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HomeMy WebLinkAboutTitle Insurance O1rvNER'S POLICY OF TITLE INSURANCE Issued by Chicago Title Insurance Company SCHEDULE A Name and Address of Title Insurance Company: CHICAGO TITLE INSURANCE COMPANY P.O.Box 45023,Jacksonville,Florida 32232-5023 File No.: 142181 Policy No.: 7244243-91996601 Issued with Policy No. 7244343-91996602 Address for Reference only: 2315 Texas Ave,S,College Station,TX 77845 Amount of Insurance: $225,000.00 Premium: $1,803.20 Date of Policy: August 11,2014,at 2:42 pm I. Name of Insured: LZV Properties,LLC 2. The estate or interest in the Land that is insured by this policy is: Tract One;Fee Simple Tract Two:Easement 3. Title is insured as vested in: LZV Properties,LLC 4. The Land referred to in this policy is described as follows: Tract One; Fee Simple Lot Five B(SB),Replat of Lot S of a Resubdivision Plat of Herman P.1Crenek Subdivision Plisse Two,City of College Station,according to plat thereof recorded in Volume 6112,Page 149 of the Official Records of Brazos County,Texas, Tract Two: Easement Access easement over and across Lot Twenty-one R(21R),Block One(1),Replat of Lot 21 and 22,Block One, Brentwood,Section One,City of College Station,according to plat thereof recorded in Volume 6112,Page 149 of the Official Records of Brazos County,Texas;and as granted In Volume 6219,Page 74,Official Records,Brazos County, Texas. 6-ck 5,e H- 'io,L D ut w 2_ 315 d 2317 T �tc& s FORM T-1: Owner's Polley of Title Insurance Page 1 OWNER'S POLICY OF TITLE INSURANCE Issued by Chicago Title Insurance Company SCHEDULE 8 File No.: 142181 Policy No.: 7244243-91996601 EXCEPTIONS FROM COVERAGE This policy does not insure against loss or damage(and the Company will not pay costs,attorneys'foes or expenses)that arise by reason of the terms and conditions of leases and easements,if any,shown in Schedule A,and the following mailers: 1. The following restrictive covenants of record itemised below(the Company must either insert specific recording data or delete this exception): - Tract One: Item No. 1,Schedule B,is hereby deleted. Tract Two: Volume 6112,Page 149,Official Records,Brazos County,Texas,but deleting any covenants,conditions or restrictions indicating a preference,limitation or discrimination based on race,color,religion,sex,handicap, familial status,or national origin unless and only to the extent that said covenant(a)is exempt under Chapter 42, Section3647 of the United States Code or(b)relates to handicap but does not discriminate against handicapped persons. 2. Any-discrepancies, n ict shortages in area , - .. : . :. a . : . . .: • of-unprovemeets. 3. ' Homestead or community property or survivorship rights,if any,of any spouse of any Insured. 4. ' Any titles or rights asserted by anyone,including,but not limited to,persons,the public,corporations,governments or other entities, a. to tidelands,or lands comprising the shores or beds of navigable or perennial rivers and streams,lakes,bays,gulfs or oceans,or b. to lands beyond the line of harbor or bulkhead lines as established or changed by any government,or c. to filled-in lands,or artificial islands,or d. to statutory water rights,including riparian rights,or e. to the arra extending from the line of mean low tide to the line of vegetation,or the right of access to that area or easement along and across that area. 5. Standby fees, taxes and assessments by any taxing authority for the year 2014, 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. 6. _ The following matters and all terms of the documents creating or offering evidence of the matters(The Company must insert matters or delete this exception.): a, Vendor's Lien retained in Deed: Grantor; Charles R.Farrar,Sr. and Lucy H.Farrar Grantee: LZV Properties,LLC Dated: August 8,2014 Recorded: August 11,2014 in Volume 12201,Page 290, Official Records,Brazos County,Texas. Additionally secured by Deed of Trust: Grantor: LZV Properties,LLC FORM T-1: Owner's Polley of Title Insurance Page 2 Continuation of Schedule B Policy No. 7244243-91996601 Trustee: J.Fred Bayliss,P.C. Amount: $202,500.00 Beneficiary: Charles R.Farrar,Sr.and Lucy H.Farrar Dated: August 8,2014 Recorded: August 11,2014 In Volume 12201,Page 293,Ofticial Records,Brazos County,Texas. b. Rights of Parties in Possession. c. 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. d. Any encroachment,encumbrance,violation,variation,or adverse circumstance affecting title that would be disclosed by an accurate and complete land survey of the land.(Tract 2) e. Rights of others in and to the use of the easement as reflected on Schedule A. (Tract 2) f. 25'setback line along the southwest side,20'public utility easement along the northwest and northeast sides; 10'public utility easement along the southeast side as shown on plat recorded In Volume 6112,Page 149 of the Official Records of Brazos County,Texas as shown on survey prepared on February 22,2011,under the supervision of H. Curtis Strong,R.P.L.S.#4961. (Tract 1) g. Any claim or right of adjoining property owner(s)to that strip of land lying between the fence and the boundary line on the northwest sides of the property, as shown on survey prepared on February 22,2011, under the supervision of H. Curtis Strong,R.P.L.S.