Anyone awake?! Need help making sense of documents!

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Hi all!

If anyone is awake I have some documents that were sent over to me today from title on an investment property I am researching. I THOUGHT I understood, but when I read my title reps email it made no sense...not sure if he made a typo...or if I need a second set of eyes. Anyone out there want to take a peak? It is a fast one! :-)

Thanks!