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HomeMy WebLinkAbout10-00500249- 00075047Commitment for Tide Insurance lssurV sv f First American Title Insurance Company 1 Commitment THE FOLLOWING COMMITMENT FOR TITLE INSURANCE IS NOT VALID UNLESS YOUR NAME AND THE POLICY AMOUNT ARE SHOWN IN SCHEDULE A AND OUR AUTHORIZED REPRESENTATIVE HAS COUNTERSIGNED BELOW. We, FIRST AMERICAN TITLE INSURANCE COMPANY, 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 endorsements 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. First American Title Insurance Company 0LE IXSG'P t++ ~d - r rt~c. e o~Paj? cue, Dennis J. Gilmore t • ° % President r ; SEPTEMBER 24, y d~'• 1968 R,~t "411 F DR °M...~. Timothy Kemp Secretary REPUSIac Tn7E 2626 Howell Street, 10th Floor Dallas, Texas 75204-4064 (214) 855-8838 Fax (214) 655-8843 r 1. Byp ~,~.>.e. z Authorized Countersignature Form 5017448 (1111109) Page 1 of 4 1 T-7 Commitment for riitie Insurance(11-1-09) I COMMITMENT MUMMER 4 PURCHASE PRICE 7 EFFECTIVE DATE COMMITMENT: 3 COUNTYTY TYPE 6 LOAN AMOUNT 9 a IOR31704 WR8 C 039 745,000.00 09/12/2010 1 2 3 5 6 7 8 9 First American Title Insurance Company SCHEDULE A Effective Date: September 12, 2010 GF No. 1OR31704 WR8 Commitment No. 1OR31704 WR8 issued October 7, 2010, 08:00 AM. 1. The policy or pollcles 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) Proposed Insured: WHATABURGER REAL ESTATE LP, A TEXAS LIMITED PARTNERSHIP (b) TEXAS RESIDENTIAL OWNER'S POLICY OF TITLE INSURANCE $ ONE-TO-FOUR FAMILY RESIDENCES (Form T-1R) Proposed Insured: (c) LOAN POLICY OF TITLE INSURANCE (Form T-2) $ Proposed Insured: Proposed Borrower: (d) TEXAS SHORT FORM RESIDENTIAL LOAN POLICY OF TITLE INSURANCE (Form T-219) $ Proposed Insured: Proposed Borrower: (e) LOAN TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN (Form T-13) $ Proposed Insured: Proposed Borrower: (f) OTHER $ Proposed Insured: 2. The interest in the land covered by this Commitment is: FEE SIMPLE: TRACT 1 EASEMENT: TRACT 2 3. Record title to the land on the Effective Date appears to be vested in: CORINTH-S.H. 6 & GREEN PRAIRIE, L.P. A TEXAS LIMITED PARTNERSHIP 4. Legal description of land: Tract One: (FEE SIMPLE) A Portion of Lot Four (4), Block One (1), Spring Creek Commons Phase 4 & 5, City of College Station, according to plat thereof recorded in Volume 9287, Page 128 of the Official Records of Brazos County, Texas. 745,000.00 Tract Two: (EASEMENT) Declaration of Common Access Easement, dated May 29, 2009, recorded in Voiume 9122, Page 164 of the Official Records of Brazos County Texas. REPUBLIC TITLE OF TEXAS, INC. Countersigned at DALLAS, TEXAS. Qom, " + PATTI WINDLE, SENIOR VICE PRESIDENT This commitment Is invalid unless Authorized Signatory the insuring provisions and Sched- Schedule A--Page 1 ules A, 0, and C are attached. Texas Dept. of Insurance Form No. T-7 DATE: 1010812010 TINE: 9:44 AM First American Title Insurance Company 10R31704 WRS Exhibit A GF-Number 1OR31704 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. DATE: 10108/2010 TIME: 9:44 AM GF Number: 1OR31704 First American Title Insurance Company COMMITMENT FOR TITLE INSURANCE NO. 10R31704 wR8 SCHEDULE B 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): a. Volume 9287, Page 128 (on plat) and Volume 9298, Page 94, Official Records, Brazos County, Texas (Tract One) and Volume 9309, Page 248, Official Records, Brazos County, Texas (Tract Two). Any covenant, condition or restriction indicating a preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin to the extent such covenants, conditions or restrictions violate 42 USC 3604(c), is deleted. [21 2. Any discrepancies, conflicts, or shortages in area or boundary lines, or any encroachments or protrusions, or any overlapping of improvements. May be amended to read Shortages in Area in owner policy upon receipt of approved survey and additional premium, no charge for amendment in mortgagee policy. 