#4961. h. Easements and Building Lines as shown on plat recorded in Volume 6112,Page 149 of the Deed Records of Brazos County,Texas, (Tract 2) i. Easement: From: Gerald W.Farrar,Trustee To: City of College Station Dated: March 5,1985 Recorded: Volume 772,Page 341,Official Records,Brazos County,Texas. (Tract 1) J. Terms,Conditions, and Stipulations in the Easement Agreement for Access by and between: Parties: BCSTX Hospitality,LLC and Charles K Farrar,Sr.,et al Dated: July 30,2004 Recorded: Volume 6219,Page 74,Official Records,Brazos County,Teras. Ic. Mineral Reservation in Deed: By: Interstate Promotional Printing Company,Inc. To: Gerald W.Farrar,Trustee Dated: March 1, 1983 Recorded: Volume 569,Page 506,Deed Records,Brazos County,Texas. Title to said interest has not been Investigated subsequent to the date of the aforesaid instrument. (Tract 1) f, Mineral Reservation in Deed: By: Richard A. Smith,Vivian Smith and Norma Smith,Individually and as Officers and Directors of Brentwood,Inc. To: Charles R.Farrar,Sr. and Lucy H.Farrar Dated: June 2,2000 Recorded: Volume 3849,Page 153,Official Records,Brazos County,Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract 2) FORM T-1: Owner's Polley of Title Insurance Page 3 Continuation of Schedule B Policy No. 7244243-91996601 Countgndd University Title Company By_ Authorized Counter Signature FORM T-1: Owner's Policy orTite Insureate five 4 IMPORTANT NOTICE AVISO IMPORTANTE To obtain information or make a complaint: Para obtener information o para someter una queja: You may call CHICAGO TITLE INSURANCE Usted puede hamar al numero de telefono gratis COMPANY toll-free telephone number for de CHICAGO TITLE INSURANCE COMPANY para information or to make a complaint at: information o para someter una queja al: 1-800-654-7041 1-800-654-7041 You may also write to CHICAGO TITLE Usted tamblen puede escribir a CHICAGO INSURANCE COMPANY at: TITLE INSURANCE COMPANY: Attention:Claims Department Attention:Claims Department P.O.Box 45023 P.O.Box 45023 Jacksonville,FL 32232.5023 Jadcsonviiie,FL 32232-5023 You may contact the Texas Department of Puede comunicarse con el Departamento de Insurance to obtain Information on Seguros de Texas para obtener informaclan acerca companies,coverages,rights or complaints de companias,coberturas,derechos o quejas al: at: 1-800.252-3439 1-800-252-3439 You may write to the Texas Department Puede escribir al Department+)de Seguros de of Insurance: 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:htip://www.tdi.texas.gov Web:http:/Avww,tdLtexas.gov E-mail: E-mail:ConsumerProtection® ConsurnerProtection®.tdi,texas.eov tdi.texas.gov PREMIIUM OR CLAIM DISPUTES: DISPUTAS SOBRE PRI MAS 0 RECLAMOS: Should you have a dispute concerning your SI tiene una disputa concerniente a su prima o a un premium or about a claim you should contact reclaim,debe comunicarse con la compania the company first.If the dispute is not resolved, primero.Si no se resuelve la disputa,puede you may contact the Texas Department of entonces comunicarse con el departa mento(TDI). Insurance. 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 information y not become a part or condition of the nose convierte en parte o condition del attached document. documento adjunto. 7244243 Owners Policy of Title Insurance 1-3-14 Texas Ti EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which arise by reason of: 1. (a) Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning)restricting,regulating, prohibiting or relating to: (i) the occupancy, use,or enjoyment of the Land; (II) the character, dimensions or location of any Improvement erected on the Land; (III)subdivision of land;or (iv)environmental protection; or the effect of any violation of these laws, ordinances or governmental regulations. This Exclusion 1(a)does not modify or limit the coverage provided under Covered Risk 5. (b) Any governmental police power.This Exclusion 1(b)does not modify or limit the coverage provided under Covered Risk 6. 2. Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8. 3. Defects,liens,encumbrances, adverse claims or other matters: (a) created,suffered,assumed or agreed to by the Insured Claimant; (b) not Known to the Company, not recorded In the Public Records at Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy, (c) resulting In no loss or damage to the Insured Claimant; (d) attaching or created subsequent to Date of Policy(however, this does not modify or Ilmtt the coverage provided under Covered Risk 9 and 10); or (e) resulting In loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title. 4. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or simMar creditors'rights laws, that the transaction vesting the Title as shown In Schedule A, Is: (a) a fraudulent conveyance or fraudulent transfer;or (b) a preferential transfer for any reason not slated in Covered Risk 9 of this policy. 5. