HomeMy WebLinkAboutTitle Insurance • •
Old Republic National Title Insurance Company
400 Seeund Avenue South
Minneapolis, MinnGsQta 55401
Commitment For Title Insurance
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* OLD REPUBLIC NATIONAL '13 I'LE INSURANCE COMPANY
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AGGIELAND T I t Lt: COMPANY
3740 Coppertleid Dr., Suite 101
Bryan, TX 77802
979 ! 731 -8400
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TEXAS TITLE INSURANCE INFORMATION
Title insurance insures you against loss resulting from El seguro ,de titulo le asegura en relacibn a pbrdidas
certain risks to your title. resultantes de clortos riesgos qua pueden afectar el titulo
de su propiedad,
The Commitment for Title Insurance is the title insurance
company's promise to Issue the title insurance policy. The El Compromiso pars Seguro do Titulo es la promesa de la
Commitment is a legal document. You should review it cornpartla aseguradora de titulos de emitir la pBliza de
carefully to completely understand it before your closing eoguro do titulo. El Compromiso es un documento legal.
date. Usted debe Ieerlo cuidadosamente y entenderto
cnmpletamonte antes de la fecha pare finalizar su
transacclOn.
Your Commitment for 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.
Beim issuing a Commitment for Title Insurance (the Commitment) or a Title Insurance Policy (tile Policy), the Title Insuanco 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 8 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 he 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 he 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
natters shown in Schedules O 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 hut does not cover in a particular instance. Exceptions are shown
on Schedule 8 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 bo on Schedule B of the Policy.
EXCLUSIONS are title risks that a Policy generally does not cover. Exclusions are contained in the Polley but not shown
or discussed in the Commitment.
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— CONDITIONS are additional provisions that qualify or limit your coverage. Conditions include your responsibilities and those
of the Company. They are contained in the Policy but not shown or discussed In the Commitment. The Policy Conditions are
not the same as the Commitment Conditions.
You can get a copy of the policy form approved by the Texas Department of Insurance by calling the Title Insurance Company at 1- 888 - 678 -1700
or by calling the line insurance agent that issued the Commitment. The Texas Department of Insurance may revise the policy form from time to lime.
You can also get a brochure that explains the policy from the Texas Department of Insurance by calling 1 -800- 252 -3439.
Before the Policy is issued, you may request changes in the policy. Sorne at the changes to consider are:
— Request amendment of the area and boundary' exception (Schedule B, paragraph 2). To get this amendment, your must furnish a survey and
comply with other requirements of tho Company. On tho Owner Policy, you must pay an additional premium for the amendment. If the survey is
acceptable to the Company and if the Company's other requirements are met, your Policy will Insure you against loss because of discrepancies
or conflicts in boundary lines, encroachments or protrusions, or overlapping of improvements. The Company may Then decide not to Insure
against specific boundary or survey problems by making special exceptions in the Policy. Whether or not you request amendment of the "area
and boundary" exception, you should determine whether you want to purchase and review a survey if a survey is not being provided to you.
— Allow the Company to add an exception to "rights of parties In possession." It you refuse this exception, the Company or the title
insurance agent may Inspect the property. The Company may except to and not insure you against the rights of specific persons, such
as renters, adverse ownors or casement holders who occupy the land. Tho Company may charge you tor the Inspection. If you want
to make your own Inspection, you must sign a Waiver of Inspection form and allow the Company to add this exception to your Policy.
The entire premium for a Policy roust be paid when the Policy IS issued, You will not owe any additional prernitims unless you want to increase
your coverage at a later date and the Company agrees to add an Increased Value Endorsement.
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CONDITIONS AND STIPULATIONS
1. 0 you have actual knowledge of any matter which may affect the title or mortgage covered by this Commitment, that is not shown
in Schedule 8, you must notify us In writing. If you do not notify us in writing, ow liability to you is ended or reduced to the extent
that your failure to notify us affects our liability. 0 you do notify us, or we learn of such matter, we may amend Schedule 8, 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 he subject to the following terms of the Policy.
Insuring Provisions, Conditions and Stipulations, Exceptions and Exclusions.
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THE FOLLOWING COMMITMENT FOR TITLE INSURANCE IS NOT VALID UNLESS YOUR NAME AND THE POLICY AMOUNT
ARE SHOWN IN SCHEDULE A, AND OUR AUTHORIZED REPRESENTATIVE HAS COUNTERSIGNED BELOW.
We (Old Republic National 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 ynur 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 terns of this Commitment and end when this Commitment
expires.
