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AG 24-054 - FW PROJECTRETURN TO: PW ADMIN EXT: 2700 ID #: 4412 CITY OF FEDERAL WAY LAW DEPARTMENT ROUTING FORM 1. ORIGINATING DEPT/DIV: PUBLIC WORKS / Deputy Director .2. ORIGINATING STAFF PERSON: Desiree Winkler EXT: 2711 3. DATE REQ. BY: 3/13/24 3. TYPE OF DOCUMENT (CHECK ONE): t3 CONTRACTOR SELECTION DOCUMENT (E.G., RFB, RFP, RFQ) ❑ PUBLIC WORKS CONTRACT ❑ SMALL OR LIMITED PUBLIC WORKS CONTRACT ❑ PROFESSIONAL SERVICE AGREEMENT ❑ MAINTENANCE AGREEMENT ❑ GOODS AND SERVICE AGREEMENT ❑ HUMAN SERVICES / CDBG 0 REAL ESTATE DOCUMENT ❑ SECURITY DOCUMENT (E.G. BOND RELATED DOCUMENTS) ❑ ORDINANCE ❑ RESOLUTION ❑ CONTRACT AMENDMENT (AG#): ❑ INTERLOCAL ❑ OTHER Purchase and Sales Agreement 4. PROJECT NAME: West H lebos Property Acquisition 5. NAME OF CONTRACTOR: Federal Way Project, LLC ADDRESS: 3800 S Othello St. Seattle WA 98118 TELEPHONE: E-MAIL: FAX: SIGNATURENAME: Stephen Carr TITLE: Governor 6. EXHIBITS AND ATTACHMENTS: ❑ SCOPE, WORK OR SERVICES ❑ COMPENSATION ❑ INSURANCE REQUIREMENTS/CERTIFICATE ❑ ALL OTHER REFERENCED EXHIBITS ❑ PROOF OF AUTHORITY TO SIGN ❑ REQUIRED LICENSES ❑ PRIOR CONTRACT/AMENDMENTS CFW LICENSE # BL. EXP. 12/31/ UBI # , EXP. / 7. TERM: COMMENCEMENT DATE: COMPLETION DATE: 8. TOTAL COMPENSATION: $ 800,000.00 (INCLUDE EXPENSES AND SALES TAX, IF ANY) (IF CALCULATED ON HOURLY LABOR CHARGE - ATTACH SCHEDULES OF EMPLOYEES TITLES AND HOLIDAY RATES) REIMBURSABLE EXPENSE: O YES ❑ NO IF YES, MAXIMUM DOLLAR AMOUNT: $ IS SALES TAX OWED: ❑ YES ❑ NO IF YES, $ PAID BY: ❑ CONTRACTOR ❑ CITY RETAINAGE: RETAINAGE AMOUNT: ❑ RETAINAGE AGREEMENT (SEE CONTRACT) OR ❑ RETAINAGE BOND PROVIDED O PURCHASING: PLEASE CHARGE TO: . 9. DOCUMENT / CONTRACT REVIEW INITIAL / DATE REVIEWED INITIAL / DATE APPROVED ❑ PROJECT MANAGER ❑ DIVISION MANAGER 6 DEPUTY DIRECTOR DSW 3/12/24 d DIRECTOR ❑ RISK MANAGEMENT (IF APPLICABLE) 6 LAW DEPT KVA 3/13/2024; 3/21/2024 10. COUNCIL APPROVAL (IF APPLICABLE) SCHEDULED COMMITTEE DATE: COMMITTEE APPROVAL DATE: SCHEDULED COUNCIL DATE: COUNCIL APPROVAL DATE: 11. CONTRACT SIGNATURE ROUTING ❑ SENT TO VENDOR/CONTRACTOR DATE SENT: DATE REC, D: ❑ ATTACH: SIGNATURE AUTHORITY, INSURANCE CERTIFICATE, LICENSES, EXHIBITS ❑ CREATE ELECTRONIC REMINDER/NOTIFICATION FOR 1 MONTH PRIOR TO EXPIRATION DATE (INCLUDE DEPT. SUPPORT STAFF IF NECESSARY AND FEEL FREE TO SET NOTIFICATION MORE THAN A MONTH IN ADVANCE IF COUNCIL APPROVAL IS NEEDED.) INITIAL / DATE SIGNED ❑ FINANCE DEPARTMENT 6 LAW DEPT w 6 SIGNATORY (MAYOR OR DIRECTOR) CITY CLERK ASSIGNED AG # A # IGNE-D COPY RETURNED DA SENT: CoMmiTS: EXECUTE" R1G1 AL �A I/2020 CITY OF vz*t:�L Federal Way March 13, 2024 Federal Way Project, LLC c/o Stephen Mark Carr 3800 SW Othello St. Seattle, WA 98118 Offer Letter Project Title: Hylebos Creek Conservation Property Acquisitions Parcel No.: 2921049026, 2921049153 Dear Mr. Carr: CITY HALL 33325 8th Avenue South Federal Way, WA 98003-6325 (253) 835-7000 www.cityoffederalway.com The City of Federal Way (City) plans to proceed with the above -titled public project. The City has proposed to re -fund the Hylebos Creek Acquisitions project, with acquisition focusing on three (3) missing link properties which have expressed interest in selling to the City. This grant would allow the City to continue to pursue one parcel directly adjacent to City owned parcels adjacent to or a part of the West Hylebos Wetlands Park, as well as to pursue two parcels directly to the west and north of two large parcels already under City ownership through the Conservation Futures process. All three parcels are within the West Hylebos Wetlands area of the Hylebos Creek basin and will expand the continuous riparian corridor along the West Fork of the West Hylebos Creek and West Hylebos Wetlands Park. Acquisition of the three proposed parcels will also allow the City to pursue development of the planned West Hylebos watershed trail and West Hylebos Educational Center. The purpose of this letter is to notify you of the following: • The City's interest in acquiring your property for this -project. • The City's determination of just compensation for your property and/or property rights. • The basic protections afforded to you by law. As outlined below, the City has established an amount it believes is just compensation based on the market value estimated for your property. The City's offer is as follows: Land Conveyed Fee: $700,000 Administrative Settlement $100,000 Total Amount $800,000 Your property has been examined by a qualified appraiser and appraisal reviewer who have carefully considered all the elements which contribute to the market value of your property. You, or your designated representative, were provided with an opportunity to accompany the appraiser and appraisal reviewers on all inspections of your property. By law, the appraisers and appraisal reviewers must disregard any general increase or decrease in value caused by the project. You may wish to employ professional services to evaluate the City's offer. If you do so, we suggest that you employ well -qualified evaluators so that the resulting evaluation report will be useful to you in deciding whether to accept the City's offer. The City will reimburse up to $750.00 of your evaluation costs upon submission of the bills or paid receipts. The Internal Revenue Service (IRS) requires that the City obtain your correct taxpayer identification number (TIN) or social security number (SSN) to report income paid to you as a result of this real estate transaction. Payment for your property and/or property rights will be made available to you as soon as reasonably possible after acceptance of the City's offer, provided that there are not delays in closing the transaction. The date on which payment is made available to you is called the "payment date". On that date, the City becomes the owner of the property rights purchased and responsible for its control and management. Enclosed please find the following: • The necessary legal documents for the transferring of the property or property rights • Real Estate Excise Tax Affidavit • Real Property Voucher • W-9 per IRS requirements • A copy of the valuation of your property • Title Report • Escrow Agreement This letter has been sent to provide a concise statement of the City's offer and summary of your rights. Please feel free to direct any questions you may have to the undersigned. Thank you for your time and consideration. Sincerely, Desiree Winkler, P.E. 33325 8th Avenue South Federal Way, WA 98003-6325 (253) 835-7000 Enclosures Acknowledgment of receipt of Offer Letter 31 Signature. Date: Z By: Sjtephen Carr Its: Chief Financial Officer Signature above does not mean acceptance or rejection of offer 2 REAL ESTATE PURCHASE AND SALE AGREEMENT THIS REAL ESTATE PURCHASE AND SALE AGREEMENT (hereinafter "Agreement") is entered into by and between Federal Way Project, LLC, a Washington limited liability company (hereinafter "Seller") and the City of Federal Way, a municipal corporation and political subdivision of the state of Washington (hereinafter "Purchaser"). Seller and Purchaser may hereinafter collectively be referred to as "Parties" or individually as a "Party." AGREEMENT FOR AND IN CONSIDERATION of the mutual promises and covenants contained herein, the sufficiency of which is unconditionally acknowledged by Seller and Purchaser, the Parties agree as follows: 1. The Property. Seller is the sole owner in fee simple of a certain real property located in King County, Washington legally described on the attached Exhibit A (the Property). 2. Purchase and Sale. Seller shall sell and convey to Purchaser, and Purchaser shall .purchase and accept from Seller, upon the terms, covenants, and conditions set forth in this Agreement, all of Seller's right, title, and interest in and to the Property, including all after - acquired property. Seller warrants that Seller has full right, title, authority, and capacity to execute this Agreement and sell the Property. Purchaser warrants that Purchaser has full right, title, authority, and capacity to execute this Agreement and purchase the Property. 3. Purchase Price and Payment. The total purchase price for the Property (hereinafter "Purchase Price") is Eight Hundred Thousand and NO/100 Dollars ($800.000) and shall be paid by Purchaser to Seller by cashier's check, certified check, or wire transfer of immediately available funds to Seller at closing. 4. Conveyance of Title. Seller shall convey title to the Property legally described on the attached Exhibit A to Purchaser by Statutory Warranty Deed (hereinafter "Deed"). 5. Closing; Possession. Closing shall occur upon payment of the Purchase Price to Seller from Purchaser and delivery of the executed Deed from Seller to Purchaser (hereinafter "Closing Date"), but in no event later than April 15, 2024. The Parties agree to execute any and all documents necessary to effectuate the intent of this Agreement. Purchaser shall be entitled to possession of the Property legally described on the attached Exhibit A as of the Closing Date. 6. Risk of Loss. Risk of loss of or damage to the Property shall be borne by Seller until the Closing Date. Thereafter, Purchaser shall bear the risk of loss. In the event of material loss of or damage to the Property prior to the Closing Date, Seller shall promptly notify Purchaser in writing and Seller shall not be obligated to restore the Property nor pay damages to Purchaser by reason of such loss or damage. Upon receipt of written notice pursuant to Section 8 below, Purchaser may within five (5) business days terminate this Agreement by giving written notice of such termination to Seller and such termination shall be effective immediately; provided, however, that Purchaser may elect to purchase the Property in the condition then existing; provided that, Purchaser delivers notice of such election pursuant to Section 8 below within five (5) business days of receipt of Seller's notice of a material loss of or damage to the Property as provided for in this Section 8. 7. Closing Costs & Prorations. Seller shall pay its own attorney fees. Purchaser shall pay the cost of recording the Deed, its own attorney fees, and all other costs and expenses allocated to Purchaser and Seller pursuant to the terms of this Agreement; excepting only the Seller's payment of its own attorney fees as provided for above in this Section 7 and any prorations for which it is Page 1 of 5 responsible pursuant to the following sentence. Any taxes, liens, assessments, insurance, or charges imposed by law upon the Property shall be prorated as of the Closing Date, with such prorations to be a final settlement between the Parties. The Purchaser shall pay fifty percent (50%) of the Real Estate Excise Taxes (REET) and recording fee (Total REET and fee equals $13,300 and 50% equals Six Thousand Six Hundred fifty and no/100 dollars ($6,650.00). 8. Notices. Except as specifically set forth herein, any demand, request or notice which either Party desires or may be required to make or deliver to the other shall be in writing and shall be deemed given when personally delivered, or when delivered by private courier service (such as Federal Express), or three days after being deposited in the United States Mail first class, postage prepaid and addressed as follows: PURCHASER SELLER City of Federal Way Federal Way Project, LLC 33325 8th Ave. S. 3800 SW Othello St. Federal Way, WA 98003 Seattle, WA 98118 The foregoing addresses may be changed by written notices to the other party as provided herein. 9. Time. Time is of the essence in every provision herein contained. 10. Binding Agreement. This Agreement shall inure to the benefit of and be binding upon the heirs, personal representative, successors, and assigns of the Parties. 11. Attorneys' Fees. In the event of any litigation regarding the rights and obligations of the parties under this Agreement, the prevailing party shall recover its costs and attorneys' fees, including such costs and attorneys' fees for appeals. 12. Negotiation and Construction. This Agreement was negotiated by the Parties and shall be construed according to its fair meaning and not strictly for or against either Party. 13. Entire Agreement. This Agreement contains the entire understanding between the Parties and supersedes any prior understandings and agreements between them regarding the subject matter hereof. There are no other representations, agreements, or understandings, oral or written, between the Parties relating to the subject matter of this Agreement. No amendment of, or supplement to, this Agreement shall be valid or effective unless made in writing and executed by the Parties. 14. Counterparts. This Agreement may be signed in two or more counterparts, which taken together shall constitute the complete Agreement. 15. Invalid Provision. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by such illegal, invalid or unenforceable provision or by its severance from this Agreement. [SIGNATURES & ACKNOWLEDGEMENTS APPEAR ON FOLLOWING PAGES] Page 2 of 5 PURCHASER'S SIGNATURE PAGE City of Federal Way Date: Is Z.p Z 1 EJ W sh, P.E. Director of Public Works STATE OF WASHINGTON ) ) ss. COUNTY OF KING ) On this 200 day of IV a(CV\ before me personally appeared EJ Walsh, P.E., to me known to be the Director of Public Works, for the City of Federal Way, that executed the foregoing instrument, and acknowledged the said instrument to be the free and voluntary act and deed of said City of Federal Way, for the uses and purposes therein set forth, and on oath stated that he is authorized to execute said instrument. GIVEN under my hand an{�rai��ai the day and year last above written. 1.�` E4IS E yrwp7'A�r� "A ;-4 �� ?mg Notary's signatur(iD 20103606 Notary's printed name C- � Notary Public in and or t e State ❑f At ,,y T. z� .` �� s _ +1��ru ..-, ��rth Washington. n My commission expires {^ -I' 2W ATTEST: WS(TJ A ney, CMC, City Clerk APPROVED AS TO FORM: C S Ryan Call,, City Attorn Page 3 of 5 SELLER'S SIGNATURE PAGE Federal Way Project, LLC By: Stephen Mark Carr Its: Chief Financial Officer Date: 3 L ?� t STATE OF WASHINGTON ) ) ss. COUNTY OF KING ) On this day personally appeared before me Stephen Mark Carr, to me known to be the Chief Financial Officer of Federal Way Project, LLC that executed the foregoing instrument, and acknowledged the said instrument to be the free and voluntary act and deed of said limited liability company, for the uses and purposes therein mentioned, and on oath stated that he is authorized to execute said instrument. GIVEN under my hand and official seal this 4- U day of VU 6\ , 2024. %x\0%►►►l�yjt+ Notary's signatur �G►L�+ ,��I Notary's printed name _- Pp��;g 44 �- stogy it►� �� ,p� •A Notary Public in and for the State of (0 Z ow 49 '`r'-� Washington. ( 9-2-9, 03606`"= My commission expires i 4 rLnq �61 09�7.�� G"o �� ,/,III OP WAS` � 1111� Page 4 of 5 EXHIBIT A LEGAL DESCRIPTION For APN/Parcel ID: 292104-9026 That portion of the north 2/5ths of the Northeast quarter of the Southwest quarter of Section 29, Township 21 North, Range 4 East, W.M., in King County, Washington, lying easterly of Pacific Highway South; Situate in the County of King, State of Washington. For APN/Parcel ID: 292104-9153 The Northeast quarter of the Southwest quarter of Section 29, Township 21 North, Range 4 East of the Willamette Meridian, in King County, Washington. Except the North 500 feet thereof. And except that portion lying West of the East line of Pacific Highway South, as conveyed to the State of Washington by instrument recorded under recording number 2545574. And except that portion conveyed to Hans Olsen Jr. by instrument recorded under recording number 5602572. Page 5 of 5 After recording return document to: City of Federal Way 33325 811 Avenue South Federal Way, WA 98003 Document Title: Warranty Deed Reference Number of Related Document: Grantor: Federal Way Project, LLC Grantee: City of Federal Way Legal Description: PTN NE 1/4 SW 1/4 SEC 29-T21N-R4E Additional Legal Description on Exhibit A. Assessor's Tax Parcel Number: 292104-9026 and 292104-9153 WARRANTY DEED Hylebos Creek Conservation Property Acquisition The Grantor, Federal Way Project, LLC a Washington limited liability company for and in consideration of the sum of TEN AND NO/100 ($10.00) Dollars, and other valuable consideration, hereby conveys and warrants to the City of Federal Way, a municipal corporation, Grantee, the following described real property situated in King County, in the State of Washington: See Exhibit A attached hereto and made a part hereof. ALSO SUBJECT TO THE FOLLOWING COVENANTS, WHICH ARE INTENDED TO BE RUNNING COVENANTS BURDENING AND BENEFITTING THE PARTIES' SUCCESSORS AND ASSIGNS: The City, as required by RC W 36.89.050, covenants that the Property shall continue to be used for open space, park, or recreation facility purposes or that other equivalent facilities within the County shall be conveyed to the county in exchange therefore. FA No. N/A LPA-302 Page 1 of (4) Pages Parcel No. 292104-9026 & 9/2023 292104-9153 The City acknowledges that the property was purchased for open space purposes with funds from the Conservation Futures Program. The City covenants to abide and enforce all terms, conditions, and restrictions in King County Ordinances 8867, 9128, 14714, and 18978 including that the City covenants that the Property will continue to be used for the purposes contemplated by these Ordinances, which prohibit both active recreation and motorized recreation such as off -road recreational vehicles but allow passive recreation, and in strict conformance with the uses authorized under RCW 84.34.230 and King County Code 26.12, that the Property shall not be transferred or conveyed except by agreement providing that the Property shall continue to be used for the purposes contemplated by these Ordinances and in strict conformance with the uses authorized under RCW 84.34.230, and that the Property shall not be converted to a different use unless other equivalent lands and facilities within the City residents. The City covenants that any and all user fees charged for the Property including charges imposed by any lessees, concessionaires, service providers, and/or other assignees shall be the same rate for non -City residents as for the residents of the City. The City covenants that it shall not use the Property in a manner that would cause the interest on County bonds related to the Property to no longer be exempt from federal income taxation. The City covenants that it shall place the preceding covenants in any deed transferring the Property or a portion of the Property for public park, recreation, or open space uses. LPA-302 Page 2 of (5) Pages FA No. N/A 9/2023 Parcel No. 292104-9026 & 292104-9153 It is understood and agreed that delivery of this deed is hereby tendered and that the terms and obligations hereof shall not become binding upon the City of Federal Way unless and until accepted and approved hereon in writing for the City of Federal Way, by its authorized agent. Date: 3/vs , 2024 Federal Wa Project, LLC By: St phen Mark Carr Its: Chief Financial Officer STATE OF WASHINGTON) )SS. County of King ) On this 29%) day of G1\ , 2024, before me personally appeared Stephen Mark Carr to me known to be the Chief Financial Officer of Federal Way Project. LLC, that executed the foregoing instrument, and acknowledged the said instrument to be the free and voluntary act and deed of said limited liability company, for the uses and purposes therein mentioned, and on oath stated that he is authorized to execute said instrument. GIVEN under my hand and official seal the day and year last above written. (SEAL) r � �aK �r„ �'►► �d, y �� Notary Publi . and for the State of 5, 701ARy `'��; Washington, residing at ` VN 0.= 3Bdg S O =. 20A My commission expire s ,c, a fill 0 W , City of Federal Way LPA-302 Page 3 of (5) Pages FA No. N/A 9/2023 Parcel No. 292104-9026 & 292104-9153 Date: EJ Walsh, P.E., Director of Public Works 7 APP OVED AS TO ORM: Ryan Call, City Attorney r LPA-302 Page 4 of (5) Pages FA No. N/A 9/2023 Parcel No. 292104-9026 & 292104-9153 EXHIBIT A FOR APN/Parcel ID: 292104-9026 THAT PORTION OF THE NORTH 2/5THS OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 29, TOWNSHIP 21 NORTH, RANGE 4 EAST, W.M., IN KING COUNTY, WASHINGTON, LYING EASTERLY OF PACIFIC HIGHWAY SOUTH; SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON. FOR APN/PARCEL ID: 292104-9153 THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 29, TOWNSHIP 21 NORTH, RANGE 4 EAST OF THE WILLAMETTE MERIDIAN, IN KING COUNTY, WASHINGTON. EXCEPT THE NORTH 500 FEET THEREOF. AND EXCEPT THAT PORTION LYING WEST OF THE EAST LINE OF PACIFIC HIGHWAY SOUTH, AS CONVEYED TO THE STATE OF WASHINGTON BY INSTRUMENT RECORDED UNDER RECORDING NUMBER 2545574. AND EXCEPT THAT PORTION CONVEYED TO HANS OLSEN JR. BY INSTRUMENT RECORDED UNDER RECORDING NUMBER 5602572. Grantor's Initials LPA-302 Page 5 of (5) Pages FA No. N/A 9/2023 Parcel No. 292104-9026 & 292104-9153 Department of Real Estate Excise Tax Affidavit (RCW 82.45 WAC 458-61A) Revenue Only for sales in a single location code on or after March 1, 2023. Washington State This affidavit will not be accepted unless all areas on all pages are fully and accurately completed. Form 84 0001 a This form is your receipt when stamped by cashier. Please type or print. ❑ Check box if partial sale, indicate % sold. List percentage of ownership acquired next to each name. 1 Seller/Grantor 2 Buyer/Grantee Name Federal Way Project, LLC,a Washington liimited liability company Name City of Federal Way, a Municipal Corporation c/o Steohen Mark Carr Public Works Department _ Mailing address 3800 SW Othello St 33325 8th Ave. S Seattle. WA 98118 Mailing address City/state/zip city/state/zip Federal Way, WA 98003 Phone (including area code) 206-432-8410 253-835-2711 Phone (including area code) 3 Send all property tax correspondence to: m Same as Buyer/Grantee Name Mailing address City/state/zip 4 Street address of prope This property is located in List all real and personal property tax parcel account numbers 2921049026 2921049153 Personal Assessed property? value(s) ❑ $ 132,000.00 ❑ $ 341,000,00 (for unincorporated locations please select your county) ❑ Check box if any of the listed parcels are being segregated from another parcel, are part of a boundary line adjustment or parcels being merged. .egal description of property (if you need more space, attach a separate sheet to each page of the affidavit). See Exhibit A 5 191 - Undeveloped land (land only) Enter any additional codes (see back of last page for instructions) Was the seller receiving a property tax exemption or deferral under RCW 84.36, 84.37, or 84.38 (nonprofit org., senior citizen or disabled person, homeowner with limited income)? ❑ Yes m No Is this property predominately used for timber (as classified under RCW 84.34 and 84.33) or agriculture (as classified under RCW 84.34.020) and will continue in it's current use? If yes and the transfer involves multiple parcels with different classifications, [:]Yes m No complete the predominate use calculator (see instructions) 7 List all personal property (tangible and intangible) included in selling price. N/A If claiming an exemption, list WAC number and reason for exemption. WAC number (section/subsection) N/A Reason for exemption 6 Is this property designated as forest land per RCW 84.33? ❑Yes No Type of document Warranty Deed Is this property classified as current use (open space, farm and agricultural, or timber) land per RCW 84.34? ❑ Yes ❑ No Date of document I 1H Is this property receiving special valuation as historical Gross selling price 800 000.00 property per RCW 84.26? []Yes is No *Personal property (deduct) 0,00 If any answers are yes, complete as instructed below. (1) NOTICE OF CONTINUANCE (FOREST LAND OR CURRENT USE) NEW OWNER(S): To continue the current designation as forest land or classification as current use (open space, farm and agriculture, or timber) land, you must sign on (3) below. The county assessor must then determine if the land transferred continues to qualify and will indicate by signing below. If the land no longer qualifies or you do not wish to continue the designation or classification, it will be removed and the compensating or additional taxes will be due and payable by the seller or transferor at the time of sale (RCW 84.33.140 or 84.34.108). Prior to signing (3) below, you may contact your local county assessor for more information. This land: ❑ does ❑ does not qualify for continuance. Deputy assessor signature Date (2) NOTICE OF COMPLIANCE (HISTORIC PROPERTY) NEW OWNER(S): To continue special valuation as historic property, sign (3) below. If the new owner(s) doesn't wish to continue, all additional tax calculated pursuant to RCW 84.26, shall be due and payable by the seller or transferor at the time of sale. Signature Print name (3) NEW OWNER(S) SIGNATURE Signature Print name Exemption claimed (deduct) Taxable selling price 800,000.00 Excise tax: state Less than $525,000.01 at 1.1% 5,775.00 From $525,000.01 to $1,525,000 at 1.28% 3,520.00 From $1,525,000.01 to $3,025,000 at 2.75% 0.00 Above $3,025,000 at 3% 0.00 Agricultural and timberland at 1.28% 0.00 Total excise tax: state 9,295.00 0.0050 Local 4,000.00 *Delinquent interest: state 0.00 Local 0.00 *Delinquent penalty 0.00 Subtotal 13.295.00 *State technology fee 5.00 Affidavit processing fee 0.00 Total due 13,300.00 A MINIMUM OF $10.00 IS DUE IN FEE(S) AND/OR TAX *SEE INSTRUCTIONS H I CERTIFY UNDER PENALTY OF PERJURY TH HI= FQREGOING 15 TRUE AND CORRECT Signature of grantor or agent �r Signature of grantee or agent V Name (print] 5-Arwl �.l, Name (print) Date & city of signing . 31 L-tfLi `<<`rc-� �-%w� G'A Date & city of signing MISIUR-AS Voed- "\ t-t.tiy Perjury in the second degree is a class C felony which is punishable by confinement in a state correctional institution for a maximum term of five ears, or by a fine in an amount fixed by the court of not more than $10,000, or by both such confinement and fine (RCW 9A.72.030 and RCW 9A.20.021(i)(c)). To ask about the availability of this publication in an alternate format for the visually impaired, please call 360-705-6705. Teletype (TTY) users may use the WA Relay Service by calling 711. REV 84 0001a (02/28/23) THIS SPACE TREASURER'S USE ONLY COUNTY TREASURER Print on legal size Pape Pao. 1 of EXHIBIT A LEGAL DESCRIPTION For APN/Parcel ID: 292104-9026 That portion of the north 2/5ths of the Northeast quarter of the Southwest quarter of Section 29, Township 21 North, Range 4 East, W.M., in King County, Washington, lying easterly of Pacific Highway South; Situate in the County of King, State of Washington. For APN/Parcel ID: 292104-9153 The Northeast quarter of the Southwest quarter of Section 29, Township 21 North, Range 4 East of the Willamette Meridian, in King County, Washington. Except the North 500 feet thereof. And except that portion lying West of the East line of Pacific Highway South, as conveyed to the State of Washington by instrument recorded under recording number 2545574. And except that portion conveyed to Hans Olsen Jr. by instrument recorded under recording number 5602572. Department of Ac'A Real Estate Excise Tax Affidavit (RCW 82.45 WAC 458-61A) RevenueOnly for sales in a single location code on or after March 1, 2023. Washington State This affidavit will not be accepted unless all areas on all pages are fully and accurately completed. Form 84 0001 a This form is your receipt when stamped by cashier. Please type or print. ❑ Check box if partial sale, indicate % sold. List percentage of ownership acquired next to each name. 1 Seller/Grantor Name Federal Way Proiect. LLC,a Washington liimited liability company. c/o Stephen Mark Carr Mailing address 3800 SW Othello St City/state/zip Seattle, WA 98118 Phone (including area code) 206-432-8410 3 Send all property tax correspondence to:0 Same as Buyer/Grantee Name Mailing address City/state/zip 2 Buyer/Grantee Name City of Federal Way, a Municipal Corporation Public Works Department Mailing address 33325 8th Ave. S City/state/zip Federal Way, WA 98003 Phone (including area code) 253-835-2711 List all real and personal property tax Personal Assessed parcel account numbers property? value(s) 2921049026 ❑ $ 132,000,00 2921049153 ❑ $ 341,000.00 El 4 Street address of property no situ$ address This property is located in [King Count (for unincorporated locations please select your county) ❑ Check box if any of the listed parcels are being segregated from another parcel, are part of a boundary line adjustment or parcels being merged. .e�al description of property (if you need more space, attach a separate sheet to each page of the affidavit). See Exhibit A 5 191 - Undeveloped land (land only) Enter any additional codes (see back of last page for instructions) Was the seller receiving a property tax exemption or deferral under RCW 84.36, 84.37, or 84.38 (nonprofit org., senior citizen or disabled person, homeowner with limited income)? ❑ Yes 0 No Is this property predominately used for timber (as classified under RCW 84.34 and 84.33) or agriculture (as classified under RCW 84.34.020) and will continue in it's current use? If yes and the transfer involves multiple parcels with different classifications, complete the predominate use calculator (see instructions) ❑Yes m No 6 Is this property designated as forest land per RCW 84.33? Is this property classified as current use (open space, farm and agricultural, or timber) land per RCW 84.34? []Yes ONo 7 List all personal property (tangible and intangible) included in selling price. N/A If claiming an exemption, list WAC number and reason for exemption. WAC number (section/subsection) N/A Reason for exemption Type of document Warranty Deed ❑ Yes O No Date of document Is this property receiving special valuation as historical property per RCW 84.26? ❑ Yes m No If any answers are yes, complete as instructed below. (1) NOTICE OF CONTINUANCE (FOREST LAND OR CURRENT USE) NEW OWNER(S): To continue the current designation as forest land or classification as current use (open space, farm and agriculture, or timber) land, you must sign on (3) below. The county assessor must then determine if the land transferred continues to qualify and will indicate by signing below. If the land no longer qualifies or you do not wish to continue the designation or classification, it will be removed and the compensating or additional taxes will be due and payable by the seller or transferor at the time of sale (RCW 84.33.140 or 84.34.108). Prior to signing (3) below, you may contact your local county assessor for more information. This land: ❑ does ❑ does not qualify for continuance. Deputy assessor signature Date (2) NOTICE OF COMPLIANCE (HISTORIC PROPERTY) NEW OWNER(S): To continue special valuation as historic property, sign (3) below. If the new owner(s) doesn't wish to continue, all additional tax calculated pursuant to RCW 84.26, shall be due and payable by the seller or transferor at the time of sale. Signature Print name (3) NEW OWNER(S) SIGNATURE Signature Print name Gross selling price 800.000.00 *Personal property (deduct) 0.00 Exemption claimed (deduct) Taxable selling price 800,000.00 Excise tax: state Less than $525,000.01 at 1.1% 5,775.00 From $525,000.01 to $1,525,000 at 1.28% 3 520.00 From $1,525,000.01 to $3,025,000 at 2.75% 0.00 Above $3,025,000 at 3% 0.00 Agricultural and timberland at 1.28% 0.00 Total excise tax: state 9,295,00 0.0050 Local 4,000.00 *Delinquent interest: state 0.00 Local 0.00 *Delinquent penalty 0.00 Subtotal 13,295.00 *State technology fee 5.00 Affidavit processing fee 0.00 Total due 13,300.00 A MINIMUM OF $10.00 IS DUE IN FEE(S) AND/OR TAX *SEE INSTRUCTIONS $ I CERTIFY UNDER PENALTY OF PERJURY TH THE FOREGOING IS TRUE AND CORRECT Signature of grantor or agentr Signature of grantee or agent`�— Name (print) ?L:rASvL-, - Name (print) CRT- �-1��y4• "ta�.Z. �'_'''� + ia�+ee+ci Date &city of signing ��grul ��• Date &city of signing Perjury in the second degree is a class C felony which is punishable by confinement in a state correctional institution for a maximum term of five ears, or by a fine in an amount fixed by the court of not more than $10,000, or by both such confinement and fine (RCW 9A.72.030 and RCW 9A.20.021(l)(c)). To ask about the availability of this publication in an alternate format for the visually impaired, please call 360-705-6705. Teletype (TTY) users may use the WA Relay Service by calling 711. REV 84 0001a (02/28/23) THIS SPACE TREASURER'S USE ONLY COUNTY TREASURER Print on legal size pope 13— 1 of EXHIBIT A LEGAL DESCRIPTION For APN/Parcel ID: 292104-9026 That portion of the north 2/5ths of the Northeast quarter of the Southwest quarter of Section 29, Township 21 North, Range 4 East, W.M., in King County, Washington, lying easterly of Pacific Highway South; Situate in the County of King, State of Washington. For APN/Parcel ID: 292104-9153 The Northeast quarter of the Southwest quarter of Section 29, Township 21 North, Range 4 East of the Willamette Meridian, in King County, Washington. Except the North 500 feet thereof. And except that portion lying West of the East line of Pacific Highway South, as conveyed to the State of Washington by instrument recorded under recording number 2545574. And except that portion conveyed to Hans Olsen Jr. by instrument recorded under recording number 5602572. Department of Revenue Real Estate Excise Tax Affidavit (RCW 82.45 WAC 458-61A) Only for sales in a single location code on or after March 1, 2023. Washington State This affidavit will not be accepted unless all areas on all pages are fully and accurately completed. Form 84 0001 a This form is your receipt when stamped by cashier. Please type or print. ❑ Check box if partial sale, indicate % sold. List percentage of ownership acquired next to each name. 1 Seller/Grantor 2 Buyer/Grantee Name Federal Way Project, LLC,a Washington liimited liability company. City of Federal Way,a Munici al Corporation Name c/o Stephen Mar - — -k Carr Public Works Department Mailing address 3800 SW Othello St Mailing address 33325 8th Ave, S City/state/zip Seattle WA 98118 city/state/zip Federal Way, WA 98003 Phone (including area code) 206-432-8410 Phone (including area code) 253-835-2711 3 Send all property tax correspondence to:m Same as Buyer/Grantee Name Mailing address City/state/zip 4 Street address of poope This property is located in List all real and personal property tax Personal Assessed parcel account numbers property? value(s) 2921049026 ❑ $ 132,000.00 2921049153 ❑ $ 341,000.00 El (for unincorporated locations please select your county) ❑ Check box if any of the listed parcels are being segregated from another parcel, are part of a boundary line adjustment or parcels being merged. _egal description of prropeny (if you need more space, attach a separate sheet to each page of the affidavit). See Exhibit A 5 91 - Undeveloped land (land only) 7 List all personal property (tangible and intangible) included in selling price. Enter any additional codes (see back of last page for instructions) Was the seller receiving a property tax exemption or deferral under RCW 84.36, 94.37, or 84.38 (nonprofit org., senior citizen or disabled person, homeowner with limited income)? ❑ Yes m No Is this property predominately used for timber (as classified under RCW 84.34 and 84.33) or agriculture (as classified under RCW 84.34.020) and will continue in it's current use? If yes and the transfer involves multiple parcels with different classifications, complete the predominate use calculator (see instructions) []Yes O No N/A If claiming an exemption, list WAC number and reason for exemption. WAC number (section/subsection) N/A Reason for exemption 6 Is this property designated as forest land per RCW 84.33? ❑Yes 0No Is this property classified as current use (open space, farm Type of document Warranty Deed and agricultural, or timber) land per RCW 84.34? ❑ Yes m No Date of document�1 Is this property receiving special valuation as historical Gross selling price 800 000.00 property per RCW 84.26? ❑ Yes m No * 0.00 Personal property (deduct) If any answers are yes, complete as instructed below. (1) NOTICE OF CONTINUANCE (FOREST LAND OR CURRENT USE) NEW OWNER(S): To continue the current designation as forest land or classification as current use (open space, farm and agriculture, or timber) land, you must sign on (3) below. The county assessor must then determine if the land transferred continues to qualify and will indicate by signing below. If the land no longer qualifies or you do not wish to continue the designation or classification, it will be removed and the compensating or additional taxes will be due and payable by the seller or transferor at the time of sale (RCW 84.33.140 or 84.34.108). Prior to signing (3) below, you may contact your local county assessor for more information. This land: ❑ does ❑ does not qualify for continuance. Deputy assessor signature Date (2) NOTICE OF COMPLIANCE (HISTORIC PROPERTY) NEW OWNER(S): To continue special valuation as historic property, sign (3) below. If the new owner(s) doesn't wish to continue, all additional tax calculated pursuant to RCW 84.26, shall be due and payable by the seller or transferor at the time of sale. Signature Print name (3) NEW OWNER(S) SIGNATURE Signature Print name Exemption claimed (deduct) Taxable selling price 800 000.00 Excise tax: state Less than $525,000.01 at 1.1% 5,775.00 From $525,000.01 to $1,525,000 at 1.28% 3.520.00 From $1,525,000.01 to $3,025,000 at 2.75% 0.00 Above $3,025,000 at 3% 0.00 Agricultural and timberland at 1.28% 0.00 Total excise tax: state 9 295.00 0.0050 Local 4,000.00 *Delinquent interest: state 0.00 Local 0.00 *Delinquent penalty 0.00 Subtotal 13 295.00 *State technology fee 5.00 Affidavit processing fee 0.00 Total due. 13,300.00 A MINIMUM OF $10.00 IS DUE IN FEE(S) AND/OR TAX *SEE INSTRUCTIONS I CERTIFY UNDER PENALTY OF PERJURY THAT T OREGOING IS TRUE AND CORRECT Signature of grantor or agent Signature of grantee or agent Name (print) . � *.—ga L.y, G4.4,L Name (print) GS t^1 ��"� p•�1it�c-�� s %—N"QW Date & city of signing Date & city of signing Perjury in the second degree is a class C felony which is punishable by confinement in a state correctional institution for a maximum term of five ears, or by a fine in an amount fixed by the court of not more than $10,000, or by both such confinement and fine (RCW 9A.72.030 and RCW 9A.20.021(1)(c)). To ask about the availability of this publication in an alternate format for the visually impaired, please call 360-705-6705.Teletype (TTY) users may use the WA Relay Service by calling 711. REV 84 0001a (02/28/23) THIS SPACE TREASURER'S USE ONLY COUNTY TREASURER Print on legal size pope P... 1 of EXHIBIT A LEGAL DESCRIPTION For APN/Parcel ID: 292104-9026 That portion of the north 2/5ths of the Northeast quarter of the Southwest quarter of Section 29, Township 21 North, Range 4 East, W.M., in King County, Washington, lying easterly of Pacific Highway South; Situate in the County of King, State of Washington. For APN/Parcel ID: 292104-9153 The Northeast quarter of the Southwest quarter of Section 29, Township 21 North, Range 4 East of the Willamette Meridian, in King County, Washington. Except the North 500 feet thereof. And except that portion lying West of the East line of Pacific Highway South, as conveyed to the State of Washington by instrument recorded under recording number 2545574. And except that portion conveyed to Hans Olsen Jr. by instrument recorded under recording number 5602572. Department of Real Estate Excise Tax Affidavit (RCW 82.45 WAC 458-61A) Revenue Only for ale- in a single location cod on or after March 1, 2023. Washington State This affidavit will not be accepted unless all areas on all pages are fully and accurately completed. Form 84 0001 a I This form is your receipt when stamped by cashier. Please type or print. ❑ Check box if partial sale, indicate % sold. List percentage of ownership acquired next to each name. 1 Seller/Grantor Name Federal Way Project, LLC.a Washington liimited liability company. c/o Stephen Mark Carr Mailing address 3800 SW Othello St City/state/zip Seattle, WA 98118 Phone (including area code) 206-432-8410 3 Send all property tax correspondence to: m Same as Buyer/Grantee Name Mailing address City/state/zip 2 Buyer/Grantee Name _City of Federal Way, a Municipal Corporation Public Works Department Mailing address 33325 8th Ave. S City/state/zip Federal Way. WA 98003 Phone (including area code) 253-835-2711 List all real and personal property tax Personal parcel account numbers property? 2921049026 ❑ 2921049153 ❑ EJ Assessed value(s) $132,000.00 $ 341,000.00 4 Street address of property no situs address This property is located in I King County (for unincorporated locations please select your county) ❑ Check box if any of the listed parcels are being segregated from another parcel, are part of a boundary line adjustment or parcels being merged. Legal description of property (if you need more space, attach a separate sheet to each page of the affidavit). See Exhibit A 5 191 - Undeveloped land (land only) Enter any additional codes (see back of last page for instructions) Was the seller receiving a property tax exemption or deferral under RCW 84.36, 84.37, or 84.38 (nonprofit org., senior citizen or disabled person, homeowner with limited income)? ❑ Yes 0 No Is this property predominately used for timber (as classified under RCW 84.34 and 84.33) or agriculture (as classified under RCW 84.34.020) and will continue in it's current use? If yes and the transfer involves multiple parcels with different classifications, []Yes m No complete the predominate use calculator (see instructions) 7 List all personal property (tangible and intangible) included in selling price. N/A If claiming an exemption, list WAC number and reason for exemption. WAC number (section/subsection) N/A Reason for exemption 6 Is this property designated as forest land per RCW 84.33? ❑Yes mNo Is this property classified as current use (open space, farm Type of document Warranty Deed and agricultural, or timber) land per RCW 84.34? ❑ Yes 0 No Date of document Is this property receiving special valuation as historical Gross selling price 800.000.00 property per RCW 84.26? ❑ Yes 0 No *Personal property (deduct) 0.00 If any answers are yes, complete as instructed below. (1) NOTICE OF CONTINUANCE (FOREST LAND OR CURRENT USE) NEW OWNER(S): To continue the current designation as forest land or classification as current use (open space, farm and agriculture, or timber) land, you must sign on (3) below. The county assessor must then determine if the land transferred continues to qualify and will indicate by signing below. If the land no longer qualifies or you do not wish to continue the designation or classification, it will be removed and the compensating or additional taxes will be due and payable by the seller or transferor at the time of sale (RCW 84.33.140 or 84.34.108). Prior to signing (3) below, you may contact your local county assessor for more information. This land: ❑ does ❑ does not qualify for continuance. Deputy assessor signature Date (2) NOTICE OF COMPLIANCE (HISTORIC PROPERTY) NEW OWNER(S): To continue special valuation as historic property, sign (3) below. If the new owner(s) doesn't wish to continue, all additional tax calculated pursuant to RCW 84.26, shall be due and payable by the seller or transferor at the time of sale. Signature (3) NEW OWNER(S) SIGNATURE Signature Exemption claimed (deduct) Taxable selling price - 800,000.00 Excise tax: state Less than $525,000.01 at 1.1% 5,775.00 From $525,000.01 to $1,525,000 at 1.28% 3 520.00 From $1,525,000.01 to $3,025,000 at 2.75% 0.00 Above $3,025,000 at 3% HID Agricultural and timberland at 1.28% 0.00 Total excise tax: state 9,295.00 0.0050 Local 4,000.00 *Delinquent interest: state Ho Local 0.00 *Delinquent penalty 0.00 Subtotal 13, 295.00 *State technology fee 5.00 Affidavit processing fee 0.00 Total due 13,300.00 A MINIMUM OF $10.00 IS DUE IN FEE(S) AND/OR TAX Print name Print name *SEE INSTRUCTIONS 8 1 CERTIFY UNDER PENALTY OF PERJURY THAT THJ F9REGOING IS TRUE AND CORRECT Signature of grantor or agent Name (print) Date & city signing of si nin i � Signature of grantee or agent Cr ��✓` Name (print) ET `')''\sue `7�r'�:` `'iad�"}ata►�i Date & city of signing Perjury in the second degree is a class C felony which is punishable by confinement in a state correctional institution for a maximum term of five ears, or by a fine in an amount fixed by the court of not more than $10,000, or by both such confinement and fine (RCW 9A.72.030 and RCW 9A.20.021(1)(c)). To ask about the availability of this publication in an alternate format for the visually impaired, please call 360-705-6705.Teletype (TTY) users may use the WA Relay Service by calling 711. REV 84 0001a (02/28/23) THIS SPACE TREASURER'S USE ONLY COUNTY TREASURER Print on legal size pape 0-9 rf EXHIBIT A LEGAL DESCRIPTION For APN/Parcel ID: 292104-9026 That portion of the north 2/5ths of the .Northeast quarter of the Southwest quarter of Section 29, Township 21 North, Range 4 East, W.M., in King County, Washington, lying easterly of Pacific Highway South; Situate in the County of King, State of Washington. For APN/Parcel ID: 292104-9153 The Northeast quarter of the Southwest quarter of Section 29; Township 21 North, Range 4 East of the Willamette Meridian, in King County, Washington. Except the North 500 feet thereof. And except that portion lying West of the East line of Pacific Highway South, as conveyed to the State of Washington by instrument recorded under recording number 2545574. And except that portion conveyed to Hans Olsen Jr. by instrument recorded under recording number 5602572. REAL PROPERTY VOUCHER AGENCY NAME City of Federal Way 33325 8th Ave. S. Federal Way, WA 98003 I hereby certify under penalty of perjury that the items and amounts listed herein are proper charges against the Agency, that the same or any part thereof has not been paid, and that I am authorized to sign for the claimant SIGNATURE (IN INK) FOR EACH CLAIMANT DATED X { GRANTOR OR CLAIMANT tNAME, ADDRESS) TIN/SSN: Federal Way Protect, LLC c/o Stephen Mark Carr 3800 SW Othello St Seattle, WA 98118 Stephen Mar Carr Chief Financial Officer PROJECT NO. AND TITLE Hylebos Creek Conservation Property Acquisition FEDERAL AID NO. N/A PARCEL NO. 2921049026, 2921049153 n full, complete and final payment and settlement for the title or interest conveyed or released, as fully set forth in: DATED $ AMOUNT Land In Fee Cost to Cure + Proximity + Other + SPECIAL BENEFITS JC (Just Compensation) Amount $700,000.00 Uneconomic Remnant + Excess Acquisition + DEDUCTIONS: Amount Previously Paid Performance Bond Salvage Amount Pre Paid Rent Other ADMINISTRATIVE SETTLEMENT + $100,000.00 STATUTORY EVALUATION ALLOWANCE + ESCROW FEE + REAL ESTATE EXCISE TAX + OTHER: ACQUISITION AGENT Bewe'AlRi Mir DATE Voucher No. TOTAL AMOUNT PAD $800,000.00 4 OR AGENCY AUTHORIZED AGENT zifzz DATE N-L'bluz 1 LPA-.3l7 7073UF4 Form 17C SELLER DISCLOSURE STATEMENT+ stCopyright 2011 Seller Disclosure Statement -Unimproved I Northwest Multiple Listing Service Rev_ 7/11 UNIMPROVED PROPERTY ALL RIGHTS RESERVED Page 1 of 5 SELLER: Federal Way Project, LLC _ 1 t To be used in transfers of unimproved residential real property, including property zoned for residential use that is not improved by one or 2 more residential dwelling units, a residential condominimn, a residential timeshare or a mobile or manufactured home. Unimproved residential 3 real property does not include commercial real estate as defined in RCW 60.42.005 or property defined as "timber land" under RCW 84.34.020. 4 See RCW Chapter 64.06 for further explanations. 5 INSTRUCTIONS TO THE SELLER 6 Please complete the following form. Do not leave any spaces blank. If the question clearly does not apply to the property write "NA." If the 7 answer is `ryes" to any asterisked (*) item(s), please explain on attached sheets. Please refer to the line number(s) of the question(s) when you 8 provide your explanation(s). For your protection you must date and initial each page of this disclosure statement and each attachment. Delivery 9 of the disclosure statement must occur not later than five (5) business days, unless otherwise agreed, after mutual acceptance of a written 10 purchase and sale agreement between a Buyer and Seller. 11 NOTICE TO THE BUYER 12 THE FOLLOWING DISCLOSURES ARE MADE BY SELLER ABOUT THE CONDITION OF THE PROPERTY LOCATED AT 13 Parcel No: 2921049026, and 2921049153 . 14 CT1Y Federal WAY . COUNTY King ("THE PROPERTY") 15 OR AS LEGALLY DESCRIBED ON THE ATTACHED EXHIBIT A. SELLER MAKES THE FOLLOWING DISCLOSURES OF EXISTING 16 MATERIAL FACTS OR MATERIAL DEFECTS TO BUYER BASED ON SELLER'S ACTUAL KNOWLEDGE OF THE PROPERTY AT 17 THE TIME SELLER COMPLETES THIS DISCLOSURE STATEMENT. UNLESS YOU AND SELLER OTHERWISE AGREE IN 18 WRITING, YOU HAVE THREE (3) BUSINESS DAYS FROM THE DAY SELLER OR SELLER'S AGENT DELIVERS THIS 19 DISCLOSURE STATEMENT TO YOU TO RESCIND THE AGREEMENT BY DELIVERING A SEPARATELY SIGNED WRITTEN 20 STATEMENT OF RESCISSION TO SELLER OR SELLER'S AGENT. IF THE SELLER DOES NOT GIVE YOU A COMPLETED 21 DISCLOSURE STATEMENT, THEN YOU MAY WAIVE THE RIGHT TO RESCIND PRIOR TO OR AFTER THE TIME YOU ENTER 22 INTO A PURCHASE AND SALE AGREEMENT. 23 THE FOLLOWING ARE DISCLOSURES MADE BY SELLER AND ARE NOT THE REPRESENTATIONS OF ANY 24 REAL ESTATE LICENSEE OR OTHER PARTY. THIS INFORMATION IS FOR DISCLOSURE ONLY AND IS NOT 25 INTENDED TO BE A PART OF ANY WRITTEN AGREEMENT BETWEEN BUYER AND SELLER. 26 FOR A MORE COMPREHENSIVE EXAMINATION OF THE SPECIFIC CONDITION OF THIS PROPERTY YOU ARE ADVISED TO OBTAIN AND PAY FOR THE SERVICES OF QUALIFIED EXPERTS TO INSPECT THE PROPERTY, WHICH MAY INCLUDE, WITHOUT LIMITATION, ARCHITECTS. ENGINEERS, LAND SURVEYORS. PLUMBERS, ELECTRICIANS, ROOFERS, BUILDING INSPECTORS, ON -SITE WASTEWATER TREATMENT INSPECTORS, OR STRUCTURAL PEST INSPECTORS. THE PROSPECTIVE BUYER AND SELLER MAY WISH TO OBTAIN PROFESSIONAL ADVICE OR INSPECTIONS OF THE PROPERTY OR TO PROVIDE APPROPRIATE PROVISIONS IN A CONTRACT BETWEEN THEM WITH RESPECT TO ANY ADVICE, INSPECTION, DEFECTS OR WARRANTIES. Seller ❑ is/ ❑ is not occupying the property. I. SELLER'S DISCLOSURES: * If you answer "Yes" to a question with an asterisk (*), please explain your answer and attach documents, if available and not otherwise publicly recorded. If necessary, use an attached sheet. YES NO DON'T 1. TITLE KNOW A. Do you have legal authority to sell the property? If no, please explain......................................................... ❑ ❑ *B. Is title to the property subject to any of the following? (1) First right of refusal................................................................................................................................. ❑ ❑ (2) Option............................................................................................................................ ......................... ❑ 21 ❑ (3) Lease or rental agreement....................................................................................................................... ❑ eI ❑ (4) Life estate?............................................................................................................................................. ❑ 25 ❑ *C. Are there any encroachments, boundary agreements, or boundary disputes? ............................................... ❑ 56 ❑ *D. Is there a private road or easement agreement for access to the property? .................................................... ❑ t ❑ *E. Are there any rights -of -way, easements, or access limitations that affect the Buyer's use of the property? .... ❑ ❑ *F. Are there any written agreements for joint maintenance of an easement or right of way? ............................ ❑ 5 ❑ *G. Is there any study, survey project, or notice that would adversely affect the property? ................................ ❑ ❑ td *H. Are there any pending or existing assessments against the property?........................................................... ❑ 21 ❑ *I. Are there any zoning violations, nonconforming uses, or any unusual restrictions on the property that affect firture construction or remodeling?................................................................................ ❑ ❑ *J. Is there a boundary survey for the property`?................................................................................................ ❑ ❑ *K. Are there any covenants, conditions, or restrictions recorded against title to the property.' .......................... ❑ 56 ❑ 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 PLEASE NOTE: Covenants. conditions, and restrictions which purport to forbid or restrict the conveyance, encumbrance, occupancy, or lease 57 of real property to individuals based on race, creed. color, sex, national origin, familial status, or disability are void, unenforceable, and illegal. 58 RCW 49.60.224. 