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HomeMy WebLinkAbout10-00500267- 00075575COMMITMENT FOR TITLE INSURANCE ISSUED BY Alliant National Title Insurance Company THE FOLLOWING COMMITMENT FOR TITLE INSURANCE IS NOT VALID UNLESS YOUR NAME AND THE POLICY AMOUNTARE SHOWN IN SCHEDULE A, AND OUR AUTHORIZED REPRESENTATIVE HAS COUNTERSIGNED BELOW. We, Alliant National 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. University Title Company 1021 University Drive East P.O. Drawer Dt countersigned: College Station, TX 77841-5079 zl SEAL j~ C' C' 0 ry6j L ORN,, By: ,--f A. bOAI\ 4 Authorized Officer or Agent ALLIANT NATIONAL TITLE INSURANCE COMPANY By. ~ President Attest: secretary Form ANT TX-T-7 (01/2010): Commitment for Title insurance TEXAS COMMITMENT FOR TITLE INSURANCE SCHEDULE A Effective Date: October 20, 2010 at 8:00 a.m. Commitment issued November 1, 2010, 8:00 a.rr 1. The policy or policies to be issued are: (a) OWNER POLICY OF TITLE INSURANCE (Form T-1) (Not applicable for improved one-to-four family residential real estate) Policy Amount: $215,000.00 PROPOSED INSURED: All Jaffar (b) TEXAS RESIDENTIAL OWNER POLICY OF TITLE INSURANCE - ONE-TO-FOUR FAMILY RESIDENCES (Form T-1R) Policy Amount: $ PROPOSED INSURED: (c) MORTGAGEE POLICY OF TITLE INSURANCE (FORM T-2) Policy Amount: $161,250.00 PROPOSED INSURED: Proposed Borrower: Ali Jaffar (d) TEXAS SHORT FORM RESIDENTIAL MORTGAGEE POLICY (Form T-2R) Policy Amount: $ PROPOSED INSURED: Proposed Borrower: GF No. 00104022 (e) MORTGAGEE TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN (Form T-13) Binder Amount: $ PROPOSED INSURED: Proposed Borrower: (f) OTHER: Policy Amount: $ PROPOSED INSURED: 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: Marcelino Diaz Barrera University Title Company Texas Commitment T-7 (Rev. 1-1-93) - Schedule A Alliant National Title Valid Only if Schedule B, C, D and Cover are attached 4b SCHEDULE A - continued 4. Legal description of land: GF No. 00104022 Lot Three R-2 (3R-2), Replat of Randall's University Park, City of College Station, according to plat thereof recorded in Volume 6026, Page 209 of the Official Records of Brazos County, Texas. P i SCHEDULE B GF No. 00104022 EXCEPTIONS FROM COVERAGE In addition to the Exclusions and Conditions and Stipulations, your Policy will not cover loss, costs, attorney's fees, and expenses resulting from: 1. The following restrictive covenants of record itemized below (We must either insert specific recording data or delete this exception): Item No. 1, 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 2011, 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 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.) 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-2R) only. Separate exceptions 1 through 8 of this Schedule B do not apply to the Texas Short Form Residential Mortgagee Policy (T- 2R). University Title Company Texas Commitment T-7 (Rev. 1-1-93) - Schedule B Alliant National Title Valid Only if Schedule A, C, D and Cover are attached 03 SCHEDULE B - continued GF No. 00104022 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. Rights of Parties in Possession. (OWNER POLICY ONLY) b. "All leases, grants, exceptions or reservations of coal, lignite, oil, gas and other minerals, together with all rights, privileges, and immunities relating thereto, appearing in the Public Records whether listed in Schedule B or not. There may be leases, grants, exceptions or reservations of mineral interest that are not listed herein." c. Visible and apparent easements, d. Portion of the property within any roadway. e. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting title that would be disclosed by an accurate and complete land survey of the land. f. Easements and Building Lines as shown on plat recorded in Volume 6026, Page 209 of the Official Records of Brazos County, Texas. g. Easement: From: Tenneco Realty, Inc. To: City of College Station Dated: April 19,1978 Recorded: Volume 399, Page 101, Deed Records, Brazos County, Texas. h. Easement: From: Tenneco Realty, Inc. To: City of Bryan Dated: January 3, 1975 Recorded: Volume 335, Page 133, Deed Records, Brazos County, Texas. i. Mineral Reservation in Deed: By: Tenneco Realty, Inc. To: J.A.C. Developers, Inc. Dated: December 1, 1980 Recorded: Volume 468, Page 215, Deed Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. j. Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Tenneco Realty, Inc. Lessee: James O. Crowell, Trustee Dated: April 29,1993 Recorded: Volume 1783, Page 126, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. p1b SCHEDULE C GF No. 00104022 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: 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 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 our receipt of an acceptable survey. (As to Mortgagee Policy Only) 6. Item No. 5 of Schedule B hereof shall be amended to read "standby fees, taxes and assessments by any taxing authority for the year 2011 and subsequent years, but not those taxes or assessments for prior years because of an exemption granted to a previous owner of the property tinder Section 11. 13, Texas Tax Code, or because of improvements not assessed for a previous tax year.", upon payment of applicable premium. (As to Mortgagee Policy T-2 Only) (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 and subsequent years.") 7. If requested in lenders closing instructions and all of our underwriting requirements are satisfied, we will issue the T17 & T19 Endorsements, upon payment of any applicable premiums. (As to Mortgagee Policy Only) 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, let us know if we need to order the tax certificate.) 