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HomeMy WebLinkAboutTitle Insurance. fill, COMMITMENT FO► JITLE INSURANCE Issued.by Lawyers Title Insurance Corporation LandAmerica lawyers Title Insurance Corporation is a member of the LandAmerica family of title insurance underwriters. Lawyers Title THE FOLLOWING COMMITMENT FOR TITLE INSURANCE IS NOT VALID UNLESS YOUR NAME AND THE POLICY -AMOUNT ARE SHOWN IN SCHEDULE A, AND OUR AUTHORIZED REPRESENTATIVE HAS COUNTERSIGNED BELOW. We (LAWYERS TITLE INSURANCE CORPORATION) will issue our title insurance policy or policies (the Policy) to You (the proposed insured) upon payment of the premium and other charges due, and compliance with the requirements in Schedule B and Schedule C. Our Policy will be in the form approved by the Texas Department of Insurance at the date of issuance, and will insure your interest in the land described in Schedule A. The estimated premium for our Policy and applicable endorsements is shown on Schedule D, There may be additional charges such as recording fees, and expedited delivery expenses. This Commitment ends ninety (90) days from the effective date, unless the Policy is issued sooner, or failure to issue the Policy is our fault. Our liability and obligations to you are under the express terms of this Commitment and end when this Commitment expires. Authorized Signatory LAWYERS TITLE INSURANCE CORPORATION \tiSURAp�%%% I''I By. ' 9 rI Er''�J"O'•> Y} ` p President 1 9 2 5 f f� Attest: ttt+t\t �"Mo`a��°� Secretary CONDITIONS AND STIPULATIONS 1. If you have actual knowledge of any matter which may affect the title or mortgage covered by this Commitment, that is not shown in Schedule B, you must notify us in writing. If you do not notify us in writing, our liability to you is ended or reduced to the extent that your failure to notify us affects our liability. If you do notify us, or we learn of such matter, we may amend Schedule B, but we will not be relieved of liability already incurred. 2. Our liability is only to you, and others who are included in the definition of Insured in the Policy to be issued. Our liability is only for actual loss incurred in your reliance on this Commitment to comply with its requirements, or to acquire the interest in the land. Our liability is limited to the amount shown in Schedule A of this Commitment and will be subject to the following terms of the Policy: Insuring Provisions, Conditions and Stipulations, and Exclusions. Page 1 Commitment For Title Insurance - T-7 Form 1177-15 (Rev. 04/04102) ORIGINAL Valid only if Schedules A, B and C are attached t COMMITMENT FOR TITLE INSURANCE SCHEDULE A Effective Date: April 16, 2007, 7:00 am Commitment No. (if applicable) issued: May 14, 2007, 11:33 am The policy or policies to be issued are: (a) OWNER POLICY OF TITLE INSURANCE (Form T-1) (Not applicable for improved one -to -four family residential real estate) Policy Amount: $123,493.00 PROPOSED INSURED: CopperPolute Partnership (b) TEXAS RESIDENTIAL OWNER POLICY OF TITLE INSURANCE - ONE -TO -FOUR FAMILY RESIDENCES (Form T-111) Policy Amount: PROPOSED INSURED: G.F. No. or File No. 529770 (c) MORTGAGEE POLICY OF TITLE INSURANCE (Form T-2) Policy Amount: PROPOSED INSURED: Proposed Borrower: (d) TEXAS SHORT FORM RESIDENTIAL MORTGAGEE POLICY OF TITLE INSURANCE (Form T -2R) Policy Amount: PROPOSED INSURED: Proposed Borrower: (e) MORTGAGEE TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN (Form T-13) Binder Amount: PROPOSED INSURED: Proposed Borrower: (#) OTHER , Policy Amount: PROPOSED INSURED: 2. The interest in the land covered by this Commitment is: Fee Simple 3. Record title to the land on the Effective Date appears to be vested in: CRESCENT POINTE, LTD. 4. Legal description of the land: Being a portion of Lot IR, Block 1, of the Replat of Lots 1 & 2, Block 1, Lots 1, 3, S & 9, Block 2, Lots 1, 5 & Park, Block 3, CRESCENT POINTE PHASE 2, an addition to the City of College Station, Brazos County, Texas, according to the Replat recorded in Volume 7604, Page 278, Ofticlal Records of Brazos County, Texas. Said portion being more particularly described by metes and bounds to be provided: NOTE: The Company is prohibited from insuring the area or quantity of the land described herein. Any statement in the above legal description of the area or quantity of land is not a representation that such are or quantity is correct, but is made only for informational and/or identification purposes and does not override Item 2 of Schedule B hereof. Lawyers Title Insurance Corporation Page I COMMITMENT FOR TITLE INSURANCE SCHEDULED EXCEPTIONS FROM COVERAGE In addition