Chicago Title NCS Chicago: SYFCREC 2021

Surviving Your First Commercial Real Estate Closing I Title Commitments Corporate Clearance (LLC) Acceptable Title Clearance: o Consent / Resolution o Certificate of Good Standing o Articles of Organization o Operating Agreement o Needed for each layer The Company will require the following documents for review prior to the issuance of any title insurance predicated upon a conveyance or encumbrance from the entity named below. Limited Liability Company: Daring Developer, LLC, a Delaware limited lability company a) A copy of its operating agreement, if any, and any and all amendments, supplements and/or modifications thereto, certified by the appropriate manager or member. b) If a domestic Limited Liability Company, a copy of its Articles of Organization and all amendment thereto with the appropriate filing stamps. c) If the Limited Liability Company is member-managed a full and complete current list of members certified by the appropriate manager or member. d) A current dated certificate of good standing from the proper governmental authority of the state in which the entity was created e) If less than all members, or managers, as appropriate, will be executing the closing documents, furnish evidence of the authority of those signing. The Company reserves the right to add additional items or make further requirements after review of the requested documentation. 27 Surviving Your First Commercial Real Estate Closing I Title Commitments Current Mortgage Acceptable Title Clearance: o Original Release to be recorded o Current Payoff Letter referencing the Mortgage to be released o If private lender – original note and mortgage Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated June 1, 2018 and recorded June 12, 2018 as Document No. 1816334035 made by Stellar Seller, Inc. to Existing Bank, National Association to secure an indebtedness in the amount of $2,700,000.00. 28 27 28 17