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HomeMy WebLinkAboutTitle Report TEXAS COMMITMENT FOR TITLE INSURANCE SCHEDULE A Effective Date: May 22,2007 at 8:00 a.m. GF No.00072395 Commitment issued September 21,2007,8:00 a.m. 1. 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: $ PROPOSED INSURED: (b) TEXAS RESIDENTIAL OWNER POLICY OF TITLE INSURANCE -ONE-TO-FOUR FAMILY RESIDENCES(Form T-1R) Policy Amount: $90,565.00 PROPOSED INSURED: New American Dream Ltd. (c) MORTGAGEE POLICY OF TITLE INSURANCE(FORM T-2) Policy Amount: $ PROPOSED INSURED: Proposed Borrower: (d) TEXAS SHORT FORM RESIDENTIAL MORTGAGEE POLICY(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: (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: Larry J.Johnson and Mary Johnson University Title Company Alliant National Title Texas Commitment T-7(Rev.1-1-93)-Schedule A Valid Only if Schedule B,C,D and Cover are attached SCHEDULE A- continued GF No.00072395 4. Legal description of land: See Exhibit A attached hereto and made a part hereof. SCHEDULE B GF No.00072395 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): 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. 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 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 Policy only.) 5. 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-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 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 Policy (T-2R). (Applies to Texas Short Form Residential Mortgagee Policy (T-2R) only. Separate University Title Company Alliant National Title Texas Commitment T-7(Rev.1-1-93)-Schedule B Valid Only if Schedule A,C,D and Cover are attached SCHEDULE B - continued GF No.00072395 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. Rights of Parties in Possession. (OWNER POLICY ONLY) b. Oil and Gas Lease,and all terms,conditions and stipulations therein: Lessor: Nemias Williams,et ux Lessee: Chaparral Minerals,Inc. Dated: February 4, 1984 Recorded: Volume 680,Page 257,Official Records,Brazos County,Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. SCHEDULE C GF No.00072395 Your policy will not cover loss, costs, attorney's 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: - no person occupying the land claims any interest in that land against the persons named in paragraph 3 of Schedule A, - all standby fees,taxes,assessments and charges against the property have been paid, - 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, - there is legal right of access to and from the land, - (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. Item No.2 of Schedule B hereof shall be amended to read"shortages in area",upon our receipt of an acceptable survey.(As to Mortgagee Policy Only) 6. Item No.5 of Schedule B hereof shall be amended to read"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.",upon payment of applicable premium.(As to Mortgagee Policy T-2 Only) (If Texas Short Form Residential Mortgagee Policy(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.") 7. If requested in lenders closing instructions and all of our underwriting requirements are satisfied, we will issue the T17&T19 Endorsements,upon payment of any applicable premiums. (As to Mortgagee Policy Only) 8. We will require an Affidavit as to Debts and Liens be signed and the original provided to us prior to issuance of any title policies. 9. We will require a Waiver of Inspection(Rights of Parties in Possession)be signed by the Purchaser and the original provided to us prior to issuance of any title policies. 10. We will require an original Tax Certificate be provided,showing all taxes paid current,prior to issuance of any title policies.(If this transaction is not closing in our office,let us know if we need to order the tax certificate.) University Title Company Alliant National Title Texas Commitment T-7(Rev.1-1-93)-Schedule C Valid Only if Schedule A,B,D and Cover are attached SCHEDULE C - continued GF No.00072395 11. ARBITRATION: The Owner Policy of Title Insurance(Form T-1)and the Mortgagee Policy of Title Insurance(Form T-2)contain an arbitration provision. It allows the Insured or the Company to require arbitration if the amount of insurance is $1,000,000 or less. If the Insured wants to retain the right to sue the Company in case of a dispute over a claim, the Insured must request deletion of the arbitration provision before the Policy is issued. The Insured may do this by signing the Deletion of Arbitration Provision form and returning it to the Company at or before the closing of the real estate transaction or by writing to the Company. NOTE 1: If you are the lender in the transaction and desire deletion of the Arbitration Provision,please inform us through your loan closing instructions. NOTE 2: This does not apply to Texas Residential Owner Policy of Title Insurance-One to Four Family Residences. If you are the purchasers of non-residential property and desire the deletion of the Arbitration Provision,a form will be presented to you at closing for execution. 12. We will require a survey of the property to be prepared by a Registered Public Surveyor acceptable to this Company. When same is submitted to the Title Department for inspection and approval,additional exceptions and/or requirements may be added. ABSTRACTORS NOTE: We will require a survey of that portion of.9583 acres,home site tract being sold. 13. Twenty-four Month Chain of Title: We have examined the records of the County Clerk of Brazos County,Texas,as they are reflected in the geographically indexed title plant of University Title Company and our records reflect that the following is a true and correct list of DEEDS affecting title to the real property described supra for the preceding twenty-four months: None of Record Vesting Deed to owners shown herein was dated November 26,2003 and recorded in Volume 5748,Page 222, Official Records,Brazos County,Texas. By Probate dated July 25,2003 and recorded in Cause No. 11,683-PC,Probate Records,Brazos County, Texas. 