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HomeMy WebLinkAboutTitle ReportEASEMENT DEDICATION SHEET To be filled in and submitted with construction plans and specifications for preliminary review (Not to be used where City is purchasing property) r 4i THIS SECTION TO BE COMPLETED BY CITY STAFF PROCESSED BY: ACCOUNT NO. (For orderir TYPE OF EASEMENT: Public Utilities (PUE) SPECIAL INSTRUCTIONS: 117:11211111 DEPT PROJECT Temporary Blanket PUE (prior to building permit) REVIEW AND APPROVAL REQUIRED /GIVEN BY THE FOLLOWING DEPARTMENTS: Approval Required By: (please initial) Electric Water/WW Asst. City Engineer Public Works Approval Given By (please initial) [III EXT. Electric Only _ Water Only Electric Water/WW Asst. City Engineer Public Works METES & BOUNDS DESCRIPTION CHECKED FOR CLOSURE BY: (City Staff— Name /Dept.) THIS SECTION TO BE COMPLETED BY APPLICANT PROPERTY OWNEII 1,4,4� G(,( D Gt�✓/f?��9ES L ,P. ��//�� �(NNames must be exactly as they ear on the deed) Q ADDRESS: - /01?/ l E - AICK tr7Y PHONE NUMBER 9d ALL LENDERS (Please furnish copies of all lien documents): (Names and Addresses) IF OWNER IS A CORPORATION, PARTNERSHIP, OR JOINT VENTURE (also see #5 below): 1. State of Incorporation /Registration 446 k4-s 2. Partners' Names (if applicable) l/Of/�/ ,��/GFM/t/✓ Gff7<3.2t�S L. W,Q) G LlT .T1Z . , .TAMES E, S r L_) AA T 3. Person Authorized to Sign 6 �,C)i`� [� _<7 eAU.#W 7 i �/lES /L1E�y� , %h/aS1"E.��Tt7 (Name and Title) G ✓ S m M 14oro � X>vc - 67 E,0/Aic14 1- p R r MP2. LEGAL DEPARTMENT MUST BE PROVIDED WITH THE FOLLOWING: (Please check items that are attached) 1 1. A copy of a recent (within 90 days) deed or title insurance policy showing the names of the grantors /owners; and 2. For unplatted property, a signed, sealed and dated metes and bounds description and a diagram of the property showing the location of the easement; or v— For platted property, a copy of the plat showing the lot, block, subdivision, and recording information. For blanket easements, a signed, sealed and dated metes and bounds description and a diagram of the property. 5. Corporate or partnership owners must furnish a copy of a corporate resolution or other proof of authority to sign on behalf of the corporation, partnership, or joint venture. !� 6. Name, address and phone number of person who is to receive the easement and be responsible for getting It executed: Ti�M� s S rE r.✓.9ie r . PD box /G10 z8 _ (,o ��g e .��A�iu�t 778'f. S 90/ Any land acquisition resulting from Capital Improvement Projects requires a meeting with the Legal Department. APR -08 -2003 TUE 09:27 AM COMMERCE 11ATL BANK FAX 110, 9792607034 I' uS •h!"�d.W�'WLW.YWi1G�.J.a9�tr'iy .�LLa�i i�n�yi�, N�uwu ;niuLl' - ' u. YL4 .iffJ1•�1N..'1�4JCJN�MWnWRWII .••••L•••••••:•'•:• P. 02 Isstiko By I CO MMITMENT TAR �1�1TI.1; INSURA _ Cal�fi1UN�Vh,AI_171 t� I ; �Nl:rl.F: �N i:t>nr - _ - W -- Commonwealth v!. , A ta vnAe'tr 70 Cy?rwIMNY THE FOLLOWING COMMITMENT FOR TITLE INSURANCE IS NOT VALID UNLESS YOUR NAME- AND TFIE POLICY AMOUNT' ARE SHOWN IN SCHEDULE A, AND OUR AUTHORIZED REPRESENTATIVE HAS COUNTERSIGNFD BELOW. Wo Cornmunwoelth land Tille Insurance Company will issue our title insurance policy or policies (the Policy) to You (Ilin propoi5ed insured) upon payment of the premium and other charges due, and compliance with the mquirorrlcxrts in Schedule B and Schedule C. Our Policy will be in tho form approved by the Texas Department of Insuainco at (lie date of issuance, and will insure your interest in the land described in Schedule A. The oslimated premium for our Policy and applicable endorsements is shown on Schedule D. There may be ;ad0itional charges such as recording foes, and expedited delivery expensos. This Commitment t_inds ninety (90) days fron► the effective date, unless the Policy is issuod sooner, or failure to issuo the Policy is our fault. Our liability and obligations to you are under the express terms of this Commitment and end when this Commitment expires. IN WITNESS WHEREOF, COMMONWEALTH LAND TITLE INSURANCE COMPANY has caused its corporate name and sea[ to be hereunto affixed by its duly authorized officers, the Commitment to become valid when countersionad by an authorized officer or agent of the Company. Dated: Cotrntuitiign,A: ORAZOS COUNTY ABSTRACT COMPAW Auihocircd Or &err ur.Lrrnt �a: vp: iWeai .:yiu..pe .,,ga.n+ayu Cornmirrr.: for 1 iklr� lrvwraro - T-7 Paot� Urro - Tomi (PQIV, 10/1 107) Form 11 - COh"IONWEAI B LAND TfFLE INSURANCE, COMPANY ORIGINAL By: President r -- Attrst: �' G./+.. f'J✓ /4�t/L� Secretary APR -08 -2003 TUE 09:28 AM COMMERCE IIATL BANK FAX 110, 9792607031 COMMONWEALTH LAND TITLE INSURANCE COMPANY SCHEDULE A rxectivol mlo: rebruary 