HomeMy WebLinkAboutTitle Insurance TEXAS MORTGAGEE POLICY OF TITLE INSURANCE
SCHEDULE A
Policy No. 2710143-74719828
GF No.:00073314 Amount of Insurance $6,321,850.00
Date of Policy September 28,2007 at 2:42 P.M. Premium $28,019.00
1. Name of Insured:
Commerce National Bank, a branch of Lubbock National Bank, and each successor in ownership of the
indebtedness secured by the insured mortgage, except a successor who is an obligor under the provisions of
Section 12{c}of the Conditions and Stipulations.
2. The estate or interest in the land that is insured as encumbered by the insured mortgage is:
Fee Simple
3. Title to the estate or interest in the land is insured as vested in:
Starfish Development-River Oaks,L.P.
4. The insured mortgage and the assignments thereof,if any,are described as follows:
Deed of Trust Security Agreement,Financing Statement and Assignment of Rents to secure a Note:
Grantor: Starfish Development-River Oaks,L.P.,a Texas limited partnership
Trustee: Ronnie Paulger
Beneficiary: Commerce National Bank,a branch of Lubbock National Bank
Amount: $6,321,850.00
Dated: September 21,2007
Recorded: September 28,2007,Volume 8263,Page 1,Official Records,Brazos County,Texas.
Said Note being additionally secured by Assignment of Rent,Income,and Receipts:
Dated: September 26,2007
Recorded: Volume 8263,Page 38,Official Records,Brazos County,Texas.
5. The land referred to in this policy is described as follows:
See Exhibit A attached hereto and made a part hereof.
University Title Company Fidelity National Title Insurance Company
Texas Mortgagee Policy T-2(Rev.1-1-93)-Schedule A Valid Only if Schedule B and Cover are attached
SCHEDULE B
GF No.:00073314 Policy No.:2710143-74719828
This policy does not insure against loss or damage(and the Company will not pay costs,attorney's fees or expenses)that
arise by reason of the terms and conditions of the leases or easements insured, if any, shown in Schedule A and the
following matters:
1. The following restrictive covenants of record itemized below, but the Company insures that any such restrictive
covenants have not been violated so as to affect, and that a future violation thereof will not affect, the validity or
priority of the mortgage hereby insured(insert specific recording data or delete this exception):
Item No. 1,Schedule B,is hereby deleted.
2. Any discrepancies, conflicts, or shortages in area or boundary lines, or any encroachments or protrusions, or any
overlapping of improvements.
3. Standby fees, taxes and assessments by any taxing authority for the year 2007, and subsequent years,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. Company insures
that standby fees,taxes and assessments by any taxing authority for the year 2007 are not yet due and payable.
4. Liens and leases that affect the title to the estate or interest,but that are subordinate to the lien of the insured
mortgage.
5. (INSERT HERE ALL OTHER SPECIFIC EXCEPTIONS AS TO SUPERIOR LIENS, EASEMENTS,
OUTSTANDING MINERAL AND ROYALTY INTERESTS,ETC.)
a. Terms and conditions of 20'Storm Sewer Easement on the southwest side:
From: Drucox Petroleum,Inc.
To: Arbors of Wolf Pen Creek Partners
Dated: October 26,1995
Recorded: Volume 2477,Page 15,Official Records,Brazos County,Texas,
Together with Mineral Reservation and Surface Waiver contained therein,being assigned to City of College
Station by Assignment:
Dated: August 15,1996
Recorded: Volume 2676,Page 3,Official Records,Brazos County,Texas;as shown on survey prepared
on September 18,2007,under the supervision of Brad Kerr,R.P.L.S.#4502.
b. Mineral Reservation with Surface Waiver in Deed:
By: James E.Jett,Trustee
To: James B.Jett and W.Barton Munro,Trustee
Dated: January 1,1984
Recorded: Volume 659,Page 114,Official Records,Brazos County,Texas. Title to said interest has not
been investigated subsequent to the date of the aforesaid instrument.
c. Mineral Partition Deed:
By and Between:Lloyd's Resources,Inc.;W.Barton Munro,Individually and as Trustee;J.Garland
Watson,Individually and as Trustee;and James E.Jett,Individually and as Trustee
Dated: December 15,1987
Recorded: Volume 1018,Page 834,Official Records,Brazos County,Texas;said deed does not affect
surface estate of the property. Title to said interest has not been investigated subsequent to the date of the
aforesaid instrument.
