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HomeMy WebLinkAboutTitle InsuranceTHE FOLLOWING COMMITMENT FOR TITLE INSURANCE IS NOT VALID UNLESS YOUR NAME AND THE POLICY AMOUNT ARE SHOWN IN SCHEDULE A, AND DUR AUTHORIZED REPRESENTATIVE HAS COUNTERSIGNED BELOW. COMMITMENT FOR TITLE INSURANCE ISSUED BY FIDELITY NATIONAL TITLE INSURANCE COADANY We, FIDELITY NATIONAL TITLE INSURANCE COMPANY, a California corporation, will issue our title insurance policy or policies (the Policy) to You (the proposed insured) upon payment of the premium and other charges due, and compliance with the requirements in Schedule B and Schedule C. Our Policy will be in the form approved by the Texas Department of Insurance at the date of issuance, and will insure your interest in the land described in Schedule A. The estimated premium for our Policy and applicable endorse- ments is shown on Schedule D. There may be additional charges such as recording fees, and expedited delivery expenses. This Commitment ends ninety (90) days from the effective date, unless the Policy is issued sooner, or failure to issue the Policy is our fault. Our liability and obligations to You are under the express terms of this Commitment and end when this Commitment expires. Issued by: FIDELITY NATIONAL TITLE AGENCY, INC. 260 Three Lincoln Center, 5430 LBJ FWY Dallas, Tx 75240 Phone: (972)770-2121 Fax: (972)770-2112 Fidelity National Title I Signature Fidelity National Title Insurance Company ��i)Af',--- Bart'+ ress�9� /1•t ,f,�' President seerelory FORM 1873 REPRINTED (01100) TEXAS FORM T-7: COMMITMENT FOR TITLE INSURANCE Effective 1.1-93 CONDITIONS AND STIPULATIONS If you have actual knowledge of any matter which may affect the title or mortgage covered by this Commitment, that is not shown in Schedule B, you must notify us in writing. If you do not notify us in writing, our liability to you is ended or reduced to the extent that your failure to notify us affects our liability, If you do notify us, or we learn of such matter, we may amend Schedule B, but we will not be relieved of liability already incurred. 2. Our liability is only to you, and others who are included in the definition of Insured in the Policy to be issued. Our liability is only for actual loss incurred in your reliance on this Commitment to comply with its requirements, or to acquire the interest in the land. Our liability is limited to the amount shown in Schedule A of this Commitment and will be subject to the following terms of the Policy: Insuring Provisions, Conditions and Stipulations, and Exclusions. FIDELITY NATIONAL TITLE AGENCY, INC. SCHEDULE A Effective Date: April 30, 2013 at 08:00 AM Commitment Number: FT0000039005, GF Number: FTDAL34-FT0000039005 issued May 13, 2013 at 8:00 a.m. 1. The 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: PROPOSED INSURED: (b) TEXAS RESIDENTIAL OWNER'S POLICY OF TITLE INSURANCE -- ONE -TO -FOUR FAMILY RESIDENCES (Form T-1 R) Policy Amount: PROPOSED INSURED: (c) LOAN POLICY OF TITLE INSURANCE (Form T-2) Policy Amount: $60,000,000.00 PROPOSED INSURED: PNC Bank Proposed Borrower: Woodridge College Station I, LLC, a Delaware Limited Liability Company (d) TEXAS SHORT FORM RESIDENTIAL LOAN POLICY OF TITLE INSURANCE (Form T-2R) Policy Amount: PROPOSED INSURED: Proposed Borrower: (a) LOAN TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN (Form T-13) PROPOSED INSURED: Binder Amount: Proposed Borrower: (f) OTHER Policy Amount: PROPOSED INSURED: Proposed Borrower: 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: Woodridge College Station I, LLC, a Delaware Limited Liability Company 4. Legal description of land: Tract One: 410 S. Texas Avenue Lots One (1) and Two (2), Block One (1), Northpoint Crossing Subdivision, City of College Station, according to the plat thereof recorded in Volume 11193, Page 160, Official Records, Brazos County, Texas. Tract Two: 150 Meadowland Lot Four (4), Block One (1), North Park, City of College Station, according to plat thereof recorded in Volume 465, Page 37 of the Deed Records of Brazos County, Texas. Tract Three: 152 Meadowland FORM T-7: Commitment for Title Insurance (Schedule A) GF Number: FTDAL34-FT000003bu05 Commitment Number: FT0000039005 Lot Three (3), Block One (1), North Park, City of College Station, according to plat thereof recorded in Volume 465, Page 37 of the Deed Records of Brazos County, Texas. Tract Four: 154 Meadowland Lot Two (2), Block One (1) North Park, City of College Station,, according to plat thereof recorded in Volume 465. Page 37 of the Deed Records of Brazos County, Texas. Tract Five: 100 S. Texas Avenue METES AND BOUNDS DESCRIPTION OF ALL THAT CERTAIN TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN THE J. E. SCOTT LEAGUE, A-50, IN COLLEGE STATION, BRAZOS COUNTY, TEXAS. SAID TRACT BEING THE SAME TRACT OF LAND AS DESCRIBED BY A DEED TO EMMA RUTH ELLIS (TRACT ONE), RECORDED IN VOLUME 7035, PAGE 237 OF THE OFFICIAL PUBLIC RECORDS OF BRAZOS COUNTY, TEXAS. SAID TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS BEGINNING AT A 3/8 INCH IRON ROD FOUND ON THE SOUTH CORNER OF THE INTERSECTION OF S. TEXAS AVENUE (100' RO.W.) AND HENSEL DRIVE (50' RO.W.) MARKING THE NORTH CORNER OF THIS HEREIN DESCRIBED TRACT; THENCE: S 47' 09' 27" E ALONG THE SOUTHWEST RIGHT-OF-WAY LINE OF S. TEXAS AVENUE FOR A DISTANCE OF 74.85 FEET TO A 3/8 INCH IRON ROD FOUND MARKING THE NORTH CORNER OF LOT 1, BLOCK 1, TEXCAN INN ADDITION, ACCORIDNG TO THE PLAT RECORDED IN VOLUME 726, PAGE 201 OF THE OFFICIAL RECORDS OF BRAZOS COUNTY, TEXAS, AND THE EAST CORNER OF THIS HEREIN DESCRIBED TRACT; THENCE: S 41 ° 18' 40" W ALONG THE NORTHWEST LINE OF SAID LOT I, AT 199.88 FEET PASS A3/8 INCH IRON ROD FOUND, CONTINUE ON FOR A TOTAL DISTANCE OF 200.17 FEET TO A POINT ON THE NORTHEAST LINE OF LOT 2, BLOCK 1, NORTH PARK, ACCORDING TO THE PLAT RECORDED IN VOLUME 465, PAGE 37 OF THE DEED RECORDS OF BRAZOS COUNTY, TEXAS, FOR REFERENCE, A % INCH IRON ROD FOUND MARKING THE EAST CORNER OF SAID LOT 2 BEARS: S 470 52,491, E FOR A DISTANCE OF 36.91 FEET; THENCE: N 47' 52' 49" W ALONG THE