19, 2003 at 8:00 AM Commitmei it issued February 24, 2003 1. POLICY OR POI ICIES 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: $613,000.00 PROPOSED INSURED: WATERWOOD TOWNHOMES, LP (b) TEXAS RESIDENTIAL OWNER POLICY OF TITLE INSURANCE -- ONE -TO -FOUR FAMILY RESIDE (Form T -1 R) POLICY AMOUNT: PROPOSED INSURED: P. 03 File No,: 138147 (c) MORTGAGEE POLICY OF TITLE INSURANCE (Form T -2) POLICY AMOUNT: $2,041,000.00 PROPOSED INSURED: COMMERCE NATIONAL BANK, a branch of Lubbock National Bank PROPOSED BORROWER: WATERWOOD TOWNHOMES, LP (d) TEXAS SI-{OR'I' FORM RESIDENTIAL MORTGAGEE POLICY OF TITLE INSURANCE (Form T -28) P OLICY AMOUNT: PROPOSED INSURED: PROPOSED BORROWER: (n) MORTGAGEE: TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN (Form T -13) POLICY AMOUNT: PROPOSED INSURED: PROPOSED BORROWER: (i) OTHER POLICY AMOUNT: PROPOSED INSURED: 2. THE INTFIREST 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: I-IENfiY ETTA MADISON BRAZOS COUNTY ABSTRACT COMPANY ;A�t orized Signature APR -08 -2003 TUE 09:28 AM COMMERCE NATL BANK FAX 110, 9792607031 P. 04 COMMONWEALTH LAND TITLE INSURANCE COMPANY SCHEDULE A File No. 138147 4, LEGAL DESCRIPTION OF THE LAND: All that certain tract or parcel of land lying and being situated in the MORGAN RECTOR LEAGUE, Abstract No. 46, College Station, Brazos County, Texas. Said tract being a portion of a called 9.143 acre tract described as Tract No. 1 by a deed to Henry Etta Madison recorded in Volume 334, page 362 of tiie good Records of Brazos County, Texas. Said tract being more particularly described by metes and bounds as follows: NE CANNING at a Y2 inch iron rod found on the northwest line of Krenek Tap Road marking the south corner of sold 9.143 acre Madison tract and the east corner of a called 3.175 acre tract as described by a dood to Arthur and Nancy Wright Family Limited Partnership recorded In Volume 4291, page 14 of tho Official Public Records of Brazos County, Texas; THENCE: N 51" G'8'04" W along the common line of said 9.143 acre Madison tract and said 3.175 acre tract for a distance of 154.62 feet to a YZ inch iron rod found marking an angle point in said fine; THENCE: N 45" 51'46" W continuing along the common line of said 9.143 acre Madison tract and said 3.175 acra tract for a distance of 609.36 feet to a Yz inch iron rod found on the southeast line of Sauthwa -St Crossing, Phase 1, according to the plat recorded in Volume 523, page 433 of the deed records of Brazos County, Texas, said iron rod found marking the common corner of said 9.143 acre Madison tract and said 3.175 acre tract; "I'FiENCE: N 42" 21' 14" E along the common line of said 9.143 acre Madison tract and Southwest Crossing, Please 1, for a distance of 264.23 feet to a point marking the northwest corner of this herein described tract, for reference a Yz inch iron rod found on the southeast line of Lot 1, Windsor Pointe, according to the plat recorded in Volurne 2354, page 257 of the Official Public Records of Brazos County, Texas, marking the north corner of said 9.143 acre Madison tract and the west corner of the remainder of a called 9.143 acre tract as described by a deed to Linda Joy Ishimitsu, Trustee, recorded in Volurno 2616, page 116 of the Official Public Records of Brazos County, Texas, bears: N 42" 21' 14" E for a distance of 247.50 feet; THENCE S 47" 21'24" E through said 9.143 acre Madison tract for a distance of 428.81 feet to a point marking tin Interior north corner of this herein described tract; THENCE: N 42" 3 00" E continuing through said 9.143 acre Madison tract for a distance of 249.31 feet to a 618 inch iron rod set narking the west corner of a called 3,00 acre tract as described by a deed to The E3eautilui Savior Evangelical Lutheran Church of College Station recorded in Volume 682, page 775 of the Official Records of Brazos County, Texas; THENCE: S 47° 35'56 E along the common line of said 9,143 acre Madison tract and said 3.00 acre tract for a distance of 335.33 feet to a 518 inch iron rod set on the northwest line of Krenek Tap Road marking the east corner of said 9.143 acre Madison tract, for reference a concrete right -of -way marker found at tho intersection of the northwest line of Krenek Tap Road and the southwest line of State Hl[jhway No. 6 marking the cast corner of a called 9.143 acre tract as described by a deed to Stephen A. Madison and Diane Kay Moniosa- Madison, Trustees, recorded in Volume 3783,p age 113 of the OlfiOhll Public Records Of Brazos County, Texas, bears: N 42" 31'50" E for a distance of 1441.32 feet; APR -08 -2003 TUE 09:28 AM COMMERCE NATL BANK FAX 110, 9792607034 P. 05 COM NWEALTH LAND TITLE INSURANCi JMPANY SCHEDULE A File No. 138147 (Continued) THENCE: 5 42 31'50" W along the northwest line of Krenek Tap Road for a distance of 518.41 feet to tho POINT OF BE GINNING containing 6.702 acres of land, more or less, APR -08 -2003 TUE 09:29 AM COMMERCE IIATL BA1IK FAX 110. 