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HomeMy WebLinkAboutTitle Insurance COMMITMENT FOR TITLE INSURANCE T-7 ISSUED BY OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY SCHEDULE A Effective Date: February 23,2015,7:00 am GFNo. 33065 Commitment issued March 2,2015,3:00 pm 1. The policy or policies to be issued are: a. OWNER'S POLICY OF TITLE INSURANCE(Form T-l) (Not applicable for improved one-to-four family residential real estate) Policy Amount: PROPOSED INSURED: b. TEXAS RESIDENTIAL OWNER'S POLICY OF TITLE INSURANCE ONE-TO-FOUR FAMILY RESIDENCES(Form T-1R) Policy Amount: PROPOSED INSURED: c. LOAN POLICY OF TITLE INSURANCE(Form T-2) Policy Amount: PROPOSED INSURED: To Be Determined Proposed Borrower: Salam Investments,LLC d. TEXAS SHORT FORM RESIDENTIAL LOAN POLICY OF TITLE INSURANCE(Form T-2R) Policy Amount: PROPOSED INSURED: Proposed Borrower: e. LOAN TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN(Form T-13) Binder Amount: PROPOSED INSURED: Proposed Borrower: f. 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: Salam Investments,LLC,a Texas limited liability company. 4. Legal description of land: Southwest Twenty feet(20')of Lot Five(5)and the Northeast Thirty-five(35')of Lot Six(6),Block"H",COLLEGE VISTA,an addition to the City of College Station,according to the plat thereof recorded in Volume 126,page 133, Deed Records,Brazos County,Texas. Form T-7: Commitment for Title Insurance Page 1 COMMITMENT FOR TITLE INSURANCE T-7 ISSUED BY OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY SCHEDULE B EXCEPTIONS FROM COVERAGE In addition to the Exclusions and Conditions and Stipulations, your Policy will not cover loss, costs, attorney's fees, and expenses resulting from: 1. The following restrictive covenants of record itemized below (We must either insert specific recording data or delete this exception): Volume 137,page 87;Volume 155,page 277 Deed Records,Brazos County,Texas. 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's 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 the 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's Policy only.) 5. Standby fees, taxes and assessments by any taxing authority for the year 2015, 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 Loan Policy of Title Insurance(T-2R)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. 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 Loan 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 Loan Policy(T-2)only.) 9. The Exceptions from Coverage and Express Insurance in Schedule B of the Texas Short Form Residential Loan Policy of Title Insurance (T-2R). (Applies to Texas Short Form Residential Loan Policy of Title Insurance (T-2R) only.) Separate exceptions 1 through 8 of this Schedule B do not apply to the Texas Short Form Residential Loan Policy of Title Insurance (T-2R). Form T-7: Commitment for Title Insurance Page 2 Continuation of Schedule B GF No. 33065 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. Any encroachment,encumbrance,violation,variation,or adverse circumstance affecting the title that would be disclosed by an accurate and complete survey of the land.The term"encroachment"includes encroachments of existing improvements located on the Land onto adjoining land,and encroachments onto the Land of existing improvements located on adjoining land. b. Twenty-five foot(25')front setback line;No residence or attached appurtenance shall be erected on any lot farther than Thirty-five feet(35')from the front lot line;Five foot(5')side setback line;as noted in the Restrictions recorded in Volume 137,page 87,Official Public Records,Brazos County,Texas. c. Six foot(6')wide public utility easement reserved along rear Lot line as set out in dedication of Plat for College Vista recorded in Volume 126,page 133,Deed Records,Brazos County,Texas. d. Boundary line and fence location agreement by and between Leonard E.Douglas and wife,Lula Etta Douglas and Tome Brumfield and wife,Cora P.Brumfield,dated October,1972,recorded in Volume 309,page 150 of the Deed Records of Brazos County,Texas. e. Easements of record and those visible and apparent upon the ground. f. Rights of parties in possession. Form T-7: Commitment for Title Insurance Page 3 COMMITMENT FOR TITLE INSURANCE T-7 ISSUED BY OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY 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, c. all improvements or repairs to the property are completed and accepted by the owner, and that all contractors, sub- contractors,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 Loan 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 require from Salam Investments,LLC the following documents for examination and possible additional requirements: 1)Certificate of Organization issued by the Secretary of State;2)Certificate of Good Standing;3) Copy of and Compliance with Articles of Organization and Regulations;and 4)Company Resolution indicating authority to purchase and identity of person(s)representing said company in this transaction. 6. FOR INFORMATIONAL PURPOSES ONLY:The following conveyances involving the subject property were recorded within the last 24 months:Volume 12500,page 138,Official Public Records of Brazos County,Texas. Countersigned Aggieland Title Company By Form T-7: Commitment for Title Insurance Page 4 COMMITMENT FOR TITLE INSURANCE T-7 SCHEDULE D GFNo. 33065 Effective Date: February 23,2015,7:00 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: 1. The following individuals are directors and/or officers,as indicated,of the Title Insurance Company issuing this Commitment DIRECTORS OF OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY HARRINGTON BISCHOF PAUL Z.ROSE STEVE R.WALKER ARNOLD L.STEINER A.C.ZUCARO CHARLES J. STUHR JOHN W.POPP OFFICERS OF OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY RANDE K.YEAGER STEPHEN C.WILSON President&Chief Operating Officer Executive Vice President CHARLES G.GREGORY DANIEL B.WOLD Executive Vice President-Finance Vice President,Secretary& Senior Corporate Counsel JOHN B.CLEVELAND Vice President Administration/Treasurer 2. The following disclosures are made by the Title Insurance Agent issuing this Commitment: Aggieland Title Company Owners Directors Officers Page D.Thornton Page D.Thornton Page D.Thornton,President,Secretary,Treasurer J.Fred Bayliss Page D.Thornton,Office Manager Tebbi S.Mayes,Office Co-Manager 3. 