HomeMy WebLinkAboutWarranty Deed
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COUNTY OF. BRAZOS S
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That E. W. SCHULTZ, I~DIVIDUALLY AND AS TRUSTEE, R. W.
BUTLER, H. D. BUTLER, B.. D. MOORE, M. L~ CASHION and 1'1. CECIL
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HOBSON dba CORNERSTONE ~NVESTMENT' GROUP, a joint venture, herein-
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after referred to as "Grantor", whose address is 707 Texas Avenue,
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Suite 222-0, Colleg~ Station, of Brazos. County, State of Texas,
I for. and in consideration of . the sum of TEN' AND NO/IOO DOLLARS
($10.00) and other gOOd and valuable consideration to us paid, and
secured to be paid, by E. W. SCHULTZ, TRUS'fEE, WOOD CREEK JOINT
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VENTURE, he.reinafter referred to. as "Grantee", whose address is
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707 Texas Avenue,. Suite 222-0, College. Station, Brazos -G:ounty,
'l'exas, as. follo'ws:
CASH iN HAND PAID, thereceipi: of .-'which is hereby ac-
"
knowlcdgcdiand
The further consideration 'ofthe sum of TWO MILLION
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EIGHT HUNDRED THIRTY-SEVEN THOUSAND SIX. HUNDRED EIGHTEEN AND
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NO/lOO OOl.LARS ($2,637,618.00), as is evidenced by the execution
and delivery by Grantee of :his one certain Vendor' s Lien wrap-
around mortgag"e note in .said sum .of. $2~837,6l8.00, of even date
herewith and bearing interest from date until maturity at the rate
specified therein,. payable to the order of Grantor herein, on
I terms and provisions as. stated therein.
accelera ted maturi ty, and for the usual
Sa id note Pl:OV ides for
10% collecti1on fees in
case of default in any payment of. monies on said installments or
note.
Said note is further additionally secured by a Deed of
'l'rust of even dateherewi thfrom Gran tee .to Kay Jenkins , Trustee,
I for. the' benefit of Grantor, covering the hereinafter described
.property.
Have GRANTED, SOLD and CONVEYED, and' by" these presents
do GRANT, SELL and CONVEY, unto the said E. W. SCHULTZ, TRUSTEE,
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WOOD CREEK JOINT VENTURE, of the Coun.ty of Br~zos ,State of Texas,
all that certa..in tract or parcel of land lying . and being situated
in Brazos County, Texas,. and being' more. particularly des'cribed in
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Exhibit "A" attached h~reto and made q part hereof for all pur-
51 9 "GU.~'
~oscs. ~..,~3Z ". I
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It "is specifica.lly stipulated. a.nd" unders tood by both
Grantor and Grantee herein that there is 'of record and unreleased
the following prior lien indebtednesses:
. (1 )
That certain indebtedness. dated "November 14, 1978,
I from Edwin W~ Schultz, M. L. Cashion and Bryco Inqo"rporated dba
I Raintree Development "Joint Venture tQ T." u. LE1'HETTER, LUCILLE D.
LETBETTER ,THOMAS D. LETBET'fER, JR. and WILLIAM D. LETBETTER,
being in
the
origi\lal
principal
S uln 0 f
Tl-iREE . HUNDRED ' TWE~.~TY
THOUSANDSEVENTY_F'IVE AND NO/100 DOLLARS ($320,075.00); said
being secur~d by" a Deed" of- Trust lien recOI'd.ed in Volume 248, Page
nCt t e
399 of the Deed of Trus~ Records ofBraz~sCounty, Texas.
(2)
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That certain indebtedness.dated December 11", 1980,
from Cornerstone Investment Group, a Joint Venture composed of E.
w.
Schul tz, "Individually and as
Butler,
Trustee, . R.
w.
Butler, B.D. Moore, M. L. Cashion and "W:Cucil Hobson to EDWARD
H.
J) .
UVACEK and wife, BE~TRICE" G. UVACEK,being in the original princi-
pal sum of NINE HUNDRED TWENTY THOUSAND SEVEN "HUNDRED THIRTY AND
NOll 00 DOLLARS ($920. 730.00); said note being secured by a Deed of
Trust lien recorded in V61ume293. Page 518 of the Deed of Trust
Records of Brazos COunty, Texas.
, '(3)
That certain indebtedness d~ted December 11, 1980,
from E. W. Schultz, "Individually and as Trustee. R. W.- Butler. H.
D.Butler,
B. D.' Moore ,M..
L. Cashion and w.
Cecil Hobson dbC3L
Cornerstone Investment Group to FIRST BANK & TRUST, BRYAN, TEXAS,
being in the original prinCipal sum of THREE HUNDRED THOUSAND AND
NO/100 DOLLARS ($300,000.00); said note being secured bYS"Deed of
Trust lien recorded" in Volume 293. Page 731 of the Deed of Trust
Records of Brazos County. Texas.
(4) That Certain "indebtedness dated December 11, 1980,
from E. W.SchUltz, Individually and as Trustee, R. W. 8utler. H.
D. Hutler, B. D. Moore, M. L. Cashion and W. "Cecil Hobson dba.
Cornerstone Investment Croup toE. W. SCHULTZ, M. L. CASHION and
BRYCO INCORPORATED dba RAINTREEDEVELOPMENT JOINT VENTURE. being
, .
in the original prinCipal suin of ONE HUNDRED NINETY THOUSAND AND
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j1N0/100 DOLLARS ($190.000.00); said note being secured by a Deed oj
jTrust U..en recorded in Volume 293. Page 722 of the Deed of Trus'l
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IRecord.s of . Brazos County. Texas. "
f (5) 'That certain 'indebtedness dated July 13, 1981, frat
,
IE.' W., Schultz, Individually. and as ~rustee. R. W. Butler. H. D.
