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HomeMy WebLinkAboutOwyhee Holdings, LLC "Fields Area" Complete Package C� fIEN .D L4,, MEMO TO CITY COUNCIL Request to Include Topic on the City Council Consent Agenda From: Steve Siddoway, Parks & Rec. Director Meeting Date: January 7, 2024 Kurt Starman, Deputy City Attorney Topic: Non-Binding Letter of Intent Concerning the Potential Acquisition of 40.99+/-Acres for a Community Park Site Recommended Council Action: Approve the attached Non-Binding Letter of Intent ("LOI") concerning the potential acquisition of 40.99+/- acres for a community park site. Background: Owyhee Holdings, LLC ("Owyhee Holdings") owns a significant amount of land in the "Fields Area" (i.e., the northwest portion of the City's area of impact). The City's Future Land Use Map identifies the need for a community park in this area. Owyhee Holdings is willing to sell 40.99+/- acres to the City for this purpose at a reduced price of$4,138,000—well below the estimated fair market value, which ranges from $7,173,250 to $8,198,000. The funding source would be park development impact fees. The LOI outlines the basic parameters for negotiating a purchase and sale agreement, which can be summarized as follows: 1. The acquisition would include approximately 40.99 acres of land —39.36 acres for the park site and 1.63 acres for right-of-way for a future collector street. 2. The acquisition price would be $4,138,000, or approximately $100,951 per acre. 3. The difference between the fair market value and the acquisition price would be treated as a donation from Owyhee Holdings to the City. 4. The City would acquire the land on or about March 1, 2025. Additionally, Owyhee Holdings will assist the City with acquiring an easement and minor amount of land from Intermountain Gas Company, as depicted on Exhibit B of the LOI. The easement and land are needed to facilitate the proposed alignment of the future collector road. The fair market value of the easement and land will be determined via an appraisal. This is a non-binding LOI, so neither party is contractually required to proceed with the proposed transaction.As stated in the LOI, either party may subsequently"propose different terms from those summarized herein and unilaterally terminate all negotiations without any liability whatsoever. . . ." The City Attorney's Office has approved the LOI as to form. Attachment - Non-Binding Letter of Intent MARK BOTTLES DEAL ESTATE SERVICES 839 S. Bridgeway Place Eagle, Idaho 83616 December 18, 2024 Steve Siddoway Parks &Recreation Director Sent via email: ssiddoway@meridiancity.org Re: Non-Binding Letter of Intent for Purchase and Sale of approximately 40.99+/- acres located generally between McMillan Road and Ustick Road, east of Can Ada Road, Meridian, Idaho. Dear Steve: This Non-Binding Letter of Intent sets forth the basic terms and conditions upon which Owyhee Holdings, LLC ("Owl") and the City of Meridian ("City") are interested in commencing negotiations of a definitive purchase and sale agreement ("PSA") for the purchase and sale of the above-referenced site. Owyhee and the City may be referred to individually as a "Party" or collectively as the "Parties." RECITALS A. Owyhee is the owner of property located within that certain large-scale, mixed- use development area located in the City of Meridian's area of impact commonly referred to as "The Fields." B. The development of The Fields will include a regional park. Owyhee has offered to sell, and the City desires to purchase, 40.99+/- acres of property at a discounted price for a park site as a public amenity. C. Owyhee and the City have engaged in discussions and have identified a mutually agreeable location for the park site in the location generally depicted as PA 17 on the Site Plan attached hereto as Exhibit A (the "Park Site"). This Non-Binding Letter of Intent is intended to set forth the Parties' current intentions for the purchase and sale of the Park Site and will serve as a guideline to negotiate a definitive PSA. D. The development of The Fields will require a number of government approvals, including approval of Owyhee's applications for annexation, zoning, and a preliminary plat. Owyhee acknowledges that land use applications will be evaluated on their own merits, and that the potential purchase and sale of the Park Site shall not influence the approval or denial of said applications. December 18, 2024 Page 2 NON-BINDING AGREEMENT 1. OWYHEE: Owyhee Holdings, LLC 2. CITY: City of Meridian 3. PARK SITE: An area of land containing approximately 40.99 acres of land generally described as a part of Assessor Parcel Number S0431223100 in the location generally depicted on Exhibit A. Owyhee shall be responsible for creating the Park Site as a legal parcel prior to closing. The City shall assist Owyhee by providing reasonable supporting documentation, as may be required by the County of Ada. 4. PURCHASE PRICE: Four Million One Hundred Thirty-Eight Thousand and 00/100 Dollars ($4,138,000). 5. EARNEST MONEY: $0.00 6. CLOSING: March 1, 2025. The City shall have two (2) options to extend closing by one month per extension. 7. DUE DILIGENCE: From the effective date of the PSA through closing, the City shall have reasonable access to the Park Site to conduct all tests, investigations, surveys, or other due diligence actions. All access to the Park Site shall be coordinated through Owyhee. 8. COLLECTOR ROAD: The PSA shall provide that the City and Owyhee acknowledge and agree that the section of Future Collector B between PA 17 and PA 19 as depicted on Exhibit A (the "Collector Road") shall generally be situated as depicted on Exhibit A. 9. EASEMENTS: The PSA shall provide that, simultaneous with closing, the City and Owyhee shall each execute and record an easement for the benefit of the other Party, and each Party's successors and assigns, granting the right to construct the Collector Road as depicted on the Site Plan (the "Easement Agreement"). The Easement Agreement shall provide that, at such time either the Park Site or PA 19 develops, such developing property owner (the "Developing Owner"), December 18, 2024 Page 3 shall, at its cost and expense, be responsible for constructing half of the width of the Collector Road plus such additional roadway improvements required by ACHD or other governmental entity having jurisdiction over the Collector Road; provided however, that nothing shall limit or restrict such Developing Owner from constructing the entire width of the Collector Road if such Developing Owner so desires. At such time the non-developing owner desires to develop the Park Site or PA 19 (the "Second Developer"), such Second Developer shall construct the remainder of the Collector Road as required by ACHD or other governmental entity having jurisdiction over the roadway. At Closing, Owyhee shall also execute and record an easement for the benefit of the Park Site over and across the western remainder of Parcel No. SO431223100 owned by Owyhee for sanitary sewer and agricultural access to the Park Site. Owyhee shall also grant an easement over a portion of Parcel No. SO431223100 to permit, but nor require, City to construct the extension of the Collector Road north of the Park Site to McMillan Road at the City's election. 10. INTERMOUNTAIN GAS: Owyhee and City acknowledge and agree that a portion of the Collector Road that fronts the Park Site is planned to be located upon a portion of ground, Parcel No. SO431233660, owned by Intermountain Gas Company (the "Intermountain Pro e "). The City desires to (i) purchase that portion of the Intermountain Property to the centerline of the Collector Road as depicted on Exhibit B (the "Intermountain Purchase") and (ii) obtain an easement across such additional property owned by Intermountain Gas Company as would be necessary to construct half of the width of the Collector Road plus such additional roadway improvements required by ACHD or other governmental entity having jurisdiction over the Collector Road (the "Intermountain Easement"). Owyhee agrees to use commercially reasonable efforts to complete the Intermountain Purchase at a purchase price agreed to by the City, and obtain the Intermountain Easement immediately before the Closing. At the Closing, City will purchase the Intermountain Property from Owyhee and Owyhee will December 18, 2024 Page 4 assign the Intermountain Easement to City in accordance with a separate purchase and sale agreement to be negotiated and agreed to by Owyhee and City. 11. TITLE COMPANY: The title company shall be First American Title Insurance Company, (the "Title Company"), located at 2150 S Bonito Way Suite 100, Meridian, ID 83642. The Escrow officer shall be Tami Dejoumett-Albert. Owyhee shall deliver, at its sole cost and expense, an ALTA standard policy of title insurance ("Title Policy") evidencing title in the condition approved by the City. The City shall pay the additional premium for any extended coverage policy of title insurance plus the fee for any endorsements required by the City. Owyhee shall cooperate with the City and execute any and all documents required by the Title Company to issue the Title Policy. 12. DONATION: Owyhee is proposing to sell the Park Site to the City for less than fair market value to assist the City create a regional park in The Fields for community use. Under the Internal Revenue Code, Owyhee may be entitled to claim a tax deduction for the difference between the fair market value of the Park Site and the discounted purchase price of the Park Site. Owyhee shall be solely responsible for determining whether Owyhee is entitled to said tax deduction. The City shall cooperate with Owyhee by providing reasonable supporting documentation, as may be required by the Internal Revenue Service. This Non-Binding Letter of Intent is non-binding on the Parties hereto and merely serves as a guideline to negotiate a definitive PSA. The Parties acknowledge that they have not entered into any agreement to negotiate such definitive PSA pursuant to this Non-Binding Letter of Intent, and either Party may, at any time prior to the execution of such definitive PSA, propose different terms from those summarized herein and unilaterally terminate all negotiations without any liability whatsoever to the other Party. Each Parry is and will be solely liable for all of its fees, costs, and other expenses in connection and in conjunction with the negotiation and preparation of a definitive PSA pursuant to this Non-Binding Letter of Intent. If the foregoing accurately reflects the basis for the negotiation of a PSA with respect to the Park Site, please notify your approval by signing a copy of this Non-Binding Letter of Intent and returning. December 18,2024 Page 5 OWYHEE: CITY: Owyhee Holdings, LLC City of Meridian By: Idaho Holdings, LLC Its: Manager By: Name: Robert E. Simison By: _ Title: Mayor Name: Mark Bottles Date: 1-7-2025 Title: Manager Date: By Chris Johnson, City Clerk 1-7-2025 December 18, 2024 Page 6 EXHIBIT A Site Plan i PA 17 N-=TAM i i I I December 18, 2024 Page 7 EXHBIT B Intermountain Property An approximate graphic depiction of the property subject to the Intermountain Purchase is outlined in blue below and the Intermountain Easement is outlined in yellow below. ME7 ` "Intermountain Purchase" Property I "Intermountain Easement" Property Ada County Recorder Trent Tripple 2025-026463 Boise,Idaho Pgs=4 cfowler 04/30/2025 11:09:22 AM FIRST AMERICAN TITLE AND ESCROW COMPANY$15.00 Electronically Recorded After Recording Return to: City of Meridian Attn: City Clerk 33 E. Broadway Avenue Meridian, ID 83642 ELECTRONICALLY RECORDED-DO NOT REMOVE THE COUNTY STAMPED FIRST PAGE AS IT IS NOW INCORPORATED AS PART OF THE ORIGINAL DOCUMFNT 413 i'I(P — i U/M c, For Recording Purposes Do Not Write Above This Line QUITCLAIM DEED FOR VALUE RECEIVED, the City of Meridian, an Idaho municipal corporation ("Grantor") does hereby convey, release, remise and forever quitclaim all of Grantor's right, title, and interest in and to the real property situated in Ada County, Idaho described on`Exhibit A"attached hereto and incorporated by this reference(the"Premises"),to the City of Meridian, an Idaho municipal corporation, whose mailing address is 33 E. Broadway Avenue, Meridian, ID 83642("Grantee"). TO HAVE AND TO HOLD the Premises unto the Grantee, its heirs and assigns forever. [Remainder ofpage intentionally left blank, signature page follows.] Instrument # 2025-026463 04/30/2025 11:09:22 AM Page 2 of 4 IN WITNESS WHEROF, Grantor has executed this Quitclaim Deed effective as of 2025 GRANTOR: City o eridia a Idaho municipal corporation B : N e: obe Si: icon Title: Mayor PEED AUGUST e• Attes . z ��IA�,� _ ,O Nam C •s Jo HOw Title: City Cler SEAL s- a, FyrFR o/the 1RF% STATE OF Idaho ) ss. County of Ada ) This record was signed before me on this�i`J day of , 2025 by Robert E. Simison and Chris Johnson on behalf of the City of Meridian, an rdaho municipal corporation, in their capacitates as Mayor and City Clerk, respectively. ♦•'sense. • Q,EVE••. NoC Pub c for the State of Idaho COMMISSION; My Commission expires: #20182077 ••;� OF Tvp�. Instrument # 2025-026463 04/30/2025 11:09:22 AM Page 3 of 4 EXHIBIT A Legal Description of the Premises A parcel of land situated in a portion of the East 112 of the Northwest 1/4 and a portion of the West 112 of the Northeast 1/4 all in Section 31,Township 4 North,Range 1 West,B.M.,Ada County,Idahoand being more particularly described as follows: Commencing at an aluminum cap marking the northwest corner of said Section 31,which bears NOi}41'26"E a distance of 2,648.22 feet from an aluminum cap marking the west 1/4 comer of said Section 31,thence following the westerly line of said Government Lot 1,SOO'41'26'W a distance of 114 94 feet to a point on the southerly right-of-way line of the Five Mile brain; Thence leaving said westerly line and following said southerly right-of-way fine the following five(5) courses: 1. S81'40'25"E a distance of 10512 feet to a 5/8-inch rebar; 2. S8101'15"E a distance of 66.90 feet to a 5/8-inch rebar; 3. S65'03'47"E a distance of 1,107.27 feet to a 5/8-inch rebar, 4. 