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HomeMy WebLinkAboutTitle Insurance THE FOLL( NG COMMITMENT FOR TITLE INSURANC ; NOT VALID UNLESS YOUR,.ekME AND THE POLICY AMOUNT ARE SHOWN IN SCHEDULE A, AND OUR AUTHORIZED REPRESENTATIVE HAS COUNTERSIGNED BELOW. COMMITMENT FOR TITLE INSURANCE Issued by . National Investors Title Insurance Company P.O. Drawer 2687, Chapel Hill, North Carolina 27515-2687 (919) 968-2200•www.invtitle.com We (National Investors Title Insurance Company) 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. National Investors Title Insurance Company Policy No. IRE/ .2 �!� G.F. No. , /✓ n CORPORATE ' Attest: President By: Authorized Countersignature ��, c ata..„..) 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. Form No.T-7(02/01/2010) Texas Commitment for Title Insurance TEXAS COMMITMENT FOR TITLE INSURANCE SCHEDULE A Effective Date: December 4,2011 at 8:00 a.m. GF No.00113520 Commitment issued December 13,2011,8:00 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: $310,000.00 PROPOSED INSURED: Boardwalk at Dominik,LLC (b) TEXAS RESIDENTIAL OWNER POLICY OF TITLE INSURANCE -ONE-TO-FOUR FAMILY RESIDENCES(Form T-1R) Policy Amount: $ PROPOSED INSURED: (c) MORTGAGEE POLICY OF TITLE INSURANCE(FORM T-2) Policy Amount: $606,400.00 PROPOSED INSURED: Extraco Banks,N.A. Proposed Borrower: Boardwalk at Dominik,LLC (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: Jane Allen Jarmek Clark a/k/a Jane A.Jarmek Clark Malas—Tract One Dwayne P.Walters and Diane A.Walters—Tract Two University Title Company National Investors Title Insurance Company Texas Commitment(Rev. 1-1-93)-Schedule A Valid Only if Schedule B and C,and Cover are attached SCHEDULE A- continued GF No. 00113520 4. Legal description of land: Tract One: Lot Twenty(20),Block Five(5),University Oaks,Section Two,City of College Station,according to plat thereof recorded in Volume 289,Page 555 of the Deed Records of Brazos County,Texas. Tract Two: Lot Twenty-four R(24R). Block Five(5),Replat of Lots 24&25, Block 5, University Oaks,Section Two,City of College Station,according to plat thereof recorded in Volume 2268,Page 51 of the Official Records of Brazos County,Texas. SCHEDULE B GF No. 00113520 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): Tracts One&Two: 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 2012,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 exceptions 1 through 8 of this Schedule B do not apply to the Texas Short Form Residential Mortgagee Policy(T- 2R). University Title Company National Investors Title Insurance Company Texas Commitment(Rev. 1-1-93)-Schedule B Valid Only if Schedule A and C,and Cover are attached 1 SCHEDULE B - continued GF No.00113520 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. "All leases,grants,exceptions or reservations of coal,lignite,oil,gas and other minerals,together with all rights, privileges,and immunities relating thereto,appearing in the Public Records whether listed in Schedule B or not. There may be leases,grants,exceptions or reservations of mineral interest that are not listed herein." (LENDER'S POLICY ONLY) c. 30'and 25'building lines on the southeast side;7.5'building line on the southwest and northeast sides;20' building line and 10'utility easement on the northwest side;as shown on plat recorded in Volume 289,Page 555 of the Deed Records of Brazos County,Texas;as shown on survey prepared on November 22,2011,under the supervision of Brad Kerr,R.P.L.S.#4502. (Tract One) d. Any Claim or right of adjoining property owner(s)to that strip of land lying between the fence and the boundary line on the northeast side of the property,as shown on survey prepared on November 22,2011,under the supervision of Brad Kerr,R.P.L.S.#4502. (OWNER POLICY ONLY) (Tract One) e. 20',25'and extension of 30'building line on the southeast side;7.5'building line on the northeast and southwest sides;20'building line and 10'utility easement on the northwest side;5'utility easement on the northeast side; shown on re-plat recorded in Volume 2268,Page 51 of the Official Records of Brazos County,Texas; as shown on survey prepared on October 20,2011,under the supervision of Brad Kerr,R.P.L.S.#4502. (Tract Two) a. Any Claim or right of adjoining property owner(s)to that strip of land lying between the fence and the boundary line on the southwest side of the property,as shown on survey prepared on October 20,2011,under the supervision of Brad Kerr, R.P.L.S.