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HomeMy WebLinkAboutTitle Report TITLE POLICY it Pak TEXAS LOAN TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN COVER SHEET GF NO.: 00104483 POLICY NO.: NMA01120110186 -ICB PROPERTY CODE: COUNTY: Brazos AMOUNT OF INSURANCE: $1,100,000.00 DATE OF POLICY: January 5, 2011 at 2:13 P.M. RATE RULE(S) /CODE(S): PREMIUM: 8020 $ 229.00 TOTAL $ 229.00 NAME OF INSURED: IIGK Property Management, Ltd., a Texas Limited Partnership University Title Company National Investors Title Insurance Company Texas Loan Title Policy Binder on Interim Construction Loan T13 (Rev. 1 -1 -93) - Cover Sheet dram TExAS LOAN TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN SCHEDULE A Amount: $ 1,100,000.00 Policy No.: NMA01120110186 -ICB Date and Time of Binder January 5, 2011 at 2:13 P.M. GF No. 00104483 Proposed Insured: IIGK Property Management, Ltd., a Texas Limited Partnership Proposed Borrower: PIL Investments, LLC, a Texas Limited Liability Company Recorded title at the date hereof appears vested in: PIL Investments, LLC, a Texas Limited Liability Company DESCRIPTION OF THE LIEN (must have been filed for record): Vendor's Lien retained in Deed: Grantor: K.S. Moss Capital Corp., a Texas Corporation Grantee: PIL Investments, LLC, a Texas Limited Liability Company Dated: December 31, 2010 Recorded: January 5, 2011, Volume 9981, Page 234, Official Records, Brazos County, Texas. Deed of Trust, Security Agreement and Financing Statement Grantor: PIL Investments, LLC, a Texas Limited Liability Company Trustee: Neal Potts and John Messer Amount: $1,100,000.00 Beneficiary: IIGK Property Management, Ltd., a Texas Limited Partnership Dated: December 31, 2010 Recorded: January 5, 2011, Volume 9981, Page 242, Official Records, Brazos County, Texas. LEGAL DESCRIPTION of the property referred to in this Binder. See Exhibit A attached hereto and made a part hereof. University Title Company National Investors Title Insurance Company Texas Loan Title Policy Binder on Interim Construction Loan T-13 (Rev. I -1 -93) - Schedule A Valid Only if Schedule B-I, B -II and C are attached 0 APa4 t, SCHEDULE B - Part 1 Policy No.: NA01120110186 -ICB GF No.: 00104483 M Showing defects, objections, liens, exceptions and reservations, to be shown as exceptions under SCHEDULE B of the Policy: 1. The no ha restrictive violated covenants to affect, and below, but future the violation p the thereof will not affect, the validity or covenants have not been violated priority of the mortgage hereby insured (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. 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 ecause of mp ovements not anted ssessed for a previous t xeyear the property under Section 11.13, Texas Tax Code, 4. In the event a Mortgagee Policy is issued prior to the improvements having been completed and accepted by the owner, and before satisfactory evidence that all outstanding bills have been paid or satisfied has been furnished to the Company issuing said Mortgagee Policy, an additional exception will be inserted under Schedule B of said Mortgagee Policy, excepting to "Mechanic's and materialmen's liens," as well as "pending disbursements" (if applicable), the wording of said exception being as promulgated by the Texas Department of Insurance and specifically set out as Rule P8b3 in the Basic Manual of Rules Rates and Forms for the Writing of Title Insurance in the State of Texas. 5. (Insert here all other specific exceptions Schedule liens, the Mortgagee Policy.) t ng mineral and royalty interests, etc., which will be shown as exceptions under a. "All leases, grants, exceptions or reservations of coal, lignite, oil, gas and other minerals, together with all rights, privileges, and immunities relating thereto, appedring 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." b. Visible and apparent easements. c. Portion of the property within any roadway. d. Any encroachment, encumbrance, violation, svrvey land. adverse circumstance affecting title that would be e disclosed by an accurate complete e. Easement: From: Icy Barron Dowling, et