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 a portion of the premium 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: Owner's Policy $0.00 Loan Policy $238.00 Endorsement Charges $0.00 Other $0.00 Total $238.00 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 For Services " 'The 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 Commissioner of Insurance." Form T-7: Commitment for Title Insurance Page 5 DELETION OF ARBITRATION PROVISION (Not applicable to the Texas Residential Owner's 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 Insurance 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 require arbitration if the amount of insurance is $2,000,000 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: "Either the Company or the Insured may demand that the claim or controversy shall be submitted to arbitration pursuant to the Title Insurance Arbitration Rules of the American Land Title Association ("Rules"). Except as provided in the Rules, there shall be no joinder or consolidation with claims or controversies of other persons.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,any service in connection with its issuance or the breach of a policy provision, or to any other controversy or claim arising out of the transaction giving rise to this policy. All arbitrable matters when the Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured, unless the Insured is an individual person(as distinguished from an Entity). All arbitrable matters when the Amount of Insurance is in excess of$2,000,000 shall be arbitrated only when agreed to by both the Company and the Insured. Arbitration pursuant to this policy and under the Rules shall be binding upon the parties. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court of competent jurisdiction." SIGNATURE DATE COMMITMENT FOR TITLE INSURANCE T-7 ISSUED BY OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY SCHEDULE A Effective Date: January 20,2015,07:00 am GF No. 32942 Commitment issued January 29,2015,04:30 pm 1. The policy or policies to be issued are: a. OWNER'S POLICY OF TITLE INSURANCE(Form T-1) (Not applicable for improved one-to-four family residential real estate) Policy Amount: PROPOSED INSURED: b. TEXAS RESIDENTIAL OWNER'S POLICY OF TITLE INSURANCE ONE-TO-FOUR FAMILY RESIDENCES(Form T-1R) Policy Amount: $158,000.00 PROPOSED INSURED: Cordoba Management,LLC c. LOAN POLICY OF TITLE INSURANCE(Form T-2) Policy Amount: $118,500.00 PROPOSED INSURED: To Be Determined Proposed Borrower: Cordoba Management,LLC d. TEXAS SHORT FORM RESIDENTIAL LOAN POLICY OF TITLE INSURANCE(Form T-2R) Policy Amount: PROPOSED INSURED: Proposed Borrower: e. LOAN TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN(Form T-13) Binder Amount: PROPOSED INSURED: Proposed Borrower: f. 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: Trent Lawrence Owens 4. Legal description of land: All of Lot Four(4)and the Northeast 30'of Lot Five(5),Block"H",COLLEGE VISTA,an addition to the City of College Station,Brazos County,Texas according to plat thereof recorded in Volume 126,page 133 of the Deed Records of Brazos County,Texas. Form T-7: Commitment for Title Insurance Page 1 COMMITMENT FOR TITLE INSURANCE T-7 ISSUED BY OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY SCHEDULE B EXCEPTIONS FROM COVERAGE In addition to the Exclusions and Conditions and Stipulations, your Policy will not cover loss, costs, attorney's fees, and expenses resulting from: 1. The following restrictive covenants of record itemized below (We must either insert specific recording data or delete this exception): Volume 137,page 87;Volume 155,page 277,Deed Records,Brazos County,Texas.Restrictions contained in this document based on race,color,religion,material origin,sex,familial status or handicap,if any,are hereby deleted. 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's 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 the 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's Policy only.) 5. Standby fees, taxes and assessments by any taxing authority for the year 2015, 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 Loan Policy of Title Insurance(T-2R)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. 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 Loan 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 Loan Policy(T-2)only.) 9. The Exceptions from Coverage and Express Insurance in Schedule B of the Texas Short Form Residential Loan Policy of Title Insurance (T-2R). (Applies to Texas Short Form Residential Loan Policy of Title Insurance (T-2R) only.) Separate exceptions 1 through 8 of this Schedule B do not apply to the Texas Short Form Residential Loan Policy of Title Insurance (T-2R). Form T-7: Commitment for Title Insurance Page 2 Continuation of Schedule B GF No. 32942 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. Six foot(6')utility easement along rear lot line as noted on plat recorded in Volume 126,page 133,Deed Records,Brazos County,Texas. b. Twenty-five foot(25')front building setback;Ten foot(10')side street building setback;Five foot(5')interior side building setback;Six foot(6')utility easement along rear lot line,as set forth in restrictions recorded in Volume 137,page 87 and Volume 155,page 277,Deed Records,Brazos County,Texas. c. Estate created by oil,gas and mineral lease granted to C.H.Clayton by Leonard E.Douglas and wife,Luetta Douglas