173.51 feet along the arc of a curve to the left,said curve having a radius of 480.00 feats a delta angle of 20`42'42",a chord bearing of S75'25'08"E and a chord distance of 172.57 feet to a 5/9- inch rebar; 5. S85"46'29"E a distance of 542.57 feet to a 5/84nch rebar and being the POINT OF BEGINFOilIG. Thence following said southerly right-of-way line the following four(4)courses: 1. S85°46'29"E a distance of 605.81 feet to a 5/8-inch rebar; 2. 47.39 feet along the arc of a curve to the right,said curve having a radius of 70.00 feet,a delta angle of 38'47'14",a chord bearing of S66"22'SrE and a chord distance of 46A9 feet to a 5/8- inch rebar, 3. S46'59'14"E a distance of 1,160,79 feet; 4. S60'37'31"E.a distance of 61.74 feet to the westerly fine of the"Intermountain Gas Parcel"as shown on Record of Survey No.8172(Instrument No.107169827,records of Ada County Idaho); Thence leaving said southerly right-of-way line and following the westerly lines of the'Intermountain Gas Parcel"and the"Williams Parcel"as shown on said Record of Survey,50Q'115'41'W a distance of 337.59 feet to a 1/2-inch rebar Thence leaving said westerly lines and following the southwesterly line of said'Williams Parcel% S37'40'24"E a distance of 102.36 feet to a 5/8-inch rebar on the northerly right-of-way line of Phyrmis Canal(said right-of-way line is 50-ft north of the Phyllis Canal centerline(, Thence leaving said southwesterly line and fallowing said northerly right-of-way line the following three (3)courses: 1. 559.78 feet along the arc of a curve to the right,said curve having a radius of 655.59 feet,a delta angle of 48'55'21",a chord bearing of SSl"52'35"W and a chord distance of S42.93 feet to a 5/8-inch rebar, 2. S77"46'13"W a distance of 71,28 feet to a 5/8-inch rebar, 3. S82"33'29"W a distance of 272.83 feet to a 5/8-inch rebar, Instrument # 2025-026463 04/30/2025 11:09:22 AM Page 4 of 4 Thence leaving said northerly right-of-way line,1.24.23 feet along the arc of a curve to the left,said curve having a radius of 566.50 feet,a delta angle of 12'33'53",a chord bearing of N42"52'45"Wand a chord distance of 123.98 feet to a 5/8-inch rebar; Thence N49"09'42W a distance of 761.22 feet to a 5/8-inch rebar, Thence 192,98 feet along the arc of a curve to the right,said curve having a radius of 633.50 feet,a delta angle of 17'27150,a chord bearing of N40'26'04"W and a chord distance of 192.24 feet to a SA-inch rebar; Thence S85'05'08"E a distance of 42.40 feet to a 5/8-inch rebar; Thence 359.26 feet along the arc of a curve to the right,said curve having a radius of 6W.00 filet,a delta angle of 34"18'25",a chord bearing of N16'58'13"W and a chord distance of 353.92 feet to a 5/84nch rebar; Thence N00'10'59"E a distance of 619.79 feet to the POINT 4F BEGINNING. Said parcel contains a total of 40.820 acres,more or less. Ada County Recorder Trent Tripple 2025-026462 Boise,Idaho Pgs=4 cfowler 04/30/2025 11:09:22 AM FIRST AMERICAN TITLE AND ESCROW COMPANY$15.00 Electronically Recorded After Recording Return to: City of Meridian Attn: City Cler;l- 33 E. Broadway Avenue Meridian,ID 83642 ELECTRONICALLY RECORDED-DO NOT REMOVE THE COUNTY STAMPED FIRST PAGE AS IT IS NOW INCORPORATED AS PART OF THE ORIGINAL DOCUMENT. lq23'►89(o ., TD/&Q_ For Recording Purposes Do Not Write Above This Line SPECIAL WARRANTY DEED FOR VALUE RECEIVED, Owyhee Holdings, LLC an Idaho limited liability company ("Grantor")does hereby bargain, sell; and convey unto to the City of Meridian, an Idaho municipal corporation whose mailiing address is 33 E. Broadway Avenue,Meridian, ID 83642 ("Grantee"), all of Grantor's right, title, and interest in and to the real property located in Ada County, Idaho, more specifically described on Exhibit A attached hereto and incorporated herein by this reference ("Property '). TOGETHER WITH all of Grantor's right, title and interest in and to all streets, alleys and rights of way adjacent thereto, all mineral and water rights appurtenant thereto, and all and singular tenements hereditaments and appurtenances thereunto belonging or in anywise appertaining, the reversion and reversions, remainder and remainders, rents, issues and profits thereof, and all estate, right. title and interest in and to the Property, as well in law as in equity. TO HAVE AND TO HOLD the Property with its appurtenances unto Grantee, its successors and assigns, forever. AND Grantor for itself, its successors, heirs and assigns does hereby covenant to and with Grantee that Grantor is the owner of the Property in fee simple and that the Property is free from all liens, claims or encumbrances done, made or suffered by Grantor, or any person claiming under Grantor, except (a) matters of record, (b) real property taxes and assessments for the current year that are not yet due and payable, (c) any matters which would be disclosed by an accurate survey and inspection of the Property; and (d) any matters arising from the acts or omissions of Grantee or Grantee's agents. Grantor hereby covenants to and with Grantee and its . successors, heirs, and assigns that Grantor shall warrant and defend the same against any other liens, claims, or encumbrances done, made, or suffered by Grantor, or any person claiming under Grantor, but none other. [Remainder of page intentionally left blank; signature page follows.] Instrument # 2025-026462 04/30/2025 11:09:22 AM Page 2 of 4 � I IN WITNESSW HEROF, Grantor has executed this Deed effective as of this Zlsday of f I 1 2025. GRANTOR: O�Nyhee.Holdings, LLC By: Idaho Holdings, LLC Its: Manager By: Name: Mark Bottles Its: Manager STATE OF Idaho ) ss. County of Ada ) This record was si-ned before me on this ILS"day of h � , 2025 by Mark Bottles, known or identified to me to be the Manager of Idaho Holdings, LLC, such limited liability company being the Manager of Owyhee Holdings, LLC, who executed this ecord on behalf of Owyhee Holdings, LLC. MARINA MENDOZA COMMISSION#=13 ota Public for the State of � at 4, 91 ry NOTARY PUBLIC My Commission expires: '6 25 2a27 STATE OR IDAHO PAY COMMSSION EXPIRES OSf26J17 Instrument # 2025-026462 04/30/2025 11:09:22 AM Page 3 of 4 EXHIBIT A Legal Description of the Premises A parcel of land situated in a portion of the East 1/2 of the Northwest 1/4 and a portion of the West 1/2 of the Northeast 1/4 all In Section 31,Township 4 North,Range 1 West,B•M.,Ada County,Idaho and being more particularly described as follows: Commencing at an aluminum cap marking the northwest comerof said Section 31,which bears NOO'41'26"E a distance of 2,648,22 feet from an aluminum cap marking the west 1/4 corner of said Section 31,thence foaowing the westerly line of said Government lot 1,SOV41'26"W a distance of 114.94 feet to a point on the southerly right-of-way line of the Five Mlle Ora in; Thence leaving said westerly line and following said southerly right-of-way line the following five(5) courses: 1. S81'40'25"E a distance of 105.22 feetto a 5/8-inch rebar, 2. S81001'15"E a distance of 66.90 feet to a 5/8-Inch rebar, 3. 565'03'47"E a distance of 1,107.27 feet to a 5/8-inch rebar, 4. 17351 feet along the arc of a curve to the left,said curve having a radius of 480.00 feet,a delta angle of 20'42'42",a chord bearing of S7S'25'OS"E and a chord distance of 172.57 feet to a 5/9- inch rebar, 5. S8V46'29"E a distance of 542.57 feet to a 5/8-inch rebar and being the POINT OF BEGINNING. Thence following said southerly right-of-way line the following four(4)courses: 1. 58S'46'29'E a distance of 605.81 feet to a 5/8-inch rebar; 2. 47.39 feet along the are of a curve to the right,said curve having a radius of 70.00 feet,a delta angle of 38'47'14',a chord bearing of S6622'51"E and a chord distance of 46.49 feet to a 5/8- Inch rebar; 3. S46r59'14"E a distance of 1,160.79 feet; 4. S60"37'31"E a distance of 61.74 feetto the westerly line of the"Intermountain Gas Parcel"as shown on Record of Survey No.8172(Instrument No.107169827,records of Ada County, Idaho); Thence leaving said southerly right-of-way line and following the westerly lines of the"Intermountain Gas Parcel"and the"Williams Parcel"as shown on said Record of Survey,500'05'41"W a distance of 337.59 feet to a 1/2-inch rebar; Thence leaving said westerly lines and following the southwesterly line of said"Williams Parcel", S37'40'240E a distance of 102.36 feet to a 5/8-inch rebar on the northerly right-of-way line of Phyllis Canal(said right-cf-way line is 50•ft north of the Phyllis Canal centerline); Thence leaving said southwesterly line and following said northerly right-of-way line the following three (3)courses: 1. 559.78 feet along the arc of a curve to the right,said curve having a radius of 655.59 feet,a delta angle of48'55'21",a chord bearing of55t'52'3S"W and a chord distance of S42.93 feet to a 5/8-inch rebar, 2. S77°46'13"W a distance of 71.28 feet to a 5/8-inch rebar, 3. S82'33'29"W a distance of 272.83 feet to a 5/94nch rebar; Instrument # 2025-026462 04/30/2025 11:09:22 AM Page 4 of 4 Thence leaving said northerly right-of-way line,124.23 feet along the.arc of a curve to the Lett,said 'curve having a radius of S66.SQ Feet,a delta angle of W3313",a chord bearing of NA2°52'45"1N and a chord distance iof 123.98 Feet to a 5d84nch rebar, Thence k49'W'420*W a distance of 584:13 feet,,. Thence 01M'24"E a distance of 240.00'feet; Thence IV85"QVOWW a.distance of 259.62 feet; Thence 359.26 reet along the are of.a curve to the right,said curve having a radius of 600,00 feet,a delta angle of34019751,a chord bearing of N16`58'13"W and a chord distance of3$3.92.fe€t to a 518-inch rebar; Thence NW10'59:'E a distance of 619.79 feet to the POINT OF BEGINNING. #�*}i x M t#+r�� First Arn rr ar7 ?ldcf " Owner's Policy of Title Insurance Idaho-2021 v.01.00(07-01-2021) Transaction Identification Data,for which the Company assumes no liability as set forth in Condition 9.d.: Issuing Agent: First American Title Insurance Company Issuing Office: 2150 S Bonito Way, Ste 100, Meridian, ID 83642 Issuing Office's ALTA® Registry ID: Issuing Office File Number: 4125-4231896 Property Address: +/- 39.911 Acres TBD Can Ada Rd, Nampa, ID 83687 SCHEDULE A Name and Address of Title Insurance Company: First American Title Insurance Company, 1 First American Way, Santa Ana, CA 92707 Policy Number: 4231896 Amount of Insurance: $3,925,587.00 Premium: $9,255.00 Date of Policy: April 30, 2025 at 11:09 P.M. 1. The Insured is: City of Meridian 2. The estate or interest in the Land insured by this policy is: Fee Simple 3. The Title is vested in: City of Meridian, an Idaho municipal corporation 4. The Land is described as follows: See Exhibit A attached hereto and made a part hereof *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 1 of 17 R t i r First Arn rr ar7 rM Owner's Policy of Title Insurance Idaho-2021 v.01.00(07-01-2021) SCHEDULE B Policy Number: 4231896 EXCEPTIONS FROM COVERAGE Some historical land records contain Discriminatory Covenants that are illegal and unenforceable by law. This policy treats 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 are excepted from coverage. This policy does not insure against loss or damage and the Company will not pay costs, attorneys'fees, or expenses resulting from the terms and conditions of any lease or easement identified in Schedule A, and the following matters: 1. Taxes or assessments that are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the Public Records. 2. Any facts, rights, interest, or claims which are not shown by the Public Records but that could be ascertained by an inspection of the Land or by making inquiry of persons in possession thereof. 3. Easements, claims of easement or encumbrances that are not shown by the Public Records. 4. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title including discrepancies, conflicts in boundary lines, shortage in area, or any other facts that would be disclosed by an accurate and complete land survey of the Land, and that are not shown in the Public Records. 5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b), or (c) are shown by the Public Records. 6. Any lien or right to a lien for services, labor or material, unless such lien is shown by the Public Records at Date of Policy. 7. General and Special Taxes for the year 2025, an accruing lien not due or payable until the fourth Monday in November 2025 when the bills are issued, the first half of which is not delinquent until after December 20, 2025. 