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HomeMy WebLinkAboutTitle Insurance 1 . • TEXAS COMMITMENT FOR TITLE INSURANCE SCHEDULE A Effective Date: March 24, 2011 at 8:00 a.m. GF No. 00110320 Commitment issued April 6, 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: $450,000.00 PROPOSED INSURED: Nivas Holdings, LP (b) TEXAS RESIDENTIAL OWNER POLICY OF TITLE INSURANCE - ONE -TO -FOUR FAMILY RESIDENCES (Form T -1 R) Policy Amount: $ PROPOSED INSURED: (c) MORTGAGEE POLICY OF TITLE INSURANCE (FORM T -2) Policy Amount: $360,000.00 PROPOSED INSURED: Prosperity Bank Proposed Borrower: Nivas Holdings, LP (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: Richard Warren SAAAA A1;AAAAAAAAAAAAA♦ AHAAAAAAAA ♦•L`OZZZ©AAAAAAAAAAAAAA• .p .............. - u n i versity T Company Chicago T Insurance Company Texas Commitment (Rev. 1 -1 -93) - Schedule A Valid Only if Schedule B and C, and Cover are attached • • 1 • SCHEDULE A - continued GF No. 00110320 4. Legal description of land: Lot A One (A1), Replat of Tract "A ", Southwood Holdings, City of College Station, according to plat thereof recorded in Volume 7953, Page 25 of the Official Records of Brazos County, Texas. • • • SCHEDULE B GF No. 00110320 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): Volume 1068, Page 283 and Volume 1093, Page 638, Official Records, Brazos County, Texas, but deleting any covenants, conditions or restrictions indicating a preference, limitation or discrimination based on race, color. religion, sex, handicap, familial status, or national origin unless and only to the extent that said covenant (a) is exempt under Chapter 42, Section 3607 of the United States Code or (b) relates to handicap but does not discriminate against handicapped persons. 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 tine 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 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 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.) u • • • AtinivAsiti Trig Sr °mPaNY � } • • • i:0, = ui ACicWSalbtl inririlieg Cor!ItaPY • • A • • Texas Commitment (Rev. 1 -1 -93) - Schedule B Valid Only if Schedule A and C, and Cover are attached • • SCHEDULE B - continued GF No. 00110320 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). 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. 25' building line and 15' utility easement on the southeast side; 7.5' building line on the southwest side: 20' building line, 20' utility easement and detention pond area (partially on property) on the northwest side: 15' utility easement and 50' private access easement (partially on property) on the northeast side: as shown on plat recorded in Volume 7953, Page 25 of the Official Records of Brazos County. Texas; as shown on survey prepared on February 8, 2011, under the supervision of Brad Kerr, R.P.L.S. 44502. d. Blanket Easement: From: Southwood Holdings 11, Ltd. To: Telecable Associates, Inc. Dated: August 27, 1996 Recorded: Volume 2678, Page 9, Official Records, Brazos County, Texas; as noted on survey prepared on February 8, 2011, under the supervision of Brad Kerr, R.P.L.S. #4502. e. 40' Gas Easement bisects property from the northwest to the southwest side: From: C. H. Warren, et ux To: Lone Star Gas Company Dated: December 19, 1950 Recorded: Volume 148, Page 431, Deed Records, Brazos County, Texas; Partially Released and Defined: Recorded: Volume 75, Page 717, Release Records, Brazos County, Texas; as shown on survey prepared on February 8, 2011, under the supervision of Brad Kerr, R.P.L.S. 44502. f. 20' Drainage and Utility Easement bisects property from the northwest to the southwest side: From: Area Progress Corporation To: City of College Station Dated: July 31, 1986 Recorded: Volume 994, Page 565, Official Records, Brazos County. Texas; as shown on survey prepared on February 8, 2011, under the supervision of Brad Kerr, R.P.L.S. #4502. g. 10' Utility Easement on the southwest side: From: Area Progress Corporation To: City of College Station Dated: September 25, 1987 Recorded: Volume 1002, Page 641, Official Records, Brazos County, Texas: as shown on survey prepared on February 8, 2011, under the supervision of Brad Kerr. R.P.L.S. 44502. • • SCHEDULE B - continued GF No. 00110320 h. Temporary Blanket Easement: From: Southwood Holdings Two, Ltd. To: City of College Station Dated: October 31, 1995 Recorded: Volume 2477, Page 89, Official Records, Brazos County, Texas; as noted on survey prepared on February 8, 2011, under the supervision of Brad Kerr. R.P.L.S. 44502. i. Terms. Conditions, and Stipulations in the Easement Agreement by and between: Parties: NH Texas Properties Limited Partnership and Weston Inn Rock Prairie Real Properties, L.P. Dated: April 1, 2001 Recorded: Volume 4105, Page 224, Official Records, Brazos County, Texas; as shown on survey prepared on February 8, 2011, under the supervision of Brad Kerr, R.P.L.S. #4502. j. Mineral Deed: By: Area Progress Corporation To: W. D. Fitch, Trustee Dated: January 1, 1979 Recorded: Volume 424, Page 298, Deed Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. k. Mineral Deed: By: W. D. Fitch To: W. D. Fitch, Trustee Dated: January 24, 1980 Recorded: Volume 443, Page 536, Deed Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. 