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 2 010 , 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-211) is issued, that policy will substitute "which become due and payable subsequent to Date of Policy" in lieu of "for the year 2 010 and subsequent years.") 5. 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.) 9. The Exceptions from Coverage and Express Insurance in Schedule B of the Texas Short Form Residential Mortgagee Policy (T-2R). (Applies to Texas Short Form Residential Mortgagee Policy (T-213) only. Separate exceptions 1 through 8 of this Schedule B do not apply to the Texas Short Form Residential Mortgagee Policy (T-2R). Texas Dept. uT Insurance Form No- T-7 (CONTINUED ON NEXT PAGE) DATE: 10/CB/2010 TIME: 9:44 AH GF Number: 1OR31704 First American Title Insurance Company COMMITMENT FOR TITLE INSURANCE NO. 10831704 wR8 SCHEDULE B Page 2 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. Easements as shown on plat recorded in Volume 9287, Page 128 of the Official Records of Brazos County, Texas. (Tract One) [3] b. Easements as set out in restrictions recorded in Volume 9298, Page 94 of the Official Records of Brazos County, Texas. (Tract One) [4] c. Easements and Building Lines as shown on amending plat recorded in Volume 9309, Page 248 of the Official Records of Brazos County, Texas. (Tract Two) [5] d. Maintenance Charges and the Lien securing the payment of the same, as set out in restrictions recorded in Volume 9298, Page 94 of the Official Records of Brazos County, Texas. (Tract One) [6] e. 15' Waterline Easement adjacent to Highway 6 from Grace H. Marsh, et al to City of College Station, dated July 21, 1983 and recorded as Volume 590, Page 275, Deed Records, Brazos County, Texas. (Tracts One & Two) [7] f. 20' Power Line Easement adjacent to Highway 6 from Grace H. Marsh, et al to City of College Station, dated January 10, 1985 and recorded as Volume 758, Page 594, Official Records, Brazos County, Texas. (Tracts One & Two) [8] g. Pipeline Easement from John Emory Marsh, Jr., et al to Seminole Pipeline Company, dated October 15, 1986 and recorded as volume 929, Page 419, Official Records, Brazos County, Texas. (Tract One) [9] h. Public Utility.Easement from John Emory Marsh, Jr., et al to City of College Station, dated January 16, 1987 and recorded as Volume 945, Page 391, Official Records, Brazos County, Texas. (Tracts One & Two) [10] i. Public Utility Easement from Corinth SH 6 & Green Prairie, LP to City of Bryan d/b/a Bryan Texas Utilities, dated June 25, 2009 and recorded as volume 9196, Page 104, Official Records, Brazos County, Texas. (Tract One) [11] j. Declaration of Common Access Easement (appurtenant to Lot 10, Block 1) dated May 29, 2009 and recorded as Volume 9122, Page 164, Official Records, Brazos County, Texas. (Tracts One & Two) [12] k. Easement from Corinth SH 6 & Green Prairie, LP to Wellborn Special Utility District, dated August 12, 2009 and recorded as Volume 9281, Page 215, Official Records, Brazos County, Texas. (Tract One) [13] 1. Blanket Easement from Mrs. J. E. (Grace H.) Marsh, Sr. to Wellborn Water Supply Corporation, dated June 21,1971 and recorded as Volume 295, Page 420, Deed Records, Brazos County, Texas. (Tract Two) [14] m. Temporary Blanket Utility Easement from Spring Creek Holdings, LLC to City of College Station, dated December 29, 2008 and recorded as Volume 8913, Page (CONTINUED ON NEXT PAGE) Texas ocpt. of Insurance Farm No. 1-1 DATE: 10/0812010 TIME 9:44 AN GF Number: 1OR31704 First American Title Insurance Company COMMITMENT FOR TITLE INSURANCE NO. 1oR31704 w$8 SCHEDULE B Page 3 50, Official Records, Brazos County, Texas. (Tract Two) [15] n. Easement from Marsha Reeves Duemke to City of Bryan d/b/a Bryan Texas Utilities, dated June 28, 2007 and recorded as volume 8272, Page 267, Official Records, Brazos County, Texas. (Tract