8. General taxes which may be assessed and extended on any "subsequent" or "occupancy" tax roll, which may escape assessment of the regular tax roll; which are a lien not yet due or payable. 9. Any tax, fee, assessments or charges as may be levied by Ada County Trash Services. *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 2 of 17 R t i r First Arn rr ar7 rM Owner's Policy of Title Insurance Idaho-2021 v.01.00(07-01-2021) 10. Any tax, fee, assessments or charges as may be levied by Pioneer Irrigation District. 11. Any tax, fee, assessments or charges as may be levied by Nampa & Meridian Irrigation District. 12. Any tax, fee, assessments or charges as may be levied by Settlers Irrigation District. 13. Right of way for CanAda Road and McMillan Road. 14. Right of way for Phyllis Canal and Five Mile Creek (also known as Five Mile Drain). 15. Except mineral or water rights, claims or title to mineral or water. 16. Reservations in recorded United States Patent, recorded in Book 3, Page 281. 17. Reservations in recorded United States Patent, recorded in Book 5, Page 323. 18. Easement, including terms and provisions contained therein: Recording Information: Book 15 of Miscellaneous Records at Page 474 In Favor of: Idaho Power Company For: power line 19. Easement, including terms and provisions contained therein: Recording Information: 382871 In Favor of: Pacific Northwest Pipeline Corporation, a Delaware corporation For: oil and gas pipeline Modification and/or amendment by instrument: Recording Information: 7928370 20. Easement, including terms and provisions contained therein: Recording Information: 595187 In Favor of: Idaho Power Company For: power line 21. Easement, including terms and provisions contained therein: Recording Information: 875894 In Favor of: Mountain States Telephone and Telegraph Company and Intermountain Gas Company For: gas pipeline and incidental appurtenances 22. All matters disclosed by a record of survey recorded December 24, 1985 under recording no. 8567169. *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 3 of 17 R t i r First Arn rr ar7 rM Owner's Policy of Title Insurance Idaho-2021 v.01.00(07-01-2021) 23. Easement, including terms and provisions contained therein: Recording Information: 8840681 In Favor of: Idaho Power Company For: power line 24. Easement, including terms and provisions contained therein: Recording Information: 8840690 In Favor of: Idaho Power Company For: power line 25. INTENTIONALLY DELETED 26. All matters disclosed by a record of survey recorded November 5, 2007 under recording no. 107150268. 27. All matters disclosed by a record of survey recorded December 27, 2007 under recording no. 107169827. 28. All matters disclosed by a record of survey recorded May 22, 2015 under recording no. 2015-043936. 29. Utility License Agreement and the terms and conditions thereof: Between: Pioneer Irrigation District And: Intermountain Gas Company Recording Information: 2017-117997 30. License Agreement and the terms and conditions thereof: Between: Pioneer Irrigation District And: Intermountain Gas Company Recording Information: 2017-123546 31. South Collector Road Easement Agreement, recorded April 30, 2025, as Instrument No. 2025- 026464. 32. Maintenance Provisions contained in Sewer and Temporary Access Easement Agreement, recorded April 30, 2025, as Instrument No. 2025-026466. *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 4 of 17 R t i r First Arn rr ar7 rM Owner's Policy of Title Insurance Idaho-2021 v.01.00(07-01-2021) EXHIBIT A The Land referred to herein below is situated in the County of Ada, State of Idaho, and is described as follows: A parcel of land situated in a portion of the East 1/2 of the Northwest 1/4 and a portion of the West 1/2 of the Northeast 1/4 all in Section 31, Township 4 North, Range 1 West, 8,M., Ada County, Idaho and being more particularly described as follows: Commencing at an aluminum cap marking the northwest corner of said Section 31, which bears N0014126"E a distance of 2,648.22 feet from an aluminum cap marking the west 1/4 corner of said Section 31, thence following the westerly line of said Government lot 1, S00041'26"W a distance of 114.94 feet to a point on the southerly right-of-way line of the Five Mile Drain; Thence leaving said westerly line and following said southerly right-of-way line the following five (5) courses: 1. S81040'25"E a distance of 105.22 feet to a 5/8-inch rebar; 2. S81001'15"E a distance of 66.90 feet to a 5/8-inch rebar; 3. S65103'47"E a distance of 1,107.27 feet to a 5/8-inch rebar; 4. 173.51 feet along the arc of a curve to the left, said curve having a radius of 480.00 feet, a delta angle of 20042'42", a chord bearing of S75025'08"E and a chord distance of 172.57 feet to a 5/8-inch rebar; 5. S85146'29"E a distance of 542.57 feet to a 5/8-inch rebar and being the POINT OF BEGINNING. Thence following said southerly right-of-way line the following four (4) courses: 1. S85046'29"E a distance of 605.81 feet to a 5/8-inch rebar; 2. 47. 39 feet along the arc of a curve to the right, said curve having a radius of 70.00 feet, a delta angle of 3814714", a chord bearing of S66122'51"E and a chord distance of 46.49 feet to a 5/8-inch rebar; 3. S46059'14"E a distance of,160.79 feet; 4. S60037'31"E a distance of 61.74 feet to the westerly line of the "Intermountain Gas Parcel" as shown on Record of Survey No. 8172 (Instrument No. 107169827, records of Ada County, Idaho); Thence leaving said southerly right-of-way line and following the westerly lines of the "Intermountain Gas Parcel" and the "Williams Parcel" as shown on said Record of Survey, S0000541"W a distance of 337.59 feet to a 1/2-inch rebar; Thence leaving said westerly lines and following the southwesterly line of said "Williams Parcel", S37140'24"E a distance of 102.36 feet to a 5/8-Inch rebar on the northerly right-of-way line of Phyllis Canal (said right-of-way line is 50-ft north of the Phyllis Canal centerline); Thence leaving said southwesterly line and following said northerly right-of-way line the following three (3) courses: 1. 559.78 feet along the arc of a curve to the right, said curve having a radius of 655.59 feet, a delta angle of 4805521", a chord bearing of S51052'35"W and a chord distance of 542.93 feet to a 5/8-inch rebar; 2. S77046'13"W a distance of 71.28 feet to a 5/8-Inch rebar; 3. S82033'29"W a distance of 272.83 feet to a 5/8-inch rebar; *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 5 of 17 #�*}i x M t#+r�� First Arn ri aR ?ldcf " Owner's Policy of Title Insurance Idaho-2021 v.01.00(07-01-2021) Thence leaving said northerly right-of-way line, 124.23 feet along the arc of a curve to the left, said curve having a radius of 566.50 feet, a delta angle of 12133'53", a chord bearing of N42152'45"W and a chord distance of 123.98 feet to a 5/8-inch rebar; Thence N49109'42"W a distance of 584.13 feet; Thence N10008'24"E a distance of 240.00 feet; Thence N85105'08"W a distance of 259.62 feet; Thence 359.26 feet along the arc of a curve to the right, said curve having a radius of 600.00 feet, a delta angle of 34118'25", a chord bearing of N16158'13"W and a chord distance of 353.92 feet to a 5/8- inch rebar; Thence N00110'59"E a distance of 619.79 feet to the POINT OF BEGINNING. APN: SO431223100 *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 6 of 17 R t i r First Arn rr ar7 rM Owner's Policy of Title Insurance Idaho-2021 v.01.00(07-01-2021) ALTA OWNER'S POLICY OF TITLE INSURANCE issued by FIRST AMERICAN TITLE INSURANCE COMPANY This policy, when issued by the Company with a Policy Number and the Date of Policy, is valid even if this policy or any endorsement to this policy is issued electronically or lacks any signature. Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the Company at the address shown in Condition 17. COVERED RISKS SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B, AND THE CONDITIONS, FIRST AMERICAN TITLE INSURANCE COMPANY, a Nebraska corporation (the"Company"), insures as of the Date of Policy and, to the extent stated in Covered Risks 9 and 10, after the Date of Policy, against loss or damage, not exceeding the Amount of Insurance, sustained or incurred by the Insured by reason of: 1. The Title being vested other than as stated in Schedule A. 2. Any defect in or lien or encumbrance on the Title. Covered Risk 2 includes, but is not limited to, insurance against loss from: a. a defect in the Title caused by: i. forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation; ii. the failure of a person or Entity to have authorized a transfer or conveyance; iii. a document affecting the Title not properly authorized, created, executed, witnessed, sealed, acknowledged, notarized (including by remote online notarization), or delivered; iv. a failure to perform those acts necessary to create a document by electronic means authorized by law; V. a document executed under a falsified, expired, or otherwise invalid power of attorney; vi. a document not properly filed, recorded, or indexed in the Public Records, including the failure to have performed those acts by electronic means authorized by law; vii. a defective judicial or administrative proceeding; or viii. the repudiation of an electronic signature by a person that executed a document because the electronic signature on the document was not valid under applicable electronic transactions law. b. the lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but unpaid. C. the effect on the Title of an encumbrance, violation, variation, adverse circumstance, boundary line overlap, or encroachment (including an encroachment of an improvement *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 7 of 17 R t i r First Arn rr ar7 rM Owner's Policy of Title Insurance Idaho-2021 v.01.00(07-01-2021) across the boundary lines of the Land), but only if the encumbrance, violation, variation, adverse circumstance, boundary line overlap, or encroachment would have been disclosed by an accurate and complete land title survey of the Land. 3. Unmarketable Title. 4. No right of access to and from the Land. S. A violation or enforcement of a law, ordinance, permit, or governmental regulation (including those relating to building and zoning), but only to the extent of the violation or enforcement described by the enforcing governmental authority in an Enforcement Notice that identifies a restriction, regulation, or prohibition relating to: a. the occupancy, use, or enjoyment of the Land; b. the character, dimensions, or location of an improvement on the Land; C. the subdivision of the Land; or d. environmental remediation or protection on the Land. 6. An enforcement of a governmental forfeiture, police, regulatory, or national security power, but only to the extent of the enforcement described by the enforcing governmental authority in an Enforcement Notice. 7. An exercise of the power of eminent domain, but only to the extent: a. of the exercise described in an Enforcement Notice; or b. the taking occurred and is binding on a purchaser for value without Knowledge. 8. An enforcement of a PACA-PSA Trust, but only to the extent of the enforcement described in an Enforcement Notice. 9. The Title being vested other than as stated in Schedule A, the Title being defective, or the effect of a court order providing an alternative remedy: a. resulting from the avoidance, in whole or in part, of any transfer of all or any part of the Title to the Land or any interest in the Land occurring prior to the transaction vesting the Title because that prior transfer constituted a: i. fraudulent conveyance, fraudulent transfer, or preferential transfer under federal bankruptcy, state insolvency, or similar state or federal creditors' rights law; or ii. voidable transfer under the Uniform Voidable Transactions Act; or b. because the instrument vesting the Title constitutes a preferential transfer under federal bankruptcy, state insolvency, or similar state or federal creditors' rights law by reason of the failure: i. to timely record the instrument vesting the Title in the Public Records after execution and delivery of the instrument to the Insured; or ii. of the recording of the instrument vesting the Title in the Public Records to impart notice of its existence to a purchaser for value or to a judgment or lien creditor. 10. Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been created or attached or has been filed or recorded in the Public Records subsequent to the Date of Policy and prior to the recording of the deed or other instrument vesting the Title in the Public Records. *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 8 of 17 #�*}i x M t#+r�� First Arn rr ar7 ?ldcf " Owner's Policy of Title Insurance Idaho-2021 v.01.00(07-01-2021) DEFENSE OF COVERED CLAIMS The Company will also pay the costs, attorneys' fees, and expenses incurred in defense of any matter insured against by this policy, but only to the extent provided in the Conditions. FIRST AMERI AN TITLE INSURANCE COMPANY 4---- z,00, 6hw-w Sallyf- yler. President Lisa W. Cornehl. Secretary *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 9 of 17 R t i r First Arn rr ar7 rM Owner's Policy of Title Insurance Idaho-2021 v.01.00(07-01-2021) EXCLUSIONS FROM COVERAGE The following matters are excluded from the coverage of this policy, and the Company will not pay loss or damage, costs, attorneys'fees, or expenses that arise by reason of: 1. a. any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) that restricts, regulates, prohibits, or relates to: i. the occupancy, use, or enjoyment of the Land; ii. the character, dimensions, or location of any improvement on the Land; iii. the subdivision of land; or iv. environmental remediation or protection. b. any governmental forfeiture, police, regulatory, or national security power. C. the effect of a violation or enforcement of any matter excluded under Exclusion 1.a. or 1.b. Exclusion 1 does not modify or limit the coverage provided under Covered Risk 5 or 6. 2. Any power of eminent domain. Exclusion 2 does not modify or limit the coverage provided under Covered Risk 7. 3. Any defect, lien, encumbrance, adverse claim, or other matter: a. created, suffered, assumed, or agreed to by the Insured Claimant; b. not Known to the Company, not recorded in the Public Records at the Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy; C. resulting in no loss or damage to the Insured Claimant; d. attaching or created subsequent to the Date of Policy (Exclusion 3.d. does not modify or limit the coverage provided under Covered Risk 9 or 10); or e. resulting in loss or damage that would not have been sustained if consideration sufficient to qualify the Insured named in Schedule A as a bona fide purchaser had been given for the Title at the Date of Policy. 4. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights law, that the transaction vesting the Title as shown in Schedule A is a: a. fraudulent conveyance or fraudulent transfer; b. voidable transfer under the Uniform Voidable Transactions Act; or C. preferential transfer: i. to the extent the instrument of transfer vesting the Title as shown in Schedule A is not a transfer made as a contemporaneous exchange for new value; or ii. for any other reason not stated in Covered Risk 9.b. S. Any claim of a PACA-PSA Trust. Exclusion 5 does not modify or limit the coverage provided under Covered Risk 8. 6. Any lien on the Title for real estate taxes or assessments imposed or collected by a governmental authority that becomes due and payable after the Date of Policy. Exclusion 6 does not modify or limit the coverage provided under Covered Risk 2.b. 7. Any discrepancy in the quantity of the area, square footage, or acreage of the Land or of any improvement to the Land. *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 10 of 17 R t i r First Arn ri aR rM Owner's Policy of Title Insurance Idaho-2021 v.01.00(07-01-2021) CONDITIONS 1. DEFINITION OF TERMS In this policy, the following terms have the meanings given to them below. Any defined term includes both the singular and the plural, as the context requires: a. "Affiliate": An Entity: i. that is wholly owned by the Insured; ii. that wholly owns the Insured; or iii. if that Entity and the Insured are both wholly owned by the same person or entity. b. 'Amount of Insurance": The Amount of Insurance stated in Schedule A, as may be increased by Condition 8.d. or decreased by Condition 10 or 11; or increased or decreased by endorsements to this policy. C. "Date of Policy": The Date of Policy stated in Schedule A. d. "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. e. 'Enforcement Notice": A document recorded in the Public Records that describes any part of the Land and: i. is issued by a governmental agency that identifies a violation or enforcement of a law, ordinance, permit, or governmental regulation; ii. is issued by a holder of the power of eminent domain or a governmental agency that identifies the exercise of a governmental power; or iii. asserts a right to enforce a PACA PSA Trust. f. 'Entity": A corporation, partnership, trust, limited liability company, or other entity authorized by law to own title to real property in the State where the Land is located. g. "Insured": i. (a). The Insured named in Item 1 of Schedule A; (b). the successor to the Title of an Insured by operation of law as distinguished from purchase, including heirs, devisees, survivors, personal representatives, or next of kin; (c). the successor to the Title of an Insured resulting from dissolution, merger, consolidation, distribution, or reorganization; (d). the successor to the Title of an Insured resulting from its conversion to another kind of Entity; or (e). the grantee of an Insured under a deed or other instrument transferring the Title, if the grantee is: (1). an Affiliate; (2). a trustee or beneficiary of a trust created by a written instrument established for estate planning purposes by an Insured; (3). a spouse who receives the Title because of a dissolution of marriage; (4). a transferee by a transfer effective on the death of an Insured as authorized by law; or (5). another Insured named in Item 1 of Schedule A. ii. The Company reserves all rights and defenses as to any successor or grantee that the Company would have had against any predecessor Insured. h. 'Insured Claimant": An Insured claiming loss or damage arising under this policy. i. 'Knowledge" or"Known": Actual knowledge or actual notice, but not constructive notice imparted by the Public Records. j. 'Land": The land described in Item 4 of Schedule A and improvements located on that land at the Date of Policy 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 *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 11 of 17 R t i r First Arn ri aR rM Owner's Policy of Title Insurance Idaho-2021 v.01.00(07-01-2021) not modify or limit the extent that a right of access to and from the Land is insured by this policy. k. "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. I. "PACA-PSA Trust": A trust under the federal Perishable Agricultural Commodities Act or the federal Packers and Stockyards Act or a similar State or federal law. M. 'Public Records": The recording or filing system established under State statutes in effect at the Date of Policy 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. n. '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. o. "Title": The estate or interest in the Land identified in Item 2 of Schedule A. P. "Unmarketable Title": The Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title or a lender on the Title to be released from the obligation to purchase, lease, or lend if there is a contractual condition requiring the delivery of marketable title. 2. CONTINUATION OF COVERAGE This policy continues as of the Date of Policy in favor of an Insured, so long as the Insured: a. retains an estate or interest in the Land; b. owns an obligation secured by a purchase money Mortgage given by a purchaser from the Insured; or C. has liability for warranties given by the Insured in any transfer or conveyance of the Insured's Title. Except as provided in Condition 2, this policy terminates and ceases to have any further force or effect after the Insured conveys the Title. This policy does not continue in force or effect in favor of any person or entity that is not the Insured and acquires the Title or an obligation secured by a purchase money Mortgage given to the Insured. 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT The Insured must notify the Company promptly in writing if the Insured has Knowledge of: a. any litigation or other matter for which the Company may be liable under this policy; or b. any rejection of the Title as Unmarketable Title. If the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company's liability to the Insured Claimant under this policy is reduced to the extent of the prejudice. 4. PROOF OF LOSS The Company may, at its option, require as a condition of payment that the Insured Claimant furnish a signed proof of loss. The proof of loss must describe the defect, lien, encumbrance, adverse claim, or other matter insured against by this policy that constitutes the basis of loss or damage and must state, to the extent possible, the basis of calculating the amount of the loss or damage. 5. DEFENSE AND PROSECUTION OF ACTIONS a. Upon written request by the Insured and subject to the options contained in Condition 7, the Company, at its own cost and without unreasonable delay, will provide for the defense of an Insured in litigation in which any third party asserts a claim covered by this policy adverse to the Insured. This obligation is limited to only those stated causes of action alleging matters insured against by this policy. The Company has the right to select counsel of its choice (subject to the right of the Insured to object for reasonable cause) to represent the Insured as to those covered causes of action. The Company is not liable for and will not pay the fees of any other counsel. The *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 12 of 17 R t i r First Arn ri aR rM Owner's Policy of Title Insurance Idaho-2021 v.01.00(07-01-2021) Company will not pay any fees, costs, or expenses incurred by the Insured in the defense of any cause of action that alleges matters not insured against by this policy. b. The Company has the right, in addition to the options contained in Condition 7, at its own cost, to institute and prosecute any action or proceeding or to do any other act that, in its opinion, may be necessary or desirable to establish the Title, as insured, or to prevent or reduce loss or damage to the Insured. The Company may take any appropriate action under the terms of this policy, whether or not it is liable to the Insured. The Company's exercise of these rights is not an admission of liability or waiver of any provision of this policy. If the Company exercises its rights under Condition 5.b., it must do so diligently. C. When the Company brings an action or asserts a defense as required or permitted by this policy, the Company may pursue the litigation to a final determination by a court having jurisdiction. The Company reserves the right, in its sole discretion, to appeal any adverse judgment or order. 6. DUTY OF INSURED CLAIMANT TO COOPERATE a. When this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding and any appeals, the Insured will secure to the Company the right to prosecute or provide defense in the action or proceeding, including the right to use, at its option, the name of the Insured for this purpose. When requested by the Company, the Insured, at the Company's expense, must give the Company all reasonable aid in: i. securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement; and ii. any other lawful act that in the opinion of the Company may be necessary or desirable to establish the Title or any other matter, as insured. If the Company is prejudiced by any failure of the Insured to furnish the required cooperation, the Company's liability and obligations to the Insured under this policy terminate, including any obligation to defend, prosecute, or continue any litigation, regarding the matter requiring such cooperation. b. The Company may reasonably require the Insured Claimant to submit to examination under oath by any authorized representative of the Company and to produce for examination, inspection, and copying, at such reasonable times and places as may be designated by the authorized representative of the Company, all records, in whatever medium maintained, including books, ledgers, checks, memoranda, correspondence, reports, e-mails, disks, tapes, and videos, whether bearing a date before or after the Date of Policy, that reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the Insured Claimant must grant its permission, in writing, for any authorized representative of the Company to examine, inspect, and copy all the records in the custody or control of a third party that reasonably pertain to the loss or damage. No information designated in writing as confidential by the Insured Claimant provided to the Company pursuant to Condition 6 will be later disclosed to others unless, in the reasonable judgment of the Company, disclosure is necessary in the administration of the claim or required by law. Any failure of the Insured Claimant to submit for examination under oath, produce any reasonably requested information, or grant permission to secure reasonably necessary information from third parties as required in Condition 6.b., unless prohibited by law, terminates any liability of the Company under this policy as to that claim. 7. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF LIABILITY In case of a claim under this policy, the Company has the following additional options: a. To Pay or Tender Payment of the Amount of Insurance To pay or tender payment of the Amount of Insurance under this policy. In addition, the Company will pay any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment or tender of payment and that the Company is obligated to pay. Upon the exercise by the Company of this option provided for in Condition 7.a., the Company's *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 13 of 17 R t i r First Arn ri aR rM Owner's Policy of Title Insurance Idaho-2021 v.01.00(07-01-2021) liability and obligations to the Insured under this policy terminate, including any obligation to defend, prosecute, or continue any litigation. b. To Pay or Otherwise Settle with Parties other than the Insured or with the Insured Claimant i. To pay or otherwise settle with parties other than the Insured for or in the name of the Insured Claimant. In addition, the Company will pay any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay; or ii. To pay or otherwise settle with the Insured Claimant the loss or damage provided for under this policy. In addition, the Company will pay any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay. Upon the exercise by the Company of either option provided for in Condition 7.b., the Company's liability and obligations to the Insured under this policy for the claimed loss or damage terminate, including any obligation to defend, prosecute, or continue any litigation. S. CONTRACT OF INDEMNITY; DETERMINATION AND EXTENT OF LIABILITY This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by an Insured Claimant who has suffered loss or damage by reason of matters insured against by this policy. This policy is not an abstract of the Title, report of the condition of the Title, legal opinion, opinion of the Title, or other representation of the status of the Title. All claims asserted under this policy are based in contract and are restricted to the terms and provisions of this policy. The Company is not liable for any claim alleging negligence or negligent misrepresentation arising from or in connection with this policy or the determination of the insurability of the Title. a. The extent of liability of the Company for loss or damage under this policy does not exceed the lesser of: i. the Amount of Insurance; or ii. the difference between the fair market value of the Title, as insured, and the fair market value of the Title subject to the matter insured against by this policy. b. Except as provided in Condition 8.c. or 8.d., the fair market value of the Title in Condition 8.a.ii. is calculated using the date the Insured discovers the defect, lien, encumbrance, adverse claim, or other matter insured against by this policy. C. If, at the Date of Policy, the Title to all of the Land is void by reason of a matter insured against by this policy, then the Insured Claimant may, by written notice given to the Company, elect to use the Date of Policy as the date for calculating the fair market value of the Title in Condition 8.a.ii. d. If the Company pursues its rights under Condition 5.b. and is unsuccessful in establishing the Title, as insured: i. the Amount of Insurance will be increased by 15%; and ii. the Insured Claimant may, by written notice given to the Company, elect, as an alternative to the dates set forth in Condition 8.b. or, if it applies, 8.c., to use either the date the settlement, action, proceeding, or other act described in Condition 5.b. is concluded or the date the notice of claim required by Condition 3 is received by the Company as the date for calculating the fair market value of the Title in Condition 8.a.ii. e. In addition to the extent of liability for loss or damage under Conditions 8.a. and 8.d., the Company will also pay the costs, attorneys' fees, and expenses incurred in accordance with Conditions 5 and 7. 9. LIMITATION OF LIABILITY a. The Company fully performs its obligations and is not liable for any loss or damage caused to the Insured if the Company accomplishes any of the following in a reasonable manner: i. removes the alleged defect, lien, encumbrance, adverse claim, or other matter; ii. cures the lack of a right of access to and from the Land; or iii. cures the claim of Unmarketable Title, all as insured. The Company may do so by any method, including litigation and the completion of *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 14 of 17 R t First Arn ri aR rM Owner's Policy of Title Insurance Idaho-2021 v.01.00(07-01-2021) any appeals. b. The Company is not liable for loss or damage arising out of any litigation, including litigation by the Company or with the Company's consent, until a State or federal court having jurisdiction makes a final, non-appealable determination adverse to the Title. C. The Company is not liable for loss or damage to the Insured for liability voluntarily assumed by the Insured in settling any claim or suit without the prior written consent of the Company. d. The Company is not liable for the content of the Transaction Identification Data, if any. 10. REDUCTION OR TERMINATION OF INSURANCE All payments under this policy, except payments made for costs, attorneys'fees, and expenses, reduce the Amount of Insurance by the amount of the payment. 11. LIABILITY NONCUMULATIVE The Amount of Insurance will be reduced by any amount the Company pays under any policy insuring a Mortgage to which exception is taken in Schedule B or to which the Insured has agreed, assumed, or taken subject, or which is executed by an Insured after the Date of Policy and which is a charge or lien on the Title, and the amount so paid will be deemed a payment to the Insured under this policy. 12. PAYMENT OF LOSS When liability and the extent of loss or damage are determined in accordance with the Conditions, the Company will pay the loss or damage within 30 days. 13. COMPANY'S RECOVERY AND SUBROGATION RIGHTS UPON SETTLEMENT AND PAYMENT a. If the Company settles and pays a claim under this policy, it is subrogated and entitled to the rights and remedies of the Insured Claimant in the Title and all other rights and remedies in respect to the claim that the Insured Claimant has against any person, entity, or property to the fullest extent permitted by law, but limited to the amount of any loss, costs, attorneys'fees, and expenses paid by the Company. If requested by the Company, the Insured Claimant must execute documents to transfer these rights and remedies to the Company. The Insured Claimant permits the Company to sue, compromise, or settle in the name of the Insured Claimant and to use the name of the Insured Claimant in any transaction or litigation involving these rights and remedies. b. If a payment on account of a claim does not fully cover the loss of the Insured Claimant, the Company defers the exercise of its subrogation right until after the Insured Claimant fully recovers its loss. C. The Company's subrogation right includes the Insured's rights to indemnity, guaranty, warranty, insurance policy, or bond, despite any provision in those instruments that addresses recovery or subrogation rights. 14. POLICY ENTIRE CONTRACT a. This policy together with all endorsements, if any, issued by the Company is the entire policy and contract between the Insured and the Company. In interpreting any provision of this policy, this policy will be construed as a whole. This policy and any endorsement to this policy may be evidenced by electronic means authorized by law. b. Any amendment of this policy must be by a written endorsement issued by the Company. To the extent any term or provision of an endorsement is inconsistent with any term or provision of this policy, the term or provision of the endorsement controls. Unless the endorsement expressly states, it does not: i. modify any prior endorsement, ii. extend the Date of Policy, iii. insure against loss or damage exceeding the Amount of Insurance, or iv. increase the Amount of Insurance. 15. SEVERABILITY *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 15 of 17 R t i r First Arn ricaR rM Owner's Policy of Title Insurance Idaho-2021 v.01.00(07-01-2021) In the event any provision of this policy, in whole or in part, is held invalid or unenforceable under applicable law, this policy will be deemed not to include that provision or the part held to be invalid, but all other provisions will remain in full force and effect. 16. CHOICE OF LAW AND CHOICE OF FORUM a. Choice of Law The Company has underwritten the risks covered by this policy and determined the premium charged in reliance upon the State law affecting interests in real property and the State law applicable to the interpretation, rights, remedies, or enforcement of policies of title insurance of the State where the Land is located. The State law of the State where the Land is located, or to the extent it controls, federal law, will determine the validity of claims against the Title and the interpretation and enforcement of the terms of this policy, without regard to conflicts of law principles to determine the applicable law. b. Choice of Forum Any litigation or other proceeding brought by the Insured against the Company must be filed only in a State or federal court having jurisdiction. 17. NOTICES Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the Company at: First American Title Insurance Company, Attn: Claims National Intake Center, 1 First American Way, Santa Ana, California 92707. Phone: 888-632- 1642(claims.nic@firstam.com). 18. CLASS ACTION ALL CLAIMS AND DISPUTES ARISING OUT OF OR RELATING TO THIS POLICY, INCLUDING ANY SERVICE OR OTHER MATTER IN CONNECTION WITH ISSUING THIS POLICY, ANY BREACH OF A POLICY PROVISION, OR ANY OTHER CLAIM OR DISPUTE ARISING OUT OF OR RELATING TO THE TRANSACTION GIVING RISE TO THIS POLICY, MUST BE BROUGHT IN AN INDIVIDUAL CAPACITY. NO PARTY MAY SERVE AS PLAINTIFF, CLASS MEMBER, OR PARTICIPANT IN ANY CLASS, REPRESENTATIVE, OR PRIVATE ATTORNEY GENERAL PROCEEDING. 19. ARBITRATION a. All claims and disputes arising out of or relating to this policy, including any service or other matter in connection with issuing this policy, any breach of a policy provision, or any other claim or dispute arising out of or relating to the transaction giving rise to this policy, may be resolved by arbitration. If the Amount of Insurance is $2,000,000 or less, any claim or dispute may be submitted to binding arbitration at the election of either the Company or the Insured. If the Amount of Insurance is greater than $2,000,000, any claim or dispute may be submitted to binding arbitration only when agreed to by both the Company and the Insured. Arbitration must be conducted pursuant to the Title Insurance Arbitration Rules of the American Land Title Association ("ALTA Rules'. The ALTA Rules are available online at www.alta.org/arbitration. The ALTA Rules incorporate, as appropriate to a particular dispute, the Consumer Arbitration Rules and Commercial Arbitration Rules of the American Arbitration Association ("AAA Rules"). The AAA Rules are available online at www.adr.org. b. ALL CLAIMS AND DISPUTES MUST BE BROUGHT IN AN INDIVIDUAL CAPACITY. NO PARTY MAY SERVE AS PLAINTIFF, CLASS MEMBER, OR PARTICIPANT IN ANY CLASS, REPRESENTATIVE, OR PRIVATE ATTORNEY GENERAL PROCEEDING IN ANY ARBITRATION GOVERNED BY CONDITION 19. The arbitrator does not have authority to conduct any class action arbitration, private attorney general arbitration, or arbitration involving joint or consolidated claims under any circumstance. C. If there is a final judicial determination that a request for particular relief cannot be arbitrated in accordance with this Condition 19, then only that request for particular relief may be brought in court.All other requests for relief remain subject to this Condition 19. d. The Company will pay all AAA filing, administration, and arbitrator fees of the consumer when the *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 16 of 17 #�*}i x M t#+r�� First Arn ri aR ?ldcf " Owner's Policy of Title Insurance Idaho-2021 v.01.00(07-01-2021) arbitration seeks relief of $100,000 or less. Other fees will be allocated in accordance with the applicable AAA Rules. The results of arbitration will be binding upon the parties. The arbitrator may consider, but is not bound by, rulings in prior arbitrations involving different parties. The arbitrator is bound by rulings in prior arbitrations involving the same parties to the extent required by law. The arbitrator must issue a written decision sufficient to explain the findings and conclusions on which the award is based. Judgment upon the award rendered by the arbitrator may be entered in any State or federal court having jurisdiction. *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 17 of 17 #�*}i x M t#+r�� First Arn rr ar7 ?ldcf " Owner's Policy of Title Insurance Idaho- 2021 v.01.00(07-01-2021) Transaction Identification Data,for which the Company assumes no liability as set forth in Condition 9.d.: Issuing Agent: First American Title Insurance Company Issuing Office: 2150 S Bonito Way, Ste 100, Meridian, ID 83642 Issuing Office's ALTA@ Registry ID: Issuing Office File Number: 4125-4250575 Property Address: TBD, Nampa, ID 83697 SCHEDULE A Name and Address of Title Insurance Company: First American Title Insurance Company, 1 First American Way, Santa Ana, CA 92707 Policy Number:4250575 Amount of Insurance: $168,684.00 Premium: $923.00 Date of Policy: April 30, 2025 at 11:06 A.M. 1. The Insured is: City of Meridian 2. The estate or interest in the Land insured by this policy is: Fee Simple 3. The Title is vested in: City of Meridian, an Idaho municipal corporation 4. The Land is described as follows: See Exhibit A attached hereto and made a part hereof *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 1 of 15 R t i r First Arn rr ar7 rM Owner's Policy of Title Insurance Idaho- 2021 v.01.00(07-01-2021) SCHEDULE B Policy Number: 4250575 EXCEPTIONS FROM COVERAGE Some historical land records contain Discriminatory Covenants that are illegal and unenforceable by law. This policy treats 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 are excepted from coverage. This policy does not insure against loss or damage and the Company will not pay costs, attorneys'fees, or expenses resulting from the terms and conditions of any lease or easement identified in Schedule A, and the following matters: 1. Taxes or assessments that are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the Public Records. 