vir To: The City of Bryan, Texas Dated: August 11, 1961 Recorded: Volume 213, Page 507, Deed Records, Brazos County, Texas. f. Easement: From: K. S. Moss Capital Corp. To: City of College Station, Texas Dated: May 27, 2004 Recorded: Volume 6067, Page 259, Official Records, Brazos County, Texas. • • University Title Company National Investors Title Insurance Company Texas Loan Title Policy Binder on Interim Construction Loan 1 I3 (Rev. 1 -1 -93) - Schedule B -t Valid Only if Schedule A, &Il and C are attached 0 0 SCHEDULE B - Part I - continued Policy No.: NMA01120110186 -ICB GF No.: 00104483 g. Easement: From: K. S. Moss Capital Corp. To: MOV Partnership Dated: November 4, 2009 Recorded: Volume 9385, Page 288, Official Records, Brazos County, Texas, h. Mineral Reservation in Deed by Terms of Conveyance of Surface Only: B LaNelda F. Goodin To: Patrick Anthony Farrell, et ux Dated: September 17, 1984 Recorded: Volume 726, Page 370, Official the Records, Brazos County, Texas. Title to said interest has not been investigated subsequent Mineral Reservation in Deed with Surface Waiver: By: Patrick Anthony Farrell a /k/a Anthony Patrick Farrell To: John L. Willingham Dated: January 30, 1995 Recorded: Volume 2292, Page 96, Official 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: LaNelda F. Goodin Lessee: Cities Service Company Dated: September 29, 1978 Recorded: Volume 33, Page 518, Oil & Gas Lease Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. SCHEDULE B - Part II GF No.: 00104483 Policy No.: NMA01120110186 -ICB Showing matters that affect the title to the estate or interest in the land described or referred to in SCHEDULE A, but the Company commits to insure the Proposed Insured in the Mortgagee Policy against Loss, if any, sustained by said Insured under the Policy if said matters are not subordinate to the lien described in SCHEDULE A. University Title Company National Investors Title Insurance Company Texas Loan Title Policy Binder on Interim Construction Loan T13 (Rev. 1 -1 -93) - Schedule B -I1 Valid Only if Schedule A, B-I and C are attached 0 SCHEDULE C Policy No.: NMA01120110186 -ICB GF No.: 00104483 Showing requirements to be complied with; defects and objections to be removed or eliminated, and liens and encumbrances to be satisfied and discharged of record before the policy will be issued without exceptions thereto: . Evidence satisfactory to the Company that: a. No materials have been furnished or any labor performed in connection with the construction contemplated hereunder prior to the execution, acknowledgment and delivery of the lien instrument described under SCHEDULE A hereof, if the land described under SCHEDULE A forms any part of the homestead of the owner. (This item may be deleted if satisfactory evidence is furnished before binder is issued). b. Improvements have been completed and accepted by the owner. c. All bills for labor and materials have been paid in full and no mechanic's, laborer's or materiahnen's liens have attached. d. Restrictions or restrictive covenants have not been violated. 2. Payment of the full consideration to, or for the account of, the grantors or mortgagors. 3. Payment of all standby fees, taxes, charges and assessments levied or assessed against the subject estate or interest, which are currently due and payable. 4. Satisfactory evidence of legal right of access to and from the land. 5. (Here show outstanding liens or other matters which must be disposed ofat br before issuance of policy.) University Title Company By: 674? i ( c- a� a/ry Authorized Counte � nature ( km1) University Title Company National Investors Title Insurance Company Texas Loan Title Policy Binder on interim Construction Loan T -13 (Rev. 1 -1 -93) - Schedule C Valid Only if Schedule A, 6-I and B -I1 are attached 0 Exhibit A A-54, Brazos County, Texas all n of t f th ract or 0 of tract ct nve by part of that and all of that 1.03 acre tract conveyed to Patrick Anthony x by LaNelda F. Goodin ( 83/223) and being described as follows: 5.00 acre tract of land conveyed to Patrick Farrell, et y BEGINNING: • at a 5/8" iron rod found at the