9792607034 P. 06 COMMONWEALTH LAND TITLE INSURANCE COMPANY SCHEDULE B File No. 138147 EXCEPTIONS FROM COVERAGE IN ADDITION TO THE EXCLUSIONS AND CONDITIONS AND STIPULATIONS, YOUR POLICY WILL NUT COVER LOSS, COSTS, ATTORNEY'S FEES, AND EXPENSES RESULTING FROM: 1. THE FOLLOWING RESTRICTIVE COVENANTS OF RECORD ITEMIZED BELOW (WE MUST E=ITHER INSERT SPECIFIC RECORDING DATA OR DELETE THIS EXCEPTION): Ito m No. i is heraby deleted in its entirety. 2. ANY DISCREPANCIES, CONFLICTS, OR SHORTAGES IN AREA OR BOUNDARY LINES, OR ANY FNGROACHMIENTS 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 0. 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 ARE=A. (APPLIES TO THE OWNER POLICY ONLY.) a. STANDBY FEES, TAXES AND ASSESSMENTS BY ANY TAXING AUTHORITY FOR THE YEAR 2003 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 OFF IMPROVEMENTS NOT ASSESSED FOR A PREVIOUS TAX YEAR. (IF TEXAS SHORT FORM RESIDENTIAL MORTGAGEE POLICY OF TITLE INSURANCE (T -2R) IS ISSUED, THAT POLICY WILL SUBSTITUTE "WHICH BECOME DUE AND PAYABLE SUBSEQUENT TO DATE OF POLICY" IN LIEU OF "FOR THE YEAR 2002 AND SUBSEQUENT YEARS. ") G. 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 M01ITGAGIEE TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN ONLY, AND MAY BE DELI =TED IF SATISFACTORY EVIDENCE IS PROVIDED TO US BEFORE A BINDER IS ISSUED.) 8. LIENS AND LEASES THAT AFFECT THE TITLE TO THE LAND, BUT THAT ARE SUBORDINATE TO TIiC LIEN OF THE INSURED MORTGAGE. (APPLIES TO MORTGAGEE POLICY (T -2) ONLY.) APR -08 -2003 TUE 09:29 AM COMMERCE 11ATL BA11K FAX 110, 9792607034 P. 07 COM NWEALTH LAND TITLE INSURANCL OMPANY SCHEDULE B File No. 138147 (Continued) 9. THE F.XCEPTIONS FROM COVERAGE AND EXPRESS INSURANCE IN SCHEDULE B OF THE TEXAS SHORT FORM RESIDENTIAL MORTGAGEE POLICY OF TITLE INSURANCE (T -2R). (APPLIES TO TEXAS SHORT FORM RESIDENTIAL MORTGAGEE POLICY OF TITLE INSURANCE CF-2R) ONLY, SEPARATE EXCEPTIONS 1 THROUGH 8 OF THIS SCHEDULE B DO NOT APPLY TO THE TEXAS SHORT FORM RESIDENTIAL MORTGAGEE POLICY OF TITLE INSURANCE (T -213). 10. THE FOLLOWING MATTERS AND ALL TERMS OF THE DOCUMENT 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. Easements, or claims of easements, which are not recorded in the public records. (Owner Policy Only) c. i Asement from Henry Etta Madison to The City of College Station, dated March 26, 1992, recorded in Volume 1461, page 228, Official Records of Brazos County, Texas, d. Estate cmated by Oil and Gas Leases from Henry Etta Madison, et at to Central Plains Oil & Gas Gorp., elated September 18, 1991, recorded in Volume 1377, pages 289 and 301, Official Records of Brazos County, Texas. Title to this lease has not been traced subsequent to the date of the above - cited Instrument. o, Any and all liens arising by reason of unpaid bills or claims for work performed or materials furnished In connection with improvemonts placed, or to be placed, upon the subject land. However, the Company does insure the Insured against loss, if any, sustained by the Insured under this policy if such lions have been filed with the County Clerk of Brazos County, Texas, prior to the date hereof. (Mortgagoo Policy Only) f. Pending disbursement of the full proceeds of the loan secured by the lien instrument set forth under Schedule A hereof, this policy insures only to the extent of the amount actually disbursed, but increases as each disbursement is made in good faith and without knowledge of any defects In, or objections to, the title up to the face amount of the policy. Nothing contained in this paragraph shall be eonslrued ns limiting any exception under Schedule B, or any printed provisions of this policy. (Mortgagee Policy Only) g. All oil, gas and other minerals In and under the herein described property, together with any rights of ingress and egress, ruining or drilling privileges heretofore reserved or conveyed by predecessors in title. 'Charo is expressly excluded from coverage hereunder, and this Company does not insure, title to oil, gas and other minerals of every kind and character, in, on and under the property herein described. It. 'I'iia Tax Certificato furnished by the taxing authorities is Issued on real estate only. It does not include minerals aridlor personal property, therefore, no liability is assumed herein for the payment of said mineral and/or personal property tax. NOl'C:: FOR INFORMATION ONLY: Lender's File/Loan/Reference Number is TO BE DETERMINED. APR -08 -2003 TUE 09:29 AM COMMERCE 11ATL BANK FAX 110. 