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COMMITMENT FOIL TITLE INSURANCE <br />SCHEDULE B -Section 2 <br />EXCEPTIONS <br />Order Number: 20072430 <br />The policy or policies to be insured will contain exceptions to the following unless the same are <br />disposed of to the satisfaction of the Company: <br />1. Rights or claims of parties in possession, not shown by the public records. <br />2. Easements, or claims of easements, not shown by the public records. <br />Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the title <br />that would be disclosed by an accurate and complete land survey of the Land and not shown by the <br />public records. <br />4. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed <br />by law and not shown by the public records. <br />5. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing the <br />public records or attaching subsequent to the effective date hereof, but prior to the date the <br />proposed insured acquires of record for value the estate or interest or mortgage thereon covered by <br />this commitment. <br />6. Unpatented mining claims, reservations or exceptions in patents, or in acts authorizing the issuance <br />thereof. <br />7. Water rights, claims or title to water. <br />8. Any and all unpaid taxes, assessments and unredeemed tax sales. <br />9. All right, title or claim or any character by the United States, state, local government or by the <br />public generally in and to any portion of the land lying within the current or former bed, or below <br />the ordinary high water mark, or between the cut banks of a stream navigable in fact or in law. <br />Right of riparian water rights owners to the use and flow of the water. The consequence of any past <br />or future change in the location of the bed. <br />10. An easement for Highway and incidental purposes as granted to Department of Highways, State of <br />Colorado by an instrument recorded February 4, 1959 in Book 1085 at Page 604 upon the terms <br />and conditions therein set forth. <br />11. Terms, conditions, provisions, and stipulations as contained in Deed of Easement for Hunting, <br />Fishing and other recreation Agreement recorded December 19, 1967 in Book 1377 at Page No. <br />261. <br />12. An easement for utilities and incidental purposes as granted to Public Service.Company of <br />Order No.: 20072430 Stewart <br />ALTA Commitment (6/17/06) - Schedule B 2 title guaranty company <br />Page 1 of 2 <br />