14. Record a Release of Deed of Trust to secure a Note: Grantor: Larry J.Johnson and Mary Johnson,husband and wife Trustee: Charles A. Brown Beneficiary: Chase Manhattan Mortgage Corporation Amount: $69,300.00 Dated: April 12,2004 Recorded: Volume 5972,Page 118, Official Records,Brazos County,Texas. 15. The following matters are found of record involving names similar to parties to the proposed transaction: Abstract of Judgment: Styled: David Gourley and Elizabeth Gourley vs.David Scott Mertz,Lee Wall and John C. "Jack" Wall Cause No.: 44,116-272 Dated: March 4, 1998 Amount: $1,250.00,together with interest and fees. Recorded: Volume 3652,Page 217, Official Records,Brazos County,Texas. SCHEDULE C -continued GF No.00072395 This information is provided for informational purposes only.. University Title Company By: Authorized Countersignature(nbd/rdf) SCHEDULE D GF No.00072395 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 Alliant National Title Insurance Company * W.Allen Shindler,Chairman of the Board Robert Scott Hendrickson,Chief Financial Officer * David D.Ginger,President * Raymond J.BonAnno * Robert J.Grubb,Chief Executive Officer * Richard W.Stone William Brendemuhl,General Counsel&Secretary *Indicates Director 2. AGENT: UNIVERSITY TITLE COMPANY a. The names of each shareholder,owner,partner or other person having,owning or controlling one percent(1%)or more of the Title Insurance Agent that will receive a portion of the premium are as follows: Celia Goode William C.Lipsey Michael R.Hoelscher b. Each shareholder,owner,partner or other person having,owning or controlling ten percent(10%)or more of an entity that has,owns or controls one percent(1%)or more of the Title Insurance Agent that will receive a portion of the premium are as follows: not applicable c. The following persons are officers and directors of the Title Insurance Agent: Officers Directors President-Celia Goode Celia Goode Vice President-Michael R.Hoelscher Michael R.Hoelscher Secretary/Treasurer-William C.Lipsey William C.Lipsey 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 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 $ 783.00 Mortgage Policy $ 100.00 Endorsement Charges $ 88.30 Total $ 971.30 Of this total amount: $ or 15.00%will be paid to the policy issuing Title Insurance Company: $ or 85.00%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 State Board of Insurance. Exhibit A Being a 0.9583-acre tract or parcel of land lying and being situated in the Crawford Burnett League Survey,Abstract 7, Brazos County,Texas,and being the same property conveyed to Larry J.Johnson et ux,called 1.0 acre,by deed recorded in Volume 5748,Page 222,Official Records,Brazos County,Texas,and said 0.9583-acre tract being more particularly described as follows: BEGINNING at a 1/2" iron rod set marking the intersection of the southwest right of way line of Fairview Avenue,a 50'- wide public roadway,and the northwest right of way line of Holleman Drive,an 80'-wide public roadway,said road being located,for reference only,3.94'-S 88°54'20" W for a capped iron rod found; THENCE S 45°00'00" W,along Holleman Drive's northwest right of way line,for a distance of 208.70' to a 1/2" iron rod set marking the easternmost corner of the Maddlyn Reed tract of land with Brazos County Tax I.D.number R29548; THENCE N 45°15' 00" W,along the northeast line of said Maddlyn Reed tract,for a distance of 200.02'to a 1/2" iron rod found marking the easternmost corner of the Merilyn Rucker tract described in deed recorded in Volume 704,Page 669, Official Records,Brazos County,Texas; THENCE N 45°00' 00" E,along the southeast boundary line of the James Reed,Jr.tract described in deed recorded in Volume 1050,Page 182,Official Records,Brazos County,Texas,for a distance of 208.70'to a 1/2" iron rod set on the southwest right of way line of Fairview Avenue; THENCE S 45° 15' 00" E,along said right of way line for a distance of 200.02'to the POINT OF BEGINNING,containing 0.9583 acres 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. '!t RESOLUTION OF NAD MANAGEMENT, L.C., a Texas Limited Liability Company ("Company") & of NAD MANAGEMENT, L.C., a Texas Limited Liability Company, in its capacity as general partner of NEW AMERICAN DREAM, LTD., a Texas Limited Partnership ("Partnership") J. C. WALL,being the sole manager of the Company organized under the Texas Limited Liability Company Act and now governed by the Texas Business Organizations Code, does by this writing consent to take the following action and adopt the following resolutions: RESOLVED,the Company is manager ruled. RESOLVED,that JESSE C.WALL,also known as J. C.Wall, in his capacity as President,of the Company, acting on behalf of the Company and on behalf of the Company in its capacity as general partner of the Partnership, thereby binding the Company and Partnership,be and is hereby authorized and directed to do the following: 1. GENERAL BORROWING: Borrow from such banks,trust companies, savings institutions, individuals, or others, as in his judgment is necessary, for such a period of time and upon such terms and rate of interest as may to him at his discretion, seem advisable and to execute notes and payment of the amount so borrowed. Any such notes may be signed by him and he is hereby authorized to execute such mortgages, mechanic's liens,deeds of trust, security agreements,financing statements or such other security instruments as may in his judgment be necessary in connection with such transactions. Furthermore,he is authorized to execute any renewals, extensions and modifications of such notes. 