9792607034 P. 08 SCHEDULE C File No. 138147 YOUR POLICY WILL NOT COVER LOSS, COSTS, ATTORNEY'S FEES, AND EXPENSES RESULTING FROM THH" 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 TI tE 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, —A!_t_ STANDBY FEES, TAXES, ASSESSMENTS AND CHARGES AGAINST THE PROPERTY HAVE BEEN PAID, -ALI.. 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 LIENS OR MATFRIALMAN S LIENS HAVE ATTACHED TO THE PROPERTY, —(ON A MORTGAGEE'S POLICY ONLY) RESTRICTIONS HAVE NOT BEEN AND WILL NOT BE VIOLATED THAI' AFFECT THE VALIDITY AND PRIORITY OF THE INSURED MORTGAGE. 3. THF.nE IS LEGAL RIGHT OF ACCESS TO AND FROM THE LAND, 4, YOU MUST PAY THE SELLER OR BORROWER THE AGREED AMOUNT FOR YOUR PROPERTY Oil INTEREST. 6. ANY DEFE -CT, LIEN OR OTHER MATTER THAT MAY AFFECT TITLE TO THE LAND OR INTEREST INSURED, 1 "1 iAT ARISES OR IS FILED AFTER THE EFFECTIVE DATE OF THIS COMMITMENT. ci. Company will require tax cortificates on the subject property showing all taxes paid up to And including the yoar 2002. 7, Company will require a properly executed Waiver of Inspection. A, Company will require a properly oxecuted Affidavit as to debts and liens, J, Comprtrfy must be furnished with satisfactory evidence of the marital status of Henry Etta Madison. If ntrarried, Company will require the joinder of such spouse concerning homestead interest. Return file to tho examination department with the full name of spouse for the required name check prior to closing. 10. Company requires a copy of a sufficient portion of the Partnership Agreement of Waterwood Townhomes, LP to determine who has the authority to act on behalf of said partnership, Company reserves tho right to make additional requirements on Schedule C after reviewing said copy. 11. "The title Inyrtrarice policy being issued to you contains an Arbitration Provision. It allows you or the Company to require arbitration if the amount of Insurance is $1,000,000 or less. If you want to retain your right to suo the Company in case of a dispute over a claim, you must request deletion of the Arbitration Provision bofore the policy is issued. If you are the purchaser in the transaction and elect deletion of the Arbitration Provision, a form will be presented to you at closing for execution, If you are APR -08 -2003 TUE 09:30 AM COMMERCE 11ATL BA11K FAX 110, 9792607031 P. 09 COM NWEALTH LAND TITLE INSURANC. OMPANY SCHEDULE C File No. 138147 (Continued) tho lender in the transaction and desire deletion of the Arbitration Provision, please inform us through Your Closing Instructions." APR -08 -2003 TUE 09 :30 AM COMMERCE 11ATL BANK FAX 110. 9792607031 P. 10 SCHEDULE D 1. Commoixwo.rlth Land Title Insurance Company is a wholly owned subsidiary of LandAmerica Financial Group, Inc., a Virginia Corporation whose securilie; s are publicly traded on the New York Stock Exchange. Commonwealth Land Title insurance Company's officers and diruaors are as follows: OFFICERS Charles II. Foster, Jr., ChainnAn & Chief Executive Officer Jauct A. A1peri, President Roriakl 11, Ranms, Tr►asurer Viii. Chadwick Se:croary Kenneth A sihe:imer, Executive Vice President John M. C- irter, Fxecudvc Vice President '1 limloTe L. (`Bandlur, Jr., Sr. Executive Vice President 0, William Evans, F,xecutive Vice President Russell W. Jordan, III, Executive Vice President Daviri W. Xoshork, I:xexutive Vice President John N1, 01m E xecutive Vice 1 Kamn L. Splimidt, Executive Vice President Jeffiey C. Selby, Bx"titive Vice President Donald C. Wcjgel, PNecutive; Vice President Stephan P. Veltri, Rxocutive Vice President Jeff - cy 1). Vaughan, Hxecutive Vicc President DIRECTORS Janet A. Alpert Theodore L. Chandler, Jr. G. William Evans Charles H. Foster, Jr, Russell W. Jordan, III John 1 Rapp Jeffrey C. Selby 2. Tho following disclosures Lite tirade by the Title Insurance Agent issuing this commitment pursuant to Rule P -21: BR,kZOS COUNTY ABSTRACT COMPANY S'IlAItLtIUi�I)I�RS DIRECTORS OFFICERS Tom Gicsmschlig Toni Giesensehlag Tom Giesenschlag, President Dhino C. Gan7er Diane Ganzer Diane Ganzer, Secretary June Van Etten June Van Ellen, Vice President Linda Morgan Linda Morgan, Vice President You are entitled to tu:cive advance disclosure of settlement charges if) connection with the proposed transaction to which this commitment re lates. Upon your request, such disclosure will be made to you. Additionally the name of a person firti or corporation receiving any sum from the, settlement of this transaction will be disclosed on the closing or settlement staite:intnt. You ail. further advised tliat the estimated title prerniurn* is: Owners Policy $ 3.947.00__ Mortgagee Policy $ .7,458.00 Endorsement Charges $ Total $ Of this amount: 15.OQ4> will be paid to the policy issuing Title insurance Company; 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: An►oun To Whom For Services e The e stiri rdc d pr. mium is based upon information furnished to us as of the date of this Commitment for Title Insurance. Final detc'rniin:[ion of the amount of the premium will be made at closing in accordance with (lie Rules and Regulations adopted by Ltiv St:lly' ) leant of Iiisur"nce. APR -08 -2003 TUE 09:30 AM COMMERCE 11ATL BANK FAX 110, 9792607031 P. 11 i EXAS TITLE INSURANCE INFORM, ON Tillo insuranro snt:uru:: you egninst loss resulting from certain El seguro de tltuto le asogura on relacibn a pordidas risks to your litlrr. resullantes de clerics riesgos que puedon afectcar of Muto de 1110 Commitment for Titic Insurance is the title Intouranoe su propiedad. 00r1;pany'et pron)l.e to issue: tltn title insurance policy. The El Compromiso prira Seguro de Tituio as la prornesa do la Commitmcnt is a local documonl. You should review it companin aseguradora de titulos de emittr la poliza de carefully to completely understand it before your closing date, seguro do titulo. El Compromiso ms un documonto legal, Usted debo leerlo cuidadosamente y ontcnderlo complotamEnte antes de la fecha para finalizar su lransacci6n. Your Coinni tmcrit for Title Insurance is a Incdal 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 Commitments terms and requirements. [.ford iast.iing a Commitment for Title insurance (the Commitment) or a Title Insurance Policy (the Policy), the Title Insuranco Comp, (the Company) dolormines whether the title is insurable. This determination has already been made. fart of that delr-nnina,tion involves tiro Company's decision to insure the title except for curtain risks that will not be covered by the Policy. 801110 of prose risks are listed in Schodula H of the attached Commitment as Exceptions. Other risks am slated In the Policy as Uxclusions. Those risks will not be covered by the Policy. Anolhor part of the determination Involves whether the promise to Insure is condilionod upon certain requirom©nts being met, SCIu)du10 C of Ilhe Commitment lists these requirements that must be satisfied or the Company will refuse la cover them. You may vvnnl to discucr, nny matlors shown in Schedules B and C of the Commitment with an attorney. These matters will affect Your title and your use or the land. When ycaur Policy is Issued, Ilio coverage will be limited by the Policy's Exceptions, Exclusions and Conditions, dolinod below, - PXCEPTIONS nro title risks that a Policy generally covers but does not cover in a particular instance. Exceptions ar shown on Schedule B or discussed in Schedule C of the Commitment. They can also be added if you do not comply will) tilt) Conditions section of file 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 Policy but not shown or discussed in the Commitment. - CONDITIONS are additional provisions that qualify or limit your coverage. Conditions include your rooponsibilitios and ifrosr: of I[),) Company. They are contained in the Policy but not shown or discussed in the Commilmont, The Policy Conditions are not the same as the Commitment Conditions. You cm clot a vopy of tile' policy fora) approved by the State Board of Insurance by calling the Title Insurance Company at 1- 800-rK5.0965 or by calling the title insurance agent that issued the Commitment. The State Board of Insuranco may revise the poricy form from timo to time. You can Also gr -t a brochure that explains tho policy from the Texas Departmont of Insuranco by calling 11- 600 -257-3439, r3eforo [Lo Policy Is lcsued. you may roquost changes in the policy. Some of the changes to consider are- - Request amendment of the "area rind boundary° exception ( Schedulo 0, paragraph 2). To get this amendment, you crust furnish a = .urvoy or comply with other requirements of the Company. On tho Owner Policy, you must pay an additional promium for the amendment. It the survey is acceptable to the Company and if tho Company's other requiroments aro riot, your Policy will insure you against loss because of discrepancies or conflicts in boundary lines, orcro;4chn)unts or protrusions, or ovorfapping of improvements. The Company may then decide not to insure against pociric boundary or survey problems by making special exceptions In the Policy. Whether or not you request antondmorrt of tho 'area and boundary* exception, you should determino whether you want to purchase and review a survey if a ; u, iey is not being provided to you. - Allow tho Comr.ar)y to add an excoption to `rights of parties in possession.' If you refuse this exception, the Company or Ilia