibit A attached hereto. and as of December 11, 2008 at 8:00 a.m., title vested in: DRRAM Ashland limited Partnership, a California Limited Partnership, as to Parcell City of Ashland, a municipal corporation in the State of Oregon, as to Parcels 2, 3 & 4 Subject to the exceptions, exclusions, and stipulations which are ordinarily part of such Policy form and the following: THE FOLLOWING MATTERS AFFECT PARCELS I THROUGH 4: 1. INTENTJONAlL Y DELETED 2. City liens, if any, of the City of Ashland. This report is 'or the exdusive use of the parties herein shown and is preliminary to the issuance of a title insurance policy and shall become void unless a policy is issued, and the full premium paid. "" ~ i .'\""; Ie I c. ,~-J4' . rill ~.....' -> 4-$ ~ THIS SPACE RESERVED FOR RECORDER'S USE After recording return to: First American Title 1225 Crater Lake Ave Suite 101 Medford, OR 97504 Until a change is requested all tax statements shall be sent to the following address: City of Ashland & Housing Authority of Jackson 20 E. Main Street Ashland, OR 97520 File No.: 7161-1141303 (MR) Date: December 13, 2008 )( +- READ & APPROVED c'- ..----? -) ~l J . STATUTORY SPECIAL WARRANTY DEED DRRAM Ashland Limited Partnership, a California Limited Partnership, Grantor, conveys and specially warrants to City of Ashland, as to an undivided 600/0 Interest and Housing Authority of Jackson County, as to an undivided 400/0 Interest as Tenants in Common, Grantee, the following described real property free of liens and encumbrances created or suffered by the Grantor, except as specifically set forth herein: This property is free from liens and encumbrances, EXCEPT: 1. Covenants, conditions, restrictions and/or easements, if any, affecting title, which may appear in the public record, including those shown on any recorded plat or survey. See Legal Description attached hereto as Exhibit A and by this reference incorporated herein. The true consideration for this conveyance is $3,600,000.00. (Here comply with requirements of ORS 93.030) Page 1 of 3 ...~,t ''''''.IIft, '~~ iHrssPAcE RESERVED FOR REcORDER'S USE i After recording return to: First American Title 1225 Crater Lake Ave Suite 101 Medford, OR 97504 ~......"".'.'.'.'..'.....'..'..".......'...~...'.'...'........:.:........................~.;........'..!..'.........'~............................~..................C............'....:..).'rl(\\J(.P ,,-,- '< "';..' '<:. > ~ 5, .~ ~- i..} \' L. L;" . ,_ b. ,. .,.~,,~......~ "-:.,.:-:-:.,.,-.':...;.,-:..:..,"..-...:":........,,..c...,;.;................,....,_., Until a change is requested all tax statements shall be sent to the following address: City of Ashland & Housing Authority of Jackson 20 E. Main Street Ashland, OR 97520 File No.: 7161-1141303 (MR) Date: December 13, 2008 . ..J STATUTORY SPECIAL WARRANTY DEED DRRAM Ashland Limited Partnership, a California limited Partnership, Grantor, conveys and specially warrants to City of Ashland, as to an undivided 600/0 Interest and Housing Authority of Jackson County, as to an undivided 400/0 Interest as Tenants in Common, Grantee, the following described real property free of liens and encumbrances created or suffered by the Grantor, except as