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HomeMy WebLinkAbout11-00500124- 00076976 COMMITMENT FOR'IITLE LSURANCE Issued By Fidelity National Title Insurance Company SCHEDULE A Effective Date: February 7, 2011, 7:00 am GF No. S33153 Commitment No. , issued February 18, 2011, 1:30 pm I. 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: $4,088,000.00 PROPOSED INSURED: Michael Beekendorf (- (b) TEXAS RESIDENTIAL OWNER'S POLICY OF TITLE INSURANCE {{{ - ONE -TO -FOUR FAMILY RESIDENCES (Form T -IR) Policy Amount: PROPOSED INSURED: (c) LOAN POLICY OF TITLE INSURANCE (Form T -2) Policy Amount: $3,066,300.00 PROPOSED INSURED: Citizens Bank Proposed Borrower: Michael Beekendorf (d) TEXAS SHORT FORM RESIDENTIAL LOAN POLICY OP TITLE INSURANCE (Form T -2R) Policy Amount: PROPOSED INSURED: Proposed Borrower: (e) LOAN TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN (Form T -13) Binder Amount: PROPOSED INSURED: Proposed Borrower: (f) OTHER Policy Amount: PROPOSED INSURED: I } 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: Janes P. Miles 4. Legal description of the land: Lot Two -R (2R), Block Two (2), POOH'S PARK SUBDIVISION, SECTION ONE, an addition to the City of College Station, Brazos County, Texas, according to the Replat recorded in Volume 8808, Page 25, Official Records of Brazos County, Texas. • FORM T -7: Commitment for Title Insurance Page COMMITMENT FOR TITLE INSURANCE Issued By Fidelity National Title Insurance Company SCHEDULE B EXCEPTIONS FROM COVERAGE In addition to the Exclusions and Conditions and Stipulations, your Policy will not cover loss, costs, attorneys' fees, and expenses resulting from: L t=he fo s - - q - .. -ding d delete this_ !! e?teeption} 2. Any discrepancies, conflicts, or shortages in area or boundary lines, or any encroachments or protrusions, or any overlapping of improvements. Upon Company's receipt, review and approval of a current land title survey, and payment of any promulgated premium, this item can be amended to read in its entirety 'shortages in area'." 3. Homestead or community property or survivorship rights, if any, of any spouse of any insured. (Applies to the Owner's Policy only.) 4. Any titles or rights asserted by anyone, including, but not limited to, persons, the public, corporations, governments or other entities, • a. to tidelands, or lands comprising the shores or beds of navigable or perennial rivers and streams, lakes, bays, gulfs or oceans, or b. to lands beyond the line of 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 tow tide to the line of vegetation, or the rights of access to that area or easement along and across that area. (Applies to the Owner's Policy only.) 5. Standby fees, taxes and assessments by any taxing authority for the year 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 Loan 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. f 1 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 Loan 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 Loan Policy (T -2) only.) 9. The Exceptions from Coverage and Express Insurance in Schedule B of the Texas Short Form Residential Loan Policy (T- 2R). (Applies to Texas Short Form Residential Loan Policy (T -2R) only. Separate exceptions 1 through 8 of this Schedule 13 do not apply to the Texas Short Form Residential Loan Policy (T -2R). FORM T -1; Commitment for Title Insurance Page 2 Continuation of Schedule B GF No. S33153 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. 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. (NOTE: Upon receipt of a survey acceptable to Company, this exception will be deleted. Company reserves the right to add additional exceptions per its examination of said survey.) b. Building lines, and any and all easements as reserved on plat recorded in Volume 8808, Page 25, Official Records of Brazos County, Texas. c. Right of Nay Easement executed by Sam Richardson, et al to The City of Bryan, dated April 14, 1937, recorded in Volume 98, Page 214, Deed Records of Brazos County, Texas. (Blanket) d. Shared Access and Parking Easement Agreement by and between James P. Miles and GTE Southwest Incorporated, dated December 11, 2008, recorded in Volume 8897, Page 171, Official Records of Brazos County Texas. e. Temporary Blanket Utility Easement executed by James P. Miles to City of College Station, Texas, dated September 23, 2010, recorded in Volume 9849, Page 157, Official Records of Brazos County, Texas. f. Terms, conditions and:stipulations contained in Oil, Gas and Mineral Lease executed by General Telephone Company of the Southwest to Threshold Energy Inc., dated November 28, 1984, recorded in Volume 767, Page 223, Official Records of Brazos County, Texas. Title to said interest not searched subsequent to date of aforesaid instrument. g. Terms, conditions and stipulations contained in Oil, Gas and Mineral Lease executed by GTE Southwest Incorporated to INCO Oil Corporation, dated July 10, 1992, recorded in Volume 1588, Page 341, Official Records of Brazos County, Texas. Title to said interest not searched subsequent to date of aforesaid instrument. h. Rights of parties in possession. (Owner's Title Policy) FORM T -7: Commitment for Title Insurance Page 3 COMMITMENT FOR TITLE LNSURANCE Issued By Fidelity National Title Insurance Company 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: a. no person occupying the land claims any interest in that land against the persons named in paragraph 3 of Schedule A, b. all standby fees, taxes, assessments and charges against the property have been paid, c. 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, d. there is legal right of access to and from the land, e. (on a Loan 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. We will require tax certificates on the subject property showing all taxes paid up to and including the year 2010. 