title) insur,inco agent mrty in:;poct the proporty. The Company may except to and not insure you ,ng ainsl the riglrta of specific parsons, such as renter:,, adverso owners or easement holders who occupy the land- Tho Company Illay chzrgo you for the inspection. If you want to make your own inspection, you must sign a Waiver of Inspection fr ::rin and ollrxv itro Company to add this exception to your Policy. The oritiro pren'ril ln) for a Policy must i,c: paid when the Policy is issued. You will not owe any additional premiums unloss you want to your coverage at a later dato and the Company agrees to add an Incre;ised Value Endorsernenl, Texas Titlo In mrAnco IntQrm, Forin 1177-8 p4iovo2) ORIGINAL Rpr 08 03 08:31a EASEMENT DEDICATION SHEET To be filed In and submitted with construction plans and specifications for preliminary review (Not to be used where City Is purchasing property) THIS SECTION TO BE COMPLETED BY CITY STAFF PROCESSED BY: —_ _ DEPT.__- _ EXT. REQUESTED BY:__ -- -- — - -- _ —_ —.— DEPT.__ EXT. ACCOUNT NO. _.. PROJECT NO. (For ordering title work, appraisals, etc.) -- -- -- - -- — TYPE OF EASEMENT. Public Utilities (PUE) — Temporary Blanket PUE _ — Electric Only (prior to building permit) —_._— Water Only SPECIAL INSTRUCTIONS: REVIEW AND APPROVAL REQUIRED /GIVEN BY THE FOLLOWING DEPARTMENTS: Approval Required By: Electric Water/WW Approval Given By: (please initial) (please initial) Electric - - - -- Water/WW _ —_— Asst. City Engineer _ Asst City Engineer Public Works _— _— Public Works METES & BOUNDS DESCRIPTION CHECKED FOR CLOSURE BY: (C#V Staff - Name/Dept.) THIS SECTION TO BE COMPLETED BY APPLICANT PROPERTY OWNER(S): _f� — �B�t — ' [�/00 7�,l/WA40,VE _ /� (Names must be exactly as they appear on the dsed)� — - ADDRESS: / 0 �Ox �O PHONE NUMBER P/ - LENDERS (Please furnish copies of al lien documents): ! !s/t_f_�_1_t.D (Names and Addresses / � /�.vi ✓�es��- v OwlilE Easr, t!'ot�ss� 07 rc- 7 ftp IF OWNER IS A CORPORATION, PARTNERSHIP, OR JOINT VENTURE (also see #5 below): State of Incorporation /Registration TSXAS - S40 075 d t. v 2. Partners' Names (if applicable) 5 p.1 VOAr /Q /7r/F FrRfi¢r✓ r C/ Sr+¢K LB S L_ Gf�ipr - f- �iP /Gg L f, , rrW eoe G �owg R HvN� Z,vG al 3. Person Authorized to Sign 1 InS 49. s7^Ew1of /R+ESfz1r 7 hsIST6J�LTl5l�u' (Na and ltie NoAfES � 4V c, LEGAL DEPARTMENT MU S BE PROVIDED WITH THE FOLLOWING: (Pleascheck items that are attached) 1. A copy of a recent (within 90 days) deed or title insurance policy showing the names of the grantors/owners; and 2. For unplatted property, a signed, sealed and dated metes and bounds description and a diagram of the property showing the kxsitlon of the easement: or 3. For platted property, a copy of the plat showing the lot, block, subdivision, and recording information. 4. For blanket easements, a signed, sealed and dated metes and bounds description and a diagram of the property. 5. Cexporate or partnership owners must furnish a copy of a eorporat resolutiother progf ` thority to sign on behalf of the corporation, partnership or joint venture. 59G. P4V14y,,.p M it e n or o R q /r lclr 6. Name, addre.9 and phone number number of person who is to receive the easement and be responsible for getting It executed: Any land acquisition resulting from Capital Improvement Projects requires a mesNng with the Legal Department. bsV :lgrnupldeve_serVnrmsL1002 internet applicarionsleasemem dedication sheer.doc Apr 08 03 08:31a p.2 7.04 Accounting The accounting year for the Partnership shall end December 31 of each year. Within thirty (30) days after each quarter, the General Partner shall make available to all Limited Partners a description of income and expenses of the Partnership for the preceding quarter. The General Partner may satisfy this obligation by providing the Limited Partners a copy of the bank statements and general ledger for the quarter. Within sixty (60) days after the close of each fiscal year, the General Partner shall furnish to each Partner a balance sheet for the Partnership as of the end of the accounting period and a full and detailed financial report on the business operations of the Partnership during the entire accounting period. All of the services to be performed by the General Partner and costs incurred in providing Partners with accounting and tax information shall be at the expense of the Partnership. 7.65 Tax Matters All items of Partnership income, expense, gain, loss, deduction, and credit for tax purposes shall be allocated as provided in this Agreement relating to allocations of profits and losses. The tax matters partner MASTERTOUCH CUSTOM HOMES, INC. or such other General Partner as the other General Partner may designate in writing from time to time. The tax matters partner shall furnish in a timely manner all information Partners need to complete their Federal and State income tax forms, including statements of the net distributable income or loss to each Partner from the operation of the Partnership. 