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the deed or other Instrument of transfer in the Public Records that vests Title as shown In Schedule A. 6. The refusal of any person to purchase, lease or lend money on the estate or interest covered hereby in the land described in Schedule A because of Unmarketable Title. CONDITIONS 1. DEFINITION OF TERMS. (C)successors to an Insured by its conversion to another kind of Entity; The following terms when used in this policy mean: (D)a grantee of an Insured under a deed (a) "Amount of Insurance': the amount stated In delivered without payment of actual Schedule A, as may be increased or decreased by valuable consideration conveying the Title; endorsement to this policy, Increased by Section 8(b), (1) If the stock, shares, memberships, or decreased by Sections 10 and 11 of these or other equity interests of the grantee Conditions. are wholly-owned by the named (b) "Date of Policy':The date designated as'Date of Insured, Policy"in Schedule A. (2) If the grantee wholy owns the (c) "Entity": A corporation, partnership, trust, limited named Insured, liability company or other similar legal entity. (3) If the grantee is wholly-owned by an (d) 'Insured': the insured named in Schedule A. affiiated Entity of the named insured, (I) The term'Insured"also includes: provided the affiliated Entity and the (A) successors to the Title of the Insured by named Insured are both wholly-owned operation of law as distinguished from by the same person or Entity,or purchase, including heirs, devisees, (4)If the grantee is a trustee or survivors, personal representatives or next beneficiary of a trust created by a of kin; written Instrument established by the (B) successors to an Insured by dissolution, Insured named in Schedule A for estate merger, consolidation, distribution or planning purposes. reorganization; 7244243 Owners Policy of Title insurance 1-3-14 Texas T1 (ii) With regard to (A), (B), (C) and (D) 5(a) below, or (N) in case Knowledge shall come to reserving, however, all rights and defenses as an Insured hereunder of any claim of title or interest to any successor that the Company would have that Is adverse to the Title, as insured, and that might had against any predecessor Insured. cause loss or damage for which the Company may be (e)insured Claimant": an Insured claiming loss or liable by virtue of this policy. If the Company is damage. prejudiced by the failure of the Insured Claimant to (fy%nowledge" or 'Known": actual knowledge, not provide prompt notice, the Company's liability to the constructive knowledge or notice that may be imputed Insured Claimant under the policy shall be reduced to to an insured by reason of the Public Records or any the extent of the prejudice. other records that impart constructive notice of matters When,after the Dale of the Policy, the Insured notifies affecting the Title. the Company as required herein of a lien, (g)"Land"; the land described in Schedule A, and encumbrance, adverse claim or other defect in Title affixed improvements that by law constitute real Insured by this policy that is not excluded or excepted property.The term"Land'does not include any property from the coverage of this policy, the Company shall beyond the lines of the area described in Schedule A, promptly investigate the charge to determine whether nor any right. title, Interest, estate or easement in the lien, encumbrance, adverse claim or defect or abutting streets, roads, avenues, alleys, lanes, ways other matter is valid and not barred by law or or waterways, but this does riot modify or limit the statute. The Company shall notify the Insured in extent that a right of access to and from the Land is wrkIng,within a reasonable time,of its determination as Insured by this policy. to the validity or kwalldity of the insured's claim or (h)"Mortgage": mortgage, deed of trust, trust deed, or charge under the policy. If the Company concludes that other security instrument, Including one evidenced by the hen, encumbrance, adverse claim or defect is not electronic means authorized by law. covered by this policy, or was otherwise addressed in (i)°Public Records"; records established under state the dosing of the transaction in connection with which statutes at Date of Policy for the purpose of imparting this policy was issued, the Company shah specifically constructive notice of matters relating to real property advise the Insured of the reasons for its determination. to purchasers for value and without Knowledge. With If the Company concludes that the lien, encumbrance, respect to Covered Risk 5(d), "Public Records" shall adverse claim or defect is valid,the Company shall take also Include environmental protection hens filed in the one of the following actions: (i) institute the necessary records of the clerk of the United States District Court proceedings to clear the lien, encumbrance, adverse for the district where the Land is located. claim or defect from the Title as insured; (ii) indemnify (j)'Title":the estate or interest described in Schedule the insured as provided in this policy;(iii)upon payment A. of appropriate premium and charges therefore, issue to (k)"Unmarketable Title": Title affected by an alleged or the Insured Claimant or to a subsequent owner, apparent matter that would permit a prospective mortgagee or holder of the estate or Interest In the Land purchaser or lessee of the Title or lender on the Title to insured by this policy, a policy of title insurance without be released from the obligation to purchase, lease or exception for the lien,encumbrance, adverse claim or lend if there is a contractual condition requiring the defect, said policy to be In an amount equal to the delivery of marketable title. current value of the Land or,If a loan policy,the amount of the loan; (iv) Indemnify another title insurance 2. CONTINUATION OF INSURANCE. company in connection with its issuance of a policy(ies) of title insurance without exception for the The coverage of this policy shall continue in force as lien,encumbrance, adverse