59 SELLER'S INITIALS: %+ ' C® DATE:. I- SELLER'S INTTIALS: DATE: Form 17C ®Copyright 2011 Seller Disclosure Statement - Unimproved SELLER DISCLOSURE STATEMENT Northwest Multiple Listing Service Rev. 7/11 UNIMPROVED PROPERTY ALL RIGHTS RESERVED Page 2 of 5 (Continued) YES NO DON'T 60 2. WATER KNOW 61 A. Household Water 62 (1) Does the property have potable water supply?....................................................................................... ❑ 21 ❑ 63 (2) If yes, the source of water for the property is: 64 ❑ Private or publicly owned water system 65 ❑ Private well serving only the property 66 * ❑ Other water system 67 *If shared, are there any written agreements.' ........................................................................................ ❑ ❑ ❑ 68 *(3) Is there an easement (recorded or unrecorded) for access to and/or maintenance 69 ofthe water source?............................................................................................................................... ❑ ❑ ❑ 70 *(4) Are there any problems or repairs needed?............................................................................................ ❑ ❑ ❑ 71 (5) Is there a connection or hook-up charge payable before the property can be connected 72 to the water main?.............................................................................................................. .................... 73 (6) Have you obtained a certificate of water availability from the water purveyor serving 74 the property? (If yes, please attach a copy.)........................................................................................... ❑ ❑ ❑ 75 (7) Is there a water right permit, certificate, or claim associated with household water 76 supply for the property? (If yes, please attach a copy.).......................................................................... ❑ ❑ ❑ 77 (a) If yes, has the water right permit, certificate, or claim been assigned; 78 transferred, or changed?........................................................................................................................ ❑ ❑ ❑ 79 *(b) If yes, has all or any portion of the water right not been used for five or more 80 successiveyears?................................................................................................................................... ❑ ❑ ❑ 81 (c) If no or don't know, is the water withdrawn from the water source less than 5,000 gallons a day.).... ❑ ❑ ❑ 82 *(8) Are there any defects in the operation of the water system (e.g. pipes, tank, pump, etc.)? ..........:......... ❑ ❑ ❑ 83 B. Irrigation Water 84 (1) Are there any irrigation water rights for the property, such as a water right permit, 85 certificate, or claim? (If yes, please attach a copy.).............................................................................. ❑ ❑ 86 (a) If yes, has all or any portion of the water right not been used for five or more 87 successiveyears?........................................................................................................................... ❑ ❑ ❑ 88 (b) If yes, has the water right permit; certificate, or claim been assigned, 89 transferred, or changed?................................................................................................................ ❑ ❑ ❑ 90 *(2) Does the property receive irrigation water fiom a ditch company, irrigation 91 district, or other entity? If so, please identify the entity that supplies irrigation water to 92 the property: ................. ❑ ❑ ❑ 93 C. Outdoor Sprinkler System 94 (1) Is there an outdoor sprinkler system for the property?........................................................................... ❑ ❑ 95 *(2) If yes, are there any defects in the system?............................................................................... ❑ ❑ 0 96 *(3) If yes, is the sprinkler system connected to irrigation uvater?................................................................. ❑ ❑ ❑ 97 3. SEWER/SEPTIC SYSTEM 98 A. The property is served by: 99 ❑ Public sewer system 100 ❑ On -site sewage system (including pipes, tanks, drainfields, and all other component parts) 101 ❑ Other disposal system 102 Please describe: 103 B. Is the property subject to any selvage system fees or charges in addition to those covered in your 104 regularly billed sewer or on -site sewage system maintenance service?........................................................... ❑ :✓J ❑ 105 SELLER'S INITIALS: / _ ` DATE: L� SELLER'S INITIALS: DATE: Form 17C ®Copyright 2011 Seller DisGosure Statement - Unimproved SELLER DISCLOSURE STATEMENT Northwest Multiple Listing Service Rev_ 7/11 UNIMPROVED PROPERTY ALL RIGHTS RESERVED Page 3 of 5 (Continued) YES NO DON'T 106 KNOW 107 C. If the property is connected to an on -site sewage system: 108 *(1) Was a permit issued for its construction?...... .... .................................................................................. - ❑ ❑ ❑ 109 *(2) Was it approved by the local health department or district following its construction? ......................... ❑ ❑ 0 110 (3) Is the septic system a pressurized system?............................................................................................. ❑ ❑ 0 i l l (4) Is the septic system a gravity system? ................ ............. ............... ............................................ I .... ...... ❑ ❑ 0 112 *(5) Have there been any changes or repairs to the on -site sewage system? ................................................. ❑ ❑ ❑ 113 (6) Is the on -site sewage system, including the drainfield, located entirely 114 within the boundaries of the property? ................ .................. ................ .............. ,.... ................ ....... ,.,.., ❑ ❑ 0 115 If no, please explain: 116 *(7) Does the on -site sewage system require monitoring and maintenance services more 117 frequently than once a year? ................................................................................................................. C7 ❑ J 118 4. ELECTRICAL/GAS 119 A. Is the property served by natural gas?............................................................................................................ ❑ (d ❑ 120 B. Is there a connection charge for gas?............................................................................................................. ❑ 6 0 121 C. Is the property served by electricity?............................................................................................................. ❑ td ❑ 122 D. Is there a connection charge for electricity" ....................................................................... ❑ U6 0 123 *E. Are there any electrical problems on the property?....................................................................................... ❑ 0 124 5. FLOODING 125 A. Is the property located in a government designated flood zone or floodplain?.............................................. ❑ ❑ 55 126 6. SOIL STABILITY 127 *A. Are there any settlement, earth movement, slides, or similar soil problems on the property? ....................... ❑ ❑ 128 7. ENVIItONMENTAL 129 *A. Have there been any flooding, standing water, or drainage problems on the property that affect 130 the property or access to the property?.......................................................................................................... 131 *B. Does any part of the property contain fill dirt, waste, or other fill material? ............................. :.................... ❑ ❑ id 132 *C. Is there any material damage to the property fiom fire, wind, floods, beach movements, 133 earthquake, expansive soils, or landslides? ...................... ............ ........................................... :...:... :............ 134 D. Are there any shorelines, wetlands, floodplains, or critical areas on the property? ........................................ ❑ ❑ 21 135 *E. Are there any substances, materials, or products in or on the property that may be environmental 136 concerns, such as asbestos, formaldehyde, radon gas, lead -based paint, fuel or chemical 137 storage tanks, or contaminated soil or water"............................................................................................... ❑ ❑ 138 *F. Has the property been used for commercial or industrial purposes?.............................................................. ❑ 0 139 *G. Is there any soil or groundwater contamination? ........................................................................................... ❑ ❑ A 140 *H. Are there transmission poles or other electrical utility equipment installed. maintained, 141 or buried on the property that do not provide utility service to the structures on the property? ..................... ❑ ❑ 142 *I. Has the property been used as a legal or illegal dumping site?...................................................................... t ❑ ❑ 143 *J. Has the property been used as an illegal drug manufactuing site?................................................................ ❑ ❑ 55 144 *K. Are there any radio towers that cause interference with cellular telephone reception?............ 145 SELLER'S INITIALS: VAt DATE: L L SELLER'S INITIALS: DATE: Form 17C ®Copyright 2011 Seller Disclosure Statement - Unimproved SELLER DISCLOSURE STATEMENT Northwest Multiple Listing Service Rev_ 7111 UNIMPROVED PROPERTY ALL RIGHTS RESERVED Page 4 of 5 (Continued) YES NO DON'T 146 8. HOMEOWNERS' ASSOCIATIONICOMMON INTERESTS KNOW 147 A. Is there a homeouaners' association?.............................................................................................................. ❑ 1A ❑ 148 Name of association and contact information for an officer, director, employee, or other 149 authorized agent, if any, who may provide the association's financial statements, minutes, 150 bylaws, fining policy, and other information that is not publicly available: 151 152 B. Are there regular periodic assessments? ........ ................................ ............................. .................... I.............. ❑ 56 ❑ 153 $ per ❑ month ❑ years 154 ❑ Other 155 *C. Are there any pending special assessments?.................................................................................................. ❑ fib ❑ 156 *D. Are there any shared "common areas" or any joint maintenance agreements (facilities 157 such as walls, fences, landscaping, pools, tennis courts, walinvays, or other areas 158 co -owned in undivided interest with others)?................................................................................................ ❑ ❑ IA 159 9. OTHERFACIS 160 *A. Are there any disagreements, disputes, encroachments, or legal actions concerning the property? ............... ❑ Ed ❑ 161 *B. Does the property have any plants or wildlife that are designated as species of concern, or listed 162 as threatened or endangered by the govermnent?.......................................................................................... ❑ ❑ 163 *C. Is the property classified or designated as forest land or open space? ............ D. Do you have a forest rnanagernent plan? If yes. attach................................................................................. ❑ ❑ 165 *E. Have any development -related permit applications been submitted to any government agencies? ............... ❑ ❑ 166 If the answer to E is `yes." what is the status or outcome of those applications? 167 168 F. Is the property located within a city, county, or district or within a department of natural resources 169 fireprotection zone that provides fire protection services?.......................................................................... ❑ 170 1Q FULL DISCLOSURE BY SELLERS 171 A. Other conditions or defects: 172 *Are there any other existing material defects affecting the property that a prospective buyer 173 shouldknow about?....................................................................................................................................... ❑ ❑ 174 B. Verification 175 The foregoing answers and attached explanations (if any) are complete and correct to the best of Seller's knowledge and Seller has 176 received a copy hereof. Seller agrees to defend, indemnify and hold real estate licensees harmless from and against any and all claims 177 that the above information is inaccurate. Seller authorizes real estate licensees, if any, to deliver a copy of this disclosure statement to 178 other real estate licensees and all prospective buyers of the property. 179 Date: Date: 180 Seller: Seller: 181 NOTICES TO THE BUYER 182 SEX OFFENDER REGISTRATION 183 INFORMATION REGARDING REGISTERED SEX OFFENDERS MAY BE OBTAINED FROM LOCAL LAW ENFORCEMENT 184 AGENCIES. THIS NOTICE IS INTENDED ONLY TO INFORM YOU OF WHERE TO OBTAIN THIS INFORMATION AND IS 185 NOT AN INDICATION OF THE PRESENCE OF REGISTERED SEX OFFENDERS. 186 PROXIlIIITY TO FARMING 187 THIS NOTICE IS TO INFORM YOU THAT THE REAL PROPERTY YOU ARE CONSIDERING FOR PURCHASE MAY LIE IN 189 CLOSE PROXIMITY TO A FARM. THE OPERATION OF A FARM INVOLVES USUAL AND CUSTOMARY AGRICULTURAL 189 PRACTICES, WHICH ARE PROTECTED UNDER RCW 7.48.305, THE WASHINGTON RIGHT TO FARM ACT. 190 SELLER'S INITIALS: /u?� DATE: �Ii,� SELLER'S INITIALS: DATE: Form 17C BCopyright 2011 Seiler Disclosure Statement - Unimproved SELLER DISCLOSURE STATEMENT Northwest Multiple Listing Service Rev. 7111 UNIMPROVED PROPERTY ALL RIGHTS RESERVED Page 5 of 5 (Continued) IL BUYER'S ACKNOWLEDGEMENT 191 Buyer hereby acknowledges that: 192 A. Buyer has a duty to pay diligent attention to any material defects that are known to Buyer or can be known to Buyer by utilizing 193 diligent attention and observation. 194 B. The disclosures set forth in this statement and in any amendments to this statement are made only by the Seller and not by any real 195 estate licensee or other party. 196 C. Buyer acknowledges that, pursuant to RCW 64.06.050 (2), real estate licensees are not liable for inaccurate information provided by 197 Seller, except to the extent that real estate licensees know of such inaccurate information. 198 D. This information is for disclosure only and is not intended to be a part of the written agreement between the Buyer and Seller. 199 E. Buyer (which tern includes all persons signing the "Buyer's acceptance" portion of this disclosure statement below) has received a 200 copy of this Disclosure Statement (including attachments, if any) bearing Seller's siguature(s). 201 DISCLOSURES CONTAINED IN THIS DISCLOSURE STATEMENT ARE PROVIDED BY SELLER BASED ON SELLER'S ACTUAL 202 KNOWLEDGE OF THE PROPERTY AT THE TIME SELLER COMPLETES THIS DISCLOSURE. UNLESS BUYER AND SELLER 203 OTHERWISE AGREE IN WRITING. BUYER SHALL HAVE THREE (3) BUSINESS DAYS FROM THE DAY SELLER OR SELLER'S 204 AGENT DELIVERS THIS DISCLOSURE STATEMENT TO RESCIND THE AGREEMENT BY DELIVERING A SEPARATELY SIGNED 205 WRITTEN STATEMENT OF RESCISSION TO SELLER OR SELLER'S AGENT. YOU MAY WAIVE THE RIGHT TO RESCIND PRIOR 206 TO OR AFTER THE T11viE YOU ENTER INTO A SALE AGREEMENT. 207 BUYER HEREBY ACKNOWLEDGES RECEIPT OF A COPY OF THIS DISCLOSURE STATEMENT AND ACKNOWLEDGES THAT 208 THE DISCLOSURES MADE HEREIN ARE THOSE OF THE SELLER ONLY, AND NOT OF ANY REAL ESTATE LICENSEE OR 209 OTHER PARTY. 210 DATE: 1T1i11 14 DATE: BUYER: 211 212 BUYER'S WAIVER OF RIGHT TO REVOKE OFFER 213 Buyer has read and reviewed the Seller's responses to this Seller Disclosure Statement. Buyer approves this statement and waives Buyer's right 214 to revoke Buyer's offer based on this disclosure. 215 DATE: BUYER: DATE: 216 BUYER: 217 BUYER'S WAIVER OF RIGHT TO RECEIVE COMPLETED SELLER DISCLOSURE STATEMENT 218 Buyer has been advised of Buyer's right to receive a completed Seller Disclosure Statement. Buyer waives that right. However, if the answer to 219 any of the questions in the section entitled "Environmental" would be `fires," Buyer may not waive the receipt of the "Environmental" section of 220 the Seller Disclosure Statement. 221 DATE BUYER: DATE: BUYER: 222 223 If the answer is "Yes" to any asterisked (*) items, please explain below (use additional sheets if necessary). Please refer to the line munber(s) of 224 the question(s). 225 7.1. In 2021 a bolneless encampment formed nearbv. Most of the activity was on Parcel 2921049157 to the 226 east of teh subject property, however the activity spilled over on to parcel 2921049153. Once the encampment 227 was dispersed sve brought in egpjpment and a crew to clean up the trash left on Marcel 2921049153. 228 229 SELLER'S INITIALS: DATE: SELLER'S INITIALS: DATE: 230 231 232 233 ESCROW AGREEMENT TO: Chicago Title Company of Washington Lori Forbes 701 511 Avenue, Suite 2700 Seattle, WA 98104 (206)628-5600 CTISeattleTitleUnit4@ctt.com Title Commitment Numbers: 0263015-04, 0263012-04 Commitment Date: September 14, 2023 Buyer Information: City of Federal Way 33325 8" Ave. S, Federal Way, WA 98003. 253-835-2711 Desiree.winkie mcit offedei�alwa .cam Owner Name: Federal Way Project, LLC 3800 SW Othello St Seattle, WA 98118 Parcel Numbers: 2921049026, 2921049153 Seller Information: Contact Name: Stephen Mark Carr (Steve) Contact Phone 206.432.8410/scarr@ugm.org City of Federal Way, and the undersigned, mutually agree and direct you to close this escrow in accordance with the following instructions: 1. The undersigned grantors hereby authorize the issuance of a City of Federal Way warrant payable solely to the above -named Escrow Agent, for our benefit. 2. Receive the Warranty Deed, handed herewith from me as grantor to the City of Federal Way as grantee, conveying a portion of the lands described in your above -referenced Preliminary Commitment. 3. Receive the sum of $800,000 in the form of a(n) City of Federal Way warrant that you are instructed to distribute as follows: Pay and eliminate of record all encumbrances on said premises shown in your Preliminary Commitment #0263015-04 dated September 14, 2023, together with any other encumbrances appearing of record against said premises, on statement of holder or holder's representative prior to closing, except those noted in paragraphs 1-6; Preliminary Commitment #0263012-04 dated September 13, 2023, together with any other encumbrances appearing of record against said premises, on statement of holder or holder's representative prior to closing, except those noted in paragraphs 1-5, and 7. 4. Note: All escrow, recording fees, and real estate excise taxes shall be paid by the City of Federal Way. 5. City of Federal Way; at its discretion, reserves the right to withdraw the funds for this transaction from escrow and close this transaction independently or deposit said funds with the Clerk of the Court if deemed necessary. 6. When ready to vest title in the City of Federal Way, record instrument shown in instruction 2 above and prepare CLOSING DETAIL STATEMENT as explained on the reverse hereof. 7.Remit the balance by your check to: Federal Way Project, LLC, 3800 SW Othello St, Seattle. WA 98118 with your CLOSING DETAIL STATEMENT. 8. Issue standard form Owner's policy of title insurance in the sum of $800,000 insuring the City of Federal Way as owner of the estate conveyed. 9. Upon closing, mail recorded instruments, title policy, and copy of CLOSING DETAIL STATEMENT to City of Federal Way, 33325 81h Ave. S., Federal Way, WA 98003. City of Federal Way Seller -Federal Way Pro ca LLC By: EJ alsh, P.E. Date By: Step en Mark Carr Date Its: Chief Financial Officer CLOSING DETAIL STATEMENT As indicated on the Escrow Instructions, the Escrow Agent shall furnish, upon the completion of the escrow transaction, a CLOSING DETAIL STATEMENT that will show thereon: (a) The date of receipt and total amount of escrowed funds. (b) The fee for escrow services and a statement that the entire escrow fee has been paid solely by the City of Federal Way. The Real Estate Excise Tax payment will be split 50150 between buyer and seller. (c) The date on which the City of Federal Way's grantor is notified that the Escrow Agent is ready to disburse funds to the City of Federal Way's grantor. (d) Date of closing of the escrow. (e) Detail of a mortgage payoff, if applicable, that includes: Principal unpaid balance and date. Accrued interest and dates for which interest is paid. Prepayment penalty assessed, if any. Offset of reserves held by mortgagee. Net amount paid to mortgagee and date. (f) Sums, if any, withheld from distribution to City of Federal Way's grantors at time of closing, and for what reason. (g) Endorsements to the effect that: The statement has been read by the City of Federal Way's grantor, approved, and acknowledgment of receipt of the funds indicated as the net balance due from the Escrow Agent. 2. The closing officer certifies that the statement is true and correct. In case the Escrow Agent has withheld funds from distribution to the City of Federal Way's grantors for any reason, the Escrow Agent shall furnish to the City of Federal Way copies of correspondence transmitting such withheld funds at the time of their final disposition. REVIEW APPRAISER'S CERTIFICATE NO. 1 Agency: City of Federal Way, WA Parcel No. 292104-9026 and 292104-9153 Owner: Federal Way Project, ' LLC N/A Federal Aid No. Project: West Hylebos Creek Conservation project. ROW Plan Title: N/A Map Sheet: N/A Map Approval Date: N/A Date of Last Revision: N/A From: Richard F. Duncan, MAI, RF Duncan and Associates, Inc. To: City of Federal Way, WA Date of Review: 1-8-24 The followinq appraisals have been made on the subject largerparcel: Appraisers Valuation Fair Market Fair Market Value Value of Damages Date Value — Value —After Difference Property Before Project Rights Project Ac uired Barbro A. Hines, 11-9-23 $700,000 -0- $700,000 $700,000 -0- MAI, SRA WA Cert. No. 1101044 and Kellen E. Hurych, Associate WA Cert. No. 1101923 Annraisal Review Comments and Conclusions Appraisal No. 1 is an appraisal report as defined by USPAP and generally follows the WSDOT Narrative Appraisal Format. Description of SuWect-Before Situation The subject consists of two adjacent tax parcels which form a triangular shaped larger parcel of approximately 6.69 acres, which is currently undeveloped. The subject is located along the easterly side of Pacific Highway South, approximately 850 f feet south of S. 359th Street, in Federal Way, Washington. The subject property is level and at grade with the surrounding properties. The site has some tree cover, along with natural vegetation. Available utilities include public water, power and telephone but no sewer and the subject would require septic systems for development. Richard F. Duncan, MAI RF Duncan and Associates, Inc. Page I Per the Federal Emergency Management Agency's Flood Map Number 53033C1250G (effective date August 19, 2020), the subject site is located in an area outside of the 100 and 500-year flood plain. The U.S. Fish and Wildlife Service National Wetlands Inventory mapping indicate there are no wetlands on the site, though the subject may be impacted by buffers from wetlands on the adjacent properties. The subject property is zoned RS 35.0 (single family residential), by the City of Federal Way. The base density for the RS 35.0 has a minimum lot size of 35,000 square feet. Therefore, the subject could accommodate a total of 8.32 dwelling units (291,413 sq. ft. / 35,000 sq. ft.), rounded to eight dwelling units without consideration for roads and open space. This would equate to a density of 1.12 dwelling units per acre (8 dwelling units / 6.69 acres). The appraisers assumed a maximum development of 7 lots on the subject after land devoted to roads and open space is considered. The appraisers concluded that the highest and best use of the subject is for residential development with a maximum of 7 lots, which is reasonable and well supported. Valuation -Before Situation The appraisers applied the sales comparison approach to value the land as vacant. Neither the cost or income approaches were appropriate for this assignment, and they were not applied. The appraisers analyzed five comparable land sales in supporting the value of the subject land. The comparables range from $62,500 to $118,571 per potential lot. After comparing the comparables to the subject for major value influencing characteristics including location, size, available utilities, entitlements, and density, the appraisers concluded a value for the subject of approximately $100,000 per potential lot, or approximately $700,000 overall (7 lots x $100,000/lot) which is well supported by the comparable sales analyzed. The agency proposes a total acquisition of the subject parcel. In my opinion, the appraisal report which is under review complies with the Uniform Standards of Professional Appraisal Practice (USPAP), and with the WSDOT appraisal guidelines. There are some minor typographical errors in the appraisal; however, correction of these would not alter its value conclusions. The appraisal has no hypothetical conditions, or extraordinary assumptions, and the reviewer accepts its ordinary assumptions and limiting conditions as being typical for eminent domain appraisals in Washington State. The exceptions for easements etc., in the title report are typical for properties like the subject and do not measurably affect just compensation. Richard F. Duncan, MAI Page 2 RFDuncan and Associates, Inc. There are no personal property or tenant owned realty items acquired. The appraisal and this review use the correct methods and techniques. The market data in the appraisal are adequate and appropriate to solve the appraisal problem. The conclusions of value reached in the appraisal and in this review are reasonable and fit the market evidence. The appraisal is performed consistent with the Uniform Standards for Professional Appraisal Practice (USPAP) as well as the requirements and standards of the Washington State Department of Transportation (WSDOT). REVIEWER'S DETERMINATION OF VALUE NO. 1 VALUE BEFORE PROJECT: VALUE AFTER PROJECT: VALUE DIFFERENCE: ESTIMATED JUST COMPENSATION: Reviewer's Allocation of Just Compensation Value of Land Acquired in Fee: Value of Site Improvements Acquired: Damages -None: Total Just Compensation This Larger Parcel: Richard F. Duncan, MAI RF Duncan and Associates, Inc. $700,000 -0- $700,000 $700,000 $700,000 -0- -0- $700,000 Page 3 APPRAISAL REVIEW SALIENT INFORMATION Property Rights Appraised Unless specified otherwise in this review, the property rights appraised constitute the fee simple interest. Date of Value The effective date of the value opinion for the property in this review is 11-9-23 per Appraisal #1. Competency of Reviewer The undersigned reviewer has the knowledge and experience required to competently perform this review; detailed resumes are available upon written request. The undersigned reviewer is approved by the Federal Highway Administration (FHWA) and the Washington State Department of Transportation (WSDOT), lead agency for all eminent domain appraisal matters, to perform fee appraisal reviews for all public agencies and quasi -public agencies in Washington State. The undersigned reviewer is a state certified appraiser holding the General classification #1100496 and is on the WSDOT List of Approved Fee Reviewers Purpose of this Review Overall, the purpose is to estimate the total Just Compensation due the owner for the taking of privately owned real property for the public project identified. For a partial taking, this is done by: estimating the Fair Market Value of the subject Larger Parcel in the Before Situation; estimating the Fair Market Value of the subject Larger Parcel in the After Situation; then subtracting the latter from the former. When a larger parcel's major improvements are unaffected by the taking/project other than simple cost to cure, the jurisdictional exception allows a Strip Appraisal Procedure wherein said improvements need not be valued. Use of this Review This review estimates Just Compensation due the owner and will be used to establish the revised offer amount to be made to the owner by the client or its agents. Scope of this Review The commonly recognized valuation methods and techniques most appropriate for valuing the subject Larger Parcel were performed in this review. This review involved a reasonably detailed inspection of the subject property, the subject neighborhood, and surrounding/competing neighborhoods. Sales and listings of competing properties were investigated before any conclusions of value were made. Definition of the Larger Parcel The "Larger Parcel" is the parent parcel; it is the real property that is the subject of this review. It is that real property that has Unity of Use, Unity of Ownership, and Contiguity. Definition of Fair Market Value "Fair Market Value" is the amount in cash which a well-informed buyer, willing but not obliged to buy the property, would pay, and which a well-informed seller, willing but not obligated to sell it would accept, taking into consideration all uses to which the property is adapted and might in reason be applied. (Washington Pattern Instruction 150.08). Fair Market Value and Market Value are considered equivalent herein. Richard F. Duncan, MAI RF Duncan and Associates, Inc. Page 4 Definition of Cash Equivalent A price expressed in terms of cash (money) as distinguished from a price which is expressed all or partly in terms of the face amount of notes or other securities which cannot be sold at their face amount. Market data in this review are compared to the subject on an all cash basis to satisfy the definition of Fair Market Value. Richard F. Duncan, MAI RF Duncan and Associates, Inc. Page S APPRAISAL REVIEW ASSUMPTIONS and LIMITING CONDITIONS 1. The property description supplied to the reviewer is assumed to be correct; 2. No surveys of the properties have been made by the reviewer and no responsibility is assumed in connection with such matters. Title is assumed merchantable and vested as noted herein; 3. No responsibility is assumed for matters of a legal nature affecting title to the properties, nor is any opinion of title rendered; 4. Information furnished by others is assumed to be true, correct, and reliable. A reasonable effort has been made to verify such information; however, no responsibility for its accuracy is assumed by the reviewer; 5. All mortgages, liens, encumbrances, leases, and servitudes have been disregarded unless so specified in review. The property is assumed to be under responsible ownership and competent management; 6. It is assumed that there are no hidden or unapparent conditions of the property, its subsoil, or its structures which would render it more or less valuable. No responsibility is assumed for such conditions or for engineering or testing which may be required to discover them; 7. Unless otherwise stated, the existence of hazardous material, which may or may not be present in or on the property, was not observed by the reviewer. The reviewer has no knowledge of the existence of such materials on or in the property. The reviewer, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea - formaldehyde foam insulation, or other potentially hazardous/toxic materials may affect the value of the property. The value estimate in this review is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for the expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field if desired; 8. Unless otherwise stated, no environmental impact studies were either requested or made in conjunction with this review, and the reviewer hereby reserves the right to alter, amend, revise, or rescind any of the value opinions based upon any subsequent environmental impact studies, research, or investigation; 9. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is specified, defined, and considered in this review; 10. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless nonconformity has been specified, defined, and considered in this review; 11. It is assumed that all required licenses, consents, or other legislative or administrative authority from any local, state, or national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained in this review are based; 12. The reviewer will not be required to give testimony or appear in court because of having made this review unless arrangements have been previously made therefore, 13. Possession of this review or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the client without the written consent of the reviewer and in any event, only with properly written qualification and only in its entirety; 14. Neither all nor any part of the contents of this review, or copy thereof, shall be conveyed to the public through advertising, public relations, news, sales, or any other media without written consent and approval of the reviewer. Nor shall the reviewer, client, firm, or professional organization of which the reviewer is a member be identified without the written consent of the reviewer; 15. The liability of the reviewer, employees, and subcontractors is limited to the client only. There is no accountability, obligation, or liability to any other party. If this review is placed in the hands of anyone other than the client, the client shall make such party aware of all limiting conditions and assumptions of the assignment and related discussions. The reviewer is in no way responsible for any costs incurred to discover or correct any deficiencies in the properties; 16. It is assumed that the public project which is the object of this review will be constructed in the manner proposed and in the reasonably foreseeable future. It is also assumed herein that the taken landscaping will not be required to be replaced on the remainder; 17. Acceptance and/or use of this review constitutes acceptance of the foregoing assumptions and limiting conditions. Richard F. Duncan, MAI RF Duncan and Associates, Inc. Page 6 CERTIFICATE OF REVIEW APPRAISER I, the review appraiser, certify to the best of my knowledge and belief: 1. The facts and data reported by the review appraiser and used in the review process are true and correct. 2. The analyses, opinions, and conclusions in this review report are limited only by the assumptions and limiting conditions stated in this review report, and are my personal, unbiased professional analyses opinion, and conclusions. 3. I have no present or prospective interest in the properly that is the subject of this report and I have no personal interest or bias with respect to the parties involved; 4. I have no bias with respect to the property that is the subject of this report or to the parties involved in this assignment. 5. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. My compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this review report. 7. My analyses, opinions, and conclusions were developed and this review report was prepared in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP), with the Uniform Appraisal Standards for Federal Land Acquisitions (USFLA, the "Yellow Book') and with 49CFR Part 24. 8. I personally inspected the subject property of the appraisal under review. No one provided significant appraisal, appraisal review, or appraisal consulting assistance to the persons signing this certificate. I further certify that if this review is to be used in conjunction with a Federal Aid Highway Project or other federally funded project, none of the approved just compensation herein is ineligible for Federal reimbursement. Signature: Date Signed: 1-8-24 Richard F. Duncan, MAI, Review Appraiser, Washington State Certified Real Estate Appraiser: General, # 1100496 Richard F. Duncan, MAI Page 7 RFDuncan and Associates, Inc. CONCURRENCE and AUTHORIZATION for PAYMENT of JUST COMPENSATION The City of Federal Way does hereby indicate concurrence with the above certification and does authorize further action by City staff/its agents to proceed according to established procedures with the acquisition of the property. 1. I have no present or prospective personal interest in the property that is the subject of this report. 2. I have no personal interest or bias with respect to the parties involved. 3. My compensation is not contingent on an action or event resulting from this report. Authorized Representative of The City of Federal Way Richard F. Duncan, MAI RFDuncan and Associates, Inc. 1/8/2024 Date Page 8 Review Appraiser's Qualifications Richard F. Duncan, MAI Experience: a Partner, The Granger Company a President, R.F. Duncan and Associates, Inc. a Fee Appraiser, Anderson Appraisal, Inc., Olympia, Washington a Real Estate Appraiser, Clark County, Department of Public Works a Real Estate Appraiser/Right-of-Way Agent, Washington State Department of Transportation a Real Property Manager, Phoenix Properties, Inc. Education: The Evergreen State College, Olympia, Washington Bachelor of Arts, Major — Business Management, 1987 Appraisal Education: Real Estate Courses: "Real Estate Law" "Real Estate Finance" "Real Estate Practices" "Principles of Real Estate Appraisal I" "Principles of Real Estate Appraisal II" "Uniform Standards of Professional Appraisal Practice" Appraisal Institute Courses: Successfully challenged "Real Estate Appraisal Principles" Successfully challenged 'Basic Valuation Principles" "Capitalization Theory and Techniques Part A" "Capitalization Theory and Techniques Part B" "Report Writing and Valuation Analysis" "Advanced Applications" "Standards of Professional Practice Part A" "Standards of Professional Practice Part B" International Right -of -Way Association Courses: "Appraisal of Partial Acquisitions" "Principles of Real Estate Acquisition" "Engineering Plan Development and Application" "Ethics and the Right -of -Way Profession" Richard F. Duncan, MAI RFDuncan and Associates, Inc. Page 9 "Communication in Real Estate Acquisition" "Bargaining Negotiations" "Relocation Assistance" "Land Titles" National Highway Institute Courses: "Appraisal and Appraisal Review for Federal Aid Highway Programs" "Moving Cost Estimating" Business and Professional Organizations: • Member, Appraisal Institute • Certified Real Estate Appraiser (General) — State of Washington #1100496 Types of Appraisal Assignments: Apartments Eminent Domain Takings — Strip and Before/After Reports Funding Feasibility Studies for Governmental Projects (roads, parks, bike trails, etc.) Office Buildings Retail Special Benefit Studies Subdivisions Undeveloped Land Warehouses Wetlands/Open Space Appraisal Review Richard F. Duncan, MAI RFDuncan and Associates, Inc. Page 10 SH-SH EST HYLEBOS CREEK ONSERVATIO ION GOSPEL MISSION 36XXX PACIFIC HIGHWAY SOUTH FEDERAL VVAY. WASHINGTON 98003 SH&H FILE 15989-23 A 4&SH&H VALUATION AND CONSULTING November 21, 2023 Desire6 S. Winkler, P.E. City of Federal Way 33325 81h Avenue South Federal Way, Washington 98003-6325 Re: Appraisal Report West Hylebos Creek Conservation Union Gospel Mission 36xxx Pacific Highway South Federal Way, Washington 98003 SH&H File 15989-23A Dear Ms. Winkler: At your request, we have completed an appraisal relevant to the above referenced property. This Appraisal Report has been prepared in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, which includes the Uniform Standards of Professional Appraisal Practice (USPAP) as promulgated by The Appraisal Foundation. The subject property is located along the easterly side of Pacific Highway South in Federal Way. The property is comprised of two parcels with a combined area of 291,413 square feet, or 6.69 acres, and is zoned residential by the City of Federal Way. There are no structures on the site. The site has some trees, and natural vegetation. The City of Federal Way would like to acquire the subject property as part of the West Hylebos Creek Conservation project. Therefore, the purpose of this appraisal is to determine the "as is" market value as of the effective appraisal date. 3609 Market Place West, Suite 201 1 University Place, Washington 98466 1 p. 253.564.3230 1 f. 253.564.3143 Based on the analysis and conclusions contained herein, the estimated "as is" market value of the fee simple interest in the subject property, as of the inspection date, November 9, 2023, is: SEVEN HUNDRED THOUSAND DOLLARS $700,000 The appraisal report that follows summarizes the assignment, describes the area and the subject property, and explains the valuation techniques and reasoning leading to the final opinion of market value. As in the case of any narrative appraisal, the reader's attention is directed to the underlying Assumptions and Limiting Conditions that are included in the accompanying report. Respectfully submitted, Barbro A. Hines, MAI, SRA State of Washington Certification 1101044 Kellen E. Hurych, Associate State of Washington Certification 1101923 TABLE OF CONTENTS TitlePage.............................................................................................................................. i Letterof Transmittal........................................................................................................... ii Tableof Contents............................................................................................................... iv SubjectPhotographs.............................................................................................................v Factual Description PropertyIdentification.........................................................................................................1 Intended Use and User of the Appraisal..............................................................................1 PropertyRights Appraised...................................................................................................2 LegalDescription.................................................................................................................2 Purpose of the Appraisal .............. ......................................................................................... 3 Scopeof the Appraisal.........................................................................................................4 LocationDescription............................................................................................................6 PropertyDescription..................................................................................................... Zoning................................................................................................................................18 Taxesand Assessments......................................................................................................18 Analysis of Data and Opinions of Appraisers Highestand Best Use.........................................................................................................19 PropertyValuation.............................................................................................................22 Sales Comparison Approach..............................................................................................23 Reconciliation....................................................................................................................42 Certification.......................................................................................................................43 Qualifications............................. ..... ............. ....................................................................... 45 Assumptions and Limiting Conditions..............................................................................50 Extraordinary Assumptions and/or Hypothetical Conditions............................................55 SUBJECT PHOTOGRAPHS NORTHERLY VIEW OF PACIFIC HIGHWAY SOUTH, THE SUBJECT PROPERTY IS TO THE RIGHT SOUTHERLY VIEW OF PACIFIC HIGHWAY SOUTH, THE SUBJECT PROPERTY IS TO THE LEFT - |MR All � fY@//\ \ & f NORTHERLY VIEW OF THE SUBJECT PROPERTY NORTHEASTERLY VIEW OF THE SUBJECT PROPERTY m '411 FACTUAL DESCRIPTION This appraisal report is intended to comply with the reporting requirements of the Uniform Standards of Professional Appraisal Practice. The depth of discussion contained in this report is specific to the needs of the client stated within this report. APPRAISERS Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate SH&H Valuation and Consulting 3609 Market Place West, Suite 201 University Place, Washington 98466 CLIENT Desired Winkler, P.E. City of Federal Way 33325 81h Avenue South Federal Way, Washington 98003-6325 PROPERTY IDENTIFICATION West Hylebos Creek Conservation Union Gospel Mission 36xxx Pacific Highway South Federal Way, Washington 98003 INTENDED USE AND USER OF APPRAISAL This Appraisal Report is intended to be used by the client, City of Federal Way, to assist with real estate decision -making purposes relevant to the potential voluntary acquisition of the subject. Intended Use is defined as: "The use of an appraiser's reported appraisal or appraisal review assignment results, as identified by the appraiser based on communication with the client at the time of the assignment. "I Intended User is defined as: "The client and any other party as identified, by name or type, as users of the appraisal or appraisal review report by the appraiser, based on communication with the client at the time of the assignment. "2 I Uniform Standards of Professional Appraisal Practice, 2020-2021 Edition (extended through December 31, 2023), Appraisal Standards Board, The Appraisal Foundation, Washington D.C., p. 4. 2 1bid,, p. 4. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 1 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate FACTUAL DESCRIPTION A Client is defined as: "The party or parties (i.e., individual, group, or entity) who engage an appraiser by employment or contract in a specific assignment, whether directly or through an agent. "j The appraisers have not identified any purchaser, borrower, or lender as an intended user of this appraisal. Receipt of a copy of the appraisal by such a party does not mean that the party is an intended user of the appraisal. Such parties are advised to obtain an appraisal from an appraiser of their own choosing if they require an appraisal for their own use. PROPERTY RIGHTS APPRAISED The subject property is effectively vacant land with no lease agreements in place; therefore, the fee simple interest is appraised. The fee simple interest is defined as: "Absolute ownership unencumbered by any other interest or estate subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. " a LEGAL DESCRIPTION The legal descriptions according to two Commitment for Title Insurance reports, prepared by Chicago Title Insurance company, are as follows: Parcel 292104-9026 That portion of the North 2/5ths of the Northeast quarter of the Southwest quarter of Section 29, Township 21 North, Range 4 East, W.M., in King County, Washington, lying Easterly of Pacific Highway South. Parcel 292104-9153 The Northeast quarter of the Southwest quarter of Section 29, Township 21 North, Range 4 East, of the Willamette Meridian, in King County, Washington. Except the North 500 feet thereof, - And except that portion lying West of the East Line of Pacific Highway south, as conveyed to the State of Washington by instrument recorded under Recording Number 2545574; 3 /bid, p. 4. 4 The Dictionary of Real Estate Appraisal, 7h Edition, Appraisal Institute, Chicago, 2022, p. 73. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 2 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate FACTUAL DESCRIPTION And except that portion conveyed to Hans Olsen Jr., recorded under Recording Number 5602572. PURPOSE OF THE APPRAISAL The purpose of this appraisal is to determine the "as is" market value as of the effective appraisal date. MARKETING/EXPOSURE PERIOD The indicated exposure time (i.e., the length of time the subject property would have been exposed for sale in the market had it sold at the market value concluded in this analysis as of the date of this valuation) would have been twelve months or less. The estimated marketing time (i.e., the amount of time it would probably take to sell the subject property if exposed in the market beginning on the date of this valuation) is estimated to be twelve months or less. These conclusions are based on sales of similar type properties in the market. EFFECTIVE DATES OF VALUATION Date of Report: Date of Inspection: Effective Date of Value: PROBABLE BUYER November 21, 2023 November 9, 2023 November 9, 2023 Most probably buyer of the subject property is a real estate developer. PERSONAL PROPERTY This appraisal is relevant to real estate only and does not include personal property. MARKET VALUE The definition of Market Value is as follows: "The most probable price, as of a specified date,. in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably and for self-interest, and assuming that neither is under undue duress. "5 5 The Appraisal of Real Estate, Appraisal Institute, 15' Edition, Page 48 WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 3 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate FACTUAL DESCRIPTION DEFINITION OF "AS IS" MARKET VALUE "The estimate of the market value of real property in its current physical condition, use, and zoning as of the appraisal date. 116 SALES HISTORY The subject property is currently vested to Federal Way Project LLC. The LLC is associated with the Union Gospel Mission. The current ownership has owned the subject property in excess of three years. To the best of our knowledge, the subject property is not listed for sale nor under contract to be purchased. However, this appraisal will be utilized in the potential acquisition of the subject property by the client. SCOPE The scope of this appraisal assignment relates to the field work, inspection, research, and analysis conducted for preparation and valuation of the subject property's estimated market value. The property was physically inspected on November 9, 2023. Financial, statistical, and demographic data was gathered using various informational systems such as Northwest Multiple Listing Service, the Commercial Multiple Listing Service, and King County records. Information regarding comparable properties was confirmed with parties involved in the respective transactions. Descriptive information relating to the subject property was obtained through King County public records as well as the physical inspection of the property and information provided by the client and market participants. This report was prepared in accordance with, and is intended to conform to, the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, which includes the Uniform Standards of Professional Appraisal Practice (USPAP) as promulgated by The Appraisal Foundation. Within this appraisal all three approaches (Income, Cost, and Sales Comparison) to value were considered. In the subject's instance, the property consists of an unimproved residential site (raw land). As an unimproved site with no currently proposed construction, the Cost Approach is also not relevant. In the case of the subject property, the most applicable and relevant approach to value is the Sales Comparison Approach as it relates to vacant land. In arriving at the value of the subject property by this approach, sales of similar properties were considered. The exclusion of the other approaches does not detract from the overall reliability of the value conclusion reported herein. 6 The Dictionary of Real Estate Appraisal, Th Edition, Appraisal Institute, Chicago, 2022, p. 10 WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 4 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate FACTUAL DESCRIPTION UNAVAILABILITY OF INFORMATION The appraisers were not provided with any environmental risk assessments, or soils studies relevant to the subject property. Based on our observations, it appears that the property is physically capable of supporting future development. We are not aware of any environmental risks or atypical soils issues that would quantifiably impact the highest and best use of the subject property. The appraisers were also not provided with any site surveys or plans. Lacking this preferred documentation, we have relied on King County assessor's records with regard to site size. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 5 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate FACTUAL DESCRIPTION LOCATION DESCRIPTION A neighborhood is defined as a group of complementary land uses. Neighborhoods are affected by social, economic, governmental, and environmental forces which influence property values in the vicinity of the subject property which, in turn, directly affect the value of the subject property itself. The boundaries of a neighborhood are typically identified by determining the area within which the forces affect all surrounding properties in the same way they affect the property being appraised. The subject property is located in the City of Federal Way. For reference, an area map showing the subject property's location relative to metropolitan areas within the Puget Sound Region is presented on the following page. A location map showing the subject property's immediate surroundings is provided further within this section. The subject property is located along the easterly side of Pacific Highway South in Federal Way. Prior to the construction of Interstate 5, Pacific Highway South (Highway 99) was the west coast's major north/south arterial. Highway 99 is located westerly of the subject property. Although Pacific Highway South is not a freeway, it remains a primary arterial in the cities and communities it bisects throughout the State of Washington. As a result, this arterial supports a wide variety of intermittent commercial and residential improvements. Many urban sectors of the highway are improved with older commercial buildings, with the exception of areas near thriving commercial districts which have spurred newer development. As is typical of this arterial, the newer developments are interspersed with older commercial and multifamily properties. One of the most notable office developments is The West Campus, generally located westerly of Pacific Highway South, between South 348th Street on the south and South 320th Street on the north and 101h Avenue to the west. This area experienced considerable growth throughout 1990s and to date. The West Campus community includes planned unit developments that were phased in over several years and has been the primary focus of office and residential construction in the neighborhood. The major factor for this planned development's growth has been its location in relation to the major centers of Seattle and Tacoma. With the expansion of business and the location of several corporate headquarters in the West Campus area, this community has grown from a commuter suburb to an employment destination. