40 DCNCS.CTIC.COM DC – ALTA COMMITMENT FOR TITLE INSURANCE This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w-DC Mod (07/01/2021) Printed: 11.09.23 @ 06:03 PM Page 3 DC-CT-FA61-02100.141018-SPS-1-23-SampleDCACC CHICAGO TITLE INSURANCE COMPANY COMMITMENT NO. SampleDCACC SCHEDULE B, PART I - Requirements All of the following Requirements must be met: 1. The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions. 2. Pay the agreed amount for the estate or interest to be insured. 3. Pay the premiums, fees, and charges for the Policy to the Company. 4. Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records. A. Deed from the current owner to the Proposed Insured. B. Deed of Trust from the Proposed Insured, securing indebtedness and obligations in favor of the Proposed Insured Lender. Note: A properly completed, executed and acknowledged Combined Real Property Deed Recordation Tax and Real Property Transfer Tax Return (“FP-7C”) must accompany each deed and deed of trust submitted for recordation. (PDF version attached) Note: Transfer and/or Recordation Taxes will likely be due upon recordation of the Deed, Deed of Trust, Lease or Transfer of Economic Interest associated with this transaction. Please contact your underwriter or escrow officer for details as to the applicable rate associated with your transaction. NOTE: ANY REMOTE NOTARIZATION PROCEDURE MUST BE PRE-APPROVED BY THE COMPANY. PLEASE CONTACT THIS OFFICE PRIOR TO ENGAGING IN ANY SUCH PROCEDURE. 5. Evidence must be submitted of the timely filing of a properly completed and duly executed Income-Expense Form (“FP-308B Office and Retail, FP-308B-A Apartment Building, FP-308B-C Commercial Real Estate, or FP308B-I Industrial”) or Hotel/Motel Income and Expense Report (“FP-421B”) in connection with any income producing or investment-type property. Filings are due on or before April 1 of each year. See https://otr.cfo.dc.gov/page/real-property-tax-formsfor more information. 6. In the event of the sale of any residentially-used or mixed-use commercial/residential property, you must provide us with a Tenant Opportunity to Purchase Affidavit evidencing the Land is either 1) owner- occupied, 2) occupied by the proposed purchaser (who is currently the sole tenant), or 3) vacant with no leases in force and effect. In the event of sale of the Land which is partially or wholly occupied by tenant(s), further evidence of compliance with the “Rental Housing Conversion and Sale Act of 1980,” D.C. Official Code §42-3401.01, et. seq., must be submitted for Company approval. If the Land contains 5 or more units, the Company must also be furnished with satisfactory evidence that the property is either not subject to D.C. Official Code §42-3404.31, “District’s Opportunity to Purchase Amendment Act of 2008”, or that the requirements of that Act have been met. 7. The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may Chicago Title NCS DC l MD Page 70
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