#4502. (OWNER POLICY ONLY) (Tract Two) b. Fence lies outside the property on the northeast and northwest side of the property,as shown on survey prepared on October 20,2011,under the supervision of Brad Kerr,R.P.L.S.#4502. (OWNER POLICY ONLY) (Tract Two) 7�'i SCHEDULE C GF No.00113520 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: I. 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 2012 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. If requested in lenders closing instructions and upon payment of applicable premium,we will issue the T-53 Texas Limited Coverage Residential Chain of Title Policy. 9. 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. 10. 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. 11. 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 National Investors Title Insurance Company Texas Commitment(Rev. I-1-93)-Schedule C Valid Only if Schedule A and B,and Cover are attached SCHEDULE C -continued GF No. 00113520 12. 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 $2,000,000 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. 13. If subject transaction will utilize a prior survey,we will require a full size,legible copy of said survey,with the surveyor's field notes,if any. Upon receipt of the existing survey,we reserve the right to determine whether said survey is acceptable for insuring purposes according to our underwriter guidelines. NOTE: While a survey may be acceptable for insuring purposes,all surveys are subject to final approval by lender. 14. Twenty-four Month Chain of Title: The following is a 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 May 12,2006 and recorded in Volume 7341, Page 208, Official Records,Brazos County,Texas. (Tract One) Vesting Deed to owners shown herein was dated June 1,2006 and recorded in Volume 7364,Page 286, Official Records,Brazos County,Texas. (Tract Two) 15. Record a Release of Deed of Trust to secure a Note: Grantor: Dwayne P.Walters and Diane A.Walters Trustee: Timothy N. Bryan Beneficiary: The First National Bank of Bryan Amount: $95,625.00 Dated: June 1,2006 Recorded: Volume 7364,Page 288,Official Records,Brazos County,Texas. Said lien being assigned to Prosperity Bank by Assignment: Dated: February 4,2009 Recorded: Volume 8965,Page 110,Official Records,Brazos County,Texas. (Tract Two) 16. Seller to reserve mineral rights. (Tract One) University Title Company By: t.1;1I.;WA Add`'' '.-1 Aut orized Countersignature(JMP/rdf) 6 Ntwo SCHEDULE D GF No.00113520 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: I. The following individuals are directors and/or officers, as indicated, of the Title Insurance Company issuing this Commitment Shareholder owning or controlling, directly or indirectly, ten percent or more of the shares of the Underwriter: National Investors Title Insurance Company is a wholly owned subsidiary of Investors Title Company. Directors: J.Allen Fine,James A.Fine,Jr.;W.Morris Fine;C.Toddy Murphy;L.Dawn Martin Officers:J.Allen Fine,Chairman and CEO;W.Morris Fine,President and COO;James A.Fine,Jr.,EVP and CFO; George A. Snead, EVP; C. Todd Murphy, SVP; Elizabeth B. Lewter, VP and Treasurer; Mike Aiken, Senior Vice President and Secretary;Joanna Tillottson, Senior Vice President 2. Disclosure of University Title Company,a Texas Corporation a. A listing of each shareholder,owner,partner or other person having or controlling one percent(1%)or more of the Title Insurance Agent that will receive a portion of the premium: Celia Goode-Haddock William C.Lipsey Michael R.Hoelscher Karen McCarroll b. A listing of each shareholder, owner, partner, or other person having or controlling 10 percent(10%) or more of any entity that has,owns or controls one percent(1%)or more of the Title Insurance Agent that will receive a portion of the premium: not applicable c. The following is a list of its officers and directors: Celia Goode-Haddock,Chairman/CEO and Director Karen McCarroll,President/COO and Director Joseph Poteet,Senior Vice President and Director Michael R.Hoelscher,Vice President and Director William C.Lipsey, Secretary/Treasurer and Director 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 $ 1,964.00 Mortgage Policy $ 1,683.00 Endorsement Charges $ 479.70 Total $ 4,126.70 University Title Company National Investors Title Insurance Company Texas Commitment(Rev. 1-1-93)-Schedule D Valid Only if Schedule A,B and C,and Cover are attached SCHEDULE D GF