NORTHEAST LINE OF SAID LOT 2 FOR A DISTANCE OF 75.24 TO A 1/2 INCH IRON ROD FOUND ON THE SOUTHEAST RIGHT-OF-WAY LINE OF HENSEL DRIVE MARKING THE NORTH CORNER OF SAID LOT 2 AND THE WEST CORNER OF THIS HEREIN DESCRIBED TRACT; THENCE: N 41' 25' 38" E ALONG THE SOUTHEAST LINE OF HENSEL DRIVE FOR A DISTANCE OF 201.131 FEET TO THE POINT OF BEGINNING CONTAINING 0.345 OF AN ACRE OF LAND, MORE OR LESS. NOTE: The Company is prohibited from insuring the area or quantity of the land described herein. Any statement in the above legal description of the area or quantity of land is not a representation that such area or quantity is correct, but is made only for informational and/or identification purposes and does not override Item 2 of Schedule B hereof. FORM T-7: Commitment for Title Insurance (Schedule A) SCHEDULE B EXCEPTIONS FROM COVERAGE GF Number: FTDAL34-FT0000039005 Commitment Number: FT0000039005 In addition to the Exclusions and Conditions and Stipulations, your Policy will not cover loss, costs, attorney's fees, and expenses resulting from: The following restrictive covenants of record itemized below (We must either insert specific recording data or delete this exception): Tract One - Volume 89, Page 488, Deed 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, Section 3607 of the United States Code or (b) relates to handicap but does not discriminate against handicapped persons. Tract Two, Three, Four & Five: Item No. 1, Schedule B, is hereby deleted. 2. Any discrepancies, conflicts, or shortages in area or boundary lines, or any encroachments or protrusions, or any overlapping of improvements. 3. Homestead or community property or survivorship rights, if any, of any spouse of any insured. (Applies to the Owner Policy only.) 4. Any titles or rights asserted by anyone, including, but not limited to, persons, the public, corporations, governments or other entities, a. to tidelands, or lands comprising the shores or beds of navigable or perennial rivers and streams, lakes, bays, gulfs or oceans, or b. to lands beyond the line of the harbor or bulkhead lines as established or changed by any government, or C. to filled -in lands, or artificial islands, or d. to statutory water rights, including riparian rights, or e. to the area extending from the line of mean low tide to the line of vegetation, or the rights of access to that area or easement along and across that area. (Applies to the Owner Policy only.) 5. Standby fees, taxes and assessments by any taxing authority for the year 2013, and subsequent years; and subsequent taxes and assessments by any taxing authority for prior years due to change in land usage or ownership, but not those taxes or assessments for prior years because of an exemption granted to a previous owner of the property under Section 11.13, Texas Tax Code, or because of improvements not assessed for a previous tax year. (If Texas Short form Residential Mortgagee Policy (T-2R) is issued, that policy will substitute "which become due and payable subsequent to Date of Policy" in lieu of "for the year 2013 and subsequent years.") 6. The terms and conditions of the documents creating your interest in the land. 7. Materials furnished or labor performed in connection with planned construction before signing and delivering the lien document described in Schedule A, if the land is part of the homestead of the owner. (Applies to the Mortgagee Title Policy Binder on Interim Construction Loan only, and may be deleted if satisfactory evidence is furnished to us before a binder is issued.) 8. Liens and leases that affect the title to the land, but that are subordinate to the lien of the insured mortgage. (Applies to Mortgagee Policy (T-2) only.) FORM T-7: Commitment for Title Insurance (Schedule B) SCHEDULE B (Continued) Commitment Number: FT0000039005 GF Number: FTDAL34-FT0000039005 9. The Exceptions from Coverage and Express Insurance in Schedule B of the Texas Short Form Residential Mortgagee Policy of Title Insurance (T-2R). (Applies to Texas Short Form Residential Mortgagee 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 Mortgagee Policy (T-2R). 10. The following matters and all terms of the documents creating or offering evidence of the matters (We must insert matters or delete this exception.): a. The rights of tenants, as tenants only, without option or right of first refusal to purchase all or any portion of the land, under unrecorded leases or rental agreements. b. All oil, gas and other minerals in and under the herein described property, together with any rights of ingress and egress, mining or drilling privileges heretofore reserved or conveyed by predecessors in title, and not referenced above as an exception to conveyance or warranty. C. Visible and apparent easements. d. Portion of the property within any roadway. e. The following exception will appear in any policy issued (other than the T-1 R Residential Owner's Policy of Title Insurance and the T-2R Short -Form Residential Loan Policy) if the Company is not provided a survey of the Land, acceptable to the Company, for review at or prior to closing: Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the title that would be disclosed by an accurate and complete land survey of the Land. < f. Easements and Building Lines as set out on plat recorded in Volume 11193, Page 160, Official Records, Brazos County, Texas (Tract 1) g. Easements and Building Lines as set out on plat recorded in Volume 494, Page 543, Deed Records, Brazos County, Texas. (Tract 1) h. Easement and Building Lines as set out on plat recorded in Volume 465, Page 37, Deed Records, Brazos County, Texas; as amended by Volume 10778, Page 223, Official Records, Brazos County, Texas. (Tracts 1, 2, 3 & 4) i. Utility Easement: From: Ramada Inn, Inc. To: City of College Station Dated: November 5, 1984 Recorded: Volume 740, Page 373, Official Records, Brazos County, Texas. (Tract 1) j. INTENTIONALLY DELETED k. INTENTIONALLY DELETED FORM T-7: Commitment for Title Insurance (Schedule B) SCHEDULE B (Continued) Commitment Number: FT0000039005 I. Easement: GF Number: FTDAL34-FT0000039005 From: Texas Student Housing Corporation To: City of College Station Dated: October 15, 1996 Recorded: Volume 2709, Page 139, Official Records, Brazos County, Texas. (Tract 1) M. Easement: From: Woodridge College Station I, LLC, et al To: City of College Station Dated: May 3, 2012 Recorded: Volume 10672, Page 110, Official Records, Brazos County, Texas. (Tracts 1, 2, 3, 4 & 5) n. Utility Easement: From: Joe A. Ferreri, Inc. To: City of College Station Dated: January 9, 1983 Recorded: Volume 639. Page 534, Official Records, Brazos County, Texas. (Tract 1) o. 10' Easement on the southwest side From: Urymor Enterprises, Inc. To: City of College Station Dated: June 24, 1985 Recorded: Volume 805, Page 533, Official Records, Brazos County, Texas. (Tract 1) p. INTENTIONALLY DELETED q. Easement: From: Lodgeco Properties, Ltd. To: City of College Station Dated: July 19. 