to the Exclusions and Conditions and Stipulations, your Policy will not cover loss, costs, attorneys' fees, and expenses resulting from: v 1. The following restrictive covenants of record itemized below (We must either insert specific recording data or delete this exception): PLAT: Volume 7604, Page 278, Official Records of Brazos County, Texas. RESTRICTIONS: VOLUME 7515, PAGE 176, AND VOLUME 7692, PAGE 280, BOTH OF THE OFFICIAL RECORDS OF BRAZOS COUNTY, TEXAS. NOTE: TO THE EXTENT THAT THESE RESTRICTIONS VIOLATE 42 USC 3604 (c) BY INDICATING A PREFERENCE, LDUTATION OR DISCRIMINATION BASED ON RACE, COLOR, RELIGION, SEX, HANDICAP, FAMILIAL STATUS OR NATIONAL ORIGIN, SUCH RESTRICTIONS ARE HEREBY OMITTED. 2. Any discrepancies, conflicts, or shortages in area or boundary lines, or any encroachments or protrusions, or any overlapping of improvements. Upon Company's receipt, review and approval of a current land title survey, and payment of any promulgated premium, this item can be amended to read in its entirety 'shortages in area'." 3. Homestead or community property or survivorship rights, if any, of any spouse of any insured. (Applies to the Owner Policy only). 4. Any titles or rights asserted by anyone, including, but not limited to, persons, the public, corporations, governments or other entities, a. to tidelands, or lands comprising the shores or beds of navigable or perennial rivers and streams, lakes, bays, gulfs or oceans, or b. to lands beyond the line of harbor or bulkhead lines as established or changed by any government, or C. to filled-in lands, or artificial islands, or d. to statutory water rights, including riparian rights, or e. to the area extending from the line of mean low tide to the line of vegetation, or the rights of access to that area or easement along and across that area. (Applies to the Owner Policy only.) Standby fees, taxes and assessments by any taxing authority for the year 2007, and subsequent years; and subsequent taxes and assessments by any taxing authority for prior years due to change in land usage or ownership, but not those taxes or assessments for prior years because of an exemption granted to a previous owner of the property under Section 11.13, Texas Tax Code, or because of improvements not assessed for a previous tax year. (If Texas Short Form Residential Mortgagee Policy (T-211) is issued, that policy will substitute "which become due and payable subsequent to Date of Policy" in lieu of "for the year and subsequent years.") 6. The terms and conditions of the documents creating your interest in the land. Lawyers Title Insurance Corporation Page 1 Continuation of Schedule B G.F. No. S29770 7. Materials furnished or labor performed in connection with planned construction before signing and delivering the lien document described in Schedule A, if the land is part of the homestead of the owner. (Applies to the Mortgagee Title Policy Binder on Interim Construction Loan only, and may be deleted if satisfactory evidence is furnished to us before a binder is issued.) 8. Liens and leases that affect the title to the land, but that are subordinate to the lien of the insured mortgage. (Applies to Mortgagee Policy (T-2) only.) 9. The Exceptions from Coverage and Express Insurance in Schedule B of the Texas Short Form Residential Mortgagee w-�• Policy (T -2R). (Applies to Texas Short Form Residential Mortgagee Policy (T -2R) only. Separate exceptions 1 through 8 of this Schedule B do not apply to the Texas Short Form Residential Mortgagee Policy (T -2R). 10. The following matters and all terms of the documents creating or offering evidence of the matters (We must insert matters or delete this exception.): a. Building setback lines per City of College Station Ordinance, as shown and noted on the Replat recorded in Volume 7604, Page 278, and as set out in the Restrictions recorded in Volume 7515, Page 176, both of the Official Records of Brazos County, Texas. b. This policy does not insure title to any oil, gas and/or minerals, in, on and under the property herein described. C. The tax certificate furnished by the taxing authorities is on real estate only; it does not include mineral or • personal property. Therefore, no liability is assumed herein for the payment of said mineral and/or personal property taxes. d. Maintenance charges, dues and assessments, and the lien create therein, as set out in Volume 7515, Page 176, Official Records of Brazos County, Texas. Said lien is subordinate to purchase and/or improvement liens, therein provided. C. *Mineral reservation and Waiver of Surface Use contained in Deed executed by Bert