No.00113520 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 Commissioner of Insurance. This commitment is invalid unless the insuring provisions and Schedules A,B and C are attached. University Title Company National Investors Title Insurance Company Texas Commitment(Rev. 1-1-93)-Schedule D Valid Only if Schedule A,B and C,and Cover are attached % National Investors litle Insurance Company 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 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 Form No.T-7(02/01/2010) Texas Commitment for Title Insurance National Investors Title Insurance Company TEXAS TITLE INSURANCE INFORMATION Title insurance insures you against loss El seguro de titulo le asegura en relacion a perdidas resulting from certain risks to your title. resultantes de ciertos riesgos que pueden afectar el titulo The commitment for Title Insurance is the de su propriedad. El Compromiso para Seguro de Titulo title insurance company's promise to issue es la promesa de la compania aseguradora de titulos de the title insurance policy. The emitir la poliza de seguro de titulo. El Compromiso es commitment is a legal document. You un documento legal. Usted debe leerlo cuidadosamente should review it carefully to completely y endenterlo complemente antes de la fecha para understand it before your closing date. finalizar su transaccion. Your Commitment of 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. The Policy is not an abstract of title nor does a Company have an obligation to determine the ownership of any mineral interest. --MINERALS AND MINERAL RIGHTS may not be covered by the Policy. The Company may be unwilling to insure title unless there is an exclusion or an exception as to Minerals and Mineral Rights in the Policy. Optional endorsements insuring certain risks involving minerals, and the use of improvements (excluding lawns, shrubbery and trees) and permanent buildings may be available for purchase. If the title insurer issues the title policy with an exclusion or exception to the minerals and mineral rights, neither this Policy, nor the optional endorsements, ensure that the purchaser has title to the mineral rights related to the surface estate. 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. Form No.T-7(02/01/2010) Texas Commitment for Title Insurance National Investors litle Insurance Company IMPORTANT NOTICE AVISO IMPORTANTE To obtain information or make a complaint: Para obtener informacion o para someter una queja: You may call National Investors Title Usted puede Ilamar al numero de telefono Insurance Company's toll-free telephone gratis de National Investors Title Insurance number for information or to make a complaint Company's para informacion o para someter at: una queja al: 1-877-256-8098 1-877-256-8098 You may also write to Usted tambien puede escribir a National Investors Title Insurance Company National Investors Title Insurance Company: at: 9442 N. Capital of Texas Hwy 9442 N. Capital of Texas Hwy Plaza II, Suite 220 Plaza II, Suite 220 Austin, TX 78759 Austin,TX 78759 You may contact the Texas Department of Puede comunicarse con el Departamento de Insurance to obtain information on companies, Seguros de Texas para obtener informacion coverages, rights or complaints at: acerca de companias, coberturas,derechos o quejas al: 1-800-252-3439 1-800-252-3439 You may write the Puede escribir al Texas Department of Insurance: Departamento de Seguros de Texas: P.O. Box 149104 P.O. Box 149104 Austin,TX 78714-9104 Austin,TX 78714-9104 Fax: (512) 475-1771 Fax: (512) 475-1771 Web: http://www.tdi.state.tx.us Web: http://www.tdi.state.tx.us E-mail: E-mail: ConsumerProtection@tdi.state.tx.us ConsumerProtection@tdi.state.tx.us PREMIUM OR CLAIM DISPUTES: DISPUTAS SOBRE PRIMAS 0 RECLAMOS: Should you have a dispute concerning your Si tiene una disputa concerniente a su prima premium or about a claim you should contact o a un reclamo, debe comunicarse con National Investors Title Insurance Company National Investors Title Insurance Company first. If the dispute is not resolved, you may primero. Si no se resuelve la disputa, puede contact the Texas Department of Insurance. entonces comunicarse con el departamento (TDI). ATTACH THIS NOTICE TO YOUR POLICY: UNA ESTE AVISO A SU POLIZA: This notice is for information only and does Este aviso es solo para proposito de not become a part or condition of the attached informacion y no se convierte en parte o document. condicion del documento adjunto. Form No.TX-123 (4/2010) 28 TAC§ 1.601(a)(3) THE FOLL( JG COMMITMENT FOR TITLE INSURANC NOT VALID UNLESS YOUR NAME AND THE POLICY AMOUNT ARE SHOWN IN SCHEDULE A, AND OUR AUTHORIZED REPRESENTATIVE HAS COUNTERSIGNED BELOW. COMMITMENT FOR TITLE INSURANCE Issued by :: ;. National Investors Title Insurance Company P.O. Drawer 2687, Chapel Hill,North Carolina 27515-2687 (919) 968-2200•www.invtitle.com We (National Investors Title Insurance Company) 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. National Investors Title Insurance Company Policy No. G.F. No. ,4,,, 1,,,,A, i .