claim or defect; (v)secure of Date of Policy In favor of an Insured, but only so a release or other document discharging the lien, long as the Insured retains an estate or Interest In the encumbrance, adverse claim or defect; or (vi) Land, or holds an obligation secured by a purchase undertake a combination of(I)through (v)herein. money Mortgage given by a purchaser from the Insured, or only so long as the Insured shall have 4.PROOF OF LOSS. liability by reason of warranties in any transfer or conveyance of the Title. This policy shall not continue In the event the Company is unable to determine the in force in favor of any purchaser from the Insured of amount of loss or damage, the Company may, at its either (i) an estate or Interest in the Land, or (ii) an option, require as a condition of payment that the obligation secured by a purchase money Mortgage Insured Claimant furnish a signed proof of loss. The given to the Insured. proof of loss must describe the defect, Yen, encumbrance or other matter insured against by this 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED poflcy that constitutes the basis of loss or damage CLAIMANT. and shall stale, to the extent possible, the basis of calculating the amount of the loss or damage. The insured shah notify the Company promptly in witting(I)in case of any litigation as set forth in Section 7244243 Owners Policy of Title Insurance 1-3-14 Texas Ti 5. DEFENSE AND PROSECUTION OF ACTIONS. (b) The Company may reasonably require the Insured Claimant to submit to examination under oath by any (a) Upon written request by the Insured, and subject to authorized representative of the Company and to the options contained In Sections 3 and produce for examination, inspection and copying, at 7 of these Conditions,the Company,at its own cost and such reasonable times and places as may be without unreasonable delay, shall provide for the designated by the authorized representative of the defense of an insured in litigation in which any third Company, all records,in whatever medium maintained, party asserts a claim covered by this policy adverse including books, ledgers, checks, memoranda, to the Insured. This obligation is limited to only those correspondence, reports, e-mails, disks, tapes, and staled causes of action alleging matters insured against videos whether bearing a date before or after Dale of by this policy. The Company shall have the right to Policy, that reasonably pertain to the loss or damage. select counsel of its choice (subject to the right of the Further, If requested by any authorized representative Insured to object for reasonable cause) to represent of the Company, the Insured Claimant shall grant its the Insured as to those stated causes of action. It permission,in writing,for any authorized representative shall not be liable for and will not pay the fees of any of the Company to examine, inspect and copy all of other counsel. The Company will not pay any fees, these records In the custody or control of a third party costs or expenses Incurred by the Insured in the that reasonably pertain to the loss or damage. All defense of those causes of action that allege matters information designated as confidential by the Insured not insured against by this policy. Claimant provided to the Company pursuant to this (b)The Company shall have the right, in addition to the Section shall not be disclosed to others unless, in the options contained in Sections 3 and 7, at its own cost, reasonable judgment of the Company, it is necessary to institute and prosecute any action or proceeding or in the administration of the claim. Failure of the to do any other act that in its opinion may be necessary Insured Claimant to submit for examination under or desirable to establish the Title, as insured, or to oath,produce any reasonably requested information or prevent or reduce toss or damage to the insured. The grant permission to secure reasonably necessary Company may take any appropriate action under the information from third parties as required in this terms of this policy, whether or not it shall be liable to subsection, unless prohibited by law or governmental the Insured.The exercise of these rights shall not be an regulation, shall terminate any tiabUity of the Company admission of liability or waiver of any provision of this under this policy as to that claim. policy, If the Company exercises its rights under this subsection, it must do so diligently. 7. OPTIONS TO PAY OR OTHERWISE SETTLE (c)Whenever the Company brings an action or asserts CLAJMS;TERMINATION OF LIABILITY. a defense as required or permitted by this policy, the Company may pursue the litigation to a final In case of a claim under this policy, the Company shall determination by a court of competent Jurisdiction have the following additional options: and it expressly reserves the right,In its sole discretion, (a) To Pay or Tender Payment of the Amount of to appeal from any adverse judgment or order. Insurance, To pay or tender payment of the Amount of 6. DUTY OF INSURED CLAIMANT TO COOPERATE. Insurance under this policy together with any costs, attorneys'fees and expenses incurred by the insured (a)In all cases where this policy permits or requires the Claknant that were authorized by the Company up to Company to prosecute or provide for the defense of any the time of payment or tender of payment and that the action