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Home My WebLink AboutTitle InsuranceOtNNEP POLICY OF TITLE INSURANCE Issued by OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY` *� � Policy Number O 1 i 8 G v 1 3 * SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY, is a Minnesota corporation, herein called the Comparry, insures, as of Date of Policy shown in Schedule A. against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; _ 2. Any defect in or lien or encumbrance on the Ulle; 3. Any statutory or constitutional mechanic's, contractor's, or materiaiman's Gen for labor or material having its inception on or before Date of Policy, 4. Lack of a right to access to and from the land; 5. Lack of good and indefeasible title. The Company also will pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided in the Conditions and Stipulations. IN WITNESS HEREOF, the OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY has caused this policy to be executed by its President under the seat of the Company, but this policy is to be valid only when it bears an authorized countersignature, as of the date set forth in Schedule A. 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 or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to O the occupancy, use, or enjoyment of the land; nu the character, dimensions or location of any improvement now or hereafter erected on the land; (ai a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (w) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defecL lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking that has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 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; (e) resulting in loss or damage that would not have been sustained If the insured claimant had paid value for the estate or interest insured by this policy. 4. 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 unmarketabilily of the fide. 5. Any claim which arises out of the transaction vesting in the person named in paragraph 3 of Schedule A the estate or interest insured by this policy, by reason of the operation of federal bankruptcy, state insolvency, or other state or federal creditors' rights laws that is based on either O the transaction creating the estate or interest Insured by this Policy being deemed a fraudulent conveyance or fraudulent transfer or a voidable distribution or voidable dividend, ifthe subordination or recharacterization of the estate or interest insured by this Policy as a result of the application of the doctrine of equitable subordination or (iO the transaction creating the estate or interest insured by this Policy being deemed a preferential transfer except where the preferential transfer results from the failure of the Company or is issuing agent to timely file for record the instrument of transfer to the insured after delivery or the failure of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. AGGIELAND T7TLE COMPANY 3740 Copperfietdo, Suite 1011BIM 7eras 77802 OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY P.O. Box42Mryan, Texas 77805 A Stock Company Phone(M)73I-MOO- Am- (378)731-0408 400 Second Avenue South, Minneapolis, Minnesota 55401 Isstred through the Office 0i' r�� (512)371-1111 : •yy •: OLD REPUBLIC TTTLE By - Presidew prized Countersignatory Attest SXVary FORM T-1 OWNER POUCY (EFFEnVE 4t02) (ianoa )meg apl5ui uo panuguoy utulEadow Bons 6uumb9i slagew 10 iallew a41 of P1Ebal ql!m 'uo!Ie6g!I due anuPuom 10 'alnoaswd 'pualap of uoge6jgo 10 41wil due 6u!pnpui 'aletnunal (legs dojod aql lapun pwnsul aql of suoge6!Igo s,duedwo0 agl'uogelad000 paunbai aql gs!wnl of pamsu! aql 10 wn1!e1 aql dq pao!pnfald si duedwo0 aql 11 "pamsu! se ISatalw 10 alelsa agl of apq agl 4sjgeisa of alquiis!p 10 dlessaoau aq dew duedwo3 aqI to umu!do aql ui legl loE InA^ei laglo due III Q!) pue ']uawa!gas 6u113aga to 'bu!paaowd io uollmu alp 6ulpu2lap 10 6uilwaswd 'sassaul!m 6ulu!elgo 'amuap!na 6uunoas '6upaaowd io uogoe due ui O pp algeuoseat lie duedwo0 alp an!6 joys 'asuadxa s duedwo0 mgl Is 'pamsu! aqI 'duedwoo ayl dq palsanbw tanauagM asodind siul iol pamsu! aqi Io aweu agi 'uogda $I! le 'asn oI duedwo0 aql 1!wad pus 'waiagl sieadds je pus '6u!13333md uo tmllme aql In asualap ap!nwd to alnoaswd as of 1g6u a41 duedwoj aqI of aromas lieys pamsu! ayl '6u!paamotd to uogoe due to asualap aqI iol ap!nold to alnoaswd of duedwo0 aql salmbal is spiund do!lod s!ql wa4m saseo je ul (p) npio io luaw6pnf astanpe due woA leadde of 'uogalosip alas sl! u1 'ly6u aql samasau dlssaldxa pus uogo!psunl lualedwom io linoo a dq uogeu!uuaiap leaµ at uogebgg due ansmd dew duedwoo aql 'dmgod s!ql 10 suolsnwd aql dq palUwtad to paunbat se asualap e pasodtalw 10 uagme us lgbnolq aney pegs duedwo0 aw lanaua4m (m) '41jua6gp as op geqs I! 