AGGIELAND TITLE COMPANY
3740 Copperfiield Dr., Suite 101
Bryan, TX 77802
878 / 731.8400
OLO REPUBLIC NATIONAL TITLE INSURANCE COMPANY
A Stock Company
400 Second Arent So Mnnaapo!s. M'nesola 55401
(614 371 I l l )
Au o 7ired Signatory ' � n x
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roan nRr 711$7 Cairnir. m tat Irk. Ins,rzxe Me 1 0— L, -` . 4:
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* * AGGI�i1,AND TITLE COMPANY
.* Privacy Polley Notice
PURPOBU OP THIS NOUC>E:
Title V of the Gramm - Leath- Bliley Act (GLBA) generally prohibits any Mandel Institution, directly
or through Its affiliates, from sharing • nonpublic personal Information about you with a
nonaffiliated third party unless the Institution provides you with a notice of its privacy poticles and
practices, such as the type of information that it collects about you and•the categories of persons
or entitles to whom it'may be disclosed, In compliance with the GLUA, we aro providing you with
this document, which notifies you of the privacy polkles and . practices of OLD REPUBUC
NATIONAL TITLE INSURANCE COMPANY.AND AGG1ELAND TI f1.E,
We may collect nonpublic personal informatWn about you from the following sources: '
Information we receive from you such as on applications or other forms.
. • Information about your transactions we secure from our files, or from our affiliates or
others. •
Information we receive from a consumer reporting agency,
Information that wo. receive from others Involved in your transaction, sucli as the real
. estate agent or lender,
Unless It Is specifically stated otherwise in an amended Privacy Policy Notice, no additional
nonpublic personal information will be collected about you. •
We may disclose any of the above informatiod that we collect about our customers or former
customers to our affiliates or to nonaffiliated third parties as permitted by law.
• We also. may this Information about our customers or former customers to the following
types ofnonaffiilated companies that perform services on our behalf or with whom we have joint
marketing agreement's:
Financial service providers such as: companies engaged in banking, 'consumer finance,
securities and Insurance, •
Non-financial-companies such as envelope stuffers and other fulfillment service providers,
WE DO NOT DISCLOSE ANY NONPUBLIC PERSONAL INFORMATION ABOUT YOU WITH ANYONE
FOR ANY PURPOSE THAT I5 NOT SPECIFICALLY PERMITTED BY LAW,
We.restrkt access to nonpublic personal Information about you to those employees,who need to
know that Information In order to provide products or services to you. We maintain physical,
electronic, and procedural safeguards that comply with federal regulations to guard your personal
information.
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• OLD REPUBLIC
V If. n. h„Inrrrre,Op,prry
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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 mutt 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 prevision (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:
"Either 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, airy 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
NORM T -7: Commitment for Title Insurance Page 1
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COMMITMENT FOR TITLE INSURANCE
Issued 13y
Old Republic National Title Insurance Company
SCHEDULE A
Effective Date: March 12, 2012, 7:00 am GE No. 28908
Commitment No. , issued March 19, 2012, 1:45 pm
1. The policy or policies to be issued are:
(a) OWNER'S POLICY OF TITLE INSURANCE (Form T -1)
(Not applicable for improved one - to -four family residential real estate)
Policy Amount;
PROPOSED INSURED:
(b) TEXAS RESIDENTIAL OWNER'S POLICY OF TITLE INSURANCE
- ONE -TO -FOUR FAMILY RESIDENCES (Fonn T -IR)
Policy Amount:
PROPOSED INSURED: 514 Properties. LLC and or assigns
(c) LOAN POLICY OF TITLE INSURANCE (Form T -2)
Policy Amount:
PROPOSED INSURED: To a Determined
Proposed Borrower: 514 Properties. LLC and or assigns
(d) TEXAS SHORT FORM RESIDENTIAL LOAN POLICY OF TITLE INSURANCE (Form T -2R)
Policy Amount:
PROPOSED INSURED:
Proposed Borrower:
(e) LOAN TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN (Form T -13)
Binder Amount:
PROPOSED INSURED:
Proposed Borrower:
(t) 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:
Linda J. Bales
4. Legal description oldie land:
All of Lot Eleven (11), Block Four (4), COLLEGE HILLS ESTATES, an addition to the City of College Station,
Brazos County, Texas, according to the Plat thereof recorded in Volume 96, pages 498 and 499 of the Dccd Records of
Brazos County, Texas.
FORM T -7: C,,omndtmeid for Tine Insurance Page 1
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COMMITMENT FOR TITLE INSURANCE
Issued By
Old Republic National Title Insurance 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 97, page 128; Volume 99, page 499; Volume 100, page 537 and Volume 216, page 92, Deed Records, Brazos
County, Texas; Volume 2205, page 164 and Volume 6287, page 246, Official Public Records, Brazos County, Texas.
Restrictions contained in these documents based on race, color, religion, material origin, sex, familial status or
handicap, if any, are hereby deleted.