Two) [16] o. 20' Easement on the southwest side from Louise Marsh Reeves, Individually and Trustee to City of Bryan d/b/a Bryan Texas utilities, dated June 28, 2007 and recorded as Volume 8272, Page 272, Official Records, Brazos County, Texas. (Tract Two) [17] p. Easement from Robert Emory Reeves to City of Bryan d/b/a Bryan Texas Utilities, dated June 28, 2007 and recorded as Volume 8272, Page 277, Official Records, Brazos County, Texas. (Tract Two) [18] q. Easement from John Emory Marsh, Jr. to City of Bryan d/b/a Bryan Texas Utilities, dated June 28, 2007 and recorded as Volume 6272, Page 282, official Records, Brazos County, Texas. (Tract Two) [19] r. Easement from John Emory Marsh, Jr., et al to Seminole Pipeline Company dated October 15, 1986 and recorded as Volume 929, Page 419, Official Records, Brazos County, Texas. (Tract Two) [20] s. Terms, Conditions, and Stipulations in the Mineral Conveyance in Trust Agreement by and between Grace H. Marsh and Louise M. Reeves, et al, dated March 25, 1981 and recorded as Volume 2007, Page 294, Official Records, Brazos County, Texas. Stipulations of Interest recorded as Volume 1249, Pages 37, 42, 47 and 52, Official Records, Brazos County, Texas. Surface Waivers recorded as Volume 4583, Page 171 and Volume 5017, Page 207, Official Records, Brazos County, Texas. (Tract Two) [21] t. Mineral Deed by Grace H. Marsh to Louise M. Reeves, Trustee, dated March 25, 1961 and recorded as Volume 478, Page 217, Deed Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract One) [22] u. Mineral Reservation in Deed by Louise Marsh Reeves, Trustee, et al to Quorum 6 Green Prairie CS, L. P., dated November 23, 2004 and recorded as volume 6420, Page 179, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract One) [23] v. Mineral Reservation in Deed by Louise Marsh Reeves, Trustee, et al to Quorum 6 Green Prairie CS II, L. P. dated April 19, 2005 and recorded as Volume 6646, Page 149, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (TractOne) [24] (CONTINUED ON NEXT PAGE) Texas Dept. of Ineuranee Form No. T-7 OATE; 10108/2010 TIME: 9:14 AM GF Number: 1OR31704 First American Title Insurance Company COMMITMENT FOR TITLE INSURANCE NO. 1OR11704 WR8 SCHEDULE B Page 4 w. Mineral Reservation in Deed by Louise M. Reeves, et al to Cormth-S.H. 6 & Green Prairie, L.P., dated September 26, 2006 and recorded as Volume 7612, Page 71 Official Records, Brazos County, Texas; Modified by Surface Waiver dated September 26, 2006 and recorded Volume 7612, Page 106, official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract One) [25] x. Mineral Conveyance in Trust Agreement by Grace H. Marsh to Louise M. Reeves, et al, dated March 25, 1981 and recorded as Volume 2007, Page 294, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract One) [26] y. Mineral Reservation in Deed by Louise Marsh Reeves, et al to Spring Creek Holdings, LLC, dated October 3, 2007 and recorded as Volume 8274, Page 212, official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract Two) [27] z. Oil and Gas Lease, and all terms, conditions and stipulations therein by (Lessor)Grace H. Marsh to (Lessee) Cities Service Company, dated August 27, 1976 and recorded as Volume 23, Page 706, Oil & Gas Lease Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract One) [28] as oil and Gas Lease, and all terms, conditions and stipulations therein by (Lessor) Louise Marsh Reeves Individually and as Trustee of the Marsh-Reeves Trust to (Lessee) Union Pacific Resources Company, dated September 14, 1990 and recorded as Volume 1218, Page 427, Official Records, Brazos County, Texas; Modified by Surface Waiver dated April 24, 2009 and recorded as Volume 9064, Page 247, Official Records of Brazos County, Texas Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tracts One & Two) [29] bb oil and Gas Lease, and all terms, conditions and stipulations therein by (Lessor) Robert Emory Reeves to (Lessee) Union Pacific Resources Company, dated September 14, 1990 and recorded as Volume 1218, Page 421, Official Records, Brazos Conty, Texas. Modified by Surface Waiver dated April 24, 2009 and recorded as Volume 9064, Page 247, Official Records of Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tracts One & Two) [30] cc Oil, and Gas Lease, and all terms, conditions and stipulations therein by (Lessor) John E. Marsh, Jr. to (Lessee) Union Pacific Resources Company, dated September 14, 1990 and recorded as Volume 1218, Page 439, official Records, Brazos County, Texas; Texas Dept. of Insurance Form No. T-7 (CONTINUED ON NEXT PAGE) WE: 10/06/2010 'l1NF: 9:44 AM GF Number: 1OR31704 First American Title Insurance Company COMMITMENT FOR TITLE INSURANCE NO. 1OR31704 WR8 SCHEDULE B Page 5 Modified by Surface Waiver dated April 24, 2009 and recorded as Volume 9064, Page 247, Official Records of Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract One) [31] dd Oil and Gas Lease, and all terms, conditions and stipulations therein (Lessor) Marsha Reeves Duemke to (Lessee) Union Pacific Resources Company, dated September 14, 1990 and recorded as Volume 1220, Page 302, Official Records, Brazos County, Texas; Modified by Surface Waiver dated April 24, 2009 recorded as Volume 9064, Page 247, Official Records of Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tracts One & Two) [321 ee Rights of parties in possession and rights of tenants under any unrecorded leases or rental agreements. (may be amended or deleted upon execution of affidavit with respect to parties in possession and tenants at closing.) [361 ff All encumbrances, violations, variations, or adverse circumstances affecting Title that would be disclosed by an accurate and complete land survey of the Land, including, without limitation, all visible and apparent easements or uses and all underground easements or uses, the existence of which may arise by unrecorded grant or by use. (May be amended or deleted upon approval of survey.) [371 gg Rights, if any, of third parties with respect to any portion of the subject property lying within the boundaries of a public or private road. (May be amended or deleted upon approval of survey.) [38] Tcaas Dept. of [n5urance Farm No. T 7 DATE: 1010812010 TINF: 9:41 qN GF Number: 1OR31704 First American Title Insurance Company COMMITMENT FOR TITLE INSURANCE NO. 10R31704 WES SCHEDULE C Your Policy will not cover loss, costs, attorneys 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: 1. 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 paragragh 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, subcontractors, 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. In accordance with Section 11.008 of the Texas Property Code, all deeds and deeds of trust transferring an interest in real property to or from an individual and disclosing that individual's social security number or driver's license number must include the following notice on the top of the first page of the instrument in 12 point bold or uppercase font: NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER. [1] 6. Deed of Trust from Corinth - S.H. 6 & Green Prairie, LP to Cosmo A. Palmieri, Trustee, dated March 4, 2009 and recorded as Volume 8991, Page 215, Official Records of Brazos County, Texas, securing a note in the amount of $2,650,000.00, payable to Service Life & Casualty Insurance Company, and securing other indebtedness as described therein, if any. Said note further secured by Assignment of Rents and Leases dated March 4, 2009 and recorded as Volume 8991, Page 242 Official Records, Brazos County, Texas. [33] 7. Net Profits Agreement by and between Corinth - S.H. 6 & Green Prairie, L.P., and GST Management, LLC dated March 4, 2009, and recorded as Volume 6991, Page 255, Official Records, Brazos County, Texas. [34] 8. Prior to