'gdeu6eued s!ql iapun slg6u sp asplaxe pegs duedwoo a41 p 'dmgod sup 10 uo!s!nwd due an!em 10 pq!gej apamuoo dgatagl IOU IIE4s pus 'lapunway algej aq IIEgs V. IOU 10 laglagm 'hilod SINI 10 swlal ayI lapun uogoe aleudmdde due eXul dew duedwo0 aqi -pamsul aqI of a6ewep io ssol aonpau to luanwd of 10 'pamsu! se Iswaluf uo alelsa aql of ap tj a4l 4sggelsa al algeu!sap 10 dlessamau aq dew uo!uldo sl! u! leyi Iou taglo due alp of uo 6uipaaowd 10 uogoe due alnmasold pus almgsu! of 'Isom umo sit 12 'I46u aqI aney jets duedwa0 aqi (q) 'dmgod s!ql dq Imes pamsu! IOU slagew Oalle 1241 uogoe 10 sasnem asogl 10 asualap aql ul pamsui aqi dg pallnout sasuadxa uo slsoo 'saal due ded IOU II!m duedwo0 aqi 'lasunao iaylo due 10 saal aql ded lou llpn pus iol algeq aq IOU geqs pup uogoe 10 sasnem palels rimy) of se pamsu! ayl Iuasaidw of (asnem algeuoseau iol lmafgo of pwnsu! aql 10 ig6u aqi al loatgns) ao!ogo sl! jo lasunoo loalas of 1g6u aqi aney joys dusdwo0 aui 'dogod s!qi dq Isu!e6e pamsul iagew laglo 10 aauelgwroua to uag '10alap 2 bu!60je uogmE 10 sasneo palels asoyl of se 61uo Inq 'pamsu! se isalaiu! 10 agP aql of aslanpe w!elo a spasse clued pnyl due gm!gm u1 uoge6qg ul pamsu! us 10 asualap aqi 1oI ap!nwd ileys 'delay altieuosealun Inmium pup Ism -umo sit! Is 'duedwoo aqI 'suogeindgs pup suogipuo0 asagl 10 g uogeaS ul pauMuo:l suogdo ayi of loafgns pus pamsui all dq Isanbai uagum uodn (e) aleladoo0 0l luewje70 pamsu/ jo 4np suogmy jo minmaswd pue asualap b 'u!ataq (n) g6nouyl I!) 10 uogeu!gww e oNeliapun (n) is :Imalap 10 wiep aslanpe 'amuetquinoua 'uag aqi 6u!6leyos!p Iuawnoop 1a410 10 asealal a wnnes (n) :lmalap 10 w!ep aslanpe 'amueiqutnqua 'uag au1 1ol uogdaoxa Inogl!m amueunstu sill jo (sa)do9od a 10 amuenss! sE Law uoimauuoo ui duudwoo aouemsut ajg laylaue p!uwapul (n) :ueol ayi le iunowe aln 'dmgod aaMpow e R 'jo dpadold ayl 10 an!en luwmm aqi of lenba iunowe us 10 aq of dmgod PIES 'loalap 10 WIE13 aslanpe 'amuetgwnous 'uag a41 lol uogdaoxa inoyi!m aoueinsui ajg 10 hilod a 'dmgod s!ul dq pamsui puel a4I u! Isauaiui 10 alelsa aqI to laploq io aa6e6uow 7aumo luanbasgns a of 10 Iuew!ep pamsui ayl of anssi 'iolwagl sa6iego pus wmwald almdwdde 10 tuawded uodn (n) !blod siyl ui pap!noid se pamsu! ayi 6i!uwapul n 'pamsu! se alelsa a4l of ajg ayl wall palap uo wrep aslanpe 'aoueugwnoua 'uag ayl 1E913 of s6ulpantud dtessaoau a41 alnlgsu! (1) suoiln ftmojol ayl III auo a1ie1 Ilegs duedwo0 aqI 'P!len sl Imalap to w2p asimpe 'aamIlmoua 'uag a4I Iegl sapnpuom duedwo0 aql j uogeumalap sli 1ol suosEat ayi to pwnsu) aql astnpe dilemgpads !legs duedwoo aqi 'pans! seal dogod s!yl ym!ym yl!m uogoauuoo ul uogmesueA 84I is 6ulso13 aql u! passaippe asimiaglo sem to 'blod s!yl dg patanam IOU St 10alap w 10 2p aslanpe 'souwgwnoua 'uag ayl Iota sapn!ouo0 duedwo0 ayl 11 'kilod aqi lapun a6lega 1a w!Ep S,pamsul agl 10 dilP!Ienul 10 dI!pq¢n ayi 01 se uogeuiwtalap sli jo 'awg algeuosew a w4I!m '6ugum ut pwnsu! all /ggou jeys duedwo0 aqi 'alniels 10 me1 dq paneq IOU pup pgen sl palap 10 welo astanpe 'aouetgwnoua 'uag agl laulaym auiwalap 01 86m43 ay1 ale6gsanw dgdwoud let's duedwo) aul 'hilod sill to alielanoo aql wwi paldamxa 10 papnpxa IOU s! Mil dmgod s!yl dq pamsu! pueI 941 u! lsatalu! 10 a3Eisa ayl 01 agq ul lmalap laglo uo w!elo awanpe 'aouwgwnoua 'uag a le u!euaq pwmbw se 4uedwo0 aql sagilou pwnsu; aLg 'dm!lod all 10 alEp agl lave 'ua4M aoipntald aql to Iualxa alp of hluo uag) pue amjel aql dq pamipnlald aq Ilugs 6uedwo0 aql ssalun dogod sigl lapun pwnsui due jo slg6u aql aoipntwd aseo Out ui Ileys duedwo0 aql dl!lou of wngel 2q1 7aaamoq 'papvwd :pannbw sl aagou Idwwd gmlym 1ol slapEw 10 lagew aql of p1Eba1 gl!m aleu!wial Iiegs duedwo0 ayl Ia dl!I!geij je pamsui a4l of se uagl 'duedwoo aql al uae!6 aq IOU (legs aagou ldwotd p biod s!ll to anpin dq algen aq dew duedwoo au1 4oigm iol a6ewep 10 ssol asneo Ig6!w Iegl pup 'pamsu! se 'Iswalu! 10 alelsa aqI 01 aqg aql of asiaMe $! letil Isaialu! 10 apq 10 w!elo due 10 lapunwaq pamsui us of awob Begs a6paimouN asEm u! (!) 10'mo!aq (oo uogoaS u1 gUol las se uogeftl due 10 aseo ut (!) bugum ui djdwwd duedwoo aqI kilou jegs pamsu! aqi 7uew1el0 pamsu/ dq ua y0 aq 01 u�iel010 am9oN E -pamsu! aql of uan!6 a6e6pow dauow asegom0 E dq Palmas ssaupotiapul us (n) 10 'puRI aq u! Isaialul 10 alelsa us p) lagpa to pamsui aqI woA lasegomd due 1a ionel u! Mal u1 anulluoo IOU IIE4s dojod s!gi 'Isaialu! 