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HomeMy WebLinkAboutTitle ReportTEXAS COMMITMENT FOR TITLE INSURANCE SCHEDULE A Effective Date: ,.. �. -: w` at 8:00 a.m. Commitment issued i:, -)i io`~, 8:00 a.m. 1 . The policy or policies to be issued are: (a) OWNER POLICY OF TITLE INSURANCE (Form T -I) (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 -IR) Policy Amount: $ PROPOSED INSURED: (c) MORTGAGEE POLICY OF TITLE INSURANCE (FORM T -2) Policy Amount: $,���i. =,1�ii•(lil PROPOSED INSURED: Proposed Borrower: 7B Investments LTD. (d) TEXAS SHORT FORM RESIDENTIAL MORTGAGEE POLICY (Form T -2R) Policy Amount: $ PROPOSED INSURED: Proposed Borrower: GF No. 000 " (c) 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: I� Iv I .AIIIUriclin I iIIv in.urancc t'uulp l I eeas Commitment T -7 ( Re%. 1 -1 -93) - Schedule A Valid Only if Schedule B, C, D and Cover are attached SCHEDULE A - continued 4. Legal description of land: GF No. 1100�1' ;I;- SCHEDULE B GF No. 11110 EXCEPTIONS FROM COVERAGE In addition to the Exclusions and Conditions and Stipulations, your Policy will not cover loss, casts, attorney's fees, and expenses resulting from: 1. The following restrictive covenants of record itemized below (We must either insert specific recording data or delete this exception): Item No. 1, Schedule B, is hereby deleted. 2. Any discrepancies, conflicts, or shortages in area or boundary lines, or any encroachments or protrusions, or any overlapping of improvements. 3. Homestead or community property or survivorship rights, if any, of any spouse of any insured. (Applies to the Owner Policy only.) 4. Any titles or rights asserted by anyone, including, but not limited to, persons, the public, corporations, governments or other entities, a. to tidelands, or lands comprising the shores or beds of navigable or perennial rivers and streams, lakes, bays, gulfs or oceans, or b. to lands beyond the line of the harbor or bulkhead lines as established or changed by any government, or c. to filled -in lands, or artificial islands, or d. to statutory water rights, including riparian rights, or e. to the area extending from the line of mean low tide to the line of vegetation, or the rights of access to that area or easement along and across that area. (Applies to the Owner Policy only.) 5. Standby fees, taxes and assessments by any taxing authority for the year 2005, 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 I"ir�t . %IIICI IC;fn I ItIt' ln�nra It' r t '1"II !I' Texas Commitment T -7 (Rev 1 -1 -93) -Schedule B Valid Only if Schedule A, C, D and Cover are attached SCHEDULE B - continued GF No. 000 -- 0;0-' exceptions 1 through 8 of this Schedule B do not apply to the Texas Short Form Residential Mortgagee Policy (T- 2 R). 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. Easements and Building Lines as shown on plat recorded in Volume 1346, Page 207 of the Official Records of Brazos County, Texas, as partially abandoned and recorded in Volume 3410, Page 39, Official Records, Brazos County, Texas. (Tract One) c. Easement: From: Kaskaskia Properties , I City of College Station Dated: March 12, 1955 Recorded: Volume 167, Page 405, Deed Records, Brazos County, Texas. d. Sewer Easement reserved in Deed From: Kaskaskia Properties To: Area Progress Corporation Dated: November 29, 1962 Recorded: Volume 223, Page 437, Deed Records, Brazos County, Texas. e. Fascment: From. Area Progress Corporation To: City of College Station Dated: May 31, 1983 Recorded: Volume 580, Page 560, Deed Records, Brazos County, Texas. (Tract One) f. Utility Easement reserved in Deed From: Area Progress Corporation To: Dennis H. Goehring Dated: June 23, 1964 Recorded: Volume 250, Page 482, Deed Records, Brazos County, Texas. (Tract Two) g. Royalty Reservation in Deed Federal Land Bank of Houston To: F. B. Clark Dated: February 13, 1935 Recorded: Volume 88, Page 378, Deed Records, Brazos County, Texas. Title to said interest has not been investigated subsequent to the date ofthe aforesaid instrument. h. Oil and Gas Lease. and all terms, conditions and stipulations therein: Lessor: Clinton A. Phillips, et ux Lessee: Inexco Oil Company Dated: December 12, 1984 Recorded: Volume 760, Page 403, Official Records, Brazos County, Texas. Title to said interest has not bCCn investigated subsequent to the date of the aforesaid instrument. (Tract Two) SCHEDULE B - continued GFNo. i'nii SCHEDULE C GF No. 000511;­' 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 ol' 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 2005 and subsequent _years, but not those taxes or assessments for prior years because of an m exeption granted to a previous owner of the property under Section 1 1.13, Texas Tar Code, or because of improvements not assessed for a previous tax year. ", upon payment of applicable premium. (As to Mortgagee Policy T -2 Onlv) (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 I ieu 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. \A ill 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.) 