or proceeding and any appeals.the insured shall Company is obligated to pay. secure to the Company the right to so prosecute or Upon the exercise by the Company of this option, all provide defense in the action or proceeding, including liability and obligations of the Company to the insured the right to use, at its option, the name of the insured under this policy, other than to make the payment for this purpose.Whenever requested by the Company, required in this subsection, shall terminate, including the Insured, at the Company's expense, shall give the any liability or obligation to defend, prosecute, or Company al reasonable aid (I) in securing evidence, continue any litigation. obtaining witnesses, prosecuting or defending the (b) To Pay or Otherwise Settle With Parties Other action or proceeding,or effecting settlement, and(II)in than the insured or With the Insured Claimant. any other lawful act that in the opinion of the Company (i) to pay or otherwise settle with other parties for a in may be necessary or desirable to establish the Title or the name of an Insured Claimant any claim Insured any other matter as insured. If the Company is against under this policy. In addition,the Company will prejudiced by the failure of the Insured to furnish the pay any costs, attorneys' fees and expenses incurred required cooperation,the Company's obligations to the by the insured Claimant that were authorized by the insured under the policy shall terminate, including any Company up to the time of payment and that the liability or obligation to defend, prosecute, or Company is obligated to pay;or continue any litigation, with regard to the matter or (II)to pay or otherwise settle with the insured Claimant matters requiring such cooperation. the loss or damage provided for under this policy, 7244243 Owners Policy of Title Insurance 1-3-14 Texas T1 together with any costs, attorneys'fees and expenses TERMINATION OF LIABILITY. incurred by the Insured Claimant that were authorized by the Company up to the lime of payment and that the All payments under this policy,except payments made Company Is obligated to pay. Upon the exercise by the for costs, attorneys' fees and expenses, shall reduce Company of either of the options provided for in the Amount of Insurance by the amount of the payment. subsections (b)(i) or (i), the Company's obligations to 11. LIABILITY NONCUMULATIVE. the Insured under this policy for the claimed loss or damage,other than the payments required to be made, The Amount of Insurance shall be reduced by any shall terminate, including any liability or obligation to amount the Company pays under any policy insuring a defend, prosecute or continue any litigation. Mortgage to which exception is taken In Schedule B 8. DETERMINATION AND EXTENT OF LIABILITY, or to which the Insured has agreed, assumed, or taken subject or which is executed by an Insured after Date of Policy and which is a charge or lien on the This policy is a contract of indemnity against actual Title, and the amount so paid shall be deemed a monetary loss or damage sustained or incurred by the payment to the Insured under this policy. Insured Claimant who has suffered loss or damage by reason of matters insured against by this policy. 12. PAYMENT OF LOSS. (a) The extent of liability of the Company for loss or damage under this policy shall not exceed the lesser of: When liability and the extent of loss or damage have (I)the Amount of Insurance;or been definitely fixed In accordance with these (II) the difference between the value of the Title as Conditions,the payment shall be made within 30 days. insured and the value of the Title subject to the risk insured against by this policy. 13. RIGHTS OF RECOVERY UPON PAYMENT OR (b)lithe Company pursues its rights under Section 3 or SETTLEMENT. 5 and Is unsuccessful in establishing the Title, as insured, (a)Whenever the Company shall have settled and paid (I)the Amount of Insurance shall be increased by 10%, a claim under this policy, it shall be subrogated and and entitled to the rights of the Insured Claimant in the Title (ii) the Insured Claimant shall have the right to have and all other rights and remedies in respect to the claim the loss or damage determined either as of the date that the Insured Claimant has against any person or the claim was made by the Insured Claimant or as of property,to the extent of the amount of any loss, costs, the date it is settled and paid. attorneys'fees and expenses paid by the Company. If (c)In addition to the extent of liability under(a)and (b), requested by the Company,the Insured Claimant shall the Company will also pay those costs,attorneys'fees execute documents to evidence the transfer to the and expenses Incurred in accordance with Sections 5 Company of these rights and remedies. The Insured and 7 of these Conditions. Claimant shall permit the Company to sue, 9. LIMITATION OF LIABILITY. compromise or settle in the name of the Insured Ciaknant and to use the name of the Insured (a) If the Company establishes the Title, or removes Claimant In any transaction or litigation Involving d defect, Lien or encumbrance, or cures the ifa e rightand remedies. the alleged If a payment on account of a claim does not fully cover tack of a right of access to or from the Land, ail as the loss of the Insured Claimant, the Company shall insured, or takes action in accordance with Section 3 