University Title Company Fidelity National Title Insurance Company
Texas Mortgagee Policy 1-2(Rev.1-1.93)-Schedule B Valid Only if Schedule A and Cover are attached
SCHEDULE B-continued
GF No.:00073314 Policy No.:2710143-74719828
d. Oil and Gas Lease,and all terms,conditions and stipulations therein:
Lessor: James E.Jett
Lessee: Inco Oil Corporation
Dated: January 13,1992
Recorded: Volume 1433,Page 165,Official Records,Brazos County,Texas. Title to said interest has
not been investigated subsequent to the date of the aforesaid instrument.
e. Oil and Gas Lease,and all terms,conditions and stipulations therein:
Lessor: Drucox Petroleum,Inc.
Lessee: Inco Oil Corporation
Dated: February 21,1992
Recorded: Volume 1484,Page 175,Official Records,Brazos County,Texas. Title to said interest has
not been investigated subsequent to the date of the aforesaid instrument.
f. Oil and Gas Lease,and all terms,conditions and stipulations therein:
Lessor: J.Garland Watson
Lessee: Inco Oil Company
Dated: January 13,1992
Recorded: Volume 1458,Page 121,Official Records,Brazos County,Texas. Title to said interest has
not been investigated subsequent to the date of the aforesaid instrument.
g. Any and all liens arising by reason of unpaid bills or claims for work performed or materials furnished in
connection with improvements placed,or to be placed,upon the subject land. However,the Company does
insure the Insured against loss,if any,sustained by the Insured under this Policy if such liens have been filed
with the County Clerk of Brazos County,Texas,prior to the date hereof.
Pending disbursement of the full proceeds of the loan secured by the lien instrument set forth under Schedule A
hereof,this Policy insures only to the extent of the amount actually disbursed,but increases as each
disbursement is made in good faith and without knowledge of any defects in,or objections to,the title up to the
face amount of the Policy. Nothing contained in this paragraph shall be construed as limiting any exception
under Schedule B,or any printed provision of this Policy.
h. Section 13 of the Conditions and Stipulations of this policy is hereby deleted.
University Title Company
By: . _/
Authoiized Countersignature (cbt)
Exhibit A
Being two tracts out of and a part of River Oaks Subdivision, City of College Station, Texas, according to plat thereof
recorded in Volume 8194,Page 181 of the Official Records of Brazos County,Texas;and being further described as:
Tract One:
Metes and bounds description of all that certain tract or parcel of land lying and being situated in the Morgan Rector League,
Abstract No.46,College Station,Brazos County,Texas. Said tract being a portion of a called 12.97 acres tract as described
by a Deed to Starfish Development-River Oaks, L.P., recorded in Volume 8130, Page 282 of the Official Public Records of
Brazos County,Texas.