1989 Recorded: Volume 1130, Page 761, Official Records, Brazos County, Texas. (Tract 1) r. Easement: From: Woodridge College Station I To: City of College Station Dated: March 7, 2013 Recorded: Volume 11201, Page 1, Official Records, Brazoria County, Texas S. INTENTIONALLY DELETED FORM T-7: Commitment for Title Insurance (Schedule B) SCHEDULE B (Continued) Commitment Number: FT0000039005 GF Number: FTDAL34-FT0000039005 I. Terms, Conditions, and Stipulations in the Commercial Lease Agreement by and between: Lessor: Jack L. Grant and Philip D. Grant Lessee: K. D. Timmons, Inc. Dated: February 15, 1989 Recorded: Volume 1127, Page 541, Official Records, Brazos County, Texas. (Tract 1) U. INTENTIONALLY DELETED INTENTIONALLY DELETED W. Access and Parking Rights Reserved in Deed: From: Home Finder Realty, Inc. To: Frances P. Dunn, at ux Dated: July 3, 1980 Recorded: Volume 455, Page 339, Deed Records, Brazos County, Texas. (Tract 1) X. Ordinance #2010-3232 (Closing a Portion of Meadowland Street and Reserving Access & Public Utility Rights): Dated: January 28, 2010 Recorded: Volume 9673, Page 288, Official Records, Brazos County, Texas. As Amended: Recorded: Volume 10778, Page 223, 243 and 253, Official Records, Brazos County, Texas. (Tracts 1 - 4) y. INTENTIONALLY DELETED Z. Mineral Deed: By: Joe A. Ferrari, Inc. To: Joe A. Ferred Dated: November 10, 1982 Recorded: Volume 546, Page 187, Deed Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract 1) ' Aa. Mineral Reservation in Deed: By: Rodney P. Chauvin, Jr., et ux To: BCSK Management, Inc. Dated: March 15, 2006 Recorded: Volume 7201, Page 210, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract 1) FORM T-7: Commitment for Title Insurance (Schedule B) SCHEDULE B (Continued) Commitment Number: FT0000039005 Ab. Mineral Reservation in Deed: GF Number: FTDAL34-FT0000039005 By: Keeroy, LLC, at al To: Chimney Hill Properties, Ltd. Dated: April 16, 2007 Recorded: Volume 7920, Page 73, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract 5) Ac. Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Roy E. Hobson and Wanda Kelsey Hobson Lessee: North Central Oil Corporation Dated: April 19, 1983 Recorded: Volume 85, Page 792, Oil & Gas Lease Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract 1) Ad. Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Rodney P. Chauvin, Jr., at ux Lessee: Robin Investments, Inc. Dated: June 17, 1983 Recorded: Volume 89, Page 45, Oil & Gas Lease Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract 1) Ae. Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: B. C. Richards Lessee: North Central Oil Corp. Dated: April 19, 1983 Recorded: Volume 85, Page 804, Oil & Gas Lease Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract 1) Af. Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Ronald H. Parker, at ux Lessee: North Central Oil Corporation Dated: April 15, 1983 Recorded: Volume 86, Page 326, Oil & Gas Lease Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract 1) FORM T-7: Commitment for Title Insurance (Schedule B) SCHEDULE B (Continued) Commitment Number: FT0000039005 GF Number: FTDAL34-FT0000039005 Ag. Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Max Lee Mardick and wife, Nancy J. Mardick Lessee: North Central Oil Company Dated: April21, 1983 Recorded: Volume 86, Page 434, Oil & Gas Lease Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract 4) Ah. Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Gus A. Ellis, et ux Lessee: Lyons Petroleum, Inc. Dated: January 12, 1983 Recorded: Volume 77, Page 572, Oil & Gas Lease Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract 5) Ai. Estate Created by Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Jack L. Grant, et ux Lessee: North Central Oil Corporation Dated: April21, 1983 Recorded: Volume 85, Page 788, Oil & Gas Lease Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract 1) Aj. Estate Created by Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Philip D. Grant, at ux Lessee: North Central Oil Corporation Dated May 2, 1983 Recorded: Volume 86, Page 174, Oil & Gas Lease Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract 1) Ak. Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Sam F. DeStefano Lessee: North Central Oil Corporation Dated: April22, 1983 Recorded: Volume 86, Page 322. Oil & Gas Lease Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract 1) FORM T-7: Commitment for Title Insurance (Schedule B) SCHEDULE B (Continued) Commitment Number: FT0000039005 GF Number: FTDAL34-FT0000039005 Al. If any portion of the proposed loan and/or the Owner's Title Policy coverage amount includes funds for immediately contemplated improvements, the following exceptions will appear in Schedule B of any policy issued as indicated: Owner and Loan Policy(ies): Any and all liens arising by reason of unpaid bills or claims for work performed or materials furnished in connection with improvements placed, or to be placed, upon the subject land. However, the Company does insure the insured against loss, if any, sustained by the Insured under this policy if such liens have been filed with the County Clerk of Brazos, Texas, prior