Wheeler's Inc. to Republic National Bank of Dallas, dated March 9,1979, recorded in Volume 419, Page 496, Deed Records of Brazos County, Texas. f. *Mineral reservation contained in Deed executed by Republic National Bank of Dallas to Texas Instruments Incorporated, dated May 7, 1979, recorded in Volume 424, Page 672, Deed Records of Brazos County, Texas. g. *Mineral Deed executed by Bert Wheeler's, Inc, to M.D. Wheeler, Ltd., dated December 19th, 1997, recorded in Volume 3007, Page 327, Official Records of Brazos County, Texas. h. *Declaration and Memorandum of Lease executed by Bert Wheeler's Inc., et al, to Amalgamated Bonanza Petroleum, Ltd., dated June 1, 1977, recorded in Volume 378, Page 325, Deed Records of Brazos County, Texas (5 -year primary term); Amendment to Oil; Gas and Mineral Lease, recorded on September 16, 1981, recorded in Volume 41, Page 420, Oil & Gas Records of Brazos County, Texas; Partial Release of Surface Rights executed by Amalgamated Bonanza Petroleum, Ltd., dated January 15, 1979, recorded in Volume 97, Page 312, Release Records of Brazos County, Texas. I. *Oil, Gas and Mineral Lease executed by Bert Wheeler's Inc., et al, to J. L. Schneider and Company, dated April 5, 1991, recorded in Volume 1248, Page 279, Official Records of Brazos County, Texas (3 -year primary term). Amendment of Oil, Gas, and Mineral Lease, dated February 26, 1992, recorded in Volume 1439, Page 74; Amendment of Oil, Gas and Mineral Lease, dated February 27, 1992, recorded in Volume 1439, Page 69, both of the Official Records of Brazos County, Texas. Lawyers Title Insurance Corporation Page 2 Continuation of Schedule B G.F. No. 529770 j. *Correction of Lease Description and Ratification of Oil and Gas Lease from Bert Wheeler's, Inc., et al to Union Pacific Resources Company, Pat Baker, d/b/a Baker Exploration Company, Raymond F. Sebastian, and Bridwell Oil Company, dated July 14, 1992, recorded in Volume 1579, Page 280, Official Records of Brazos County, Texas. *Title to said interest has not been investigated subsequent to the date of the aforementioned instrument, k. Rights of parties in possession. (Owner's 7711e policy) Lawyers Title Insurance Corporation Page 3 COMMITMENT FOR TITLE INSURANCE SCHEDULE C Your Policy will not cover loss, costs, attorneys' fees, and expenses resulting from the following requirements that will appear as Exceptions in Schedule B of the Policy, unless you dispose of these matters to our satisfaction, before the date the Policy is issued: 1. Documents creating your title or interest must be approved by us and must be signed, notarized and filed for record. 2. Satisfactory evidence must be provided that: a. no person occupying the land claims any interest in that land against the persons named in paragraph 3 of Schedule A, b. all standby fees, taxes, assessments and charges against the property have been paid, c1 all improvements or repairs to the property are completed and accepted by the owner, and that all contractors, subcontractors, laborers and suppliers have been fully paid, and that no mechanic's, laborer's or materialmen's liens have attached to the property, d. there is legal right of access to and from the land, e. (on a Mortgagee Policy only) restrictions have not been and will not be violated that affect the validity and priority of the insured mortgage. 3. You must pay the seller or borrower the agreed amount for your property or interest. 4. Any defect, lien or other matter that may affect title to the land or interest insured, that arises or is filed after the effective date of this Commitment. 5. We will require tax certificates on the subject property showing all taxes paid up to and including the year 2006. 6. Obtain and file for record a partial release of vendor's lien retained in Deed executed by CSL of Texas, Inc., a Texas Corporation, to College Main Apartments, Ltd., a Texas partnership, dated December 15, 1999, recorded in Volume 3687, Page 258, Official Records of Brazos County, Texas; and additionally secured by a Deed of Trust executed by College Main Apartments, Ltd., a Texas limited partnership to Timothy M. Bryan, Trustee, for the benefit of First National Bank Bryan, dated December 15, 1999, recorded in Volume 3687, Page 274, Official Records of Brazos County, Texas (in the amount of $3,266,400.00). 7. Modification and/or Extension Agreement by and between College Main Apartments, Ltd., a Texas Limited Partnership and First National Bank of Bryan dated January 9, 2002, recorded in Volume 4465, Page 131, Official Records of Brazos County, Texas. 