�/✓ �'s President e_._ - . �� CQRP�;?.�tATE 1m,r Attest: By: :: _ s Authorized Count rsignature ',,ti'c2 e J 7744094( �.a, ' Inta....) 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. Form No.T-7(02/01/2010) Texas Commitment for Title Insurance TEXAS COMMITMENT FOR TITLE INSURANCE SCHEDULE A Effective Date: November 22,2011 at 8:00 a.m. GF No.00113520 Commitment issued December 8,2011,8:00 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: $ PROPOSED INSURED: (c) MORTGAGEE POLICY OF TITLE INSURANCE(FORM T-2) Policy Amount: $606,400.00 PROPOSED INSURED: Extraco Banks Proposed Borrower: Boardwalk at Dominik,LLC (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: Jane Allen Jarmek Clark a/k/a Jane A.Jarmek Clark Malas—Tract One Dwayne P.Walters and Diane A.Walters—Tract Two University Title Company National Investors Title Insurance Company Texas Commitment(Rev.1-1-93)-Schedule A Valid Only if Schedule B and C,and Cover are attad SCHEDULE A- continued GF No.00113520 4. Legal description of land: Tract One: Lot Twenty(20),Block Five(5),University Oaks,Section Two,City of College Station,according to plat thereof recorded in Volume 289,Page 555 of the Deed Records of Brazos County,Texas. Tract Two: Lot Twenty-four R(24R),Block Five(5), Replat of Lots 24& 25, Block 5, University Oaks,Section Two,City of College Station,according to plat thereof recorded in Volume 2268,Page 51 of the Official Records of Brazos County,Texas. SCHEDULE B GF No. 00113520 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: 1. The following restrictive covenants of record itemized below(We must either insert specific recording data or delete this exception): Tracts One&Two: 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 2012,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 exceptions 1 through 8 of this Schedule B do not apply to the Texas Short Form Residential Mortgagee Policy(T- 2R). University Title Company National Investors Title Insurance Company Texas Commitment(Rev, 1-1-93)-Schedule B Valid Only if Schedule A and C,and Cover are attached SCHEDULE B -continued GF No.00113520 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. "All leases,grants,exceptions or reservations of coal,lignite,oil,gas and other minerals,together with all rights, privileges,and immunities relating thereto,appearing in the Public Records whether listed in Schedule B or not. There may be leases,grants,exceptions or reservations of mineral interest that are not listed herein." (LENDER'S POLICY ONLY) c. 30'and 25'building lines on the southeast side;7.5'building line on the southwest and northeast sides;20' building line and 10'utility easement on the northwest side;as shown on plat recorded in Volume 289,Page 555 of the Deed Records of Brazos County,Texas;as shown on survey prepared on November 22,2011,under the supervision of Brad Kerr,R.P.L.S.#4502. (Tract One) d. Any Claim or right of adjoining property owner(s)to that strip of land lying between the fence and the boundary line on the northeast side of the property,as shown on survey prepared on November 22,2011,under the supervision of Brad Kerr,R.P.L.S.#4502. (OWNER POLICY ONLY) (Tract One) e. 20',25'and extension of 30'building line on the southeast side;7.5'building line on the northeast and southwest sides;20'building line and 10'utility easement on the northwest side;5'utility easement on the northeast side; shown on re-plat recorded in Volume 2268,Page 51 of the Official Records of Brazos County,Texas;as shown on survey prepared on October 20,2011,under the supervision of Brad Kerr,R.P.L.S.#4502. (Tract Two) a. Any Claim or right of adjoining property owner(s)to that strip of land lying between the fence and the boundary line on the southwest side of the property,as shown on survey prepared on October 20,2011,under the supervision of Brad Kerr,R.P.L.S.