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 6 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate i sport irnkhe FACTUAL DESCRIPTION Pon, Marysville Blyrl Hadlock•Irondale Whidbey Island Bverelt 2 4 Monroe i�W Edmonds ►*� .e� r :l'• sea Shore'ine Bothell Poulsho { Redmond �. Silvefrl ale' Seattle 8r�rlertori 3 AN , Snoqualmie -- � Renton North Bend - • Belfair t4'i — SeaTac Vashan Island Kent Gig Harbor Auburn Tacom SUBJECT PROPERTY -J Enumclaw Lakewood — Puyallup � Span�srati Dlympla' Tumwaler Q Ye: rnaf Mount R Tenina Eatcnville Nationa 1 AREA MAP WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 7 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate FACTUAL DESCRIPTION The primary east -west arterial is South 320th Street, which intersects with I-5 and becomes Peasley Canyon Road in the easterly direction, to eventually link with West Valley Highway in the Kent Valley. South 320th Street to the west traverses the majority of Federal Way. The other primary east -west arterial, South 348th Street, which becomes State Route 18 in the easterly direction, eventually links with West Valley Highway in the Kent Valley. South 3481h Street becomes Campus Drive to the west crossing the interior of the city of Federal Way. Overall, the area streets are considered to be good quality neighborhood arterials, which primarily facilitate linkages between the residential areas around the subject neighborhood and major routes, attractions, and employment centers located outside of the neighborhood. The City of Federal Way is generally regarded as a bedroom community for employment centers in Seattle, Tacoma, and the Kent Valley. However, there is a sizable office market in the West Campus area, in addition to a large retail sector surrounding The Commons at Federal Way, formerly the Sea-Tac Mall, a regional shopping center. This center is located at the southeasterly corner of Pacific Highway South and South 320th Street and is the retail anchor development for the Federal Way area. This 688,094 square foot regional shopping center was completed in 1975 on a sixty -three -acre site, and is anchored by Target, Kohl's, Century Theaters, Macy's and Dicks Sporting goods. Sears was formerly an anchor within the center; however, the retailer has permanently closed their store along with other Washington locations. Surrounding the mall, retail development includes SeaTac Village, Center Plaza, Celebration Center (formerly Ross Plaza), Hillside Plaza, Evergreen Plaza, and Pavilion Center shopping centers. The Link Light Rail is in the process of constructing a new station located along South 320th Street, which will benefit the area. The new facility is anticipated to open by 2025. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 8 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate FACTUAL DESCRIPTION Costco Who;o are, � 35bwl A. The Home D Lowe s Home Q Improvement '- nrlse Mitedft flylebos fteberry dfst Church Farm Palk r;�iC 19, S 358ih 5t Brooklake Church S Park 16 Apartment 3� Jrt f14P 311 LEWE LASHES Crosspotnte Apartments h1wch Q i 4101PI iK1aPI a sage Pi s :LI Montesswl inststute,� for Teacher EC}u t iac VW Paged a 9, • .. Z. t prlses9 cedNf aV3431 It — SUBJECT PRc?PERiY Todd Bearner High SchOOI9 a 17ef - I s �eay. sr lip Wild Waves Theme and Water Park SeaTac Rest Area19 Hyland Car#�irrelworltS a 9 Aube YIneyard Misery . fo LOCATION MAP WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL NUSSION, FEDERAL WAY, WA 98003 Page 9 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate FACTUAL DESCRIPTION The City of Federal Way, would like to acquire the subject property as part of the West Hylebos Creek Conservation project, which is further discussed as follows, according to the City of Federal Way website: "The Hylebos Creek — West drainage basin is approximately 5,840 acres. It is the largest basin in the city, with approximately 91 percent of the basin inside the city limits. The Hylebos basin includes three subbasins: • • West Fork • • East Fork • • Lower Hylebos Hylebos Creek drains directly to Commencement Bay in Puget Sound. The West Fork drains the central and southern portions of the city, with several smaller tributaries that converge at West Hylebos Wetland Park. Hylebos Creek provides spawning habitat for threatened fall -run Chinook salmon (Oncorhynchus tshawytscha) and has documented presence of threatened winter -run steelhead (O. mykiss) (WDFW 2021). The Hylebos basin has experienced significant development and urbanization. Hylebos Creek and the West Fork of Hylebos Creek are included on Ecology's 303(d) list for bacteria, dissolved oxygen, and temperature (Ecology 2021 a). The lower main stem and lower West and East Forks flow through Puyallup Tribal Lands. The Muckleshoot Tribe maintains fishing rights on Hylebos Creek, which was formerly home to substantial runs of coho (O. kisutch), chum (O. keta), and Chinook salmon, as well as cutthroat (O. clarki) and steelhead trout; these populations are now diminished. The Puyallup Tribe releases between 10,000 and 20, 000 juvenile fall Chinook salmon into the West Fork on an annual basis (Schwartz 2016). The Salmon Habitat Protection and Restoration Strategy for water resource inventory area (WRL4) 10 does not prioritize Hylebos Creek as an area for salmon recovery due to the small populations it contains compared to populations in the main stem Puyallup, White, and Carbon Rivers." WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 10 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate FACTUAL DESCRIPTION PROPERTY DESCRIPTION The site description is derived from on -site inspections, public records, and conversations with individuals familiar with the subject property. Site Description The subject property is located along the easterly side of Pacific Highway South in Federal Way. The property is comprised of two parcels with a combined area of 291,413 square feet, or 6.69 acres. The site is currently vacant. There is an aerial map with the approximate boundaries of the subject site outlined in red included on the following page. Additional details of the subject site, are as follows: Location: The subject property is located along the easterly side of Pacific Highway South in Federal Way, Washington. Municipal Jurisdiction: The subject property is located within the City of Federal Way's jurisdiction. Site Area: According to the King County Assessor, the site contains an area of 6.69 acres, or 291,413 square feet, which is shown in the following exhibit. KING COUNTY ASSESSOR Site Area Parcel Number Sq. Ft Acres 292104-9026 21,777 0.50 292104-9153 269,636 6.19 TOTAL 291,413 6.69 Street Frontage: The subject property has approximately 1,255 lineal feet of frontage along Pacific Highway South. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 11 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate FACTUAL DESCRIPTION �7# AERIAL VIEW OF SUBJECT SITE SUBJECT PROPERTY OUTLINED IN RED WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 12 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate Street Improvements: Type: Surface: Curbs: Sidewalks: Street Parking: Center Turn Lane Pacific Highway South Two-way, four -lane highway Asphalt None None None None FACTUAL DESCRIPTION Access: As the subject property is an undeveloped site, there are currently no access points along the highway. Given the length of frontage there would be adequate area to provide access. The site can only be accessed from the northbound direction from Pacific Highway South due to barriers. Visibility/Exposure: The subject property has good visibility along the arterial. Topography & Coverage: The subject property is level and at grade with the surrounding properties. The site has some tree cover, along with natural vegetation. Utilities: There is water, electricity, and cable to the site, according to Charles Henry (253-941-1516), the permit specialist with the Lakehaven Water and Sewer District. There is no sewer in the immediate area, therefore, residential development would require onsite septic systems. Flood Plain: Per the Federal Emergency Management Agency's Flood Map Number 53033C125OG (effective date August 19, 2020), the subject site is located in an area outside of the 100 and 500-year flood plain. A copy of the flood map is replicated on the following page. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 13 SH&H File 15989-23A Barbra A. Hines, MAI, SRA Kellen E. Hurych, Associate FACTUAL DESCRIPTION RiskMeter 807 S 364TH 5T FEDERAL WAY, WA 98003-7436 LOCATM ACCURACY: Flood Zone Determination Report Flood Zone ❑etenninatian: OV7 VANE. DAIM AugLat 19.2020 53033C1250G At X500 or B Zom 1€ AZene V Z"* .r D Zone CBRA .t r I r O 2= Ccre L gp- I2 A8 right. reserved CORELOGIC IMIGAETER MaNT and dx Cmdcgt bo, am tradenaYa OCer I gW- me ardfv ft 9,bydai- All ad—ft d--ft m de property a1 ehdr res0adve holders Report gesreaeed N—bnB 02 20D by d.,dl@d*.vw— Rabe 2 of 2 WEST HYLEBOS CREEK CONSERVATION — UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 14 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate FACTUAL DESCRIPTION Wetlands: U.S. Fish and Wildlife Service National Wetlands Inventory mapping indicate there are no wetlands on the site, which is shown in the exhibit below. However, the subject may be impacted by wetland buffers due to wetlands on adjacent properties. Environmental Issues: We were not provided with a site -specific environmental assessment for the subject property. We are not aware of any hazardous materials and/or contamination impacting the subject property. Easements/Restrictions: We were provided with a Commitment for Title Insurance prepared by Chicago Title Company, dated September 13, 2023 (a copy is located within the Addenda) for Assessor Parcel Number 292104-9026. We were provided with a second Commitment for Title Insurance, prepared by Chicago Title Company, dated September 14, 2023 (which is also located within the Addenda). According to both reports, the subject property is not encumbered by any atypical easements. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 15 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate FACTUAL DESCRIPTION Soils: We were not provided with a soils report within the course of this assignment. Based on the property inspection and surrounding development it does not appear that there are adverse soils that would impact development. Earthquake Zone: The International Building Code (IBC) is the adopted building code effective in the state of Washington. The IBC uses the Seismic Design Category (SDC), which is a function of three parameters: ground motion, soil type, and building occupancy. The higher the category (A is lowest, F is highest), the more stringent the structural requirements. The typical SDC in the Puget Sound is a "D" (intended to withstand an earthquake of 7 to 8 on the Richter Scale) or more stringent rating, but because these parameters interact, the actual category varies. This category applies uniformly to all properties in the Puget Sound area and based on property sales and population growth within the Puget Sound area, it does not appear to unduly affect the value of the subject or surrounding properties. Development Density: The subject property has no entitlements for residential subdivision in place. Therefore, it is necessary to determine the number of single-family lots the subject could potentially accommodate. Several methods are considered in determining the development potential of the subject property, which are discussed as follows: The subject property is zoned RS 35.0 (single family residential), by the City of Federal Way. The base density for the RS 35.0 has a minimum lot size of 35,000 square feet. Therefore, the subject could accommodate a total of 8.32 dwelling units (291,413 sq. ft. / 35,000 sq. ft.), rounded to eight dwelling units without consideration for roads and open space. This would equate to a density of 1.12 dwelling units per acre (8 dwelling units / 6.69 acres). WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 16 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate FACTUAL DESCRIPTION Given the minimum lot size of 35,000 square feet, an allocation of 15% of the site would be allocated for roads and open space. Therefore, the subject could physically accommodate up to 7.08 dwelling units ((291,413 sq. ft.)(0.85)/(35,000 sq. ft.)), rounded to seven dwelling units. This indicates a density of 1.05 dwelling units per acre (7 dwelling units / 6.69 acres). Another option is to consider comparables. The table to follow includes the five comparables utilized within the Sales Comparison Approach in addition to four other comparables. Density Comparables Proposed Units Per/ Comparable Lots Acre S-2 4 0.85 S-3 10 2.29 DC-1 31 2.76 DC-2 13 2.96 DC-3 33 3.35 S-5 7 3.45 DC-4 85 4.03 S-1 24 4.04 S-4 7 4.07 Min 4 0.85 Max 85 4.07 Avg 24 3.09 The comparables indicate a range from 0.85 dwelling units per acre to 4.07 dwelling units per acre with a central tendency of 3.09 dwelling units per acre. The subject is unique in a somewhat urban area as higher densities are typically permitted within urban areas. The subject indicates a density at the lower -end of the range, which would be expected given the larger lot size required as a result of zoning and lack of sewer. Thus, an estimate of seven units is utilized for the analysis of the subject. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 17 SH&H File 15989-23A Barbro A. Hines, NIAI, SRA Kellen E. Hurych, Associate FACTUAL DESCRIPTION ZONING The subject property is zoned RS 35.0 (single family residential), by the City of Federal Way. The minimum lot size is 35,000 square feet. Permitted uses include single family residential, and cottage housing. TAXES AND ASSESSMENTS The subject property is comprised of two assessor parcels, which are carried on the King County Tax and Assessment roll as summarized in the chart below. Parcel Number 2023 TAX AND ASSESSMENT SUMMARY Assessed Improvement Total Land Value Value Value 2023 Taxes 292104-9026 292104-9153 $146,000 $377.000 $0 $0 $146,000 $377.000 $1,395.48 $3,595.74 TOTAL $523,000 $0 $523,000 $4,991.22 The 2023 taxes are based on the 2022 assessment. The 2023 assessed value utilized to calculate the 2024 real estate taxes is $473,000. The 2024 levy rate has not been released. Experience has shown that the assessed value is often an unreliable indicator of market value, despite the assessor's mandate to assess all properties at 100% of market value, which appears to be the case with the subject property. WEST HYLEBOS CREEK CONSERVATION — UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 18 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS HIGHEST AND BEST USE By identifying and interpreting the market forces that affect a specific property in a local and regional context, the appraisers determine the property's highest and best use. Highest and best use can be defined as; "The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity."t Highest and best use is a fundamental concept in real estate appraisal because it focuses market analysis on the subject property and allows the appraisers to consider the property's optimum use in light of market conditions on a specific date. The subject property is a vacant site; therefore, the highest and best use as improved is not required. HIGHEST AND BEST USE AS THOUGH VACANT Legally Permissible The first test of Highest and Best Use is to determine what is legally permissible, or what can legally be constructed on the subject property. The subject property is zoned RS 35.0 (single family residential), by the City of Federal Way. The zoning allows most residential uses. Physically Possible The next test of highest and best use is the physical possibility of constructing a legally permissible improvement on the site. The subject property is zoned RS 35.0 (single family residential), by the City of Federal Way. The site has frontage along Pacific Highway South and due to a median barrier, only northbound ingress and egress would be possible. The subject's site size and existing topography appear to be sufficient to accommodate all of the allowed legal uses. The subject property contains an area of 6.69 acres, or 291,413 square feet. The appraisers know of no physical site characteristics which limit development of the subject site. There do not appear to be any adverse soil conditions, the site is not situated within a known flood plain and we are not aware of any unusual easements, etc., that would limit development on the subject site. The subject property lacks access to sewer; therefore, residential development would require onsite septic systems. Based on zoning the subject property can support seven residential dwellings given the minimum lot size of 35,000 square feet. Therefore, a physically possible use is to develop the site with up to seven lots. t Dictionary of Real Estate Appraisal, Seventh Edition, Appraisal Institute, 2022, Page 103. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 19 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS Financially Feasible The third test is for financial feasibility. A project's financial feasibility is measured by whether the project can produce a positive return on the investment. The factor having the most weight in determining the highest and best use is the feasibility of the use, primarily supported by perceived demand. The residential market is tracked by NWMLS. The table below shows median sale price for the entire NWMLS, King County and Federal Way. Kellen Hurych Office: (253) 564-3230 SH&H Valuation and Consulting Cell: (253) 564-3230 WtEmbWltm`°=' NORTHWEST 0 MULTIPLE LISTING SERVICE. Median Sales Price — E-" uL5 — I" — Fedrw Wav S'C x t-2C2i7 I712' t-21}22 I-2023 EWO "'153 :(e::13 Federal Way _.Is � •.r ram < _ �.. z•= s z.. i r _.�c: . � � v:.�cer'� �Z:. Alt ,'aIe "an Vaam=R RA�i4p Lex.g Servr®� sloSpanls-2023 S1c r1gT As shown in the table above, all three areas increased through the end of 2022 and have leveled off as of 2023, which is likely attributed to the increase in interest rates. Overall, there continues to be demand for single-family residential, albeit with a slowdown in appreciation in the median sale -price. Legally and physically the site can support residential development. There is no other use that will provide for a greater return to the site. The most financially feasible use is to develop the site with up to seven single-family residences. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 20 SH&H File 15989-23A Barbro A. Hines, NMI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS Maximally Productive The fourth test of highest and best use is maximum productivity. This test is to determine which use will generate the greatest rate of return or value for the property. The primary use which has passed the three previous tests is for development of the subject site with a residential use. This type of use would also be considered the maximally productive use of the site. Thus, the maximally productive, and highest and best use of the subject site as though vacant, is to develop the subject with up to seven single-family residences. WEST HYLEBOS CREEK CONSERVATION — UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 21 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS PROPERTY VALUATION The subject property is valued as a site, available to its highest and best use. To value the site, only those techniques applicable to land value derivation are appropriate. There are several procedures for the valuation of land. These include: 1. The Sales Comparison Approach. Sales of similar vacant parcels are analyzed, compared, and adjusted to derive an indication of value for the land being appraised. 2. The allocation (abstraction) procedure. Sales of improved properties are analyzed, and the prices are allocated between land and improvements. 3. The extraction procedure. This is a variant of the allocation method, whereby the value of the contribution to the total value of the improvements are estimated, and then deducted from the total to leave land value. 4. The Income Capitalization procedures are as follows: The land residual procedure. The land is assumed to be improved to its highest and best use, and the net income imputable to the land after all expenses of operation and return attributable to the other agents in production is capitalized to derive an estimate of land value. The ground rent capitalization procedure. In this procedure the rent paid for the right to use and occupy land is capitalized to yield a value. Capitalization rates are derived from market data. The anticipated use (development) procedure. Undeveloped land is assumed to be subdivided, developed, and sold. Development costs, incentive costs, and carrying charges are subtracted from the estimated proceeds of sale, and the net income projection is discounted over the estimated period required for market absorption of the developed sites to derive an indication of value for the land being appraised. In this instance, the only applicable method is the Sales Comparison Approach as it relates to land, which is utilized herein. WEST HYLEBOS CREEK CONSERVATION — UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 22 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS SALES COMPARISON APPROACH The Sales Comparison Approach involves the process of comparing properties that have sold with the subject property, noting and adjusting for similarities and dissimilarities between the sale comparables and the subject property. The actual comparison process involves adjustments to reflect the degree of similarity, such as differences in property rights conveyed, financing, market conditions (date of sale), location, and physical characteristics and utility. LAND VALUE ANALYSIS One of the most reliable indicators of value in an active market is derived by comparing the property being appraised with properties in similar market areas which have recently sold. This approach reflects the principle that a well-informed buyer will pay no more for a property than the cost involved in obtaining an equally satisfactory substitute property. A basic principle in the valuation of real estate is that no two properties are identical and, thus, adjustments are necessary to reflect the various differences. This formalizes the thought process often followed by buyers and sellers and tends to yield a range of indicated values for the property appraised. In the present instance, adjustments have been considered for time of sales, specific location, size, shape, frontage, buyer/seller motivation, and other factors. A few of the more common factors that may influence value are detailed below: Location Location is the primary factor in the valuation of virtually all real estate. As applied to this appraisal, the highest land values are found with those tracts having good overall utility, with good access, favorable terrain features, and attractive amenities/views. 2. Size of Tract Another important factor is the size of the tract being considered. The subject has a highest and best use for residential development and the price per unit is typically used for valuation of these types of properties. The site of the tract will impact the number of units that can be developed predicated upon the underlying zoning. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 23 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS 3. Terms and Conditions of Sale Sale prices listed for comparable sales are strongly influenced by terms and conditions of sale offered by the seller and by the motivation of both the buyer and the seller. When sale terms are attractive, with such features as a low-down payment, low rate of interest, and payment over an extended period of time, prices tend to be inflated as opposed to the situation where the seller requires all cash. 4. Market Conditions The date of comparable sales is also important in estimating present land values. This is not only because of the cycles in land values within the community, but also because of changes in value over time. Zonintr and Potential Development Density The highest land values, on a per unit basis, are normally found under the higher density commercial uses, followed in succession by multifamily/office/industrial uses, single family use, suburban and rural residential, and, finally, agricultural and forestry, and open space use. While the existing zoning classification may not absolutely dictate future use of the land, it has a strong bearing on both sale prices and land values. A purchaser who must rezone land to a higher or different use must consider not only the probability of rezoning, but also the time and expense required. 6. PhysicaI Features of the Land In considering current land values, a number of physical factors also influence land value. These include topography or slope, provision for surface drainage, soil conditions, the presence of wetlands, ground cover, and view, among others. When all of these conditions are favorable, a purchaser might reasonably be expected to pay a premium and when one or more are unfavorable, an offer to purchase will most probably be discounted. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 24 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS The subject property contains a gross area of 6.69 acres and the site is analyzed as being able to support up to seven -residential lots. The subject development would have a density of 1.05 dwelling units per acre (7-lots / 6.69 acres). The site does not have any development entitlements in place, and we are not aware of any formal studies completed on the site that would facilitate future development. We searched the immediate area for sales of similar residential sites in a similar development state. Given a limited number of recent sales in the immediate vicinity available for analysis, we expanded our geographical search for relevant transactions and also had to include sales with development entitlements, as well as a sale that was already partitioned into individual assessor's parcels but did not represent finished lots. Of the properties surveyed, we have selected five comparables, which are summarized in the chart below. A map showing the location of the comparables relevant to the subject is presented on the following page. In the following analysis, the unit of comparison considered the most applicable and considered by the market as the most relevant is the price per planned unit. Following the summary chart, data for the comparable sales is presented, together with a photograph and a parcel map of each. Sale Location LAND COMPARABLES Sale Date Analysis Price Lots $/Lot L-1 Copper Ridge Jan-23 $1,500,000 24 $62,500 3xxxx South 340th St Federal Way, WA L-2 3150 South 312th St Feb-23 $300,000 4 $75,000 Federal Way, WA L-3 South Campus Estates Apr-22 $881,800 10 $88,180 36606 6th Avenue Southwest Federal Way, WA L-4 24107 20th Avenue South Dec-22 $809,500 7 $115,643 Des Moines, WA L-5 20847 Des Moines Memorial Drive Aug-22 $830,000 7 $118,571 Des Moines, WA WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 25 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS White Center H : _i`1IF © i3ryn Mawr -Skyway Fast Renton Renton Highlands Tukwila Bllrlpji "` r, aR:G RY 0 r.irTSTS VaShon SOLITOCrH-ER SeaTac Cascade-Fairwood Normandy ..FDA Park 1 Island s s East Hlil-Meridian Shadow Lek Portage Des PAaI COMPARABLE SALE S-5 ULIAT0i 1,11DI A" EAST HILL Maury island. 6 oacK}"H COMPARABLE SALE COMPARABLE SALE S-1 5T4R LA%E Covington •--tR:STOPHER LEA HILL Lake Dash Point COMPARABLE SALE S -2 eerrydaie Auburn Lake Holm i, --� Cr]ANER SUBJECTPRaPERTY Green River HORTriEAs' T64 rAcowA Lakeland41gona Yakima I I! South Pacify Fife 16° Tacoma COMPARABLE SALE S - 3 L Y ' Milton Lake Ta ,�r l iat 167 -AC01,Io - Waller 7 Sumner L Puyailup Midland Bonney Lake Summit Alderton LAND SALE COMPARABLES MAP WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 26 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS Land Sale No. 1 Property Identification Record ID 15302 Property Type Subdivision Land Property Name Copper Ridge Address 3xxxx South 304th Street, Federal Way, King County, Washington 98003 Location Northerly of S 304th Street Tax ID 052104-9033 Instrument Deed Sale Data Grantor Car Al LLC, Car All LLC, More LL LLC More Ell Properties LLC Grantee Copper Ridge LLC Sale Date January 18, 2023 Deed Book/Page 20230118000322 Property Rights Fee Simple Marketing Time 558 days Verification Larry Jassen, broker; 206-795-9494 Sale Price $1,500,000 Land Data Zoning RS 7.2 Topography Level Utilities Available Shape Rectangular Landscaping None Land Size Information Gross Land Size 5.940 Acres or 258,746 SF Planned Units 24 Indicators Sale Price/Planned Unit $62,500 Remarks The comparable is located along South 304th Street in Federal Way. The site is comprised of a single parcel with an area of 5.94 acres and is zoned RS 7.2 by the City of Federal Way. All utilities are available to the site. The property was listed for sale with an asking price of $1,675,000 and sold for $1,500,000 after 558 days on the market. The property had entitlements in place to develop the site with 24 single-family homes. The listing broker indicated that an allocation was not made for the entitlements. The density is 4.04 dwelling units per acre (24 units / 5.94 acres). WEST HYLEBOS CREEK CONSERVATION, UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 27 SH&H File 15989-23A Barbro A. Hines, MI. SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS 3XXXX SOUTH 304TH STREET COPPER RIDGE WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 28 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS Land Sale No. 2 Property Identification Record ID 15260 Property Type Subdivision Land Address 3150 South 312th Street, Federal Way, King County, Washington 98001 Location Along the east side of 1-5, west of Military Road South Tax ID 0921049305,0921049131,0921049116,0921049326 Sale Data Grantor Midway Christian Center Inc. Grantee Schneider Family Homes LLC Sale Date February 28, 2023 Deed Book/Page 20230228000759 Property Rights Fee Simple Sale History No sales in prior five years Verification April Fleming, Buyer's Broker; 253-334-2927 Sale Price $300,000 Land Data Zoning R-4; King County Topography Relatively level Utilities Electricity, public water Shape Generally rectangular Flood Info Not in a flood zone; wetlands onsite Land Size Information Gross Land Size 4.700 Acres or 204,732 SF Actual Units 4 Indicators Sale Price/Actual Unit $75,000 Remarks This is the sale of four adjacent residential lots located in the Federal Way area. Each lot has frontage along the I-5 corridor. Additionally, each lot has frontage along an undeveloped right-of-way (32nd Avenue South) and the southernmost parcel has frontage along a second undeveloped right-of-way (South 312th Street). The buyer's agent indicated they are "not sure what the exact plan is" in terms of providing access to each lot for development, but the buyer does plan on developing each lot with a single-family residence for a total of four residences. The individual lot sizes range from 0.87 acres to 6.69 acres, but the overall density equates to 0.85 units per acre (4 units / 4.70 acres). According to a wetlands delineation that "expired over a decade ago," there are wetlands onsite. Although the study is dated, it is on the property's title and filed with King County. According to this document, the easterly area of each parcel is impacted by wetlands. It is assumed that the westerly areas of each parcel will support the residences, which is closer to the I-5 frontage. The property was listed for sale on June 25, 2021, at $500,000. The listing expired twice and re -listed a third time in July 2022 at $350,000. The status was changed to "pending feasibility" in November 2022 and the sale closed in February 2023 at $300,000, which is 85.71% of the list price. The buyer's agent confirmed there were no atypical conditions of the sale. WEST HYLEBOS CREEK CONSERVATION — UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 29 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS ALONG THE EAST SIDE OF I-5, WEST OF MILITARY ROAD SOUTH 3150 SOUTH 312TH STREET WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 30 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS Land Sale No. 3 Property Identification Record ID 15300 Property Type Subdivision Land Property Name South Campus Estates Address 36606 6th Avenue Southwest, Federal Way, King County, Washington 98023 Location Easterly of 6th Ave SW Tax ID See Remarks Instrument Statutory Warranty Deed Sale Data Grantor Rebecca Fox, Priscilla Syring, Timothy Hansen, Susan Hansen Grantee South Campus Development, LLC Sale Date April 29, 2022 Deed Book/Page 20220429001040 Property Rights Fee Simple Verification Steven Dorenbush, broker; 253-840-5574 Sale Price $681,800 Upward Adjustment $200,000 Sewer Adjusted Price $881,800 Land Data Zoning RS 15.0 Topography Level Utilities No Sewer Shape Rectangular Land Size Information Gross Land Size 4.358 Acres or 189,818 SF Planned Units 10 Indicators Sale Price/Planned Unit $88,180 Remarks The comparable represents a vacant site located along 6th Avenue Southwest in Federal Way. The site contains an area of 4.36 acres and is zoned RS 15.00, which allows one residence per 15,000 square feet. The property was listed for $799,000 and ultimately sold for $681,800. According to the listing broker, entitlements were in place to develop the site with 10 single-family residences, which was paid for by the buyer. Since the sale the lots have been developed. There are a total of ten lots with two open space tracts. According to the listing broker sewer was approximately 500 feet away. According to Stacey Welsh, the Principal Planner with the City of Federal Way, the cost to extend sewer is approximately $400 per lineal foot. This would result in a cost of $200,000 (500 feet)($400/foot) in order to extend the sewer to the property. The photograph on the following page shows the finished lots and houses under construction, which does not represent the comparable at the time of sale which was a vacant site. The density is 2.29 dwelling units per acre (10 dwelling units / 4.358 acres). Parcels included in the sale were: 787965-0010, -0020, -0030, -0040, -0050, -0060, -0070, -0080 ,-0090, - 0100, -0110, and -0120. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 31 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS 36606 6TH AVENUE SOUTHWEST SOUTH CAMPUS ESTATES WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 32 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS Land Sale No. 4 Property Identification Record ID 15299 Property Type Subdivision Land Address 24107 20th Ave South, Des Moines, King County, Washington 98198 Location Northerly of S 243rd St Tax ID See Remarks Instrument Statutory Warranty Deed Sale Data Grantor Tao Wang Grantee Samy Zewdu Sale Date December 16, 2022 Deed Book/Page 20221221000358 Property Rights Fee Simple Verification Dien Le, broker; 425-652-6987 Sale Price $800,000 Upward Adjustment $9500 Demolition Adjusted Price $809,500 Land Data Zoning RS-7200 Topography Level Utilities Available Shape Rectangular Landscaping Minimal Land Size Information Gross Land Size 1.722 Acres or 75,000 SF Planned Units 7 Indicators Sale Price/Planned Unit $115,643 Adjusted Remarks The comparable is located along 20th Avenue South in Des Moines. The property was listed for $880,000 and sold after 114 days on the market for $800,000, which is 9.1% below the asking price. The property is comprised of seven parcels that range in size from 7,500 square feet to 30,000 square feet with an average lot size of,10,714 square feet per lot (75,000 sq. ft. / 7 lots). The property is improved with single-family residence that was built in 1946 and contains an area of 1,210 square feet. According to the broker, there was no value in the residence. The buyer plans to redevelop the site with seven single-family residences. Therefore, the existing structure needs to razed. Demolition costs are estimated at $8.00 per square foot, or $9,680 ($8.00/sq. ft.)(1,210 sq. ft.), rounded to $9,500 based on appraisals completed by our firm. All utilities are available to the site. Although the property was comprised of seven parcels, the parcels were not finished lots. Parcels included in the sale were 692960-2024, 692960-2028, 692960-2034, 692960-2038, 692960-2042, 692960-2100, and 692960-2150. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 33 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS NORTHERLY OF S 243RD ST 24107 20TH AVE SOUTH WEST HYLEBOS CREEK CONSERVATION — UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 34 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS Land Sale No. 5 Pronerty Identification Record ID 15301 Property Type Subdivision Land Address 20847 Des Moines Memorial Drive, Washington 98198 Location Westerly of Des Moines Memorial Drive Tax ID See Remarks Instrument Statutory Warranty Deed Sale Data Grantor Andros LLC Grantee Mekong Advanced Investments, LLC Sale Date August 22, 2022 Deed Book/Page 20220826000552 Property Rights Fee Simple Verification Bill Pallis, broker; 206-979-2880 Sale Price $830,000 Land Data Zoning RS-7200 Topography Level Utilities Available Shape Irregular Landscaping Typical Land Size Information Gross Land Size 2.030 Acres or 88,427 SF Planned Units 7 Indicators Sale Price/Planned Unit $118,571 Des Moines, King County, Remarks The comparable is located along Des Moines Memorial Drive in Des Moines, Washington. The property was listed for sale with an asking price of $999,000 and sold within 52 days for $830,000. The vacant site is improved with seven parcels that range in size from 7,108 square feet to 34,412 square feet with an average size of 12,653 square feet. The prospective purchaser plans to develop the site with seven single-family residences. The density is 3.45 dwelling units per acre (7 dwelling units / 2.03 acres). There were no entitlements in place at the time of sale. Although the property was comprised of seven parcels, the parcels were not finished lots. Parcels included within the sale were 3596000004, 3596000010, 3596000574 3596000580, 3596000586, 0822049002, and 0822049170. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 35 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS WESTERLY OF DES MOINES MEMORIAL DRIVE 20847 DES MOINES MEMORIAL DRIVE WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 36 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS Analysis of Comparable Sales A basic principle in the valuation of real estate is that no two properties are identical, which means that adjustments are necessary to reflect the various differences of the properties being considered. We have applied an adjustment process to the comparables, with an adjustment chart presented in the analysis to follow. The adjustment process allows consideration of the thought process often followed by buyers and sellers in comparing different properties. Within the discussion of each sale detailed herein, the sales' characteristics are noted and compared to the subject, resulting in conclusions of the need for positive or negative adjustments to the indicated unit prices of the comparables. The top of the chart accounts for quantitative adjustments. After completing the quantitative adjustments, we will apply qualitative adjustments, either positive or negative, to account for physical differences between the comparables and the subject property. In utilizing the comparables to determine a per unit value for the subject property, each sale should be adjusted to the subject for dissimilarities. There are six common elements of comparison that should be considered in sales comparison analysis. These are: Real property rights conveyed; Financing terms; Condition of sale; Date of sale (Market Conditions); and Location and Physical characteristics. In analyzing the Location and Physical characteristics, adjustments may be made for some dissimilarities among the comparables, primarily location, project size, available utilities, site utility, density/acre and entitlements. Quantitative Adjustments The property rights conveyed, financing, and conditions of sale for all of the comparables are similar to the subject. L-3 is adjusted upward for sewer extension cost. L-4 is adjusted upward for demolition costs. No other adjustments are made. WEST HYLEBOS CREEK CONSERVATION — UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 37 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS Market Conditions The next quantitative adjustment to consider is for market conditions. In analyzing the influence of the market conditions at the time of sale of the comparables in relation to the market conditions as of the date of appraisal, the key factor is the passage of time. More specifically, the question to be answered in its simplest form is whether there is any trend in general prices through time. The Date of sale for the comparables ranges from April of 2022 through February of 2023. NWMLS tracks the median sale prices for single-family residential for the entire NWMLS, King County and the City of Federal Way. Kellen Hurych omre: (253) 564-3230 SHBH Valuation and Consulting CPA: 1253) 564-3230 NORTHWEST MULTIPLE LISTING SERVICE. Median Sales Price . Krg Federal Way S3p:K 1-2120 1-2021 1.2022 1.2023 Entre'ALS 3 • r;' Federal Way Ail.'_ korrt NMha.esf htulTp6 Leung iar.Ycr b&Spahs Z 2923 Sh w qTm As shown in the exhibit above, there were significant increases from 2020 through the end of 2022 with a slight decline in 2023, which is a result of the increase in interest rates. The median price for the entire NWMLS decreased by 2.3% over the prior year, King County decreased by 2.7% and Federal Way decreased by 5.3%. Overall, the market appears to have leveled off. As all of the sales are relatively recent, no adjustments are necessary. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 38 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS LAND COMPARISON ANALYSIS Comparable Number L-1 L-2 L-3 L-4 L-5 Sale Price nla $1.500,000 $300,000 $681,800 $800,000 $830,000 Property Rights Conveyed Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Adjustment $0 $0 $0 $0 $0 Adjusted Price $1,500,000 $300,000 $681,800 $800,000 $830,000 Financing WA Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Adjustment $0 $0 $0 $0 $0 Adjusted Price $1,500,000 $300,000 $681,800 $800,000 $830,000 Conditions of Sale N/A Arms Length Arms Length Arms Length Arms Length Arms Length Adjustment $0 $0 $0 $0 $0 Adjusted Price $1,500,000 $300,000 $681,800 $800,000 $830,000 Buyer Expenditures N/A None None Sewer Demolition None Adjustment $0 $0 $200,000 $9,500 $0 Adjusted Price $1,500,000 $300,000 $881,800 $809,500 $830,000 Date of Value Nov-23 Jan-23 Fetr23 Apr-22 Dec-22 Aug-22 Months Since Sale 9 8 18 10 14 Adjustment 0.00% 0.00% 0 00% 0 00% 0 00% 0.00% Adjusted Price $1,500,000 $300,000 $881,800 $809,500 $830,000 Analysis Price Lots Adjusted Price/Lot Qualitative Adjustments Location Adjustment Project Size Adjustment Available Utilities Adjustment Site Utility Adjustment Density/Acre Adjustment Entitlements Adjustment Total Adjustment $1,500,000 $300,000 $881,800 $809,500 $830,000 7 24 4 10 7 7 $62,500 $75,000 $88,180 $115.643 $118,571 Federal Way Similar Inferior Similar Superior Superior 7 24 4 10 7 7 Water/Electricity Superior Similar Superior Superior Superior Average Similar Similar Similar Similar Similar 1.04 4.04 0.85 2.29 4.07 + + 3.45 +++ None +++ Superior Superior ++ Similar + Superior Superior Upward Upward Upward Downward Downward The adjustment process is now discussed. WEST HYLEBOS CREEK CONSERVATION - UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 39 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS Location Adjustment — The subject property is located along Pacific Highway South in Federal Way. L-2 has an inferior location when compared to the subject and is adjusted upward. L-4 and L-5 have superior locations when compared to the subject and are adjusted downward. No other adjustments are made. Project Size (Number of Units) - The subject is analyzed as supporting up to seven units. The comparables indicate a range from four units to 24 units. L-1 is larger than the subject in terms of size and is adjusted upward. No other adjustments are warranted. Available Utilities - The subject property will require on -site septic systems. L-2 is similar to the subject and no adjustment is required. The remaining comparables are superior to the subject and are adjusted downward. Site Utility - Site utility can cover a number of variables, including site configuration, topography and restrictions put on development. Overall, the subject property has average site utility. All of the comparables are similar to the subject and no adjustments are made. Density/Acre - The subject will have a density of 1.04 units per acre (7 units / 6.69 acres). L-2 is similar to the subject and no adjustment is warranted. The remaining comparables have higher densities when compared to the subject and are adjusted upward. Preliminary Plat Approval The subject does not have preliminary plat approval. L-1 had entitlements in place at the time of sale. Plat approval costs, which include engineering and permit fees, typically cost anywhere from $2,000 to $5,000 per unit, based on data gathered by our firm; however, this amount does not take into consideration the time value of money, as the preliminary plat process can take an extended period of time to complete. Furthermore, it is not uncommon for a buyer to discard work completed for an approved plat in favor of creating their own to be used for development. For these reasons, it is difficult to isolate a quantitative amount for the contribution value of plat approval as various projects will require different levels of studies, engineering reports, and time to gain plat approval. However, plat approval reduces the time, risk and expense necessary to move toward vertical development when compared to a property that does not have any studies or plat approval. Therefore, for the analysis of the subject property, plat approval has been handled as a qualitative adjustment rather than a quantitative adjustment or amount to be deducted from an overall value conclusion. L-2, L-4, and L-5 included multiple parcels which is superior to the subject as a developer does not have to spend the time and money associated with obtaining plat approval, rather, each of the individual lots can be developed as they have already been legally segregated. WEST HYLEBOS CREEK CONSERVATION — UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 40 SH&H File 15989-23A Barbro A. Hines, MAI, SRA . Kellen E. Hurych, Associate ANALYSIS OF DATA AND OPINIONS OF APPRAISERS In terms of the comparables, L-1, L-2, L-4 and L-5 are adjusted downward. No adjustment is made for L-3 as the entitlements were paid for by the purchaser. The adjustment grid previously presented graphically displays the adjustments made to the comparable sales to account for the differences between the comparables and the subject property. These adjustments reflect the market's most probable reaction to these differences. The adjustments are negative or positive, depending on whether a certain characteristic is superior or inferior to the subject property. Conclusion The five comparables indicate a range from $62,500 to $118,571 per prosed lot. L-1 through L-3 are adjusted upward suggesting a unit value above $88,180 per proposed lot. L-4 and L-5 are adjusted downward indicating a value below $115,643 per proposed. L-3 and L-4 have a central tendency of $101,911 per proposed lot. Considering all factors, we conclude to a unit value of $100,000, as of November 9, 2023. LAND VALUE SALES COMPARISON APPROACH Number of Lots $/Lot Value 7 $100,000 $700,000 i "As Is" Market Value Estimate, as of November 9, 2023, by the Sales Comparison Approach: $700,000 WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 41 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate RECONCILIATION The Sales Comparison Approach is considered the most appropriate method for valuing the subject property, as of the date of inspection. The analysis is based on recent sales of similar properties in the subject's immediate and extended market area, adjusting for dissimilarities between the comparables and the subject. This is the most relevant approach when analyzing the subject and provides credible results. Therefore, it is our opinion that the "as is" market value of the fee simple interest, as of the effective appraisal date, November 9, 2023, is as follows: SEVEN HUNDRED THOUSAND DOLLARS $700,000 WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 42 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate CERTIFICATION We certify that, to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and represent our personal, impartial and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in the property that is the subject of this report and have no personal interest with respect to the parties involved. 4. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. . 7. Barbro A. Hines, MAI, SRA and Kellen E. Hurych have made personal inspections of the property that is the subject of this report. 8. No one provided significant real property appraisal assistance to the persons signing this report in the preparation of and research contained within this report. 9. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice. 10. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 11. This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or an approval of a loan. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 43 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate CERTIFICATION 12. The appraisers are competent and qualified to perform the appraisal assignment. 13. We have performed no services, as appraisers or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 14. As of the date of this report, Barbro A. Hines, MAI, SRA, has completed the continuing education program for Designated Members of the Appraisal Institute. 