8. Modification and/or Extension Agreement by and between College Main Apartments, Ltd., a Texas Limited Partnership and First National Bank of Bryan dated December 15, 2003, recorded in Volume 5860, Page 273, Official Records of Brazos County, Texas. 9. Modification and/or Extension Agreement by and between College Main Apartments, Ltd., a Texas Limited Partnership and First National Bank of Bryan dated April 30, 2005, recorded in Volume 6691, Page 198, Official Records of Brazos County, Texas. 10. Warranty Deed with Vendor's Lien executed by College Main Apartments, Ltd., a Texas limited partnership, to Crescent Pointe, Ltd., a Texas limited partnership, dated February 10, 2003, recorded in Volume 5115, Page 10, Official Records of Brazos County, Texas, and additionally secured by a Deed of Trust executed by Crescent Pointe, Ltd., a Texas partnership to Christopher J. Sm%therman, Trustee, for the benefit of J. Fred Bayliss, Qualified Intermediary for College Main Apartments, Ltd., a Texas limited partnership, dated February 10, 2003, recorded in Lawyers Title Insurance Corporation Page 1 Continuation of ScheduleC G.P. No. 529770 Volume 5115, Page 15, Official Records of Brazos County, Texas (in the amount of $2,400,000.00). 11. Transfer of Lien from J Fred Bayliss, Qualified Intermediary for College Main Apartments, Ltd., to College Main Apartments, Ltd., a Texas limited partnership, dated August 9, 2003, recorded in Volume 5922, Page 30, Official Records of Brazos County, Texas. 12. Deed of Trust to Secure Assumption from Crescent Pointe, Ltd,a Texas limited partnership to College Main Apartments, Ltd., a Texas limited partnership dated February 10, 2003, recorded in Volume 5115, Page 22, Official Records of Brazos County, Texas; 13. Obtain and file for record a Deed from Crescent Pointe, Ltd., a Texas limited partnership, a Texas limited partnership, executed by the appropriate partner(s), vesting title in the buyer(s). A copy of the partnership agreement and all amendments thereto showing authority to execute Deed and whether there is any provision requiring consent of the limited partners for the general partners to act needs to be submitted for approval prior to closing. 14. We will require a copy of the Certificate of Limited Partnership issued by the Secretary of State. 15. Verify the status of Copperpointe Partnership, whether it is incorporated, a limited liability company, a partnership or single proprietorship, acting under an assumed name, and submit information to examiner so that further requirements may be made, OR, Company must ascertain the nature of the Copperpointe Partnership, entity and require the appropriate documents to support the instant transaction. 16. WE WILL REQUIRE A METES AND BOUNDS DESCRIPTION OF SUBJECT PROPERTY. WE RESERVE THE RIGHT TO MAKE ADDITIONAL EXCEPTIONS AND/OR REQUIREMENTS AFTER EXANIINATION OF SAME. 17. Note to all Buyers, Sellers, Borrowers, Lenders and all parties interested in the transaction by this Commitment. The following constitutes major changes In the procedures and requirements for disbursement of funds by the Title Agent pursuant to this transaction: Effective August 1, 1998, the State Board of Insurance has adopted Procedural Rule P- 27 which requires that "Good Funds" be received and deposited before a Title Agent may disburse from Its trust fund account. The term "Good Funds" is defined as: (1) Cash or wire transfers; (2) Certified funds, including certified checks and cashier's checks; (3) Uncertified funds from amounts less than $1,500.00, including checks, traveler's checks, money orders and negotiable orders of withdrawal; provided multiple items shall not be used to avoid the $1,500.00 limitation; and (4) Uncertified funds in amounts of $1,500.00 or more, drafts and any other items when collected by the financial institution. Countersigned Lawyers Title Company of Brazos County B y uthorized Countersignature Lawyers Title Insurance Corporation Page 2 J G.F. No. or File No. 529770 Effective Date: April 16, 2007, 7:00 am Pursuant to the requirements of Rule P-21, Basic Manual of Rules, Rates and Forms for the writing of Title Insurance in the State of Texas, the following disclosures are made: The following individuals are directors and/or officers, as indicated, of the Title Insurance Company issuing this Commitment President and Chief Operating Officer Janet A. Alpert Secretary John M. Carter Senior Vice President, Treasurer and Chief Financial Officer G. William Evans Directors Janet.A. Alpert Kenneth Astheimar G. William Evans Charles H. Foster, Jr. Directors William H. Goodwyn, Jr. Russell W. Jordan, III Charles W. Keith THE FOLLOWING