Said tract being more particularly described by metes and bounds as follows:
COMMENCING at a 1/2 inch iron rod found on the northwest line of Holleman Drive(80'R.O.W.)marking the south corner
of said 12.97 acre tract and the east corner of a called 8.21 acre tract as described by a Deed to Rose-Arbors,L.P.,recorded in
Volume 3780,Page 244 of the Official Public Records of Brazos County,Texas;
THENCE: N 49°28' 20" W along the common line of said 12.97 acre tract and said 8.21 acre tract for a distance of 338.62
feet to the POINT OF BEGINNING of this herein described tract;
THENCE: N 49°28'20"W continuing along the common line of said 12.97 acre tract and said 8.21 acre tract for a distance
of 124.40 feet to a 1/2 inch iron rod found marking the north corner of said 8.21 acre tract;
THENCE: S 42°08'02"W continuing along the common line of said 12.97 acre tract and said 8.21 acre tract for a distance of
44.99 feet to a 1/2 inch iron rod found marking the east corner of the remainder of a called 12.18 acre tract as described by a
Deed to Lacour Investments,recorded in Volume 398,Page 768 of the Deed Records of Brazos County,Texas;
THENCE: N 49° 37' 16" W along the common line of said 12.97 acre tract and said remainder of 12.18 acre tract for a
distance of 140.29 feet to a point marking the most westerly corner of this herein described tract;
THENCE: through said 12.97 acre tract for the following calls:
N 36°37'49"E for a distance of 218.22 feet to a point;
S 82°55'53"E for a distance of 546.07 feet to a point;
N 47°07'11"E for a distance of 145.24 feet to a point;
S 68°34'52"E for a distance of 50.79 feet to a point;
N 87°19'14"E for a distance of 147.88 feet to a point;
N 83°12'01"E for a distance of 47.33 feet to a point;
S 29°05' 05" E for a distance of 24.24 feet to a point marking the beginning of a counterclockwise curve having a radius of
1045.00 feet;
Along said curve 10.00 feet from and parallel to the northwest line of Holleman Drive through a central angle of 19° 17' 16"
for an arc distance of 351.78 feet(Chord bears: S 51°16'17"W-350.12 feet)to the ending point of said curve:
S 41°38'40"W 10.00 feet from and parallel to the northwest line of Holleman Drive,for a distance of 41.15 feet to a point;
N 48°21'21"W for a distance of 78.33 feet to a point;
N 82°53'41"W for a distance of 303.78 feet to a point;
S 41°38'35"W for a distance of 211.07 feet to the POINT OF BEGINNING containing 3.675 acres of land,more or less.
Tract Two:
Metes and bounds description of all that certain tract or parcel of land lying and being situated in the Morgan Rector League,
Abstract No.46,College Station,Brazos County,Texas. Said tract being a portion of a called 12.97 acre tract as described by
a Deed to Starfish Development-Rive Oaks,L.P.,recorded in Volume 7596,Page 257 of the Official Public Records of Brazos
County,Texas.
Said tract being more particularly described by metes and bounds as follows:
COMMENCING at a 1/2 inch iron rod found on the northwest Iine of Holleman Drive(80'R.O.W.)marking the south corner
of said 12.97 acre tract and the east corner of a called 8.21 acre tract as described by a Deed to Rose-Arbors,L.P.,recorded in
Volume 3780,Page 244 of the Official Public Records of Brazos County,Texas;
THENCE: N 49°28'20" W along the common line of said 12.97 acre tract and said 8.21 acre tract for a distance of 262.31
feet to the POINT OF BEGINNING of this herein described tract;
THENCE: N 49°28' 20" W continuing along the common line of said 12.97 acre tract and said 8.21 acre tract for a distance
of 76.31 feet to a point,for reference a 1/2 inch iron rod found marking the north corner of said 8.21 acre tract bears: N 49°
28'20"W for a distance of 124.40 feet;
THENCE: through said 12.97 acre tract for the following calls:
N 41°38'35"E for a distance of 211.07 feet to a point;
S 82°53'41"E for a distance of 91.56 feet to a point;
S 41°27'08"W for a distance of 261.49 feet to the POINT OF BEGINNING containing 0.412 of an acre of land,more or less.
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 area or quantity is correct,but is made
only for informational and/or identification purposes and does not override Item 2 of Schedule B hereof.
LIMITED PARTNERSHIP AGREEMENT
We, STARFISH DEVELOPMENT GROUP,L.L.C.,referred to in this Agreement
as the"General Partner," and the persons whose signature appear below and who are listed
as limited partners on Exhibit"B",attached hereto and made a part hereof,referred to in this
Agreement as the"Limited Partners," (collectively referred to as the "Partners")make this
agreement on the day of , 2007.
ARTICLE I.