#4502. (OWNER POLICY ONLY) (Tract Two) b. Fence lies outside the property on the northeast and northwest side of the property,as shown on survey prepared on October 20,2011,under the supervision of Brad Kerr,R.P.L.S.#4502. (OWNER POLICY ONLY) (Tract Two) SCHEDULE C GF No.00113520 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 Iand 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 2012 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. If requested in lenders closing instructions and upon payment of applicable premium,we will issue the T-53 Texas Limited Coverage Residential Chain of Title Policy. 9. 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. 10. 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. 11. 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 National Investors Title Insurance Company Texas Commitment(Rev. 1-1-93)-Schedule C Valid Only if Schedule A and B,and Cover are attached i1; SCHEDULE C- continued GF No.00113520 12. ARBITRATION: The Owner Policy of Title Insurance(Form T-l)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 $2,000,000 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. 13. If subject transaction will utilize a prior survey,we will require a full size,legible copy of said survey,with the surveyor's field notes,if any. Upon receipt of the existing survey,we reserve the right to determine whether said survey is acceptable for insuring purposes according to our underwriter guidelines. NOTE: While a survey may be acceptable for insuring purposes,all surveys are subject to final approval by lender. 14. Twenty-four Month Chain of Title: The following is a 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 May 12,2006 and recorded in Volume 7341,Page 208, Official Records, Brazos County,Texas. (Tract One) Vesting Deed to owners shown herein was dated June 1,2006 and recorded in Volume 7364,Page 286, Official Records,Brazos County,Texas. (Tract Two) 15. Record a Release of Deed of Trust to secure a Note: Grantor: Dwayne P.Walters and Diane A.Walters Trustee: Timothy N.Bryan Beneficiary: The First National Bank of Bryan Amount: $95,625.00 Dated: June 1,2006 Recorded: Volume 7364,Page 288,Official Records,Brazos County,Texas. Said lien being assigned to Prosperity Bank by Assignment: Dated: February 4,2009 Recorded: Volume 8965,Page 110,Official Records,Brazos County,Texas. (Tract Two) 16. Seller to reserve mineral rights. (Tract One) University Title Company By: s f1 j, f" Au orized Countersignature(JMP/rdt) SCHEDULE D GF No.00113520 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 Shareholder owning or controlling, directly or indirectly, ten percent or more of the shares of the Underwriter: National Investors Title Insurance Company is a wholly owned subsidiary of Investors Title Company. Directors: J.Allen Fine,James A.Fine,Jr.;W.Morris Fine;C.Toddy Murphy;L.Dawn Martin Officers:J.Allen Fine,Chairman and CEO;W.Morris Fine,President and COO;James A.Fine,Jr.,EVP and CFO; George A. Snead, EVP; C. Todd Murphy, SVP; Elizabeth B. Lewter, VP and Treasurer; Mike Aiken, Senior Vice President and Secretary;Joanna Tillottson,Senior Vice President 2. Disclosure of University Title Company,a Texas Corporation a. A listing of each shareholder,owner,partner or other person having or controlling one percent(1%)or more of the Title Insurance Agent that will receive a portion of the premium: Celia Goode-Haddock William C.Lipsey Michael R.Hoelscher Karen McCarroll b. A listing of each shareholder, owner, partner, or other person having or controlling 10 percent(10%) or more of any entity that has,owns or controls one percent(1%)or more of the Title Insurance Agent that will receive a portion of the premium: not applicable c. The following is a list of its officers and directors: Celia Goode-Haddock,Chairman/CEO and Director Karen McCarroll,President/C00 and Director Joseph Poteet,Senior Vice President and Director Michael R.Hoelscher,Vice President and Director William C. Lipsey,Secretary/Treasurer and Director 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 $ 1,964.00 Mortgage Policy $ 1,683.00 Endorsement Charges $ 479.70 Total $ 4,126.70 University Title Company National Investors Title Insurance Company Texas Commitment(Rev. 1-1-93)-Schedule 13 Valid Only if Schedule A,B and C,and Cover are attached SCHEDULE D GF No.00113520 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 Commissioner of Insurance. This