specifically set forth herein: This property is free from liens and encumbrances, EXCEPT: 1. Covenants, conditions, restrictions and/or easements, if any, affecting title, which may appear in the publiC record, including those shown on any recorded plat or survey. See Legal Description attached hereto as Exhibit A and by this reference incorporated herein. The true consideration for this conveyance is $3,600,000.00. (Here comply with requirements of ORS 93030) Page 1 of 3 I I I I I APN: 1-011503-1 StatutXlry Special Warranty Deed - continued File No.: 7161-1141303 CMR) Date: 12/13/2008 BEFORE SIGNING OR ACCEPllNG nus INSTRUMENT, THE PERSON TRANSFERRING FEE TIiLE SHOULD INQUIRE ABOlfT TI-iE 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. THIS INSTRUMENT DOES NOT ALLOW USE OF THE PROPERlY DESCRIBED IN THIS INSTRUMENT IN VIOLATION OF APPUCABLE LAND USE LAWS AND REGULATIONS. BEFORE SIGNING OR ACCEPTlNG THIS INSTRUMENT, THE PERSON ACQUIRING FEE TITLE TO THE PROPERTY SHOULD CHEO< WITH THE APPROPRIATE CITY OR COUNlY PlANNING DEPARTMENT TO VERIFY THAT THE UNIT OF LAND BEING TRANSFERRED IS A LAWFULLY ESTABUSHED LOT OR PARCEL, AS DEFINED [N ORS 92.010 OR 215.010, TO VERIFY THE APPROVED USES OF THE LOT OR PARCEL, TO DETERMINE ANY UMITS ON LAWSUITS AGAINST FARMING OR FOREST PRACTlCES AS DEFINED IN O~ 30.930 AND TO INQUIRE ABOUT THE RIGHTS OF NEIGHBORING PROPERiY OWNERS, IF ANY, UNDER ORS 195.300, 195.301 AND 195.305 TO 195-336 AND SECTlONS 5 TO 11, OF OiAPTER 424, OREGON LAWS 2007. Dated this /7 ~y of '"De.a: w...f:JL V -:, 29 O~ . I I I DRRAM Ashland LImited Partnership. a California limited partnership set Management. Irrtner (!. 'L - By: Randall C. Luce, President STATE OF l~iAJ ) )55. County of O.lt ()/~ ) This Instrument was acknowledged before me on this /7 t/J day of :De. c.e m h e.. V . 2008 by Randall C. Luce as President of D.R.R. Asset Management, Inc., a CaJifronla corporation, Partner of DRRAM Ashland limited Partnership, on behalf of the limited partnership. I certify under PENALTY OF PERJURY '-1tfcvU/~{./~. ~ ~ ~ under the laws of the state CASTO , f i . MARYELlEN LA of Califor~ia that the orego n~ota Public for State of:'" COMM.'1733402 en paragraph 18 ture and correct. ry. . fdMOrMYP\&IeoCALfOMM ~ My commission expires: en Of... c.tr -' . J . CoM. E.... . 20. IOU I .... ....: ....- .... ..... .... .... ..... .... .... ..... 'W" ..... Page 2 of 3 --~---~---,." APN: 1-011503-1 Statutory Special Warranty Deed - continued Ale No.: 7161-1141303 (MR) Date: 12/13/2008 EXHIBIT A LEGAL DESCRIPnON: Real property In the County of Jackson, State of Oregon, described as follows: PARCEL 1: BEGINNING AT A POINT ON LINE BETWEEN THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER, AND THE SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 11, TOWNSHIP 39 SOUTH, RANGE 1 EAST OF THE W.M., JACKSON COUNTY, OREGON, 9.95 CHAINS NORTH OF THE SOUTHEAST CORNER OF THE SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 11; THENCE NORTH ALONG SAID LINE, 9.95 CHAINS, THENQ NORTH 8901035' WEST 10.05 CHAINS; THENCE SOUTH 9.95 CHAINS; THENCE SOUTH 89G 1035' EAST 10.05 CHAINS TO THE POINT OF BEGINNING. (39 lE 11C 2500) "I Page 3 of 3 ..OS..1'\..1. A ~.I ':."'...~. .