DISCLOSURES ARE MADE BY THIS TITLE INSURANCE AGENT ISSUING THIS COMMITMENT: SHAREHOLDER, PRESIDENT & DIRECTOR: JAY DON WATSON SHAREHOLDER, VICE PRESIDENT & DIRECTOR: BILLY M. PAYNE SHAREHOLDER, VICE PRESIDENT, SECRETARY, TREASURER & DIRECTOR: WALTER S CAMPBELL SHAREHOLDER, VICE PRESIDENT & DIRECTOR: LOUIS A. MALECHEK III You are entitled to receive advance disclosure of settlement charges in connection with the proposed transaction to which this commitment relates. Upon your request, such disclosure will be made to you. Additionally, the name of any person, firm or corporation receiving any sum from the settlement of this transaction will be disclosed on the closing or settlement statement. You are further advised that the estimated title premium* is: Owners Policy $968.00 Mortgagee Policy $0.00 Total $965.00 Of this total amount: 15% will be paid to the policy issuing Title Insurance Company: 85% will be retained by the issuing Title Insurance Agent; and the remainder of the estimated premium will be paid to other parties as follows: Amount To Whom 35.00% Pierce P. Stacy, III For Services Closing Services 0The estimated premium is based upon information furnished to us as of the date of this Commitment for Title Insurance. Final determination of the amount of the premium will be made at closing in accordance with the Rules and Regulations adopted by the State Board of Insurance. This commitment is invalid unless the insuring provisions and Schedules A, B, and C are attached Lawyers Title Insurance Corporation Page 1 DELETION OF A TRATION Issued by Lawyers Title Insurance Corporation N LandAmerica Lawyers Title Insurance Corporation is a member of the LandAmerica family of title insurance underwriters. Lawyers Title DELETION OF ARBITRATION PROVISION (Not applicable to the Texas Residential Owner Policy) ARBITRATION is a common form of alternative dispute resolution. It can be a quicker and cheaper means to settle a dispute with your Title Insurance Company. However, if you agree to arbitrate, you give up your right to take the Title Company to court and your rights to discovery of evidence may be limited in the arbitration process. In addition, you cannot usually appeal an arbitrator's award. Your policy contains an arbitration provision (shown below). It allows you or the .Company to recilulre arbitration If the amount of insurance is $1,000,000 or less. If you want to retain your right to sue the Company in case of a dispute over a claim, you must request deletion of the arbitration provision before the policy is issued. You can do this by signing this form and returning it to the Company at or before the closing of your real estate transaction or by writing to the Company. The arbitration provision in the Policy is as follows: "Unless prohibited by applicable law or unless this arbitration section is deleted by specific provision in Schedule B of this policy, either the Company or the Insured may demand arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the Insured arising out of or relating to this Policy, and service of the Company in connection with its issuance or the breach of a policy provision or other obligation. All arbitrable matters when the Amount of Insurance is $1,000,000 or less SHALL BE arbitrated at the request of either the Company or the Insured, unless the Insured is an individual person (as distinguished from a corporation, trust, partnership, association or other legal entity). All arbitrable matters when the Amount of Insurance is in excess of $1,000,000 shall be arbitrated only when agreed to by both the Company and the Insured. Arbitration pursuant to this Policy and under the Rules in effect on the date the demand for arbitration is made or, at the option of the Insured, the Rules in effect at the Date of Policy shall be binding upon the parties. The award may include attorneys' fees only if the laws of the state in which the land is located permit a court to award attorneys' fees to a prevailing party. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof. The Law of the situs of the land shall apply to any arbitration under the Title Insurance Arbitration Rules. A Copy of the Rules may be obtained from the Company upon request." I request deletion of the Arbitration provision. Signature Date TEXAS TITLE INSURANCE INFORMATION Title insurance insures you against loss resulting trom certain risks to your title. The commitment for Title Insurance is the title insurance company's promise to issue the title insurance policy. The commitment is a legal document. You should review it carefully tocompletely understand it before your closing date. EI seguro de titulo le asegura en relaci6n a p6rdidas resultantes de ciertos riesgos que pueden afectar of tltuto de su propiedad. EI Compromiso para Seguro de Titulo es la promesa de la companfa aseguradora de tftulos de emitir la p6liza de seguro de titulo. EI Compromiso es un documento legal. Usted debe leerlo cuidadosamente y entenderlo completamente antes de la fecha para finalizar su transaccf6n. Your Commitment for Title Insurance is a legal contract between you and us. The Commitment is not an opinion or report of your title. It is a contract to issue you a policy subject to the Commitment's terms and requirements. Before issuing a Commitment for Title Insurance (the Commitment) or a Title Insurance Policy (the Policy), the Title Insurance . . Company (the Company) determines whether the title is insurable. This determination has already been made. Part of that determination involves the Company's decision to insure the title except for certain risks that will not be covered by the Policy. Some of these risks are listed in Schedule B of the attached Commitment as Exceptions. Other risks are stated in the Policy as Exclusions. These risks will not be covered by the Policy. Another part of the determination involves whether the promise to insure is conditioned upon certain requirements being met. Schedule C of the Commitment lists these requirements that must be satisfied or the Company will refuse to cover them. You may want to discuss any matters shown in Schedules B and C of the Commitment with an attorney, These matters will affect your title and your use of the land. When your Policy is issued, the coverage will be limited by the Policy's Exceptions, Exclusions and Conditions, defined below. - EXCEPTIONS are title risks that a Policy generally covers but does not cover in a particular instance. Exceptions are shown on Schedule B or discussed in Schedule C of the Commitment. They can also be added if you do not comply with the Conditions section of the Commitment. When the Policy Is issued, all Exceptions will be on Schedule B of the Policy. - EXCLUSIONS are title risks that a Policy generally does not cover. Exclusions are contained in the Policy but not shown or discussed in the Commitment. - CONDITIONS are additional provisions that qualify or limit your coverage. Conditions include your responsibilities and those of the Company. They are contained in the Policy but not shown or discussed in the Commitment. The Policy Conditions are not the same as the Commitment Conditions. You can get a copy of the policy form approved by the State Board of Insurance by calling the Title Insurance Company at 1-500-442-7067 or by calling the title insurance agent that issued the Commitment. The State Board of Insurance may revise the policy form from time to time. You can also get a brochure that explains the policy from the Texas Department of Insurance by calling 1-800-252-3439. Before the Policy is issued, you may request changes in the policy. Some of the changes to consider are: - Request amendment of the "area and boundary" exception (Schedule B, paragraph 2). To get this amendment, you must furnish a survey or comply with other requirements of the Company. On the Owner Policy, you must pay an additional premium for the amendment. If the survey is acceptable to the Company and if the Company's other requirements are met, your Policy will insure you against loss because of discrepancies or conflicts in boundary lines, encroachments or protrusions, or overlapping of improvements. The Company may then decide not to insure against specific boundary or survey problems by making special exceptions in the Policy. Whether or not you request amendment of the "area and boundary" exception, you should determine whether you want to purchase and review a survey if a survey is not being provided to you. - Allow the Company to add an exception to "rights of parties in possession." If you refuse this exception, the Company or the title insurance agent may inspect the property. The Company may except to and not insure you against the rights of specific persons, such as renters, adverse owners or easement holders who occupy the land. The Company may charge you for the inspection. If you want to make your own Inspection, you must sign a Waiver of Inspection form and allow the Company to add this exception to your Policy. The entire premium for a Policy must be paid when the Policy is issued. You will not owe any additional premiums unless you want to increase your coverage at a later date and the Company agrees to add an Increased Value Endorsement.