10 alelsa a41 to 03uedanuo0 to lalsueA due ui pamsut aql dq spew d;uelrem to slueuaeoo 10 uaseat dq /gj!geg aney pegs pamsul aql se buol as dluo to 'pamsui ayi wwl lasegoind a dq uan16 26e61Jow dauow ase4wnd u dq paunoas ssaupalgapu! us SplOQ 10 'puel a41 u! lseialut 10 alelsa up sufelai pwnsui aql se 6uol as diuo pamsut up to lone) ul dmgod 10 ale0 to se aolol u! anuguoo Ileys dogod s!ll to a6eianoo ayi apl to amue49nuo0 taut' a91E1n911 /o u0ge1711116Fo0 'Z -papualut asn aq1 toy ssamme 10 dmenbape suit wnsm IOU saop sssooe 01 se PaPinold 2621anom aqi SS4302 10 uoglpuo0 !eoisdgd aqi IOU Due puEi aql of ssamme to lu6u 1e681 :ssaooe„ (6) -palemol sl puel agl ymigm ul loulsp all tol gnoo iowsip salels pawn ayl 10 Nlalo aiP to sptoow aqi uj palµ suag ua!loalotd IEltiawaoilnua aonioui jets os!R ,spioow ojgnd„ 'a6wano0 wouj suoisnpq ayl jo (n) (e)l uoiloac of lmadsal ql!M a6palmoq 1nog1!m pus anlen lol siaselomd of duadwd leas al 6ullelw siagEW to aagou angonilsuom 6ugtedtui 10 asodind aql iol dmgod l0 ale(] Is salnleis ale$ tapun paysgtIelsa spiomai :, spuoow oilgnd„ (1) luawntisui dlunmas laulo 10 'paap IsM 'Iswl 10 paap 'a6E6pow ; a6e6Uow„ (a) 'dmgod sail dq pamsui si puel all woA pus of ssaooe 10 ig6u a golum of luelxa ayi 1!wg 10 dppow IIEgs ulataq bu!glou lnq 'SdEMJ21EM 1d sdem 'sauei 'sdalle 'sonuane 'spew 'siaaAs bu!gnge u! Iuawasea 10 alelsa 7saialu! 'ally '14611 due Iou 'y alnpagos u! 01 pailalw io paquosap Role all 10 sauq aql puodaq duadoid due apnpu! IOU saop „puel„ vial aqi dpadoid 12a1 alrygSuoo mel dq 1241 olwagl paxgle sluawanoidun pus '''; ainpagmS ui of pallalal 10 paquosap PURI a4i :,,PURI„ (P) 'Duel ayi 6ugmage slagew 10 2011ou angmnAsuom pedwi go!gm splooal lagio due 10 dogod s!4i u1 paugap se Splomal mggnd alp 10 uoseal dq pamsui us of paindwi aq dew Ie41 aagou 10 a6palmou l angonAsuom IOU 'a6papn0uN !enime UmouN„ ID ,a4almota!„ (m) 'a6ewep 10 ssol 6ummlo pamsu! up ;dueul!e!m pamsu!„ (q) loatagl sauepgauaq aql of iswl aql jo slasse aql to pod to lie 10 uoynquisip oql wwl 6uglnsai iswi io aalsn4 a of lsaialw u! womaons aqI (in) to'Iuawnilsu! Isni1 uagum e ui paweu aaisnil a 10 (s)aalsml ainlgsgns 10 lossaaons aql (A) 'uogepmbg alaldwoo to leaped uodn wnluan lwof agl to slasse aql to uognqulslp aql wall buglnsai wnluan luiol e of lsaialul ui siossaoons aqI (A!) 'uo!lepmb!l aialdwoo io ielped uodn d!gsmued pailwg io lEjaua6 aql to slasse ayi 10 uognqulsip aql wall 6uginsw d!gsiauped papwll i0 lelaua6 2 0l 1s6lalu! u1 siossaoons aqi (n) 'aleuiwial iou saop Inq sanioss!p galgm d!gsiagEd dlg!geg pal!w!l10 6uedwoo dl!pgE!i paliw!l10 d!gsiaulied pallwg io piauab e 01Iswalu! w sloss000ns aqi (it) uollepinb!i alaldwoo to leiued uodn digsiouped dig!geil pallut!l ;o duedwoo %peal paliwg io uolletodtoo aql Io slasse aql jo uognqulslp aq 10 uoisimilom to uagepgosuoo to iabiow wall buginsai d!gsiauped dlg!geg papuly io du2dwoo d)p!geg paluil uollwodlom a of Isaialui of siossaomns aqI (i) 6u!mopol agl'uogellwll Inoglim'dllmmoads Pus'stossamans 6ie!onp!l io d!gsialtuRd 'alelodim to 'uil 10 Ixau 'san!leluaswdw leuosiad'sionwns'saaslnap'saeInquislp'snaq `ol pallwg you Inq '6u!pniouf aseymind ww1 pagsinbugsip se mel 10 uo!leiado dq pwnsm paweu aqua lswaluj aql of paeoons ogm aso4l'pwnsu! Powell aql Isuie6e peq aneq pinom duedul aqi sasualap t0 slg6u due of loalgns'pus 'y alnpagoS IA paweu pwnsu) aqi :,,pwnsui, (e) :ueaw hilod slgi u! pasn uagm swial 6mmollol agl MAL jo uQ'I mjap i SNOWVINI1S ONV SNOWON00 5. Proof of Loss or Damage. In addition to and after the notices required under Section 3 of these Conditions and Stipulations have been provided the Company, a proof of loss or damage signed and sworn to by the insured claimant shall be furnished to the Company within 91 days after the insured claimant shall ascertain the facts giving rise to the loss or damage. The proof of loss or damage shall describe the defect in, or lien or encumbrance on the title, or other matter insured against by this policy that constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. G the Company is prejudiced by the failu-e of the insured claimant to provide the required proof of loss or damage, the Company's obligations to the insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such proof of loss or damage. In addition, the insured claimant may reasonably be required to submit to examination under oath by any authorized representative of the Company and shall produce for examination, inspection and copying, at such reasonable times