to the date hereof. Owner Policy(ies) Only: Liability hereunder at the date hereof is limited to $ . Liability shall increase as contemplated improvements are made, so that any loss payable hereunder shall be limited to said sum plus the amount actually expended by the insured in improvements at the time the loss occurs. Any expenditures made for improvements, subsequent to the date of this policy, will be deemed made as of the date of this policy. In no event shall the liability of the Company hereunder exceed the face amount of this policy. Nothing contained in this paragraph shall be construed as limiting any exception or any printed provision of this policy. Loan Policy(ies) Only: Pending disbursement of the full proceeds of the loan secured by the lien instrument set forth under Schedule A hereof, this policy insures only to the extent of the amount actually disbursed, but increase as each disbursement is made in good faith and without knowledge of any defect in, or objections to, the title up to the face amount of the policy. Nothing contained in this paragraph shall be construed as limiting any exception under Schedule B, or any printed provision of this policy. FORM T-7: Commitment for Title Insurance (Schedule B) SCHEDULE C GF Number: FTDAL34 FT0000039005 Commitment Number: FT0000039005 Your Policy will not cover loss, costs, attorney's fees, and expenses resulting from the following requirements that will appear as Exceptions in Schedule B of the Policy, unless you dispose of these matters to our satisfaction, before the date the Policy is issued: Documents creating your title or interest must be approved by us and must be signed, notarized and filed for record. 2. Satisfactory evidence must be provided that: -no person occupying the land claims any interest in that land against the persons named in paragraph 3 of Schedule A, -all standby fees, taxes, assessments and charges against the property have been paid, -all improvements or repairs to the property are completed and accepted by the owner, and that all contractors, sub -contractors, laborers and suppliers have been fully paid, and that no mechanic's, laborer's or materialmen's liens have attached to the property, -there is legal right of access to and from the land, -(on a Mortgagee Policy only) restrictions have not been and will not be violated that affect the validity and priority of the insured mortgage. 3. You must pay the seller or borrower the agreed amount for your property or interest. 4. Any defect, lien or other matter that may affect title to the land or interest insured, that arises or is filed after the effective date of this Commitment. 5. Item No. 2 of Schedule B hereof shall be amended to read "shortages in area", upon receipt of an acceptable survey. (As to Loan Policy Only) 6. Item No. 5 of Schedule B hereof shall be amended to "standby fees, taxes and assessments by any taxing authority for the year 2012 and subsequent years, but not those taxes or assessments for prior years because of an exemption granted to a previous owner of the property under Section 11.13, Texas Tax Code, or because of improvements not assessed for a previous tax year.", upon payment of applicable premium. (As to Loan Policy T-2 only) 7. If requested in lender's closing instructions and upon payment of applicable premium, we will issue the T-53 Texas Limited Coverage Residential Chain of Title Policy. 8. We will require an Affidavit as to Debts and Liens be signed and the original provided to us prior to issuance of any title policies. 9. We will require a Waiver of Inspection (Rights of Parties in Possession) be signed by the purchaser and the original provided to us prior to issuance of any title policies. 10. We will require an original Tax Certificate be provided, showing all taxes paid current, prior to issuance of any title policies. (If this transaction is not closing in our office, please let us know if we need to order the tax certificate.) FORM T-7: Commitment for Title Insurance (Schedule C) SCHEDULE C (Continued) Commitment Number: FT0000039005 GF Number: FTDAL34 FT0000039005 11. NOTICE: The title insurance policy being issued to you contains an arbitration provision. It allows you or the Company to require arbitration if the amount of insurance is $2,000,000 or less. If you want to retain your right to sue the Company in case of a dispute over a claim, you must request deletion of the arbitration provision before the policy is issued. If you are the purchaser in the transaction and elect deletion of the arbitration provision, a form will be presented to you at closing for execution. If you are the lender in the transaction and desire deletion of the Arbitration provision, please inform us through your Loan Closing Instructions. APPLIES TO T-1 AND T-2 POLICIES ONLY. 12. If requested in lender's closing instructions and all of our underwriting requirements are satisfied, we will issue the T17 and T19 Endorsements, upon payment of any applicable premiums. (As to Lender's policy only) 13. If subject transaction will utilize a prior survey, we will require a full size, legible copy of said survey, with the surveyor's field notes, if any. Upon receipt of the existing survey, we reserve the right to determine whether said survey is acceptable for insuring purposes according to our underwriter guidelines. NOTE: While a survey may be acceptable for insuring purposes, all surveys are subject to final approval by lender. 14. Twenty-four Month Chain of Title: The following is a list of DEEDS affecting title to the real property described supra for the preceding twenty-four months: Vesting Deed to owners shown herein was dated July 6, 2011 and recorded in Volume 10242, Page 253, Official Records, Brazos County, Texas. (Tract 1) Vesting Deed to owners shown herein was dated July 6, 2011 and recorded in Volume 10243, Page 70, Official Records, Brazos County, Texas. (Tract 1-5) Vesting Deed to owners shown herein was dated July 7, 2011 and recorded in Volume 10243, Page 24, Official Records, Brazos County, Texas. (Tract 1) Vesting Deed to owners shown herein was dated July 6, 2011 and recorded in Volume 10243, Page 101, Official Records, Brazos County, Texas. (Tract 1) Vesting Deed to owners shown herein was dated April 18, 2012, and recorded in Volume 10630, Page 221, Official Records, Brazos County, Texas. (Tract 1) All as affected by Certificate of Manager recorded in Volume 10852, Page 190, Official Records, Brazos County, Texas. 