1�ir�f .1 nit °a'ic:in Dille• lu�unittct t ;inilr:ir� Texas Commitment T -7 (Rev. 1 -1 -93) - Schedule C Valid Only if Schedule A, B, D and Cover are attached SCHEDULE C - continued GF No. 0005030_ It. ARBITRATION: The Owner Policy of Title Insurance (Form T -1) and the Mortgagee Policy of Title Insurance (Form T -2) contain an arbitration provision. It allows the Insured or the Company to require arbitration if the amount of insurance is $ 1,000,000 or less. If the Insured wants to retain the right to sue the Company in case of a dispute over a claim, the Insured must request deletion of the arbitration provision before the Policy is issued. The Insured may do this h\ ,ienina the Deletion of Arbitration Provision lorm 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 survev is acceptable for insuring purposes according to our underwriter guidelines. For a copy of the under ANriting guidelines, please call our office. NO 11.: While a survey may be acceptable for insuring purposes, all surveys are subject to final approval by lender. 13. The following note is for information purposes only: The following deed(s) affecting said land were recorded within the last twelve (12) months of the effective date of this commitment: None Vcstinu Deed to owners shown herein was dated October 10, 2002 and recorded in Volume 4905, Page 238, Official Records, Brazos County, Texas. 14. Rcquirc Correction of Warranty Deed from. Advert Homes, Inc. To: Charles R. Bergstrom, III Dated: October 10, 2002 Recorded: Volume 4905, Page 238, Official Records, Brazos County, Texas; to include metes and bounds description of Tract Two, being 0.482 acre tract. 15. Furnish the marital status of Charles R. Bergstrom, III. Company requires the joinder of spouse(s) in any transaction involving subject property. 16. Prior to closing, furnish a copy of the Partnership Agreement of 7B Investments, LTD. Additional requirements may be made upon examination of said agreement. iii Authorized Countersignature; 1;.a V ­k , SCHEDULE D GF No. Pursuant to the requirements of Rule P -21, Basic Manual of Rules, Rates and Forms for the writing of Title Insurance in the State of Texas, the following disclosures are made: 1. UNDERWRITER: First American Title Insurance Company, a California corporation. Shareholder owning or controlling, directly or indirectly, ten percent or more of the shares of First American Title Insurance Company: wholly owned subsidiary of The First American Corporation, a public company Directors: Gary J. Behan, J. David Chatham, William G. Davis, Craig L DeRoy, James L. Doti, Lewis W. Douglas, Jr., Paul B. Fay, Jr., Donald P. Kennedy, Parker S. Kennedy, Gary L. Kermott, Thomas A. Klemens, John W. Long, Herbert B. Tasker, Frank E. O'Bryan, James M. Orphanides, Roslyn B. Payne, D. Van Skilling, Virginia M. Ueberroth and Martin R. Wool Officers: Chairman of the Board - Parker S. Kennedy; Vice Chairman of the Board - Donald P. Kennedy; President - Gary Lewis Kermott; Vice President - Thomas A. Klemens; Vice President/Secretary and Corporate Counsel - Mark R. Amesen; Vice President and General Counsel - Timothy P. Sullivan; Vice President and Chief Financial Officer - John R. Thomas; Regional Vice President - Tom E. Blackwell 2. AGENT: a. The names of each shareholder, owner, partner or other person having, owning or controlling one percent (1%) or more of the Title Insurance Agent that will receive a portion of the premium are as follows: Celia Goode William C. Lipsey Michael R. Hoelscher b. Each shareholder, owner, partner or other person having, owning or controlling ten percent (10 %) or more of an entity that has, owns or controls one percent (1 %) or more of the Title Insurance Agent that will receive a portion of the premium are as follows: not applicable c. The following persons are officers and directors of the Title Insurance Agent: Officers Directors President - Celia Goode Celia Goode Vice President - Michael R. Hoelscher Michael R. Hoelscher Secretary/Treasurer - William C. Lipsey William C. Lipsey 3. You are entitled to receive advance disclosure of settlement charges in connection with the proposed transaction to which this commitment relates. Upon your request, such disclosure will be made to you. Additionally, the name of any person, firm or corporation receiving any sum from the settlement of this transaction will be disclosed on the closing or settlement statement. You are further advised that the estimated title premium* is: Owners Policy $ 1,313.00 Mortgage Policy $ Endorsement Charges $ Total $ 1,313.00 Of this total amount: S 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 famished to us as of the date of this Commitment for Title Insurance. Final determination of the amount of the premium will be made at closing in accordance with the Rules and Regulations adopted by the State Board of Insurance. Exhibit A v P k my a moi no in B""-N ( o"nq. Im" and hcho I "cl '' \ I he Uid, noun I mov a"MY&V 0, The JdAl ITCordvd in N "Inum P; n or paiTH "f land Qmq and heino situated in the ( RA"HWD J1tNNET1 I.F.- W 1. ,lation, Hrnvis ( tmur". levay and lieby part of the 0014 acres dew6hed in Deed from A k. lilmi Phillip :'Ild lN if e _juha 1j. Phillips, recorded in N olurnic 236. Ini2c 7 0 of the licud p!�!; —kWk d('lk'lihVd A> fidlllNl: a '.K P"Wd "I Nick j"-t ar A wm iM corner o f be-lbivurr"dwivil TM7 n"v amr. dcwHhcd on the ph" of I he ( JAW Qc6on 1 1 unsi-dvil in \ -hrm, t *,cvr !)!k O.N! 7 !;a"l and III, "'ol link "t I V%wn. to a diannue of ;h We Wforementitmed ON i"v Irm and I he (WK d ",J:oy We c"runron comer but""n We said Wd" ScAhm I i. �wj;nn lo pn! 1, OW 0! 1 "ll 5 27 Iw2v "W 160 Reword, i&BrA",Kninh. 1 cv— i'"' i�lk U c'll'n' ii, \ !tii .l Tn1:ii 'lillAnk, of N�. -0 al 5AW of vViin Ann fP"Cv .iiFM F C"I'llillilt? 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