~".~... ~,. . .,+, "';""'. ~d;.' ~..., TH1S'SPACE RESERVED FQR RECORDER'S USE After recording return to: First American Titje 1225 Crater Lake Ave Suite 101 Medford, OR 97504 . Until ~ change is requested all tax 5talements ' shall be sent to the following address: O.R.R. Asset Management, Inc. 4100 Newport Place, Suite 400 Newport Beach, CA 92&60 File No.: 7151-1l'41303 (MR) Date: December 13, 2008 STATUTORY SPECIAL WARRANty DEED City Of Ashland, a munlelpalc:orporatlon In.the State of Oregon, Grantor, conveys and specially warrants to DRRAM Ashland limited Partnership, a Callfomfa Limited Partnership, Grantee, the followIng described real property free 'of liens and encumbrances created or suffered by the Grantor, except as spedtically set forth herein: This property is free from liens and enc:umbrantes,EXCEPT: 1. Covenants, conditions, restrictions and/or easements, if any, affecting title, which may appear in the public record, induding those shown on any reoorded plat or survey. See Lega' Description attached hereto as Exhibit A 'and by this reference incorporated herein. The true consideration for this conveyance is $400,000.00. {Here comply wIth re<!virements of ORS 93.030) I' .-- PiQt! I of 3 ~~....;-.......__....-......~,~.~;.;~'.;;tlt...."...~;:t.:~.~I. ',1 I.I.:."! .... , , _,...,.......:.,.........-...~::~:~.;;.;~.:.:~_............-..................._..."..,..,. 0' APN: 1-011503-1 Statutory Special Warranty Deed . amtinucd File No; 7161-1141303 (HR) Date: 12113/2008 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. THIS INSTRUMENT DOES NOT ALLOW USE OF THE PROPERTY DESCRIBED IN THIS INSTRUMENT IN VIOLATION OF APPUCABLE LAND USE LAWS AND REGULATIONS. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING FEE TITLE TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE OTY OR COUNTY PLANNING DEPARTMENT TO VERIFY THAT THE UNIT OF LAND BEING TRANSFERRED IS A LAWFULLY EsrABLISHED LOT OR PARCEL, AS DEFINED IN O~S 92.010 OR 215.010, TO VERIFY THE APPROVED USES OF THE LOT OR PARCEL, TO DETERMINE ANY UMITS ON LAWSUITS AGAINST FARMING OR FOREST PRACTICES AS DEFINED IN ORS 30.930 AND TO INQUIRE ABOlJT TI-iE RIGHTS OF NEIGHBORING PROPERlY OWNE~S, 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. Dated this l11h. day of 'ORe (roW . ,'2plL. '" ) )5S. County of Jackson ) . This instrument was aC~nOWled9ed before me on this .111l\day of \1(.em~.eY" by John Morrison as Mayor of City of Ashland, on behalf of the City of Ashla~~. ) . M~~wv Notary Public for Oregon My commission expires: 2.... ~ ~ .1.. D\ \ .20~ -_ OFFICIAL SEAL ALEXANDRA BROOKS ; NOTARY PUBLIC-OREGON COMMISSION NO. 414765 MY COMMISSION EXPIRES FEB. 28. 2011 Page 2 of 3 I.. -_._~_._-or--. ... EXIDBIT A (Strawberry TL.I02) . PARCEL I, AS SHOWN ON THE PARTITION PLAT FILED IN THE OFFICE OF THE JACKSON COUNTY OREGON SURVEYOR AS NO. 20222, AND RECORDED AS PARTITION PLAT NO. P-64-2008 OF "RECORD OF PARTITION PLATS" IN JACKSON COUNTY, OREGON. (39 IE 08BD 102) ....1.;".1 "r ~ fo;' , .,.. '., '"i' .... :.. : ...." ....tIII THIS SPACE RESERVED FOR RECOROER'S USE After recording return to: First American Title 1225 Crater Lake A.ve Suite 101 Medford, OR 97504 Until a change is requested aA U1X statements