FORMATION
Organization
(A) The parties hereby agree to form a limited partnership, named STARFISH
DEVELOPMENT-RIVER OAKS,L.P.,referred to in this Agreement as the"Partnership,"
to be governed under the Texas Revised Limited Partnership Act, referred to in this
Agreement as the"TRLPA."
Certificate of Limited Partnership
1.02. The General Partner shall execute a certificate of limited partnership at the time
this Agreement is executed, file the certificate with the Secretary of State of the State of
Texas, and send a file-stamped copy of the certificate to each Partner. Thereafter, the
General Partner shall execute and file other certificates or instruments as necessary,
appropriate,or convenient under the TRLPA and any other laws of the State of Texas and
of any other states where the Partnership decides to transact business.
Purposes of Partnership
1.03. The purposes of the Partnership shall be as follows:
(a) To engage generally in real estate ownership, development, marketing,
agricultural production,commercial leasing, sale,exchange,alteration and repair.
(b) To engage in all other activities that are permitted under all applicable laws
and that are approved by a majority in interest of the Limited Partners.
Page 1
ARTICLE II
NAME AND PLACE OF BUSINESS
Name of Limited Partnership
2.01. The business of the Partnership shall be conducted under the name
STARFISH DEVELOPMENT-RIVER OAKS,L.P.and under such variations of this name
as may be necessary to comply with the laws of Texas and other states in which the
Partnership may transact business. The General Partner shall execute and file with the
proper offices in a timely manner any instruments required by the Fictitious Name or
Assumed Name Act or similar laws in effect in each state in which the Partnership transacts
business.
Location of Partnership Offices
2.02. The principal place of business of the Partnership shall be located at 4200
Woodland Park Ct.,Arlington,Texas 76013. This place of business shall be the registered
office in Texas and the principal office in the United States as defined in the TRLPA. The
General Partner may change the registered office in Texas and principal office in the United
States by complying with the provisions of the TRLPA and all other applicable laws. The
General Partner may establish additional places of business of the Partnership.
Names and Addresses of Partners
2.03. The names,mailing addresses,and street addresses of the business or residence
of the General Partner is 4200 Woodland Park Ct.,Arlington,Tarrant County,Texas 76013.
There are no other general partners of this Partnership and no other person or entity has any
right to take part in the ownership, management, or other rights of the Partnership, except
as otherwise provided in this Agreement
ARTICLE III
TERM OF PARTNERSHIP
The Partnership shall begin as of the date of filing the certificate of limited
partnership and the Partnership shall continue in existence until it is terminated,liquidated,
or dissolved in accordance with this Agreement or by operation of law.
Page 2
APR-16-2007 HON 03:12 P11 LHwrERS AID SERVICE FAX NO. 5,.d44329 P. 02/05
Roger Williams
Corporations Swoon /��Tt nF Secretary of Stele
I'.O.I3oX 13697
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Austin,Teicas78711-3697 'Xt':
1CO3
Office of the Secretary of State
CERTIFICATE OF FILING
OF
Starfish Development Group, L.L.C.
File Number: 800801938
The undersigned, as Secretary of State of Texas, hereby certifies that a Certificate of Formation for the
above named Domestic Limited Liability Company(LLC)has been received in this office and has been
found to conform to the applicable provisions of law.
ACCORDINGLY, the undersigned, as Secretary of State, and by virtue of the authority vested in the
secretary by law,hereby issues this certificate evidencing filing effective on the date shown below.
The issuance of this certificate does not authorize the use of a name in this state in violation of the rights
of another under the federal Trademark Act of 1946,the Texas trademark law, the Assumed Business or
Professional Name Act,or the common law.
Dated: 04/1612001
Effective: 04/16/2007
Op
V^qrtor ,VrediALsitiow,
st.-1
;0 04.
Roger Williams
tet , Secretary of State
Come visit us on the Internet at http.-/hvww.sos.stote.tx.us/
Moon;(512)463-5555 Pax:(512)463-5709 Dial:7-1-1 for Relay Services
Prepared by.Rosa Arro1?:ono TID: 10306
Document: 167088620002