15. INTENTIONALLY DELETED FORM T-7: Commitment for Title Insurance (Schedule C) SCHEDULE C (Continued) Commitment Number: FT0000039005 16. Record a Release of Deed of Trust to secure a Note: GF Number: FTDAL34 FT0000039006 Grantor: Woodridge College Station I, LLC Trustee: Charles A. Ellison Beneficiary: WSC Partners, LLC and College Station Grand Avenue Partners, LLC Amount: $65,000,000.00 Dated: February 25, 2013 Recorded: Volume 11178, Page 16, Official Records, Brazos County, Texas (Tracts 1 - 5) (Release should describe tract as described therein.) 17. INTENTIONALLY DELETED 18. Memorandum of Contract and Payment Bond: By: Woodridge College Station I, LLC To: Construction Enterprises, Inc. Dated: February 25, 2013 Recorded: Volume 11196, page 21, Official Records, Brazos County, Texas. (Tract 1) 19. As to Woodridge College Station I, LLC, a Limited Liability Company, a Limited Liability Company, we will require a Resolution of the Managers specific as to the transaction to confirm who is authorized to execute documents on behalf of the company. NOTE: Closer should be satisfied as to the status of said company and that same is in good standing. 20. ABSTRACTOR'S NOTE: Excavation and demolition work is underway. Affidavit of Commencement filed April 15, 2013, recorded in Volume 11290, Page 222, Official Records, Brazos County, Texas. 21. Note - Important Notice You have the right to have your funds deposited in an interest -bearing account. If you choose to establish an interest -bearing account for your deposit, notify your escrow officer immediately. Thereafter you will be provided with a Notice of Election form which you should complete in writing by completing and returning the form, along with your taxpayer identification information, not later than five (5) days before the scheduled closing. If you choose to establish an interest -bearing account for your deposit, an additional charge of $50.00 will be required. This charge may exceed the amount of interest to be earned on the deposit, depending on the amount, applicable interest rate, and the duration of the deposit. As an example, the amount of interest you can earn on a deposit of $1000.00 for a thirty -day period at an interest rate of 4% is $3.33. Interest earned is dependent on the amount of deposit, time of deposit and the applicable interest rate. If you do not choose to establish an interest -bearing account for your deposit, your funds will be deposited with other escrow funds in your escrow agent's general escrow account with an authorized financial institution and may be transferred to another general escrow account or accounts. By reason of the banking relationship between our Company and the financial institution, the Company may receive an array of bank services, accommodations or other benefits. The escrow funds will not be affected by such services, accommodations or other benefits. Failure to notify your escrow officer and complete the additional required investment authorization form shall constitute waiver of any intention of establishing an interest -bearing account for your deposit(s). FORM T-7: Commitment for Title Insurance (Schedule C) SCHEDULE C (Continued) Commitment Number: FT0000039005 GF Number: FTDAL34 FT0000039005 22. Except in an exempt transaction, the Company must be furnished with seller's social security number or tax identification number and all other information necessary to complete IRS Form 1099B. FORM T-7: Commitment for Title Insurance (Schedule C) SCHEDULED GF Number: FTDAL34-FT0000039005 Commitment Number: FT0000039005 Pursuant to the requirements of Rule P-21, Basic Manual of Rules, Rates and Forms for the Writing of Title Insurance in the State of Texas, the following disclosures are made: 1. The following individuals are Officers and/or Directors of Pursuant to the requirements of Rule P-21, Basic Manual of Rules, Rates and Forms for the Writing of Title Insurance in the State of Texas, the following disclosures are made: The following individuals are Officers and/or Directors of Fidelity National Title Insurance Company, a California corporation Officers: Directors: President Raymond Randall Quirk Anthony John Park Executive Vice President Anthony John Park Raymond Randall Quirk Secretary Michael Louis Gravelle Alan Lynn Stinson Treasurer Daniel Kennedy Murphy Fidelity National Financial, Inc. owns 100% of FNTG Holdings, Inc, which owns 100% of Fidelity National Title Group, Inc. which owns 100% of Fidelity National Title Insurance Company. 2. The following disclosures are made by the Title Insurance Agent issuing this commitment: 1: The following disclosures are made by the Title Insurance Agent issuing this Commitment: Fidelity National Title Agency, Inc. (a) A listing of each shareholder, owner, partner, or other person having, owning or controlling one percent (1 %) or more or the Title Insurance Agent that will receive a portion of the premium. UTC Capital Group, Inc, owns 100% of Fidelity National Title Agency, Inc. (b) A listing of each shareholder, owner, partner, or other person having, owning or controlling 10 percent (10%) or more of an entity that has, owns or controls one percent (1 %) or more of the Title Insurance Agent that will receive a portion of the premium. Fidelity National Financial, Inc. owns 100% of FNTG Holdings, Inc, which owns 100% of FNTS Holdings, Inc. which owns 100% of UTC Capital Group, Inc. owns 100% of Fidelity National Title Agency, Inc. (c) If the Agent is a corporation: (i) the name of each director of the Title Insurance Agent, and (ii) the name of the President, the Executive or Senior Vice -President, the Secretary