15. As of the date of this report, Kellen E. Hurych has completed the Standards and Ethics Education Requirements for Candidates of the Appraisal Institute. ua�� Barbro A. Hines, MAI, SRA State of Washington Certification 1101044 Kellen E. Hurych, Associate State of Washington Certification 1101923 WEST HYLEBOS CREEK CONSERVATION — UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 44 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate QUALIFICATIONS BARBRO A. HINES, MAI, SRA EDUCATION Eastern Illinois University - Bachelor of Arts in Speech Communication PROFESSIONAL DESIGNATION MAI, Appraisal Institute SRA, Appraisal Institute PROFESSIONAL EDUCATION Appraisal Institute Courses: Introduction to Appraising Applied Residential Property Valuation Advanced Residential Form and Narrative Report Writing Basic Income Capitalization General Applications Advanced Income Capitalization Highest and Best Use and Market Analysis Advanced Sales Comparison and Cost Approaches Report Writing and Valuation Analysis Advanced Applications Standards of Professional Practice, Part A Standards of Professional Practice, Part B Business Practice and Ethics CERTIFICATIONS General Classification Washington State Certified Real Estate Appraiser State of Washington Certification 1101044 EXPERIENCE Partner/Appraiser — SH&H Valuation and Consulting (formerly Strickland, Heischman, and Hoss), Tacoma, WA (1996 to present) Owner/Appraiser — Barbro A. Hines and Associates, South Holland, IL (1989-1995) Associate Appraiser — Ralph W. Hines and Associates, South Holland, IL (1986-1989) WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 45 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate APPRAISAL EXPERIENCE INCLUDES Agricultural Land Apartments Automobile Dealerships Bank Branches Churches Cold Storage/Food Processing Facilities Conservation Easements Gas Station/C-Stores Hotels/Motels Industrial Properties QUALIFICATIONS Mobile Home Parks Offices (Professional and Medical) Residential Restaurants Retail Right -of -Way Schools Storage Complexes Subdivisions Waterfront Properties COMPLETED APPRAISAL ASSIGNMENTS FOR Wells Fargo U.S. Bank KeyBank Union Bank Bank of America Pacific Crest Trail Association Timberland Bank Kitsap Bank Umpqua Bank First Citizens Bank Jon E. Cushman, Attorney at Law Laura Weselmann, Attorney at Law Costco Wholesale City of Lakewood Washington Federal City of Tacoma Salal Credit Union South Sound Bank Washington State Department of Transportation Jefferson County Public Works City of University Place Sawyer Family Partnership University of Washington City of Lacey Columbia Bank City of Port Orchard Washington Department of Natural Resources Puyallup Tribe of Indians Jefferson Land Trust Vashon-Maury Island Land Trust Capitol Land Trust Metropolitan Park District of Tacoma PARTIAL LIST OF WASHINGTON COUNTIES APPRAISED IN Clallam County Cowlitz County Grays Harbor County Jefferson County King County Kitsap County Kittitas County Lewis County Mason County Pacific County Pierce County Skagit County Snohomish County Thurston County Whatcom County Yakima County WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 46 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate KELLEN E. HURYCH GENERAL EDUCATION QUALIFICATIONS Washington State University, Bachelor of Business Administration with a Major in Real Estate Relevant Coursework Real Estate Principles Real Estate Finance Real Estate Valuation Real Estate Investment Real Estate Law Pierce College, Associates of Arts and Science CERTIFICATIONS Washington State Certified General Real Estate Appraiser Certification 1101923 Issue Date: March 18, 2008 PROFESSIONAL EXPERIENCE Real Estate Appraiser with Cornerstone Consulting Group (2005-2006) Real Estate Appraiser with Kidder Mathews (2006-2010) Property Manager with Kalles Properties (2011-2012) Review Appraiser with Opus CMC (2012-2012) Real Estate Appraiser and Consultant with Strickland, Heischman and Hoss (2012-2015) Real Estate Appraiser and Consultant with SH&H Valuation and Consulting (2016-current) PROFESSIONAL ASSOCIATIONS Candidate for Designation, Appraisal Institute APPRAISAL INSTITUTE COURSES & EXAMINATIONS COMPLETED Appraisal Institute Courses WA Real Estate Law for Appraisers Business Practices and Ethics Uniform Standards of Professional Practice (USPAP Basic Appraisal Procedures General Market Analysis and Highest & Best Use Basic Income Capitalization General Appraiser Report Writing and Case Studies Basis Appraisal Principals Appraising the Appraisal: Appraisal Review Advanced Income Advanced Concepts and Case Studies Quantitative Analysis WEST HYLEBOS CREEK CONSERVATION — UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 47 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate QUALIFICATIONS PARTIAL LIST OF PROPERTY TYPES APPRAISED Apartments Leasehold Interest Automobile Dealerships Medical Offices Automobile Repair Facilities Mixed -use properties Banks Private Schools Bowling Alleys Professional Offices Business Parks Residential Land Carwashes Residential Subdivisions Churches Restaurants Commercial Land Retail Properties Commercial Subdivisions Self -Storage Facilities Daycare centers Single family residences Food processing plans Lumber yards Gas Stations/Convenience Stores Auditoriums Hotels/Motels Recycling Facilities Industrial Properties Airplane Hangers Cold Storage Manufacturing facilities Race Track Espresso Kiosk Farms Mushrooms Farms Shopping Centers APPRAISAL EXPERIENCE IN THE FOLLOWING WASHINGTON COUNTIES Benton County Lewis County Clallam County Mason County Cowlitz County Pacific County Franklin County Pierce County Grant County Skagit County Grays Harbor County Snohomish County Jefferson County Thurston County King County Whatcom County Kitsap County Yakima County Kittitas County Spokane County Grant County WEST HYLEBOS CREEK CONSERVATION — UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 48 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate QUALIFICATIONS PARTIAL LIST OF CLIENTS FOR WHICH I HAVE COMPLETED APPRAISALS BECU Columbia Bank Bank of America American West Bank Timberland Bank CTBC Bank Corp. (USA) First Federal Bank Security,State Bank Harborstone Credit Union Peoples Bank UniBank Department of Veterans Affairs Bank of the Pacific Anchor Bank Kitsap Credit Union Taiwan Cooperative Bank Commencement Bank US Bank Bank of the West Umpqua Bank Sound Credit Union Pacific Crest Savings Bank The Bank of Washington CUSG/CU Services Group Heritage Bank Weinstine & Riley, P.S. Puget Sound Bank Seattle Bank California Trust Bank HomeStreet Bank Pacific Crest Savings Bank JP Morgan Chase Bank, N.A. Mountain Pacific Bank Sunwest Bank Whidbey Island Bank Housing Capital Company Wells Fargo — RETECHS Washington Federal WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 49 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ASSUMPTIONS AND LIMITING CONDITIONS Unless noted otherwise in the body of the report, this appraisal is subject to the following assumptions and limiting conditions. 1. No responsibility is assumed for legal or title considerations. Title to the subject property is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is assumed to be under responsible ownership and competent management and is assumed available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that impact the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that impact the value of the property. 4. Information, public and private, relevant to sale price indications is assumed to be correct. 5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 6. Information, estimates and opinions contained in the report, obtained from others, including third -party sources, are assumed to be reliable and have not been independently verified and no warranty is given for accuracy. 7. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 8. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 9. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 10. When environmental impact studies are not provided in conjunction with the appraisal, we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 50 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ASSUMPTIONS AND LIMITING CONDITIONS 11. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 12. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 13. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 14. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. 15. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 16. Neither all nor any part ofthe contents ofthis report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report. 17. Any income and expense estimates contained in the appraisal report are used only f6r the purpose of estimating value and do not constitute predictions of future operating results. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 51 SH&H File 15989-23A Barbro A. Hines, NMI, SRA Kellen E. Hurych, Associate ASSUMPTIONS AND LIMITING CONDITIONS 18. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 19. No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 20. The current purchasing power of the dollar is the basis for the value stated herein. We have assumed that no extreme fluctuations in economic cycles will occur. 21. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and. unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. The Americans with Disabilities Act (ADA) became effective in the 1990s. We have not made a specific survey or analysis of the property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. We claim no expertise in ADA issues, and render no opinion regarding compliance of the subject with ADA regulations. Inasmuch as compliance matches each owner's financial ability with the cost to cure the non -conforming physical characteristics of a property, a specific study of both the owner's financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 22. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environmental hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 52 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ASSUMPTIONS AND LIMITING CONDITIONS 23. The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non-existent or minimal. 24. The appraisal report and the value conclusion within the appraisal is predicated upon the assumption that the satisfactory completion of construction, repairs or alterations will be performed in a workmanlike manner. 25. It is expressly acknowledged that in any action which may be brought against SH&H Valuation and Consulting, or their respective officers, owners, managers, directors, agents, subcontractors or employees (the "SH&H Valuation and Consulting Parties"), arising out of, relating to, or in any way pertaining to this engagement, the appraisal reports, or any estimates or information contained therein, the "SH&H Valuation and Consulting Parties" shall not be responsible or liable for an incidental or consequential damages or losses, unless the appraisal was fraudulent or prepared with gross negligence. It is further acknowledged that the collective liability of the "SH&H Valuation and Consulting Parties" in any such action shall not exceed the fees paid for the preparation of the appraisal report unless the appraisal was fraudulent or prepared with gross negligence. Finally, it is acknowledged that the fees charged herein are in reliance upon the foregoing limitations of liability. 26. SH&H Valuation and Consulting, an independently owned and operated company, has prepared the appraisal for the specific purpose stated elsewhere in the report. The intended use of the appraisal is stated in the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client's use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 53 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ASSUMPTIONS AND LIMITING CONDITIONS 27. The conclusions contained in this report are estimates based on known current trends and reasonably foreseeable future occurrences. These estimates are based partly on property information, data obtained in public records, interviews, existing trends, buyer -seller decision criteria in the current market, and research conducted by third parties, and such data are not always completely reliable. SH&H Valuation and Consulting and the undersigned are not responsible for these and other future occurrences that could not have reasonably been foreseen on the effective date of this assignment. Furthermore, it is inevitable that some assumptions will not materialize and that unanticipated events may occur that will likely affect actual performance. While we are of the opinion that our findings are reasonable based on current market conditions, we do not represent that these estimates will actually be achieved, as they are subject to considerable risk and uncertainty. Moreover, we assume competent and effective management and marketing for the duration of the projected holding period of this property. 28. Any prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. 29. The value estimate herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 54 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate EXTRAORDINARY ASSUMPTIONS AND/OR HYPOTHETICAL CONDITIONS 1) Extraordinary Assumption: "an assignment -specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser's opinions or conclusions. 118 There are no extraordinary assumptions relevant to this appraisal. 2) Hypothetical Condition: "a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. "9 There are no hypothetical conditions relevant to this appraisal. 8 Uniform Standards of Professional Appraisal Practice, 2020-2021 Edition (extended through December 31, 2023), Appraisal Standards Board, The Appraisal Foundation, Washington D-C_, p. 4. 9 1bid, p. 4. WEST HYLEBOS CREEK CONSERVATION— UNION GOSPEL MISSION, FEDERAL WAY, WA 98003 Page 55 SH&H File 15989-23A Barbro A. Hines, MAI, SRA Kellen E. Hurych, Associate ADDENDA Federal � Way CITY HALL 33325 8th Avenue South Federal Way, WA 98003-6325 (253) 835-7000 WWWdWffKfeW&,Ny— PROFESSIONAL SERVICES AGREEMENT FOR PROPERTY VALUATION SERVICES This Professional Services Agreement ("Agreement") is made between the City of Federal Way, a Washington municipal corporation ("City"), and SH&H Valuation, LLC, a "Washington limited liability company" ("Contractor"). The City and Contractor (together "Parties") are located and do business at the below addresses, which shall be valid for any notice required under this Agreement: SH&H VALUATION, LLC: Barbro Hines 3609 Market PI W, Suite 201 University Place, WA 98466-4488 253.564.3230 ext 1114 (telephone) 253.564.3143 (facsimile) The Parties agree as follows: CITY OF FEDERAL WAY: Desired S. Winkler, P.E. 33325 8th Avenue South Federal Way, WA 98003-6325 (253) 835.2711 (telephone) desiree.wink ler a,citvofl'ederalway.com 1. TERM. The term of this Agreement shall commence upon the effective date of this Agreement, which shall be the date of mutual execution, and shall continue until the completion of the Services specified in this Agreement, but in any event no later than December 31, 2024 ("Term"). This Agreement may be extended for additional periods of time upon the mutual written agreement of the Parties. 2. SERVICES. The Contractor shall perform the services more specifically described in Exhibit A ("Services"), attached hereto and incorporated by this reference, in a manner consistent with the accepted professional practices for other similar services within the Puget Sound region in effect at the time those services are performed, performed to the City's satisfaction, within the time period prescribed by the City and pursuant to the direction of the Mayor or his or her designee. The Contractor warrants that it has the requisite training, skill, and experience necessary to provide the Services and is appropriately accredited and licensed by all applicable agencies and governmental entities, including but not limited to obtaining a City of Federal Way business registration. Services shall begin immediately upon the effective date of this Agreement. Services shall be subject, at all times, to inspection by and approval of the City, but the making (or failure or delay in making) such inspection or approval shall not relieve Contractor of responsibility for performance of the Services in accordance with this Agreement, notwithstanding the City's knowledge of defective or non -complying performance, its substantiality or the ease of its discovery. 3. TERMINATION. Either party may terminate this Agreement, with or without cause, upon providing the other party thirty (30) days' written notice at its address set forth above. The City may terminate this Agreement immediately if the Contractor fails to maintain required insurance policies, breaches confidentiality, or materially violates Section 12 of this Agreement. Termination for such conduct may render the Contractor ineligible for City agreements in the future. 4. COMPENSATION. 4.1 Amount. In return for the Services, the City shall pay the Contractor an amount not to exceed a maximum amount and according to a rate or method as delineated in Exhibit B, attached hereto and incorporated PROFESSIONAL SERVICES AGREEMENT - 1 - Rev_ 4/2023 UTY OF CITY HALL Fed a ra I Wa Feder 8th Avenue South Federal Way, WA 98003-6325 � �l (253) 835-7000 www.c "frederahvay_com by this reference. The Contractor agrees that any hourly or flat rate charged by it for its services contracted for herein shall remain locked at the negotiated rate(s) for the Term. Except as otherwise provided in Exhibit B, the Contractor shall be solely responsible for the payment of any taxes imposed by any lawful jurisdiction as a result of the performance of Services and payment under this Agreement. 4.2 Method of Payment. On a monthly basis, the Contractor shall submit a voucher or invoice in the form specified by the City, including a description of what Services have been performed, the name of the personnel performing such Services, and any hourly labor charge rate for such personnel. The Contractor shall also submit a final bill upon completion of all Services. Payment shall be made on a monthly basis by the City only after the Services have been performed and within thirty (30) days following receipt and approval by the appropriate City representative of the voucher or invoice. If the Services do not meet the requirements of this Agreement, the Contractor will correct or modify the work to comply with the Agreement. The City may withhold payment for such work until the work meets the requirements of the Agreement. 4.3 Non -Appropriation of Funds. If sufficient funds are not appropriated or allocated for payment under this Agreement for any future fiscal period, the City will not be obligated to make payments for Services or amounts incurred after the end of the current fiscal period, and this Agreement will terminate upon the completion of all remaining Services for which funds are allocated. No penalty or expense shall accrue to the City in the event this provision applies. 5. INDEMNIFICATION. 5.1 Contractor Indemnification. The Contractor agrees to release, indemnify, defend, and hold the City, its elected officials, officers, employees, agents, representatives, insurers, attorneys, and volunteers harmless from any and all claims, demands, actions, suits, causes of action, arbitrations, mediations, proceedings, judgments, awards, injuries, damages, liabilities, taxes, losses, fines, fees, penalties expenses, attorney's fees, costs, and/or litigation expenses to or by any and all persons or entities, including, without limitation, their respective agents, licensees, or representatives; arising from, resulting from, or in connection with this Agreement or the acts, errors or omissions of the Contractor in performance of this Agreement, except for that portion of the claims caused by the City's sole negligence. Should a court of competent jurisdiction determine that this Agreement is subject to RCW 4.24.115, then, in the event of liability for damages arising out of bodily injury to persons or damages to property caused by or resulting from the concurrent negligence of the Contractor and the City, the Contractor's liability, including the duty and cost to defend, hereunder shall be only to the extent of the Contractor's negligence. Contractor shall ensure that each sub -contractor shall agree to defend and indemnify the City, its elected officials, officers, employees, agents, representatives, insurers, attorneys, and volunteers to the extent and on the same terms and conditions as the Contractor pursuant to this paragraph. The City's inspection or acceptance of any of Contractor's work when completed shall not be grounds to avoid any of these covenants of indemnification. 5.2 Industrial Insurance Act Waiver. It is specifically and expressly understood that the Contractor waives any immunity that may be granted to it under the Washington State industrial insurance act, Title 51 RCW, solely for the purposes of this indemnification. Contractor's indemnification shall not be limited in any way by any limitation on the amount of damages, compensation or benefits payable to or by any third party under workers' compensation acts, disability benefit acts or any other benefits acts or programs. The Parties acknowledge that they have mutually negotiated this waiver. 5.3. City Indemnification. The City agrees to release, indemnify, defend and hold the Contractor, its officers, directors, shareholders, partners, employees, agents, representatives, and sub -contractors harmless from PROFESSIONAL SERVICES AGREEMENT - 2 - Rev. 4/2023 CITY OF CITY HALL Federal Wa Feder l Avenue South Federal Way, WA 98003-6325 wm�J (253) 835 720 wwwcitynfiadereAvaycom any and all claims, demands, actions, suits, causes of action, arbitrations, mediations, proceedings, judgments, awards, injuries, damages, liabilities, losses, fines, fees, penalties expenses, attorney's fees, costs, and/or litigation expenses to or by any and all persons or entities, including without limitation, their respective agents, licensees, or representatives, arising from, resulting from or connected with this Agreement to the extent solely caused by the negligent acts, errors, or omissions of the City. 5.4 Survival. The provisions of this Section shall survive the expiration or termination of this Agreement with respect to any event occurring prior to such expiration or termination. 6. INSURANCE. The Contractor agrees to carry insurance for liability which may arise from or in connection with the performance of the services or work by the Contractor, their agents, representatives, employees, or subcontractors for the duration of the Agreement and thereafter with respect to any event occurring prior to such expiration or termination as follows: 6.1. Minimum Limits. The Contractor agrees to carry as a minimum, the following insurance, in such forms and with such carriers who have a rating that is satisfactory to the City: a. Commercial general liability insurance covering liability arising from premises, operations, independent contractors, products -completed operations, stopgap liability, personal injury, bodily injury, death, property damage, products liability, advertising injury, and liability assumed under an insured contract with limits no less than $2,000,000 for each occurrence and $2,000,000 general aggregate. b. Workers' compensation and employer's liability insurance in amounts sufficient pursuant to the laws of the State of Washington. C. Automobile liability insurance covering all owned, non -owned, hired, and leased vehicles with a minimum combined single limit in the minimum amounts required to drive under Washington State law per accident for bodily injury, including personal injury or death, and property damage. d. Professional liability insurance with limits no less than $1,000,000 per claim and $2,000,000 policy aggregate for damages sustained by reason of or in the course of operation under this Agreement, whether occurring by reason of acts, errors or omissions of the Contractor. 6.2. yo Limit of Liabilit_Y. Contractor's maintenance of insurance as required by this Agreement shall not be construed to limit the liability of the Contractor to the coverage provided by such insurance, or otherwise limit the City's recourse to any remedy available at law or in equity. The Contractor's insurance coverage shall be primary insurance with respect to the City. Any insurance, self-insurance, or insurance pool coverage maintained by the City shall be excess of the Contractor's insurance and shall not contribute with Contractor's insurance. 6.3. Additional Insured. Verification. The City shall be named as additional insured on all commercial general liability insurance policies. Concurrent with the execution of this Agreement, Contractor shall provide certificates of insurance for all commercial general liability policies attached hereto as Exhibit C and incorporated by this reference. At the City's request, Contractor shall furnish the City with copies of all insurance policies and with evidence of payment of premiums or fees of such policies. If Contractor's insurance policies are "claims made," Contractor shall be required to maintain tail coverage for a minimum period of three (3) years from the date this Agreement is terminated or upon project completion and acceptance by the City. 6.4 Survival. The provisions of this Section shall survive the expiration or termination of this Agreement. PROFESSIONAL SERVICES AGREEMENT - 3 - Rev. 4/2023 CITY OF CITY HALL Federal 1�Va Feder Avenue South Federall Way, WA 98003-6325 �� (253)835-7000 unvwErYOJWaraRti ,com 7. CONFIDENTIALITY. All information regarding the City obtained by Contractor in performance of this Agreement shall be considered confidential and subject to applicable laws. Breach of confidentiality by the Contractor may be grounds for immediate termination. All records submitted by the City to the Contractor will be safeguarded by the Contractor. The Contractor will fully cooperate with the City in identifying, assembling, and providing records in case of any public records request. 8. WORK PRODUCT. All originals and copies of work product, including plans, sketches, layouts, designs, design specifications, records, files, computer disks, magnetic media, or material that may be produced or modified by Contractor while performing the Services shall belong to the City upon delivery. The Contractor shall make such data, documents, and files available to the City and shall deliver all needed or contracted for work product upon the City's request. At the expiration or termination of this Agreement, all originals and copies of any such work product remaining in the possession of Contractor shall be delivered to the City. 9. BOOKS AND RECORDS. The Contractor agrees to maintain books, records, and documents which sufficiently and properly reflect all direct and indirect costs related to the performance of the Services specified in this Agreement, and maintain such accounting procedures and practices as may be deemed necessary by the City to assure proper accounting of all funds paid pursuant to this Agreement. These records shall be subject, at all reasonable times, to inspection, review, or audit by the City, its authorized representative, the State Auditor, or other governmental officials authorized by law to monitor this Agreement. 10. INDEPENDENT CONTRACTOR. The Parties intend that the Contractor shall be an independent contractor and that the Contractor has the ability to control and direct the performance and details of its work, the - City being interested only in the results obtained under this Agreement. The City shall be neither liable nor obligated to pay Contractor sick leave, vacation pay, or any other benefit of employment, nor to pay any social security or other tax that may arise as an incident of this Agreement. Contractor shall take all necessary precautions and shall be responsible for the safety of its employees, agents, and subcontractors in the performance of the Services specified in this Agreement and shall utilize all protection necessary for that purpose. All work shall be done at Contractor's own risk, and Contractor shall be responsible for any loss of or damage to materials, tools, or other articles used or held for use in connection with the Services. The Contractor shall pay all income and other taxes due except as specifically provided in Section 4 of this Agreement. Industrial or any other insurance that is purchased for the benefit of the City, regardless of whether such may provide a secondary or incidental benefit to the Contractor, shall not be deemed to convert this Agreement to an employment contract. If the Contractor is a sole proprietorship or if this Agreement is with an individual, the Contractor agrees to notify the City and complete any required form if the Contractor retired under a State of Washington retirement system and agrees to indemnify any losses the City may sustain through the Contractor's failure to do so. 11. CONFLICT OF INTEREST. It is recognized that Contractor may or will be performing professional services during the Term for other entities or persons; however, such performance of other services shall not conflict with or interfere with Contractor's ability to perform the Services. Contractor agrees to resolve any such conflicts of interest in favor of the City. Contractor confirms that Contractor does not have a business interest or a close family relationship with any City officer or employee who was, is, or will be involved in the Contractor's selection, the negotiation, drafting, signing, administration of this Agreement, or the evaluation of the Contractor's performance. 12. EQUAL OPPORTUNITY EMPLOYER. In all services, programs, activities, hiring; and employment made possible by or resulting from this Agreement or any subcontract, there shall be no discrimination by Contractor or its subcontractors of any level, or any of those entities' employees, agents, subcontractors, or PROFESSIONAL SERVICES AGREEMENT - 4 - Rev. 4/2023 CITY OF CITY HALL Federal Wa Feder l Avenue South Federal Way, WA 9803-6325 VA�l (253) 83547000 unrnyc4v#bdWvMqycom representatives against any person because of sex, age (except minimum age and retirement provisions), race, color, religion, creed, national origin, marital status, honorably discharged veteran or military status, sexual orientation including gender expression or identity, or the presence of any disability, including sensory, mental or physical handicaps, unless based upon a bona fide occupational qualification in relationship to hiring and employment. This requirement shall apply, but not be limited to the following: employment, advertising, layoff or termination, rates of pay or other forms of compensation, and selection for training, including apprenticeship. Contractor shall comply with and shall not violate any of the terns of Chapter 49.60 RCW, Title VI of the Civil Rights Act of 1964, the Americans With Disabilities Act, Section 504 of the Rehabilitation Act of 1973, 49 CFR Parts 21, 21.5, and 26, or any other applicable federal, state, or local law or regulation regarding non- discrimination. 13. GENERAL PROVISIONS. 13.1 Inte retation and Modification. This Agreement, together with any attached Exhibits, contains all of the agreements of the Parties with respect to any matter covered or mentioned in this Agreement and no prior statements or agreements, whether oral or written, shall be effective for any purpose. Should any language in any Exhibits to this Agreement conflict with any language in this Agreement, the terms of this Agreement shall prevail. The respective captions of the Sections of this Agreement are inserted for convenience of reference only and shall not be deemed to modify or otherwise affect any of the provisions of this Agreement. Any provision of this Agreement that is declared invalid, inoperative, null and void, or illegal shall in no way affect or invalidate any other provision hereof and such other provisions shall remain in full force and effect. Any act done by either Party prior to the effective date of the Agreement that is consistent with the authority of the Agreement and compliant with the terms of the Agreement, is hereby ratified as having been performed under the Agreement. No provision of this Agreement, including this provision, may be amended, waived, or modified except by written agreement signed by duly authorized representatives of the Parties. 13.2 Assi nment and Beneficiaries. Neither the Contractor nor the City shall have the right to transfer or assign, in whole or in part, any or all of its obligations and rights hereunder without the prior written consent of the other Party. If the non -assigning party gives its consent to any assignment, the terms of this Agreement shall continue in full force and effect and no further assignment shall be made without additional written consent. Subject to the foregoing, the rights and obligations of the Parties shall inure to the benefit of and be binding upon their respective successors in interest, heirs and assigns. This Agreement is made and entered into for the sole protection and benefit of the Parties hereto. No other person or entity shall have any right of action or interest in this Agreement based on any provision set forth herein. 13.3 Compliance with Laws. The Contractor shall comply with and perform the Services in accordance with all applicable federal, state, local, and city laws including, without limitation, all City codes, ordinances, resolutions, regulations, rules, standards and policies, as now existing or hereafter amended, adopted, or made effective. If a violation of the City's Ethics Resolution No. 91-54, as amended, occurs as a result of the formation or performance of this Agreement, this Agreement may be rendered null and void, at the City's option. 13:4 Enforcement. Time is of the essence in this Agreement and each and all of its provisions in which performance is a factor. Adherence to completion dates set forth in the description of the Services is essential to the Contractor's performance of this Agreement. Any notices required to be given by the Parties shall be delivered at the addresses set forth at the beginning of this Agreement. Any notices may be delivered personally to the addressee of the notice or may be deposited in the United States mail, postage prepaid, to the address set forth above. Any notice so posted in the United States mail shall be deemed received three (3) days after the date of mailing. Any remedies provided for under the terms of this Agreement are not intended to be exclusive, but PROFESSIONAL SERVICES AGREEMENT - 5 - Rev. 4/2023 aTy OF CITY HALL F a d e ra I Way Feder Sth Avenue South �7 Federal Way, WA 98003-6325 VA�� (253) $35-7000 www.d4offederaivmy.com shall be cumulative with all other remedies available to the City at law, in equity, or by statute. The failure of the City to insist upon strict performance of any of the covenants and agreements contained in this Agreement, or to exercise any option conferred by this Agreement in one or more instances shall not be construed to be a waiver or relinquishment of those covenants, agreements or options, and the same shall be and remain in full force and effect. Failure or delay of the City to declare any breach or default immediately upon occurrence shall not waive such breach or default. Failure of the City to declare one breach or -default does not act as a waiver of the City's right to declare another breach or default. This Agreement shall be made in, governed by, and interpreted in accordance with.the laws of the State of Washington. If the Parties are unable to settle any dispute, difference or claim arising from this Agreement, the exclusive means of resolving that dispute, difference, or claim, shall be by filing suit under the venue, rules, and jurisdiction of the King County Superior Court, King County, Washington, unless the parties agree in writing to an alternative process. If the King County Superior Court does not have jurisdiction over such a suit, then suit may be filed in any other appropriate court in King County, Washington. Each party consents to the personal jurisdiction of the state and federal courts in King County, Washington and waives any objection that such courts are an inconvenient forum. If either Party brings any claim or lawsuit arising from this Agreement, each Party shall pay all its legal costs and attorney's fees and expenses incurred in defending or bringing such claim or lawsuit, including all appeals, in addition to any other recovery or award provided by law; however, nothing in this paragraph shall be construed to limit the Parties' rights to indemnification under Section 5 of this Agreement. 13.5 Execution. Each individual executing this Agreement on behalf of the City and Contractor represents and warrants that such individual is duly authorized to execute and deliver this Agreement. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and with the same effect as if all Parties hereto had signed the same document. All such counterparts shall be construed together and shall constitute one instrument, but in making proof hereof, it shall only be necessary to produce one such counterpart. The signature and acknowledgment pages from such counterparts may be assembled together to form a single instrument comprised of all pages of this Agreement and a complete set of all signature and acknowledgment pages. The date upon which the last of all of the Parties have executed a counterpart of this Agreement shall be the "date of mutual execution" hereof. [Signature page follows] PROFESSIONAL SERVICES AGREEMENT » 6 - Rev. 4/2023 CITY OF CITY HALL Federal Wa Feder l Avenue South Federal Way, WA 98003-6325 VAh, (253) 835-7a00 www.clway. com IN WITNESS, the Parties execute this Agreement below, effective the last date written below. CITY OF FEDERAL WAY: DATE: SH&H VALUATION, LLC: By: rjrnm;Z8� Printed Name: Barbro Hines Title: Governor DATE: I Q - I ?, - 23 STATE OF WASHINGTON ) ss. COUNTY OF ?I (-Ce— ATTEST: hww"&ec — h nie Courtney, CMC, it Clerk APPROVED AS TO FORM: jj— LL , ,c% J Ryan Call, City Atto On this day personally appeared before me Barbro Hines, to me known to be the Governor of SH&H Valuation, LLC that executed the within and foregoing instrument, and acknowledged the said instrument to be the free and voluntary act and deed of said limited liability company, for the uses and purposes therein mentioned, and on oath stated that he or she was authorized to execute said instrument. GIVEN under ►Tly hand and official sea[ this Jj_ day of t)C kDSpPI( > 2023. •� '��*�� ,xS1 to. IN, Notary's signature } 1 : • `4�'s"1{," s Notary's printed name r ■hc■ NOTAq' Notary Public in and for the State of Washington. am- = My commission expires Quhe- �3o, Z(o pueua — 11111 PROFESSIONAL SERVICES AGREEMENT - 7 - Rev. 4/2023 CITY OF CITY HALL Federal W Feder 8th Avenue South �. � Federal Way, WA 98003-6325 (253) 835-7000 www afwffedera f mays tom EXHIBIT A SERVICES The Contractor shall do or provide the following: Appraisals for the acquisition of vacant land related to West Hylebos Creek conservation. The properties include: 1) Parcel2921049026 2) Parcel2921049153 3) Parcel2921049114 Properties "1" and "2" are contiguous and have the same owner and will be appraised as one whole property. The City will provide Title Reports to the Contractor. PROFESSIONAL SERVICES AGREEMENT - 8 - Rev. 4/2023 CITY of CITY HALL 1Sth FF��! ra11�Va ederAvenue South FederallWay, WA 98003 6325 (253) 83&7000 www.C10UffadaW11V0ycem EXHIBIT B COMPENSATION 1. Total Compensation: In return for the Services, the City shall pay the Contractor an amount not to exceed Seven Thousand Five Hundred and 00/100 Dollars ($7,500.00). 2. Method of Compensation: Unit price In consideration of the Contractor performing the Services, the City agrees to pay the Contractor a lump sum amount for each appraisal equal to Three Thousand Six Hundred and 00/100 Dollars ($3,600.00). Reimbursable Expenses The actual customary and incidental expenses incurred by Contractor in performing the Services including mileage, printing, and other reasonable costs; provided, however, that such costs shall be deemed reasonable in the City's sole discretion and shall not exceed Three Hundred and 00/100 Dollars ($300.00). PROFESSIONAL SERVICES AGREEMENT - 9 - Rev. 4/2023 CITY OF Federal Way EXHIBIT C CERTIFICATE OF INSURANCE 14119=01414 33325 8th Avenue South Federal Way, WA 98003-6325 (253) 835-7000 tr wuryvtleCerfalr+nyrom PROFESSIONAL SERVICES AGREEMENT - 10 - Rev. 4/2023 SH&HVAL-01 C ESI ,a►coRo CERTIFICATE OF LIABILITY INSURANCE F"1011712023 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER- THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsements . PRODUCERF' CT Ballle Gratin Pi)key, Hopping & Ekberg, Inc PHONE F ,Ner. 2102 N Pearl St, Ste 102 f� Tacoma. WA 98406 _ADDSE85 rahn heinsurance-com INSURED SH&H Valuation LLC SH&H Valuation and Consulting 3609 Market PI W Ste 201 University Place, WA 98466 W SURER C INSURER D rance Co I INSURER F : t COVERA90 CERTIFICATE NUMBER. REVISION NUMBER: THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED, NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSR TYPE OF INSURANCE �,ADDLt:iUBR POLICY NUMBER POLICY EFF POLICY EXP LIMITS ��... 2,000,0 A X COMMERCIAL GENERAL LIABILITY ,� I EACH OCCURREN,�CE ._.3 CLAIMS -MADE X OCCUR X IBZS57021782 111/1023 I 1/112024 I DAMAGETORE NTED ,..28E1i15E5+Eaoeravrsnml�„s I MEO EXP An one erson . 5 15'O PERSONAL & ADV INJURY . S 2,000.0 GE'N7,AGGR CR_TELIMIT APIPLIES PER: N A T y 4,000,0 X 1 PQS,IGY j9� LOC PRODU TS- OM PLOP AGG $ 4,000,0 A AUTOMOBILE LIABILITY ANY AUTO OWNED Ex SCHEDULED AUTOOS ONLYAUTOS AUTODS ONLYA O X B X : UMBRELLA LIAB I X ` OCCUR EXCESS LIAB '--"f CLAIMS -MADE X DED I X RETENTIONS 0 A WORKERS COMPENSATION AND EMPLOYERS' LIABILITY Y I N ANY PROPRIETOR/PARTNER/FXECUTIVE NIA 0OFFF3CERRr1EMBER EXCLUDED? (Mandatory in NH) IJ If ves, describe under i 13ZS57021782 1/1/2023 1 /112024 jUSO57021782 111/2023 1/112024 I IBZS57021782 1/1/2023 1/1/2024 E DESCRIPTION OF OPERATIONS I LOCATIONS I VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached it more space is required) Inspection and Appraisal Service Offices gEEDdSINGLE LIMIT s 1, Y 1N.�IJRY 1Perperson} _ : 5 Y INJURY (Per accident) 5 E MAGE 5 ll OCCURRENCE ELATE ,E E X FRH- i US 4 HAC (DENT S 2' ISEASE - EA EMPLOYk 8 2' ".11 1-1 1—-- .. 2, City of Federal Way Is named as additional insured, as required by written contract, per the terms and conditions of form attached. Primary & Non -Contributory applies, per attached endorsement. City of Federal Way 33325 8th Avenue S Federal Way, WA 98003 ACORD 25 (2016103) SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. AUTHORIZED REPRESENTATIVE i' ©1988-2015 ACORD CORPORATION. All rights reserved. The ACORD name and logo are registered marks of ACORD BUSINESSOWNERS BP 79 96 09 16 THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. BUSINESSOWNERS LIABILITY EXTENSION ENDORSEMENT This endorsement modifies insurance provided under the following: BUSINESSOWNERS COVERAGEFORM Below is a summarization of the coverages provided by this endorsement. No coverages are given by this summary. Actual coverage descriptions are within this endorsement. SECTION SUBJECT A. Supplementary Payments Bail Bonds Loss Of Earnings B. Broadened Coverage For Damage To Premises Rented To You C. Incidental Medical Malpractice Injury D. Mobile Equipment E. Blanket Additional Insured (Owners, Contractors Or Lessors) F. Newly Formed Or Acquired Organizations G. Aggregate Limits H. Duties In The Event Of Occurrence, Offense, Claim Or Suit [. Liability And Medical Expenses Definitions Bodily Injury Insured Contract Personal And Advertising Injury Section II - Liability is amended as follows: A. Supplementary Payments Section A.I. Business Liability is modified as follows: 1. The $250 limit shown in Paragraph A.1.f.(1)(b) Coverage Extension - Supplementary Payments for the cost of bail bonds is replaced by a $3,000 limit. 2. The $250 limit shown in Paragraph A.1.f.(1)(d) Coverage Extension - Supplementary Payments for reasonable expenses and loss of earnings is replaced by a $500 limit. B. Broadened Coverage For Damage To Premises Rented To You 1. The last paragraph of Section B.1. Exclusions - Applicable To Business Liability Coverage is replaced by the following: With respect to the premises which are rented to you or temporarily occupied by you with the permis- sion of the owner, Exclusions c., d., e., g., h., k., I., m., n. and o. do not apply to "property damage". © 2016 Liberty Mutual Insurance BP 79 96 09 16 Includes copyrighted material of Insurance Services Office, Inc., with its permission. Page 1 of 4 2. Paragraph D.2. Liability And Medical Expenses Limits Of Insurance is replaced by the following: The most we will pay under this endorsement for the sum of all damages because of all "property damage" to premises while rented to you or temporarily occupied by you with the permission of the owner is the Limit of Insurance shown in the Declarations. 3. Paragraph D.3. Liability And Medical Expenses Limits Of Insurance does not apply. C. Incidental Medical Malpractice Injury 1. Paragraph (4) under Paragraph B.1.j. Exclusions - Applicable To Business Liability Coverage - Profes- sional Services does not apply to "Incidental Medical Malpractice Injury" coverage. 2. With respect to this endorsement, the following is added to Section F. Liability And Medical Expenses Definitions: a. "Incidental Medical Malpractice Injury" means bodily injury arising out of the rendering of or failure to render, during the policy period, the following services: (1) Medical, surgical, dental, x-ray or nursing service or treatment or the furnishing of food or beverages in connection therewith; or (2) The furnishing or dispensing of drugs or medical, dental or surgical supplies or appliances. b. This coverage does not apply to: (1) Expenses incurred by the insured for first -aid to others at the time of an accident and the Duties in the Event of Occurrence, Offense, Claim or Suit Condition is amended accordingly. (2) Any insured engaged in the business or occupation of providing any of the services described under a. above. (3) Injury caused by any indemnitee if such indemnitee is engaged in the business or occupation of providing any of the services described under a. above. D. Mobile Equipment Section C. Who Is An Insured is amended to include any person driving "mobile equipment" with your permission. E. Blanket Additional Insured (Owners, Contractors Or Lessors) 1. Section C. Who Is An Insured is amended to include as an insured any person or organization whom you are required to name as an additional insured on this policy under a written contract or written agreement. The written contract or agreement must be: a. Currently in effect or becoming effective during the term of this policy; and b. Executed prior to the "bodily injury"; "property damage", or "personal and advertising injury". 2. The insurance afforded to the additional insured is limited as follows: a. The person or organization is only an additional insured with respect to liability arising out of: (1) Real property, as described in a written contract or written agreement, you own, rent, lease, maintain or occupy; and (2) Caused in whole or in part by your ongoing operations performed for that insured. b. The Limit of Insurance applicable to the additional insured are those specified in the written contract or written agreement or the limits available under this policy, as stated in the Declara- tions, whichever are less. These limits are inclusive of and not in addition to the Limit of Insurance available under this policy. c. The insurance afforded to the additional insured does not apply to: (1) Liability arising out of the sole negligence of the additional insured; (2) "Bodily injury", "property damage", "personal and advertising injury", or defense coverage under the Supplementary Payments section of the policy arising out of an architect's, en- gineer's or surveyor's rendering of or failure to render any professional services including: © 2016 Liberty Mutual Insurance BP 79 96 09 16 Includes copyrighted material of Insurance Services Office, Inc., with its permission. Page 2 of 4 (a) The preparing or approving of maps, shop drawings, opinions, reports, surveys, field orders, change orders, or drawings and specifications; and (b) Supervisory, inspection, architectural or engineering activities. (3) Any 'occurrence" that takes place after you cease to be a tenant in the premises described in the Declarations; or (4) Structural alterations, new construction or demolition operations performed by or for the person or organization designated in the Declarations. 3. Any coverage provided hereunder shall be excess over any other valid and collectible insurance avail- able to the additional insured whether primary, excess, contingent or on any other basis unless a contract specifically requires .that this insurance be primary or you request that it apply on a primary basis. F. Newly Formed Or Acquired Organizations The following is added to Section C. Who Is An Insured: Any business entity acquired by you or incorporated or organized by you under the laws of any individual state of the United States of America over which you maintain majority ownership interest exceeding fifty percent. Such acquired or newly formed organization will qualify as a Named 'Insured if there is no similar insurance available to that entity. However: 1. Coverage under this provision is afforded only until the 180th day after the entity was acquired or incorporated or organized by you or the end of the policy period, whichever is earlier; 2. Section A.I. Business Liability does not apply to: a. 'Bodily injury" or "property damage" that occurred before the entity was acquired or incorporated or organized by you; and b. 'Personal and advertising injury" arising out of an offense committed before the entity was ac- quired or incorporated or organized by you. 3. Records and descriptions of operations must be maintained by the first Named Insured. No person or organization is an insured with respect to the conduct of any current or past partnership, joint venture or limited liability company that is not shown as a Named Insured in the Declarations. G. Aggregate Limits The following is added to Paragraph DA. Aggregate Limits Liability and Medical Expenses Limits Of Insurance: 1. The Aggregate Limits apply separately to each of the 'locations" owned by or rented to you or temporarily occupied by you with the permission of the owner. 2. The Aggregate Limits also apply separately to each of your projects away from premises owned by or rented to you. For the purpose of this endorsement only, 'location" means premises involving the same or connect- ing lots, or premises whose connection is interrupted only by a street, roadway, waterway or right- of-way of a railroad. H. Duties In The Event Of Occurrence, Offense, Claim Or Suit 1. Paragraph E.2.a. Duties In The Event Of Occurrence, Offense, Claim Or Suit Liability And Medical Expenses General Condition applies only when the 'occurrence" is known to any insured listed in Paragraph C.1. Who Is An Insured or any "employee" authorized by you to give or receive notice of an "occurrence" or claim. 2. Paragraph E.2.b. Duties In The Event Of Occurrence, Offense, Claim Or Suit Liability And Medical Expenses General Condition will not be considered breached unless the breach occurs after such claim or "suit" is known to any insured listed under Paragraph C.1. Who Is An Insured or any "employee" authorized by you to give or receive notice of an 'occurrence" or claim. © 2016 Liberty Mutual Insurance BP 79 96 09 16 Includes copyrighted material of Insurance Services Office, Inc., with its permission. Page 3 of 4 I. Section F. Liability And Medical Expenses Definitions is modified as follows: 1. Paragraph F.3. is replaced by the following: 3. "Bodily Injury" means bodily injury, sickness, disease, or incidental medical malpractice injury sustained by a person, and includes mental anguish resulting from any of these; and including death resulting from any of these at any time. 2. Paragraph F.9. is replaced by the following: 9. "Insured contract" means: a. A contract for a lease of premises. However, that portion of the contract for a lease of prem- ises that indemnifies any person or organization for damage by fire to premises while rented to you or temporarily occupied by you with permission of the owner is not an "insured contract"; b. A sidetrack agreement; c. Any easement or license agreement, except in connection with construction or demolition operations on or within 50 feet of a railroad; d. An obligation, as required by ordinance, to indemnify a municipality, except in connection with work for a municipality; e. An elevator maintenance agreement; f. That part of any other contract or agreement pertaining to your business (including an indem- nification of a municipality in connection with work performed for a municipality) under which you assume the tort liability of another party to pay for "bodily injury" or "property damage" to a third person or organization, provided the "bodily injury" or "property damage" is caused, in whole or in part, by you or by those acting on your behalf. However, such part of a contract or agreement shall only be considered an "insured contract" to the extent your assumption of the tort liability is permitted by law. Tort liability means a liability that would be imposed by law in the absence of any contract or agreement. Paragraph f. does not include that part of any contract or agreement: (1) That indemnifies a railroad for "bodily injury" or "property damage" arising out of con- struction or demolition operations; within 50 feet of any railroad property and affecting any railroad bridge or trestle, tracks, road -beds, tunnel, underpass or crossing; (2) That indemnifies an architect, engineer or surveyor for injury or damage arising out of: (a) Preparing, approving, or failing to prepare or approve, maps, shop drawings, opin- ions, reports, surveys, field orders, change orders or drawings and specifications; or (b) Giving directions or instructions, or failing to give them, if that is the primary cause of y the injury or damage; or (3) Under which the insured, if an architect, engineer or surveyor, assumes liability for an injury or damage arising out of the insured's rendering or failure to render professional services, including those listed in (2) above and supervisory, inspection, architectural or engineering activities. 