closing, furnish a copy of the Limited Partnership Agreement of Corinth-STL 6 & Green Prairie, L.P. We will also require proof that Corinth-s.H. 6 & Green Prairie, L.P., a Limited Partnership, has filed its Articles of Limited Partnership with the appropriate state authority. Additional requirements may be made upon examination. [35] Texas Dept. u( Insurance Form Na. 1 7 DATE: 10/OB/2010 TINE: 9:44 AN First American Title Insurance Company SCHEDULE D No: 1DR31704 WR8 Page 1 GF-Number: 1OR31704 The following disclosures are made pursuant to Procedural Rule P-21 promulgated by the Commissioner of Insurance: 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. You are further advised that the estimated title premium * is: Owner Policy $ 4,287.00 Mortgagee Policy $ Endorsement charges $ Other $ Total $ 4,287.00 Of this amount: 15.000% will be paid to the policy issuing Title Insurance Company; 45.000% will be retained by the issuing Title Insurance Agent; and the remainder of the estimated premium will be paid to other parties as follows: 40.000% to University Title for Title Evidence or Closing Services. * The estimated premium is based upon information furnished 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. UNDERWRITER First American Title Insurance Company, A California Corporation (wholly owned subsidiary of The First American Corporation, a public company). DIRECTORS: Dennis J. Gilmore, Mark J. Harmsworth, Parker S. Kennedy, Jeffrey S. Robinson, and Timothy V. Kemp OFFICERS: President: Dennis J. Gilmore Executive Vice President, Chief Financial Officer: Mark J. Harmsworth Vice President, Secretary: Timothy V. Kemp Executive Vice President, Business Director: John M. Hollenbeck DIRECT OPERATIONS: Republic Title of Texas, Inc. (Dallas, TX) William A. Kramer, Chairman of the Board Ward Williford, Vice Chairman Paul A. Pulliam, Chief Executive Officer David A. Shuttee, President and Chief Operating Officer Mike Richards, Executive Vice President Dennis Eastland, Secretary/Treasurer DATE: 10/0812010 TIME: 9:44 AM G.F. NO. 1OR31704 WRa POLICY NO. 1OR31704 WR8 DELETION OF ARBITRATION PROVISION (Not applicable to the Texas Residential Owner Policy) 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 Texas Dept, of Iwwance Form No. T-7 Texas 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 campany'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 closing date. El seguro de titulo le asegura en relation a p6rdidas resultantes de ciertos riesgos que pueden afectar el tftulo de su propiedad. El Compromiso para Seguro de Titulo es la promesa de la compania aseguradora de titulos de emitir la pbliza de seguro de titulo. El Compromiso es un documento legal. Usted debe leerlo cuidadosamente y enterderlo completamente antes de la fecha para finalizar su tratisaccion. 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 abstract or 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 maybe 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. If the title insurer issues the title policy with an exclusion or exception to the minerals and mineral rights, 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 Policys Exceptions, 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 Requirements 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 State Board of Insurance by calling the Title Insurance Company at 1-888-632-1642 or by calling the title insurance agent that issued the Commitment. The State Board 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 1.500-252-3439. 