and the Treasurer of the Title Insurance Agent, Officers: Darryl James Tyson James Russell Herleman Joseph William Grealish Warren Miller Michael Louis Gravelle Daniel Kennedy Murphy President (Dallas Mgr) Executive Vice President Executive Vice President Executive Vice President Secretary Treasurer Directors: Anthony John Park Raymond Randall Quirk You are entitled to receive advance disclosure of settlement charges in connection with the proposed transaction to which this commitment relates. Upon your request, such disclosure will be made to you. Additionally, the name of any person, firm or corporation receiving a portion of the premium from the settlement of this transaction will be disclosed on the closing or settlement statement. FORM T•7: Commitment for Title Insurance (Schedule D) SCHEDULE D (Continued) Commitment Number: FT0000039005 GF Number: FTDAL34-FT0000039005 3. You are entitled to receive advance disclosure of settlement charges in connection with the proposed transaction to which this commitment relates. Upon your request, such disclosure will be made to you. Additionally, the name of any person, firm or corporation receiving any sum from the settlement of this transaction will be disclosed on the closing or settlement statement. You are further advised that the estimated title premium* is: Owner's Policy Loan Policy Other Endorsement Charges 0.00 144,401.00 0.00 0.00 Total 144,401.00 Of this total amount: 15% will be paid to the policy issuing Title Insurance Company; 63.75% will be retained by the issuing Title Insurance Agent; and the remainder of the estimated premium will be paid to other parties as follows: Amount To Whom For Services 21.25% University Title Company Furnishing Title Evidence 'The estimated premium is based upon information furnished to us as of the date of this Commitment for Title Insurance. Final determination of the amount of the premium will be made at closing in accordance with the Rules and Regulations adopted by the Commissioner of Insurance. This commitment is invalid unless the insuring provisions and Schedules A, B, and C are attached. FORM T-7: Commitment for Title Insurance (Schedule D) Effective Date: 5/1/2008 Fidelity National Financial, Inc. Privacy Statement Fidelity National Financial, Inc. and its subsidiaries ("FNF") respect the privacy and security of your non-public personal information ("Personal Information") and protecting your Personal Information is one of our top priorities. This Privacy Statement explains FNF's privacy practices, including how we use the Personal Information we receive from you and from other specified sources, and to whom it may be disclosed. FNF follows the privacy practices described in this Privacy Statement and, depending on the business performed, FNF companies may share information as described herein. Personal Information Collected We may collect Personal Information about you from the following sources: ® Information we receive from you on applications or other forms, such as your name, address, social security number, tax identification number, asset information, and income information; ® Information we receive from you through our Internet websites, such as your name, address, email address, Internet Protocol address, the website links you used to get to our websites, and your activity while using or reviewing our websites; e Information about your transactions with or services performed by us, our affiliates, or others, such as information concerning your policy, premiums, payment history, information about your home or other real property, information from lenders and other third parties involved in such transaction, account balances, and credit card information; and ® Information we receive from consumer or other reporting agencies and publicly recorded documents. Disclosure of Personal Information We may provide your Personal Information (excluding information we receive from consumer or other credit reporting agencies) to various individuals and companies, as permitted by law, without obtaining your prior authorization: Such laws do not allow consumers to restrict these disclosures. Disclosures may include, without limitation, the following: ® To insurance agents, brokers, representatives, support organizations, or others to provide you with services you have requested, and to enable us to detect or prevent criminal activity, fraud, material misrepresentation, or nondisclosure in connection with an insurance transaction; ® To third -party contractors or service providers for the purpose of determining your eligibility for an insurance benefit or payment and/or providing you with services you have requested; ® To an insurance regulatory authority, or a law enforcement or other governmental authority, in a civil action, in connection with a subpoena or a governmental investigation; e To companies that perform marketing services on our behalf or to other financial institutions with which we have joint marketing agreements and/or e To lenders, lien holders, judgment creditors, or other parties claiming an encumbrance or an interest in title whose claim or interest must be determined, settled, paid or released prior to a title or escrow closing. We may also disclose your Personal Information to others when we believe, in good faith, that such disclosure is reasonably necessary to comply with the law or to protect the safety of our customers, employees, or property and/or to comply with a judicial proceeding, court order or legal process. DISCLOSURE TO AFFILIATED COMPANIES - We are permitted by law to share your name, address and facts about your transaction with other FNF companies, such as insurance companies, agents, and other real estate service providers to provide you with services you have requested, for marketing or product development research, or to market products or services to you. We do not, however, disclose information we collect from consumer or credit reporting agencies with our affiliates or others without your consent, in conformity with applicable law, unless