defer the exercise of its right to recover until after the or 7, in a reasonably diligent manner by any method, Insured Claimant shall have recovered its loss. including litigation and the completion of any appeals,It (b) The Company's right of subrogation includes the shall have fully performed its obligations with respect to rights of the Insured to indemnities, guaranties, other that matter and shall not be liable for any loss or policies of insurance or bonds, notwithstanding any damage caused to the Insured. terms or conditions contained in those instruments that (b) In the event of any litigation, Including litigation address subrogation rights. by the Company or with the Company's consent, the Company shalt have no liability for loss or damage until 14. ARBITRATION. there has been a final determination by a court of competent jurisdiction, and disposition of all appeals, Either the Company or the Insured may demand that adverse to the Title, as insured. the claim or controversy shall be submitted to (c)The Company shall not be liable for loss or damage arbitration pursuant to the Title Insurance Arbitration to the insured for liability voluntarily assumed by the Rules of the American Land Title Association( Rules"). Insured in settling any claim or suit without the prior Except as provided in the Rules, there shall be no written consent of the Company. joinder or consolidation with claims or controversies of 10. REDUCTION OF INSURANCE; REDUCTION OR other persons.Arbitrable matters may include, but are 7244243 Owners Policy of Title Insurance 1-3.14 Texas Ti not limited to, any controversy or claim between the or the breach of a policy provision, or to any other Company and the Insured arising out of or relating to controversy or claim arising out of the transaction this policy, any service In connection with its issuance giving rise to this policy.All arbitrable matters when the Amount of Insurance is $2,000,000 or less shall be Conditions and Stipulations shall be deemed to refer to arbitrated at the option of either the Company or the the Conditions of this policy. Insured, unless the Insured Is an individual person(as distinguished from an Entity). All arbitrable matters 16.SEVERABILITY. when the Amount of Insurance is in excess of $2,000,000 shall be arbitrated only when agreed to by In the event any provision of this poky, in whole or in both the Company and the Insured. Arbitration part, is held Invalid or unenforceable under applicable pursuant to this poky and under the Rules shall be law, the policy shall be deemed not to include that binding upon the parties. Judgment upon the award provision or such part held to be invalid and all other rendered by the Arbitrator(s) may be entered in any provisions shall remain in full force and effect. court of competent Jurisdiction. 17.CHOICE OF LAW; FORUM. 15, LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT. (a) Choice of Law: The Insured acknowledges the Company has underwritten the risks covered by this (a) This policy together with all endorsements, if any, policy and determined the premium charged therefor In attached to it by the Company is the entire policy and reliance upon the law affecting Interests In real property contract between the Insured and the Company. In and applicable to the interpretation, rights, remedies or Interpreting any provision of this policy,this policy shal enforcement of policies of tole insurance of the be construed as a whole. jurisdiction where the Land Is located. (b) Any claim of loss or damage that arises out of the Therefore, the court or an arbitrator shall apply the law status of the Title or by any action asserting such claim, of the Jurisdiction where the Land is located to shall be restricted to this policy. determine the validity of claims against the Title that are (c) Any amendment of or endorsement to this policy adverse to the Insured, and In interpreting and must be In writing and authenticated by an authorized enforcing the terms of this policy. In neither case shall person,or expressly Incorporated by Schedule A of this the court or arbitrator apply its conflicts of laws policy. principles to determine the applicable law. (d) Each endorsement to this policy Issued al any (b)Choice of Forum:Any litigation or other proceeding time is made a part of this policy and Is subject to alt brought by the Insured against the Company must be of Its terms and provisions. Except as the endorsement filed only in a state or federal court within the United expressly states,It does not(I)modify any of the terms States of America or its territories having appropriate and provisions of the policy, (il) modify any prior Jurisdiction. endorsement, (til) extend the Date of Policy or (Iv) increase the Amount of Insurance. Each Commitment, 18.NOTICES,WHERE SENT, endorsement or other form, or provision In the Schedules to this policy that refers to a term defined in Any notice of claim and any other notice or Section 1 of the Conditions shall be deemed to refer to statement in writing required to be given the the term regardless of whether the term Is capitalized In Company under this Policy must be given to the the Commitment, endorsement or other form, or Company at National Claims Administration, P.O. Box Schedule. Each Commitment, endorsement or other 45023,Jacksonville, FL 32232-5023. form, or provision in the Schedules that refers to