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HomeMy WebLinkAboutTitle Insurance• • FOR TITLE INSURANCE Issued By Fidelity National Title Insurance Company SCHEDULE A Effective Date: August 29,2011,7:00 am Commitment No. 1. The policy or policies to be issued are: issued September 13, 2011,10:45 am GF No. 533539 (a) OWNER'S POLICY OF TITLE INSURANCE (Form T -1) (Not applicable for improved one -lo -four family residential real estate) Policy Amount: $317,550.00 PROPOSED INSURED: S.N. Fisher Investment Holding, Company L.L.C. (b) TEXAS RESIDENTIAL OWNER'S POLICY OF TITLE INSURANCE - ONE-TO -FOUR FAMILY RESIDENCES (Form T -111) Policy Amount: PROPOSED INSURED: (c) LOAN POLICY OF TITLE INSURANCE (Form T -2) Policy Amount: PROPOSED INSURED: Proposed Borrower: (d) TEXAS SHORT FORM RESIDENTIAL LOAN POLICY OF TITLE INSURANCE (Form T -2R) Policy Amount: PROPOSEDINSURED: 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: 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: Cornerstone Church College Station, Inc., a Texas non -profit corporation 4. Legal description of the land: Being a tract of land containing 7.580 acres, out of and part of the Sterritt D. Smith Survey, A -210, also being out of and part of Lot Two (2) and all of Lot Three (3) of DEER PARK ADDITION, as recorded in Volume 221, Page 295, of the Brazos County Deed Records, also being out of and a part of a called 6.8657 acre tract owned by Jerald L. and Thelma Ward as recorded in Volume 584, Pages 747 -748 of the Brazos County Deed Records, also being out of and a part of a called 1.40 acre tract owned by Jerald L. and Thelma Ward as recorded in Volume 1050, Pages 3 -6 of the Brazos County Deed Records, the 7.580 acre tract being more particularly described as follows; BEGINNING at a concrete monument, being an exterior northeast corner of this 7.580 acre tract of land, also being along the existing southwest right -of -way tine of State Highway 6; THENCE South 37° 05 East, along the common line between this tract and the said southwest right -of -way, a distance of 121.75 feet to a 5 /8" iron rod set, being an exterior northeast angle point along said southwest right -of -way line; THENCE South 31° 59'34" East, continuing along the common line between this tract and the said southwest right - of -way, a distance of 42.07 feet to a 1/2" Iron rod found; FORM T -7: Commitment for Title Insurance Page 1 Continuation of Schedule A El GF No.S33539 THENCE South 37 23 1 05 11 East, continuing along the common line between this tract and the said southwest right - of -way, a distance of 211.69 feet to a 5/8" iron rod se4 to be the east corner of this 7.580 acre tract of and, also being the north corner of a called 4.13 acre tract of land owned by Deirdre Ann Linthwaite as recorded in Volume 1085, Pages 628 -629, of the Brazos County Deed Records; THENCE South 43° 45' 54" West, departing said southwest right -of -way, along the common line between this tract and the said called 4.13 acre tract of land, a distance of 223.24 feet to a 1/2" iron rod found, to be an angle point along the southeast fine of this 7.580 acre tract of land; THENCE South 43 47'38" West, continuing along the common line between this tract and the said 4.13 acre tract of land, a distance of 399.67 feet to a 1/2" iron rod found, to be the south corner of this 7.580 acre tract of land, also being the southwest corner of the said called 4.13 acre tract of land, also being along the northeast line of a called 25.00 acre tract of land owned by Carsodonia Lapaglia as recorded in Volume 240, Pages 165 -167 of the Brazos County Deed Records; THENCE North 46° 01'34 West, along the common line between this tract and the said northeast line, a distance of 500.85 feet to a 1/2" iron rod found, to be the west corner of this 7.580 acre tract of land, also being the south corner of a called 1.837 acre tract of land owned by Kenneth Martin and Diane C. Ira as recorded in Volume 2497, Pages 211 -214, of the Brazos County Deed Records; THENCE North 43 52' 06" East, along the common line between this tract and the southeast line of the said called 1.837, a distance of 676.63 feet to a 518" iron rod set, to be the north most corner of this 7.880 acre tract of land, also being along the said southwest right -of -way; THENCE South 49 12'26" East, along the common line between this tract and the said southwest right -of -way, a distance of 129.85 feet to the PLACE OF BEGINNING, containing 330,170 square feet or 75797 acres of land, more or less, NOTE: The Company is prohibited from insuring the area or quantity of the land described herein. Any statement in the above legal description of the area or quantity of land is not a representation that such are or quantity is correct, but is made only for informational and /or identification purposes and does not override Item 2 of Schedule B hereof. FORM T -7: Commatnent for Title Insurance Paget CONWfMENr FOR TITLE INSURANCE Issued By Fidelity National Title Insuranee 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: 1. The following restrictive covenants of record itemized below (We must either insert specific recording data or delete this exception): Volume . Page Official Public Records, Brazos County, Texas (to be created at closing). NOTE: TO THE EXTENT THAT THESE RESTRICTIONS VIOLATE 42 USC 3604 (c) BY INDICATING A PREFERENCE, LDWATION OR DISCRIMINATION BASED ON RACE, COLOR, RELIGION, SEX, HANDICAP, FAMILIAL STATUS OR NATIONAL ORIGIN, SUCH RESTRICTIONS ARE HEREBY OMITTED. 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 premiam, this stern 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 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'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. 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.) FORM T -7: Commitment for Title Insaranm Page 3 Continuation of Schedule B GF No. 533539 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 B do not apply to the Texas Short Form Residential Loan Policy (T -2R). 10. The following matters and all terms of the documents creating or offering evidence of the matters (We must insert matters or delete this exception.): a. 