shall be sont to the (ollowifl9 address: D.R.R. Asset Management, Inc. 4100 Newport Place, Suite 400 Newport Beach. CA 92660 File No.: 7161.1141303 (MR) Date: December 13,2008 STA1'UTORY SPECIAL WARRANTY DEED City of Ashland, a munidpal corporation in the state of Oregon, Grantor, conveys and specially warrants to DRRAM Ashland Limited partnership, a California Umlted Partnership, Grantee, the following described real property free of liens and encumbrances created or suffered by the Grantor, except as spedfically set forth herein: This property is free from liens and encumbrances, EXCEPT: 1. Covenants, conditions, restrictions and/or easements. if any, affecting title,. which may appear in the public record, Including those shown on any recorded plat or survey. See Legal Description attached hereto as Exhibit A and by this reference incorporated herein, The true consideration for this conveyance is $400,000.00. (Here cOtnply -vith requirements or ORS 93.030) Page 1 or 3 .~;::,..__..u...............-:..'.:.. .~.......,.._-......._-_..,~_.~:~;";';t"";:.~_ ,.~U'I'S""'t...,~ '~',...H' ..~:'l,", ..-~.----- APN: l-oi1503-1 StBWlory Special Warnmty Oeed . continued file No.: 7161-1141303 (MR) Date: 12/13/2008 BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON TRANSFERRING FEE TITLE SHOULD INQUIRE ABOUi 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. THIS INSTRUMENT DOES NOT ALLOW USE OF THE PROPERlY DESCRIBED IN nns INSTRUMENT IN VIOLATION OF APPUCABLE LAND USE LAWS AND REGULATIONS. 8EFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING FEE TITLE TO THE PROPERlY SHOULD CHECK Wffi11liE APPROPRIATE em OR COUNn' PLANNiNG DEPARTMENT TO VERIFY THAT THE UNIT OF LAND BEING TRANSFERRED IS A LAWFULLY ESTABUSHED 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 FORESi 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. Dated this m day of ~rft(\'oe( .20A-. , ~ --- STATE OF ) )55. County of Jackson . ) This instrument was acknoWledged before me on this ..1J1boay of, \\ttem~1 by John Morrison as Mayor of City of Ashland, on behalf of the City of Ashland. ' ~.. ~MJJ\U Notary Public for Oregon My commission expires: 2-. ~ ~ . 'Z () J l Oregon .20% _OFFICIAL SEAL , , ALEXANDRA BROOKS ~I NOTARY PUBLIC-OREGON COMMISSION NO. 414765 _ ~~ COMMISSION EXPIRES FEB. 28, 2011 Page 2 of 3 . .0 ................. EXHlBIT A (Strawberry TL 104) PARCEL 3, AS SHOWN ON THE PARTITION PLAT FILED IN THE OFFICE OF.THE JACKSON COUNTY OREGON SURVEYOR AS NO. 18559, AND RECORDED AS PARTITION PLAT NO. P-Ol-2005 OF "RECORD OF PARTITION PLATS" IN JACKSON COUNTY, OREGON. (39 IE 08BD 104) ."... 10. "(.....~ ~.~. .';.IC '.(....:'... '~,.' ,'. ...f'. ". .,'1 .; :> ;-,,;e " .:' <:.~ ,.~ THIS SPACE RESERVED FOR RECORDER'S USE After recording return to: First AmeriCan litle 1225 Crater Lake Ave Suite 101 Medford, O~ 97504 Until a Change Is requested all tal( statements shall be sent to the following address: D.R.R. Asset Management, Inc. 4100 Newport Place, Suite ~OO Newport Beach, CA 92660 File No.: 7161-1141303 (MR) Date: December 13, 2008 STATUTORY SPECIAL WARRANTY DEED City of Ashland, a municipal corporation In the State of Oregon, Grantor, conveys and specially warrants to DRRAM