the 7244243 Owners Policy of Titre Insurance 1-3-14 Texas Tl giII & Return to,. University Title Company,, p ©rawer DT College Station, Texas 77841 n L Doc3BVol 2s t�1?g43S2 OR 12'.tt31 290 GF# , (NOTICE OF CONFIDENTIALITY RIGHTS: "IF YOU ARE A NATURAL, PERSON, YOU-MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN TRE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOOR DRIVER'S LICENSE NUMBER. " SPECIAL WARRANTY DEED WITH VENDOR'S LIEN Date: AUGUST 1✓0 ,2014 TO BE EFFECTIVE AUGUST 8, 2014 Grantor: CHARLES R FARRAR,SR.AND LUCY H.FARRAR Grantor's Mailing Address: P.O.BOX 9 MONUMENT,COLORADO 80132 Grantee: LZV PROPERTIES,LLC Grantee's Mailing Address: 318 NORTH BRYAN AVENUE COLLEGE STATION,TEXAS 77843 Consideration: TEN AND NO/100 DOLLARS($10.00)and a note of even date that is in the principal amount of TWO HUNDRED TWO THOUSAND FIVE HUNDRED AND NO/100 DOLLARS(5202,500.00),and is executed by Grantee, payable to the order of CHARLES R.FARRIIR,SR.AND LUCY H.FARRAR. It Is secured by a Vendor's Lien retained in this Deed and by a Deed of trust of even date from Grantee to .1. FRED BAYLISS, TRUSTEE for the benefit of , CHARLES R PARRAR,SR.AND LUCY H.FARRAR. Property(including improvements): (2315 TEXAS AVENUE SOUTH,COLLEGE STATION,BRAZOS COUNTY,TEXAS 77$45) TRACT ONE; FEE SIMPLE LOT FIVE B (5B), REPLAT OF LOT 5 OF A RESUBDIVISION PLAT OF HERMAN F. KRENEK SUBDIVISION PHASE TWO, CITY OF COLLEGE STATION, ACCORDING TO PLAT THEREOF RECORDED IN VOLUME 6112,PAGE 149 OF THE OFFICIAL RECORDS OF BRAZOS COUNTY,TEXAS. TRACT TWO: EASEMENT ACCESS EASEMENT OVER AND ACROSS LOT TWENTY-ONE R (21R), BLOCK ONE (1), REPLAT OF LOT 21 AND 22, BLOCK ONE, BRENTWOOD, SECTION ONE, CITY OF COLLEGE STATION, ACCORDING TO PLAT THEREOF RECORDED IN VOLUME 6112, PAGE 149 OF THE OFFICIAL RECORDS OF BRAZOS COUNTY, TEXAS; AND AS GRANTED IN VOLUME 6219, PAGE 74, OFFICIAL RECORDS,BRAZOS COUNTY,TEXAS. Reservations from and Exception!to Conveyance and Warranty: This conveyance is made and accepted subject to any and all covenants, restrictions, easements, right-of-way, mineral or royalty reservations and/or conveyances,and mineral leases, if any, In Grantor's chain of title,applicable to and enforceable against the above described property,to the extent,and only to the extent,that the same may still be in force and effect,shown of record in the office of the County Clerk of BRAZOS County,Texas,including,but not limited to the following: 1. As to Tract Two only: Restrictive covenants of record in Volume 6112. Page 149, Official Records, Brazos County,Texas. 2. Rights of others in and to the use of the easement as reflected on Schedule A(Tract 2) 3. 25'setback line along the southwest side,20'public utility easement along the northwest and northeast sides; 10' public utility easement along the southeast side as shown on plat recorded in Volume 6112, Page 149 of the Official Records of Brazos County, Texas as shown on survey prepared on February 22, 2011, under the supervision of H.Curtis Strong,R.P.L.S.#4961(Tract I) nNMaarkraunAcnotsvuwuruaisrnu AVIAN SOW/toerm-1 pial Doc Vol p 01204352 DR 1 292 ME STATE OF 0 COUNTY OF i- ' A ► This instrument was acknowledged before me on AUGUST to- ,2014,by CHARLES R FARRAR,SR.AND • LUCY H.FARRAR. (Ida,/ (OTARY PUBLIC,S(7ef2rte.A--,.4 TE OP [ re.JAb 0 ���tittl titttikw � My Comi sii $44i6 *S� 14 00 %f OUR J\.P 00SPAREDm7FELAWOFHCLOF. = —.ep— iFILED BMW.r.c 3000 BRIARICREST 0011VI,SUITE 302 y,��. A ` , .••0 8RY41EM&S77002 r B ••' C> 6140021e1 jar �)` ' •.., R` ��: Filed for Record in: BRAZOS COUNTY On: Aus 11,2014 at 02:42P As a 110.,LABEL BECOMING Document Huber: 01204352 Amount 28.00 Receipt lumber - 519160 BY, Cathy Barcelona STATE OF TEXAS COUNTY OF BRAZOS I hereby certify that this instrument was filed on the date and time stamped hereon by me and was duly recorded in the volume and pose of the Official Public records of: BRAZOS COUNTY as stamped hereon bs se. Aus 11,2014 Karen McQueen, POWs County Clerk BRAZOS COUNTY 1,://MDVI TP SAVENUS SOUTH/(W M Parr NOTICE OF CONFIDENTIALITY RIGHTS: "IF YOU ARE A NATURAL PERSON r YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVERS LICENSE NUMBER. " DEED OF TRUST Date: AUGUST 8,2014 Grantor: LZV PROPERTIES,LLC Grantor's Mailing Address: 318 NORTH BRYAN AVENUE BRYAN,TEXAS 77803 Trustee: J.FRED BAYLISS,P.C. Trustee's Mailing Address: 3000 BRIARCREST DRIVE,SUITE 302 BRYAN,TEXAS 77802 Beneficiary: CHARLES R.FARRAR,SR.AND LUCY H.FARRAR Beneficiary's Mailing Address: P.O.BOX 9 MONUMENT,COLORADO 80132 Note(s) Date: AUGUST 8,2014 Amount: TWO HUNDRED TWO THOUSAND FIVE HUNDRED AND NO/100 DOLLARS($202,500.00) Maker: LZV PROPERTIES,LLC Payee: CHARLES R.FARRAR,SR.AND LUCY H.FARRAR Final Maturity Date: JULY 13,2029 Terms of Payment: AS PROVIDED IN SAID NOTE Property(including any improvements): (2315 TEXAS AVENUE SOUTH,COLLEGE STATION,BRAZOS COUNTY,TEXAS 77845) TRACT ONE: FEE SIMPLE LOT FIVE B(5B),REPLAT OF LOT 5 OF A RESUBDIVISION PLAT OF HERMAN F.KRENEK SUBDIVISION PHASE TWO, CITY OF COLLEGE STATION,ACCORDING TO PLAT THEREOF RECORDED IN VOLUME 6112,PAGE 149 OF THE OFFICIAL RECORDS OF BRAZOS COUNTY,TEXAS. TRACT TWO: EASEMENT ACCESS EASEMENT OVER AND ACROSS LOT TWENTY-ONE R(21R),BLOCK ONE(1),REPLAT OF LOT 21 AND 22,BLOCK ONE,BRENTWOOD,SECTION ONE,CITY OF COLLEGE STATION,ACCORDING TO PLAT THEREOF RECORDED IN VOLUME 6112, PAGE 149 OF THE OFFICIAL RECORDS OF BRAZOS COUNTY, TEXAS; AND AS GRANTED IN VOLUME 