and places as may be designated by any authorized representative of the Company, all records, books, ledgers, checks, correspondence and memoranda, whether bearing a date before or after Date of Policy, which reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the insured claimant shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect and copy all records, books, ledgers, checks, correspondence and memoranda in the custody or control of a third party, which reasonably pertain to the loss or damage. All information designated as confidential by the insured claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim. Failure of the insured claimant to submit for examination under oath, produce other reasonably requested information or grant permission to secure reasonably necessary information from third parties as required in this paragraph shall terminate any liability of the Company under this policy as to that claim. 6. Options to Pay or Otherwise Settle Claims: Termination of Liability. in case of a claim under this policy, the Company shall have the following additional options: (a) To Pay or Tender Payment of the Amount of Insurance. To pay or tender payment of the amount of insurance under this policy, together with any costs, attorneys fees and expenses incurred by the insured claimant, which were authorized by the Company, up to the time of payment or tender of payment and which the Company is obligated to pay. Upon the exercise by the Company of this option, all liability and obligations to the insured under this policy, other than to make the payment required, shall terminate, including any liabiliy or obligation to defend, prosecute. or continue any litigation, and the policy shall be surrendered to the Company for cancellation. (b) To Pay or Otherwise Settle With Parties Other than the Insured or With the Insured Claimant- ()) to pay or otherwise settle with other parties for or in the name of an insured claimant any claim insured against under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant, which were authorized by the Company up to the time of payment and which the Company is obligated to pay; or (ii) to pay or otherwise settle with the insured claimant the loss or damage provided for under this policy, together with any costs, allomeys' fees and expenses incurred by the insured claimant, which were authorized by the Company up to the time of payment and which the Company is obligated to pay. Upon the exercise by the Company of either of the options provided for in paragraphs (b) @ or (i), the Company's obligations to the insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute or continue any litigation. 7. Determination, Extent of Liability and Coinsurance This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the insured claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent herein described. (a) The liability of the Company under this policy shall not exceed the least of: if) the Amount of Insurance stated In Schedule A; or n the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy at the date the insured claimant is required to furnish to Company a proof of loss or damage in accordance with Section 5 of these Conditions and Stipulations. (b) In the event the Amount of Insurance stated in Schedule A at the Date of Policy is less than 80 percent of the value of the insured estate or interest or the full consideration paid for the land, whichever is less, or G subsequent to the Date of Policy an improvement is erected on the land which increases the value of the insured estate or interest by at least 20 percent over the Amount of Insurance stated In Schedule A, then this Policy is subject to the following: 01 where no subsequent improvement has been made, as to arty partial loss, the Company shall only pay the loss pro rata in the proportion that the amount of insurance at Date of Policy bears to the total value of the insured estate or interest at Date of Policy; or It where a subsequent improvement has been made, as to arty partial loss, the Company shall only pay the loss pro rata in the proportion that 120 percent of the Amount of Insurance staled in Schedule A bears to the sum of the Amount of Insurance stated in Schedule A and the amount expended for the improvement. The provisions of this paragraph shall not apply to costs, allomeys' fees and expenses for which the Company is liable under this policy, and shall arty apply to that portion of any loss which exceeds, in the aggregate, 10 percent of the Amount of Insurance stated in Schedule A. (c) The Company will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of these Conditions and Stipulations. 