Ashland limited partnership, a California Limited Partnership, Grantee, the following described real property free of liens and encumbrances created or suffered by the Grantor, . except as specifically set forth herein: This property Is free from liens and encumbrances, EXCEPT: 1. Covenants, conditions, restrictions and/or easements, If any, affecting title, which may appear tn the public record, Indudlng those shown on any recorded plat or survey. See Legal Description attached hereto as Exhibit A and by this reference incorporated herein. The true consideration for this conveyance is $400,000.00. (Here comply with requirements of ORS 93.030) Pag~ 1 of 3 -........-...---.-:.............--- APN: 1-011503-1 Statutory Special W~rrao'\f Deed . continued FIk! No.: 7161-114130~ (MR) Date: 12/1312008 BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON TRANSFERRING FEE IDLE SHOULD INQUIRE ABour,me 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. THIS INSTRUMENT DOES NOT Ali.OW USE OF THE PROPERty O'ESCRIBEO IN nus INSTRUMENT IN VIOLATION OF APPLICABLE LAND USE LAWS AND REGULATIONS. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING FEE TIiLE TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR couNtY PLANNING DePARTMENT TO VERIFY TliAT THE UNIT OF LAND BEING TRANSFERRED IS A LAWFULLY ESTABUSHED LOT O~ PARCEL, AS DEFINED IN ORS 92.010 OR 21S.01Q, TO VERIFY THE APPROVED USES OF THE LOT OR PARCEL, TO DETERMINE ANY. UMITS ON LAWSUITS AGAINST FARMING OR FOREST PRACTICES \ AS DEFINED IN ORS 30.930 AND TO INQUIRE ABOUT THE RIGHTS OF NEIGHBORING PROPER1Y 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. Dated this JJ1h. day or'ttr IJY\blX , 20~. '-.. ....... ) }ss. County of Jackson ) This Instrument WilS aCknowl~dged wfore me on this t:b.h- day of ~.IV\'o-ef by John Morrison as Mayor of City of Ashland~ City of Ashland. . ~. ~~\k./ Notary Public for Oregon My commission expires: ~. ie .~t>\ \ STATE OF Oregon ,20~ _OFFICIAL SEAL ALEXANDRA BROOKS " NOTARY PUBLIC-OREGON COMMISSION NO. 414765 MY COMMISSION EXPIRES FEB. 28. 2011 Page 2 of 3 ... .........~h..,..........r,~li!,L1.~.;....,...._._....~.... ....1._ ,'-________ ...-::.;..~................... ..-...........-.....?...-.-.-....... -..-........ '.,:..~_---........ .... .._--,., .... EXHIBIT A i ! ' (Strawberry TL 105) , PARCEL 2, AS SHOWN ON THE'PARTITION PLAT FILED IN THE OFFICE OF THE JACKSON COUNTY OREGON SURVEYOR AS NO. 20222, AND RECORDED AS PARTITION PLAT NO. P-64-2008 OF "RECORD OF PARTITION PLATS'~ IN JACKSON COUNTY, QREGON. (391E08BD 105) I . , I L..' - ." .~,..."..__...#..~.....__-..:.._...;.. ~ ". .....,.,. . THIS SPACE RESERVED-FOR RECORDER'S USE After recording return to: First American Title 1225 Crater Lake Ave Suite 101 Medford, OR 97504 Until a change IS requested all tax statements shall be sent to the (ollowing address: D.R.R. Asset Management, Inc. 4100 Newport Place, Suite 400 Newport Beach, CA 92660 File No.: 7161-1141303 (MR) Date: December 13, 2008 STATUTORY SPECIAL W~RRANTY DEED City of Ashland, a municipal corporation in the state of Oregon, Grantor, conveys and specially warrants to DRRAM Ashland Umlted Partnership, a California Umlted Partnership, Grantee, the following