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HomeMy WebLinkAboutTitle ReportSTEWART TITLE GUARANTY COMPANY SCHEDULE A Effective Date: January 20, 2012 at 8:00 AM Commitment issued January 24, 2012 POLICY OR POLICIES TO BE ISSUED ARE: (a) OWNER'S POLICY OF TITLE INSURANCE (Form T-1) (Not applicable for improved one -to -four family residential real estate) POLICY AMOUNT: $2,400,000.00 PROPOSED INSURED: CAMPUS ACQUISITIONS HOLDINGS, LLC (b) TEXAS RESIDENTIAL OWNER'S POLICY OF TITLE INSURANCE -- ONE -TO -FOUR FAMILY RESIDENCES (Form T-1 R) POLICY AMOUNT: PROPOSEDINSURED: (c) LOAN POLICY OF TITLE INSURANCE (Form T-2) POLICY AMOUNT: PROPOSED INSURED: PROPOSED BORROWER: (d) TEXAS SHORT FORM RESIDENTIAL LOAN POLICY OF TITLE INSURANCE (Form T-2R) POLICY AMOUNT: PROPOSEDINSURED: PROPOSED BORROWER: File No.: 151667 (e) LOAN TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN (Form T-13) POLICY AMOUNT: PROPOSEDINSURED: PROPOSED BORROWER: (f) OTHER POLICY AMOUNT: PROPOSEDINSURED: 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: RADAKOR, LLC BRAZOS COUNTY ABSTRACT COMPANY horized Signature STEWART TITLE GUARANTY COMPANY SCHEDULE A File No. 151667 4. LEGAL DESCRIPTION OF THE LAND: Being all that certain tract or parcel of land lying and being situated in the J.E. SCOTT LEAGUE, Abstract No. 50, in College Station, Brazos County, Texas, said tract being all of the 0.986 acre tract conveyed to Guarant der I ank, F.S.B. by Robert B. Waltman by deed recorded in Volume 1525, Page 262, of the Official Records of razos ounty, Texas (O.R.B.C.), and being more particula y described by metes and bounds as follows: COMMENCING: at a concrete monument found marking the south corner of a called 0.4055 acre tract as described by a deed recorded in Volume 205, Page 323 of the Deed Records of Brazos County (D.R.B.C.), said monument also lying in the northwest right-of-way line of F.M. 60; THENCE: N 44° 38' 42" E along said right-of-way line for a distance of 250.00 feet to a 1/2-inch iron rod set marking the south corner of the beforementioned 0.986 acre tract and the POINT OF BEGINNING; THENCE: N 45° 22' 10" W along the southwest line of said 0.986 acre tract, also being a common line With the northeast line of a called 1.622 acre tract as described by a deed recorded in Volume 189, Page 403 (D.R.B.C.) for a distance of 314.43 feet to a 5/8-inch iron rod found in the southeast right-of- way line of Church Street (based on a 40' foot width), according to a deed recorded in Volume 303, Page 823 (D.R.B.C.), for a reference, a 5/8-inch iron rod found marking the west comer of the said Church Street right-of-way bears N 45° 22' 10" W at a distance of 40.00 feet; THENCE: N 449 25' 00" E for a distance of 61.20 feet along the said Church Street right-of-way line to a 1/2-inch iron rod set for the Point of Curvature of a curve to the right; THENCE: 47.77 feet along the arc of said curve in a clockwise direction, said curve having a central angle of 65' 10' 09", a radius of 42.00 feet, a tangent of 26,84 feet and a long chord bearing N 77° 00' 04' E at a distance of 45.24 feet to a 1/2-inch iron rod set for the Point of Tangency; THENCE: S 70° 24' 57" E continuing along said right-of-way line for a distance of 119.51 feet to an "X" chiseled in the concrete curb, said "X" marking the intersection of said right-of-way line with the northeast line of said 0.986 acre tract, for reference, a 5/8-inch iron rod found marking the north corner of a 1905 sq. ft. (0.044 acres) John Cecil Culpepper, III tract described in Volume 2697, Page 256 (O.R.B.C.) bears N 45° 22' 10" W at a distance of 172.82 feet; THENCE: S 450 22' 10" E along the northeast line of said 0.986 acre tract being common with the southwest right-of-way line of said Church Street for a distance of 