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HomeMy WebLinkAboutTitle Insurance • • • •TEXAS COMMITMENT FOR TITLE INSURANCE SCHEDULE A Effective Date: June 24, 2009 at 8:00 a.m. GF No. 00092824 Commitment issued August 14, 2009, 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) TEXAS RESIDENTIAL OWNER POLICY OF TITLE INSURANCE - ONE -TO -FOUR FAMILY RESIDENCES (Form T -1R) Policy Amount: $97,500.00 PROPOSED INSURED: Glenn W. Hudson III (c) MORTGAGEE POLICY OF TITLE INSURANCE (FORM T -2) Policy Amount: $72,500.00 PROPOSED INSURED: First Victoria National Bank Proposed Borrower: Glenn W. Hudson III (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: Deborah P. Matula and James A. Matula University Title Company Title Resources Guaranty Company Texas Commitment (Rev. 1 -I -93) - Schedule A Valid Only if Schedule B and C, and Cover are attached • • • • SCHEDULE A - continued GF No. 00092824 4. Legal description of land: See Exhibit A attached hereto and made a part hereof. J- • • SCHEDULE B GF No. 00092824 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 easemenl along and across that area. (Applies to the Owner Policy only) 5. Standby fees, taxes and assessments by any taxing authority for the year 2009, 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 Title Resources Guaranty Company Texas Commitment (Rev. 1 -1 -93) - Schedule B Valid Only if Schedule A and C, and Cover are attached • • • SCHEDULE B - continued GF No. 00092824 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. Any portion of subject lot lying within Jane Street R.O.W.; as shown on survey prepared on January 14, 2000, under the supervision of William Terry Brooks, R.P.L.S. #1880. c. Any Claim or right of adjoining property owner(s) to that strip of land lying between the fence and the boundary line on the northwest and northeast sides of the property, as shown on survey prepared on January 14, 2000, under the supervision of William Terry Brooks, R.P.L.S. #1880. (OWNER POLICY ONLY) d. Fence lies outside the property on the northwest side of the property, as shown on survey prepared on January 14, 2000, under the supervision of William Terry Brooks, R.P.L.S. #1880.. (OWNER POLICY ONLY) e. Blanket Easement: From: Kyle Pearson, et ux To: City of Bryan Dated: April 22, 1937 Recorded: Volume 98, Page 6, Deed Records, Brazos County, Texas; as noted on survey prepared on January 14, 2000, under the supervision of William Terry Brooks, R.P.L.S. #1880. f. Mineral Reservation in Correction Deed: By: Hoyett Taylor, Jr., et ux To: Sammy Parks, et ux Dated: May 24, 1994 Recorded: Volume 3713, Page 1, Official Records, Brazos County, Texas. Title to said interest has not been investigated subse subsequent to the date of the aforesaid q a e o afore td ustrument. g. Oil and Gas Lease, and all terms, conditions and stipulations therein: Lessor: Hoyett Taylor, Jr., et ux Lessee: North Central Oil Corporation Dated: February 9, 1983 Recorded: Volume 82, Page 95, Oil & Gas Lease Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date of the aforesaid instrument. • • • • SCHEDULE C GF No. 00092824 Your policy will not cover Toss, 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 2009 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 Title Resources Guaranty Company Texas Commitment (Rev. I -I -93) - Schedule C Valid Only if Schedule A and B. and Cover are attached • • • • • SCHEDULE C - continued GF No. 00092824 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. 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: None of Record Vesting Deed to owners shown herein was dated June 25, 2004 and recorded in Volume 6141, Page 277, t ie (1 Official Records, Brazos County, Texas. 