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 Forth $017446 (1111109) Page 2 of 4 T-7 Commitment for Title lnsuranre l1-1-09) Texas 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 want 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. CONDITIONS AND STIPULATIONS 1. if you have actual knowiedge 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 toss 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, Stipulations and Exclusions. RSA AMEI? 4: ti First American Title Form 5017448 (111109) Page 3 of 4 1 T-7 Commltment fw Tula Insurance(11-1-09) Texas Figure: 28 TAG § 1.601(a)(3) 1 IMPORTANT NOTICE To obtain information or make a complaint: AVISO IMPORTANTE Para obtener Informacion o pare someter una queja: 2 INTENTIONALLY OMITTED 3 You may call First American Title Insurance Company's toll-free telephone number for information or to make a complaint at: 1-888-632.1642 INTENCIONALMENTE ONITIDO Usted puede Ilamar al numeeo de telefono gratis de United General Title Insurance Company's para informacion o para someter una queja al: 1-800-999-3470 4 You may also write to First American Title Insurance Usted tambien puede escribir a United General Title Company at Insurance Company. 1 First American Way Santa Ana, Caiifomia 92707 P.O. Box 1680 Denver, CO 80201 5 You may contact the Texas Department of Insurance to obtain Information on companies, coverages, rights or complaints at: 1-800-252-3439 Puede comunicarse con el Departamento de Seguros de Texas para obtener informacion acerca de companias, coberturas, derechos o quejas al: 1-800-252-3439 6 You may write the Texas Department of Insurance: Puede escribir al Departamento de Seguros de Texas: P.O. Box 149104 Austin, TX 78714-9104 Fax: (512) 475-1771 Web: http://www.tdi,state.tx.us E-mail: ConsumerProtection@tdi.state.tx.us P.O. Box 149104 Austin, TX 78714-9104 Fax: (512) 475-1771 Web: http,//www.tdi_state.tx.us E-mail: ConsumerProtection@tdi.state.tx.us 7 PREMIUM OR CLAIM DISPUTES: Should you have a dispute concerning your premium or about a claim you should contact the company in #3 above first If the dispute is not resolved, you may contact the Texas Department of Insurance. 8 ATTACH THIS NOTICE TO YOUR POLICY: This notice is for information only and does not become apart or condition of the attached document. DISPUTES SOBRE PRIMAS 0 RECLAMOS: Si tiene una disputa concernlente a su prima o a un reclamo, debe comunicarse con el la compania arriba primero. Si no se resuelve la disputa, puede entonces comunicarse con el departamento (TD.I). UNA ESTE AVISO A SU POL17_A: Este aviso es solo para proposito de informacion y no se convierte on parte o condicion del documento adjunto. I Form 5017448 (1111!09) Page 4 of 4 T-7 Commitment for Title Insurance(11-1-09) TITLE REPORT for UNIVERSITY TITLE COMPANY 1021 University Dr. East, College Station, Texas 77840 G.F. No.,. 00104048 Certification Date: October 24, 2010 Examiner: lei Property Description: Tract One: Fee Simple Lot Five (5), Block One (1), Spring Creek Commons Phase 4 & 5, City of College Station, according to plat thereof recorded in Volume 9287, Page 128 of the Official Records of Brazos County, Texas. Tract Two: Easement Declaration of Common Access Easement, dated May 29, 2009, recorded in Volume 9122, Page 164 of the Official Records of Brazos County, Texas, Title Vested In: Corinth-S.H. 6 & Green Prairie, LP., a Texas Limited Partnership Vesting Deed to owners shown herein was dated February 10, 2006 and recorded in Volume 7151, Page 171, Official Records, Brazos County, Texas. Subiect To: Deed of Trust to secure a Note: Grantor: Corinth-S.H. 6 & Green Prairie, L.P. Trustee: Cosmo A. Palmieri Beneficiary: Service Life & Casualty Insurance Company Amount: $2,650,000.00 Dated: March 4, 2009 Recorded: Volume 8991, Page 215, Official Records, Brazos County, Texas, Said Note being additionally secured by Assignment of Rents and Leases: Dated: march 4, 2009 Recorded: Volume 8991, Page 242, Official Records, Brazos County, Texas. Net Profits Agreement by and between: Parties: Corintlt S.H. 6 & Green Prairie, L.P. and GST Management, LLC Dated: March 4, 2009 Recorded: Volume 8991, Page 255, Official Records, Brazos County, Texas. Restrictions- Tract One: Volume 