1. Mineral Reservation in Deed: By: Garland Laningham, et ux To: W. D. Fitch Dated: September 2, 1982 Recorded: Volume 542, Page 526, Deed Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. m. Mineral Reservation in Deed: By: Clement A. Dobrovolny, et ux To: Peoples Mortgage Company of Llano Dated: July 7, 1983 Recorded: Volume 587, Page 220, Deed Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. n. Waiver of Surface Use: From: W. D. Fitch, individually and as Trustee To: Southwood Holdings One, Ltd. and Southwood Holdings Two, Ltd. Dated: September 11, 1992 Recorded: Volume 1602, Page 120, Official Records. Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. ♦•••• ••••••••7 b•A•EJZZZ • • SCHEDULE B - continued GF No. 00110320 o. Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Clement A. Dobrovolny, et ux Lessee: Kennedy & Mitchell, Inc. Dated: August 17, 1977 Recorded: Volume 28, Page 48, Oil & Gas Lease Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. p. Oil and Gas Lease. and all terms, conditions and stipulations therein: Lessor: Garland Laningham, et ux Lessee: Murchison Exploration Company Dated: March 15, 1984 Recorded: Volume 664, Page 520, Official Records, Brazos County. Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. ••••••••• a . ,,z•• ••••••••1 A WPil.Am•••A•••••• - t41• •Aae•� • • SCHEDULE C GF No. 00110320 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 2011 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 Tux 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" m lieu of "tor the year and subsequent years. ") 7. If requested in lenders closing instructions and all of our underwriting requirements are satisfied, we will issue the TI7 & 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 fax 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 • SCHEDULE C - continued GF No. 00110320 11. ARBITRATION: The Owner Policy ofTitle Insurance (Form T -1) and the Mortgagee Policy ofTitle Insurance (Form T -2) contain an arbitration provision. It allows the Insured or the Company to require arbitration if the amount of insurance is S2,000.000 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 intbrm 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 final 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: Vesting Deed to owners shown herein was dated March 18, 2010 and recorded in Volume 9559, Page 102, Official Records, Brazos County, Texas. Prior deed is dated September 25, 2006 and recorded in Volume 7687, Page 121, Official Records, Brazos County, Texas. 14. Record a Partial Release of Deed of Trust to secure a Note: Grantor: CW Holdings, LC Trustee: Robert A. Blanshard Beneficiary: Richard Warren Amount: $700,000.00 Dated: May 28, 2008 Recorded: Volume 8638, Page 171. Official Records, Brazos County, Texas. 15. Record a Release of Deed of Trust to secure a Note: Grantor: CW Holdings, LC Trustee: Robert A. Blanshard Beneficiary: Richard Warren Amount: $700,000.00 Dated: July 24, 2008 Recorded: Volume 8728, Page 213, Official Records, Brazos County, Texas. 16. Record a Release of Memorandum of Lease: Lessor: NH Texas Properties Limited Partnership Lessee: HP /Texas Properties, Inc. Dated: July 8, 1998 . • SCHEDULE C - continued GF No. 00110320 Recorded: Volume 3213, Page 6, Official Records, Brazos County, Texas; Amended: Dated: March 1, 2001 Recorded: Volume 4105, Page 219. Official Records, Brazos County, Texas. (Unrecorded Lease contains Option to Purchase) 17. Furnish the marital status of Richard Warren. Company requires the joinder of spouse(s) in any transaction involving subject property. University Title Company By: Authorized Countersignature (IeI /rdf) • SCHEDULE D GF No. 00110320 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 Officers and/or Directors of: CHICAGO TITLE INSURANCE COMPANY, a Nebraska corporation Officers: Directors: President Raymond Randall Quirk Kevin Donald Lutes Executive Vice President Anthony John Park Erika Meinhardt Secretary Michael Louis Gravelle Raymond Randall Quirk Treasurer Daniel Kennedy Murphy Roger Scott Jewkes Anthony John Park Theodore L. Kessner Fidelity National Financial, Inc. owns 100% of Fidelity National Title Group, Inc., which owns 100% of Chicago Title and Trust Company, which owns 100% of Chicago Title Insurance Company. 2. The following disclosures are made by the Title Insurance Agent Issuing this Commitment: 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 of the premium as follows: Celia Goode - Haddock William C. Lipsey Michael R. Hoelscher Karen McCarroll 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. The following persons are officers and directors of the Title Insurance Agent: 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 $ 2,712.00 Loan Policy $ 100.00 Endorsement Charges $ 336.10 Other $ Total $ 3,148.10 University Title Company Chicago Title Insurance Company Texas Commitment (Rev. 1 -1 -93) - Schedule D Val id Only if Schedule A, B and C, and Cover are attached • • SCHEDULE D GF No. 00110320 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 To Whom 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 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