8. Apportionment. If the land described in Schedule A consists of two or more parcels that are not used as a single site, and a loss is established affecting one or more of the parcels but not all, the loss shall be computed and settled on a pro rate basis as'd the amount of insurance under this policy was divided pro rate as to the value on Date of Policy of each separate parcel to the whole, exclusive of any improvements made subsequent to Date of Policy, unless a liability or value has otherwise been agreed upon as to each parcel by the Company and the insured at the time of the issuance of this policy and shown by an express statement or by an endorsement attached to this policy. 9. Limitation of liability. (a) If the Company establishes the title, or removes the alleged defect. lien or encumbrance, or cures the lack of a right of access to or from the land, all as insured, or takes action in accordance with Section 3 or Section 6, in a reasonably diligent manner by any method, including litigation and the completion of any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be Gable for any loss or damage caused thereby. (b) In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a inia; determination by a court of competent jurisdiction, and disposition of all appeals therefrom, adverse to the title as insured. (c) The Company shall not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company. 10. Reduction of insurance: Reduction or Termination of Liability. All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto. 11. Liability Noncumulative. It is expressly understood that the amount of Insurance under this policy shall be reduced by any amount the Company may pay under any policy insuring a mortgage to which exception is taken in Schedule B or to which the insured has agreed, assumed, or taken subject, or which is hereafter executed by an insured and which is a charge or lien on the estate or interest described or referred to in Schedule A, and the amount so paid shall be deemed a payment under this policy to the insured owner. 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ISM gels uoge6wqns 10 J1.(6u ge 'Aogod s!ql :apun w!ep a p!ed pue palgas aneq ilels Auedwo3 aqi iaeauagM "uolle6wgnS to lg6!a s,Auedwoo aqi (E) wawalvn io ivawfed uodn uoge6wqns "c^L "Iagealaq! sAep OE wgl!m algeAed aq pegs abewep Io ssol aql 'suogelndgS pue suog!puo0 asagi ql!m amplo33e u! paxg Alai!ugap uaaq seq a6ewep io ssol to lualxa aqi pue A1!I!geg uagM (q) *Auedwo0 aqi to uogoe!sges aqi of pags!uww aq pegs uoipw!sap io ssol 10 loved aseo goigm u! 'paAwlsap Io Isoi uaaq seq Aogod aqi ssalun IuawXEd aql Io Juawasiopua Iol Aogod sill 6upnpwd Inogilm apew aq peps luawAed ON (e) 'ss07 Lo 1U9lUAed ZL OWNER POLICY OF TITLE INSURANCE SCHEDULE G.F. No. 21282 Policy No. TO1182613 Amount of Insurance: $3,403,842-00 Premium: $16,728.00 Date of Policy: December 19, 2005, 10:22 am 1. Name of Insured: Creek Meadows Partners, L.P. 2. The estate or interest in the land that is covered by this policy is: Fee Simple 3. Title to the estate or interest in the land is insured as vested in: Creek Meadows Partners, L.P. 4. The land referred to in this policy is described as follows: Tract One: All that certain tract or parcel of land, lying and being situated in the SAMUEL DAVIDSON LEAGUE, Abstract No. 13 in Brazos County, Texas, and being a portion of a called 262.55 acre tract described as seven tracts by an Estate Deed from Betty V. Goss, B. F. Vance, Jr. and William R. Vance to VRV partners, recorded in Volume 1175, page 653 of the Official Records of Brazos County, Texas (O.ILB.C.); all of a called 1 acre tract described by a Quitclaim Deed from L- G. Jones to V onnie Ray Vance recorded in Volume 509, page 786 of the Deed Records of Brazos County, Texas, (B.C.DJL); a portion of a called 102.00 acre tract described by a Gift Deed from Vonnie Ray Vance to Betty V. Goss, B. F. Vance, Jr- and William R. Vance, Trustees of the VRV Trust, recorded in Volume 1020, page 325 (O.R.B.C.); a portion of a called 1 acre tract described by a Deed from Gus Roy and wife, Hattie Roy to B. F. Vance, recorded in Volume 163, page 69 (B.C.D.R.); and all of a called 2-3/5 acre tract described by a Deed from William H. Phelps and Rela May Rayon and husband Chester Rayon, to B. F. Vance, recorded in Volume 177, page 309 (B.C.D-R.) and being more particularly described by metes and bounds as follows - BEGINNING