such disclosure is otherwise permitted by law. Fidelity Privacy Statement (2008) FDTX0015.rdw Effective Date: 5/1/2008 Fidelity National Financial, Inc. Privacy Statement (continued) DISCLOSURE TO NONAFFILIATED THIRD PARTIES - We do not disclose Personal Information about our customers or former customers to nonaffiliated third parties, except as outlined herein or as otherwise permitted bylaw. Confidentiality and Security of Personal Information We restrict access to Personal Information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard Personal Information. Access to Personal Information/ Requests for Correction, Amendment, or Deletion of Personal Information As required by applicable law, we will afford you the right to access your Personal Information, under certain circumstances to find out to whom your Personal Information has been disclosed, and request correction or deletion of your Personal Information. However, FNF'S CURRENT POLICY IS TO MAINTAIN CUSTOMERS' PERSONAL INFORMATION FOR NO LESS THAN YOUR STATE'S REQUIRED RECORD RETENTION REQUIREMENTS FOR THE PURPOSE OF HANDLING FUTURE COVERAGE CLAIMS. For your protection, ALL REQUESTS MADE UNDER THIS SECTION MUST BE IN WRITING AND MUST INCLUDE YOUR NOTARIZED SIGNATURE TO ESTABLISH YOUR IDENTITY. Where permitted by law, we may charge a reasonable fee to cover the costs incurred in responding to such requests. Please send requests to: Chief Privacy Officer Fidelity National Financial, Inc. 601 Riverside Avenue Jacksonville, FL 32204 Changes to this Privacy Statement This Privacy Statement may be amended from time to time consistent with applicable privacy laws. When we amend this Privacy Statement, we will post a notice of such changes on our website. The effective date of this Privacy Statement, as stated above, indicates the last time this Privacy Statement was revised or materially changed. Fidelity Privacy Statement (2008) FDTX0015.rdw Effective Date: 5/1/2008 Disclosure to Affiliated Companies — We are permitted by law to share your name, address and facts about your transaction with other FNF companies, such as insurance companies, agents, and other real estate service providers to provide you with services you have requested, for marketing or product development research, or to market products or services to you. We do not, however, disclose information we collect from consumer or credit reporting agencies with our affiliates or others without your consent, in conformity with applicable law, unless such disclosure is otherwise permitted by Iaw. Disclosure to Nonaffiliated Third Parties — We do not disclose Personal Information about our customers or former customers to nonaffiliated third parties, except as outlined herein or as otherwise permitted by law. Confidentiality and Security of Personal Information We restrict access to Personal Information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard Personal Information. Access to Personal Information/ Requests for Correction, Amendment, or Deletion of Personal Information As required by applicable law, we will afford you the right to access your Personal Information, under certain circumstances to find out to whom your Personal Information has been disclosed, and request correction or deletion of your Personal Information. However, FNF's current policy its to maintain customers' Personal Information for no less than your state's required record retention requirements for the purpose of handline future coveraee claims. For your protection, all requests made under this section must be in writine and must include your notarized sienature to establish your identity. Where permitted by law, we may charge a reasonable fee to cover the costs incurred in responding to such requests. Please send requests to: Chief Privacy Officer Fidelity National Financial, Inc. 601 Riverside Avenue Jacksonville, FL 32204 Changes to this Privacy Statement This Privacy Statement may be amended from time to time consistent with applicable privacy laws. When we amend this Privacy Statement, we will post a notice of such changes on our website, The effective date of this Privacy Statement, as stated above, indicates the last time this Privacy Statement was revised or materially changed. Page 2 of 2 DELETION OF ARBITRATION PROVISION (Not applicable to the Texas Residential Owner Policy) GF No. FTDAL34-FT0000039005 Arbitration is a common form of alternative dispute resolution. It can be a quicker and cheaper means to settle a dispute with your Title Insurance Company. However, if you agree to arbitrate, you give up your right to take the Title Company to court and your rights to discovery of evidence may be limited in the arbitration process. In addition, you cannot usually appeal an arbitrator's award. Your policy contains an arbitration provision (shown below). It allows you or the Company to require arbitration if the amount of insurance is $2,000,000 or less. If you want to retain your right to sue the Company in case of a dispute over a claim, you must request deletion of the arbitration provision before the policy is issued. You can do this by signing this form and returning it to the Company at or before the closing of your real estate transaction or by writing to the Company. The arbitration provision in the Policy is as follows: "Either the Company or the Insured may demand that the claim or controversy shall be submitted to arbitration pursuant to the Title Insurance Arbitration Rules of the American Land Title Association ('Rules"). Except as provided in the Rules, there shall be no joinder or consolidation with claims or controversies of other persons. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the Insured arising out of or relating to this policy, any service in connection with its issuance or the breach of a policy provision, or to any other controversy or claim arising out of the transaction giving rise to this policy. All arbitrable matters when the Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured, unless the Insured is an individual person (as distinguished from an Entity). All arbitrable matters when the Amount of Insurance is in excess of $2,000,000 shall be arbitrated only when agreed to by both the Company and the Insured. Arbitration pursuant to this policy and under the Rules shall be binding upon the parties. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court of competent jurisdiction." SIGNATURE DATE FORM T-7: Commitment for Title Insurance (Deletion of Arbitration Provision) TEXAS TITLE INSURANCE INFORMATION Title Insurance insures you against loss resulting from certain risks to your title. The Commitment for Title Insurance is the Title Insurance Company's promise to issue the title Insurance Policy. The Commitment is a legal document. You should review it carefully to completely understand it before your dosing date. El seguro de titulo le asegura an relacion a perdidas resultantes de ciertos riesgos qua pueden afectar El Titulo De Su Propiedad. El Compromiso pare Seguro de Titulo es la promesa de la compania aseguradora de titulos de emitir la poliza de seguro de titulo. El Compromiso as un documento legal. Usted debe leerlo cuidadosamente y entenderlo complemente antes de la fecha para finalizar su transaction Your Commitment for Title Insurance is a legal contract between you and us. The Commitment is not an opinion or report of your title. It is a contract to issue you a policy subject to the Commitment's terms and requirements. Before issuing a Commitment for Title Insurance (the Commitment) or a Title Insurance Policy (the Policy), the title Insurance Company (the Company) determines whether the title is insurable. This determination has already been made. Part of that determination involves the Company's decision to insure the title except for certain risks that will not be covered by the Policy. Some of these risks are listed in Schedule B of the attached Commitment as Exceptions. Other risks are stated in the Policy as Exclusions. These risks will not be covered by the Policy. The Policy is not an abstrac_ of title nor does a Company have an obligation to determine the ownership of any mineral interest. ---MINERALS AND MINERAL RIGHTS may not be covered by the Policy. The Company may be unwilling to insure title unless there is an exclusion or an exception as to Minerals and Mineral Rights in the Policy. Optional endorsements insuring certain risks involving minerals, and the use of improvements (excluding lawns, shrubbery and trees) and permanent buildings may be available for purchase. Neither this Policy, nor the optional endorsements, ensure that the purchaser has title to the mineral rights related to the surface estate. Another part of the determination involves whether the promise to insure is conditioned upon certain requirements being met. Schedule C of the Commitment lists these requirements that must be satisfied or the Company will refuse to cover them. You may want to discuss any matters shown in Schedules B and C of the Commitment with an attorney. These matters will affect your title and your use of the land. When your policy is issued, the coverage will be limited by the Policy's Exception, Exclusions and Conditions, defined below. ---EXCEPTIONS are title risks that a Policy generally covers but does not cover in a particular instance. Exceptions are shown on Schedule B or discussed in Schedule C of the Commitment. They can also be added if you do not comply with the Conditions section of the Commitment. When the Policy is issued, all Exceptions will be on Schedule B of the Policy. ---EXCLUSIONS are title risks that a Policy generally does not cover. Exclusions are contained in the Policy but not shown or discussed in the Commitment. ---CONDITIONS are additional provisions that qualify or limit your coverage. Conditions include your responsibilities and those of the Company. They are contained in the Policy but not shown or discussed in the Commitment. The Policy Conditions are not the same as the Commitment Conditions. You can get a copy of the policy form approved by the Texas Department of Insurance by calling the Title Insurance Company at (1-(800)292-5320) or by calling the title insurance agent that issued the Commitment. The Texas Department of Insurance may revise the policy form from time to time. You can also get a brochure that explains the policy from the Texas Department of Insurance by calling 1-800-252-3439. Before the Policy is issued, you may request changes in the policy. Some of the changes to consider are: ---Request amendment of the "area and boundary" exception (Schedule B, paragraph 2). To get this amendment, you must furnish a survey and comply with other requirements of the Company. On the Owner Policy, you must pay an additional premium for the amendment. If the survey is acceptable to the Company and if the Company's other requirements are met, your Policy will insure you against loss because of discrepancies or conflicts in boundary lines, encroachments or protrusions, or overlapping of improvements. The Company may then decide not to insure against specific boundary or survey problems by making special exceptions in the Policy. Whether or not you request amendment of the "area and boundary" exception, you should determine whether you wan` to purchase and review a survey if a survey is not being provided to you. ---Allow the Company to add an exception to "rights of parties in possession." If you refuse this exception, the Company or the title insurance agent may inspect the property. The Company may except to and not insure you against the rights of specific persons, such as renters, adverse owners or easement holders who occupy the land. The company may charge you for the inspection. If you want to make your own inspection, you must sign a Waiver of Inspection form and allow the Company to add this exception to your Policy. The entire premium for a Policy must be paid when the Policy is issued. You will not owe any additional premiums unless you want to increase your coverage at a later date and the Company agrees to add an Increased Value Endorsement.