3. Paragraph F.14.b. Personal And Advertising Injury is replaced by the following: b. Malicious prosecution or abuse of process; © 2016 Liberty Mutual Insurance BP 79 96 09 16 Includes copyrighted material of Insurance Services Office, Inc., with its permission. Page 4 of 4 BUSINESSOWNERS BP14880713 THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. PRIMARY AND NONCONTRIBUTORY - OTHER INSURANCE CONDITION This endorsement modifies insurance provided under the following: BUSINESSOWNERS COVERAGE FORM The following is added to Paragraph H. Other In- surance of Section III - Common Policy Condi- tions and supersedes any provision to the con- trary: Primary And Noncontributory Insurance This insurance is primary to and will not seek contribution from any other insurance avail- able to an additional insured under your poli- cy provided that: 1. The additional insured is a Named In- sured under such other insurance; and 2. You have agreed in writing in a contract or agreement that this insurance would be primary and would not seek contribu- tion from any other insurance available to the additional insured. BP 14 88 07 13 © Insurance Services Office, Inc., 2012 Page 1 of 1 BUSINESS INFORMATION Business Name: SH&H VALUATION, LLC UBI Number: 603 541466 Business Type: WA LIMITED LIABILITY COMPANY Business Status: ACTIVE Principal Office Street Address: 3609 MARKET PL W, SUITE 201, UNIVERSITY PL, WA, 98466-4488, UNITED STATES Principal Office Mailing Address: 3609 MARKET PL W, SUITE 201, UNIVERSITY PL, WA, 98466-4488, UNITED STATES Expiration Date: 09/30/2024 Jurisdiction: UNITED STATES, WASHINGTON Formation/ Registration Date: 09/14/2015 Period of Duration: PERPETUAL Inactive Date: Nature of Business: REAL ESTATE REGISTERED AGENT INFORMATION Registered Agent Name: CHADJOHNSON Street Address: 3609 MARKET PL W, SUITE 201, UNIVERSITY PL, WA, 98466-4488, UNITED STATES Mailing Address: GOVERNORS Title Governors Type GOVERNOR INDIVIDUAL GOVERNOR INDIVIDUAL GOVERNOR INDIVIDUAL Entity Name First Name BARBRO MATTIIEW CHAD Last Name HINES MfNARCK JOHNSON BUSINESS LICENSE Limited Liability Company SH&H VALUATION, LLC STE 201 3609 MARKET PL W UNIVERSITY PLACE WA 98466-4488 UNEMPLOYMENT INSURANCE - ACTIVE TAX REGISTRATION - ACTIVE Issue Date: Oct 13, 2023 Unified Business ID #: 603541466 Business ID #: 001 Location: 0001 Expires: Sep 30, 2024 INDUSTRIAL INSURANCE - ACTIVE CITY/COUNTY ENDORSEMENTS: UNIVERSITY PLACE GENERAL BUSINESS - ACTIVE BELLINGHAM GENERAL BUSINESS #068264 - ACTIVE MARYSVILLE GENERAL BUSINESS - NON-RESIDENT #3230SVC120 - ACTIVE POULSBO GENERAL BUSINESS - NON-RESIDENT - ACTIVE SUMNER GENERAL BUSINESS - NON-RESIDENT - ACTIVE SEATAC GENERAL BUSINESS - NON-RESIDENT - ACTIVE FEDERAL WAY GENERAL BUSINESS - NON-RESIDENT (EXPIRES 10/31/2024) - ACTIVE YAKIMA GENERAL BUSINESS - NON-RESIDENT #BLS201108 - ACTIVE LICENSING RESTRICTIONS: Not licensed to hire minors without a Minor Work Permit. REGISTERED TRADE NAMES: UBI: 603541466 001 0001 SH&H VALUATION, LLC UNEMPLOYMENT INSURANCE - STE 201 ACTIVE 3609 MARKET PL W INDUSTRIAL INSURANCE - ACTIVE UNIVERSITY PLACE WA TAX REGISTRATION - ACTIVE 98466-4488 UNIVERSITY PLACE GENERAL BUSINESS - ACTIVE BELLINGHAM GENERAL BUSINESS #068264 - ACTIVE MARYSVILLE GENERAL BUSINESS - NON-RESIDENT #3230SVC120 - ACTIVE POULSBO GENERAL BUSINESS - NON-RESIDENT - ACTIVE SUMNER GENERAL BUSINESS - NON-RESIDENT - ACTIVE Expires: Sep 30, 2024 STATE OF WASHINGTON �� a .............. h-` DEPARTMENT OF LICENSING - BUSINESS AND PROFESSIONS DIVISION L LICENSING THIS CERTIFIES THE PERSON OR BUSINESS NAMED BELOW IS AUTHORIZED AS A CERTIFIED GENERAL REAL ESTATE APPRAISER SUPERVISOR BARBRO A HINES 1101044 {I313112002 10101120Z5 1-eace Number ___. Ikwe Dale Imp&•atlon Dale �"�'� — — orcu%3 Glacper, Direcfur ' '„ "•��`"r�°ti STATE OF WASHINGTON DEPARTMENT OF LICENSING - BUSINESS AND PROFESSIONS DIVISION THIS CERTIFIES THE PERSON OR BUSINESS NAMED BELOW IS AUTHORIZED AS A CERTIFIED GENERAL REAL ESTATE APPRAISER KELLEN E HURYCH 1101923 03:1812008 0511712025 }ng %om* r [slur flair F.zpiratioa Date nASNIX6i0A STATE DEPARTMENT OF C� LICENSING CHICAGO TITLE OF WASHINGTON Commitment for Title Insurance Title Officer: Unit 4 / Seattle Residential Email: Title No.: 0263015-04 Property Address: Introducing Live LOOK Chicago Title Seattle, WA 98104 Escrow Officer: Pre Listing FNSE Email: CTISeattleTitleUnit4@ctt.com LiveL00K title document delivery system is designed to provide 24/7 real-time access to all information related to a title insurance transaction. Access title reports, exception documents, an easy -to -use summary page, and more, at your fingertips and your convenience. To view your new Chicago Title LiveLOOK re ortClick Here Effortless, Efficient, Compliant, and Accessible ALTA COMMITMENT FOR TITLE INSURANCE Commitment Number: issued by agent: CHICAGO TITLE 0263015-04 COMPANY OF WASHINGTON a NOTICE IMPORTANT - READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT. THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE_ THE PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED. THE COMPANY'S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT. THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON. COMMITMENT TO ISSUE POLICY Subject to the Notice; Schedule B, Part I -Requirements; Schedule B, Part II -Exceptions; and the Commitment Conditions, Chicago Title Insurance Company, a Florida corporation (the "Company'), commits to issue the Policy according to the terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Amount of Insurance and the name of the Proposed Insured. If all of the Schedule B, Part I -Requirements have not been met within one hundred eighty (180) days after the Commitment Date, this Commitment terminates and the Company's liability and obligation end. Countersigned By: Chicago Title Insurance Company By: Attest: Michael J. Nolan, President Nathan Warwick Marjorie Nemzura, Secretary Authorized Officer or Agent This page is only a part of a 2021 ALTAV 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. "'MCRicnN uNu nni 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-WA Mod (07/01/2021) Pnnted: 09.2623 @ 02-54 PM Page 1 WA-CT-FNSE-02150.622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263015-04 Transaction Identification Data, for which the Company assumes no liability as set forth in Commitment Condition 5.e.: ISSUING OFFICE: FOR SETTLEMENT INQUIRIES, CONTACT. Title Officer: Unit 41 Seattle Residential Escrow Officer: Prel-isting FNSE Chicago Title Company of Washington 701 5th Avenue, Suite 2700 Seattle. WA 98104 Main Phone: (206)628-5600 Email: CTISeattleTitleUnit4@ctt.com Order Number: 0263015-04 SCHEDULE A 1. Commitment Date: September 14, 2023 at 08:00 AM 2. Policy to be issued: (a) ALTA Owner's Policy 2021 w=WA Mod Proposed Insured: TBD Proposed Amount of Insurance: $10,500.00 The estate or interest to be insured: Fee Simple Premium: $ 186.00 Tax: $ 0.00 Total: $ 186.00 (b) ALTA Loan Policy 2006 Proposed Insured: Proposed Amount of Insurance: The estate or interest to be insured Premium: Tax: Total: To Be Determined $10,500.00 Fee Simple $ 350.00 $ 0.00 $ 350.00 3. The estate or interest in the Land at the Commitment Date is: Fee Simple 4. The Title is, at the Commitment Date, vested in: Federal Way Project, LLC, a Washington limited liability company 5. The Land is described as follows: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF END OF SCHEDULE A This page is only a part of a 2021 ALTAS' 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 s� Copyright American Land Title Association. All rights reserved. L A1f N14N un�❑ nnr 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-WA Mod (07/01/2021) Punted: 09 26 23 @ 02 54 PM Page 2 WA-CT-FNSE-02150.622474-SPS-1-23-0263015-04 EXHIBIT "A" Legal Description The Northeast quarter of the Southwest quarter of Section 29, Township 21 North, Range 4 East of the Willamette Meridian, in King County, Washington. Except the North 500 feet thereof. And except that portionlying West of the East line of Pacific Highway South, as conveyed to the State of Washington by instrument recorded under recording number 2545574. And except that portion conveyed to Hans Olsen Jr. by instrument recorded under recording number 5602572. This page is only a part of a 2021 ALTAV 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 1-Requirements, Schedule B, Part II -Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. i Copyright American Land Title Association. All rights reserved. � ERICAN 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 WA Mod (07/01/2021) Printed: 0926.23 @ 0254 PM Page 3 WA-CT-FNSE-02150.622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART I - Requirements All of the following Requirements must be met: COMMITMENT NO. 0263015-04 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. 5. Additional requirements and/or exceptions may be added as details of the transaction are disclosed to, or become known by the Company. 6. 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: Federal Way Project, LLC 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. This page is only a part of a 2021 ALTAR 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 A Copyright American Land Title Association. All rights reserved. L`¢u:nN Nl1 TITIf 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-WA Mod (07l01/2021) Pnnted- 0926.23 @ 02:54 PM Page 4 WA-CT-FNSE-02150 622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263015-04 SCHEDULE B, PART I - Requirements (continued) 7. Payment of the real estate excise tax, if required. The Land is situated within the boundaries of local taxing authority of City of Federal Way. The rate of real estate excise tax for properties which are not formally classified and specially valued as timberland or agricultural land is: State portion: 1.10% on any portion of the sales price of $525,000 or less; 1.28% on any portion of the sales price above $525,000, up to $1,525,000; 2.75% on any portion of the sales price above $1,525,000, up to $3,025,000; 3.00% on any portion of the sales price above $3,025,000; The rate of excise for properties formally classified as timberland or agriculture land will be 1.28% for the State portion on the entire sales price. Local portion: 0.50% on the entire sales price. An additional $5.00 State Technology Fee must be included in all excise tax payments. If the transaction is exempt, an additional $5.00 Affidavit Processing Fee is required. Any conveyance document must be accompanied by the official Washington State Excise Tax Affidavit, which can be found online HERE <htts:fldor.wa. ov! et -for -or- blication/forms-sub'ect/real-estate-excise-taxes. The applicable excise tax must be paid and the affidavit approved at the time of the recording of the conveyance documents. (NOTE: Real Estate Excise Tax Affidavits must be printed as legal size forms). 8. The Proposed Policy Amount(s) must be increased to the full value of the estate or interest being insured, and any additional premium must be paid at that time. An Owner's policy should reflect the purchase price or full value of the Land. A Loan Policy should reflect the loan amount or value of the property as collateral. Proposed Policy Amount(s) will be revised and premiums charged consistent therewith when the final amounts are approved. 9 For each policy to be issued as identified in Schedule A, Item 2; the Company shall not be liable under this commitment until it receives a designation for a Proposed Insured, acceptable to the Company. As provided in Commitment Condition 4, the Company may amend this commitment to add, among other things, additional exceptions or requirements after the designation of the Proposed Insured. 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 8, 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.. LAN "n r°i`" g unng 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-WA Mod (07101/2021) Printed: 09.2623 @ 02:54 PM Page 5 WA-CT-FNSE-02150 622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263015-04 SCHEDULE B, PART I - Requirements (continued) 10 TO PROVIDE THE EXTENDED COVERAGE POLICY AND/OR ALTA HOMEOWNER'S POLICY IDENTIFIED IN SCHEDULE A, GENERAL EXCEPTIONS A THROUGH D WILL BE CONSIDERED WHEN OUR INSPECTION AND/OR REVIEW OF SURVEY, IF REQUIRED, IS COMPLETED. A SUPPLEMENTAL COMMITMENT WILL FOLLOW. If there have been recent improvements on the property within 90 days prior to closing we will require a signed indemnity agreement and a recent financial statement from each indemnitor. If construction financing is to be insured, please contact the title officer for requirements. The Company reserves the right to add additional exceptions or make further requirements after review of the property inspection and requested documentation. Additional requirements and/or exceptions may be added as details of the transaction are disclosed to, or become known by the Company. 11 The application for title insurance was placed by reference to only a street address or tax identification number. The proposed Insured must confirm that the legal description in this report covers the parcel(s) of Land requested to be insured. If the legal description is incorrect, the proposed Insured must notify the Company and/or the settlement company in order to prevent errors and to be certain that the legal description for the intended parcel(s) of Land will appear on any documents to be recorded in connection with this transaction and on the policy of title insurance. 12. The Company and its policy issuing agents are required by Federal law to collect additional information about certain transactions in specified geographic areas in accordance with the Bank Secrecy Act. If this transaction is required to be reported under a Geographic Targeting Order issued by FinCEN, the Company or its policy issuing agent must be supplied with a completed ALTA Information Collection Form ("ICF") prior to closing the transaction contemplated herein. 13 If the Seller or Borrower intends to sign documents required to insure the transaction utilizing a remote online notary, please notify the Company immediately as additional underwriting requirements will need to be satisfied. END OF REQUIREMENTS NOTES The following matters will not be listed as Special Exceptions in Schedule B of the policy. There will be no coverage for loss arising by reason of the matters listed below because these matters are either excepted or excluded from coverage or are not matters covered under the insuring provisions of the policy. Note A: Notice: Please be aware that due to the conflict between federal and state laws concerning the cultivation, distribution, manufacture or sale of marijuana, the Company is not able to close or insure any transaction involving Land that is associated with these activities. This page is only a part of a 2021 ALTAS 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. Pad 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. AM 0.14N invn n.ie 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-WA Mod (0710112021) Pnnted 0926.23 @ 02:54 PM Page 6 WA-CT-FNSE-02150.622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263015-04 SCHEDULE B, PART I - Requirements (continued) Note B: The application for title insurance was placed by reference to only a street address or tax identification number. The proposed Insured must confirm that the legal description in this report covers the parcel(s) of Land requested to be insured. If the legal description is incorrect, the proposed Insured must notify the Company and/or the settlement company in order to prevent errors and to be certain that the legal description for the intended parcel(s) of Land will appear on any documents to be recorded in connection with this transaction and on the policy of title insurance. Note C Note: There are NO conveyances affecting said Land recorded within 36 months of the date of this report. Note D- Note: FOR INFORMATIONAL PURPOSES ONLY: The following may be used as an abbreviated legal description on the documents to be recorded, per Amended RCW 65.04.045. Said abbreviated legal description is not a substitute for a complete legal description within the body of the document: Ptn NEQ SWQ Sec 29-T 21 N-R 4E Tax Account No.: 2921049153 Note E: Note: This map/plat is being furnished as an aid in locating the herein described Land in relation to adjoining streets, natural boundaries and other land. Except to the extent a policy of title insurance is expressly modified by endorsement, if any, the Company does not insure dimensions, distances or acreage shown thereon. Note F Recording charges (per document title) for closings on July 26, 2021 and after for all Washington counties: Deed of Trust - $204.50 and $1 for each additional page. Most other Docs, except as noted below - $203.50 and $1 for each additional page. Assignment of Deed of Trust, Substitution or Appointment of Successor Trustee - $18.00 and $1 for each additional page. Multiple titled documents are charged per applicable title. Our Company uses Simplifile, a third party vendor, for electronic submission of documents to the County. In addition to the County recording fee each document recorded electronically will be billed an additional $4.25 plus tax. RECORDING CHARGES ARE SUBJECT TO CHANGE WITHOUT NOTICE. END OF NOTES END OF SCHEDULE B, PART I This page is only a part of a 2021 ALTAS 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 l3, 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 I� AME4I I Copyright American Land Title Association. All rights reserved. LAND TOTE[ ! 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 Tale Insurance w-WA Mod (07+V 0021) Printed: 09.28.n @ dFi8i Phl Page 7 WA-CT-FNSE-02150.622474SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART II - Exceptions COMMITMENT NO. 0263015-04 Some historical land records contain Discriminatory Covenants that are illegal and unenforceable by law. This Commitment and the Policy treat any Discriminatory Covenant in a document referenced in Schedule B as if each Discriminatory Covenant is redacted, repudiated, removed, and not republished or recirculated. Only the remaining provisions of the document will be excepted from coverage. The Policy will not insure against loss or damage resulting from the terms and conditions of any lease or easement identified in Schedule A, and will include the following Exceptions unless cleared to the satisfaction of the Company: GENERAL EXCEPTIONS A. Rights or claims of parties in possession, or claiming possession, not shown by the Public Records B. 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. C. Easements, prescriptive rights, rights -of -way, liens or encumbrances, or claims thereof, not shown by the Public Records. D. Any lien, or right to a lien, for contributions to employee benefit funds, or for state workers' compensation, or for services, labor, or material heretofore or hereafter furnished, all as imposed by law, and not shown by the Public Records. E. Taxes or special assessments which are not yet payable or which are not shown as existing liens by the Public Records. F. Any lien for service, installation, connection, maintenance, tap, capacity, or construction or similar charges for sewer, water, electricity, natural gas or other utilities, or for garbage collection and disposal not shown by the Public Records. G. Unpatented mining claims, and all rights relating thereto. H_ Reservations and exceptions in United States Patents or in Acts authorizing the issuance thereof. I. Indian tribal codes or regulations, Indian treaty or aboriginal rights, including easements or equitable servitudes. J. Water rights, claims or title to water. K. Any defect, lien, encumbrance, adverse claim, or other matter that appears for the first time in the Public Records or is created, attaches, or is disclosed between the Commitment Date and the date on which all of the Schedule B, Part I —Requirements are met. This page is only a part of a 2021 ALTAv 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 ll-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. M`a"A" urn Tine The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in goad standing as p of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance vv-WA Mod (07101t2021) Printed: 09.2623 @ 02:54 PM Page 8 WA-CT-FNSE-02150 622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART II - Exceptions (continued) SPECIAL EXCEPTIONS COMMITMENT NO. 0263015-04 Covenants, conditions, restrictions, recitals, reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Recording No: 8106249003 Covenants, conditions, restrictions, recitals, reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Recording No: 9404129007 Covenants, conditions, restrictions, recitals, reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Recording No: 201405210900001 4. General and special taxes and charges, payable February 15, delinquent if first half unpaid on May 1, second half delinquent if unpaid on November 1 of the tax year (amounts do not include interest and penalties): Year: 2023 Tax Account No.: 2921049153 Levy Code: 1205 Assessed Value -Land: $377,000.00 Assessed Value -Improvements: $0.00 General and Special Taxes: Billed: $3,595.74 Paid: $1,797.87 Unpaid: $1,797,87 5. City, county or local improvement district assessments, if any. This page is only a part of a 2021 ALTAV 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. aMrz".°" inNn nnc 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 Instirance w-wA Mod (07+01.2021) Printed 09-26_231§0254 PN1 Page 9 WA-CT-FNSE-02150 622474SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263015-04 SCHEDULE B, PART II - Exceptions (continued) Assessments, if any, levied by City of Federal Way. The search did not disclose any open mortgages or deeds of trust of record, therefore the Company reserves the right to require further evidence to confirm that the property is unencumbered, and further reserves the right to make additional requirements or add additional items or exceptions upon receipt of the requested evidence. END OF SCHEDULE B, PART II This page is only a part of a 2021 ALTAR 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 tri Copyright American Land Title Association. All rights reserved. �+o T;r E 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-WA Mod (07101/2021) Printed.- 09 2623 @ 02-54 PM Page 10 WA-CT-FNSE-02150 622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263015-04 COMMITMENT CONDITIONS DEFINITIONS a "Discriminatory Covenant": Any covenant, condition, restriction, or limitation that is unenforceable under applicable law because it illegally discriminates against a class of individuals based on personal characteristics such as race, color, religion, sex, sexual orientation, gender identity, familial status, disability, national origin, or other legally protected class- b. "Knowled'ge" or "Known": Actual knowledge or actual notice, but not constructive notice imparted by the Public Records. c. "Land"- The land described in Item 5 of Schedule A and improvements located on that land that by State law constitute real property. The term "Land" does not include any property beyond that described in Schedule A. nor any right; title, interest, estate, or easement in any abutting street, road, avenue, alley, lane, right-of-way, body of water, or waterway, but does not modify or limit the extent that a right of access to and fiom the Land is to be insured by the Policy. d. "Nlortgage": A mortgage, deed of trust, trust deed, security deed, or other real property security instrument, including one evidenced by electronic means authorized by law. e- "Policy": Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company pursuant to this Commitment f "Proposed Amount of Insurance"' Each dollar amount specified in Schedule A as the Proposed Amount of Insurance of each Policy to be issued pursuant to this Commitment. g. "Proposed Insured": Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment- h. "Public Records The recording or filing system established under State statutes in effect at the Commitment Date under which a document must be recorded or filed to impart constructive notice of matters relating to the Title to a purchaser for value without Knowledge The term "Public Records" does not include any other recording or filing system, including any pertaining to environmental remediation or protection, planning, permitting, zoning, licensing, building, health. public safety, or national security matters. i. "State The state or commonwealth of the United States within whose exterior boundaries the Land is located. The term "State" also includes the District of Columbia, the Commonwealth of Puerto Rico, the U.S- Virgin Islands,. and Guam_ j. 'Title": The estate or interest in the Land identified in Item 3 of Schedule A- 2. If all of the Schedule B, Part I -Requirements have not been met within the time period specified in the Commitment to Issue Policy, this Commitment terminates and the Company's liability and obligation end. 3. The Company's liability and obligation is limited by and this Commitment is not valid without: a the Notice: b. the Commitment to Issue Policy, c. the Commitment Conditions, d- Schedule A, e. Schedule B, Part I -Requirements, and f, Schedule B, Part II -Exceptions: and g. a counter -signature by the Company or its issuing agent that may be in electronic form 4. COMPANY'S RIGHT TO AMEND The Company may amend this Commitment at any time If the Company amends this Commitment to add a defect, lien, encumbrance, adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment Condition 5. The Company is not liable for any other amendment to this Commitment. 5. LIMITATIONS OF LIABILITY a. The Company's liability under Commitment Condition 4 is limited to the Proposed Insured's actual expense incurred in the interval between the Company's delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the Proposed Insured's good faith reliance to: r. comply with the Schedule B, Part I -Requirements, ii. eliminate, with the Company's written consent, any Schedule B, Part II -Exceptions; or iii. acquire the Title or create the Mortgage covered by this Commitment. b. The Company is not liable under Commitment Condition 5.a. if the Proposed Insured requested the amendment or had Knowledge of the matter and did not notify the Company about it in writing c. The Company is only liable under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment included the added matter when the Commitment was first delivered to the Proposed Insured. d. The Company's liability does not exceed the lesser of the Proposed Insured's actual expense incurred in good faith and described in Commitment Condition 5.a. or the Proposed Amount of Insurance. e The Company is not liable for the content of the Transaction Identification Data, if any. This page is only a part of a 2021 ALTAb 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. n1119r;r„ 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-INA Iviod (07'0112021) Pnnted. 09 26.23 @ 02:54 PM Page 11 WA-CT-FNSE-02150 622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON (continued) COMMITMENT NO. 0263015-04 f The Company is not obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I -Requirements have been met to the satisfaction of the Company. g. The Company's liability is further limited by the terms and provisions of the Policy to be issued to the Proposed Insured. 6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT; CHOICE OF LAW AND CHOICE OF FORUM a. Only a Proposed Insured identified in Schedule A. and no other person, may make a claim under this Commitment b Any claim must be based in contract under the State law of the State where the Land is located and is restricted to the terms and provisions of this Commitment. Any litigation or other proceeding brought by the Proposed Insured against the Company must be filed only in a State or federal court having jurisdiction. c This Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject matter of this Commitment and supersedes all prior commitment negotiations, representations; and proposals of any kind, whether written or oral; express or implied, relating to the subject matter of this Commitment. d. The deletion or modification of any Schedule B, Part II -Exception does not constitute an agreement or obligation to provide coverage beyond the terms and provisions of this Commitment or the Policy. e. Any amendment or endorsement to this Commitment must be in writing and authenticated by a person authorized by the Company. f When the Policy is issued, all liability and obligation under this Commitment will end and the Company's only liability will be under the Policy- 7. IF THIS COMMITMENT IS ISSUED BY AN ISSUING AGENT The issuing agent is the Company's agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is not the Company's agent for closing, settlement, escrow, or any other purpose 8. PRO -FORMA POLICY The Company may provide: at the request of a Proposed Insured, a pro -forma policy illustrating the coverage that the Company may provide A pro -forma policy neither reflects the status of Title at the time that the pro -forma policy is delivered to a Proposed Insured, nor is it a commitment to insure. 9. CLAIMS PROCEDURES This Commitment incorporates by reference all Conditions for making a claim in the Policy to be issued to the Proposed Insured. Commitment Condition 9 does not modify the limitations of liability in Commitment Conditions 5 and 6- 10. CLASS ACTION ALL CLAIMS AND DISPUTES ARISING OUT OF OR RELATING TO THIS COMMITMENT, INCLUDING ANY SERVICE OR OTHER MATTER IN CONNECTION WITH ISSUING THIS COMMITMENT, ANY BREACH OF A COMMITMENT PROVISION, OR ANY OTHER CLAIM OR DISPUTE ARISING OUT OF OR RELATING TO THE TRANSACTION GIVING RISE TO THIS COMMITMENT, MUST BE BROUGHT IN AN INDIVIDUAL CAPACITY. NO PARTY MAY SERVE AS PLAINTIFF. CLASS MEMBER. OR PARTICIPANT IN ANY CLASS OR REPRESENTATIVE PROCEEDING. ANY POLICY ISSUED PURSUANT TO THIS COMMITMENT WILL CONTAIN A CLASS ACTION CONDITION 11. ARBITRATION -INTENTIONALLY DELETED END OF CONDITIONS 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. dM1K"`" .n nni 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-WA Mod (07,'01/2021) Pnnted 09 26 23 @ 02:54 PM Facie 12 WA-CT-FNSE-02150 622474-SPS-1-23-0263015-04 RECORDING REQUIREMENTS Effective January 1, 1997, document format and content requirements have been imposed by Washington Law. Failure to comply with the following requirements may result in rejection of the document by the county recorder or imposition of a $50.00 surcharge. First page or cover sheet: 3" top margin containing nothing except the return address. 1" side and bottom margins containing no markings or seals. Title(s) of documents. Recording no. of any assigned, released or referenced document(s). Grantors names (and page no. where additional names can be found). Grantees names (and page no. where additional names can be found). Abbreviated legal description (Lot, Block, Plat Name or Section, Township, Range and Quarter, Quarter Section for unplatted). Said abbreviated legal description is not a substitute for a complete legal description which must also appear in the body of the document. Assessor's tax parcel number(s). Return address (in top 3" margin). "`A cover sheet can be attached containing the above format and data if the first page does not contain all required data. Additional Pages: 1" top, side and bottom margins containing no markings or seals - All Pages: No stapled or taped attachments. Each attachment must be a separate page. All notary and other pressure seals must be smudged for visibility. Font size of 8 points or larger. Recording Requirements Printed: 09 26 23 @ 02:54 PM by BH WA00001078 doc ! Updated. 12.1420 —0263015-04 =� I RE SAFE Inquire before you wire! WIRE FRAUD ALERT This Notice is not intended to provide legal or professional advice. If you have any questions, please consult with a lawyer. All parties to a real estate transaction are targets for wire fraud and many have lost hundreds of thousands of dollars because they simply relied on the wire instructions received via email, without further verification_ If funds are to be wired in conjunction with this real estate transaction, we strongly recommend verbal verification of wire instructions through a known, trusted phone number prior to sending funds. In addition, the following non-exclusive self-protection strategies are recommended to minimize exposure to possible wire fraud. • NEVER RELY on emails purporting to change wire instructions. Parties to a transaction rarely change wire instructions in the course of a transaction. • ALWAYS VERIFY wire instructions, specifically the ABA routing number and account number, by calling the party who sent the instructions to you. DO NOT use the phone number provided in the email containing the instructions, use phone numbers you have called before or can otherwise verify. Obtain the number of relevant parties to the transaction as soon as an escrow account is opened. DO NOT send an email to verify as the email address may be incorrect or the email may be intercepted by the fraudster. USE COMPLEX EMAIL PASSWORDS that employ a combination of mixed case, numbers, and symbols. Make your passwords greater than eight (8) characters. Also, change your password often and do NOT reuse the same password for other online accounts. • USE MULTI -FACTOR AUTHENTICATION for email accounts. Your email provider or IT staff may have specific instructions on how to implement this feature, For more information on wire -fraud scams or to report an incident, please refer to the following links: Federal Bureau of Investigation: http.IA,vww.fbi.gov Internet Crime Complaint Center. http:/1www.ic3. pov Wire Fraud Alert Original Effective Date- 5/11/2017 Current Version Date: 5/1112017 0263015-04 - WIRE0016 (DSI Rev 12/07/17) TA4 and © Fidelity National Financial, Inc and/or an affiliate. All rights reserved FIDELITY NATIONAL FINANCIAL PRIVACY NOTICE Effective January 1, 2023 Fidelity National Financial, Inc. and its majority -owned subsidiary companies (collectively, "FNF," "our," or "we") respect and are committed to protecting your privacy. This Privacy Notice explains how we collect, use, and protect personal information, when and to whom we disclose such information, and the choices you have about the use and disclosure of that information. A limited number of FNF subsidiaries have their own privacy notices. If a subsidiary has its own privacy notice, the privacy notice will be available on the subsidiarys website and this Privacy Notice does not apply. Collection of Personal Information FNF may collect the following categories of Personal Information: • contact information (e.g., name, address, phone number, email address); • demographic information (e.g., date of birth, gender, marital status); • identity information (e.g. Social Security Number, driver's license, passport, or other government ID number); • financial account information (e.g. loan or bank account information); and ■ other personal information necessary to provide products or services to you. We may collect Personal Information about you from: • information we receive from you or your agent; • information about your transactions with FNF, our affiliates, or others; and • information we receive from consumer reporting agencies and/or governmental entities, either directly from these entities or through others. Collection of Browsing Information FNF automatically collects the following types of Browsing Information when you access an FNF website, online service, or application (each an "FNF Website") from your Internet browser, computer, and/or device: • Internet Protocol (IP) address and operating system; • browser version, language, and type; • domain name system requests; and • browsing history on the FNF Website, such as date and time of your visit to the FNF Website and visits to the pages within the FNF Website. Like most websites, our servers automatically log each visitor to the FNF Website and may collect the Browsing Information described above. We use Browsing Information for system administration, troubleshooting, fraud investigation, and to improve our websites. Browsing Information generally does not reveal anything personal about you, though if you have created a user account for an FNF Website and are logged into that account, the FNF Website may be able to link certain browsing activity to your user account. Other Online Specifics Cookies. When you visit an FNF Website, a "cookie" may be sent to your computer. A cookie is a small piece of data that is sent to your Internet browser from a web server and stored on your computer's hard drive. Information gathered using cookies helps us improve your user experience. For example, a cookie can help the website load properly or can customize the display page based on your browser type and user preferences. You can choose whether or not to accept cookies by changing your Internet browser settings. Be aware that doing so may impair or limit some functionality of the FNF Website. Web Beacons. We use web beacons to determine when and how many times a page has been viewed. This information is used to improve our websites. Do Not Track. Currently our FNF Websites do not respond to "Do Not Track" features enabled through your browser. Privacy Statement Pnnted: 09.26 23 @ 02:54 PM by BH WA00001078,doc—0263015-04 Links to Other Sites. FNF Websites may contain links to unaffiliated third -party websites. FNF is not responsible for the privacy practices or content of those websites. We recommend that you read the privacy policy of every website you visit. Use of Personal Information FNF uses Personal Information for three main purposes: • To provide products and services to you or in connection with a transaction involving you. ■ To improve our products and services. • To communicate with you about our, our affiliates', and others' products and services, jointly or independently. When Information Is Disclosed We may disclose your Personal Information and Browsing Information in the following circumstances: • to enable us to detect or prevent criminal activity, fraud, material misrepresentation, or nondisclosure; • to affiliated or nonaffiliated service providers who provide or perform services or functions on our behalf and who agree to use the information only to provide such services or functions; • to affiliated or nonaffiliated third parties with whom we perform joint marketing, pursuant to an agreement with them to jointly market financial products or services to you; • to law enforcement or authorities in connection with an investigation, or in response to a subpoena or court order; or • in the good -faith belief that such disclosure is necessary to comply with legal process or applicable laws, or to protect the rights, property, or safety of FNF, its customers, or the public. The law does not require your prior authorization and does not allow you to restrict the disclosures described above. Additionally, we may disclose your information to third parties for whom you have given us authorization or consent to make such disclosure. We do not otherwise share your Personal Information or Browsing Information with nonaffiliated third parties, except as required or permitted by law. We reserve the right to transfer your Personal Information, Browsing Information, and any other information, in connection with the sale or other disposition of all or part of the FNF business and/or assets, or in the event of bankruptcy, reorganization, insolvency, receivership, or an assignment for the benefit of creditors. By submitting Personal Information and/or Browsing Information to FNF, you expressly agree and consent to the use and/or transfer of the foregoing information in connection with any of the above described proceedings. Security of Your information We maintain physical, electronic, and procedural safeguards to protect your Personal Information. Choices With Your Information Whether you submit Personal Information or Browsing Information to FNF is entirely up to you. If you decide not to submit Personal Information or Browsing Information, FNF may not be able to provide certain services or products to you_ For California Residents: We will not share your Personal Information or Browsing Information with nonaffiliated third parties, except as permitted by California law. For additional information about your California privacy rights, please visit the "California Privacy link on our website(httys:Ilfnf.com/pageslcaliforniapriyagy_aspx) or call (888) 413-1748. For Nevada Residents: We are providing this notice pursuant to state law. You may be placed on our internal Do Not Call List by calling FNF Privacy at (888) 714-2710 or by contacting us via the information set forth at the end of this Privacy Notice. For further information concerning Nevada's telephone solicitation law, you may contact: Bureau of Consumer Protection, Office of the Nevada Attorney General, 555 E. Washington St., Suite 3900, Las Vegas, NV 89101; Phone number: (702) 486-3132; email: aginquiries@ag.state.nv.us. For Oregon Residents: We will not share your Personal Information or Browsing Information with nonaffiliated third parties for marketing purposes, except after you have been informed by us of such sharing and had an opportunity to indicate that you do not want a disclosure made for marketing purposes_ Privacy Statement Printed: 09.26 23 @ 02:54 PM by BH WA00001078.doc 0263015-04 For Vermont Residents: We will not disclose information about your creditworthiness to our affiliates and will not disclose your personal information, financial information, credit report, or health information to nonaffiliated third parties to market to you, other than as permitted by Vermont law, unless you authorize us to make those disclosures. For Virginia Residents: For additional information about your Virginia privacy rights, please email privacy@fnf.com or call (888) 714-2710. Information From Children The FNF Websites are not intended or designed to attract persons under the age of eighteen (18). We do not collect Personal Information from any person that we know to be under the age of thirteen (13) without permission from a parent or guardian. International Users FNF's headquarters is located within the United States. If you reside outside the United States and choose to provide Personal Information or Browsing Information to us, please note that we may transfer that information outside of your country of residence. By providing FNF with your Personal Information and/or Browsing Information, you consent to our collection, transfer, and use of such information in accordance with this Privacy Notice. FNF Website Services for Mortoage Loans Certain FNF companies provide services to mortgage loan servicers, including hosting websites that collect customer information on behalf of mortgage loan servicers (the "Service Websites"). The Service Websites may contain links to both this Privacy Notice and the mortgage loan servicer or lender's privacy notice. The sections of this Privacy Notice titled When Information is Disclosed, Choices with Your Information, and Accessing and Correcting Information do not apply to the Service Websites. The mortgage lo6n servicer or lender's privacy notice governs use, disclosure, and access to your Personal Information. FNF does not share Personal Information collected through the Service Websites, except as required or authorized by contract with the mortgage loan servicer or lender, or as required by law or in the good -faith belief that such disclosure is necessary: to comply with a legal process or applicable law, to enforce this Privacy Notice, or to protect the rights, property, or safety of FNF or the public. Your Consent To This Privacy Notice, Notice Changes By submitting Personal Information and/or Browsing Information to FNF, you consent to the collection and use of the information in accordance with this Privacy Notice. We may change this Privacy Notice at any time. The Privacy Notice's effective date will show the last date changes were made. If you provide information to us following any change of the Privacy Notice, that signifies your assent to and acceptance of the changes to the Privacy Notice. Accessing and Correcting Information: Contact Us If you have questions or would like to correct your Personal Information, visit FNF's Privacy inquiry WEastte or contact us by phone at (888) 714-2710, by email at privacy@fnf.com, or by mail to: Fidelity National Financial, Inc. 601 Riverside Avenue, Jacksonville, Florida 32204 Attn: Chief Privacy Officer Privacy Statement Pnnted: 092623 @ 02:54 PM by BH WA00001078 doc—0263015-04 CHICAGO TITLE OF WASHINGTON Commitment for Title Insurance Title Officer: Unit 4 / Seattle Residential Email: CTISeattleTitleUnit4@ctt.com Title No.: 0263012-04 Property Address: Introducing Live LOOK Chicago Title Seattle, WA 98104 LiveLOOK title document delivery system is designed to provide 24/7 real-time access to all information related to a title insurance transaction. Access title reports, exception documents, an easy -to -use summary page, and more, at your fingertips and your convenience. To view your new Chicago Title LiyeLOQK report, Click Here Effortless, Efficient, Compliant, and Accessible ALTA COMMITMENT FOR TITLE INSURANCE Commitment Number: issued by agent: CHICAGO TITLE 0263012-04 COMPANY OF WASHINGTON NOTICE IMPORTANT - READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT. THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED. THE COMPANY'S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT. THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON. COMMITMENT TO ISSUE POLICY Subject to the Notice; Schedule B, Part I -Requirements; Schedule B, Part II -Exceptions; and the Commitment Conditions, Chicago Title Insurance Company, a Florida corporation (the "Company"), commits to issue the Policy according to the terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Amount of Insurance and the name of the Proposed Insured. If all of the Schedule B, Part I -Requirements have not been met within one hundred eighty (180) days after the Commitment Date, this Commitment terminates and the Company's liability and obligation end. Countersigned By: JC It //, _4 /1 Chicago Title Insurance Company By: Attest: Michael J. Nolan, President Lori Forbes Marjorie Nemzura, Secretary Authorized Officer or Agent 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 lllllllll= Copyright American Land Title Association. All rights reserved. a uN. m. II � k tt n u Z 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. lk ALTA C.onlmllnlent for Title Insurance w-WA Mod (07.i012021 I Printed: 092623 @ 04:09 PIN Page 1 WA-CT-FNSE-02150.622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263012-04 Transaction Identification Data, for which the Company assumes no liability as set forth in Commitment Condition 5.e.: ISSUING OFFICE: FOR SETTLEMENT INQUIRIES, CONTACT: Title Officer: Unit 4 / Seattle Residential Chicago Title Company of Washington 701 5th Avenue, Suite 2700 Seattle, WA 98104 Main Phone: (206)628-5600 Email: CTISeattleTitleUnit4@ctt.com Order Number: 0263012-04 SCHEDULE A 1. Commitment Date: September 13, 2023 at 08:00 AM 2. Policy to be issued: (a) ALTA Owner's Policy 2021 w-WA Mod Proposed Insured: Purchaser with contractual rights under a purchase agreement with the vested owner identified at Item 4 below Proposed Amount of Insurance: $10,500.00 The estate or interest to be insured: FEE SIMPLE Premium: $ 186.00 Tax: $ 19.07 Rate: Standard Discount(s): Residential Total: $ 205.07 (b) ALTA Loan Policy 2021 w-WA Mod Proposed Insured: Lender with contractual obligations under a loan agreement with the vested owner identified at Item 4 below or a purchaser Proposed Amount of Insurance: $10,500.00 The estate or interest to be insured: FEE SIMPLE Premium: $ 350.00 Tax: $ 35.88 Rate: Extended Discount(s): Residential Purchase Loan Total: $ 385.88 3. The estate or interest in the Land at the Commitment Date is. - FEE SIMPLE 4. The Title is, at the Commitment Date, vested in: Federal Way Project, LLC, a Washington limited liability company 5. The Land is described as follows: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF END OF SCHEDULE A This page is only a part of a 2021 ALTAS 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 ,Ili I Copyright American Land Title Association. All rights reserved. u"'" loin nru 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 TNe Insurance w-WA Mod (07,01,120211 Panted 09.26,23 @ 040 PPM Page 2 WA-CT-FNSE-02150.622474-SPS-1-23-0263012-04 EXHIBIT "A" Legal Description For APN/Parcel ID(s). 292104-9026-09 THAT PORTION OF THE NORTH 215THS OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 29, TOWNSHIP 21 NORTH, RANGE 4 EAST, W.M., IN KING COUNTY, WASHINGTON, LYING EASTERLY OF PACIFIC HIGHWAY SOUTH; SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON. 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. AMLRICAN Copyright American Land Title Association. All rights reserved. LAND TITLI 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 Cammilmenl for Tille Insurance w-WA Mad (07+01r-2021) Printed: 09.26.23 @ 04;09 PM Page 3 WA-CT-FNSE-02150.022474-SPS-1.23.02630124)4 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263012-04 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. 5. Additional requirements and/or exceptions may be added as details of the transaction are disclosed to, or become known by the Company. 6. If the Seller or Borrower intends to sign documents required to insure the transaction utilizing a remote online notary, please notify the Company immediately as additional underwriting requirements will need to be satisfied. 7. The Proposed Policy Amount(s) must be increased to the full value of the estate or interest being insured, and any additional premium must be paid at that time. An Owner's Policy should reflect the purchase price or full value of the Land. A Loan Policy should reflect the loan amount or value of the property as collateral. Proposed Policy Amount(s) will be revised and premiums charged consistent therewith when the final amounts are approved. 8. For each policy to be issued as identified in Schedule A, Item 2, the Company shall not be liable under this commitment until it receives a designation for a Proposed Insured, acceptable to the Company. As provided in Commitment Condition 4, the company may amend this commitment to add, among other things, additional exceptions or requirements after the designation of the Proposed Insured. This page is only a part of a 2021 ALTAV Commitment for Title Insurance issued by Chicago Title Insurance Company This Commitment is not valid vdthout the Notice, the Commitment to Issue Policy, the Commitment Conditions, Schedule A; Schedule B, Part I -Requirements, Schedule B. Part II-Exceplions, and a counter -signature by the Company or its issuing agent that may be in electronic form r� Copyright American Land Title Association. All rights reserved. A .N11 T " lA�lITI[ The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as y 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-WA Mod (07/01/2021) Printed: 09 26 23 @ 04:09 PM Page 4 WA-CT-FNSE-02150 622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263012-04 SCHEDULE B, PART I - Requirements (continued) Payment of the real estate excise tax, if required. The Land is situated within the boundaries of local taxing authority of the City of Federal Way The rate of real estate excise tax for properties which are not formally classified and specially valued as timberland or agricultural land is: State Portion: 1.10% on any portion of the sales price of $525,000 or less; 1.28% on any portion of the sales price above $525,000, up to $1,525,000; 2.75% on any portion of the sales price above $1,525,000, up to $3,025,000; 3.00% on any portion of the sales price above $3,025,000; The rate of excise for properties formally classified as timberland or agricultural land will be 1.28% for the State portion on the entire sales price. Local portion: 0.50% on the entire sales price. An additional $5.00 State Technology Fee must be included in all excise tax payments. If the transaction is exempt, an additional $5.00 Affidavit Processing Fee is required. Any conveyance document must be accompanied by the official Washington State Excise Tax Affidavit, which can be found online at hftps://dor.wa.gov/get-form-or-publication/forms-subject/real-estate-excise-tax. The applicable excise tax must be paid and the affidavit approved at the time of the recording of the conveyance documents. (NOTE: Real Estate Excise Tax Affidavits must be printed as legal size forms). This page is only a part of a 2021 ALTAS 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. °111 k" inyn nne 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 Tille lnsurancC.w-WA 10od (07/01/2021) Pnnted 09.n 23 @ 04.09 Pl:i Page 5 WA-CT-FNSE-02150 622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263012-04 SCHEDULE B, PART I - Requirements (continued) 10. 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: Federal Way Project, LLC 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 amendments 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. 