Sutler, B. D. Moore,M. L. Cashion and W. ,Cecil Hobson dba Corner.
s'tone Investment Group: to l"IRST. BANK & TRU,ST, BRYAN, TEXAS, bein~
in. the ..original 'principal' sum of. TWO HUNDRED TWEN1:Y THOUSAND ANI
I NO,' 100 DOLLARS ($220 .000.00); said. note. being secured by a Deed 0;
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Trust lien recorded in "Volume. 307, ~Page 845 ,of the~ Deed of Trust
Records of Brazos County. Texas.
The immediately de~'cri'be'd' prior lien notes do not
con-
s titute a~y part of' the
consid~rationfor the purchase of
thE
~roperty set outher~in and Grahtee is not assuming sa~d notes nOl
taking the property "subject,to" th~
liens securing said notes ~
but Grantee only acknowledges
th.a t' tile ~iens ~ecuring said note~
exis tsofrecord at the da teo'f this conveyance.
So . long as thE
Grantee is not in default of .',payment o'~ _ said $2,837,618.00 wrap-
around mortgage 'note
or under
t'he
of Trust securing
D.eed
same,
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Grantor specifically agrees to pay. said prior lien notes as t~e)
be.come due (no later than' th.eir maturity dates,
t:hereby keep,in~
same current and' not, indefault)i.
In
the event:
that
Grantol
II defaults in' the performariceof his agreement contained in thi~
I paragraph or in. the terms and conditions of the lien ins trument~
I securing said above mentioned five (5) prior lien notes. then thE
owner of the herein d~scribed pr~perty ~ay corr~ct"such de~ault. ~l
, ~
,dt!faults, and th'e amoun~ of' any ,such p~"yments. SOl made on s'aic
I! above men~ionedfive . (5). prior. lien notes or to cure defauli:~
II und~r the" Deeds of .Trust securing s~id prior lien. notes shall bE
I! credited against the.. next succeeding payment due under thE
!I $2. 837 .61 8. 00 wrap-around mortgage note.
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i . s ion, pos t.ponement, indulgt:!nce ,or forg~venes s of the underl'yin~
d
il indebtcdt)ess ,without .prior writt~n i1l>nroval of Grantee.
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~rantoragr~esto neither request nor accept any exten-
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In the ~vent ~rantee prepays, in full his' indebtedness in
favor of Grantor, Grantor agrees to payoff and obtain a release
of lien on each of the above mentioned, five (5). prior liens
described above.
. Thi.s conveyance is made subject to all" valid and sub-
siSting easements, restrictions, rig6ts-of-way,. conditi6ns, excep-
tions, reservations and covenants of whatsoever nature of record,
if any, and also to the zoning laws and other restrictions, regu-
lations, ordinances and statutes of municipal or other govern-..
mental authorities applicable to,atid enfotceable against the above
premises.
TO HAVE AND TO .HOLD the above. described premises,
together with all and singular the rights ,and appurtenances there-
I to in anywise belonging unto.the said E. W. SCHULTZ, TRUSTEE, WOOD
Cl{EEK JOINT VENTUl~E, his heirs, successo'rs, 'adininistracors and
assigns forever, and Grantor does hereby .bind. himself, his heirs,
successors, administ:r:ators and' assigns, to W~\]{RI\Nl" AND f.OREV:ER
DE,FEND, all and singular the said premises unto tlle said 6E.W.
SCHULTZ, TRUSTEE, WOOD CREEK JOINTVENrURE..hisheirs~ successors.
administrators and assigns.. against every'person whomsoever law-
fully claiming, or to claim the same. or any part thereof.
~ut it is expresslyag'reed ,and s'tipu.late(I' that ~ Vel1~
dor's Lien. as well as.. the' superior title in and to the above-
described premises, ia r~tained against the above described proR-
erty, premises and. improvements unt il,theabovc' described not,c alld
all inter~s t thereon are fully paid according to its face and
tenor, effect and reading, when this deed ,shall become absolute.'
Ad valorem taxes for the current year will be p~orated
as of this date at such time as statements are received from the
various taxing agencies and the payment therciof to such agencies
is assumedbyGra~tee.
WITNESS my.., hand, ,this' the \,3 "1'''
,duy of, May, 1982.
CORNERSTONE INVESTMENT(GROUP
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!tw.,. '~U'rLER ..,
;ttILdclk
1::.W. ~CHUL'1'Z - ndividually
and. as '2usC .~. . .
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H. D..B~~/l
1t(r ';.{J!d{~ - . ,~ &; rjL.?c~~
I M. L. CASHION \, ~ 0..5," l,9~... R~~.1...lJ W. CECIL HOllSON
., ..,1'... _Ii' rlla........
~;j/[} ')~ L"~
B. D .1'1001{E
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STATE OF
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BEFORE ME. the undersigned, "a Notary Public .in and for'
said County and ~ State, on this 'd,ay' personally appeared. E. W.
SCHULTZ. INDIVIDUAL~Y AND AS TRUSTEE, R. W. BUTLER,H.D. BUTLER,
I H. D. t-l00RE, t-1.L. CASHION fu~J.) W. 9'ECIL HOBSON dba CORNERSTONE
f INVES'r~lENT GROUP ~ a j oint venture , known to me to be the persons
!whosedame are subscribed 'to the foregoing instrument, and
.' ': t ~9knowlt!dg~d to me that: they ex~cuted' t'he sanlC for the purposes
.... '. II and"consideration therein expr~ssed. .
" "ll '. GIVEN UNDER MY HAND AND SEAL 01,' OFFICE. this the \ ~
· 'day of ~1ay, 1982.
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My,commis~ion expires'
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Printed NaIne0 ,Notary. ", "
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