by instrument dated February 26,1983,recorded in Volume 86,page 111 of the Oil,Gas and Mineral Lease Records of Brazos County,Texas,and all terms,conditions and stipulations contained therein. Title to this lease has not been investigated subsequent to date thereof. d. Rights of parties in possession. Form T-7: Commitment for Title Insurance Page 3 COMMITMENT FOR TITLE INSURANCE T-7 ISSUED BY OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY 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, c. all improvements or repairs to the property are completed and accepted by the owner, and that all contractors, sub- contractors, 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 Loan 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. Vendor's Lien retained in deed dated April 20,2007 from Keithel Don Douglas,et ux,et al to Trent Lawrence Owens recorded in Volume 7934,page 101,securing the payment of one note of even date therewith in the principal sum of $53,000.00,payable to ABN AMR()Mortgage Group,Inc.,and additionally secured by Deed of Trust of even date therewith executed by Trent Lawrence Owens and Bethany Owens to Robert K.Fowler,Trustee,said deed of trust filed for record with the County Clerk of Brazos County,Texas on April 26,2007 and recorded in Volume 7934,page 107 of the Official Public Records of Brazos County,Texas. 6. From examination,apparently Leonard Emerson Douglas,a predecessor in title died intestate.Furnish affidavit of death and heirship by at least two disinterested parties,setting forth facts of family history making no conclusions of law.Affidavit must include decedents name,date of death,place of death,place of permanent domicile at the time of death.It must state whether deceased died testate or intestate,how many times deceased was married,and to whom; the names,addresses and ages of all children living,deceased and/or adopted,with a statement that no other children were born or adopted by the deceased.Said affidavit to be furnished to this agency for approval prior to closing. 7. Determine marital status of Trent Lawrence Owens and join spouse,Bethany Owens,in conveyance of subject property. 8. We require from Cordoba Management,LLC the follow documents for examination and possible additional requirements: 1)Certificate of Organization issued by the Secretary of State;2)Certificate of Good Standing;3) Copy of and Compliance with Articles of Organization and Regulations;and 4)Company Resolution indicating authority to purchase and identity of person(s)representing said company in this transaction. Form T-7: Commitment for Title Insurance Page 4 Continuation of Schedule C GF No. 32942 9. The survey we were furnished is missing the bottom portion.If we will be asked to provide extended survey coverage, we will require a complete,legible survey for examination.After reviewing the survey,we may have additional requirements. Countersigned Aggieland Title Company By Form T-7: Commitment for Title Insurance Page 5 COMMITMENT FOR TITLE INSURANCE T-7 SCHEDULE D GF No. 32942 Effective Date:January 20,2015,07:00 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: 1. The following individuals are directors and/or officers,as indicated,of the Title Insurance Company issuing this Commitment DIRECTORS OF OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY HARRINGTON BISCHOF PAUL Z.ROSE STEVE R.WALKER ARNOLD L.STEINER A.C.ZUCARO CHARLES J.STUHR JOHN W.POPP OFFICERS OF OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY RANDE K.YEAGER STEPHEN C.WILSON President&Chief Operating Officer Executive Vice President CHARLES G.GREGORY DANIEL B.WOLD Executive Vice President-Finance Vice President,Secretary& Senior Corporate Counsel JOHN B.CLEVELAND Vice President Administration/Treasurer 2. The following disclosures are made by the Title Insurance Agent issuing this Commitment: Aggieland Title Company Owners Directors Officers Page D.Thornton Page D.Thornton Page D.Thornton,President,Secretary,Treasurer J.Fred Bayliss Page D.Thornton,Office Manager Tebbi S.Mayes,Office Co-Manager 3. 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 a portion of the premium 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: Owner's Policy $1,196.00 Loan Policy $100.00 Endorsement Charges $0.00 Other $0.00 Total $1,296.00 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 For Services " `The 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 Commissioner of Insurance." Form T-7: Commitment for Title Insurance Page 6 • DELETION OF ARBITRATION PROVISION (Not applicable to the Texas Residential Owner's 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 Insurance 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 require arbitration if the amount of insurance is $2,000,000 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: "Either the Company or the Insured may demand that the claim or controversy shall be submitted to arbitration pursuant to the Title Insurance Arbitration Rules of the American Land Title Association ("Rules"). Except as provided in the Rules, there shall be no joinder or consolidation with claims or controversies of other persons.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,any service in connection with its issuance or the breach of a policy provision, or to any other controversy or claim arising out of the transaction giving rise to this policy. All arbitrable matters when the Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured, unless the Insured is an individual person(as distinguished from an Entity). All arbitrable matters when the Amount of Insurance is in excess of$2,000,000 shall be arbitrated only when agreed to by both the Company and the Insured. Arbitration pursuant to this policy and under the Rules shall be binding upon the parties. Judgment upon the award rendered by the Arbitrator(s)may be entered in any court of competent jurisdiction." SIGNATURE DATE