2. Any discrepancies, conflicts, or shortages in area or boundary tines, or any encroachments or protrusions, or any overlapping
of improvements. Upon Companyss`receipt,'`!'bview and approval of a current land title survey, and payment of any
promulgated premium, this Item 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 govermnein, 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 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 becmtse of an exemption granted to a previous owner of the properly tinder Section 11.13, Texas
Tax Code, or because of improvements not assessed for a previous tax year. (If Texas Short Forma Residential Loan Policy
('I' -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 tenns 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 as 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 Loan
Policy (T -2) only.)
FORA! T -7: Commitment for Title Insurnnce Page 2
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Continuation of Schedule 13 GF No. 28908
9. The Exceptions from Coverage and Express Insurance in Schedule 13 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 13
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.
b. Easements and building setback lines as shown on the Plat recorded in Volume 96, pages 498 and 499 of the
Deed Records of Brazos County, Texas.
c. General provisions for easements as set out in agreement with the City of College Station dated December 10,
1940, recorded in Volume "C ", page 154 of the Contract Records of Brazos County, Texas.
d. Provisions for Homeowner Assessments as set out in amendment to the Restrictions for College Hills Estates,
dated August 29, 1994, recorded in Volume 2205, page 164 of the Official Public Records of Brazos County,
Texas.
"The Iten of the assessments provided herein shall be subordinate to any mortgages now or hereafter placed on the property.
The sale, foreclosure or transfer of the property shall not relieve such property from liability from any assessments thereafter
becoming due."
e. Rights of tenants In pus under unrecorded lease or rental agreements.
FORM T-7: Commitment for Title insurance Page 3
COMMITMENT FOR TITLE INSURANCE
lssucd By
Old Republic 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 A 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:
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 propel ty 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 he 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.
S. Please provide evidence that all fees and assessment due College Hills Estates Home Owners Association have been
paid.
6. NOTE: The Policy of Title Insurance to be issued under this Commitment for Title Insurance provides for arbitration
which is a common form of alternative dispute resolution. The rules of the Texas Department of Insurance allow you
to request that such provision be deleted from the Policy at no additional charge to you. Unless you notify us prior to
settlement that you wish to have the Arbitration Provision deleted it will be in the Policy which we Issue to you. (Not
applicable to Texas Residential Owner Policy)
Countersigned
Aggleland Title Company
B()_
POR,1J T -7: Commitment for Title Insurance Page 4
4110
COMMITMENT FOR TiTLR INSURANCE
SCHEDULE D
GP No. 28908 Effective Date: March 12, 2012, 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 Cotnmitmcnt
DIRECTORS OF OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
HARRiNGTON BISCHOF DENNIS P. VAN MIEGHEM
JOHN M. DIXON JAMES A. KELLOGG
JAMES HELLAUER RANDE K. YEAGER
ARNOLD L STEINER CHARLES P. TITTBRTON
A. C. ZUCARO LEO E. KNIGHT, JR.
STEVE R. WALKER FREDERICKA TAUBITZ
OFFICERS OF OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
MARK BILBREY, President RANDE K. YEAGER, Chainnan and CEO
GARY J. HORN, Executive Vicc President MARK M. BUDZINSKI, Executive Vice President
R, WAYNE SHUPE, Executive Vice President PATRICK A. CONNOR, Executive Vice President
CHERYL JONES, Executive Vice President MIKE TARPEY, Vice President , Treasurer
CHARLES KOVALESKI, Executive Vice President ROBERT J. CHAPMAN, Executive Vice President
STEPHEN C. WILSON, Executive Vice President, Vice DANIEL M. WOLD, Sr. Vice President, Secretary,
Chairman General Council
Shareholders owning, controlling or holding, either personally or beneficially, 10% or more of the shares of Old
Republic National Title Insurance Company as the last day of the year preceding the date herein above set forth
are as follows: Old Republic National Title Insurance Company -100 %, a wholly owned subsidiary of Old
Republic Title 1jisurNnce Group, Inc., a wholly owned subsidiary of Old Republic International Corporation.
1 The following disclosures are mode by the Title Insurance Agent issuing this Commitment:
Owners Directors Officers
William 8. 'Thornton, Jr. William S. Thornton, Jr. William S. Thornton, Jr., President
J. Fred Bayliss Page D. Thornton, Secretary
Page D. Thornton Page D. Thornton, Treasurer
3. Yon 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 trade 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 5977.00
Loan Policy 5
Endorsement Charges 50.00
Other S0.00
Total $1,077.00
Of this total amount: 15% will be paid to the polio) 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:
Amount TQMum For Services
" 'The estimated premium is based upon information furnished to us as of the date of this Commitment for Title insurance. Final
determination of rho amount of the premium will be trade at closing in accordance with the Rules and Regulations adopted by the
Commissioner of Insurance."
FOiit1 T -7: Commitment for Title Insurance Page I