HomeMy WebLinkAboutTitle InsurancePolicy No.
G.F. No.
By:
THE FOLLOWING COMMITMENT FOR TITLE INSURANCE IS NOT VALID
UNLESS YOUR NAME AND THE POLICY AMOUNT ARE SHOWN IN SCHEDULE A,
AND OUR AUTHORIZED REPRESENTATNE HAS COUNTERSIGNED BELOW.
Authorized Count =rsignature
COMMITMENT FOR TITLE INSURANCE
Issued by
National Investors Title Insurance Company
P.O. Drawer 2687, Chapel Hill, North Carolina 27515 -2687
(919) 968 -2200 • www.lnvtitle.com
We (National Investors 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.
National Investors Title Insurance Company
President
Attest:
Secretary
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 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 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.
Form No. T-7 (02J01/2010) Texas Commitment for Title Insurance
Effective Date: November 22, 2011 at 8:00 a.m.
Commitment issued December 8, 2011, 8:00 a.m.
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: $
PROPOSED INSURED:
(b) ONE-TO-FOUR F MIL RESIDENCES (Form T-1RICY OF TITLE
Policy Amount: $
PROPOSED INSURED:
(c) MORTGAGEE POLICY OF TITLE INSURANCE (FORM T -2)
Policy Amount: $606,400.00
PROPOSED INSURED:
Extraco Banks
Proposed Borrower:
Boardwalk at Dominik, LLC
(d) TEXAS SHORT FORM RESIDENTIAL MORTGAGEE POLICY (Form T -2R)
Policy Amount: $
PROPOSED INSURED:
Proposed Borrower:
(e) MORTGAGEE TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN (Form T -13)
Binder Amount $
PROPOSED INSURED:
(f) OTHER:
Proposed Borrower:
Policy Amount: $
PROPOSED INSURED:
TEXAS COMMITMENT FOR TITLE INSURANCE
SCHEDULE A
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:
Jane Allen Jarmek Clark a/k/a Jane A. Jarmek Clark Malas — Tract One
Dwayne P. Walters and Diane A. Walters — Tract Two
GF No. 00113520
National Investors Title Insurance Company
University Tftle Company
Texas Commitment (Rev.
1 -1 -93) - Schedule A Valid Only if Schedule B and C, and Cover are attac
SCHEDULE A - continued
GF No. 00113520
4. Legal description of land:
Tract One:
Lot Twenty (20), Block Five (5), University Oaks, Section Two, City of College Station, according to plat thereof
recorded in Volume 289, Page 555 of the Deed Records of Brazos County, Texas.
Tract Two:
Lot Twenty- four .R (24R), Block Five (5), Replat of Lots 24 & 25, Block 5, University Oaks, Section Two, City of
College Station, according to plat thereof recorded in Volume 2268, Page 51 of the Official Records of Brazos
County, Texas.
SCHEDULE B
EXCEPTIONS FROM COVERAGE
GF No. 00113520
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):
Tracts One & Two: 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 2012, 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 Cade, 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 coimection 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 National Investors Title Insurance Company
Texas Commitment (Rev. 1 - - 93) - Schedule B Valid Only if Schedule A and C, and Cover are attached
SCHEDULE B - continued.
OF No. 00113520
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."
