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HomeMy WebLinkAboutTitle InsuranceEffective Date: April 25, 2010 at 8:00 a.m. Commitment issued May 3, 2010, 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: $ (b) TEXAS RESIDENTIAL OWNER POLICY OF TITLE INSURANCE - ONE -TO -FOUR FAMILY RESIDENCES (Form T -1R) Policy Amount: $726,030.00 PROPOSED INSURED: College Station Independent School District (c) MORTGAGEE POLICY OF TITLE INSURANCE (FORM T -2) Policy Amount: $ PROPOSED INSURED: (d) TEXAS SHORT FORM RESIDENTIAL MORTGAGEE POLICY (Form T -2R) Policy Amount: $ PROPOSED INSURED: (e) MORTGAGEE TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN (Form T -13) Binder Amount: $ PROPOSED INSURED: (f) OTHER: PROPOSED INSURED: Proposed Borrower: Proposed Borrower: 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 C51S p 77-ad GF No. 00094535 3. Record Title to the land on the Effective Date appears to be vested in: Arrenia H. Ellis, Individually and as Independent Executor of the Estate of Stella G. Haupt, Deceased; Florence H. King; Lewis M. Haupt, III and Luella H. Trotter University Title Company Chicago Title Insurance Company Texas Commitment (Rev. 1 -1 -93) - Schedule A Valid Only if Schedule B and C, and Cover are attached 4. Legal description of land: See Exhibit A attached hereto and made a part hereof. SCHEDULE A - continued GF No. 00094535 SCHEDULE B EXCEPTIONS FROM COVERAGE 6. The terms and conditions of the documents creating your interest in the land. GF No. 00094535 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 2010, 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. ") 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 University Title Company Chicago Title Insurance Company Texas Commitment (Rev. 1 -1 -93) - Schedule B Valid Only if Schedule A and C, and Cover are attached SCHEDULE B - continued exceptions 1 through 8 of this Schedule B do not apply to the Texas Short Form Residential Mortgagee 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. Rights of Parties in Possession. (OWNER POLICY ONLY) GF No. 00094535 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. From: P. D. Gandy and Ruby Lee S. Gandy To: City of Bryan Dated: December 22, 1949 Recorded: Volume 141, Page 392, Deed Records, Brazos County, Texas; as noted on survey prepared in November, 2009, under the supervision of H. Curtis Strong, R.P.L.S. #4961. d. Pipe Line Easement across property from the northwest to the southeast sides: From: J. W. Machos To: Sinclair Refining Co. Dated: September 6, 1947 Recorded: Volume 132, Page 68, Deed Records, Brazos County, Texas; as shown on survey prepared in November, 2009, under the supervision of H. Curtis Strong, R.P.L.S. #4961. e. Bill of Sale - Water Rights: Grantor: Haupt Family Partnership Grantee: Haupt Water Partnership Dated: November 24, 2000 Recorded: Volume 4012, Page 288, Official Records, Brazos County, Texas; as noted on survey prepared in November, 2009, under the supervision of H. Curtis Strong, R.P.L.S. #4961. f. Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Florence H. King Lessee: Baker Exploration Company Dated: December 14, 1993 Recorded: Volume 2020, Page 93, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. g. Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Luella Haupt Trotter Lessee: Baker Exploration Company Dated: December 14, 1993 Recorded: Volume 2020, Page 113, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. h. Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Stella G. Haupt Lessee: Baker Exploration Company Dated: December 14, 1993 Recorded: Volume 2020, Page 122, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. GF No. 00094535 J• SCHEDULE B - continued Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Arrenia Haupt Ellis Lessee: Baker Exploration Company Dated: December 21, 1993 Recorded: Volume 2020, Page 140, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Lewis M. Haupt Lessee: Baker Exploration Company Dated: January 5, 1994 Recorded: Volume 2020, Page 146, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. k. Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Roy G. Courim, et al Lessee: Keith D. Graham Dated: June 26, 1991 Recorded: Volume 1357, Page 189, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. 1. Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: L. M. Haupt and Stella Geren Haupt Lessee: Lone Star Exploration Corporation Dated: July 13, 1983 Recorded: Volume 622, Page 1, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. SCHEDULE C 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, there is legal right of access to and from the land, GF No. 00094535 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, - (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 2010 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. 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.) University Title Company Chicago Title Insurance Company Texas Commitment (Rev. 1 -1 -93) - Schedule C Valid Only if Schedule A and B, and Cover are attached 12. Twenty-four Month Chain of Title: None of Record University Title Company By: Authorized Countersignature (lel/rdt) SCHEDULE C - continued GF No. 00094535 11. 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. 