at a 3/8-inch iron rod found bent marking the wet corner of Lot 8, Wellborn Oaks, according to the plat recorded in Volume 345, Page 635 (B.C.D.R.), said iron rod being in the northeast line of said 1 acre tract (163169) and in the southeast right-of-way line of Greens Prairie Road (a county maintained road); THENCE along the common line of Wellborn Oaks and said 1 acre tract (163/69) and said 262.55 acre tract for the following five (5) calls: 1) S 490 13' 20" E for a distance of 411.68 feet to a 3/8-inch iron rod found marking the west corner of Lot 9, Wellborn Oaks, 2) S 490 02' 18" E for a distance of 39233 feet to a 3/84nch iron rod found marking the west corner of Lot 10, Wellborn Oaks, 3) S 480 48' 30" E for a distance of 983.70 feet to a 3/8-inch iron rod found marking the west corner of Lot 12, Wellborn Oaks, 4) S 480 30' 49" E for a distance of 488.99 feet to a 3/8-inch iron rod found marking the west corner of Lot 13, Wellborn Oaks and 5) S 480 09' 51 " E for a distance of 388.51 feet to a 5/8-inch iron rod found for corner in the west right of way line of Greens Prairie Trail (based on a I00-foot width); THENCE through the said 26255 acre tract and said 102.00 acre tract and along the west line of Greens Prairie Trail for the following five (5) calls: Old Republic National Title Insurance Company Page 1 Z aEud ,Suedmo0 aaueinsu; at}u• ieuogeN aggndaN p10 !('2I'Q'3-ff) 404 aged `46 amnion ul papioaai `puasumoZ llagalssa7 `a;im pug puasumoZ anumoZ of paap a 6q pagliasap se laeil aiae I pallea e;o iauioa moos am io; las poi nail gaul-8/5 a o} laa; ££"LIT;o aauelstp a io; 13914 aiag 6 pies;o auq lsamgliou am 2uoie M „4I ,9Z oZt S aaNallZ :laei} aiag 6 plus;o iauioa Won ay} 2uPligm }aeil aiag I aaugA pauoquamaio;aq aq;;o aug lseaq}nos aql ut poi uoii gant-g/S a o} }aa; 00'0£9 ;o aaug}sip a io; lags} aiae SS-ZgZ pies pug }ag.q aiag 6 Ples;o aug ¢oun¢oa am 2nole M .94 ,££ oL4 N $JNaELI !lard aiae SS"Z9Z Plgs;o iauioa lsam ioua}nl ue p¢e laeil aiae 6 ples;o iauioa;sea aq; 2uoiiem puno; yDoi a of }aa; 00'0£9 3o aaug}sip a io; lDg-q aiae 6 pigs;o aug isuaq}nos ay} -Dole g „4T ,9Z oZi, N dON',lllL `•('ZT'Q'O'ff) SSI aged `EOZ aUM10A ¢t papioaai `sauop •0 lasp� of paap a .Sq paquasap sg lDgi} aiag 6 paliga a;o iaasoa g}nos aq; pag (-g•Q-O-g) IZ9 angd `ZIpI amnion ni papioaai hiaglo•L -Q -V of paap a ,Sq pagiiasap }Dell aiag 5/C-T Pallea e;o iauioa won am io; las poi uo.n qam-8g e of laa3 00'SSS;o aauglsip g io; }Dell aiae S/E-Z aaugA pies;o aull lsamq}nos am 8uole M „94 ,££ oL4 N a3x= °lae.q aiae S/£ -Z aaugA pauolluamaio;aq aq};o iauioa q}nos aql pug `(-ZI•Q•O•g) I9£ a2ed `£II auinloA ui papioaai'uiogl[Ai,¢loin `a;e4i pug uiogllM 6uugop of paap a Sq paquasap lags; aiae I paIM e;o iauioa }sea ay} io; las poi uoii gaul-8/5 e o};aa; SL"L043o aa¢g}sip a so; lags} aiae ScZ9Z pigs;o anti }saMq;iou soua}m ue -note � „4T 9Z oZ4 N 3JN�IZ •snxaZ `94unoO sozgig;0 spioaag asealagq; a;o 96 a2ed `4¢m L aloA u[ papioaai `uiogliM etolA `a;tm pug uioggM Suugop of uag;o asealai a ni oml laei} se paquasap }ae.q aiae SIC-Z pagea am pug aaei} aiae SS'Z9Z Pies ay;;o aug uounuoa am m poi non gam-Z/i las g of laa; 9S'01;o aaue;sip a io; M „II ,£T ob£ N (£I pas lag; 09"SS9;o aauulstp e io; M „S£ ,£Z oL4 N (ZI "110;sod„ 4Z a of;aa; 40'L63o aaue;stp a 10; M „00 ,00 064 N (IT hag; 64-58£;o aang;stp g io; M „IO ,89 oL4 N (OT `laa; 08'IT9 So aaue;stp g io; M „L4 ,6Z oL4 N (6 `4e0;sM „ 9£ a of;aa; 44'6I;o ague;sip g io; M „ZO ,6T oSL N (8 haa; L9.8T;o aauulsip a io; ,'A„6Z ,IZ ,EL N (L haa; 96'4Z Io aaug;sip a io; M „ 0£ ,LO o9Z N (9 haa; 89'MJO aauelstp a 103 M „9Z ,6T oIt, N (S `laa; OL•99 3o aaug}sip a io; ,A .,S4 ,60 ,6£ N 01 haa; 54.4L£;o aauulsip e io; ,4A „ Z4 ,£4 08£ N (£ haa; 86'64;o aaug;sip g io; M „Lt,,L£ Ot, N (Z `laa; 08•8II;o ague;sip a IN M „IZ ,00 oL9 N (I :slleD (£T) uaallnpl WMogo3 aql io; MIT iap.fog;o m21e1U iseagliou paaw; am 2uoie dJNaIZ (,Sgm-to-lg2U anildtiasaid q;Ptm 2UIXILA g) pgog iapSog;o m2igm;seaquou paana3 aq;;o uogaasia;m ay; 2ulyiem iauioa aaug; a o};aa; pq•T;o aaug;sip a le M „St,,0£ 0£4 S 2utieaq pioga 2uol u pug laa; OL'0 }o lua2ugl e haa; 00'S£3o snipes e `„SZ ,LI ,Z;o aillue Igil¢aa a 2ntneq anina plus;o Die am 2uole laa; 04"I (S pug 10u am of anina a;o Din;enin0;o;¢t0d amio;;as poi uoii yant-Z/T a of laa; Z9.46110 aauelstp e io; M „ZO ,ZZ oZ4 S (4 4Saua2ueZ;o lutod am io; las poi uoii gaut-Z/I a ol;aa; 86-ZZL;o aauelstp a;e M „OZ ,64 o8I S 2utieaq pioga 2uol a pug;aa; Z£"46£;o ;¢a2ug; e haa; £61,06 3o sntpei a `„£Z ,SO oLb3o al' Uu re quaa a 2utneq anina ptgs;o