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HomeMy WebLinkAboutTitle Insurance TEXAS COMMITMENT FOR TITLE INSURANCE SCHEDULE A Effective Date: March 11, 2007 at 8:00 a.m. GF No. 00071132 Commitment issued March 23, 2007, 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: $155,000.00 PROPOSED INSURED: 1999 Properties, Ltd. (b) TEXAS RESIDENTIAL OWNER POLICY OF TITLE INSURANCE - ONE -TO -FOUR FAMILY RESIDENCES (Form T -1R) Policy Amount: $ PROPOSED INSURED: (c) MORTGAGEE POLICY OF TITLE INSURANCE (FORM T -2) Policy Amount: $ PROPOSED INSURED: Proposed Borrower: (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: 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: Patricia Griffin and Jane Clayton Oaks, as Trustees of the Jane Clayton Oaks Revocable Trust University Title Company First American Title Insurance Company Texas Commitment T -7 (Rev. I -1 -93) - Schedule A Valid Only if Schedule B, C, D and Cover are attached A ){ SCHEDULE A - continued GF No. 00071132 4. Legal description of land: See Exhibit A attached hereto and made a part hereof. n Iiir SCHEDULE B GF No. 00071132 EXCEPTIONS FROM COVERAGE 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 2007, 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. ") 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 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 First American Title Insurance Company Texas Commitment T -7 (Rev. 1 -1 -93) - Schedule B Valid Only if Schedule A, C, D and Cover are attached /� f 4110 11. • SCHEDULE B - continued GF No. 00071132 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. Right -of -Way Easement: From: Frank Barak To: City of Bryan Dated: April 17, 1937 Recorded: Volume 98, Page 76, Deed Records, Brazos County, Texas. c. Easement: From: Ray B. Criswell, Jr., Trustee To: City of College Station Dated: February 1, 1979 Recorded: Volume 417, Page 859, Deed Records, Brazos County, Texas. d. Easement: From: Gary Griffin and Lane Coulter To: City of College Station Dated: Ap ril 11, 1986 Recorded: Volume 876, Page 34, Official Records, Brazos County, Texas. e. Mineral Reservation in Deed: By: Interstate Promotional Printing Company To: E. W. Schultz, Jr., Trustee Dated: October 3, 1983 Recorded: Volume 633, Page 406, Official Records, Brazos County, Texas; Modified by Surface Waiver: Recorded: Volume 758, Page 436, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. f. Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Interstate Promotional Printing Co., Inc. Lessee: Sage Energy Company Dated: August 20, 1992 Recorded: Volume 1678, Page 165, Official Records, Brazos County, Texas; Amended: Recorded: Volume 1771, Page 162, Official Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. a 101 . • SCHEDULE C GF No. 00071132 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, 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 2007 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.) 11. ARBITRATION: The Owner Policy of Title Insurance (Form T-1) and the Mortgagee Policy of Title Insurance (Form T -2) contain an University Title Company First American Title Insurance Company Texas Commitment T -7 (Rev. 1 -1 -93) - Schedule C Valid Only if Schedule A, B, D and Cover are attached a01-, lir SCHEDULE C - continued GF No. 00071132 arbitration provision. It allows the Insured or the Company to require arbitration if the amount of insurance is $1,000,000 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. 12. 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 fmal approval by lender. 13. Twenty - four Month Chain of Title: 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: None of Record Vesting Deed to owners shown herein was dated September 10, 2001 and recorded in Volume 4316, Page 190, Official Records, Brazos County, Texas. Vesting Deed to owners shown herein was dated March 12, 1991 and recorded in Volume 1247, Page 543, Official Records, Brazos County, Texas. 14. We must be furnished with the Trust Agreement of The Jane Clayton Oaks Revocable Trust. Additional requirements may be made upon examination of said agreement. It is necessary that a complete copy of the agreement be reviewed, not just excerpts. Upon review, title production will make exact requirements for the conveyancing or mortgaging of trust property, as they pertain to the file. 15. Company requires the joinder of Gary Griffin in any transaction involving subject property. 