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 a true and correct list of DEEDS affecting title to the real property described supra for the preceding twenty -four months: Vesting by Probate to owners shown herein was dated August 27, 1997 and recorded in Volume 295, Page 268, Probate Records, Brazos County, Texas. Vesting by Probate to owners shown herein was dated April 10, 1996 and recorded in Volume 260, Page 260, Probate Records, Brazos County, Texas. Vesting Deed to owners shown herein was dated November 1, 1955 and recorded in Volume 171, Page 392, Probate Records, Brazos County, Texas. Vesting Deed to owners shown herein was dated April 14, 1971 and recorded in Volume 293, Page 782, Probate Records, Brazos County, Texas. 13. Seller to reserve mineral rights but waive surface rights. 14. Upon payment of the applicable premium, the T -19.3 endorsement will be issued. SCHEDULE D 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. Disclosure of: CHICAGO TITLE INSURANCE COMPANY, a Missouri Corporation a. The Shareholders owning or controlling, directly or indirectly, ten (10 %), or more of the shares of Chicago Title Insurance Company: CHICAGO TITLE AND TRUST COMPANY, an Illinois Corporation b. The names of the Directors of Chicago Title Insurance Company: Christopher Abbinante, Ronald R. Maudsley, Erika Meinhardt, Raymond R. Quirk, Burton J. Rain, Ernest D. Smith, Alan L. Stinson, Frank P. Willey and Thomas E. Evans c. The names of the Officers of Chicago Title Insurance Company: Chairman of the Board, President and Chief Executive Officer: Executive Vice President: Christopher Abbinante Vice President and Secretary: Vice President and Treasurer: Raymond R. Quirk Fernando Velez, Jr. Patrick G. Farenga GF No. 00094535 2. Disclosure of University Title Company, a Texas Corporation a. The names of each shareholders, owner, partner or other person having or controlling one percent (1 %) or more of the Title Insurance Agent that will receive a portion or the premium as follows: Celia Goode William C. Lipsey Michael R. Hoelscher b. 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 as follows: not applicable c. If the agent is a corporation, the names of any directors, president, executive or senior vice president, secretary and treasurer if any of the Title Insurance Agent are as follows: Celia Goode, 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 $ 4,186.00 Mortgage Policy $ Endorsement Charges $ Total $ 4,186.00 University Title Company Chicago Title Insurance Company Texas Commitment (Rev. 1 -1 -93) - Schedule D Valid Only if Schedule A, B and C, and Cover are attached 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. 00094535 * 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. University Title Company Chicago Title Insurance Company Texas Commitment (Rev. 1 -1 -93) - Schedule D Valid Only if Schedule A, B and C, and Cover are attached Exhibit A All that certain lot, tract or parcel of land being 27.017 acres situated in the CRAWFORD BURNETT LEAGUE, Abstract No. 7, Brazos County, Texas, and being a part of that certain called 136.063 acre tract described in deed from P. D. Gandy and wife, Ruby L. Gandy to L. M. Haupt, Jr. and wife, Stella Geren Haupt of record in Volume 171, Page 392, of the Deed Records of Brazos County, Texas, said 27.017 acre tract being more particularly described by metes and bounds as follows: BEGINNING at a 6' fence post found in the northeast right -of -way line of Jones - Butler Road for the most southerly corner, said corner being the most southerly corner of said called 136.063 acre tract and also being the most westerly corner of the remainder of the Oak Creek, L.L.P. called 58.52 acre tract of record in Volume 4030, Page 98; THENCE N 22° 02' 36" W, along the northeast right -of -way line of said Jones - Butler Road and the southwest line of said called 136.063 acre tract a distance of 1099.40 feet to a 1/2" iron rod with cap set for the most westerly corner, a 1/2" iron rod with cap found for the most westerly corner of said called 136.063 acre tract bears N 22° 02' 36" W a distance of 412.76 feet; THENCE N 67° 57' 24" E, a distance of 30.22 feet to a 1/2" iron rod with cap set for the BEGINNING of a curve; THENCE along said curve in a counterclockwise direction having an are length of 204.64 feet, a radius of 468.50 feet, a chord bearing of N 55° 26' 37" E, a chord length of 203.01 feet, and a delta angle of 25° 01' 34" to a 1/2' iron rod with cap set for the point of tangency of said curve; THENCE N 42° 55' 51" E, a distance of 803.46 feet to a 1/2" iron rod with cap set for the most northerly corner; THENCE S 47° 43' 18" E, a distance of 898.64 feet to a 1/2" iron rod with cap set for the most easterly corner, said corner being located in a southeast line of said called 136.063 acre tract and a northwest line of the Henry mayo, et ux, called 23.00 acre tract of record in Volume 1253, Page 878, a 1/2" iron rod with cap set for an interior ell corner of said called 136.063 acre tract bears N 41° 22' 32" E a distance of 801.63 feet; THENCE S 41° 22' 32" W, along the southeast line of said called 136.063 acre tract, the northeast line of said called 23.00 acre tract, and the northwest line of the remainder of said called 58.52 acre tract a distance of 1504.90 feet to the PLACE OF BEGINNING AND CONTAINING AN AREA OF 27.017 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 area or quantity is correct, but is made only for informational and/or identification purposes and does not override Item 2 of Schedule B hereof.