Die ayl 2nole laa; 4L"£4L (£ `;q2u ay; of anino e;o ain;enin0;o luiod aq; io;;as poi noit gaul-Z/T a o;;aa; IO-ZS4I3o aauelstp a io; a „IZ ,£4 040 S (Z °,SauallueZ;o lulod am 10};as poi uoii qam-Z/T g of ;aa; 4S"L6L;o aaug)sip e;e M „9S ,T£ o8I S 2uiieaq pioga 2uol a pue;aa; £O"4£43o;ua2uul g'laa; 00'01OI;o sntpei u `„4£ ,0£ o943o al2ue lealuaa a 2uingq anina g 3o ale am} -Dole uogaaitp 9stAQW13-ialunW a ut;aa3 98•6I8 (T £I9Z8T I OZ 'ON LatiOd y alnpagoS;o uogenuguoO Continuation of Schedule A Policy No. TO 1182613 THENCE N 470 33' 46" W along the common line of said Townsend and Vance 1 acre tracts for a distance of 209.00 feet to a 5/8-inch iron rod set for the east corner of a called 1 acre tract described by a deed to Tommie Townsend recorded in Volume 120, page 217 (B.C.D.R.) and a southwest comer of a called remainder of a 1 acre tract as described by a deed to Walter Hudlin, Will Hudlin and wife, Mary E. Hudlin, recorded in Volume 221, page 153 (B.C.D.R.); THENCE N 420 26' 14" E along the common line of said Vance 1 acre tract and said Hudlin tract for a distance of 22.17 feet to a 5/8-inch iron rod set for the east comer of a called 0.622 acre tract as described by a deed to Andrew Chambers and wife, Tommie Dell Chambers, recorded in Volume 562, page 476 (B.C.D.R_), for reference a 1/2-inch iron rod found marking the west comer of said 0.622 acre tract bears N 490 10' 54 W at a distance of 49.64 feet; THENCE along the common line of said 0.622 acre tract and said Vance 1 acre tract for the following two (2) calls: 1) S 49' 10' 54" E for a distance of 51.62 feet to a 1/2-inch iron rod found and 2) N 400 58' 56" E for a distance of 262.73 feet to a 1/2-inch iron rod found bent; THENCE N 410 42' 31" W for a distance of 100.00 feet to a point in the centerline of a private road; THENCE along said private road for the following two (2) calls: 1) N 370 25' 18" W for a distance of 97.02 feet to a point and 2) N 440 10' 49" W for a distance of 213.79 feet to a 5/8-inch iron rod set in the southeast line of said Greens Prairie Road (a County maintained Public Road); THENCE N 430 08' 29" E along the southeast line of said Greens Prairie Road for a distance of 1233.11 feet to the POINT OF BEGINNING and containing 171.043 acres of land, more or less. Tract Two: All that certain tract of land lying and being situated in the JESSE BLEDSOE SURVEY, Abstract No. 71, and the S_AMUEL DAVIDSON LEAGUE, Abstract No. 13, Brazos County, Texas. Said tract being a portion of a called 26255 acre tract described as Tract Seven by a Deed to VRV Partners recorded in Volume 1175, page 653 of the Official Records of Brazos County, Texas, and a portion or a called 102 acre tract as described by a deed to Betty V. Goss, B. F. Vance, Jr. and William R Vance, Trustees of the VRV Trust, recorded in Volume 1020, page 325 of the Official Records of Brazos county, Texas. Said tract being more particularly described by metes and bounds as follows: BEGINA`ING at a 5/8 inch iron rod found on the southwest line of Woodlake Subdivision, Section One, according to the Plat recorded in Volume 410, page 415 of the Deed Records of Brazos County, Texas, said iron rod found marking the east comer of said 262.55 acre tract and the north corner of a called 50 acre tract as described by a deed to Mary Turner and Wanda Goss, recorded in Volume 2327, page 107 of the Official Public Records of Brazos County, Texas; THENCE S 420 23' 18" W along the common line of said 262.55 acre tract and said 50 acre tract for a distance of 2583.88 feet to a 518 inch iron rod found on the fenced northeast line of Royder Road; THENCE along the fenced northeast line of Royder Road for the following calls: N 490 54' 12" W for a distance of 162.76 feet to a point; N 530 19' 39" W for a distance of 231.81 feet to a point; Old Republic National Title Insurance Company Page 3 b a5ed Suedmoo aauetnsul ap!•l, feuopuN allgndag pip .g ainpagaS ;o Z roN wa;l aputano ;ou saop put sasodtnd uogeagquapl zo/pue ieuoUeuizo;ui zo; ,Cino apem sc;nq =}aazzoa sl Sjguenb zo eaze qans leq; uoge;uasazdai e;ou si puef;o .Slguenb zo eaze alp uoilduasap ienai anogs aq; m ;uama;e;s nub •alazaq paquasap pnei aq;;o .uuuenb zo eaze aq; nmznsui moi; pa;!q!gotd si 6uzdmoo aqy :a,yoN -ssal zo atom `puei;o sazae 00-96 2niuleln03 `f)NUNI-a5aa 3o .LNIod aT 01laa; 85'65I30 aauelslp a zo; a .,40 1£0 .,8t S :puno; pot uon gain VT a 011aa; £0'IZ9 3o ague;sip a zo; a Al .It At S 'puno; adul uozi qam 8/£ a o11aa; OZ-tcc;o aoue;sip a 10; a „SZ .00 o6t S :puno; pot uozi qam Z/I a o; laa; I£'0Et, 30 aaumslp a zo; a „Z£ ,LO At S :puno; pot uozi qau! 