commitment is invalid unless the insuring provisions and Schedules A,B and C are attached. University Title Company National Investors Title Insurance Company Texas Commitment(Rev.1-1-93)-Schedule D Valid Only if Schedule A,B and C,and Cover are attached • = = National Investors lite Insurance Company 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 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 Form No.T-7(02/01/2010) Texas Commitment for Title Insurance National Investors Title Insurance Company ,A\ TEXAS TITLE INSURANCE INFORMATION Title insurance insures you against loss El seguro de titulo le asegura en relacion a perdidas resulting from certain risks to your title. resultantes de ciertos riesgos que pueden afectar el titulo The commitment for Title Insurance is the I de su propriedad. El Compromiso para Seguro de Titulo title insurance company's promise to issues es la promesa de la compafia aseguradora de titulos de the title insurance policy. The emitir la poliza de seguro de titulo. El Compromiso es commitment is a legal document. You un documento legal. Usted debe leerlo cuidadosamente should review it carefully to completely y endenterlo complemente antes de la fecha para understand it before your closing date. I finahzar su transaccion• Your Commitment of 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. The Policy is not an abstract of title nor does a Company have an obligation to determine the ownership of any mineral interest. --MINERALS AND MINERAL RIGHTS may not be covered by the Policy. The Company may be unwilling to insure title unless there is an exclusion or an exception as to Minerals and Mineral Rights in the Policy. Optional endorsements insuring certain risks involving minerals, and the use of improvements (excluding lawns, shrubbery and trees) and permanent buildings may be available for purchase. If the title insurer issues the title policy with an exclusion or exception to the minerals and mineral rights,neither this Policy, nor the optional endorsements, ensure that the purchaser has title to the mineral rights related to the surface estate. 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. Form No.T-7(02/01/2010) Texas Commitment for Title Insurance v National Investors litle Insurance Company IMPORTANT NOTICE AVISO IMPORTANTE To obtain information or make a complaint: Para obtener informacion o para someter una queja: You may call National Investors Title Usted puede Hamar al numero de telefono Insurance Company's toll-free telephone gratis de National Investors Title Insurance number for information or to make a complaint Company's para informacion o para someter at: una queja al: 1-877-256-8098 1-877-256-8098 You may also write to Usted tambien puede escribir a National Investors Title Insurance Company National Investors Title Insurance Company: at: 9442 N. Capital of Texas Hwy 9442 N. Capital of Texas Hwy Plaza II,Suite 220 Plaza II,Suite 220 Austin, TX 78759 Austin,TX 78759 You may contact the Texas Department of Puede comunicarse con el Departamento de Insurance to obtain information on companies, Seguros de Texas para obtener informacion coverages, rights or complaints at: acerca de companias, coberturas, derechos o quejas al: 1-800-252-3439 1-800-252-3439 You may write the Puede escribir al Texas Department of Insurance: Departamento de Seguros de Texas: P.O. Box 149104 P.O. Box 149104 Austin,TX 78714-9104 Austin, TX 78714-9104 Fax: (512) 475-1771 Fax: (512) 475-1771 Web: http:/lwww.tdi.state.tx.us Web: http:I/www.tdi.state.tx.us E-mail: E-mail: ConsumerProtection@tdi.state.tx.us ConsumerProtection@tdi.state.tx.us PREMIUM OR CLAIM DISPUTES: DISPUTAS SOBRE PRIMAS 0 RECLAMOS: Should you have a dispute concerning your Si tiene una disputa concerniente a su prima premium or about a claim you should contact o a un reclamo, debe comunicarse con National Investors Title Insurance Company National Investors Title Insurance Company first. If the dispute is not resolved, you may primero. Si no se resuelve la disputa, puede contact the Texas Department of Insurance. entonces comunicarse con el departamento (TDI). ATTACH THIS NOTICE TO YOUR POLICY: UNA ESTE AVISO A SU POLIZA: This notice is for information only and does Este aviso es solo para proposito de not become a part or condition of the attached informacion y no se convierte en parte o document. condicion del documento adjunto. Form No.TX-123(4/2010) 28 TAC§1.601(a)(3)