6. The following note is for informational purposes only: The following deed(s) affecting said and were recorded within twenty-four (24) months of the date of this report: None - Title is vested by virtue of Special Warranty Deed executed by GTE Southwest Incorporated, a Delaware corporation, to James P. Miles, acknowledged December 11, 2008, recorded in Volume 8897, Page 166, Official Records of Brazos County, Texas. 7. Note to all Buyers, Sellers, Borrowers, Lenders and all parties interested in the transaction by this Commitment. The following constitutes major changes in the procedures and requirements for disbursement of funds by the Title Agent pursuant to this transaction: Effective August 1, 1998, the State Board of Insurance has adopted Procedural Rule P- 27 which requires that "Good Funds" be received and deposited before a Title Agent niay disburse from its trust fund account. The term "Good Funds" is defined as: (1) Cash or wire transfers; (2) Certified funds, including certified checks and cashier's checks; (3) Uncertified funds from amounts less than $1,500.00, iatciuding checks, traveler's checks, money orders and negotiable orders of withdrawal; provided multiple items shall not be used to avoid the S1,500.00 limitation; and (4) Uncertified funds in amounts of $1,500.00 or snore, drafts and any other items when collected by the financial institution. Countersigned Las , Title Compa , of Brazos ounty Aut 'zed Countersignature t:'ORM T -7: Commitment for Title Insurance Page 4 . E { COMMITMENT FOR TITLE INSURANCE SCHEDULE D GF No. S33153 Effective Date: February 7, 2011, 7:00 am 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: I. The following individuals are directors and/or officers, as indicated, of the Title Insurance Company issuing this Commitment Fidelity National Title Insurance Company The following individuals are Directors and/or Officers of FIDELITY NATIONAL TITLE INSURANCE COMPANY: DIRigTORS OFFICERS Alan Lynn Stinson Raymond Randall Quirk President and Chief Operating Officer Raymond Randall Quirk Anthony John Park Executive Vice President Anthony John Park Daniel K. Murphy Treasurer Michael L. Gravelle Secretary Fidelity National Financial, Inc. owns 100% of Fidelity National Title Group, Inc. and Fidelity National Title Group, Inc. owns 100% of Chicago Title and Trust Company and Chicago Title and Trust Company owns 100% of Fidelity National Title Insurance Company. !t 2. The following disclosures are made by this Title Insurance Agent issuing this Commitment: Lawyers Title Company of Brazos County The following persons are officers and directors of the Title Insurance Agent E Shareholder, President & Director: Jay Don Watson Shareholder, Vice President & Director: Billy M. Payne Shareholder, Vice President, secretary, Treasurer & Director: Walter S. Campbell Shareholder, Vice President & Director: Louis A. Malechek, III 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 a portion of the premium from the settlement of this transaction will be disclosed on the closing or settlement statement. E . You are further advised that the estimated title premium' is: Owner's Policy 519,205.00 Loan Policy • $100.00 Endorsement Charges 50.00 Other 50.00 Total S19,305.00 Of this total amount: 15% will be paid to the policy issuing Title Insurance Company: 85% will be retained by the issuing Title Insurance Agent; and (he remainder of the estimated premium will be paid to other parties as follows: Arnoutit To Whom For Services 35.00% Jay Don Watson Closing 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 Commissioner of Insurance." FORM T-7: Commitment for Title Insurance Page 1 { I ! 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. COMMITMENT FOR TITLE INSURANCE S33153 ISSUED BY FIDELITY NATIONAL TITLE INSURANCE COMPANY We, Fidelity 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 13 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. TX0353 S33153 Lawyers Title Company Of Brazos County 1450 Copperfield Pkway College Station , TX 77845 Tel:(979) 776 -3600 Fax:(979) 776 -3700 Fidelity National Title Insurance Company n): 414,/ �-- /l► L li!1I ) ATM:. Paunt.nl l it-ThLQ A1111 ! 1 Authorized Signature "wow,ul 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, out 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 team of such matter, we may amend Schedule 13, 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 Conunitment 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. { Form No. 27C13443 (11/2009) Commitment For Title Insurance (T -7) Page 1 of 1 Jennifer Prochazka - Nothing Further Certificate for Bo Miles Broadstone Ranch From: "Veronica Morgan" <v @mitchellandmorgan.com> To: "'Jennifer Prochazka"' <JProchazka @cstx.gov> Date: 8/10/2011 3:14 PM Subject: Nothing Further Certificate for Bo Miles Broadstone Ranch CC: <kerry @mitchellandmorgan.com> JP, Bo got a title policy written on this property in March 2011, when it changed hands. Cully Lipsey is forwarding this title report to me now. I think during the course of this project he has had to order 4 Nothing Further Certificates. Is there any way with this Amending Plat that a Title Policy dated March 2011 will suffice without ordering another NFC ?? I don't think it is about the money - it is the principle of the paperwork that has Bo in a tizzy. I really appreciate it — I just am trying to keep Bo from jumping off the deep end on this issue. Veronica Veronica J.B. Morgan, P.E., C.F.M. Managing Partner MITCHELL MORGAN Mitchell & Morgan, LLP 511 University Dr. E Suite 204 College Station, TX 77840 Tel (979)260 -6963 Fax (979)260 -3564 ....... .. <. ... .................... . .. «......,....,, ..., ..,..,......,..C NOTE ***********._....*.**** *******...**.. **......*******...** *,*** * * **** * * ***** * * * * *.....*** This e -mail and any files transmitted with it contain privileged and confidential information and are intended solely for the use of the individual or entity to which they are addressed. 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