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No. 21282 Policy No. TO1182613 OWNER POLICY OF TITLE INSURANCE y.i i l_ _ , EXCEPTIONS FROM COVERAGE This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) that arise by reason of the terms and conditions of the leases or easements insured, if any, shown in Schedule A and the following matters: ------- .. of yppe.,i itemized bel/must eit of ias F. Yei fiee �eeerain..a .. data - del.4e di:.. ^^^^''��a zeaw lTS).. enT 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. .. 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 govemment, 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. 5. Standby fees, taxes and assessments by any taxing authority for the year 2006, and subsequent years; 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 l l.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 (We most insert matters or delete this exception.): a. Vendor's lien retained in deed dated December 15, 2005, recorded in Volume 7068, page 220, of the Official Records of Brazos County, Texas from VRV Partners, a Texas partnership to Creek Meadows Partners, L.P. for the benefit of First Victoria National Bank as therein provided and all of the terms, provisions and conditions of said instrument b. Deed of Trust/Security Agreement -Financing Statement dated December 15, 2005, recorded in Volume 7068. page 227, of the Official Records of Brazos County, Texas executed by Creek Meadows Partners, L-P. to Timothy C. Jones, Trustee, for the benefit of First Victoria National Bank as therein provided, and all of the terms, provisions and conditions of said instrument. C. Mineral Reservation as set out in deed dated December 15, 2005 from VRV Partners, a Texas partnership to Old Republic National Title Insurance Company Page 1 Z awed Suedmoo aoue.msul at;SL leuolIcK aggndag plo 'H tue!II!M Pue •lf �aauuA •g •g `ssoo A Shag o; aaueA beg aluuoA mom;sa-talul luiaunu;o aaug6aeuoo -a -;oalaq} a}ep o;;uanbasgns pa;eopsa.tax uaaq lou suq;saia;u! plus o; apty -suxay'S}unoo sozgig;o sp.roaag paaQ agl;o cg£ a2ud'o£t amnloA u! paploaa" 6L61 `I 1san6 palep luamn.gsut u! quo;;as su aaueA -g metlg,4A pue -1 f `aaueA -f -g `slog .� Snag of aaueA.{eg a!uuoA mos; lsaxa;m.i;lenoa :g Ie.taunn jo aaae6anuoo -b -sexay `Slunoo sozuig jo sploaag aggnd le!agjo agl;o 98Z aned `St9£ amnloA ul paploaal `666I `61 g31elQ palep luamcu;su! 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S7glqu!l ou pue aanoo lou 1pAt Sagod aqy -j -Ion .ao pa;ealpap aaq;aqm Sempeoi a;gnud to atlgnd u;o sal.tupunoq atp u!gllm outSI Siladosd;aafgns;o uopsod Sub -a •sexay SClunoo sozelg jo sploaai aggnd aq; u! paploaai;ou ale ga!q.n sluamasea jo stm!ula .co sluamasud -p -luamnl;sui plus jo a;up of;uanbasgns pa;eBpsaAm;ou lswa;ul s!q; o; ap!y •sexay SClunoo soze.ig jo sploaag le!a8;o `OZZ anud `89OL aumloA m paploaal `-d-,I `slaul.ted smopeayq,laaao £I9Z8I I o.L 'oN Sagod g alnpagoS jo uoUenmluoo Continuation of Schedule Policy No. TO1182613 Vance as set forth in instrument dated January 31,1980 , recorded in Volume 445, page 12 of the Deed Records of Brazos County, Texas. Title to said interest has not been investigated subsequent to date thereof. S. Conveyance of mineral interest from Vonnie Ray Vance to Betty V. Goss, B. F. Vance, Jr. and William R. Vance as set forth in instrument dated March 12,1981, recorded in Volume 476, page 43 of the Deed Records of Brazos County, Texas. Title to said interest has not been investigated subsequent to date thereof. t. Memorandum of Oil, Gas and Hydrocarbon Lease dated January 22, 1992, between VRi% Partners, a Texas General Partnership, owner of the surface estate and B. F_ Vance, Jr., William R. Vance and Betty Vance Goss, each individually and as a partner, and WSC Oil & Gas Corporation, recorded in Volume 1427, page 184 of the Official Public Records of Brazos County, Texas. Title to said interest has not been investigated subsequent to date thereof. U. There is expressly excluded from coverage hereunder, and this Company does not insure title to oil, gas and other minerals of every kind and character in, on and under the property herein described. T. Rights of parties in possession_ Countersigned Aggieland Title Company Old Republic National Title Insurance Company Page 3 OILO OOLO OIZE SOOZ/61/Zl 00 ts'EOVEs It 0OZl 00'SZC91s S G 9 9 b £ Z I alecr AgEgerj (iunoo Wpdoid sjny 218g lunowy wn=ad £i9Z3I101, aoq=N.Cogodsammo Suudmoa aouusnsuI ap!,y lsuoueu 31 qudag pl0 ZSZLZ'om *To