2. TO SELL: Sell real or personal property upon such terms as may to him,at his discretion,seem advisable, and he is hereby authorized to execute any and all of those certain contracts, deeds,and other relative papers pertaining to the sale of real or personal property,upon such terms and conditions as to him, in his discretion,are advisable and reasonable and as may be set forth in any future contracts executed by him and any prospective buyer. Such contracts, deeds,and any relative instruments pertaining to the sale of real or personal property may be signed by him and he is hereby authorized to execute such contracts,deeds, or other relative instruments as, in his judgment,may be necessary in connection with such transaction. 3. TO PURCHASE: Purchase real or personal property upon such terms as may to him, at his discretion, seem advisable,and he is hereby authorized to execute any and all of those certain relative papers pertaining to the purchase of property,upon such terms and conditions as to him, in his discretion,are advisable and reasonable and as may be set forth in future contracts executed by and between any third party, as RESOLUTION 153013/32740 1 Seller,and him on behalf of the Buyer. Such relative instruments pertaining to the purchase of certain real or personal property may be signed by him as, in his judgment,may be necessary in connection with such transaction. 4. DEVELOP PROPERTY AND CONSTRUCT IMPROVEMENTS: Execute any and all of those certain applications,construction contracts, mechanic's lien contracts, construction loan agreements and other relative papers pertaining to the development of property or the construction of certain improvements,upon such terms and conditions as to him, in his discretion,are advisable and reasonable and as may be set forth in such applications or mechanic's lien documents executed by him and any third party. Such applications,construction contracts,mechanic's lien documents, and any relative instruments pertaining to the development of property and/or the construction of certain improvements may be signed by him as such applications, construction contracts,mechanic's lien documents, or other relative instruments as,in his judgment,may be necessary in connection with such transaction. In addition,he is hereby authorized and directed to obtain all bids, permits, and perform such other actions necessary in connection with the construction of certain improvements. 5. BANKING: Transact, oversee and initiate any and all banking matters, including but not limited to the opening of a bank account,the execution of any signature cards,the enrollment of any online services offered by the bank,making all deposits or withdrawals,and any other matter related to the banking matters and accounts. 6. DAY TO DAY OPERATIONS: To transact any and all day-to-day business matters that may, in his discretion,be necessary to operate the day-to-day activities and operations. 7. OTHER ACTION: To take such other action to execute and deliver such additional instruments as are necessary or proper in order to effectively perform all of the foregoing resolutions. RESOLVED,that there may be times that J. C. Wall is unavailable to execute earnest money contracts,deeds, HUD-1 settlement statements, or other closing documents involving the sale of real or personal property of the Partnership. RESOLVED,that during the absence of J. C. Wall,Karl Kacir,in his capacity as an authorized agent of the Company, acting on behalf of the Company and on behalf of the Company in its capacity as general partner of the Partnership,thereby binding the Company and Partnership, be and is hereby authorized and directed to do the following: 1. TO SELL: Sell real or personal property upon such terms as may to him,at his discretion,seem advisable, and he is hereby authorized to execute any and all of those certain contracts,deeds, and other relative papers pertaining to the sale of real or personal property,upon such terms and conditions as to him and the Partnership, in the discretion of the Partnership,are advisable and reasonable and as may be set forth in any contracts executed by him or the Partnership and any prospective buyer. Such contracts, deeds,and any relative instruments pertaining to the sale of real or personal property may be signed by him and he is hereby authorized to execute such contracts,deeds,or other relative instruments as,in his judgment,may be necessary in connection with such transaction. RESOLUTION 153013/32740 2 I it RESOLVED, that the Company consents to the foregoing resolutions and that the Company, in its capacity as general partner of the Partnership, consents to the foregoing resolutions. I direct that this consent be filed with the minutes of the proceedings of the Managers of the Company. This consent is executed pursuant to of the Texas Limited Liability Company Act which authorizes the taking of action by the Managers by unanimous written consent without a meeting. This unanimous written consent may be executed in one or more counterparts, all of which together shall be one and the same instrument. Dated: ,2015. Ott,e,C , 4J. V WALL,Manager PREPARED IN THE LAW OFFICE OF: cnn BAIRD,CREWS, SCHILLER& WHITAKER,P. C. ATTN: THOMAS C.BAIRD 15 North Main Street Temple, Texas 76501 www.bcswlaw.com RESOLUTION 153013/32740 3