2. Any facts, rights, interest, or claims which are not shown by the Public Records but that could be ascertained by an inspection of the Land or by making inquiry of persons in possession thereof. 3. Easements, claims of easement or encumbrances that are not shown by the Public Records. 4. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title including discrepancies, conflicts in boundary lines, shortage in area, or any other facts that would be disclosed by an accurate and complete land survey of the Land, and that are not shown in the Public Records. 5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b), or (c) are shown by the Public Records. 6. Any lien or right to a lien for services, labor or material, unless such lien is shown by the Public Records at Date of Policy. 7. General and Special Taxes for the year 2025, an accruing lien not due or payable until the fourth Monday in November 2025 when the bills are issued, the first half of which is not delinquent until after December 20, 2025. 8. General taxes which may be assessed and extended on any "subsequent" or "occupancy" tax roll, which may escape assessment of the regular tax roll; which are a lien not yet due or payable. 9. Any tax, fee, assessments or charges as may be levied by Ada County Trash Service. *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 2 of 15 R t i r First Arn rr ar7 rM Owner's Policy of Title Insurance Idaho- 2021 v.01.00(07-01-2021) 10. Any tax, fee, assessments or charges as may be levied by Pioneer Irrigation District. 11. Any tax, fee, assessments or charges as may be levied by Nampa Meridian Irrigation District. 12. Except mineral or water rights, claims or title to mineral or water. 13. Easement, including terms and provisions contained therein: Recording Information: 382871 In Favor of: Pacific Northwest Pipeline Corporation For: right of way 14. An oil and gas lease and the terms and conditions thereof. Lessor: Walter L Henderson Lessee: Standard Oil Company of California Term: undisclosed Dated: November 2, 1971 Recorded: March 20, 1972 Recording Information: 800098 15. All matters disclosed by a record of survey recorded May 22, 2015 under recording no. 2015-043936. 16. Utility License Agreement and the terms and conditions thereof: Between: Pioneer Irrigation District And: Intermountain Gas Company Recording Information: 2017-117997 17. License Agreement and the terms and conditions thereof: Between: Pioneer Irrigation District And: Intermountain Gas Company Recording Information: 2017-023424 18. Lack of a right of access to and from the land. *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 3 of 15 R t i r First Arn rr ar7 rM Owner's Policy of Title Insurance Idaho- 2021 v.01.00(07-01-2021) EXHIBIT A The Land referred to herein below is situated in the County of Ada, State of Idaho, and is described as follows: A parcel of land situated in a portion of the Southeast 1/4 of the Northwest 1/4 of Section 31, Township 4 North, Range 1 West, B.M., Ada County, Idaho and being more particularly described as follows: Commencing at an aluminum cap marking the west 1/4 corner of said Section 31, which bears S00141'26"W a distance of 2,648.22 feet from an aluminum cap marking the northwest corner of said Section 31, thence following the westerly line of the Northwest 1/4 of said Section 31, N00041'26"E a distance of 1,170.92 feet; Thence leaving said westerly line, S85005'08"E a distance of 1,965.07 feet to the POINT OF BEGINNING. Thence S85005'08"E a distance of 302.02 feet to a 5/8-inch rebar; Thence S10108'24"W a distance of 240.00 feet to a 5/8-inch rebar; Thence N49009'42"W a distance of 177.09 feet to a 5/8-inch rebar; Thence 192.98 feet along the arc of a curve to the right, said curve having a radius of 633.50 feet, a delta angle of 1702715", a chord bearing of N40126'04"W and a chord distance of 192.24 feet the POINT OF BEGINNING. APN: SO431233660 *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 4 of 15 R t i r First Arn rr ar7 rM Owner's Policy of Title Insurance Idaho- 2021 v.01.00(07-01-2021) ALTA OWNER'S POLICY OF TITLE INSURANCE issued by FIRST AMERICAN TITLE INSURANCE COMPANY This policy, when issued by the Company with a Policy Number and the Date of Policy, is valid even if this policy or any endorsement to this policy is issued electronically or lacks any signature. Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the Company at the address shown in Condition 17. COVERED RISKS SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B, AND THE CONDITIONS, FIRST AMERICAN TITLE INSURANCE COMPANY, a Nebraska corporation (the"Company"), insures as of the Date of Policy and, to the extent stated in Covered Risks 9 and 10, after the Date of Policy, against loss or damage, not exceeding the Amount of Insurance, sustained or incurred by the Insured by reason of: 1. The Title being vested other than as stated in Schedule A. 2. Any defect in or lien or encumbrance on the Title. Covered Risk 2 includes, but is not limited to, insurance against loss from: a. a defect in the Title caused by: i. forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation; ii. the failure of a person or Entity to have authorized a transfer or conveyance; iii. a document affecting the Title not properly authorized, created, executed, witnessed, sealed, acknowledged, notarized (including by remote online notarization), or delivered; iv. a failure to perform those acts necessary to create a document by electronic means authorized by law; V. a document executed under a falsified, expired, or otherwise invalid power of attorney; vi. a document not properly filed, recorded, or indexed in the Public Records, including the failure to have performed those acts by electronic means authorized by law; vii. a defective judicial or administrative proceeding; or viii. the repudiation of an electronic signature by a person that executed a document because the electronic signature on the document was not valid under applicable electronic transactions law. b. the lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but unpaid. C. the effect on the Title of an encumbrance, violation, variation, adverse circumstance, boundary line overlap, or encroachment (including an encroachment of an improvement *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 5 of 15 R t i r First Arn rr ar7 rM Owner's Policy of Title Insurance Idaho- 2021 v.01.00(07-01-2021) across the boundary lines of the Land), but only if the encumbrance, violation, variation, adverse circumstance, boundary line overlap, or encroachment would have been disclosed by an accurate and complete land title survey of the Land. 3. Unmarketable Title. 4. No right of access to and from the Land. S. A violation or enforcement of a law, ordinance, permit, or governmental regulation (including those relating to building and zoning), but only to the extent of the violation or enforcement described by the enforcing governmental authority in an Enforcement Notice that identifies a restriction, regulation, or prohibition relating to: a. the occupancy, use, or enjoyment of the Land; b. the character, dimensions, or location of an improvement on the Land; C. the subdivision of the Land; or d. environmental remediation or protection on the Land. 6. An enforcement of a governmental forfeiture, police, regulatory, or national security power, but only to the extent of the enforcement described by the enforcing governmental authority in an Enforcement Notice. 7. An exercise of the power of eminent domain, but only to the extent: a. of the exercise described in an Enforcement Notice; or b. the taking occurred and is binding on a purchaser for value without Knowledge. 8. An enforcement of a PACA-PSA Trust, but only to the extent of the enforcement described in an Enforcement Notice. 9. The Title being vested other than as stated in Schedule A, the Title being defective, or the effect of a court order providing an alternative remedy: a. resulting from the avoidance, in whole or in part, of any transfer of all or any part of the Title to the Land or any interest in the Land occurring prior to the transaction vesting the Title because that prior transfer constituted a: i. fraudulent conveyance, fraudulent transfer, or preferential transfer under federal bankruptcy, state insolvency, or similar state or federal creditors' rights law; or ii. voidable transfer under the Uniform Voidable Transactions Act; or b. because the instrument vesting the Title constitutes a preferential transfer under federal bankruptcy, state insolvency, or similar state or federal creditors' rights law by reason of the failure: i. to timely record the instrument vesting the Title in the Public Records after execution and delivery of the instrument to the Insured; or ii. of the recording of the instrument vesting the Title in the Public Records to impart notice of its existence to a purchaser for value or to a judgment or lien creditor. 10. Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been created or attached or has been filed or recorded in the Public Records subsequent to the Date of Policy and prior to the recording of the deed or other instrument vesting the Title in the Public Records. *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 6 of 15 #�*}i x M t#+r�� First Arn rr ar7 ?ldcf " Owner's Policy of Title Insurance Idaho- 2021 v.01.00(07-01-2021) DEFENSE OF COVERED CLAIMS The Company will also pay the costs, attorneys' fees, and expenses incurred in defense of any matter insured against by this policy, but only to the extent provided in the Conditions. FIRST AMERI AN TITLE INSURANCE COMPANY 4---- z,00, 6hw-w Sallyf- yler. President Lisa W. Cornehl. Secretary *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 7 of 15 R t i r First Arn rr ar7 rM Owner's Policy of Title Insurance Idaho- 2021 v.01.00(07-01-2021) EXCLUSIONS FROM COVERAGE The following matters are excluded from the coverage of this policy, and the Company will not pay loss or damage, costs, attorneys'fees, or expenses that arise by reason of: 1. a. any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) that restricts, regulates, prohibits, or relates to: i. the occupancy, use, or enjoyment of the Land; ii. the character, dimensions, or location of any improvement on the Land; iii. the subdivision of land; or iv. environmental remediation or protection. b. any governmental forfeiture, police, regulatory, or national security power. C. the effect of a violation or enforcement of any matter excluded under Exclusion 1.a. or 1.b. Exclusion 1 does not modify or limit the coverage provided under Covered Risk 5 or 6. 2. Any power of eminent domain. Exclusion 2 does not modify or limit the coverage provided under Covered Risk 7. 3. Any defect, lien, encumbrance, adverse claim, or other matter: a. created, suffered, assumed, or agreed to by the Insured Claimant; b. not Known to the Company, not recorded in the Public Records at the Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy; C. resulting in no loss or damage to the Insured Claimant; d. attaching or created subsequent to the Date of Policy (Exclusion 3.d. does not modify or limit the coverage provided under Covered Risk 9 or 10); or e. resulting in loss or damage that would not have been sustained if consideration sufficient to qualify the Insured named in Schedule A as a bona fide purchaser had been given for the Title at the Date of Policy. 4. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights law, that the transaction vesting the Title as shown in Schedule A is a: a. fraudulent conveyance or fraudulent transfer; b. voidable transfer under the Uniform Voidable Transactions Act; or C. preferential transfer: i. to the extent the instrument of transfer vesting the Title as shown in Schedule A is not a transfer made as a contemporaneous exchange for new value; or ii. for any other reason not stated in Covered Risk 9.b. S. Any claim of a PACA-PSA Trust. Exclusion 5 does not modify or limit the coverage provided under Covered Risk 8. 6. Any lien on the Title for real estate taxes or assessments imposed or collected by a governmental authority that becomes due and payable after the Date of Policy. Exclusion 6 does not modify or limit the coverage provided under Covered Risk 2.b. 7. Any discrepancy in the quantity of the area, square footage, or acreage of the Land or of any improvement to the Land. *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 8 of 15 R t i r First Arn ri aR rM Owner's Policy of Title Insurance Idaho- 2021 v.01.00(07-01-2021) CONDITIONS 1. DEFINITION OF TERMS In this policy, the following terms have the meanings given to them below. Any defined term includes both the singular and the plural, as the context requires: a. "Affiliate": An Entity: i. that is wholly owned by the Insured; ii. that wholly owns the Insured; or iii. if that Entity and the Insured are both wholly owned by the same person or entity. b. 