11. TO PROVIDE THE EXTENDED COVERAGE POLICY AND/OR ALTA HOMEOWNER'S POLICY IDENTIFIED IN SCHEDULE A, GENERAL EXCEPTIONS ATHROUGH D WILL BE CONSIDERED WHEN OUR INSPECTION AND/OR REVIEW OF SURVEY, IF REQUIRED, IS COMPLETED. A SUPPLEMENTAL COMMITMENT WILL FOLLOW. If there have been recent improvements on the property within 90 days prior to closing we will require a signed indemnity agreement and a recent financial statement from each indemnitor. If construction financing is to be insured, please contact the title officer for requirements. The Company reserves the right to add additional exceptions or make further requirements after review of the property inspection and requested documentation. Additional requirements and/or exceptions may be added as details of the transaction are disclosed to, or become known by the Company. This page is only a part of a 2021 ALTAR 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 1-Requirements, Schedule B, Part ll-Exceptions, and a counter -signature by the Company or its issuing agent that may be in electronic form arararara� Copyright American Land Title Association. All rights reserved. M`"" 4N PYn9LAND nne 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-WA Mod (07101/2021) Printed: 09 2623 @ 04:09 Ptvl Page 6 WA-CT-FNSE-02150 622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART I - Requirements (continued) COMMITMENT NO. 0263012-04 12. The Company and its policy issuing agents are required by Federal law to collect additional information about certain transactions in specified geographic areas in accordance with the Bank Secrecy Act. If this transaction is required to be reported under a Geographic Targeting Order issued by FinCEN, the Company or its policy issuing agent must be supplied with a completed ALTA Information Collection Form ("ICF") prior to closing the transaction contemplated herein. END OF REQUIREMENTS NOTES The following matters will not be listed as Special Exceptions in Schedule B of the policy. There will be no coverage for loss arising by reason of the matters listed below because these matters are either excepted or excluded from coverage or are not matters covered under the insuring provisions of the policy. Note A: Notice: Please be aware that due to the conflict between federal and state laws conceming the cultivation, distribution, manufacture or sale of marijuana, the Company is not able to close or insure any transaction involving Land that is associated with these activities. Note B: The application for title insurance was placed by reference to only a street address or tax identification number. The proposed Insured must confirm that the legal description in this report covers the parcel(s) of Land requested to be insured. If the legal description is incorrect, the proposed Insured must notify the Company and/or the settlement company in order to prevent errors and to be certain that the legal description for the intended parcel(s) of Land will appear on any documents to be recorded in connection with this transaction and on the policy of title insurance. Note C: Note: FOR INFORMATIONAL PURPOSES ONLY: The following may be used as an abbreviated legal description on the documents to be recorded, per Amended RCW 65.04.045. Said abbreviated legal description is not a substitute for a complete legal description within the body of the document: PTN NE 1/4 SW 1/4 SEC 29-21N-4E Tax Account No.: 292104-9026-09 Note D: Notice: Please be advised that our search disclosed that the Land is vacant. The Company reserves the right to require further evidence to establish and verify the identity of the seller. The Company further reserves the right to make additional requirements or add additional items or exceptions upon receipt of the requested evidence. Note E. Note: There are NO conveyances affecting said Land recorded within 36 months of the date of this report. This page is only a part of a 2021 ALTA) Commitment for Me 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. No"'T r,I 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-WA Mod (07/01/2021) Pnnted- 0926 23 @ 04:09 PM Page 7 WA-CT-FNSE-02150 622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263012-04 SCHEDULE B, PART I - Requirements (continued) Note F: Recording charges (per document title) for closings on July 26, 2021, and after, for all Washington counties: Deed of Trust - $204.50 and $1 for each additional page. Most other Does, except as noted below - $203.50 and $1 for each additional page. Assignment of Deed of Trust, Substitution or Appointment of Successor Trustee - $18.00 and $1 for each additional page Multiple titled documents are charged per applicable title. There is an additional $4.25 fee per document for electronic recording, plus applicable sales tax. RECORDING CHARGES ARE SUBJECT TO CHANGE WITHOUT NOTICE Note G: This map/plat is being fumished as an aid in locating the herein described Land in relation to adjoining streets, natural boundaries and other land. Except to the extent of a policy of title insurance is expressly modified by endorsement, if any, the Company does not insure dimensions, distances or acreage shown thereon. END OF NOTES END OF SCHEDULE B, PART I This page is only a part of a 2021 ALTAa 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. L N'D TITLE 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-WA Mod (07101/2021) Printed: 092623 @ 04,09 PM Page 8 WA-CT-FNSE-02150 622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART II - Exceptions COMMITMENT NO. 0263012-04 Some historical land records contain Discriminatory Covenants that are illegal and unenforceable by law. This Commitment and the Policy treat any Discriminatory Covenant in a document referenced in Schedule B as if each Discriminatory Covenant is redacted, repudiated, removed, and not republished or recirculated. Only the remaining provisions of the document will be excepted from coverage. The Policy will not insure against loss or damage resulting from the terms and conditions of any lease or easement identified in Schedule A, and will include the following Exceptions unless cleared to the satisfaction of the Company: GENERAL EXCEPTIONS: A. Rights or claims of parties in possession, or claiming possession, not shown in Public Records. B. 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. C. Easements, prescriptive rights, rights -of -way, liens or encumbrances. or claims thereof, not shown by the Public Records. D_ Any lien, or -right to a lien, for contributions to employee benefit funds, or for state workers' compensation, or for services, labor, or material heretofore or hereafter furnished, all as imposed law, and not shown by the Public Records. E. Taxes or special assessments which are not yet payable or which are not shown as existing liens by the Public Records. F. Any lien for service, installation, connection, maintenance, tap, capacity, or construction or similar charges for sewer, water, electricity, natural gas or other utilities, or for garbage collection and disposal not shown by the Public Records. G. Unpatented mining claims, and all rights relating thereto. H. Reservations and exceptions in United States Patents or in Acts authorizing the issuance thereof. I. Indian tribal codes or regulations, Indian treaty or aboriginal rights, including easements or equitable servitudes. This page is only a part of a 2021 ALTAs 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. ; ND riT<< 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-WA Mod (07101/2021) Printed: 0926 23 @ 04:09 PM Page 9 WA-CT-FNSE-02150.622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263012-04 SCHEDULE B, PART II - Exceptions (continued) J. Water rights, claims or title to water K. Any defect, lien, encumbrance, adverse claim, or other matter that appears for the first time in the Public Records, or is created, attaches, or is disclosed between the Commitment Date and the date on which all of the Schedule B, Part I - Requirements are met. SPECIAL EXCEPTIONS: Notice of Additional Tap or Connection Charges, and the terms and conditions thereof: Recording Date: June 1, 1981 Recording No.: 8106010916 Said instrument is superceded by instrument recorded under recording no. 8905120210. 2. Covenants, conditions, restrictions, recitals, reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Recording_ No: 8106249003 3. Covenants, conditions, restrictions, recitals, reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on that certain unrecorded King County Lot Line Adjustment No. 1084071, as disclosed by King County tax rolls. 4. Covenants, conditions, restrictions, recitals, reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Recording No; 9404129007 This page is only a part of a 2021 ALTAV 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 s AN Copyright American Land Title Association. All rights reserved. LTI AN LAN TITIL 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-WA Mod (07101/2021) Printed: 0926.23 @ 04:09 PM Page 10 WA-CT-FNSE-02150.622474SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263012-04 SCHEDULE B, PART II - Exceptions (continued) 5. Covenants, conditions, restrictions, recitals, reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Recording No: 20140521900001 General and special taxes and charges, payable February 15, delinquent if first half unpaid on May 1, second half delinquent if unpaid on November 1 of the tax year (amounts do not include interest and penalties): Year: 2023 Tax Account Number: 292104-9026-09 Levy Code: 1205 Assessed Value -Land: $146,000.00 Assessed Value -Improvements: $0.00 General and Special Taxes: Billed: $1,395.48 Paid: $697.74 Unpaid: $697.74 7. City, county or local improvement district assessments, if any 8. The search did not disclose any open mortgages or deeds of trust of record, therefore the Company reserves the right to require further evidence to confirm that the property is unencumbered, and further reserves the right to make additional requirements or add additional items or exceptions upon receipt of the requested evidence. END OF SCHEDULE B, PART II This page is only a part of a 2021 ALTAR 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. """R""" uwn nnc 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-WA Mod (0710112021) Printed: 092623 @ 04:09 PM Page 11 WA-CT-FNSE-02150.622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263012-04 COMMITMENT CONDITIONS 'I. DEFINITIONS a "Discriminatory Covenant": Any covenant, condition, restriction, or limitation that is unenforceable under applicable law because it illegally discriminates against a class of individuals based on personal characteristics such as race, color, religion, sex, sexual orientation, gender identity, familial status, disability, national origin, or other legally protected class- b. "Knowledge" or "Known": Actual knowledge or actual notice, but not constructive notice imparted by the Public Records- C. "Land"- The land described in Item 5 of Schedule A and improvements located on that land that by State law constitute real property. The term "Land" does not include any property beyond that described in Schedule A, nor any right: title, interest, estate, or easement in any abutting street, road, avenue, alley, lane, right-of-way, body of water; or waterway, but does not modify or limit the extent that a right of access to and from the Land is to be insured by the Policy. d. "Mortgage"= A mortgage, deed of trust: trust deed, security deed, or other real property security instrument: including one evidenced by electronic means authorized by law_ e. "Policy" Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company pursuant to this Commitment. f "Proposed Amount of Insurance" Each dollar amount specified in Schedule A as the Proposed Amount of Insurance of each Policy to be issued pursuant to this Commitment- g. "Proposed Insured": Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment- h. "Public Records": The recording or filing system established under State statutes in effect at the Commitment Date under which a document must be recorded or filed to impart constructive notice of matters relating to the Title to a purchaser for value without Knowledge The term "Public Records" does not include any other recording or filing system, including any pertaining to environmental remediation or protection, planning, permitting, zoning, licensing, building, health, public safety, or national security matters. i. "State— The state or commonwealth of the United States within whose exterior boundaries the Land is located. The term "State" also includes the District of Columbia, the Commonwealth of Puerto Rico, the U.S. Virgin Islands: and Guam. j_ 'Title The estate or interest in the Land identified in Item 3 of Schedule A 2. If all of the Schedule B, Part I -Requirements have not been met within the time period specified in the Commitment to Issue Policy, this Commitment terminates and the Company's liability and obligation end. 3. The Company's liability and obligation is limited by and this Commitment is not valid without: a the Notice: b. the Commitment to Issue Policy, c_ the Commitment Conditions, d- Schedule A; e. Schedule B, Part I -Requirements; and f. Schedule B, Part II -Exceptions; and g a counter -signature by the Company or its issuing agent that may be in electronic form 4. COMPANY'S RIGHT TO AMEND The Company may amend this Commitment at any time If the Company amends this Commitment to add a defect, lien, encumbrance; adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment Condition 5. The Company is not liable for any other amendment to this Commitment. 5. LIMITATIONS OF LIABILITY a. The Company's liability under Commitment Condition 4 is limited to the Proposed Insured's actual expense incurred in the interval between the Company's delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the Proposed Insured's good faith reliance to: r comply with the Schedule B, Part I -Requirements; ii. eliminate, with the Company's written consent, any Schedule B, Part II -Exceptions; or iii. acquire the Title or create the Mortgage covered by this Commitment. b The Company is not liable under Commitment Condition 5.a, if the Proposed Insured requested the amendment or had Knowledge of the matter and did not notify the Company about it in writing, c. The Company is only liable under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment included the added matter when the Commitment was first delivered to the Proposed Insured. d. The Company's liability does not exceed the lesser of the Proposed Insured's actual expense incurred in good faith and described in Commitment Condition 5.a. or the Proposed Amount of Insurance. e The Company is not liable for the content of the Transaction Identification Data, if any. 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 mthout the Notice: the Commitment to Issue Policy, the Commitment Conditions, Schedule A,- Schedule B, Part 1-Requirements Schedule B. Part II -Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form 1.1111�AN Copyright American Land Title Association. All rights reserved. i�sT, 1f iirn II n 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 forTtle Insurance w-WA Mod (07i012021) Printed 09 26 23 @ 04:09 PM Pace 12 WA-CT-FNSE-02150 622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263012-04 (continued) f The Company is not obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I -Requirements have been met to the satisfaction of the Company. g_ The Company's liability is further limited by the terms and provisions of the Policy to be issued to the Proposed Insured. 6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT; CHOICE OF LAW AND CHOICE OF FORUM a Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment b Any claim must be based in contract under the State law of the State where the Land is located and is restricted to the terms and provisions of this Commitment Any litigation or other proceeding brought by the Proposed Insured against the Company must be filed only in a State or federal court having jurisdiction c. This Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject matter of this Commitment and supersedes all prior commitment negotiations, representations,. and proposals of any kind, whether written or oral; express or implied, relating to the subject matter of this Commitment. d. The deletion or modification of any Schedule B, Part II -Exception does not constitute an agreement or obligation to provide coverage beyond the terms and provisions of this Commitment or the Policy. e. Any amendment or endorsement to this Commitment must be in writing and authenticated by a person authorized by the Company. f When the Policy is issued, all liability and obligation under this Commitment will end and the Company's only liability will be under the Policy 7. IF THIS COMMITMENT IS ISSUED BY AN ISSUING AGENT The issuing agent is the Company's agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is not the Company's agent for closing, settlement, escrow, or any other purpose. 8. PRO -FORMA POLICY The Company may provide: at the request of a Proposed Insured, a pro -forma policy illustrating the coverage that the Company may provide A pro -forma policy neither reflects the status of Title at the time that the pro -forma policy is delivered to a Proposed Insured, nor is It a commitment to insure 9. CLAIMS PROCEDURES This Commitment incorporates by reference all Conditions for making a claim in the Policy to be issued to the Proposed Insured. Commitment Condition 9 does not modify the limitations of liability in Commitment Conditions 5 and 6. 10. CLASS ACTION ALL CLAIMS AND DISPUTES ARISING OUT OF OR RELATING TO THIS COMMITMENT, INCLUDING ANY SERVICE OR OTHER MATTER IN CONNECTION WITH ISSUING THIS COMMITMENT, ANY BREACH OF A COMMITMENT PROVISION, OR ANY OTHER CLAIM OR DISPUTE ARISING OUT OF OR RELATING TO THE TRANSACTION GIVING RISE TO THIS COMMITMENT, MUST BE BROUGHT IN AN INDIVIDUAL CAPACITY. NO PARTY MAY SERVE AS PLAINTIFF. CLASS MEMBER, OR PARTICIPANT IN ANY CLASS OR REPRESENTATIVE PROCEEDING_ ANY POLICY ISSUED PURSUANT TO THIS COMMITMENT WILL CONTAIN A CLASS ACTION CONDITION 11. ARBITRATION -INTENTIONALLY DELETED END OF CONDITIONS This page is only a part of a 2021 ALTAS 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 It -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 iron': the American Land Title Association. ALTA Commitment for Title Insurance w-WA 10od (OT01/2021) Printed: 09 26 23 @ 04 09 PM Paae 13 WA-CT-FNSE-02150 622474-SPS-1-23-0263012-04 RECORDING REQUIREMENTS Effective January 1, 1997, document format and content requirements have been imposed by Washington Law. Failure to comply with the following requirements may result in rejection of the document by the county recorder or imposition of a $50.00 surcharge. First page or cover sheet: 3" top margin containing nothing except the return address. 1" side and bottom margins containing no markings or seals. Title(s) of documents. Recording no. of any assigned, released or referenced document(s). Grantors names (and page no. where additional names can be found). Grantees names (and page no. where additional names can be found). Abbreviated legal description (Lot, Block, Plat Name or Section, Township, Range and Quarter, Quarter Section for unplatted). Said abbreviated legal description is not a substitute for a complete legal description which must also appear in the body of the document. Assessor's tax parcel number(s). Return address (in top 3" margin). "A cover sheet can be attached containing the above format and data if the first page does not contain all required data. Additional Pages: 1" top, side and bottom margins containing no markings or seals. All Pages_ No stapled or taped attachments. Each attachment must be a separate page. All notary and other pressure seals must be smudged for visibility. Font size of 8 points or larger. Recording Requirements Printed: 09.2623 @ 04:09 PM by JM WA00001078 doc' Updated: 12.14.20—0263012-04 .�WNIRESAFE. Inquire before you wire! WIRE FRAUD ALERT This Notice is not intended to provide legal or professional advice. If you have any questions, please consult with a lawyer. All parties to a real estate transaction are targets for wire fraud and many have lost hundreds of thousands of dollars because they simply relied on the wire instructions received via email, without further verification. If funds are to be wired in conjunction with this real estate transaction, we strongly recommend verbal verification of wire instructions through a known, trusted phone number prior to sending funds. In addition, the following non-exclusive self-protection strategies are recommended to minimize exposure to possible wire fraud. ■ NEVER RELY on emails purporting to change wire instructions. Parties to a transaction rarely change wire instructions in the course of a transaction. ALWAYS VERIFY wire instructions, specifically the ABA routing number and account number, by calling the party who sent the instructions to you_ DO NOT use the phone number provided in the email containing the instructions, use phone numbers you have called before or can otherwise verify. Obtain the number of relevant parties to the transaction as soon as an escrow account is opened. DO NOT send an email to verify as the email address may be incorrect or the email may be intercepted by the fraudster. IP USE COMPLEX EMAIL PASSWORDS that employ a combination of mixed case, numbers, and symbols. Make your passwords greater than eight (8) characters. Also, change your password often and do NOT reuse the same password for other online accounts. ■ USE MULTI -FACTOR AUTHENTICATION for email accounts. Your email provider or IT staff may have specific instructions on how to implement this feature. For more information on wire -fraud scams or to report an incident, please refer to the following links: Federal Bureau of Investigation: http.-Ilwww.fbi.gov Wire Fraud Alert Original Effective Date- 5/11/2017 Current Version Dale: 51112017 Internet Crime Complaint Center: http://www.ic3.qov 0263012-04 - WIRE0016 (DSI Rev 12/07/17) TM and © Fidelity National Financial, Inc and/or an affiliate. All rights reserved FIDELITY NATIONAL FINANCIAL PRIVACY NOTICE Effective January 1, 2023 Fidelity National Financial, Inc. and its majority -owned subsidiary companies (collectively, "FNF," "our," or "we") respect and are committed to protecting your privacy. This Privacy Notice explains how we collect, use, and protect personal information, when and to whom we disclose such information, and the choices you have about the use and disclosure of that information. A limited number of FNF subsidiaries have their own privacy notices. If a subsidiary has its own privacy notice, the privacy notice will be available on the subsidiarys website and this Privacy Notice does not apply. Collection of Personal Information FNF may collect the following categories of Personal Information: • contact information (e_g., name, address, phone number, email address); • demographic information (e.g., date of birth, gender, marital status); • identity information (e.g. Social Security Number, driver's license, passport, or other government ID number); • financial account information (e.g. loan or bank account information); and • other personal information necessary to provide products or services to you. We may collect Personal Information about you from: • information we receive from you or your agent; • information about your transactions with FNF, our affiliates, or others; and • information we receive from consumer reporting agencies and/or governmental entities, either directly from these entities or through others. Collection of Browsing Information FNF automatically collects the following types of Browsing Information when you access an FNF website, online service, or application (each an "FNF Website") from your Internet browser, computer, and/or device: • Internet Protocol (IP) address and operating system; ■ browser version, language, and type; • domain name system requests; and • browsing history on the FNF Website, such as date and time of your visit to the FNF Website and visits to the pages within the FNF Website. Like most websites, our servers automatically log each visitor to the FNF Website and may collect the Browsing Information described above. We use Browsing Information for system administration, troubleshooting, fraud investigation, and to improve our websites. Browsing Information generally does not reveal anything personal about you, though if you have created a user account for an FNF Website and are logged into that account, the FNF Website may be able to link certain browsing activity to your user account. Other Online Specifics Cookies. When you visit an FNF Website, a "cookie" may be sent to your computer. A cookie is a small piece of data that is sent to your Internet browser from a web server and stored on your computer's hard drive. Information gathered using cookies helps us improve your user experience. For example, a cookie can help the website load properly or can customize the display page based on your browser type and user preferences. You can choose whether or not to accept cookies by changing your Internet browser settings. Be aware that doing so may impair or limit some functionality of the FNF Website. Web Beacons. We use web beacons to determine when and how many times a page has been viewed. This information is used to improve our websites. Do Not Track. Currently our FNF Websites do not respond to "Do Not Track" features enabled through your browser. Privacy Statement Printed: 09.26 23 @ 04:09 PM by JM wA00001078.doc—0263012-04 Links to Other Sites. FNF Websites may contain links to unaffiliated third -party websites. FNF is not responsible for the privacy practices or content of those websites. We recommend that you read the privacy policy of every website you visit, Use of Personal Information FNF uses Personal Information for three main purposes: ■ To provide products and services to you or in connection with a transaction involving you. • To improve our products and services. •, To communicate with you about our, our affiliates', and others' products and services, jointly or independently. When Information Is Disclosed We may disclose your Personal Information and Browsing Information in the following circumstances: ■ to enable us to detect or prevent criminal activity, fraud, material misrepresentation, or nondisclosure; • to affiliated or nonaffiliated service providers who provide or perform services or functions on our behalf and who agree to use the information only to provide such services or functions; to affiliated or nonaffiliated third parties with whom we perform joint marketing, pursuant to an agreement with them to jointly market financial products or services to you; • to law enforcement or authorities in connection with an investigation, or in response to a subpoena or court order; or • in the good -faith belief that such disclosure is necessary to comply with legal process or applicable laws, or to protect the rights, property, or safety of FNF, its customers, or the public. The law does not require your prior authorization and does not allow you to restrict the disclosures described above. Additionally, we may disclose your information to third parties for whom you have given us authorization or consent to make such disclosure. We do not otherwise share your Personal Information or Browsing Information with nonaffiliated third parties, except as required or permitted by law. We reserve the right to transfer your Personal Information, Browsing Information, and any other information, in connection with the sale or other disposition of all or part of the FNF business and/or assets, or in the event of bankruptcy, reorganization, insolvency, receivership, or an assignment for the benefit of creditors. By submitting Personal Information and/or Browsing Information to FNF, you expressly agree and consent to the use and/or transfer of the foregoing information in connection with any of the above described proceedings. Security of Your Information We maintain physical, electronic, and procedural safeguards to protect your Personal Information. Choices With Your Information Whether you submit Personal Information or Browsing Information to FNF is entirely up to you. If you decide not to submit Personal Information or Browsing Information, FNF may not be able to provide certain services or products to you. For California Residents: We will not share your Personal Information or Browsing Information with nonaffiliated third parties, except as permitted by California law. For additional information about your California privacy rights, please visit the "California Privacy' link on our website (htt2s,./Ifnf.com/ogqes/califomisprivacy.aspx) or call (888) 413-1748. For Nevada Residents: We are providing this notice pursuant to state law. You may be placed on our internal Do Not Call List by calling FNF Privacy at (888) 714-2710 or by contacting us via the information set forth at the end of this Privacy Notice. For further information concerning Nevada's telephone solicitation law, you may contact: Bureau of Consumer Protection, Office of the -Nevada Attorney General, 555 E. Washington St., Suite 3900, Las Vegas, NV 89101; Phone number: (702) 486-3132; email: aginquiries@ag.state.nv.us. For Oregon Residents: We will not share your Personal Information or Browsing Information with nonaffiliated third parties for marketing purposes, except after you have been informed by us of such sharing and had an opportunity to indicate that you do not want a disclosure made for marketing purposes_ Privacy Statement Printed: 09.2623 @ 04:09 PM by JM WA00001078 doc--0263012-04 For Vermont Residents: We will not disclose information about your creditworthiness to our affiliates and will not disclose your personal information, financial information, credit report, or health information to nonaffiliated third parties to market to you, other than as permitted by Vermont law, unless you authorize us to make those disclosures. For Virginia: Residents: For additional information about your Virginia privacy rights, please email privacy@fnf.com or call (888) 714-2710. Information From Children The FNF Websites are not intended or designed to attract persons under the age of eighteen (18). We do not collect Personal Information from any person that we know to be under the age of thirteen (13) without permission from a parent or guardian. International Users FNF's headquarters is located within the United States. If you reside outside the United States and choose to provide Personal Information or Browsing Information to us, please note that we may transfer that information outside of your country of residence. By providing FNF with your Personal Information and/or Browsing Information, you consent to our collection, transfer, and use of such information in accordance with this Privacy Notice. FNF Website Services for Mortgage Loans Certain FNF companies provide services to mortgage loan servicers, including hosting websites that collect customer information on behalf of mortgage loan servicers (the "Service Websites"). The Service Websites may contain links to both this Privacy Notice and the mortgage loan servicer or lender's privacy notice. The sections of this Privacy Notice titled When Information is Disclosed, Choices with Your Information, and Accessing and Correcting Information do not apply to the Service Websites. The mortgage loan servicer or lender's privacy notice governs use, disclosure, and access to your Personal Information. FNF does not share Personal Information collected through the Service Websites, except as required or authorized by contract with the mortgage loan servicer or lender, or as required by law or in the good -faith belief that such disclosure is necessary: to comply with a legal process or applicable law, to enforce this Privacy Notice, or to protect the rights, property, or safety of FNF or the public. Your Consent To This Privacy NoticeLkotice Changes By submitting Personal Information and/or Browsing Information to FNF, you consent to the collection and use of the information in accordance with this Privacy Notice. We may change this Privacy Notice at any time. The Privacy Notice's effective date will show the last date changes were made. If you provide information to us following any change of the Privacy Notice, that signifies your assent to and acceptance of the changes to the Privacy Notice. Accessing and Correctinq Information', Contact Us If you have questions or would like to correct your Personal Information, visit FNF's Privacy Inquiry Website or contact us by phone at (888) 714-2710, by email at privacy@fnf.com, or by mail to: Fidelity National Financial, Inc. 601 Riverside Avenue, Jacksonville, Florida 32204 Attn: Chief Privacy Officer Privacy Statement Pnnted: 09 26 23 @ 04:09 PM by JM WA00001078 doc --0263012-04 CHICAGO TITLE OF WASHINGTON Commitment for Title Insurance Chicago Title Seattle, WA 98104 Title Officer: Unit 4 / Seattle Residential Escrow Officer: Pre Listing FNSE Email: Email: CTISeattleTitleUnit4@ctt.com Title No.: 0263015-04 Property Address: Introducing Live LOOK LiveLOOK title document delivery system is designed to provide 24/7 real-time access to all information related to a title insurance transaction. Access title reports, exception documents, an easy -to -use summary page, and more, at your fingertips and your convenience. To view your new Chicac jo Title Live LOOK report, Click Here .i�ww.r.wl�r�MA1 - Effortless, Efficient, Compliant, and Accessible ALTA COMMITMENT FOR TITLE INSURANCE Commitment Number: issued by agent: CHICAGO TITLE 0263015-04 COMPANY OF WASHINGTON NOTICE IMPORTANT - READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT. THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED. THE COMPANY'S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT. THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON. COMMITMENT TO ISSUE POLICY Subject to the Notice; Schedule B, Part I -Requirements; Schedule B, Part II -Exceptions; and the Commitment Conditions, Chicago Title Insurance Company, a Florida corporation (the "Company'), commits to issue the Policy according to the terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Amount of Insurance and the name of the Proposed Insured. If all of the Schedule B, Part I -Requirements have not been met within one hundred eighty (180) days after the Commitment Date, this Commitment terminates and the Company's liability and obligation end. Countersigned By: Chicago Title Insurance Company By: Attest: Michael J. Nolan, President Nathan Warwick Marjorie Nemzura, Secretary Authorized Officer or Agent This page is only a part of a 2021 ALTAV 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 �AN Copyright American Land Title Association_ All rights reserved. aMcnicnN uH❑ nni 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-WA Mod (07/01/2021) Printed 09 2623 @ 02.54 PM Page 1 WA-CT-FNSE-02150.622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263015-04 Transaction Identification Data, for which the Company assumes no liability as set forth in Commitment Condition 5.e.: ISSUING OFFICE: _ Title Officer: Unit 4 / Seattle Residential Chicago Title Company of Washington 701 5th Avenue, Suite 2700 Seattle, WA 98104 Main Phone: (206)628-5600 Email: CTISeattleTitleUnit4@ctt.com Order Number: 0263015-04 SCHEDULE A 1. Commitment Date: September 14, 2023 at 08:00 AM 2. Policy to be issued: FOR SETTLEMENT INQUIRIES, CONTACT: Escrow Officer:- PreListing FNSE (a) ALTA Owner's Policy 2021 w-WA Mod Proposed Insured: TBD Proposed Amount of Insurance: $10,500.00 The estate or interest to be insured: Fee Simple Premium: $ 186.00 Tax: $ 0.00 Total: $ 186.00 (b) ALTA Loan Policy 2006 Proposed Insured: To Be Determined Proposed Amount of Insurance: $10,500.00 The estate or interest to be insured: Fee Simple Premium: $ 350.00 Tax: $ 0.00 Total: $ 350.00 3. The estate or interest in the Land at the Commitment Date is: Fee Simple 4. The Title is, at the Commitment Date, vested in: Federal Way Project, LLC, a Washington limited liability company 5. The Land is described as follows: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF END OF SCHEDULE A This page is only a part of a 2021 ALTAS 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 A Copyright American Land Title Association. All rights reserved. IN III °" .n nru 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-1NA Mod (07101/2021) Printed- 0926 23 @ 02:54 PM Page 2 WA-CT-FNSE-02150.622474-SPS-1-23-0263015-04 EXHIBIT "A" Legal Description The Northeast quarter of the Southwest quarter of Section 29, Township 21 North, Range 4 East of the Willamette Meridian, in King County, Washington. Except the North 500 feet thereof. Andexcept that portionlying West of the East line of Pacific Highway South, as conveyed to the State of Washington by instrument recorded under recording number 2545574. And except that portion conveyed to Hans Olsen Jr. by instrument recorded under recording number 5602572. This page is only a part of a 2021 ALTAO 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. LAND Tiro 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-WA Mod (07101/2021) Printed 09.2623 @ 02:54 PM Page 3 WA-CT-FNSE-02150.622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART I - Requirements All of the following Requirements must be met: COMMITMENT NO. 0263015-04 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. 5. Additional requirements and/or exceptions may be added as'details of the transaction are disclosed to, or become known by the Company. 6. 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: Federal Way Project, LLC 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. This page is only a part of a 2021 ALTAV 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. AM I LAND TI EI "n n n e 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-WA Mod (YT01/2021) Printed: 092623 @ 02:54 PM Page 4 WA-CT-FNSE-02150 622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART I - Requirements (continued) Payment of the real estate excise tax, if required. COMMITMENT NO. 0263015-04 The Land is situated within the boundaries of local taxing authority of City of Federal Way. The rate of real estate excise tax for properties which are not formally classified and specially valued as timberland or agricultural land is: State portion: 1.10% on any portion of the sales price of $525,000 or less; 1.28% on any portion of the sales price above $525,000, up to $1,525,000; 2.75% on any portion of the sales price above $1,525,000, up to $3,025,000; 3.00% on any portion of the sales price above $3,025,000; The rate of excise for properties formally classified as timberland or agriculture land will be 1.28% for the State portion on the entire sales price. Local portion: 0.50% on the entire sales price. An additional $5.00 State Technology Fee must be included in all excise tax payments. If the transaction is exempt, an additional $5.00 Affidavit Processing Fee is required. Any conveyance document must be accompanied by the official Washington State Excise Tax Affidavit, which can be found online HERE <httgs.-//dor.wa.gov/get-form-or-r>ublir-ation/forms-subjecVreal-estate-excise-taxes. The applicable excise tax must be paid and the affidavit approved at the time of the recording of the conveyance documents. (NOTE: Real Estate Excise Tax Affidavits must be printed as legal size forms). 8. The Proposed Policy Amount(s) must be increased to the full value of the estate or interest being insured, and any additional premium must be paid at that time. An Owner's policy should reflect the purchase price or full value of the Land. A Loan Policy should reflect the loan amount or value of the property as collateral. Proposed Policy Amount(s) will be revised and premiums charged consistent therewith when the final amounts are approved. 9. For each policy to be issued as identified in Schedule A, Item 2; the Company shall not be liable under this commitment until it receives a designation for a Proposed Insured, acceptable to the Company. As provided in Commitment Condition 4, the Company may amend this commitment to add, among other things, additional exceptions or requirements after the designation of the Proposed Insured. 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. LAND""' L.1.vD TITLE 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-WA Mod (07/0112021) Printed: 09 2623 @ 02.54 PM Page 5 WA-CT-FNSE-02150 622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263015-04 SCHEDULE B, PART I - Requirements (continued) 10. TO PROVIDE THE EXTENDED COVERAGE POLICY AND/OR ALTA HOMEOWNER'S POLICY IDENTIFIED IN SCHEDULE A, GENERAL EXCEPTIONS A THROUGH D WILL BE CONSIDERED WHEN OUR INSPECTION AND/OR REVIEW OF SURVEY, IF REQUIRED, IS COMPLETED. A SUPPLEMENTAL COMMITMENT WILL FOLLOW. If there have been recent improvements on the property within 90 days prior to closing we will require a signed indemnity agreement and a recent financial statement from each indemnitor. If construction financing is to be insured, please contact the title officer for requirements. The Company reserves the right to add additional exceptions or make further requirements after review of the property inspection and requested documentation. Additional requirements and/or exceptions may be added as details of the transaction are disclosed to, or become known by the Company. 11 The application for title insurance was placed by reference to only a street address or tax identification number. The proposed Insured must confirm that the legal description in this report covers the parcel(s) of Land requested to be insured. If the legal description is incorrect, the proposed Insured must notify the Company and/or the settlement company in order to prevent errors and to be certain that the legal description for the intended parcel(s) of Land will appear on any documents to be recorded in connection with this transaction and on the policy of title insurance. 12. The Company and its policy issuing agents are required by Federal law to collect additional information about certain transactions in specified geographic areas in accordance with the Bank Secrecy Act. If this transaction is required to be reported under a Geographic Targeting Order issued by FinCEN, the Company or its policy issuing agent must be supplied with a completed ALTA Information Collection Form ("ICF") prior to closing the transaction contemplated herein. 13. If the Seller or Borrower intends to sign documents required to insure the transaction utilizing a remote online notary, please notify the Company immediately as additional underwriting requirements will need to be satisfied. END OF REQUIREMENTS NOTES The following matters will not be listed as Special Exceptions in Schedule B of the policy. There will be no coverage for loss arising by reason of the matters listed below because these matters are either excepted or excluded from coverage or are not matters covered under the insuring provisions of the policy. Note A: Notice: Please be aware that due to the conflict between federal and state laws concerning the cultivation, distribution, manufacture or sale of marijuana, the Company is not able to close or insure any transaction involving Land that is associated with these activities. This page is only a part of a 2021 ALTAR Commitment for rifle 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-WA Mod (07/01/2021) Printed: 092623 @ 02:54 PM Page 6 WA-CT-FNSE-02150 622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263015-04 SCHEDULE B, PART I - Requirements (continued) Note B The application for title insurance was placed by reference to only a street address or tax identification number. The proposed Insured must confirm that the legal description in this report covers the parcel(s) of Land requested to be insured. If the legal description is incorrect, the proposed Insured must notify the Company and/or the settlement company in order to prevent errors and to be certain that the legal description for the intended parcel(s) of Land will appear on any documents to be recorded in connection with this transaction and on the policy of title insurance. Note C: Note: There are NO conveyances affecting said Land recorded within 36 months of the date of this report. Note D: Note: FOR INFORMATIONAL PURPOSES ONLY: The following may be used as an abbreviated legal description on the documents to be recorded, per Amended RCW 65.04.045. Said abbreviated legal description is not a substitute for a complete legal description within the body of the document: Ptn NEQ SWQ Sec 29-T 21 N-R 4E Tax Account No.: 2921049153 Note E: Note: This map/plat is being furnished as an aid in locating the herein described Land in relation to adjoining streets, natural boundaries and other land. Except to the extent a policy of title insurance is expressly modified by endorsement, if any, the Company does not insure dimensions, distances or acreage shown thereon. Note F: Recording charges (per document title) for closings on July 26, 2021 and after for all Washington counties: Deed of Trust - $204.50 and $1 for each additional page. Most other Docs, except as noted below - $203.50 and $1 for each additional page. Assignment of Deed of Trust, Substitution or Appointment of Successor Trustee - $18.00 and $1 for each additional page. Multiple titled documents are charged per applicable title. Our Company uses Simplifile, a third party vendor, for electronic submission of documents to the County. In addition to the County recording fee each document recorded electronically will be billed an additional $4.25 plus tax. RECORDING CHARGES ARE SUBJECT TO CHANGE WITHOUT NOTICE, END OF NOTES END OF SCHEDULE B, PART I This page is only a part of a 2021 ALTAV 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 N Copyright American Land Title Association. All rights reserved. LAniran un nnc The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as V 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-WA Mod (07101/2021) Printed: 09.26 23 @ 02:54 PM Page 7 WA-CT-FNSE-02150.622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263015-04 SCHEDULE B, PART II - Exceptions Some historical land records contain Discriminatory Covenants that are illegal and unenforceable by law. This Commitment and the Policy treat any Discriminatory Covenant in a document referenced in Schedule B as if each Discriminatory Covenant is redacted, repudiated, removed, and not republished or recirculated. Only the remaining provisions of the document will be excepted from coverage. The Policy will not insure against loss or damage resulting from the terms and conditions of any lease or easement identified in Schedule A, and will include the following Exceptions unless cleared to the satisfaction of the Company: GENERAL EXCEPTIONS A. Rights or claims of parties in possession, or claiming possession, not shown by the Public Records. B. 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. C. Easements, prescriptive rights, rights -of -way, liens or encumbrances, or claims thereof, not shown by the Public Records. D. Any lien, or right to a lien, for contributions to employee benefit funds, or for state workers' compensation, or for services, labor, or material heretofore or hereafter furnished, all as imposed by law, and not shown by the Public Records. E. Taxes or special assessments which are not yet payable or which are not shown as existing liens by the Public Records. F. Any lien for service, installation, connection, maintenance, tap, capacity, or construction or similar charges for sewer, water, electricity, natural gas or other utilities, or for garbage collection and disposal not shown by the Public Records. G. Unpatented mining claims, and all rights relating thereto. H. Reservations and exceptions in United States Patents or in Acts authorizing the issuance thereof. I. Indian tribal codes or regulations, Indian treaty or aboriginal rights, including easements or equitable servitudes. J. Water rights, claims or title to water. K. Any defect, lien, encumbrance, adverse claim, or other matter that appears for the first time in the Public Records or is created, attaches, or is disclosed between the Commitment Date and the date on which all of the Schedule B, Part I —Requirements are met. 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 >✓ AN Copyright American Land Title Association. All rights reserved. LAN TIT[ [I uuo nnE 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-WA Mod (07101/2021) Printed: 0926.23 a 02:54 PM Page 8 WA-CT-FNSE-02150 622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART II - Exceptions (continued) SPECIAL EXCEPTIONS COMMITMENT NO. 0263015-04 Covenants, conditions, restrictions, recitals, reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Recording No: 8106249003 2. Covenants, conditions, restrictions, recitals, reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Recording No: 9404129007 Covenants, conditions, restrictions, recitals, reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Recording No: 201405210900001 4. General and special taxes and charges, payable February 15, delinquent if first half unpaid on May 1, second half delinquent if unpaid on November 1 of the tax year (amounts do not include interest and penalties): Year: 2023 Tax Account No.: 2921049153 Levy Code: 1205 Assessed Value -Land: $377,000.00 Assessed Value -Improvements: $0.00 General and Special Taxes: Billed: $3,595.74 Paid: $1,797.87 Unpaid: $1,797.87 5. City, county or local improvement district assessments, if any. This page is only a part of a 2021 AL TAV 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. AM RI; AN LANDTThe 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-WA Mod (07101/2021) Printed: 0926 23 @ 02*54 PM Page 9 WA-CT-FNSE-02150.622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART II - Exceptions (continued) 6. Assessments, if any, levied by City of Federal Way. COMMITMENT NO. 0263015-04 7. The search did not disclose any open mortgages or deeds of trust of record, therefore the Company reserves the right to require further evidence to confirm that the property is unencumbered, and further reserves the right to make additional requirements or add additional items or exceptions upon receipt of the requested evidence. END OF SCHEDULE B, PART II This page is only a part of a 2021 ALTAt Commitment for T41e 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 maybe in electronic form Copyright American Land Title Association. All rights reserved. LAN6 TITII LAN l 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-WA Mod (0710112021) Printed: 092623 @ 02:54 PM Page 10 WA-CT-FNSE-02150.622474SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263015-04 COMMITMENT CONDITIONS DEFINITIONS a "Discriminatory Covenant": Any covenant, condition, restriction, or limitation that is unenforceable under applicable law because it illegally discriminates against a class of individuals based on personal characteristics such as race, color, religion, sex, sexual orientation, gender identity, familial status, disability, national origin, or other legally protected class- b. "Knowledge" or "Known": Actual knowledge or actual notice, but not constructive notice imparted by the Public Records- c. "Land": The land described in Item 5 of Schedule A and improvements located on that land that by State law constitute real property. The term "Land" does not include any property beyond that described in Schedule A, nor any right, title, interest, estate, or easement in any abutting street, road, avenue, alley, lane, right-of-way, body of water, or waterway, but does not modify or limit the extent that a right of access to and from the Land is to be insured by the Policy. d. "Aortgage": A mortgage, deed of trust, trust deed; security deed, or other real property security instrument, including one evidenced by electronic means authorized by law. e. "Policy" Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company pursuant to this Commitment f "Proposed Amount of Insurance" Each dollar amount specified in Schedule A as the Proposed Amount of Insurance of each Policy to be issued pursuant to this Commitment. g_ "Proposed Insured" Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment- h. "Public Records": The recording or filing system established under State statutes in effect at the Commitment Date under which a document must be recorded or filed to impart constructive notice of matters relating to the Title to a purchaser for value without Knowledge. The term "Public Records" does not include any other recording or filing system, including any pertaining to environmental remediation or protection, planning, permitting; zoning, licensing, building, health, public safety, or national security matters. i "State The state or commonwealth of the United States within whose exterior boundaries the Land Is located The term "State" also includes the District of Columbia, the Commonwealth of Puerto Rico, the U.S. Virgin Islands: and Guam. 1. 