0■1 4. Record a Release of Deed of Trust to secure a Note: Grantor: Deborah P. Matula and James A. Matula, wife and husband Q�D Trustee: Robert K. Fowler Beneficiary: National City Mortgage Co. y. Amount: $71,100.00 Dated: June 25, 2004 , Recorded: Volume 6141, Page 280, Official Records, Brazos County, Texas. Uni • •i ' itle C mpany By: —I � i horizcd Countersignature (lel /rdQ • • SCHEDULE D GF No. 00092824 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 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: Owners Policy $ 828.00 Mortgage Policy $ 100.00 Endorsement Charges $ 0 -8t80- Other $ Total 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. The issuing Title Insurance Agent, University Title Company, is a Texas Corporation (corporation, partnership, sole proprietor, or other) whose shareholders owning or controlling, directly or indirectly, 1% or more of said corporation (or owning or controlling 10% or more of an entity that owns 1% or more of the Agent), directors, and officers are listed below: Celia Goode, President and Director Michael R. Hoelscher, Vice President and Director William C. Lipsey, Secretary/Treasurer and Director The issuing Title Insurance Company, Title Resources Guaranty Company, is a corporation whose shareholders owning or controlling, directly or indirectly, 10% of said corporation, directors and officers are listed below: Shareholders: Title Resources Incorporated Directors: Donald J. Casey; Albert F. Jackson III; Richard A. Smith; Kim Sobieski; Hilry S. Stroup; Marilyn J. Wasser; Herb L. Williams Officers: CEO/President, Albert F. Jackson III; Executive Vice President/Treasurer, Anthony E. Hull; Senior Vice President/General Counsel/Secretary, Michael P. Gozdan; Vice President, Wayne N. Jersin; Vice President/Asst. Secretary, Ernest P. McNutt, Jr.; Vice President, John C. Phillips; Vice President/Asst. Treasurer, Raymond Reece; Asst. Vice President, Clayton E. Greenberg; Asst. Vice President, Paul Myers; Asst. Vice President, Wade Thunhorst; Asst. Vice President, Richard Worsham University Title Company Title Resources Guaranty Company Texas Commitment (Rev. 1 -1 -93) - Schedule t) Valid Only if Schedule A, B and C, and Cover are attached • • Exhibit A All that certain tract or parcel of land situated in the Richard Carter Survey, Abstract No. 8, in College Station, Brazos County, Texas, and being the same lot or tract of land described in a Deed dated May 13, 1952 from Kyle Pearson to Charlene P. Taylor, recorded in Volume 154, Page 93 of the Deed Records of Brazos County, Texas, a small part of which lies within the present right -of -way of Jane Street of the City of College Station, the said lot being described more fully as follows: BEGINNING at the northern corner of the said Taylor lot, a 1/2" iron rod found for corner being also the east corner of a Lot 10 of Cooner Addition, plat recorded in January of 1940 in Volume 102, Page 151 of the Deed Records of Brazos County, Texas, and also in the southwest line of Lot 11 of Cooner Addition; THENCE S 45° 04'38" E along the northeast line of said Taylor lot a distance of 60.23 feet to the eastern corner of same at the intersection of the northwest line of Lot 7 of College Heights Addition, recorded in January of 1946 in Volume 124, Page 259 of the Deed Records of Brazos County, Texas, said plat acknowledging the prior lot sold by Cooper but not part of the College Heights Addition, a 1/2" iron rod set for corner at the old original fence corner, the old stake searched but not found; THENCE S 45° 05'19" W along the southeast line of the said Taylor lot and the northwest line of said Lot 7 of College Heights Addition as fenced a distance of 67.96 feet to the west corner of said Lot 7, a common corner of Lot 8 of College Heights Addition, a 1/2" iron rod found for corner; THENCE S 44° 59'57" W along the southeast line of said Taylor lot and the said Lot 8 a distance of 152.96 feet to a 1/2" iron rod set for corner, a 3/4" iron pipe found for reference corner bearing S 44° 59'57" W 6.28 feet in the northeast right -of -way of Jane Street 15.28 feet from the back -of -curb; THENCE N 45° 00'00" W along Jane Street a distance of 60.31 feet to a 1/2" iron rod found 1'or corner, being the west corner of said Taylor lot and the south corner of a lot of said Cooner Addition, the plat in 1940 not defining the Jane Street R.O.W.; THENCE N 45° 03'22" E with the northwest line of said Taylor lot and the southeast line of said Cooner Addition a distance of 114.94 feet to a 1/2" iron rod found for corner at the south corner of Lot 10 of said Cooner Addition; THENCE N 45 02'20" E continuing with the northwest line of said Taylor lot and said Lot 10 a distance of 105.90 feet to the Place of Beginning, and containing 0.305 acre. 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.