'Amount of Insurance": The Amount of Insurance stated in Schedule A, as may be increased by Condition 8.d. or decreased by Condition 10 or 11; or increased or decreased by endorsements to this policy. C. "Date of Policy": The Date of Policy stated in Schedule A. d. "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. e. 'Enforcement Notice": A document recorded in the Public Records that describes any part of the Land and: i. is issued by a governmental agency that identifies a violation or enforcement of a law, ordinance, permit, or governmental regulation; ii. is issued by a holder of the power of eminent domain or a governmental agency that identifies the exercise of a governmental power; or iii. asserts a right to enforce a PACA PSA Trust. f. 'Entity": A corporation, partnership, trust, limited liability company, or other entity authorized by law to own title to real property in the State where the Land is located. g. "Insured": i. (a). The Insured named in Item 1 of Schedule A; (b). the successor to the Title of an Insured by operation of law as distinguished from purchase, including heirs, devisees, survivors, personal representatives, or next of kin; (c). the successor to the Title of an Insured resulting from dissolution, merger, consolidation, distribution, or reorganization; (d). the successor to the Title of an Insured resulting from its conversion to another kind of Entity; or (e). the grantee of an Insured under a deed or other instrument transferring the Title, if the grantee is: (1). an Affiliate; (2). a trustee or beneficiary of a trust created by a written instrument established for estate planning purposes by an Insured; (3). a spouse who receives the Title because of a dissolution of marriage; (4). a transferee by a transfer effective on the death of an Insured as authorized by law; or (5). another Insured named in Item 1 of Schedule A. ii. The Company reserves all rights and defenses as to any successor or grantee that the Company would have had against any predecessor Insured. h. 'Insured Claimant": An Insured claiming loss or damage arising under this policy. i. 'Knowledge" or"Known": Actual knowledge or actual notice, but not constructive notice imparted by the Public Records. j. 'Land": The land described in Item 4 of Schedule A and improvements located on that land at the Date of Policy 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 *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 9 of 15 R t i r First Arn ri aR rM Owner's Policy of Title Insurance Idaho- 2021 v.01.00(07-01-2021) not modify or limit the extent that a right of access to and from the Land is insured by this policy. k. "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. I. "PACA-PSA Trust": A trust under the federal Perishable Agricultural Commodities Act or the federal Packers and Stockyards Act or a similar State or federal law. M. 'Public Records": The recording or filing system established under State statutes in effect at the Date of Policy 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. n. '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. o. "Title": The estate or interest in the Land identified in Item 2 of Schedule A. P. "Unmarketable Title": The Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title or a lender on the Title to be released from the obligation to purchase, lease, or lend if there is a contractual condition requiring the delivery of marketable title. 2. CONTINUATION OF COVERAGE This policy continues as of the Date of Policy in favor of an Insured, so long as the Insured: a. retains an estate or interest in the Land; b. owns an obligation secured by a purchase money Mortgage given by a purchaser from the Insured; or C. has liability for warranties given by the Insured in any transfer or conveyance of the Insured's Title. Except as provided in Condition 2, this policy terminates and ceases to have any further force or effect after the Insured conveys the Title. This policy does not continue in force or effect in favor of any person or entity that is not the Insured and acquires the Title or an obligation secured by a purchase money Mortgage given to the Insured. 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT The Insured must notify the Company promptly in writing if the Insured has Knowledge of: a. any litigation or other matter for which the Company may be liable under this policy; or b. any rejection of the Title as Unmarketable Title. If the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company's liability to the Insured Claimant under this policy is reduced to the extent of the prejudice. 4. PROOF OF LOSS The Company may, at its option, require as a condition of payment that the Insured Claimant furnish a signed proof of loss. The proof of loss must describe the defect, lien, encumbrance, adverse claim, or other matter insured against by this policy that constitutes the basis of loss or damage and must state, to the extent possible, the basis of calculating the amount of the loss or damage. 5. DEFENSE AND PROSECUTION OF ACTIONS a. Upon written request by the Insured and subject to the options contained in Condition 7, the Company, at its own cost and without unreasonable delay, will provide for the defense of an Insured in litigation in which any third party asserts a claim covered by this policy adverse to the Insured. This obligation is limited to only those stated causes of action alleging matters insured against by this policy. The Company has the right to select counsel of its choice (subject to the right of the Insured to object for reasonable cause) to represent the Insured as to those covered causes of action. The Company is not liable for and will not pay the fees of any other counsel. The *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 10 of 15 R t i r First Arn ri aR rM Owner's Policy of Title Insurance Idaho- 2021 v.01.00(07-01-2021) Company will not pay any fees, costs, or expenses incurred by the Insured in the defense of any cause of action that alleges matters not insured against by this policy. b. The Company has the right, in addition to the options contained in Condition 7, at its own cost, to institute and prosecute any action or proceeding or to do any other act that, in its opinion, may be necessary or desirable to establish the Title, as insured, or to prevent or reduce loss or damage to the Insured. The Company may take any appropriate action under the terms of this policy, whether or not it is liable to the Insured. The Company's exercise of these rights is not an admission of liability or waiver of any provision of this policy. If the Company exercises its rights under Condition 5.b., it must do so diligently. C. When the Company brings an action or asserts a defense as required or permitted by this policy, the Company may pursue the litigation to a final determination by a court having jurisdiction. The Company reserves the right, in its sole discretion, to appeal any adverse judgment or order. 6. DUTY OF INSURED CLAIMANT TO COOPERATE a. When this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding and any appeals, the Insured will secure to the Company the right to prosecute or provide defense in the action or proceeding, including the right to use, at its option, the name of the Insured for this purpose. When requested by the Company, the Insured, at the Company's expense, must give the Company all reasonable aid in: i. securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement; and ii. any other lawful act that in the opinion of the Company may be necessary or desirable to establish the Title or any other matter, as insured. If the Company is prejudiced by any failure of the Insured to furnish the required cooperation, the Company's liability and obligations to the Insured under this policy terminate, including any obligation to defend, prosecute, or continue any litigation, regarding the matter requiring such cooperation. b. The Company may reasonably require the Insured Claimant to submit to examination under oath by any authorized representative of the Company and to produce for examination, inspection, and copying, at such reasonable times and places as may be designated by the authorized representative of the Company, all records, in whatever medium maintained, including books, ledgers, checks, memoranda, correspondence, reports, e-mails, disks, tapes, and videos, whether bearing a date before or after the Date of Policy, that reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the Insured Claimant must grant its permission, in writing, for any authorized representative of the Company to examine, inspect, and copy all the records in the custody or control of a third party that reasonably pertain to the loss or damage. No information designated in writing as confidential by the Insured Claimant provided to the Company pursuant to Condition 6 will be later disclosed to others unless, in the reasonable judgment of the Company, disclosure is necessary in the administration of the claim or required by law. Any failure of the Insured Claimant to submit for examination under oath, produce any reasonably requested information, or grant permission to secure reasonably necessary information from third parties as required in Condition 6.b., unless prohibited by law, terminates any liability of the Company under this policy as to that claim. 7. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF LIABILITY In case of a claim under this policy, the Company has the following additional options: a. To Pay or Tender Payment of the Amount of Insurance To pay or tender payment of the Amount of Insurance under this policy. In addition, the Company will pay any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment or tender of payment and that the Company is obligated to pay. Upon the exercise by the Company of this option provided for in Condition 7.a., the Company's *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 11 of 15 R t i r First Arn ri aR rM Owner's Policy of Title Insurance Idaho- 2021 v.01.00(07-01-2021) liability and obligations to the Insured under this policy terminate, including any obligation to defend, prosecute, or continue any litigation. b. To Pay or Otherwise Settle with Parties other than the Insured or with the Insured Claimant i. To pay or otherwise settle with parties other than the Insured for or in the name of the Insured Claimant. In addition, the Company will pay any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay; or ii. To pay or otherwise settle with the Insured Claimant the loss or damage provided for under this policy. In addition, the Company will pay any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay. Upon the exercise by the Company of either option provided for in Condition 7.b., the Company's liability and obligations to the Insured under this policy for the claimed loss or damage terminate, including any obligation to defend, prosecute, or continue any litigation. S. CONTRACT OF INDEMNITY; DETERMINATION AND EXTENT OF LIABILITY This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by an Insured Claimant who has suffered loss or damage by reason of matters insured against by this policy. This policy is not an abstract of the Title, report of the condition of the Title, legal opinion, opinion of the Title, or other representation of the status of the Title. All claims asserted under this policy are based in contract and are restricted to the terms and provisions of this policy. The Company is not liable for any claim alleging negligence or negligent misrepresentation arising from or in connection with this policy or the determination of the insurability of the Title. a. The extent of liability of the Company for loss or damage under this policy does not exceed the lesser of: i. the Amount of Insurance; or ii. the difference between the fair market value of the Title, as insured, and the fair market value of the Title subject to the matter insured against by this policy. b. Except as provided in Condition 8.c. or 8.d., the fair market value of the Title in Condition 8.a.ii. is calculated using the date the Insured discovers the defect, lien, encumbrance, adverse claim, or other matter insured against by this policy. C. If, at the Date of Policy, the Title to all of the Land is void by reason of a matter insured against by this policy, then the Insured Claimant may, by written notice given to the Company, elect to use the Date of Policy as the date for calculating the fair market value of the Title in Condition 8.a.ii. d. If the Company pursues its rights under Condition 5.b. and is unsuccessful in establishing the Title, as insured: i. the Amount of Insurance will be increased by 15%; and ii. the Insured Claimant may, by written notice given to the Company, elect, as an alternative to the dates set forth in Condition 8.b. or, if it applies, 8.c., to use either the date the settlement, action, proceeding, or other act described in Condition 5.b. is concluded or the date the notice of claim required by Condition 3 is received by the Company as the date for calculating the fair market value of the Title in Condition 8.a.ii. e. In addition to the extent of liability for loss or damage under Conditions 8.a. and 8.d., the Company will also pay the costs, attorneys' fees, and expenses incurred in accordance with Conditions 5 and 7. 