described real property free of liens and encumbrances created or suffered by the Grantor, except as specifically set fOrth herein: This property '5 free from liens and encumbrances, EXCEPT: - 1. Covenants, conditions, restrictions and/or easements,' if any, affecting title, which may appear in the public record, Including those shown on any reoorded plat or survey. See Legal DescriptIon attached hereto 'as Exhibit A and by this reference incorporated herein. The true consideration for this conveyance Is $500,000.00. (Here comply with ~\Jlrements 0( ORS 93.030) Page 1 or 3 APN: 1-011503-1 Statutory Special Warranty Deed . continued File No.: 7161-1141303 (MR) D3te: 12/13/2008 BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON TRANSFERRING FEE TITlE SHOULD INQUIRE ABOUT TIiE PERSON'S RIGHTS1 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. THIS INSTRUMENT DOES NOT ALLOW USE OF Tl'iE PROPERTY DESCRIBED IN THIS INSTRUMENT IN V10LATlON OF APPUCABLE LAND USE LAWS AND REGULATIONS. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING FEE nilE .TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE em 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 UMITS ON LAWSUITS AGAINST FARMING OR FOREST PRAcncES AS DEFINED IN ORS 30.930 AND 'Ie' INQUIRE ABOUT n-tE 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 2067: Dated this \11\ davof ~teVY\b.ex' . . 20.JL. ( " ) )S5. County of Jackson ) This instrument was acknowledged before me on this.DThday of \JilfMh.P/ by John Morrison as Mayor of City of Ashland, on behalf of the City of AShland. .~ v-Mo~) ..2oJLt. (I) OFFICIAL SEAL ALEXANDRA BROOKS NOTARY PUBLlC.OREGON " COMMISSION NO. 414765 MY COMMISSION eXPIRES FEB. 28, 2011 Notary Public for Oregon My commission expires: 2,... z..~.1" ()~ \ Page 2 rJ 3 AI......'~~~ APN: 1-011503-1 Statutory Special Warranty Deed . continued file No.: 7161-1141303 (Mil) Date~ 12/13/2008 EXHIBrt A . LEGAL DESCRIPnON: Real property in the County of Jackson, State of Oregon, described as follows: (Uthla TL 10800) . . COMMENCING ATA FOUND 3/4 INCH IRON PIPE, 12 INCHES BELOW GROUND LEVEL AND .SttUATEDATTHE CENTERUNEANGLE POINT OF AN ALLEY (NOW NAMED WILL DODGE WAY), SAID piPE BEARS NORtH 18046' 02" WEST fOR A DISTANCE OF 1213.87 FEET' FROM A FOUND. BRONZE DISK SET IN A CONCRETE POST AND BEING SITUATED AT THE SOUT..EAST CORNER OF DONAnON LAND CLAIM NO,. 40, TOWNSHIP 39 SOUTH, RANGE 1 EAST,: wt LLAM EnE MERIDIAN, JACKSON COUNTY, OREGON; THENCE SOUTH 590 36' 08" EAST FOR A DISTANCE. OF 90.27 FEET TO A 5/8 X 24 INCH IRON ROD WITH AN ALUMINUM CAP SITUATED IN THE NORTHEAsTERLY RIGHT OF WAY OF AN ALLEY (NOW NAMED WILL DODGE WAY) AND BEING THE TRUE POINT OFBEGINNJNG; THENCE LEAVING SAID ALLEY RIGHT. OF WAY UNE, NORTH 340 10' 18" EAST ALONG THAT BOUNDARY UNE BY AGREEMENT RECORDED AS DOCUMENT NO. 89-24011, OFFICIAL RECORDS OF JACKSON COUNTY, OREGON, 63.90 FEET TO A 5/8 X 24 INCH IRON ROD WITH AN. ALUMINUM CAP SITUATED IN THE SOUTHERLY RIGHT OF WAY LINE OF UTHIA WAY; THENCE ALONG SAID RIGHT OF WAY UNE ALONG A CURVE TO THE LEfT HAVING A RADIUS OF 1462.39 FEET AND AN ARC LENGTH OF 69.15 FEET BEING SUBTENDED BY A CHORD OF SOUTH 640 39' 33" EAST FOR A DISTANCE OF 69.15 FEET TO A 5/8 X 24 