(LENDER'S POLICY ONLY)
c. 30' and 25' building lines on the southeast side; 7.5' building line on the southwest and northeast sides; 20'
building line and 10' utility easement on the northwest side; as shown on plat recorded in Volume 289, Page 555
of the Deed Records of Brazos County, Texas; as shown on survey prepared on November 22, 2011, under the
supervision of Brad Kerr, R.P.L.S. #4502. (Tract One)
d. Any Claim or right of adjoining property owner(s) to that strip of land lying between the fence and the boundary
line on the northeast side of the property, as shown on survey prepared on November 22, 2011, under the
supervision of Brad Kerr, R.P.L.S. #4502. (OWNER POLICY ONLY) (Tract One)
e. 20', 25' and extension of 30' building line on the southeast side; 7.5' building line on the northeast and southwest
sides; 20' building line and 10' utility easement on the northwest side; 5' utility easement on the northeast side;
shown on re -plat recorded in Volume 2268, Page 51 of the Official Records of Brazos County, Texas; as shown
on survey prepared on October 20, 2011, under the supervision of Brad Kerr, R.P.L.S. #4502. (Tract Two)
a. Any Claim or right of adjoining property owner(s) to that strip of land lying between the fence and the boundary
line on the southwest side of the property, as shown on survey prepared on October 20, 2011, under the
supervision of Brad Kerr, R.P.L.S. #4502. (OWNER POLICY ONLY) (Tract Two)
b. Fence lies outside the property on the northeast and northwest side of the property, as shown on survey prepared
on October 20, 2011, under the supervision of Brad Kerr, R.P.L.S. #4502. (OWNER POLICY ONLY) (Tract
Two)
SCHEDULE C
GF No. 00113520
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, Iien 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 2012 and subsequent years, 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. ", 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. If requested in lenders closing instructions and upon payment of applicable premium, we will issue the T -53 Texas
Limited Coverage Residential Chain of Title Policy.
9. 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.
10. 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.
11. 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.)
University Title Company National Investors Title Insurance Company
Texas Commitment (Rev. 1 -1 -93) - Schedule C Valid Only if Schedule A and B, and Cover are attached
SCHEDULE C - continued
GF No. 00113520
12. ARBITRATION:
The Owner Policy of Title Insurance (Form T -1) and the Mortgagee Policy of Title Insurance (Form T -2) contain an
arbitration provision. It allows the Insured or the Company to require arbitration if the amount of insurance is
$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 , please 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.
13. 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 lender.
14. Twenty -four Month Chain of Title:
The following is a 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 May 12, 2006 and recorded in Volume 7341, Page 208,
Official Records, Brazos County, Texas. (Tract One)
Vesting Deed to owners shown herein was dated June 1, 2006 and recorded in Volume 7364, Page 286,
Official Records, Brazos County, Texas. (Tract Two
15. Record a Release of Deed of Trust to secure a Note:
Grantor: Dwayne P. Walters and Diane A. Walters
Trustee: Timothy N. Bryan
Beneficiary: The First National Bank of Bryan
Amount: 895,625.00
Dated: June 1, 2006
Recorded: Volume 7364, Page 288, Official Records, Brazos County, Texas.
Said lien being assigned to Prosperity Bank by Assignment:
Dated: February 4, 2009
Recorded: Volume 8965, Page 110, Official Records, Brazos County, Texas. (Tract Two)
16. Seller to reserve mineral rights. (Tract One)
University Title Company
By: Abe ` °�,:. f !A An "- u \
Authorized Countersignature (JMP /rdf)
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
SCHEDULE D
To Whom For Services
GF No. 00113520
* 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.
This commitment is invalid unless the insuring provisions and Schedules A, B and C are attached.
University Title Company National Investors Title Insurance Company
Texas Commitment (Rev. 1 -1 -93) - Schedule D Valid Only if Schedule A, B and C, and Cover are attached
SCHEDULE D
GF No. 00113520
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 Shareholder owning or controlling, directly or indirectly, ten percent or more of the shares of the
Underwriter:
National Investors Title Insurance Company is a wholly owned subsidiary of Investors Title Company.
Directors: J. Allen Fine, James A. Fine, Jr.; W. Morris Fine; C. Toddy Murphy; L. Dawn Martin
Officers:J. Allen Fine, Chairman and CEO; W. Morris Fine, President and COO; James A. Fine, Jr., EVP and CFO;
George A. Snead, EVP; C. Todd Murphy, SVP; Elizabeth B. Lewter, VP and Treasurer; Mice Aicen, Senior Vice
President and Secretary; Joanna Tillottson, Senior Vice President
2. Disclosure of University Title Company, a Texas Corporation
a. A listing of each shareholder, owner, partner or other person having or controlling one percent (I%) or more of the Title
Insurance Agent that will receive a portion of the pi a ilium:
Celia Goode - Haddock
William C. Lipsey
Michael R. Hoelscher
Karen McCarroll
b. A listing of each shareholder, owner, partner, or other person having or controlling 10 percent (10 %) or more of any
entity that has, owns or controls one percent (1 %) or more of the Title Insurance Agent that will receive a portion of the
premium: not applicable
c. The following is a list of its officers and directors:
Celia Goode - Haddock, Chairman/CEO and Director
Karen McCarroll, President/COO and Director
Joseph Poteet, Senior Vice President and Director
Michael R. Hoelscher, Vice President and Director
William C. Lipsey, Secretary/Treasurer and Director
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 $ 1,964.00
Mortgage Policy $ 1,683.00
Endorsement Charges $ 479.70
Total $ 4.126.70
University Title Company National Investors Title insurance Company
Texas Commitment (Rev. 1 -1 -93) - Schedule D Valid Only if Schedule A, B and C, and Cover are attached
National Investors 'Title Insurance Company
DELETION OF ARBITRATION PROVISION
(Not applicable to the Texas Residential Owner's 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:
`Hither 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
FormNo. T -7 (02/01/2010) Texas Commitment for Title Insurance
Title insurance insures you against loss
resulting from certain risks to your title.