11. ARBITRATION: The Owner Policy of Title Insurance (Form T-1) and the Mortgagee Policy of Title Insurance (Form T-2) contain an University Title Company Texas Commitment T-7 (Rev. 1-1-93) - Schedule C Alliant National Title Valid Only if Schedule A, B, D and Cover are attached SCHEDULE C - continued GF No. 00104022 arbitration provision. It allows the Insured or the Company to require arbitration if the amount of insuranceis $2,000,000 or less. If the Insured wants to retain the right to sue the Company in case of a dispute over a claim, the Insured must request deletion of the arbitration provision before the Policy is issued. The Insured may do this by signing the Deletion of Arbitration Provision form and returning it to the Company at or before the closing of the real estate transaction or by writing to the Company. NOTE 1: If you are the lender in the transaction and desire deletion of the Arbitration Provision , phase inform us through your loan closing instructions. NOTE 2: This does not apply to Texas Residential Owner Policy of Title Insurance- One to Four Family Residences. If you are the purchasers of non-residential property and desire the deletion of the Arbitration Provision, a form will be presented to you at closing for execution. 12. 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 tinder. 13. Twenty-four Month Chain of Title: We have examined the records of the County Clerk of Brazos County, Texas, as they are reflected in the geographically indexed title plant of University Title Company and our records reflect that the following is atrue and correct list of DEEDS affecting title to the real property described supra for the preceding twenty-four months: None of Record Vesting Deed to owners shown herein was dated December 3, 1999 and recorded in Volume 3672, Page 235, Official Records, Brazos County, Texas. 14. Record a Release of Deed of Trust to secure a Note: Grantor: Marcelino Diaz Barrera acting by Marta Diaz Kyle, attorney-in-fact Trustee: Terry S. Key Beneficiary: Lubbock National Bank Amount: $110,000.00 Dated: December 3,1999 Recorded: Volume 3672, Page 238, Official Records, Brazos County, Texas. Extension: Dated: June 3, 2000 Recorded: Volume 3872, Page 39, Official Records, Brazos County, Texas. Extension: Dated: December 3, 2000 Recorded: Volume 4024, Page 144, Official Records, Brazos County, Texas. (Release should describe property as therein described) 15. Furnish the marital status of Marcelino Diaz Barrera. Company requires the joinder of spouse(s) in any transaction involving subject property. .1-h f SCHEDULE C - continued University Title Company By: A2,y 9n 1-~ Authorized Countersignature Oel/rdt) GF No. 00104022 Pb SCHEDULE D GF No. 00104022 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 directors and/or officers, as indicated, of Alliant National Title Insurance Company * David D. Ginger, President Raymond J. BonAnno * Robert J. Grubb, Chief Executive Officer Richard W. Stone * Robert Scott Hendrickson, Chief Financial Officer * John R. Baumgart Phyllis J. Mulder, Texas General Counsel * Indicates Director Agent Investors Group of America, LLC, owns 100% of the stock of Alliant National Title Insurance Company, Inc. and Mt. Audubon Associates and John R. Baumgart owns ten percent or more of Agents Investors Group of America, LLC. 2. The following disclosures are made by UNIVERSITY TITLE COMPANY issuing this commitment: a. The listing of each shareholder, owner, partner or other person having, owning or controlling one percent (10/6) or more of the Title Insurance Agent that will receive a portion of the premium are as follows: Celia Goode William C. Lipsey Michael R. Hoelscher b. If the Agent is a corporation: (i) the name of each director of the Title Insurance Agent, and (ii) the names of the President, the Executive or Senior Vice President, the Secretary and the Treasurer of the Title Insurance Agent are as follows: Officers Directors President - Celia Goode Celia Goode Vice President - Michael R. Hoelscher Michael R. Hoelscher Secretary/Treasurer - William C. Lipsey William C. Lipsey 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: Owners Policy $ 1,457.00 Mortgage Policy $ 100.00 Endorsement Charges $ 183.50 Total $ 1,740.50 Of this total amount: $ or 15.00% will be paid to the policy issuing Title Insurance Company: $ or 85.00% 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 * 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 State Board of Insurance. t~2 TEXAS TITLE INSURANCE INFORMATION Title insurance insures you against loss resulting from certain risks to your title. The commitment forTitle 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 relaci6n a perdidas resultantes de ciertos riesgos qua pueden afectar of titulo de su propriedad. El Compromiso pare Seguro de TFtulo as la promesa de la companfa aseguradora de tftulos de emitir la p6liza de seguro de titulo. El Compromiso as un documento legal. Usted debe leerlo cuidadosamente y endenterlo complemente antes de la fecha pars finalizar su transaccion. Your Commitment of 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 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. 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 covererage will be limited by the Policy's 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 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 you 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 Alliant National Title Insurance Company at 877-788- 9800 or by calling the title insurance agent that issued the Commitment The Texas Department of Insurance may revise the policy forth 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 'rf 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 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 th6 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 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 #ability 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. 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 Form ANT TX-T-7 (01/2010): Commitment for Title insurance