INCH IRON ROD WITH AN ALUMINUM CAP; THENCE CONTINUE ALONG SAID RIGHT OF WAY, SOUTH 668 00' 50" EAST FOR A DISTANCE OF 29.87 FEET TO A 5/8 X 24 INCH IRON ROD WITH AN ALUMINUM CAP SITUATED IN THE SOUTHEASTERLY BOUNDARY UNE OF THAT TRACT OF .LAND AS SET FORTH IN VOLUME 254, PAGE 64, JACKSON COUNTY, OREGON, DEED RECORDS, AND AS RE-SURVEYED AND SHOWN ON THAT MAP OF SURVEY FILED AS NO. 11757 IN THE OFFICE OF THE JACKSON COUNTY SURVEYOR; THENCE LEAVING SAID SOUTHERLY RIGHT OF WAY UNE, SOUTH 330 50' 29" WEST (DEED RECORD NORTH 340 EAST), ALONG THE SOUTHEASTERLY BOUNDARY UNE OF THAT"TRACf OF LAND AS SET. FORTH IN VOLUME 254, PAGE 64, OF SAID DEED RECORDS, FOR A DISTANCE OF 19.86 FEeT TO A 5/8 X 24 INCH IRON ROD WITH AN ALUMINUM CAP SITUATED IN THE NORTHEASTERLY RIGHT OF WAY UNE OF AN ALLEY (NOW NAMED WILL DODGE WAY); tHENCE NORT)ot 550 41' 21" WEST ALONG SAID ALLEY RIGHT OF WAY UNE FOR A DISTANCE OF 98.19 FEET TO THE POINT Of BEGINNING. (36 IE 9BA 10800) Page J or 3 SELLER'S CERnFICATION UNDER FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT ("fIRPTA") (26 U.S.C. 1445) File No: 7161-1141303 December 17, 2008 THIS SECTION FOR INDIVIDUAL TRANSFEROR: Section 1445 of the Internal Revenue Code provides that a transferee (buyer) of a U.S. real property interest must withhold tax if the transferor (seller) is a foreign person. To inform the transferee (buyer) that withholding of tax is not required upon my disposition of a U.S. real property interest, I, , hereby certify the following: 1. 2. 3. I am not a nonresident alien for purposes of U.S. income taxation; My U.s. taxpayer identification number (Social Security Number) is My home address is I understand that this certification may be disclosed to the Internal Revenue Service by the transferee and that any false statement I have 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. Date Signature Typed or Printed Name ! I THIS SErnO" FOR ENTITY TRANSFEROR: Section 1445 of the Internal Revenue Code provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a foreign person. For U.S. tax purposes (including Section 1445), the owner of a disregarded entity (which has legal title to a u.S. real property interest under Jocallaw) will be the transferor of the property and not the disregarded entity.. ~ info m the trans~ ree a '1'ittlho i 9 of t~iS not required upon the disposition of a U.S. real property interest by R M/~ Zir me of transferor] ('Transferor")} the undersigned hereby certifies the following on behalf of Transferor: 1. Transferor 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); Transferor is not a disregarded entity as defined in Section 1.1445-2(b)(2)(iii); ~~:~:~:~~: ~~~e~~~~; ii~~;ot~ number i i&::f.le.~ ~-~qc: a.' I-UI~ ~2-Cc ~o Transferor understands that this certification may be disclosed to the Internal Revenue Service by transferee and that any false statement contained herein 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 comPle~ and I er declar t(1~ ha e authority to sign this document on behalf of Transferor. ~la.c:.Ll.:/?:l~'r" .c~_' 2. 3. 4. Date Signature tgnda/I C-. ~~~.~.'c=ocr_.oc' Typed or Printed Name U So_Oregon JIRPTA Seller Affidavit-Open/Draw_Rev (7/12/04) Page 1 of 1 Pages