9287, Page 128 (on plat) and Volume 9298, Page 94, Official Records, Brazos County, Texas. Tract Two: Volume 9309, Page 248, Official Records, Brazos County, Texas. Exceptions: Easements as shown on plat recorded in Volume 9287, Page 128 of the Official Records of Brazos County, Texas. (Tract One) Easements as set out in restrictions recorded in Volume 9298, Page 94 of the Official Records of Brazos County, Texas. (Tract One) Easements and Building Lines as shown on amending plat recorded in Volume 9309, Page 248 of the Official Records of Brazos County, Texas. (Tract Two) Maintenance Charges and the Lien securing the payment of the same, as set out in restrictions recorded in Volume 9298, Page 94 of the Official Records of Brazos County, Texas. (Tract One) 15' Waterline Easement adjacent to Highway 6: From: Grace H. Marsh, et at To: City of College Station Dated: July 21,1983 Recorded Volume 590, Page 275, Deed Records, Brazos County, Texas. (Tracts One & Two) 20' Power Line Basement adjacent to Highway 6: From: Grace H. Marsh, et at To: City of College Station Dated: January 10, 1985 Recorded: Volume 758, Page 594, Official Records, Brazos County, Texas. (Tracts One & Two) Pipeline Easement: From: John Emory Marsh, Jr, et al To: Seminole Pipeline Company Dated: October 15, 1986 Recorded: Volume 929, Page 419, Official Records, Brazos County, Texas. (Tract One) Public Utility Easement: From: John Emory Marsh, Jr., et at To: City of College Station Dated: January 16, 1987 Recorded: Volume 945, Page 391, Official Records, Brazos County, Texas. (Tracts One & Two) Public Utility Easement: From Corinth SH 6 & Green Prairie, LP To: City of Bryan d/b/a Bryan Texas Utilities Dated: June 25, 2009 Recorded: Volume 9196, Page 104, Official Records, Brazos County, Texas. (Tract One) Declaration of Common Access Easement (appurtenant to Lot 10, Block 1): Dated: May 29, 2009 Recorded: Volume 9122, Page 164, Official Records, Brazos County, Texas. (Tracts One & Two) Easement: From: Corinth SH 6 & Green Prairie, LP To: Wellborn Special Utility District Dated August 12, 2009 Recorded: Volume 9281, Page 215, Official Records, Brazos County, Texas. (Tract One) Blanket Easement: From: Mrs, J. E. (Grace lg.) Marsh, Sr. To: Wellborn Water Supply Corporation Dated: June 21,1971 Recorded: Volume 295, Page 420, Deed Records, Brazos County, Texas. (Tract Two) Temporary Blanket Utility Easement: From: Spring Creek Holdings, LLC To: City of College Station Dated: December 29, 2008 Recorded: Volume 8913, Page 250, Official Records, Brazos County, Texas. (Tract Two) Easement: From: Marsha Reeves Ducmke To: City of Bryan d/b/a Bryan Texas Utilities Dated: June 28, 2007 Recorded: Volume 8272, Page 267, Official Records, Brazos County, Texas. (Tract Two) 20' Easement on the southwest side: From Louise Marsh Reeves, Individually and Trustee To: City of Bryan d/b/a Bryan Texas Utilities Dated: June 28, 2007 Recorded: Volume 8272, Page 272, Official Records, Brazos County, Texas. (Tract Two) Easement: From Robert Emory Reeves To: City of Bryan d/b/a Bryan Texas Utilities Dated: June 28, 2007 Recorded: Volume 8272, Page 277, Official Records, Brazos County, Texas. (Tract Two) 116 Easement: From: John Emory Marsb, Jr. To: City of Bryan d/b/a Bryan Texas Utilities Dated: June 28, 2007 Recorded: Volume 8272, Page 282, Official Records, Brazos County, Texas. (Tract Two) Easement: From: John Emory Marsh, Jr., et al To: Seminole Pipeline Company Dated: October 15, 1986 Recorded: Volume 929, Page 419, Official Records, Brazos County, Texas. (Tract Two) Minerals and/or Rovalties: Terns, Conditions, and Stipulations in the Mineral Conveyance in Trust Agreement by and between: Parties: Grace H. Marsh and Louise M. Reeves, et al Dated: Marsh 25,1981 Recorded: Volume 2007, Page 294, Official Records, Brazos County, Texas. Stipulations of Interest: Recorded: Volume 1249, Pages 37, 42, 47 