16. Determine if Jane Clayton Oaks and Jane O. Coulter are one and the same person. Additional requirements may be necessary. University Title Company By: I . ( LI Authorized Countersignature (Iel /rd() VA" 410 SCHEDULE D GF No. 00071132 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. UNDERWRITER: First American Title Insurance Company, a California corporation. Shareholder owning or controlling, directly or indirectly, ten percent or more of the shares of First American Title Insurance Company: wholly owned subsidiary of The First American Corporation, a public company Directors: Gary J. Beban, J. David Chatham, William G. Davis, Craig I. DeRoy, James L. Doti, Lewis W. Douglas, Jr., Paul B. Fay, Jr., Donald P. Kennedy, Parker S. Kennedy, Gary L. Kermott, Thomas A. Klemens, John W. Long, Herbert B. Tasker, Frank E. O'Bryan, James M. Orphanides, Roslyn B. Payne, D. Van Skilling, Virginia M. Ueberroth and Martin R. Wool Officers: Chairman of the Board - Parker S. Kennedy; Vice Chairman of the Board - Donald P. Kennedy; President - Gary Lewis Kermott; Vice President - Thomas A. Klemens; Vice President/Secretary and Corporate Counsel - Mark R. Arnesen; Vice President and General Counsel - Timothy P. Sullivan; Vice President and Chief Financial Officer - John R. Thomas; Regional Vice President - Tom E. Blackwell 2. AGENT: UNIVERSITY TITLE COMPANY a. The names of each shareholder, owner, partner or other person having, owning or controlling one percent (1%) or more of the Title Insurance Agent that will receive a portion of the premium are as follows: Celia Goode William C. Lipsey Michael R. Hoelscher b. Each shareholder, owner, partner or other person having, owning or controlling ten percent (10 %) or more of an entity that has, owns or controls one percent (1%) or more of the Title Insurance Agent that will receive a portion of the premium are as follows: not applicable c. The following persons are officers and directors of the Title Insurance Agent: Officers Directors President - Celia Goode Celia Goode Vice President - Michael R. Hoelscher Michael R. Hoelscher Secretary/Treasurer - William C. Lipsey William C. Lipsey 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 $ 1,137.00 Mortgage Policy $ Endorsement Charges $ Total $ 1,137.00 Of this total amount: $ or 15.00% will be paid to the policy issuing Title Insurance Company: S 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 To Whom For Services * The estimated premium is based upon information fumished 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 State Board of Insurance. A 01- Exhibit A Metes and bounds description of all that certain 1.62 acre tract or parcel of land, lying and being situated in the Morgan Rector League, Abstract No. 46, College Station, Brazos County, Texas, and being that same 1.62 acre tract conveyed from Jesse W. Jones, Sr., to the Griffin- Coulter Partnership, as described by Deed Recorded in Volume 758, Page 438, of the Official Records of Brazos County, said 1.62 acre tract being more particularly described as follows: BEGINNING at a 5/8" iron rod found marking the north corner of said 1.62 acre tract and the east corner of Lot 9, Block 2, of the Vacating and Subdivision of Bernadine Estates, 1st Installment, as shown by plat recorded in Volume 428, Page 636, of the Deed Records of Brazos County, Texas. Said corner lying also in the west right -of -way line of Texas State Highway No. 6 East Bypass; THENCE S 01° 52' 33" E for a distance of 219.93 feet with said right -of -way line to a concrete monument found for angle point; THENCE S 11° 07' 16" W for a distance of 296.27 feet with said line to a 1/2" iron rod found marking the east corner of Lot 2, Block "B ", of the Haney- Highway 6 Subdivision, as shown by plat recorded in Volume 805, Page 621, of the Official Records of Brazos County, Texas; THENCE N 47° 19' 36" W for a distance of 309.31 feet with the northeast line of said subdivision to a 1/2" iron rod found marking the north corner of said subdivision and lying in the southeast line of the aforesaid Bernadine Estates; THENCE N 42° 40' 24" E for a distance of 409.20 feet with said line to the PLACE OF BEGINNING and containing 1.62 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. A nl