I
The commitment for Title Insurance is the ff
title insurance company's promise to issue
the title insurance policy. The
commitment is a legal document. You
should review it carefully to completely s
understand it before your closing date.
National Investors Title Insurance Company
TEXAS TITLE INSURANCE INFORMATION
El seguro de titulo le asegura en relacion a perdidas
resultantes de ciertos riesgos que pueden afectar el titulo ;
de su propriedad. El Compromiso para Seguro de Titulo
es la promesa de la compafiia aseguradora de titulos de
emitir la poliza de seguro de titulo. El Compromiso es
un documento legal. Usted debe leerlo cuidadosamente I
y endenterlo complemente antes de la fecha para
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 coverage 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.
Form No. T -7 (02/01/2010) Texas Commitment for Title Insurance
-4 1t National Investors Title Insurance Company
IMPORTANT NOTICE
To obtain information or make a complaint:
You may call National Investors Title
Insurance Company's toll -free telephone
number for information or to make a complaint
at:
1- 877 - 256 -8098
You may also write to
National Investors Title Insurance Company
at:
You may contact the Texas Department of
Insurance to obtain information on companies,
coverages, rights or complaints at:
Form No. TX -123 (4/2010)
9442 N. Capital of Texas Hwy
Plaza II, Suite 220
Austin, TX 78759
1- 800 - 252 -3439
You may write the
Texas Department of Insurance:
P.O. Box 149104
Austin, TX 78714 -9104
Fax: (512) 475 -1771
Web: http:l/www.tdi.state.tx.us
E -mail:
ConsumerProtection@tdIstate.lx.us
PREMIUM OR CLAIM DISPUTES:
Should you have a dispute concerning your
premium or about a claim you should contact
National Investors Title Insurance Company
first. If the dispute is not resolved, you may
contact the Texas Department of Insurance.
ATTACH THIS NOTICE TO YOUR POLICY:
This notice is for information only and does
not become a part or condition of the attached
document.
AVISO IMPORTANTE
Para obtener informacion o para someter una
queja:
Usted puede Ilamar al numero de telefono
gratis de National Investors Title Insurance
Company's para informacion o para someter
una queja al:
1-877-256-8098
Usted tambien puede escribir a
National Investors Title Insurance Company:
9442 N. Capital of Texas Hwy
Plaza II, Suite 220
Austin, TX 78759
Puede comunicarse con el Departamento de
Seguros de Texas pars obtener informacion
acerca de companias, coberturas, derechos o
quejas al:
1-800- 252 -3439
Puede escribir al
Departamento de Seguros de Texas:
P.O. Box 149104
Austin, TX 78714 -9104
Fax: (512) 475 -1771
Web: http: /lwww.tdi.state.tx.us
E -mail:
ConsumerProtection@tdIstate.bc.us
DISPUTAS SOBRE PRIMAS 0 RECLAMOS:
Si tiene una disputa concerniente a su prima
o a un reciamo, debe comunicarse con
National Investors Title Insurance Company
primero. Si no se resuelve la disputa, puede
entonces comunicarse con el departamento
(TDI).
UNA ESTE AVISO A SU POLIZA:
Este aviso es solo pare proposito de
informacion y no se convierte en parte o
condicion del documento adjunto.
28 TAC § 1.601(ax3)