and 52, Official Records, Brazos County, Texas. Surface Waivers: Recorded: Volume 4583, Page 171 and Volume 5017, Page 207, Official Records, Brazos County, Texas. (Tract Two) Mineral Deed: By: Grace H. Marsh To: Louise M. Reeves, Trustee Dated: March 25,1981 Recorded: Volume 478, Page 217, Deed Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract One) Mineral Reservation in Deed: By: Louise Marsh Reeves, Trustee, et al To: Quorum 6 Green Prairie CS, L. P. Dated: November 23, 2004 Rccorde& Volume 6420, Page 179, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument (Tract One) Mineral Reservation in Deed: By: Louise Marsh Reeves, Trustee, at al To: Quorum 6 Green Prairie CS 11, L. P. Dated: April 2005 Recorded: Volume 6646, Page 149, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument (Tract One) Mineral Reservation in Deed: By: Louise M. Reeves, et al To: Corinth-S.H. 6 & Green Prairie, L.P. Dated: September 26, 2006 Recorded: Volume 7612, Page 71, Official Records, Brazos County, Texas; Modified by Surface Waiver: Dated: September 26, 2006 Recorded: Volume 7612, Page 106, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tract One) Mineral Conveyance in Trust Agreement: By: Grace H. Marsh To: Louise M. Reeves, et al Dated: March 25,1981 Recorded: Volume 2007, Page 294, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument (Tract One) Mineral Reservation in Deed: By: Louise Marsh Reeves, et at To: Spring Crock Holdings, LLC Dated: October 3, 2007 Recorded: Volume 8274, Page 212, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument (Tract Two) Oil and Gas Lease, and all temps, conditions and stipulations therein: Lessor: Grace H. Marsh Lessee: Cities Service Company Dated: August 27, 1976 Recorded: Volume 23, Page 706, Oil & Gas Lease Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. ('t'ract One) Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Robert Emory Reeves Lessee: Union Pacific Resources Company Dated: September 14, 1990 Recorded: Volume 1218, Page 421, Official Records, Brazos County, Texas; Modified by Surface Waiver. Dated: April 24, 2009 Recorded: Volume 9064, Page 247, Official Records of Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument (Tracts One & Two) Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Louise Marsh Reeves Individually and as Trustee of the Marsh Reeves Trust Lessee: Union Pacific Resources Company Dated: September 14,1990 Recorded: Volume 1218, Page 427, Olfretal Records, Brazos County, Texas; Modified by Surface Waiver: Dated: April 24, 2009 Recorded: Volume 9064, Page 247, Official Records of Brazos County, Texas Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. (Tracts One & Two) Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: John E. Marsh, Jr. Lessee: Union Pacific Resources Company Dated: September 14, 1990 Recorded: Volume 1218, Page 439, Official Records, Brazos County, Texas; Modified by Surface Waiver: Dated: April 24, 2009 Recorded: Volume 9064, Page 247, Official Records of Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid iust ument. (Tract One) Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor. Marsha Reeves Duemke Lessee: Union Pacific Resources Company Dated: September 14, 1990 Recorded. Volume 1220, Page 302, Official Records, Brazos County, Texas; Modified by Surface Waiver: Dated: Apri124, 2009 Recorded: Volume 9064, Page 247, Official Records of Brazos County, Texas. Title to said iterest has not been investigated subsequent to the date of the aforesaid instrument, (Tracts One & Two) Upon examination of the public records of Brazos County, Texas, we find no exception to title of the subject property other than those shown above. This Title Report is issued with the express understanding, evidenced by acceptance of same, that the liability of the undersigned is limited to the actual monetary consideration paid for same. ?c