182.21 feet to an "X" chiseled in the concrete curb marking the east corner of said 0,986 acre tract, said "X" also lying in the beforementioned right-of-way line of F.M. 60; THENCE: S 440 38' 42" W along said right-of-way line for a distance of 150.00 feet to the POINT OF BEGINNING and containing 0.986 acres of land, more or less. And being the same property described in Deed from Curtis D. Hodgson to Radakor, LLC, dated August 30, 2006, and recorded in Volume 7609, page 150, Official Records of Brazos County, Texas. STEWART TITLE GUARANTY COMPANY SCHEDULE B File No. 151667 EXCEPTIONS FROM COVERAGE IN ADDITION TO THE EXCLUSIONS AND CONDITIONS AND STIPULATIONS, YOUR POLICY WILL NOT COVER LOSS, COSTS, ATTORNEY'S FEES, AND EXPENSES RESULTING FROM: 1. THE FOLLOWING RESTRICTIVE COVENANTS OF RECORD ITEMIZED BELOW (WE MUST EITHER INSERT SPECIFIC RECORDING DATA OR DELETE THIS EXCEPTION): Item No. 1 is hereby deleted in its entirety. 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'S POLICY ONLY.) 4. ANY TITLES OR RIGHTS ASSERTED BY ANYONE, INCLUDING, BUT NOT LIMITED TO, PERSONS, THE PUBLIC, CORPORATIONS, GOVERNMENTS OR OTHER ENTITIES. A. TO TIDELANDS, OR LANDS COMPRISING THE SHORES OR BEDS OF NAVIGABLE OR PERENNIAL RIVERS AND STREAMS, LAKES, BAYS, GULFS OR OCEANS, OR B. TO LANDS BEYOND THE LINE OF THE HARBOR OR BULKHEAD LINES AS ESTABLISHED OR CHANGED BY ANY GOVERNMENT, OR C. TO FILLED -IN LANDS, OR ARTIFICIAL ISLANDS, OR D. TO STATUTORY WATER RIGHTS, INCLUDING RIPARIAN RIGHTS, OR E. TO THE AREA EXTENDING FROM THE LINE OF MEAN LOW TIDE TO THE LINE OF VEGETATION, OR THE RIGHTS OF ACCESS TO THAT AREA OR EASEMENT ALONG AND ACROSS THAT AREA. (APPLIES TO THE OWNER'S POLICY ONLY.) 5. STANDBY FEES, TAXES AND ASSESSMENTS BY ANY TAXING AUTHORITY FOR THE YEAR 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'S OF THE PROPERTY UNDER SECTION 11.13, TEXAS TAX CODE, OR BECAUSE OF IMPROVEMENTS NOT ASSESSED FOR A PREVIOUS TAX YEAR. (IF TEXAS SHORT FORM RESIDENTIAL LOAN POLICY OF TITLE INSURANCE (T-2R) IS ISSUED, THAT POLICY WILL SUBSTITUTE "WHICH BECOME DUE AND PAYABLE SUBSEQUENT TO DATE OF POLICY" IN LIEU OF "FOR THE YEAR 2012 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'S. (APPLIES TO THE LOAN TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN ONLY, AND MAY BE DELETED IF SATISFACTORY EVIDENCE IS PROVIDED TO US BEFORE A BINDER IS ISSUED.) 8. LIENS AND LEASES THAT AFFECT THE TITLE TO THE LAND, BUT THAT ARE SUBORDINATE TO THE LIEN OF THE INSURED MORTGAGE. (APPLIES TO LOAN POLICY (T-2) ONLY.) STEWART TITLE GUARANTY COMPANY SCHEDULE B File No. 151667 (Continued) 9. THE EXCEPTIONS FROM COVERAGE AND EXPRESS INSURANCE IN SCHEDULE B OF THE TEXAS SHORT FORM RESIDENTIAL LOAN POLICY OF TITLE INSURANCE (T-2R). (APPLIES TO TEXAS SHORT FORM RESIDENTIAL LOAN POLICY OF TITLE INSURANCE (T-2R) ONLY. SEPARATE EXCEPTIONS 1 THROUGH 8 OF THIS SCHEDULE B DO NOT APPLY TO THE TEXAS SHORT FORM RESIDENTIAL LOAN POLICY OF TITLE INSURANCE (T-2R). 10. THE FOLLOWING MATTERS AND ALL TERMS OF THE DOCUMENT CREATING OR OFFERING EVIDENCE OF THE MATTERS (WE MUST INSERT MATTERS OR DELETE THIS EXCEPTION.): a. Easements, or claims of easements, which are not recorded in the public records. b. Rights of tenants in possession under any lease or rental agreements. c. Easement from Guaranty Federal Bank, F.S.B. to the City of College Station, Texas, dated June 30, 1994, recorded in Volume 2163, page 223, Official Records of Brazos County, Texas. d. 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 interests that are not listed. e. The Tax Certificate furnished by the taxing authorities is issued on real estate only. It does not include minerals and/or personal property, therefore, no liability is assumed herein for the payment of said mineral and/or personal property tax.