most southerly common corner E. said 9.06 P and 86/370) and 50.80 he Agency, acre Agency, Inc. 9.48 acre tract (1532/208), same being in the northeast line of the (929/216); THENCE: N 45° 00' 00" E - 2019.50 feet along the common between said a e beinrai cts and s thwestCi Agency tract . line o a 1/2" iron rod set for the most northerly common corner of said two State Hwy. 6; THENCE: S 46° 00' 28" E - 307.46 feet along said State Hwy. 6 line to a 1/2" iron rod set for the most northerly common corner of said Farrell tracts and the Stephen Roliard 14.23 acre tract (1731/214); rell tracts and said THENCE: S 44° 59' 41" W - 2026.00 feet along the common line b we a be n Fn Porter and Wood Roliard to a 1/2" iron rod found for the most southerly common corner of said trac, THENCE: N 44° 47' 47" W - 307,60 feet along the common line bet ween land, said F r r less06 acre tract and said Porter and Wood tract to the PLACE OF BEGINNING, and containing 14.28 acres SAVE AND EXCEPT: 3.76 acre tract or parcel of land lying and being situated in the Robert Stevenson Survey, Abstract No. 54, College Station, Brazos County, Texas and being part of a 14.28 acre tract 63 described e 147 of he Offical c First Feeral Records of Brazos County, Texas Texas to K. S. Moss Capital Corp., recorded in Volume 2763, Page and said 3.76 acre tract, being more particularly described as follows: BEGINNING at - a 1/2" iron rod set at the commons corner between the beforementioned Volume 144 8 Page rat and the the 3i 8 acre Public Tra No. 3 described in the Deed to College Station Market Place, recorded Records of Brazos County, Texas, same being in the Southwest right of way line of State Highway No. 6 (320' right of way); tracts: THENCE S 43° 45' 31" W along the common line b ender of the beforementioned a 14.0679 acre tract ncthe and the Deed f to Il Sprnng Creek CS the beforementioned 3.838 acre tract and the remainder Texas, at a distance Development, Ltd., recorded in Volume 5583, Page 120 of the Official Public Records of Brazos County, of 13.6 feet pass a 1/2" iron rod found at a 2" iron pipe fence post, continue on, for a total distance of 620.76 feet to a 1/2" iron rod set; THENCE along the East bank of a tributary to Spring Creek, (current tributary now a pond 10 - 15 feet deep) as follows: N 58° 19' 33" W for a distance of 14.70 feet; S 86° 08' 53" W for a distance of 17.34 feet; N 07° 48' 39" W for a distance of 13.28 feet; N 27° 44' 44" E for a distance of 19.27 feet; N 20° 21' 43" E for a distance of 26.99 feet; N 10° 35' 46" E for a distance of 26.45 feet; N 06° 33' 25" W for a distance of 40.46 feet; N 14° 16' 14" W for a distance of 30.58 feet; N 55° 12' 48" W for a distance of 98.87 feet; • N 14° 40' 45" W for a distance of 20.89 feet; . N 31° 52' 31" E for a distance of 38.27 feet; N 02° 58' 15" E for a distance of 27.67 feet; N 4 5 52' 05 07° 5 13' 0 22" W for a distance feet; N 4 plat recorded Volume 4377, .e ° 05" W for a distance o f 20.26 e feet to a 1/2" iron rod set on the according to the p tween the bef 14.28 14.2 28 acrcre tract and Lot 1, Block 1 - 3.935 acres - K.T.H. Commercial Addition, of the Official Publi Records of Brazos County, Texas; HE N 43° 45' 50" E along the common line between the beforementioned . 8 ac er b act a n Lot said B lock 1, K. T.H. Commercial tract THENCE: Addition, adjacent to a fence, for a distance of 443.48 feet to the common and lot 1, Block 1, K.T.H. Commercial Addition in the Southwest right of way line of State Highway No. 6; for a distance of THENCE 5 19' 17" E along the Southwest right of way line of the beforementioned State Highway No. 6 307.47 feet to the PLACE OF BEGINNING, containing 3.76 acres of land, more or less; LEAVING 10.52 ACRES, MORE OR LESS. in the Company is prohibited from insuring the area or quantity of the land described herein. is nyr to to but i s made above only for informational NOTE: The es p Y p uantit of land is not a representation that such area or quantity legal description n the area or q Y only for nformatioonnas{ l andlor identification purposes and does not override Item 2 of Schedule B hereof.