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.) J b. Building lines and easements as reserved on plat recorded In Valium 221, Page 295, Deed Records of Brazos County, Texas. C. Right -of -Way Easement executed by Pat D. and Sandra flay McCray to City of Bryan, Texas, dated June 6, 1983, recorded in Volume 581, Page 714, Deed Records of Brazos County, Texas. %/d. Right of Way Easement executed by Jerald Ward to Wellborn Water Supply Corporation, dated August 23, 1989, recorded in Volume 1208, Page 418, Official Records of Brazos County, Texas. e. Right of Way Easement executed by Cornerstone Church College Station, Inc. to City of Bryan dba Bryan Texas Ut®iites ( "BTU"), dated April 24, 2006, recorded in Volume 7774, Page 125, Official Records of Brazos County, Texas. L Interest In and to all coal, lignite, oil, gas and other minerals, and all rights incident thereto, contained In Instrument dated Mardi 28,1947, recorded on April 12,1947, in Volume 129, Page 419, Decd Records of Brazos County, Texas. Reference to which instrument at here made for particulars. No further search of title has been made as to the interest(s) evidenced by this instrument, and the Company makes no representation as to the ownership or holder of such interest(s). g. Interest In and to all coal, lignite, oil, gas and other minerals, and all rights incident thereto, contained in instrument dated May 2,1962, recorded on May 3, 1%2, in Volume 218, Page 659, Deed Records of Brazos County, Texas. Reference to which instrument is here made for particulars. No further search of title has been made as to the Interest(s) evidenced by this instrument, and the Company makes no representation as to the ownership or holder of such interest(s). IL Interest In and to all coal, lignite, oil, gas and other minerals, and all rights incident thereto, contained in instrument dated September 23, L982, recorded on October 4, 1982, in Volans 450, Page 312, Deed Records of Brazos County, Texas. Reference to which instrument is here made for particulars. No further search of title has been made as to the interest(s) evidenced by this instrument, and the Company makes no representation as to the ownership or holler of such interest(s). i. Rights of patties in possession. (Owner's Title Polley) FO&MT•7i Commitment for Title Insurance PW4 0 0 COMMITMENT FOR TITLE INSURANCE famed 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: 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. For each entity that will execute any document in connection with the proposed closing (AND any other entity executing said document on its behalf), this company must be furnished the following authority and existence documentation: (a) Corporation - Certificate of Existence from the Secretary of State, Articles of Incorporation from the Secretary of State, and a properly executed Corporate Resolution (in recordable form) to support the proposed transaction. (b) Limited Liability Company - Certificate of Existence from the Secretary of State, Articles of Organization from the Secretary of State, copy of Regulations (and any Amendments thereto), and Secretary's Certificate On recordable form). (c) General Partnership - copy of Partnership Agreement (and any Amendments thereto). (d) Limited Partnership - Certificate of Limited Partnership from the Secretary of State, Certificate of Existence from the Secretary of State, copy of Limited Partnership Agreement (and any Amendments), and evidence of consent of United partners (in recordable form), if required. (e) Joint Venture - copy of Joint Venture Agreement (and any Amendments thereto). (f) Trust - copy of the Trust Agreement (and any Amendments thereto) for review or, in the alternative, the Trustee must file a Certification of Trust in the real property records meeting all of the provisions of Section 114.086(a) and (c) of the Texas Property Code, and provide excerpts from the Trust Agreement sufficient to evidence authority of the Trustee to enter into this transaction. FORM T -7: Commitment for Title Imarance Page 5 0 • Continuation of Schedule C The following note is for informational purposes only: GF No. 533539 The following deed(s) affecting said land were recorded within twenty-four (24) months of the date of this report: None - Title is vested by virtue of Special Warranty Deed with Vendor's Lien executed by Jerald L. Ward and Thelma C. Ward to Cornerstone Church College Station, Inc., a Texas non - profit corporation, dated January 31, 2003, recorded in Volume 5090, Page 225, Official Records of Brazos County, Texas. 8. 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, 1999, the State Board of Insurance has adopted Procedural Rule P- 27 which requires that "Good Funds" be received and deposited before a Title Agent may 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, including checks, traveler's checks, money orders and negotiable orders of withdrawal; provided multiple items shall not be used to avoid the $1,500.00IImitation; and (4) Uncertified funds in amounts of $1,500.00 or more, drafts and any other items when collected by the financial institution. Coun igned La r Title Co an of Brazos unty S Au tized Countersignature FORMT -7: Commitment for Title Insurance Page6 CJ COMMITMENT FOR TITLE INSURANCE SCHEDULED OF No. 533539 0 Effective Date: August 29, 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: 1. 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. Alan Lynn Stinson Raymond Randall Quirk Anthony John Park OFFICERS Raymond Randall Quirk Anthony John Park Daniel K. Murphy Michael L. Gravelle President and Chief Operating Officer Executive Vice President Treasurer 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. 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: Shareholder, President & Director: Jay Don Watson Shareholder, Vice President & D 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 You are further advised that the estimated title premium' is: Owner's Policy Loan Policy Endorsement Charges Other Total $2,005.00 $0.00 $0.00 $0.00 $2,005.00 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 the remainder of the estimated premium will be paid to other parties as follows: To Whom 35.00% Walter Campbell For Services 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