9. LIMITATION OF LIABILITY a. The Company fully performs its obligations and is not liable for any loss or damage caused to the Insured if the Company accomplishes any of the following in a reasonable manner: i. removes the alleged defect, lien, encumbrance, adverse claim, or other matter; ii. cures the lack of a right of access to and from the Land; or iii. cures the claim of Unmarketable Title, all as insured. The Company may do so by any method, including litigation and the completion of *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 12 of 15 R t First Arn ri aR rM Owner's Policy of Title Insurance Idaho- 2021 v.01.00(07-01-2021) any appeals. b. The Company is not liable for loss or damage arising out of any litigation, including litigation by the Company or with the Company's consent, until a State or federal court having jurisdiction makes a final, non-appealable determination adverse to the Title. C. The Company is not liable for loss or damage to the Insured for liability voluntarily assumed by the Insured in settling any claim or suit without the prior written consent of the Company. d. The Company is not liable for the content of the Transaction Identification Data, if any. 10. REDUCTION OR TERMINATION OF INSURANCE All payments under this policy, except payments made for costs, attorneys'fees, and expenses, reduce the Amount of Insurance by the amount of the payment. 11. LIABILITY NONCUMULATIVE The Amount of Insurance will be reduced by any amount the Company pays under any policy insuring a Mortgage to which exception is taken in Schedule B or to which the Insured has agreed, assumed, or taken subject, or which is executed by an Insured after the Date of Policy and which is a charge or lien on the Title, and the amount so paid will be deemed a payment to the Insured under this policy. 12. PAYMENT OF LOSS When liability and the extent of loss or damage are determined in accordance with the Conditions, the Company will pay the loss or damage within 30 days. 13. COMPANY'S RECOVERY AND SUBROGATION RIGHTS UPON SETTLEMENT AND PAYMENT a. If the Company settles and pays a claim under this policy, it is subrogated and entitled to the rights and remedies of the Insured Claimant in the Title and all other rights and remedies in respect to the claim that the Insured Claimant has against any person, entity, or property to the fullest extent permitted by law, but limited to the amount of any loss, costs, attorneys' fees, and expenses paid by the Company. If requested by the Company, the Insured Claimant must execute documents to transfer these rights and remedies to the Company. The Insured Claimant permits the Company to sue, compromise, or settle in the name of the Insured Claimant and to use the name of the Insured Claimant in any transaction or litigation involving these rights and remedies. b. If a payment on account of a claim does not fully cover the loss of the Insured Claimant, the Company defers the exercise of its subrogation right until after the Insured Claimant fully recovers its loss. C. The Company's subrogation right includes the Insured's rights to indemnity, guaranty, warranty, insurance policy, or bond, despite any provision in those instruments that addresses recovery or subrogation rights. 14. POLICY ENTIRE CONTRACT a. This policy together with all endorsements, if any, issued by the Company is the entire policy and contract between the Insured and the Company. In interpreting any provision of this policy, this policy will be construed as a whole. This policy and any endorsement to this policy may be evidenced by electronic means authorized by law. b. Any amendment of this policy must be by a written endorsement issued by the Company. To the extent any term or provision of an endorsement is inconsistent with any term or provision of this policy, the term or provision of the endorsement controls. Unless the endorsement expressly states, it does not: i. modify any prior endorsement, ii. extend the Date of Policy, iii. insure against loss or damage exceeding the Amount of Insurance, or iv. increase the Amount of Insurance. 15. SEVERABILITY *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 13 of 15 R t i r First Arn ricaR rM Owner's Policy of Title Insurance Idaho- 2021 v.01.00(07-01-2021) In the event any provision of this policy, in whole or in part, is held invalid or unenforceable under applicable law, this policy will be deemed not to include that provision or the part held to be invalid, but all other provisions will remain in full force and effect. 16. CHOICE OF LAW AND CHOICE OF FORUM a. Choice of Law The Company has underwritten the risks covered by this policy and determined the premium charged in reliance upon the State law affecting interests in real property and the State law applicable to the interpretation, rights, remedies, or enforcement of policies of title insurance of the State where the Land is located. The State law of the State where the Land is located, or to the extent it controls, federal law, will determine the validity of claims against the Title and the interpretation and enforcement of the terms of this policy, without regard to conflicts of law principles to determine the applicable law. b. Choice of Forum Any litigation or other proceeding brought by the Insured against the Company must be filed only in a State or federal court having jurisdiction. 17. NOTICES Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the Company at: First American Title Insurance Company, Attn: Claims National Intake Center, 1 First American Way, Santa Ana, California 92707. Phone: 888-632- 1642(claims.nic@firstam.com). 18. CLASS ACTION ALL CLAIMS AND DISPUTES ARISING OUT OF OR RELATING TO THIS POLICY, INCLUDING ANY SERVICE OR OTHER MATTER IN CONNECTION WITH ISSUING THIS POLICY, ANY BREACH OF A POLICY PROVISION, OR ANY OTHER CLAIM OR DISPUTE ARISING OUT OF OR RELATING TO THE TRANSACTION GIVING RISE TO THIS POLICY, MUST BE BROUGHT IN AN INDIVIDUAL CAPACITY. NO PARTY MAY SERVE AS PLAINTIFF, CLASS MEMBER, OR PARTICIPANT IN ANY CLASS, REPRESENTATIVE, OR PRIVATE ATTORNEY GENERAL PROCEEDING. 19. ARBITRATION a. All claims and disputes arising out of or relating to this policy, including any service or other matter in connection with issuing this policy, any breach of a policy provision, or any other claim or dispute arising out of or relating to the transaction giving rise to this policy, may be resolved by arbitration. If the Amount of Insurance is $2,000,000 or less, any claim or dispute may be submitted to binding arbitration at the election of either the Company or the Insured. If the Amount of Insurance is greater than $2,000,000, any claim or dispute may be submitted to binding arbitration only when agreed to by both the Company and the Insured. Arbitration must be conducted pursuant to the Title Insurance Arbitration Rules of the American Land Title Association ("ALTA Rules'. The ALTA Rules are available online at www.alta.org/arbitration. The ALTA Rules incorporate, as appropriate to a particular dispute, the Consumer Arbitration Rules and Commercial Arbitration Rules of the American Arbitration Association ("AAA Rules"). The AAA Rules are available online at www.adr.org. b. ALL CLAIMS AND DISPUTES MUST BE BROUGHT IN AN INDIVIDUAL CAPACITY. NO PARTY MAY SERVE AS PLAINTIFF, CLASS MEMBER, OR PARTICIPANT IN ANY CLASS, REPRESENTATIVE, OR PRIVATE ATTORNEY GENERAL PROCEEDING IN ANY ARBITRATION GOVERNED BY CONDITION 19. The arbitrator does not have authority to conduct any class action arbitration, private attorney general arbitration, or arbitration involving joint or consolidated claims under any circumstance. C. If there is a final judicial determination that a request for particular relief cannot be arbitrated in accordance with this Condition 19, then only that request for particular relief may be brought in court.All other requests for relief remain subject to this Condition 19. d. The Company will pay all AAA filing, administration, and arbitrator fees of the consumer when the *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 14 of 15 #�*}i x M t#+r�� First Arn ri aR ?ldcf " Owner's Policy of Title Insurance Idaho- 2021 v.01.00(07-01-2021) arbitration seeks relief of $100,000 or less. Other fees will be allocated in accordance with the applicable AAA Rules. The results of arbitration will be binding upon the parties. The arbitrator may consider, but is not bound by, rulings in prior arbitrations involving different parties. The arbitrator is bound by rulings in prior arbitrations involving the same parties to the extent required by law. The arbitrator must issue a written decision sufficient to explain the findings and conclusions on which the award is based. Judgment upon the award rendered by the arbitrator may be entered in any State or federal court having jurisdiction. *Copyright 2025 First American Financial Corporation.All rights reserved. All information,data,and material created or compiled by or on behalf of First American Financial Corporation is restricted and may not be copied or used for derivative products/services without the prior express written permission of First American Financial Corporation. **Copyright 2021 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. Form 50122816(5-18-22) Page 15 of 15 Ada County Recorder Trent Tripple 2025-026458 Boise Idaho P9 s=3 cfowler 04/30/2025 11:06:16 AM FIRST AMERICAN TITLE AND ESCROW COMPANY$15.00 Electronically Recorded r11fgR� •r AFTER RECORDING MAIL TO: City of Meridian ELECTRONICALLY RECORDED-DO NOT 33 E. Broadway Avenue. REMOVE THE COUNTY STAMPED FIRST Meridiem ID 83642 PAGE AS IT IS NOW INCORPORATED AS PART OF THE ORIGINAL.DOCUMENT, 425OSI5- M/MC. CORPORATE WARRANTY DEED File No.: 4125-4250575 (TD) Date: April 30, 2025 For Value Received, Intermountain Gas Company, an Idaho corporation, a corporation duly organized and existing under the laws of the State of Idaho, Grantor, does hereby grant, bargain, sell and convey unto City of Meridian, an Idaho municipal corporation, Grantee, whose address is 33 E. Broadway Avenue, Meridian, ID 83642, the following described real estate, to wit: LEGAL DESCRIPTION: Real property in the County of Ada, State of Idaho, described as follows: A parcel of land situated in a portion of the Southeast 1/4 of the Northwest 1/4 of Section 31,Township 4 North, Range 1 West, B.M.,Ada County, Idaho and being more particularly described as follows: Commencing at an aluminum cap marking the west 1/4 corner of said Section 31,which bears S00041'26"W a distance of 2,648.22 feet from an aluminum cap marking the northwest corner of said Section 31,thence following the westerly line of the Northwest 1/4 of said Section 31, N001141'26"E a distance of 1,170.92 feet;Thence leaving said westerly line, S85005'08"E a distance of 1,965.07 feet to the POINT OF BEGINNING. Thence S85005'08"E a distance of 302.02 feet to a 5/8-inch rebar; Thence S10008'24"W a distance of 240.00-feet to a 5/8-inch rebar; Thence N49009'42"W a distance of 177.09 feet to a 5/8-inch rebar; Thence 192.98 feet along the arc of a curve to the right, said curve having a radius of 633.50 feet, a delta angle of 17027'15", a chord bearing of N40026'04"W and a chord distance of 192.24 feet the POINT OF BEGINNING. SUBJECT TO current years taxes, irrigation district assessments, public utility easements, subdivision and U.S. patent reservations. Page 1 of 3 Instrument # 2025-026458 04/30/2025 11:06:16 AM Page 2 of 3 Warranty Deed File No.:4125-4250575(TD) -continued TO HAVE AND TO HOLD the said premises, with their appurtenances, unto said Grantee, and to the Grantee's heirs and assigns forever. And the said Grantor does hereby covenant to and with the said Grantee, that the Grantor is the owner in fee simple of said premises; that said premises are free from all encumbrances, and that Grantor will warrant and defend the same from all claims whatsoever. IN WITNESS.WHEREOF, the Grantor, pursuant to a resolution of its Board of Directors has caused its corporate name to be hereunto subscribed by its Chief Utilities Officer this 30th day of April, 2025. Page 2 of 3 Instrument # 2025-026458 04/30/2025 11:06:16 AM Page 3 of 3 Warranty Deed File No.:4125-4250575(TD) -continued Intermountain Gas Company, an Idaho corporation By: � Name: Garret Sengeer Title: Chief Utilities Officer Ali STATE OF No ) SS. COUNTY OF i ) This record was acknowledged before me on April , 202 by Garret ger as Chief Utilities Officer of Intermountain Gas Company, an Idaho corporation. Signat -of otar- P lic My Commission Expir s; j anijaCLA7 UNY5 5CH MT1 Notary%blic We of W Daww My Commission Expires January 11,2027 Page 3 of 3