7.06 Audits Any Partner shall have the right to have an audit conducted of the Partnership's books. The Partner requesting the audit shall bear the expense of the audit unless a majority in interest of the Limited Partners authorizes payment of audit expenses. The Partner requesting the audit may select the accounting firm to conduct the audit. The Partnership shall not be required to be audited more than once in any fiscal year. ARTICLE VIII - MANAGEMENT OF PARTNERSHIP AFFAIRS 8.01 Duties of General Partner The General Partner shall exercise ordinary business judgment in managing the affairs of the Partnership. The General Partner shall act as a fiduciary with respect to the interests of the Limited Partners. In acting in the official capacity as General Partner of this Partnership, it shall act in good faith and take actions they reasonably believe to be in the best interests of the Partnership and are not unlawful. In all other instances, the General Partner shall not take any action that they reasonably believe would be opposed to the Partnership's best interests or would be unlawful. The General Partner shall take no action in any capacity that results in It improperly receiving personal benefits relating to Partnership affairs. The General Partner shall devote sufficient time, attention, and business judgment to the affairs of the Partnership to fulfill their duties to the other Partners and the Partnership. As long as a General Partner fulfills its duties to the other Partners and the Partnership, the General Partner may, with the approval of 51 % of the Limited Partners in interest, be the manager or general partner of other partnerships and may engage in other distinct or related businesses. 8.02 Powers of General Partner The General Partner shall have exclusive control of the Partnership. If there is more than one General Partner, management decisions must be made by a majority, in number, of the General Partners; unless otherwise stated in this Agreement. Subject to the limitations in this Agreement, the General Partner shall have the authority to take any action deemED to be necessary, appropriate, or convenient relating to the management of the Partnership, including, but not limited to, the powers to: A. Sell, convey, exchange, convert, grant an option or assign the property of the Partnership in the normal course of business of the Partnership (i.e. the sale of condominium units); B. Improve, build, manage, operate, and control Partnership property. C. Partition, divide, subdivide, assign, develop, and improve Partnership property. D. Make ordinary repairs, improvements and alterations in or to buildings, demolish improvements, r-- raze parry walls or buildings, and erect party walls or buildings on Partnership property. WATERWOOD TOWNHOMES, L.P. PAGE 8 Created o 2/262003 12:25 PM DA(JEH Client0stewart, JImtPartnershlp Agreement 02- 26- 03.doc Apr 08 03 08:31a p.3 E. Lease Partnership property for any legal purpose, and enter into any covenants and agreements �. relating to the leased property or any improvements that may be erected on the Partnership property. F. Borrow money not exceeding TWENTY THOUSAND DOLLARS AND NO /1000 ($20,000) on behalf of the Partnership from any person, firm, or corporation, for any Partnership purpose on whatever terms and conditions the General Partner deems advisable and to obligate the Partnership to repay the borrowed money. G. Encumber or hypothecate Partnership property having a market value of not more than TWENTY THOUSAND DOLLARS AND NO /100 ($20,000.00) for any Partnership purpose by mortgage, deed of trust, pledge, or otherwise. H. Carry, at the expense of the Partnership, insurance of the kinds and in the amounts that 51 % of the Limited Partners in interest deem advisable or make other arrangements for payment of losses or liabilities to protect the Partnership or the Partners, agents, and employees of the Partnership, or persons serving at the request of the Partnership as representatives of another enterprise; provided, however, that with respect to insurance or arrangements to indemnify a person for any liability arising out of the person's status as a general partner, limited partner, employee, or agent of the Partnership, or by serving at the request of the Partnership as representatives of another enterprise, the terms of the insurance or other arrangements must be consistent with the provisions of