'Title": The estate or interest in the Land identified in Item 3 of Schedule A. 2. If all of the Schedule B, Part I -Requirements have not been met within the time period specified in the Commitment to Issue Policy, this Commitment terminates and the Company's liability and obligation end. 3. The Company's liability and obligation is limited by and this Commitment is not valid without: a the Notice: b- the Commitment to Issue Policy, c. the Commitment Conditions. d. Schedule A; e. Schedule B, Part I -Requirements, and f Schedule B, Part II -Exceptions; and g- a counter -signature by the Company or its issuing agent that may be in electronic form. 4. COMPANY'S RIGHT TO AMEND The Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect, lien, encumbrance, adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment Condition 5. The Company is not liable for any other amendment to this Commitment_ 5. LIMITATIONS OF LIABILITY a. The Company's liability under Commitment Condition 4 is limited to the Proposed Insured's actual expense incurred in the interval between the Company's delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the Proposed Insured's good faith reliance to: i. comply with the Schedule B, Part I -Requirements; ii. eliminate, with the Companys written consent, any Schedule B, Part II -Exceptions: or ui. acquire the Title or create the Mortgage covered by this Commitment. b The Company is not liable under Commitment Condition 5.a. if the Proposed Insured requested the amendment or had Knowledge of the matter and did not notify the Company about it in writing c. The Company is only liable under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment included the added matter when the Commitment was first delivered to the Proposed Insured. d. The Company's liability does not exceed the lesser of the Proposed Insured's actual expense incurred in good faith and described in Commitment Condition 5_a or the Proposed Amount of Insurance. e. The Company is not liable for the content of the Transaction Identification Data, if any. This page is only a part of a 2021 ALTAR Commitment for rifle 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 11-Exceptions and a counter -signature by the Company or its issuing agent that may be in electronic form r Copyright American Land Title Association. All rights reserved. "' B1AN inn rinc The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as V 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-WA Mod (07;0112021) Printed 09 26 23 @ 02:54 PM Page 11 WA-CT-FNSE-02150 622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON (continued) COMMITMENT NO. 0263015-04 f The Company is not obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I -Requirements have been met to the satisfaction of the Company, g. The Company's liability is further limited by the terms and provisions of the Policy to be issued to the Proposed Insured. 6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT; CHOICE OF LAW AND CHOICE OF FORUM a Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment b Any claim must be based in contract under the State law of the State where the Land is located and is restricted to the terms and provisions of this Commitment. Any litigation or other proceeding brought by the Proposed Insured against the Company must be filed only in a State or federal court having jurisdiction. C. This Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject matter of this Commitment and supersedes all prior commitment negotiations, representations, and proposals of any kind, whether written or oral, express or implied, relating to the subject matter of this Commitment. d. The deletion or modification of any Schedule B. Part II -Exception does not constitute an agreement or obligation to provide coverage beyond the terms and provisions of this Commitment or the Policy. e. Any amendment or endorsement to this Commitment must be in writing and authenticated by a person authorized by the Company. f. When the Policy is issued, all liability and obligation under this Commitment will end and the Company's only liability will be under the Policv. 7. IF THIS COMMITMENT IS ISSUED BY AN ISSUING AGENT The issuing agent is the Company's agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is not the Company's agent for closing, settlement, escrow, or any other purpose. 8. PRO -FORMA POLICY The Company may provide: at the request. of a Proposed Insured, a pro -forma policy illustrating the coverage that the Company may provide A pro -forma policy neither reflects the status of Title at the time that the pro -forma policy is delivered to a Proposed Insured, nor is it a commitment to insure. 9. CLAIMS PROCEDURES This Commitment incorporates by reference all Conditions for making a claim in the Policy to be issued to the Proposed Insured. Commitment Condition 9 does not modify the limitations of liability in Commitment Conditions 5 and 6. 10. CLASS ACTION ALL CLAIMS AND DISPUTES ARISING OUT OF OR RELATING TO THIS COMMITMENT, INCLUDING ANY SERVICE OR OTHER MATTER IN CONNECTION WITH ISSUING THIS COMMITMENT, ANY BREACH OF A COMMITMENT PROVISION, OR ANY OTHER CLAIM OR DISPUTE ARISING OUT OF OR RELATING TO THE TRANSACTION GIVING RISE TO THIS CONINIITMENT, MUST BE BROUGHT IN AN INDIVIDUAL CAPACITY. NO PARTY MAY SERVE AS PLAINTIFF, CLASS MEMBER, OR PARTICIPANT IN ANY CLASS OR REPRESENTATIVE PROCEEDING_ ANY POLICY ISSUED PURSUANT TO THIS COMMITMENT WILL CONTAIN A CLASS ACTION CONDITION 11. ARBITRATION -INTENTIONALLY DELETED END OF CONDITIONS This page is only a pail of a 2021 ALTAR 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. AW H"'" loan rrtu The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as ft- ofthedateofuse All other uses are prohibited Reprinted under license from the American Land Title Association. TA corrirrritmerA for Title Insurance w•WA t W f074)1r2021) Printed 0926.23 @ 02:54 Phi Paae 12 WA-CT-FNSE-02150 622474-SPS-1-23-0263015-04 RECORDING REQUIREMENTS Effective January 1, 1997, document format and content requirements have been imposed by Washington Law. Failure to comply with the following requirements may result in rejection of the document by the county recorder or imposition of a $50.00 surcharge. First Pape or cover sheet: 3" top margin containing nothing except the return address. 1" side and bottom margins containing no markings or seals. Title(s) of documents. Recording no. of any assigned, released or referenced document(s). Grantors names (and page no. where additional names can be found). Grantees names (and page no. where additional names can be found). Abbreviated legal description (Lot, Block, Plat Name or Section, Township, Range and Quarter, Quarter Section for unplatted). Said abbreviated legal description is not a substitute for a complete legal description which must also appear in the body of the document. Assessor's tax parcel number(s). Return address (in top 3" margin). "A cover sheet can be attached containing the above format and data if the first page does not contain all required data. Additional Pages: 1" top, side and bottom margins containing no markings or seals. All Pages: No stapled or taped attachments. Each attachment must be a separate page. All notary and other pressure seals must be smudged for visibility. Font size of 8 points or larger. Recording Requirements Printed: 09.26 23 @ 02:54 PM by BH WA00001078 doc ! Updated: 12.1420—0263015-04 IRE SAFE Inquire before you wire! WIRE FRAUD ALERT This Notice is not intended to provide legal or professional advice. If you have any questions, please consult with a lawyer. All parties to a real estate transaction are targets for wire fraud and many have lost hundreds of thousands of dollars because they simply relied on the wire instructions received via email, without further verification_ If funds are to be wired in conjunction with this real estate transaction, we strongly recommend verbal verification of wire instructions through a known, trusted phone number prior to sending funds. In addition, the following non-exclusive self-protection strategies are recommended to minimize exposure to possible wire fraud. • NEVER RELY on emails purporting to change wire instructions. Parties to a transaction rarely change wire instructions in the course of a transaction. • ALWAYS VERIFY wire instructions; specifically the ABA routing number and account number, by calling the party who sent the instructions to you. DO NOT use the phone number provided in the email containing the instructions, use phone numbers you have called before or can otherwise verify. Obtain the number of relevant parties to the transaction as soon as an escrow account is opened. DO NOT send an email to verify as the email address may be incorrect or the email may be intercepted by the fraudster. USE COMPLEX EMAIL PASSWORDS that employ a combination of mixed case, numbers, and symbols. Make your passwords greater than eight (8) characters. Also, change your password often and do NOT reuse the same password for other online accounts. • USE MULTI -FACTOR AUTHENTICATION for email accounts. Your email provider or IT staff may have specific instructions on how to implement this feature. For more information on wire -fraud scams or to report an incident, please refer to the following links: Federal Bureau of Investigation: http://www.fbi.gov Wire Fraud Alert Original Effective Date- 5/11/2017 Current Version Date: 5/1112017 Internet Crime Complaint Center. http://www.ic3.qov 0263015-04 - WIRE0016 (DSI Rev 12/07/17) TM and 0 Fidelity National Financial, Inc. and/or an affiliate- All rights reserved FIDELITY NATIONAL FINANCIAL PRIVACY NOTICE Effective January 1, 2023 Fidelity National Financial, Inc. and its majority -owned subsidiary companies (collectively, "FNF," "our," or "we") respect and are committed to protecting your privacy. This Privacy Notice explains how we collect, use, and protect personal information, when and to whom we disclose such information, and the choices you have about the use and disclosure of that information. A limited number of FNF subsidiaries have their own privacy notices. If a subsidiary has its own privacy notice, the privacy notice will be available on the subsidiary's website and this Privacy Notice does not apply. Collection of Personal Information FNF may collect the following categories of Personal Information: • contact information (e_g., name, address, phone number, email address); • demographic information (e.g., date of birth, gender, marital status); • identity information (e.g. Social Security Number, driver's license, passport, or other government ID number); • financial account information (e.g. loan or bank account information); and • other personal information necessary to provide products or services to you. We may collect Personal Information about you from: ■ information we receive from you or your agent; • information about your transactions with FNF, our affiliates, or others; and • information we receive from consumer reporting agencies and/or governmental entities, either directly from these entities or through others. Collection of Browsing Information FNF automatically collects the following types of Browsing Information when you access an FNF website, online service, or application (each an "FNF Website") from your Internet browser, computer, and/or device: • Internet Protocol (IP) address and operating system; • browser version, language, and type; ■ domain name system requests; and • browsing history on the FNF Website, such as date and time of your visit to the FNF Website and visits to the pages within the FNF Website. Like most websites, our servers automatically log each visitor to the FNF Website and may collect the Browsing Information described above. We use Browsing Information for system administration, troubleshooting, fraud investigation, and to improve our websites. Browsing Information generally does not reveal anything personal about you, though if you have created a user account for an FNF Website and are logged into that account, the FNF Website may be able to link certain browsing activity to your user account. Other Online Specifics Cookies. When you visit an FNF Website, a "cookie" may be sent to your computer. A cookie is a small piece of data that is sent to your Internet browser from a web server and stored on your computer's hard drive. Information gathered using cookies helps us improve your user experience. For example, a cookie can help the website load properly or can customize the display page based on your browser type and user preferences. You can choose whether or not to accept cookies by changing your Internet browser settings. Be aware that doing so may impair or limit some functionality of the FNF Website. Web Beacons. We use web beacons to determine when and how many times a page has been viewed. This information is used to improve our websites. Do Not Track. Currently our FNF Websites do not respond to "Do Not Track" features enabled through your browser. Pnvacy Statement Pnnted- 09 26 23 @ 02-54 PM by BH wA00001078 doc—0263015-04 Links to Other Sites. FNF Websites may contain links to unaffiliated third -party websites. FNF is not responsible for the privacy practices or content of those websites. We recommend that you read the privacy policy of every website you visit. Use of Personal Information FNF uses Personal Information for three main purposes: • To provide products and services to you or in connection with a transaction involving you. ■ To improve our products and services. • To communicate with you about our, our affiliates', and others' products and services, jointly or independently. When Information Is Disclosed We may disclose your Personal Information and Browsing Information in the following circumstances: • to enable us to detect or prevent criminal activity, fraud, material misrepresentation, or nondisclosure; ■ to affiliated or nonaffiliated service providers who provide or perform services or functions on our behalf and who agree to use the information only to provide such services or functions; • to affiliated or nonaffiliated third parties with whom we perform joint marketing, pursuant to an agreement with them to jointly market financial products or services to you; • to law enforcement or authorities in connection with an investigation, or in response to a subpoena or court order; or ■ in the good -faith belief that such disclosure is necessary to comply with legal process or applicable laws, or to protect the rights, property, or safety of FNF, its customers, or the public. The law does not require your prior authorization and does not allow you to restrict the disclosures described above. Additionally, we may disclose your information to third parties for whom you have given us authorization or consent to make such disclosure. We do not otherwise share your Personal Information or Browsing Information with nonaffiliated third parties, except as required or permitted by law. We reserve the right to transfer your Personal Information, Browsing Information, and any other information, in connection with the sale or other disposition of all or part of the FNF business and/or assets, or in the event of bankruptcy, reorganization, insolvency, receivership, or an assignment for the benefit of creditors. By submitting Personal Information and/or Browsing Information to FNF, you expressly agree and consent to the use and/or transfer of the foregoing information in connection with any of the above described proceedings. Security of Your Information We maintain physical, electronic, and procedural safeguards to protect your Personal Information. Choices With Your Information Whether you submit Personal Information or Browsing Information to FNF is entirely up to you. If you decide not to submit Personal Information or Browsing Information, FNF may not be able to provide certain services or products to you_ For California Residents: We will not share your Personal Information or Browsing Information with nonaffiliated third parties, except as permitted by California law. For additional information about your California privacy rights, please visit the "California Privacy' link on our website (httos://fnf.com/pages/californisprivapy.aspx) or call (888) 413-1748. For Nevada Residents: We are providing this notice pursuant to state law. You may be placed on our internal Do Not Call List by calling FNF Privacy at (888) 714-2710 or by contacting us via the information set forth at the end of this Privacy Notice. For further information concerning Nevada's telephone solicitation law, you may contact: Bureau of Consumer Protection, Office of the Nevada Attorney General, 555 E. Washington St_, Suite 3900, Las Vegas, NV 89101; Phone number: (702) 486-3132; email: aginquiries@ag.state.nv.us. For Oregon Residents: We will not share your Personal Information or Browsing Information with nonaffiliated third parties for marketing purposes, except after you have been informed by us of such sharing and had an opportunity to indicate that you do not want a disclosure made for marketing purposes. Privacy Statement Printed: 09 2623 @ 02:54 PM by BH WA00001078 doc—0263015-04 For Vermont Residents: We will not disclose information about your creditworthiness to our affiliates and will not disclose your personal information, financial information, credit report, or health information to nonaffiliated third parties to market to you, other than as permitted by Vermont law, unless you authorize us to make those disclosures. For Virginia_ Residents: For additional information about your Virginia privacy rights, please email privacy@fnf.com or call (888) 714-2710. Information From Children The FNF Websites are not intended or designed to attract persons under the age of eighteen (18). We do not collect Personal Information from any person that we know to be under the age of thirteen (13) without permission from a parent or guardian. International Users FNF's headquarters is located within the United States. If you reside outside the United States and choose to provide Personal Information or Browsing Information to us, please note that we may transfer that information outside of your country of residence. By providing FNF with your Personal Information and/or Browsing Information, you consent to our collection, transfer, and use of such information in accordance with this Privacy Notice. FNF Website Services for Mortgage Loans Certain FNF companies provide services to mortgage loan servicers, including hosting websites that collect customer information on behalf of mortgage loan servicers (the "Service Websites"). The Service Websites may contain links to both this Privacy Notice and the mortgage loan servicer or lender's privacy notice. The sections of this Privacy Notice titled When Information is Disclosed, Choices with Your Information, and Accessing and Correcting Information do not apply to the Service Websites. The mortgage loan servicer or lender's privacy notice governs use, disclosure, and access to your Personal Information. FNF does not share Personal Information collected through the Service Websites, except as required or authorized by contract with the mortgage loan servicer or lender, or as required by law or in the good -faith belief that such disclosure is necessary: to comply with a legal process or applicable law, to enforce this Privacy Notice, or to protect the rights, property, or safety of FNF or the public. Your Consent To This Privacy Notice, Notice Chan es By submitting Personal Information and/or Browsing Information to FNF, you consent to the collection and use of the information in accordance with this Privacy Notice. We may change this Privacy Notice at any time. The Privacy Notice's effective date will show the last date changes were made. If you provide information to us following any change of the Privacy Notice, that signifies your assent to and acceptance of the changes to the Privacy Notice. Accessing and Correcting Information, Contact Us If you have questions or would like to correct your Personal Information, visit FNF's Privacy Inquiry Website or contact us by phone at (888) 714-2710, by email at privacy@fnf.com, or by mail to: Fidelity National Financial, Inc. 601 Riverside Avenue, Jacksonville, Florida 32204 Attn: Chief Privacy Officer Privacy Statement Pnnted: 09 2623 @ 02:54 PM by BH WA00001078 doc --0263015-04 SH&H 3609 Market Place Nlest, Suite 201; University Place, VNA 98456 p 253.564 3230 1 f. 253,564 3143 TllerP4 A C L S C O M P A N Y DATE: 2/12/2024 RE: Parcel Title Summary Memo (PTSM) Reviewed by: Elizabeth Clark Project Name: Hylebos Creek Conservation Property Acquisition (CFT) Project Parcel No.: 2921049026 Title Report 4 0263012-04 Dated: September 13, 2023 Property Owner: Federal Way Project. LLC. a Washington limited liability company ❑ Reviewed- No comments or concerns on exceptions ® Reviewed- See comments Comments: Exception Exception Description Recommended Action Federal Way Number Subject To/ Delete and Comments explanation 1 Notice of Additional Tap or Subject to: cannot delete, benefits of Connection Charges King County. Rec Date: 6/1/1981 Rec. No.: 8106010916 Superseded by Rec. 8905120210 2 Covenants, conditions, Subject to: CC& R's cannot be restrictions, recitals, deleted. reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenant restrictions as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey Rec. No.:8106249003 3 Covenants, conditions, Subject to: CC& R's cannot be restrictions, recitials, deleted. reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any, 4 Covenants, conditions, Subject to: CC& R's cannot be restrictions, recitals, deleted. reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Rec. No.: 9404129007 5 CC&Rs, recitals, reservations, Subject to: CC& R's cannot be easements, easement deleted. provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Rec. No.: 20140521900001 6 General Taxes — 2023 Delete: Taxes are current- any amount 292104-9026-09 due upon closing will be cleared. 7 City, county or local Subject to: Benefits of the city. improvement district assessments, if an 8 Search did not disclose any Delete: If any are found at closing open mortgages or deeds of they are to be paid and title is to be trust of record clear. The undersigned has reviewed and approved the above exceptions/paragraphs to be deleted or remain on the final title policy to be issued to the Federal Way. Federal Way EJ Walsh, P.E. Date Public Works Director CHICAGO TITLE OF WASHINGTON Commitment for Title Insurance Title Officer: Unit 4 / Seattle Residential Email: CTISeattleTitleUnit4@ctt.com Title No.: 0263012-04 Property Address: Introducing LiveLOOK Chicago Title Seattle, WA 98104 LiveLOOK title document delivery system is designed to provide 24/7 real-time access to all information related to a title insurance transaction. Access title reports, exception documents, an easy -to -use summary page, and more, at your fingertips and your convenience. To view your new Chicago Title LiveLOOIC report. Click Here AIMM,bT/ ••••....... c�r.wV•v��..iw�. Mo.c Effortless, Efficient, Compliant, and Accessible ALTA COMMITMENT FOR TITLE INSURANCE issued by agent: CHICAGO TITLE COMPANY OF WASHINGTON s Commitment Number: 0263012-04 NOTICE IMPORTANT - READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT. THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED. THE COMPANY'S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT. THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON. COMMITMENT TO ISSUE POLICY Subject to the Notice; Schedule B, Part I -Requirements; Schedule B, Part II -Exceptions; and the Commitment Conditions, Chicago Title Insurance Company, a Florida corporation (the "Company"), commits to issue the Policy according to the terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Amount of Insurance and the name of the Proposed Insured. If all of the Schedule B, Part I -Requirements have not been met within one hundred eighty (180) days after the Commitment Date, this Commitment terminates and the Company's liability and obligation end. Countersigned By: Chicago Title Insurance Company By: ��Z(Zz Attest: Michael J. Nolan, President Lori Forbes Marjorie Nemzura, Secretary Authorized Officer or Agent 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-WA Mod (07/01/2021) Printed: 09.26.23 @ 04:09 PM Page 1 WA-CT-FNSE-02150.622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263012-04 Transaction Identification Data, for which the Company assumes no liability as set forth in Commitment Condition 5.e.: ISSUING OFFICE: Title Officer: Unit 4 / Seattle Residential Chicago Title Company of Washington 701 5th Avenue, Suite 2700 Seattle, WA 98104 Main Phone: (206)628-5600 Email: CTISeattleTitleUnit4@ctt.com Order Number: 0263012-04 SCHEDULE A 1. Commitment Date: September 13, 2023 at 08:00 AM 2. Policy to be issued: (a) ALTA Owner's Policy 2021 w-WA Mod FOR SETTLEMENT INQUIRIES, CONTACT: Proposed Insured: Purchaser with contractual rights under a purchase agreement with the vested owner identified at Item 4 below Proposed Amount of Insurance: $10,500.00 The estate or'interest to be insured: FEE SIMPLE Premium: $ 186.00 Tax: $ 19.07 Rate: Standard Discount(s): Residential Total: $ 205.07 (b) ALTA Loan Policy 2021 w-WA Mod Proposed Insured: Lender with contractual obligations under a loan agreement with the vested owner identified at Item 4 below or a purchaser Proposed Amount of Insurance: $10,500.00 The estate or interest to be insured: FEE SIMPLE Premium: $ 350.00 Tax: $ 35.88 Rate: Extended Discount(s): Residential Purchase Loan Total: $ 385.88 3. The estate or interest in the Land at the Commitment Date is: FEE SIMPLE 4. The Title is, at the Commitment Date, vested in: Federal Way Project, LLC, a Washington limited liability company 5. The Land is described as follows: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF END OF SCHEDULE A 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. a_ Copyright American Land Title Association. All rights reserved. L A D TITLE :J LAND TITLE The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as it LI-1-1 of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. r- ALTA Commitment for Title Insurance w-WA Mod (07/01/2021) Printed: 09.26.23 @ 04:09 PM Page 2 WA-CT-FNSE-02150.622474-SPS-1-23-0263012-04 EXHIBIT "A" Legal Description For APN/Parcel I13[s1: 292104-9026-09 THAT PORTION OF THE NORTH 2/5THS OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 29, TOWNSHIP 21 NORTH, RANGE 4 EAST, W.M., IN KING COUNTY, WASHINGTON, LYING EASTERLY OF PACIFIC HIGHWAY SOUTH; SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON. 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. American Land Title Association. All rights reserved. AME"""" Copyright g it"o nn e AISOCIAHON 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-WA Mod (07/01/2021) Printed: 09.26.23 @ 04:09 PM Page 3 WA-CT-FNSE-02150.622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART I - Requirements All of the following Requirements must be met: COMMITMENT NO. 0263012-04 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. 5. Additional requirements and/or exceptions may be added as details of the transaction are disclosed to, or become known by the Company. 6. If the Seller or Borrower intends to sign documents required to insure the transaction utilizing a remote online notary, please notify the Company immediately as additional underwriting requirements will need to be satisfied. 7. The Proposed Policy Amount(s) must be increased to the full value of the estate or interest being insured, and any additional premium must be paid at that time. An Owner's Policy should reflect the purchase price or full value of the Land. A Loan Policy should reflect the loan amount or value of the property as collateral. Proposed Policy Amount(s) will be revised and premiums charged consistent therewith when the final amounts are approved. 8. For each policy to be issued as identified in Schedule A, Item 2, the Company shall not be liable under this commitment until it receives a designation for a Proposed Insured, acceptable to the Company. As provided in Commitment Condition 4, the company may amend this commitment to add, among other things, additional exceptions or requirements after the designation of the Proposed Insured. 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. AMERICAN Copyright American Land Title Association. All rights reserved. BAN„ r,r; E 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-WA Mod (07/01/2021) Printed: 09.26.23 @ 04:09 PM Page 4 WA-CT-FNSE-02150.622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART I - Requirements (continued) 9. Payment of the real estate excise tax, if required. COMMITMENT NO. 0263012-04 The Land is situated within the boundaries of local taxing authority of the City of Federal Way. The rate of real estate excise tax for properties which are not formally classified and specially valued as timberland or agricultural land is: State Portion: 1.10% on any portion of the sales price of $525,000 or less; 1.28% on any portion of the sales price above $525,000, up to $1,525,000; 2.75% on any portion of the sales price above $1,525,000, up to $3,025,000; 3.00% on any portion of the sales price above $3,025,000; The rate of excise for properties formally classified as timberland or agricultural land will be 1.28% for the State portion on the entire sales price. Local portion: 0.50% on the entire sales price. An additional $5.00 State Technology Fee must be included in all excise tax payments. If the transaction is exempt, an additional $5.00 Affidavit Processing Fee is required. Any conveyance document must be accompanied by the official Washington State Excise Tax Affidavit, which can be found online at https://dor.wa.gov/get-form-or-publication/forms-subject/real-estate-excise-tax. The applicable excise tax must be paid and the affidavit approved at the time of the recording of the conveyance documents. (NOTE: Real Estate Excise Tax Affidavits must be printed as legal size forms). 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 11-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. AMEN""" LAND TITLE .,,SOCIATI ON The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as f% of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. F ALTA Commitment for Title Insurance w-WA Mod (07/01/2021) Printed: 09.26.23 @ 04:09 PM Page 5 WA-CT-FNSE-02150.622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263012-04 SCHEDULE B, PART I - Requirements (continued) 10. 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: Federal Way Project, LLC 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 amendments 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. 11. TO PROVIDE THE EXTENDED COVERAGE POLICY AND/OR ALTA HOMEOWNER'S POLICY IDENTIFIED IN SCHEDULE A, GENERAL EXCEPTIONS A THROUGH D WILL BE CONSIDERED WHEN OUR INSPECTION AND/OR REVIEW OF SURVEY, IF REQUIRED, IS COMPLETED. A SUPPLEMENTAL COMMITMENT WILL FOLLOW. If there have been recent improvements on the property within 90 days prior to closing we will require a signed indemnity agreement and a recent financial statement from each indemnitor. If construction financing is to be insured, please contact the title officer for requirements. The Company reserves the right to add additional exceptions or make further requirements after review of the property inspection and requested documentation. Additional requirements and/or exceptions may be added as details of the transaction are disclosed to, or become known by the Company. 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. AND TI LE LAND ITI E A» 11ATI 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-WA Mod (07/01 /2021) Printed: 09.26.23 @ 04 08 PM Page 6 WA-CT-FNSE-02150.622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART I - Requirements (continued) COMMITMENT NO. 0263012-04 12. The Company and its policy issuing agents are required by Federal law to collect additional information about certain transactions in specified geographic areas in accordance with the Bank Secrecy Act. If this transaction is required to be reported under a Geographic Targeting Order issued by FinCEN, the Company or its policy issuing agent must be supplied with a completed ALTA Information Collection Form ("ICF") prior to closing the transaction contemplated herein. END OF REQUIREMENTS NOTES The following matters will not be listed as Special Exceptions in Schedule B of the policy. There will be no coverage for loss arising by reason of the matters listed below because these matters are either excepted or excluded from coverage or are not matters covered under the insuring provisions of the policy. Note A: Notice: Please be aware that due to the conflict between federal and state laws concerning the cultivation, distribution, manufacture or sale of marijuana, the Company is not able to close or insure any transaction involving Land that is associated with these activities. Note B: The application for title insurance was placed by reference to only a street address or tax identification number. The proposed Insured must confirm that the legal description in this report covers the parcel(s) of Land requested to be insured. If the legal description is incorrect, the proposed Insured must notify the Company and/or the settlement company in order to prevent errors and to be certain that the legal description for the intended parcel(s) of Land will appear on any documents to be recorded in connection with this transaction and on the policy of title insurance. Note C: Note: FOR INFORMATIONAL PURPOSES ONLY: The following may be used as an abbreviated legal description on the documents to be recorded, per Amended RCW 65.04.045. Said abbreviated legal description is not a substitute for a complete legal description within the body of the document: PTN NE 1/4 SW 1/4 SEC 29-21N-4E Tax Account No.: 292104-9026-09 Note D. Notice: Please be advised that our search disclosed that the Land is vacant. The Company reserves the right to require further evidence to establish and verify the identity of the seller. The Company further reserves the right to make additional requirements or add additional items or exceptions upon receipt of the requested evidence. Note E: Note: There are NO conveyances affecting said Land recorded within 36 months of the date of this report. 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. AMERICAN Copyright American Land Title Association. All rights reserved. LAND TITLE 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-WA Mod (07/01/2021) Printed: 09.26.23 @ 04:09 PM Page 7 WA-CT-FNSE-02150.622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263012-04 SCHEDULE B, PART I - Requirements (continued) Note F: Recording charges (per document title) for closings on July 26, 2021, and after, for all Washington counties: Deed of Trust - $204.50 and $1 for each additional page. Most other Docs, except as noted below - $203.50 and $1 for each additional page. Assignment of Deed of Trust, Substitution or Appointment of Successor Trustee - $18.00 and $1 for each additional page Multiple titled documents are charged per applicable title. There is an additional $4.25 fee per document for electronic recording, plus applicable sales tax. RECORDING CHARGES ARE SUBJECT TO CHANGE WITHOUT NOTICE Note G. This map/plat is being furnished as an aid in locating the herein described Land in relation to adjoining streets, natural boundaries and other land. Except to the extent of a policy of title insurance is expressly modified by endorsement, if any, the Company does not insure dimensions, distances or acreage shown thereon. END OF NOTES END OF SCHEDULE B, PART I 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. i 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-WA Mod (07/01/2021) Printed: 09.26.23 @ 04:09 PM Page 8 WA-CT-FNSE-02150.622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263012-04 SCHEDULE B, PART II - Exceptions Some historical land records contain Discriminatory Covenants that are illegal and unenforceable by law. This Commitment and the Policy treat any Discriminatory Covenant in a document referenced in Schedule B as if each Discriminatory Covenant is redacted, repudiated, removed, and not republished or recirculated. Only the remaining provisions of the document will be excepted from coverage. The Policy will not insure against loss or damage resulting from the terms and conditions of any lease or easement identified in Schedule A, and will include the following Exceptions unless cleared to the satisfaction of the Company: GENERAL EXCEPTIONS: A. Rights or claims of parties in possession, or claiming possession, not shown in Public Records. B. 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. C. Easements, prescriptive rights, rights -of -way, liens or encumbrances, or claims thereof, not shown by the Public Records. D. Any lien, or right to a lien, for contributions to employee benefit funds, or for state workers' compensation, or for services, labor, or material heretofore or hereafter furnished, all as imposed law, and not shown by the Public Records. E. Taxes or special assessments which are not yet payable or which are not shown as existing liens by the Public Records. F. Any lien for service, installation, connection, maintenance, tap, capacity, or construction or similar charges for sewer, water, electricity, natural gas or other utilities, or for garbage collection and disposal not shown by the Public Records. G. Unpatented mining claims, and all rights relating thereto. H. Reservations and exceptions in United States Patents or in Acts authorizing the issuance thereof. I. Indian tribal codes or regulations, Indian treaty or aboriginal rights, including easements or equitable servitudes. 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. AM ICAN Copyright American Land Title Association. All rights reserved. LAND TITLE LAND T A> iCIATII)H 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-WA Mod (07/01/2021) Printed: 09.26.23 @ 04:09 PM Page 9 WA-CT-FNSE-02150.622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263012-04 SCHEDULE B, PART II - Exceptions (continued) J. Water rights, claims or title to water. K. Any defect, lien, encumbrance, adverse claim, or other matter that appears for the first time in the Public Records, or is created, attaches, or is disclosed between the Commitment Date and the date on which all of the Schedule B, Part I - Requirements are met. SPECIAL EXCEPTIONS: Notice of Additional Tap or Connection Charges, and the terms and conditions thereof: Recording Date: June 1, 1981 Recording No.: 8106010916 Said instrument is superceded by instrument recorded under recording no. 8905120210. 2. Covenants, conditions, restrictions, recitals, reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Recording No: 8106249003 3. Covenants, conditions, restrictions, recitals, reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on that certain unrecorded King County Lot Line Adjustment No. 1084071, as disclosed by King County tax rolls. 4. Covenants, conditions, restrictions, recitals, reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Recording No: 9404129007 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. - N Itl 9 <,„ AN 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. :J ALTA Commitment for Title Insurance w-WA Mod (07/01/2021) Printed: 09.26.23 @ 04:09 PM Page 10 WA-CT-FNSE-02150.622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART II - Exceptions (continued) COMMITMENT NO. 0263012-04 5. Covenants, conditions, restrictions, recitals, reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Recording No: 20140521900001 6. General and special taxes and charges, payable February 15, delinquent if first half unpaid on May 1, second half delinquent if unpaid on November 1 of the tax year (amounts do not include interest and penalties): Year: Tax Account Number: Levy Code: Assessed Value -Land: Assessed Value -Improvements General and Special Taxes: 2023 292104-9026-09 1205 $146, 000.00 $0.00 Billed: $1,395.48 Paid: $697.74 Unpaid: $697.74 City, county or local improvement district assessments, if any. 8. The search did not disclose any open mortgages or deeds of trust of record, therefore the Company reserves the right to require further evidence to confirm that the property is unencumbered, and further reserves the right to make additional requirements or add additional items or exceptions upon receipt of the requested evidence. END OF SCHEDULE B, PART II 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. AMEBIC LAND TITLE n55o CIATION 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-WA Mod (07/01/2021) Printed: 09.26.23 @ 04:09 PM Page 11 WA-CT-FNSE-02150.622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263012-04 COMMITMENT CONDITIONS 1. DEFINITIONS a. "Discriminatory Covenant": Any covenant, condition, restriction, or limitation that is unenforceable under applicable law because it illegally discriminates against a class of individuals based on personal characteristics such as race, color, religion, sex, sexual orientation, gender identity, familial status, disability, national origin, or other legally protected class. b. "Knowledge" or "Known": Actual knowledge or actual notice, but not constructive notice imparted by the Public Records. c. "Land": The land described in Item 5 of Schedule A and improvements located on that land that by State law constitute real property. The term "Land" does not include any property beyond that described in Schedule A, nor any right, title, interest, estate, or easement in any abutting street, road, avenue, alley, lane, right-of-way, body of water, or waterway, but does not modify or limit the extent that a right of access to and from the Land is to be insured by the Policy. d. "Mortgage": A mortgage, deed of trust, trust deed, security deed, or other real property security instrument, including one evidenced by electronic means authorized by law. e. "Policy": Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company pursuant to this Commitment. f. "Proposed Amount of Insurance": Each dollar amount specified in Schedule A as the Proposed Amount of Insurance of each Policy to be issued pursuant to this Commitment. g. "Proposed Insured": Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment. h. "Public Records": The recording or filing system established under State statutes in effect at the Commitment Date under which a document must be recorded or filed to impart constructive notice of matters relating to the Title to a purchaser for value without Knowledge. The term "Public Records" does not include any other recording or filing system, including any pertaining to environmental remediation or protection, planning, permitting, zoning, licensing, building, health, public safety, or national security matters. i. "State": The state or commonwealth of the United States within whose exterior boundaries the Land is located. The term "State" also includes the District of Columbia, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, and Guam. j. "Title": The estate or interest in the Land identified in Item 3 of Schedule A. 2. If all of the Schedule B, Part I -Requirements have not been met within the time period specified in the Commitment to Issue Policy, this Commitment terminates and the Company's liability and obligation end. 3. The Company's liability and obligation is limited by and this Commitment is not valid without: a. the Notice; b. the Commitment to Issue Policy; c. the Commitment Conditions; d. Schedule A; e. Schedule B, Part I -Requirements; and f. Schedule B, Part II -Exceptions; and g. a counter -signature by the Company or its issuing agent that may be in electronic form. 4. COMPANY'S RIGHT TO AMEND The Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect, lien, encumbrance, adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment Condition 5. The Company is not liable for any other amendment to this Commitment. 6. LIMITATIONS OF LIABILITY a. The Company's liability under Commitment Condition 4 is limited to the Proposed Insured's actual expense incurred in the interval between the Company's delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the Proposed Insured's good faith reliance to: i. comply with the Schedule B, Part I -Requirements; ii. eliminate, with the Company's written consent, any Schedule B, Part II -Exceptions; or iii. acquire the Title or create the Mortgage covered by this Commitment. b. The Company is not liable under Commitment Condition 5.a. if the Proposed Insured requested the amendment or had Knowledge of the matter and did not notify the Company about it in writing. c. The Company is only liable under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment included the added matter when the Commitment was first delivered to the Proposed Insured. d. The Company's liability does not exceed the lesser of the Proposed Insured's actual expense incurred in good faith and described in Commitment Condition 5.a. or the Proposed Amount of Insurance. e. The Company is not liable for the content of the Transaction Identification Data, if any. 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 1-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. AMER""" LAND TITLE ASSOCIA PION 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 Tide insurance w-WA Mod (07/01 /2021 ) Printed: 09.26.23 @ 04:09 PM Page 12 WA-CT-FNSE-02150.622474-SPS-1-23-0263012-04 CHICAGO TITLE COMPANY OF WASHINGTON (continued) COMMITMENT NO. 0263012-04 f. The Company is not obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I -Requirements have been met to the satisfaction of the Company. g. The Company's liability is further limited by the terms and provisions of the Policy to be issued to the Proposed Insured. 6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT; CHOICE OF LAW AND CHOICE OF FORUM a. Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment. b. Any claim must be based in contract under the State law of the State where the Land is located and is restricted to the terms and provisions of this Commitment. Any litigation or other proceeding brought by the Proposed Insured against the Company must be filed only in a State or federal court having jurisdiction. c. This Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject matter of this Commitment and supersedes all prior commitment negotiations, representations, and proposals of any kind, whether written or oral, express or implied, relating to the subject matter of this Commitment. d. The deletion or modification of any Schedule B, Part II -Exception does not constitute an agreement or obligation to provide coverage beyond the terms and provisions of this Commitment or the Policy. e. Any amendment or endorsement to this Commitment must be in writing and authenticated by a person authorized by the Company. f. When the Policy is issued, all liability and obligation under this Commitment will end and the Company's only liability will be under the Policy. 7. IF THIS COMMITMENT IS ISSUED BY AN ISSUING AGENT The issuing agent is the Company's agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is not the Company's agent for closing, settlement, escrow, or any other purpose. 8. PRO -FORMA POLICY The Company may provide, at the request of a Proposed Insured, a pro -forma policy illustrating the coverage that the Company may provide. A pro -forma policy neither reflects the status of Title at the time that the pro -forma policy is delivered to a Proposed Insured, nor is it a commitment to insure. 9. CLAIMS PROCEDURES This Commitment incorporates by reference all Conditions for making a claim in the Policy to be issued to the Proposed Insured. Commitment Condition 9 does not modify the limitations of liability in Commitment Conditions 5 and 6. 10. CLASS ACTION ALL CLAIMS AND DISPUTES ARISING OUT OF OR RELATING TO THIS COMMITMENT, INCLUDING ANY SERVICE OR OTHER MATTER IN CONNECTION WITH ISSUING THIS COMMITMENT, ANY BREACH OF A COMMITMENT PROVISION, OR ANY OTHER CLAIM OR DISPUTE ARISING OUT OF OR RELATING TO THE TRANSACTION GIVING RISE TO THIS COMMITMENT, MUST BE BROUGHT IN AN INDIVIDUAL CAPACITY. NO PARTY MAY SERVE AS PLAINTIFF, CLASS MEMBER, OR PARTICIPANT IN ANY CLASS OR REPRESENTATIVE PROCEEDING. ANY POLICY ISSUED PURSUANT TO THIS COMMITMENT WILL CONTAIN A CLASS ACTION CONDITION. 11. ARBITRATION -INTENTIONALLY DELETED END OF CONDITIONS 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 1-Requirements; Schedule B, Part II -Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. tits AMERICAN Copyright American Land Title Association. All rights reserved. EAtJU TITLE .>sscicLAT- 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-WA Mod (07101/2021 ) Printed: 09.26.23 @ 04:09 PM Page 13 WA-CT-FNSE-02150.622474-SPS-1-23-0263012-04 RECORDING REQUIREMENTS Effective January 1, 1997, document format and content requirements have been imposed by Washington Law. Failure to comply with the following requirements may result in rejection of the document by the county recorder or imposition of a $50.00 surcharge. First page or cover sheet: 3" top margin containing nothing except the return address. 