6219,PAGE 74,OFFICIAL RECORDS,BRAZOS COUNTY,TEXAS. Prior Lien(s)(including recording information): NONE Other Exceptions to Conveyance and Warranty: This conveyance is made and accepted subject to any and all covenants, restrictions,easements, right-of-way, mineral or royalty reservations and/or conveyances, and mineral leases, if any, in Grantor's chain of title, applicable to and enforceable against the above described property,to the extent,and only to the extent,that the same may still be in force and effect,shown of record in the office of the County Clerk of BRAZOS County,Texas. For value received and to secure payment of the note, Grantor conveys the property to Trustee in trust. Grantor warrants and agrees to defend the title to the property. If Grantor performs all the covenants and pays the note according to its terms,this Deed of trust shall have no further effect,and Beneficiary shall release it at Grantor's expense. Grantor's Obligations Grantor agrees to: 1. keep the property in good repair and condition; 2. pay all taxes and assessments on the property when due,and provide Beneficiary paid tax receipts; 3. preserve the lien's priority as it is established in this Deed of trust; 4. maintain,in a form acceptable to Beneficiary,an insurance policy that: Y://MD\RE\TRANSACTIONS\FARRAR\2315 TEXAS AVENUE SOUTH/(DT) Page 1 prepayment and, if theretofore prepaid, shall be credited on this note (or if this note shall have been paid in full, refunded to Maker). THIS NOTE has been executed and delivered in and shall be construed in accordance with and governed by the laws of the State of Texas and of the United States of America,except that Tex.Rev.Civ. Stat.Ann.Art. 5069 Ch. 15,as amended(which regulates certain revolving credit loan accounts and revolving tri-party accounts)shall not apply hereto. THE SECURITY FOR PAYMENT of this Note is as follows: This note is secured by a Deed of Trust of even date herewith from LZV PROPERTIES, LLC, Maker, to J. FRED BAYLISS, TRUSTEE, for the benefit of CHARLES R. FARRAR,SR.AND LUCY H.FARRAR,Payee that conveys the following real property: (2315 TEXAS AVENUE SOUTH,COLLEGE STATION,BRAZOS COUNTY,TEXAS 77845) TRACT ONE: FEE SIMPLE LOT FIVE B (5B), REPLAT OF LOT 5 OF A RESUBDIVISION PLAT OF HERMAN F. KRENEK SUBDIVISION PHASE TWO, CITY OF COLLEGE STATION, ACCORDING TO PLAT THEREOF RECORDED IN VOLUME 6112,PAGE 149 OF THE OFFICIAL RECORDS OF BRAZOS COUNTY,TEXAS. TRACT TWO: EASEMENT ACCESS EASEMENT OVER AND ACROSS LOT TWENTY-ONE R(21R),BLOCK ONE(1),REPLAT OF LOT 21 AND 22,BLOCK ONE,BRENTWOOD,SECTION ONE,CITY OF COLLEGE STATION,ACCORDING TO PLAT THEREOF RECORDED IN VOLUME 6112, PAGE 149 OF THE OFFICIAL RECORDS OF BRAZOS COUNTY, TEXAS;AND AS GRANTED IN VOLUME 6219,PAGE 74,OFFICIAL RECORDS,BRAZOS COUNTY,TEXAS. LZV PROPERTIES,LLC BY:1J N CALEB VENABLE,MANAGER Y://MD\RE\TRANSACTIONS\FARRAR\2315 TEXAS AVENUE SOUTH/(NOTE) Page 2 (a) The premises and the operations conducted thereon do not violate any order of any court or governmental authority or Environmental Laws(as hereinafter defined); (b)without limitation of clause(a)above, the premises and the operations currently conducted thereon or, to the best knowledge of Grantors, by any prior owner or operator of the premises or by any prior owner or operator of the premises or operation are not in violation of or subject to any existing,pending or threatened action,suit, investigation, inquiry or proceeding by or before any court or governmental authority or to any remedial obligations under Environmental Laws; (c) all notices, permits, licenses or similar connection with the operation or use of the premises have been duly obtained or filed; (d) all hazardous substances or solid waste generated at the premises have, to the best knowledge of Grantors, in the past been transported, treated and disposed of only by carriers maintaining valid permits under RCRA (as hereinafter defined) any other Environmental Law, which carriers and facilities have been and are operating in compliance with such permits; (e) Grantors have taken all steps necessary to determine and has disposed of or otherwise released and there has been no threatened release of any hazardous substances on or to the premises except in compliance with Environmental Laws; and(f)Grantors have no material contingent liability in connection with any release or threatened release of any hazardous substance or solid waste into the environment. As used in this Deed of Trust, "Environmental Laws" shall mean any and all laws, statutes, ordinances, rules, regulations, orders, or determinations of any governmental authority pertaining to health or the environment in effect in any and all jurisdictions in which Grantors are conducting or at any time have conducted business, or where the premises is located, or where any hazardous substances generated by or disposed of by Grantors are located, including without limitation, the Clean Air Act, as amended, the Comprehensive Environmental, Response, Compensation, and Liability Act of 1980 ("CERCLA"), as amended, the Federal Water Pollution Control Act, as amended, the Occupational Conservation and Recovery Act of 1976 ("RCRA"), as amended, the Safe Drinking Water Act, as amended, the Toxic Substances Control Act, as amended, the Superfund Amendments and Reauthorization Act of 1986, as amended, and other environmental conservation or protection laws. EXHIBIT "A"