Section 11.18 of Article 6132a -1 of the Revised Civil Statutes of Texas. I. Invest and reinvest in property which 51% of the Limited Partners in interest deem advisable, including the option to acquire an asset. J. Vote and give proxies to vote any Partnership securities, including stock or interest of any General Partner that is a corporation or limited liability company. K. Pay any assessments or other charges levied on any Partnership stock or other security. L Exercise, with the approval of 51% of the Limited Partners in interest, any subscription, conversion, or other rights or options that may attach to the holders of any Partnership stocks, bonds, securities, or other instruments. M Continue and operate, sell, or liquidate any business or partnership interests received by the Partnership. N. Enforce any mortgage or deed of trust or pledge owned by the Partnership and, at any sale under any such mortgage, deed of trust, or pledge, bid and purchase at Partnership expense any property subject to the security instrument. O. Employ any attorney, investment adviser, accountant, broker, tax specialist, or any other agent, and pay reasonable compensation for all services performed by any of them as a Partnership expense, P. With the approval of 51% in interest of the Limited Partners, compromise, participate in mediation, submit to arbitration, release with or without consideration, extend time for payment, or otherwise adjust any claims in favor of or against the Partnership in excess of TEN THOUSAND DOLLARS AND NO /100 ($10,000.00). Q. With the approval of 51% in interest of the Limited Partners, commence or defend any litigation with respect to the Partnership or any Partnership property, at the expense of the Partnership. R. Abandon any Partnership asset that 51 % in interest of the Limited Partners deem advisable. WATERWOOD TOWNHOMES, L.P. PAGE 9 Grcotedon 2/262003 72:25 PM 0: \(JEH Clients)\Stewart, Jim\Partnership Agreement 02- 26- 03.doc Apr 08 03 08:31a p.4 S. Do all acts, take part in any proceedings, and exercise all rights and privileges as could an absolute owner of Partnership property, subject to the limitations expressly stated in this Agreement and the faithful performance of the General Partners' fiduciary obligations. The enumeration of powers in this Agreement shall not limit the general or implied powers of the General Partner or any additional powers provided by law. Apr 08 03 08:32a p.5 This Agreement shall be binding upon and inure to the benefit of the parties who execute this Agreement and their respective heirs, executors, administrators, legal representatives, successors, and assigns except as otherwise provided in this Agreement. The death, disability, or other change in circumstances relating to a Partner shall not affect the rights and obligations of the Partner or the of a deceased General Pa shall to the l extent of the deceased Partner's capital p in the Partnership plus the estate's assets. 13.07 Prior Agreements superseded This Agreement contains the entire agreement between the Partners and supersedes any prior understandings or written or oral agreements between the parties relating to the subject matter of this Agreement, except as may be otherwise provided in this Agreement. 13.03 Legal Construction If any of the provisions in this Agreement is held to be invalid, illegal, or unenforceable In any respect for any reason, such invalidity, illegality, or unenforceability shall not affect any other provision and this Agreement shall be construed as if the invalid, illegal, or unenforceable provision had not been included in the Agreement. 13.09 Attorney's Fees If there is any action, suit, arbitration, or other proceeding between Partners relating tot the Partnership, or between the Partnership and one or more Partners relating to the Partnership business, the prevailing party shall be entitled to recover reasonable attorney's fees in addition to any other relief ordered. 13.10 Counterparts This Partnership Agreement may be executed in any number of counterparts and each counterpart shall be deemed to be an original for all purposes. 13.11 Gender Wherever the context requires, all words in this Agreement in the male gender shall be deemed to include the female or neuter gender, all singular words shall include the plural, and all plural words shall include the singular. EXECUTED on the date(s) hereinafter indicated to be effective upon the issuance of a Certificate of Limited Partnership by the Secretary of State of the State of Texas. PARPiER - STOMM''KOMES, INC. B. WATERWOOD TOWNHOMES, L.P. PAGE 22 created on 7!26200312:25 PM DA(JEH Clients)\,Stewart. Jim\Partnership Agreement 02- 26- 03.doc