1" side and bottom margins containing no markings or seals. Title(s) of documents. Recording no. of any assigned, released or referenced document(s). Grantors names (and page no. where additional names can be found). Grantees names (and page no. where additional names can be found). Abbreviated legal description (Lot, Block, Plat Name or Section, Township, Range and Quarter, Quarter Section for unplatted). Said abbreviated legal description is not a substitute for a complete legal description which must also appear in the body of the document. Assessor's tax parcel number(s). Return address (in top 3" margin). **A cover sheet can be attached containing the above format and data if the first page does not contain all required data. Additional Papes: 1" top, side and bottom margins containing no markings or seals. All Pages No stapled or taped attachments. Each attachment must be a separate page. All notary and other pressure seals must be smudged for visibility. Font size of 8 points or larger. Recording Requirements Printed: 09.26.23 @ 04:09 PM by JM WA00001078.doc / Updated: 12.14.20—0263012-04 IR E SAFE, 1 Inquire before you wire! WIRE FRAUD ALERT This Notice is not intended to provide legal or professional advice. If you have any questions, please consult with a lawyer. All parties to a real estate transaction are targets for wire fraud and many have lost hundreds of thousands of dollars because they simply relied on the wire instructions received via email, without further verification. If funds are to be wired in conjunction with this real estate transaction, we strongly recommend verbal verification of wire instructions through a known, trusted phone number prior to sending funds. In addition, the following non-exclusive self-protection strategies are recommended to minimize exposure to possible wire fraud. • NEVER RELY on emails purporting to change wire instructions. Parties to a transaction rarely change wire instructions in the course of a transaction. • ALWAYS VERIFY wire instructions, specifically the ABA routing number and account number, by calling the party who sent the instructions to you. DO NOT use the phone number provided in the email containing the instructions, use phone numbers you have called before or can otherwise verify. Obtain the number of relevant parties to the transaction as soon as an escrow account is opened. DO NOT send an email to verify as the email address may be incorrect or the email may be intercepted by the fraudster. • USE COMPLEX EMAIL PASSWORDS that employ a combination of mixed case, numbers, and symbols. Make your passwords greater than eight (8) characters. Also, change your password often and do NOT reuse the same password for other online accounts. • USE MULTI -FACTOR AUTHENTICATION for email accounts. Your email provider or IT staff may have specific instructions on how to implement this feature. For more information on wire -fraud scams or to report an incident, please refer to the following links: Federal Bureau of Investigation: htt :Ilavww_ (bi. ov Wire Fraud Alert Original Effective Date: 5/11/2017 Current Version Date: 5/11 /2017 Internet Crime Complaint Center: httn:11www.lc3.gov 0263012-04 - WIRE0016 (DSI Rev. 12/07/17) TM and © Fidelity National Financial, Inc. and/or an affiliate. All rights reserved FIDELITY NATIONAL FINANCIAL PRIVACY NOTICE Effective January 1, 2023 Fidelity National Financial, Inc. and its majority -owned subsidiary companies (collectively, "FNF," "our," or "we") respect and are committed to protecting your privacy. This Privacy Notice explains how we collect, use, and protect personal information, when and to whom we disclose such information, and the choices you have about the use and disclosure of that information. A limited number of FNF subsidiaries have their own privacy notices. If a subsidiary has its own privacy notice, the privacy notice will be available on the subsidiary's website and this Privacy Notice does not apply. Collection of Personal Information FNF may collect the following categories of Personal Information: • contact information (e.g., name, address, phone number, email address); • demographic information (e.g., date of birth, gender, marital status); • identity information (e.g. Social Security Number, driver's license, passport, or other government ID number); • financial account information (e.g. loan or bank account information); and • other personal information necessary to provide products or services to you. We may collect Personal Information about you from: • information we receive from you or your agent; ■ information about your transactions with FNF, our affiliates, or others; and • information we receive from consumer reporting agencies and/or governmental entities, either directly from these entities or through others. Collection of Browsing Information FNF automatically collects the following types of Browsing Information when you access an FNF website, online service, or application (each an "FNF Website") from your Internet browser, computer, and/or device: • Internet Protocol (IP) address and operating system; • browser version, language, and type; • domain name system requests; and • browsing history on the FNF Website, such as date and time of your visit to the FNF Website and visits to the pages within the FNF Website. Like most websites, our servers automatically log each visitor to the FNF Website and may collect the Browsing Information described above. We use Browsing Information for system administration, troubleshooting, fraud investigation, and to improve our websites. Browsing Information generally does not reveal anything personal about you, though if you have created a user account for an FNF Website and are logged into that account, the FNF Website may be able to link certain browsing activity to your user account. Other Online Sl2ecifics. Cookies. When you visit an FNF Website, a "cookie" may be sent to your computer. A cookie is a small piece of data that is sent to your Internet browser from a web server and stored on your computer's hard drive. Information gathered using cookies helps us improve your user experience. For example, a cookie can help the website load properly or can customize the display page based on your browser type and user preferences. You can choose whether or not to accept cookies by changing your Internet browser settings. Be aware that doing so may impair or limit some functionality of the FNF Website. ' Web Beacons. We use web beacons to determine when and how many times a page has been viewed. This information is used to improve our websites. ❑o Not Track. Currently our FNF Websites do not respond to "Do Not Track" features enabled through your browser. Privacy Statement Printed: 09.26.23 @ 04:09 PM by JM WA00001076.doc—0263012-04 Links to Other Sites. FNF Websites may contain links to unaffiliated third -party websites. FNF is not responsible for the privacy practices or content of those websites. We recommend that you read the privacy policy of every website you visit. Use of Personal Information FNF uses Personal Information for three main purposes: • To provide products and services to you or in connection with a transaction involving you. • To improve our products and services. • To communicate with you about our, our affiliates', and others' products and services, jointly or independently. When Information Is Disclosed We may disclose your Personal Information and Browsing Information in the following circumstances: • to enable us to detect or prevent criminal activity, fraud, material misrepresentation, or nondisclosure; • to affiliated or nonaffiliated service providers who provide or perform services or functions on our behalf and who agree to use the information only to provide such services or functions; • to affiliated or nonaffiliated third parties with whom we perform joint marketing, pursuant to an agreement with them to jointly market financial products or services to you; • to law enforcement or authorities in connection with an investigation, or in response to a subpoena or court order; or • in the good -faith belief that such disclosure is necessary to comply with legal process or applicable laws, or to protect the rights, property, or safety of FNF, its customers, or the public. The law does not require your prior authorization and does not allow you to restrict the disclosures described above. Additionally, we may disclose your information to third parties for whom you have given us authorization or consent to make such disclosure. We do not otherwise share your Personal Information or Browsing Information with nonaffiliated third parties, except as required or permitted by law. We reserve the right to transfer your Personal Information, Browsing Information, and any other information, in connection with the sale or other disposition of all or part of the FNF business and/or assets, or in the event of bankruptcy, reorganization, insolvency, receivership, or an assignment for the benefit of creditors. By submitting Personal Information and/or Browsing Information to FNF, you expressly agree and consent to the use and/or transfer of the foregoing information in connection with any of the above described proceedings. Security of Your Information We maintain physical, electronic, and procedural safeguards to protect your Personal Information. Choices With Your Information Whether you submit Personal Information or Browsing Information to FNF is entirely up to you. If you decide not to submit Personal Information or Browsing Information, FNF may not be able to provide certain services or products to you. For California Residents: We will not share your Personal Information or Browsing Information with nonaffiliated third parties, except as permitted by California law. For additional information about your California privacy rights, please visit the "California Privacy" link on our website (httos:l/fnf.com/pages/californiaprivacy.aspx) or call (888) 413-1748. For Nevada Residents: We are providing this notice pursuant to state law. You may be placed on our internal Do Not Call List by calling FNF Privacy at (888) 714-2710 or by contacting us via the information set forth at the end of this Privacy Notice. For further information concerning Nevada's telephone solicitation law, you may contact: Bureau of Consumer Protection, Office of the Nevada Attorney General, 555 E. Washington St., Suite 3900, Las Vegas, NV 89101; Phone number: (702) 486-3132; email: aginquiries@ag.state.nv.us. For Oregon Residents: We will not share your Personal Information or Browsing Information with nonaffiliated third parties for marketing purposes, except after you have been informed by us of such sharing and had an opportunity to indicate that you do not want a disclosure made for marketing purposes. Privacy Statement Printed: 09.26.23 @ 04:09 PM by JM WA00001078.doc—0263012-04 For Vermont Residents: We will not disclose information about your creditworthiness to our affiliates and will not disclose your personal information, financial information, credit report, or health information to nonaffiliated third parties to market to you, other than as permitted by Vermont law, unless you authorize us to make those disclosures. For Virginia Residents: For additional information about your Virginia privacy rights, please email privacy@fnf.com or call (888) 714-2710. Information From Children The FNF Websites are not intended or designed to attract persons under the age of eighteen (18). We do not collect Personal Information from any person that we know to be under the age of thirteen (13) without permission from a parent or guardian. International Users FNF's headquarters is located within the United States. If you reside outside the United States and choose to provide Personal Information or Browsing Information to us, please note that we may transfer that information outside of your country of residence. By providing FNF with your Personal Information and/or Browsing Information, you consent to our collection, transfer, and use of such information in accordance with this Privacy Notice. FNF Website Services for Mortgage_ Loans Certain FNF companies provide services to mortgage loan servicers, including hosting websites that collect customer information on behalf of mortgage loan servicers (the "Service Websites"). The Service Websites may contain links to both this Privacy Notice and the mortgage loan servicer or lender's privacy notice. The sections of this Privacy Notice titled When Information is Disclosed, Choices with Your Information, and Accessing and Correcting Information do not apply to the Service Websites. The mortgage loan servicer or lender's privacy notice governs use, disclosure, and access to your Personal Information. FNF does not share Personal Information collected through the Service Websites, except as required or authorized by contract with the mortgage loan servicer or lender, or as required by law or in the good -faith belief that such disclosure is necessary: to comply with a legal process or applicable law, to enforce this Privacy Notice, or to protect the rights, property, or safety of FNF or the public. Your Consent To This Privacy Notice; Notice Chanties By submitting Personal Information and/or Browsing Information to FNF, you consent to the collection and use of the information in accordance with this Privacy Notice. We may change this Privacy Notice at any time. The Privacy Notice's effective date will show the last date changes were made. If you provide information to us following any change of the Privacy Notice, that signifies your assent to and acceptance of the changes to the Privacy Notice. Accessing and Correcting Information; Contact Us If you have questions or would like to correct your Personal Information, visit FNF's Privacy Inquiry Website or contact us by phone at (888) 714-2710, by email at privacy@fnf.com, or by mail to: Fidelity National Financial, Inc. 601 Riverside Avenue, Jacksonville, Florida 32204 Attn: Chief Privacy Officer Privacy Statement Printed: 09.26.23 @ 04:09 PM by JM WA00001078.doc—0263012-04 T�Ierra A C L S C 0 M P A N V DATE: 2/12/2024 RE: Parcel Title Summary Memo (PTSM) Reviewed by: Elizabeth Clark, ROW Agent Project Name: Hylebos Creek Conservation Property Acquisition (CFT) Project Parcel No.: 2921049153 Title Report # 0263015-04 Dated: September 14, 2023 Property Owner: Federal Way Project, LLC a Washington limited liability company/DBA Union Gospel Mission ❑ Reviewed- No comments or concerns on exceptions ❑ Reviewed- See comments Comments: Exception Exception Description Recommended Action Federal Way Number Subject To/ Delete and Comments explanation 1 CC&R's, dedications, building Subject to: CC& R's cannot be setback lines, notes, statements, deleted. and other matters, if any, but omitting any covenants or restrictions, if any, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Recording No:8106249003 2 CC&R's, recitals, reservations, Subject to: CC& R's cannot be easements, easement deleted. provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Rec. No.: 9404129007 3 CC&R's, recitals, reservations, Subject to: CC& R's cannot be easements, easement deleted. provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Rec. No.: 201405210900001 4 General Taxes 2023 Subject to: Taxes are current, any 2921049153 amount due upon closing will be cleared. 5 City, county or local Subject to: Benefits of the city. improvement district assessments, if an Assessments if any, levied by Subject to: Benefits of the city. City of Federal Way 7 Search did not disclosed any Delete: If any are found at closing open mortgages or deeds of they are to be paid and title is to be trust on record. clear. The undersigned has reviewed and approved the above exceptions/paragraphs to be deleted or remain on the final title policy to be issued to the Federal Way. Federal Way EJ Walsh, P.E. Date Public Works Director CHICAGO TITLE OF WASHINGTON Commitment for Title Insurance Title Officer: Unit 4 / Seattle Residential Email: Title No.: 0263015-04 Property Address: Introducing Live LOOK Chicago Title Seattle, WA 98104 Escrow Officer: Pre Listing FNSE Email: CTISeattleTitleUnit4@ctt.com LiveLOOK title document delivery system is designed to provide 24/7 real-time access to all information related to a title insurance transaction. Access title reports, exception documents, an easy -to -use summary page, and more, at your fingertips and your convenience. To view your new Chicago Title LiveLOOK report, Click Here AIMMMT uw . w r • r. Effortless, Efficient, Compliant, and Accessible ALTA COMMITMENT FOR TITLE INSURANCE issued by agent: CHICAGO TITLE COMPANY OF WASHINGTON Commitment Number: 0263015-04 NOTICE IMPORTANT - READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT. THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGAL OPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH AND EXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING A PROPOSED INSURED. THE COMPANY'S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT. THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON. COMMITMENT TO ISSUE POLICY Subject to the Notice; Schedule B, Part I -Requirements; Schedule B, Part II -Exceptions; and the Commitment Conditions, Chicago Title Insurance Company, a Florida corporation (the "Company"), commits to issue the Policy according to the terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in Schedule A for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Amount of Insurance and the name of the Proposed Insured. If all of the Schedule B, Part I -Requirements have not been met within one hundred eighty (180) days after the Commitment Date, this Commitment terminates and the Company's liability and obligation end. Countersigned By: Nathan Warwick Authorized Officer or Agent Chicago Title Insurance Company By: Attest: ��;g iael J. Nolan, President -2.�, � �� Marjorie Nemzura, Secretary 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-WA Mod (07/01/2021) Printed: 09.26.23 @ 02:54 PM Page 1 WA-CT-FNSE-02150.622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263016-04 Transaction Identification Data, for which the Company assumes no liability as set forth in Commitment Condition 5.e.: ISSUING OFFICE: _ FOR SETTLEMENT INQUIRIES, CONTACT: Title Officer: Unit 4 / Seattle Residential Escrow Officer: PreListing FNSE Chicago Title Company of Washington 701 5th Avenue, Suite 2700 Seattle, WA 98104 Main Phone: (206)628-5600 Email: CTISeattleTitleUnit4@ctt.com Order Number: 0263015-04 SCHEDULE A 1. Commitment Date: September 14, 2023 at 08:00 AM 2. Policy to be issued: (a) ALTA Owner's Policy 2021 w-WA Mod Proposed Insured: TBD Proposed Amount of Insurance: $10,500.00 The estate or interest to be insured: Fee Simple Premium: $ 186.00 Tax: $ 0.00 Total: $ 186.00 (b) ALTA Loan Policy 2006 Proposed Insured: Proposed Amount of Insurance: The estate or interest to be insured Premium: Tax: Total: To Be Determined $10,500.00 Fee Simple $ 350.00 $ 0.00 $ 350.00 3. The estate or interest in the Land at the Commitment Date is: Fee Simple 4. The Title is, at the Commitment Date, vested in: Federal Way Project, LLC, a Washington limited liability company 5. The Land is described as follows: SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF END OF SCHEDULE A 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 1-Requirements; Schedule B, Part II -Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. RICAN Copyright American Land Title Association. All rights reserved. ' "L.\N D TITLE TITLE ASSOCIATION The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as r 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-WA Mod (07/01/2021) Printed: 09.26.23 @ 02:54 PM Page 2 WA-CT-FNSE-02150.622474-SPS-1-23-0263015-04 EXHIBIT "A" Legal Description The Northeast quarter of the Southwest quarter of Section 29, Township 21 North, Range 4 East of the Willamette Meridian, in King County, Washington. Except the North 500 feet thereof. And except that portionlying West of the East line of Pacific Highway South, as conveyed to the State of Washington by instrument recorded under recording number 2545574. And except that portion conveyed to Hans Olsen Jr. by instrument recorded under recording number 5602572. 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 1-Requirements; Schedule B, Part 11-Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. AMERICAN Copyright American Land Title Association. All rights reserved. LAND TITLE ASSOCIATION 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. IF- ALTA Commitment for Title Insurance w-WA Mod (07/01/2021) Page 3 Printed: 09.26.23 @ 02:54 PM WA-CT-FN SE-02150.622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART I - Requirements All of the following Requirements must be met: COMMITMENT NO. 0263015-04 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. 5. Additional requirements and/or exceptions may be added as details of the transaction are disclosed to, or become known by the Company. 6. 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: Federal Way Project, LLC 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. 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. `R""" (,N 9 hNO TITLE ASSOC, TTION The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as va— 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-WA Mod (07/01/2021) Printed: 09.26.23 @ 02:54 PM Page 4 WA-CT-FNSE-02150.622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263015-04 SCHEDULE B, PART I - Requirements (continued) 7. Payment of the real estate excise tax, if required. The Land is situated within the boundaries of local taxing authority of City of Federal Way. The rate of real estate excise tax for properties which are not formally classified and specially valued as timberland or agricultural land is: State portion: 1.10% on any portion of the sales price of $525,000 or less; 1.28% on any portion of the sales price above $525,000, up to $1,525,000; 2.75% on any portion of the sales price above $1,525,000, up to $3,025,000; 3.00% on any portion of the sales price above $3,025,000; The rate of excise for properties formally classified as timberland or agriculture land will be 1.28% for the State portion on the entire sales price. Local portion: 0.50% on the entire sales price. An additional $5.00 State Technology Fee must be included in all excise tax payments. If the transaction is exempt, an additional $5.00 Affidavit Processing Fee is required. Any conveyance document must be accompanied by the official Washington State Excise Tax Affidavit, which can be found online HERE <htt s:lldor.wa. ovl et -form -or- ublication/forms-sub ect/real-estate-excise-taxi. The applicable excise tax must be paid and the affidavit approved at the time of the recording of the conveyance documents. (NOTE: Real Estate Excise Tax Affidavits must be printed as legal size forms). The Proposed Policy Amount(s) must be increased to the full value of the estate or interest being insured, and any additional premium must be paid at that time. An Owner's policy should reflect the purchase price or full value of the Land. A Loan Policy should reflect the loan amount or value of the property as collateral. Proposed Policy Amount(s) will be revised and premiums charged consistent therewith when the final amounts are approved. 9. For each policy to be issued as identified in Schedule A, Item 2; the Company shall not be liable under this commitment until it receives a designation for a Proposed Insured, acceptable to the Company. As provided in Commitment Condition 4, the Company may amend this commitment to add, among other things, additional exceptions or requirements after the designation of the Proposed Insured. 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 ll-Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. a_ Copyright American Land Title Association. All rights reserved. T LAND E LAND E ASSOCiATION The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as 1 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-WA Mod (07/01/2021) Printed: 09.26.23 @ 02:54 PM Page 5 WA-CT-FNSE-02150.622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON SCHEDULE B, PART I - Requirements (continued) COMMITMENT NO. 0263015-04 10. TO PROVIDE THE EXTENDED COVERAGE POLICY AND/OR ALTA HOMEOWNER'S POLICY IDENTIFIED IN SCHEDULE A, GENERAL EXCEPTIONS A THROUGH D WILL BE CONSIDERED WHEN OUR INSPECTION AND/OR REVIEW OF SURVEY, IF REQUIRED, IS COMPLETED. A SUPPLEMENTAL COMMITMENT WILL FOLLOW. If there have been recent improvements on the property within 90 days prior to closing we will require a signed indemnity agreement and a recent financial statement from each indemnitor. If construction financing is to be insured, please contact the title officer for requirements. The Company reserves the right to add additional exceptions or make further requirements after review of the property inspection and requested documentation. Additional requirements and/or exceptions may be added as details of the transaction are disclosed to, or become known by the Company. 11. The application for title insurance was placed by reference to only a street address or tax identification number. The proposed Insured must confirm that the legal description in this report covers the parcel(s) of Land requested to be insured. If the legal description is incorrect, the proposed Insured must notify the Company and/or the settlement company in order to prevent errors and to be certain that the legal description for the intended parcel(s) of Land will appear on any documents to be recorded in connection with this transaction and on the policy of title insurance. 12. The Company and its policy issuing agents are required by Federal law to collect additional information about certain transactions in specified geographic areas in accordance with the Bank Secrecy Act. If this transaction is required to be reported under a Geographic Targeting Order issued by FinCEN, the Company or its policy issuing agent must be supplied with a completed ALTA Information Collection Form (IIICF") prior to closing the transaction contemplated herein. 13. If the Seller or Borrower intends to sign documents required to insure the transaction utilizing a remote online notary, please notify the Company immediately as additional underwriting requirements will need to be satisfied. END OF REQUIREMENTS NOTES The following matters will not be listed as Special Exceptions in Schedule B of the policy. There will be no coverage for loss arising by reason of the matters listed below because these matters are either excepted or excluded from coverage or are not matters covered under the insuring provisions of the policy. Note A: Notice: Please be aware that due to the conflict between federal and state laws concerning the cultivation, distribution, manufacture or sale of marijuana, the Company is not able to close or insure any transaction involving Land that is associated with these activities. 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 1-Requirements; Schedule B, Part II -Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. AM ICAN Copyright American Land Title Association. All rights reserved. LAND TITLE LAND T A>5[1clnTl(1N The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in goad 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-WA Mod (07/01/2021) Printed: 09.26.23 @ 02:54 PM Page 6 WA-CT-FNSE-02150.622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263015-04 SCHEDULE B, PART I - Requirements (continued) Note B: The application for title insurance was placed by reference to only a street address or tax identification number. The proposed Insured must confirm that the legal description in this report covers the parcel(s) of Land requested to be insured. If the legal description is incorrect, the proposed Insured must notify the Company and/or the settlement company in order to prevent errors and to be certain that the legal description for the intended parcel(s) of Land will appear on any documents to be recorded in connection with this transaction and on the policy of title insurance. Note C: Note: There are NO conveyances affecting said Land recorded within 36 months of the date of this report. Note D: Note: FOR INFORMATIONAL PURPOSES ONLY: The following may be used as an abbreviated legal description on the documents to be recorded, per Amended RCW 65.04.045. Said abbreviated legal description is not a substitute for a complete legal description within the body of the document: Ptn NEQ SWQ Sec 29-T 21 N-R 4E Tax Account No.: 2921049153 Note E: Note: This map/plat is being furnished as an aid in locating the herein described Land in relation to adjoining streets, natural boundaries and other land. Except to the extent a policy of title insurance is expressly modified by endorsement, if any, the Company does not insure dimensions, distances or acreage shown thereon. Note F: Recording charges (per document title) for closings on July 26, 2021 and after for all Washington counties: Deed of Trust - $204.50 and $1 for each additional page. Most other Docs, except as noted below - $203.50 and $1 for each additional page. Assignment of Deed of Trust, Substitution or Appointment of Successor Trustee - $18.00 and $1 for each additional page. Multiple titled documents are charged per applicable title. Our Company uses Simplifile, a third party vendor, for electronic submission of documents to the County. In addition to the County recording fee each document recorded electronically will be billed an additional $4.25 plus tax. RECORDING CHARGES ARE SUBJECT TO CHANGE WITHOUT NOTICE. END OF NOTES END OF SCHEDULE B, PART I 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. K Copyright American Land Title Association. All rights reserved. ,.,N,,I tIT , ,, 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-WA Mad (07/01I2021) Printed: 09.26.23 @ 02:54 PM Page 7 WA-CT-FNSE-02150.622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263015-04 SCHEDULE B, PART II - Exceptions Some historical land records contain Discriminatory Covenants that are illegal and unenforceable by law. This Commitment and the Policy treat any Discriminatory Covenant in a document referenced in Schedule B as if each Discriminatory Covenant is redacted, repudiated, removed, and not republished or recirculated. Only the remaining provisions of the document will be excepted from coverage. The Policy will not insure against loss or damage resulting from the terms and conditions of any lease or easement identified in Schedule A, and will include the following Exceptions unless cleared to the satisfaction of the Company: GENERAL EXCEPTIONS A. Rights or claims of parties in possession, or claiming possession, not shown by the Public Records. B. 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. C. Easements, prescriptive rights, rights -of -way, liens or encumbrances, or claims thereof, not shown by the Public Records. D. Any lien, or right to a lien, for contributions to employee benefit funds, or for state workers' compensation, or for services, labor, or material heretofore or hereafter furnished, all as imposed by law, and not shown by the Public Records. E. Taxes or special assessments which are not yet payable or which are not shown as existing liens by the Public Records. F. Any lien for service, installation, connection, maintenance, tap, capacity, or construction or similar charges for sewer, water, electricity, natural gas or other utilities, or for garbage collection and disposal not shown by the Public Records. G. Unpatented mining claims, and all rights relating thereto. H. Reservations and exceptions in United States Patents or in Acts authorizing the issuance thereof. I. Indian tribal codes or regulations, Indian treaty or aboriginal rights, including easements or equitable servitudes. J. Water rights, claims or title to water. K. Any defect, lien, encumbrance, adverse claim, or other matter that appears for the first time in the Public Records or is created, attaches, or is disclosed between the Commitment Date and the date on which all of the Schedule B, Part I —Requirements are met. 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 1-Requirements; Schedule B, Part II -Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. AME RICAN Copyright American Land Title Association. All rights reserved. E,,N„ TITLE ISSOC ION 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-WA Mod (07101/2021) Printed: 09 26.23 @ 02:54 PM Page 8 WA-CT-FNSE-02150.622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263015-04 SCHEDULE B, PART II - Exceptions (continued) SPECIAL EXCEPTIONS Covenants, conditions, restrictions, recitals, reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Recording No: 8106249003 2. Covenants, conditions, restrictions, recitals, reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Recording No: 9404129007 3. Covenants, conditions, restrictions, recitals, reservations, easements, easement provisions, encroachments, dedications, building setback lines, notes, statements, and other matters, if any, but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, or source of income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction is permitted by applicable law, as set forth on Survey: Recording No: 201405210900001 4. General and special taxes and charges, payable February 15, delinquent if first half unpaid on May 1, second half delinquent if unpaid on November 1 of the tax year (amounts do not include interest and penalties): Year: 2023 Tax Account No. 2921049153 Levy Code: 1205 Assessed Value -Land: $377,000.00 Assessed Value -Improvements: $0.00 General and Special Taxes: Billed: $3,595.74 Paid: $1,797.87 Unpaid: $1,797.87 5. City, county or local improvement district assessments, if any. 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. AN Copyright American Land Title Association. All rights reserved. LAND TITLE " D TRI ITLE ASSOCIATION 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-WA Mod (07/0112021) Printed: 09.26.23 @ 02:54 PM Page 9 WA-CT-FNSE-02150.622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263015-04 SCHEDULE B, PART II - Exceptions (continued) 6. Assessments, if any, levied by City of Federal Way. 7. The search did not disclose any open mortgages or deeds of trust of record, therefore the'Company reserves the right to require further evidence to confirm that the property is unencumbered, and further reserves the right to make additional requirements or add additional items or exceptions upon receipt of the requested evidence. END OF SCHEDULE B, PART II 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. AM ERICAN Copyright American Land Title Association. All rights reserved. LAND TITLE ASSOCIATION 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-WA Mod (07101/2021) Printed: 09.26.23 @ 02:54 PM Page 10 WA-CT-FNSE-02150.622474-SPS-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON COMMITMENT NO. 0263015-04 COMMITMENT CONDITIONS DEFINITIONS a. "Discriminatory Covenant": Any covenant, condition, restriction, or limitation that is unenforceable under applicable law because it illegally discriminates against a class of individuals based on personal characteristics such as race, color, religion, sex, sexual orientation, gender identity, familial status, disability, national origin, or other legally protected class. b. "Knowledge" or "Known": Actual knowledge or actual notice, but not constructive notice imparted by the Public Records. c. "Land": The land described in Item 5 of Schedule A and improvements located on that land that by State law constitute real property. The term "Land" does not include any property beyond that described in Schedule A, nor any right, title, interest, estate, or easement in any abutting street, road, avenue, alley, lane, right-of-way, body of water, or waterway, but does not modify or limit the extent that a right of access to and from the Land is to be insured by the Policy. d. "Mortgage": A mortgage, deed of trust, trust deed, security deed, or other real property security instrument, including one evidenced by electronic means authorized by law. e. "Policy": Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company pursuant to this Commitment. f. "Proposed Amount of Insurance": Each dollar amount specified in Schedule A as the Proposed Amount of Insurance of each Policy to be issued pursuant to this Commitment. g. "Proposed Insured": Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment. h. "Public Records": The recording or filing system established under State statutes in effect at the Commitment Date under which a document must be recorded or filed to impart constructive notice of matters relating to the Title to a purchaser for value without Knowledge. The term "Public Records" does not include any other recording or filing system, including any pertaining to environmental remediation or protection, planning, permitting, zoning, licensing, building, health, public safety, or national security matters. i. "State": The state or commonwealth of the United States within whose exterior boundaries the Land is located. The term "State" also includes the District of Columbia, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, and Guam. j. "Title": The estate or interest in the Land identified in Item 3 of Schedule A. 2. If all of the Schedule B, Part I -Requirements have not been met within the time period specified in the Commitment to Issue Policy, this Commitment terminates and the Company's liability and obligation end. 3. The Company's liability and obligation is limited by and this Commitment is not valid without: a. the Notice; b. the Commitment to Issue Policy; c. the Commitment Conditions; d. Schedule A; e. Schedule B, Part I -Requirements; and f. Schedule B, Part II -Exceptions; and g. a counter -signature by the Company or its issuing agent that may be in electronic form. 4. COMPANY'S RIGHT TO AMEND The Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect, lien, encumbrance, adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, any liability of the Company is limited by Commitment Condition 5. The Company is not liable for any other amendment to this Commitment. 5. LIMITATIONS OF LIABILITY a. The Company's liability under Commitment Condition 4 is limited to the Proposed Insured's actual expense incurred in the interval between the Company's delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment, resulting from the Proposed Insured's good faith reliance to: i. comply with the Schedule B, Part I -Requirements; ii. eliminate, with the Company's written consent, any Schedule B, Part II -Exceptions; or iii. acquire the Title or create the Mortgage covered by this Commitment. b. The Company is not liable under Commitment Condition 5.a. if the Proposed Insured requested the amendment or had Knowledge of the matter and did not notify the Company about it in writing. C. The Company is only liable under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment included the added matter when the Commitment was first delivered to the Proposed Insured. d. The Company's liability does not exceed the lesser of the Proposed Insured's actual expense incurred in good faith and described in Commitment Condition 5.a. or the Proposed Amount of Insurance. e. The Company is not liable for the content of the Transaction Identification Data, if any. 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. �r AMERICAN Copyright American Land Title Association. All rights reserved. LAND TITLE ISSOCIATION 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-WA Mod (07/01/2021) Page 11 Printed: 09.26.23 @ 02:54 PM WA-CT-F N S E-02150.622474-S P S-1-23-0263015-04 CHICAGO TITLE COMPANY OF WASHINGTON (continued) COMMITMENT NO. 0263015-04 f. The Company is not obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I -Requirements have been met to the satisfaction of the Company. g. The Company's liability is further limited by the terms and provisions of the Policy to be issued to the Proposed Insured. 6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT; CHOICE OF LAW AND CHOICE OF FORUM a. Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this Commitment. b. Any claim must be based in contract under the State law of the State where the Land is located and is restricted to the terms and provisions of this Commitment. Any litigation or other proceeding brought by the Proposed Insured against the Company must be filed only in a State or federal court having jurisdiction. c. This Commitment, as last revised, is the exclusive and entire agreement between the parties with respect to the subject matter of this Commitment and supersedes all prior commitment negotiations, representations, and proposals of any kind, whether written or oral, express or implied, relating to the subject matter of this Commitment. d. The deletion or modification of any Schedule B, Part II -Exception does not constitute an agreement or obligation to provide coverage beyond the terms and provisions of this Commitment or the Policy. e. Any amendment or endorsement to this Commitment must be in writing and authenticated by a person authorized by the Company. f. When the Policy is issued, all liability and obligation under this Commitment will end and the Company's only liability will be under the Policy. 7. IF THIS COMMITMENT IS ISSUED BY AN ISSUING AGENT The issuing agent is the Company's agent only for the limited purpose of issuing title insurance commitments and policies. The issuing agent is not the Company's agent for closing, settlement, escrow, or any other purpose. 8. PRO -FORMA POLICY The Company may provide, at the request of a Proposed Insured, a pro -forma policy illustrating the coverage that the Company may provide. A pro -forma policy neither reflects the status of Title at the time that the pro -forma policy is delivered to a Proposed Insured, nor is it a commitment to insure. 9. CLAIMS PROCEDURES This Commitment incorporates by reference all Conditions for making a claim in the Policy to be issued to the Proposed Insured. Commitment Condition 9 does not modify the limitations of liability in Commitment Conditions 5 and 6. 10. CLASS ACTION ALL CLAIMS AND DISPUTES ARISING OUT OF OR RELATING TO THIS COMMITMENT, INCLUDING ANY SERVICE OR OTHER MATTER IN CONNECTION WITH ISSUING THIS COMMITMENT, ANY BREACH OF A COMMITMENT PROVISION, OR ANY OTHER CLAIM OR DISPUTE ARISING OUT OF OR RELATING TO THE TRANSACTION GIVING RISE TO THIS COMMITMENT, MUST BE BROUGHT IN AN INDIVIDUAL CAPACITY. NO PARTY MAY SERVE AS PLAINTIFF, CLASS MEMBER, OR PARTICIPANT IN ANY CLASS OR REPRESENTATIVE PROCEEDING. ANY POLICY ISSUED PURSUANT TO THIS COMMITMENT WILL CONTAIN A CLASS ACTION CONDITION. 11. ARBITRATION -INTENTIONALLY DELETED END OF CONDITIONS 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 1-Requirements; Schedule B, Part II -Exceptions; and a counter -signature by the Company or its issuing agent that may be in electronic form. r, Copyright American Land Title Association. All rights reserved. ""ED""" LnND TITLE n. ATI— 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-WA Mod (07/01/2021) Printed: 09.26 23 @ 02:54 PM Page 12 WA-CT-FNSE-02150.622474-SPS-1-23-0263015-04 RECORDING REQUIREMENTS Effective January 1, 1997, document format and content requirements have been imposed by Washington Law. Failure to comply with the following requirements may result in rejection of the document by the county recorder or imposition of a $50.00 surcharge. First page or Cover sheet: 3" top margin containing nothing except the return address. 1" side and bottom margins containing no markings or seals. Title(s) of documents. Recording no. of any assigned, released or referenced document(s). Grantors names (and page no. where additional names can be found). Grantees names (and page no. where additional names can be found). Abbreviated legal description (Lot, Block, Plat Name or Section, Township, Range and Quarter, Quarter Section for unplatted). Said abbreviated legal description is not a substitute for a complete legal description which must also appear in the body of the document. Assessor's tax parcel number(s). Return address (in top 3" margin). **A cover sheet can be attached containing the above format and data if the first page does not contain all required data. Additional Pages: 1" top, side and bottom margins containing no markings or seals. All Pages: No stapled or taped attachments. Each attachment must be a separate page. All notary and other pressure seals must be smudged for visibility. Font size of 8 points or larger. Recording Requirements Printed: 09.26.23 @ 02:54 PM by BH WA00001076.doc / Updated: 12.14.20—0263015-04 -`N'# 1 RE SAFE, Inquire before you wire! WIRE FRAUD ALERT This Notice is not intended to provide legal or professional advice. If you have any questions, please consult with a lawyer. All parties to a real estate transaction are targets for wire fraud and many have lost hundreds of thousands of dollars because they simply relied on the wire instructions received via email, without further verification. If funds are to be wired in conjunction with this real estate transaction, we strongly recommend verbal verification of wire instructions through a known, trusted phone number prior to sending funds. In addition, the following non-exclusive self-protection strategies are recommended to minimize exposure to possible wire fraud. • NEVER RELY on emails purporting to change wire instructions. Parties to a transaction rarely change wire instructions in the course of a transaction. • ALWAYS VERIFY wire instructions, specifically the ABA routing number and account number, by calling the party who sent the instructions to you. DO NOT use the phone number provided in the email containing the instructions, use phone numbers you have called before or can otherwise verify. Obtain the number of relevant parties to the transaction as soon as an escrow account is opened. DO NOT send an email to verify as the email address may be incorrect or the email may be intercepted by the fraudster. • USE COMPLEX EMAIL PASSWORDS that employ a combination of mixed case, numbers, and symbols. Make your passwords greater than eight (8) characters. Also, change your password often and do NOT reuse the same password for other online accounts. • USE MULTI -FACTOR AUTHENTICATION for email accounts. Your email provider or IT staff may have specific instructions on how to implement this feature. For more information on wire -fraud scams or to report an incident, please refer to the following links: Federal Bureau of Investigation: httP.1Av w. fbi. aov Wire Fraud Alert Original Effective Date: 5/11/2017 Current Version Date: 5/11 /2017 Internet Crime Complaint Center: htto:llwww.ic3.aov 0263015-04 - WIRE0016 (DSI Rev. 12/07/17) TM and © Fidelity National Financial, Inc. and/or an affiliate All rights reserved FIDELITY NATIONAL FINANCIAL PRIVACY NOTICE Effective January 1, 2023 Fidelity National Financial, Inc. and its majority -owned subsidiary companies (collectively, "FNF," "our," or "we") respect and are committed to protecting your privacy. This Privacy Notice explains how we collect, use, and protect personal information, when and to whom we disclose such information, and the choices you have about the use and disclosure of that information. A limited number of FNF subsidiaries have their own privacy notices. If a subsidiary has its own privacy notice, the privacy notice will be available on the subsidiary's website and this Privacy Notice does not apply. Collection of Personal Information FNF may collect the following categories of Personal Information: • contact information (e.g., name, address, phone number, email address); • demographic information (e.g., date of birth, gender, marital status); • identity information (e.g. Social Security Number, driver's license, passport, or other government ID number); • financial account information (e.g. loan or bank account information); and • other personal information necessary to provide products or services to you. We may collect Personal Information about you from: • information we receive from you or your agent; ■ information about your transactions with FNF, our affiliates, or others; and • information we receive from consumer reporting agencies and/or governmental entities, either directly from these entities or through others. Collection of Browsing Information FNF automatically collects the following types of Browsing Information when you access an FNF website, online service, or application (each an "FNF Website") from your Internet browser, computer, and/or device: • Internet Protocol (IP) address and operating system; • browser version, language, and type; • domain name system requests; and • browsing history on the FNF Website, such as date and time of your visit to the FNF Website and visits to the pages within the FNF Website. Like most websites, our servers automatically log each visitor to the FNF Website and may collect the Browsing Information described above. We use Browsing Information for system administration, troubleshooting, fraud investigation, and to improve our websites. Browsing Information generally does not reveal anything personal about you, though if you have created a user account for an FNF Website and are logged into that account, the FNF Website may be able to link certain browsing activity to your user account. Other Online Specifics Cookies. When you visit an FNF Website, a "cookie" may be sent to your computer. A cookie is a small piece of data that is sent to your Internet browser from a web server and stored on your computer's hard drive. Information gathered using cookies helps us improve your user experience. For example, a cookie can help the website load properly or can customize the display page based on your browser type and user preferences. You can choose whether or not to accept cookies by changing your Internet browser settings. Be aware that doing so may impair or limit some functionality of the FNF Website. Web Beacons. We use web beacons to determine when and how many times a page has been viewed. This information is used to improve our websites. Do Not Track. Currently our FNF Websites do not respond to "Do Not Track" features enabled through your browser. Privacy Statement Printed: 09.26.23 @ 02:54 PM by BH WA00001078.doc—0263015-04 Links to Other Sites. FNF Websites may contain links to unaffiliated third -party websites. FNF is not responsible for the privacy practices or content of those websites. We recommend that you read the privacy policy of every website you visit. Use of Personal Information FNF uses Personal Information for three main purposes: • To provide products and services to you or in connection with a transaction involving you. • To improve our products and services. • To communicate with you about our, our affiliates', and others' products and services, jointly or independently. When Information Is Disclosed We may disclose your Personal Information and Browsing Information in the following circumstances: ■ to enable us to detect or prevent criminal activity, fraud, material misrepresentation, or nondisclosure; • to affiliated or nonaffiliated service providers who provide or perform services or functions on our behalf and who agree to use the information only to provide such services or functions; • to affiliated or nonaffiliated third parties with whom we perform joint marketing, pursuant to an agreement with them to jointly market financial products or services to you; • to law enforcement or authorities in connection with an investigation, or in response to a subpoena or court order; or ■ in the good -faith belief that such disclosure is necessary to comply with legal process or applicable laws, or to protect the rights, property, or safety of FNF, its customers, or the public. The law does not require your prior authorization and does not allow you to restrict the disclosures described above. Additionally, we may disclose your information to third parties for whom you have given us authorization or consent to make such disclosure. We do not otherwise share your Personal Information or Browsing Information with nonaffiliated third parties, except as required or permitted by law. We reserve the right to transfer your Personal Information, Browsing Information, and any other information, in connection with the sale or other disposition of all or part of the FNF business and/or assets, or in the event of bankruptcy, reorganization, insolvency, receivership, or an assignment for the benefit of creditors. By submitting Personal Information and/or Browsing Information to FNF, you expressly agree and consent to the use and/or transfer of the foregoing information in connection with any of the above described proceedings. Securitnt of Your Information We maintain physical, electronic, and procedural safeguards to protect your Personal Information. Choices With Your Information Whether you submit Personal Information or Browsing Information to FNF is entirely up to you. If you decide not to submit Personal Information or Browsing Information, FNF may not be able to provide certain services or products to you. For California Residents: We will not share your Personal Information or Browsing Information with nonaffiliated third parties, except as permitted by California law. For additional information about your California privacy rights, please visit the "California Privacy" link on our website (https:l/fnf.com/pages/californiaprivacy.aspx) or call (888) 413-1748. For Nevada Residents: We are providing this notice pursuant to state law. You may be placed on our internal Do Not Call List by calling FNF Privacy at (888) 714-2710 or by contacting us via the information set forth at the end of this Privacy Notice. For further information concerning Nevada's telephone solicitation law, you may contact: Bureau of Consumer Protection, Office of the Nevada Attorney General, 555 E. Washington St., Suite 3900, Las Vegas, NV 89101; Phone number: (702) 486-3132; email: aginquiries@ag.state.nv.us. For Oregon Residents: We will not share your Personal Information or Browsing Information with nonaffiliated third parties for marketing purposes, except after you have been informed by us of such sharing and had an opportunity to indicate that you do not want a disclosure made for marketing purposes. Privacy Statement Printed: 09.26.23 @ 02:54 PM by BH WA00001078.doc—0263015-04 For Vermont Residents: We will not disclose information about your creditworthiness to our affiliates and will not disclose your personal information, financial information, credit report, or health information to nonaffiliated third parties to market to you, other than as permitted by Vermont law, unless you authorize us to make those disclosures. For Virginia Residents: For additional information about your Virginia privacy rights, please email privacy@fnf.com or call (888) 714-2710. Information From Children The FNF Websites are not intended or designed to attract persons under the age of eighteen (18). We do not collect Personal Information from any person that we know to be under the age of thirteen (13) without permission from a parent or guardian. International Users FNF's headquarters is located within the United States. If you reside outside the United States and choose to provide Personal Information or Browsing Information to us, please note that we may transfer that information outside of your country of residence. By providing FNF with your Personal Information and/or Browsing Information, you consent to our collection, transfer, and use of such information in accordance with this Privacy Notice. FNF Website Services for Mortgage Loans Certain FNF companies provide services to mortgage loan servicers, including hosting websites that collect customer information on behalf of mortgage loan servicers (the "Service Websites"). The Service Websites may contain links to both this Privacy Notice and the mortgage loan servicer or lender's privacy notice. The sections of this Privacy Notice titled When Information is Disclosed, Choices with Your Information, and Accessing and Correcting Information do not apply to the Service Websites. The mortgage loan servicer or lender's privacy notice governs use, disclosure, and access to your Personal Information. FNF does not share Personal Information collected through the Service Websites, except as required or authorized by contract with the mortgage loan servicer or lender, or as required by law or in the good -faith belief that such disclosure is necessary: to comply with a legal process or applicable law, to enforce this Privacy Notice, or to protect the rights, property, or safety of FNF or the public. Your Consent To This Privacy Notice; Notice Changes By submitting Personal Information and/or Browsing Information to FNF, you consent to the collection and use of the information in accordance with this Privacy Notice. We may change this Privacy Notice at any time. The Privacy Notice's effective date will show the last date changes were made. If you provide information to us following any change of the Privacy Notice, that signifies your assent to and acceptance of the changes to the Privacy Notice. Accessing and Correcting Information: Contact Us If you have questions or would like to correct your Personal Information, visit FNF's Privacy inquiry Website or contact us by phone at (888) 714-2710, by email at privacy@fnf.com, or by mail to: Fidelity National Financial, Inc. 601 Riverside Avenue, Jacksonville, Florida 32204 Attn: Chief Privacy Officer Privacy Statement Printed: 09.26.23 @ 02:54 PM by BH WA00001078.doc—0263015-04