HomeMy WebLinkAboutRes 05-21 Authorizing the Sale of Property at SH 377 and SH 170RESOLUTION NO. 05-21
A RESOLUTION OF THE BOARD OF ALDERMEN OF THE TOWN OF
WESTLAKE, TEXAS, AUTHORIZING THE TOWN MANAGER TO SELL 6.517
ACRES OF PROPERTY LOCATED AT THE NORTHWEST AND SOUTHWEST
CORNERS OF SH 377 AND SH 170 IN WESTLAKE PURCHASED FROM THE
TEXAS DEPARTMENT OF TRANSPORTATION TO FACILITATE
ECONOMIC DEVELOPMENT IN WESTLAKE.
WHEREAS, the Town of Westlake has recently purchased and annexed surplus
right of way lands described in the attached legal description from the Texas Department
of Transportation to further public purposes of the Town of Westlake; and
WHEREAS, the surplus property is bordered on the west side by railroad right
of way and on the east side by highway frontage property owned by Hillwood (AIL
Investments, LP); and
WHEREAS, the property may not feasibly be developed by any owner other
than the owner that controls the adjacent highway frontage property; and
WHEREAS, AIL Investments, LP has agreed to purchase both parcels of real
property for the total price of $478,836, which amount represents the fair market value of
the property plus a fair margin to the Town.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF
THE TOWN OF WESTLAKE, TEXAS:
Section 1: That the Town Manager is authorized to execute the contract of
sale for the aforementioned surplus property in accordance with the FY 04-05 adopted
budget and is directed to execute the sale as soon as possible.
PASSED AND APPROVED ON THIS I-54-4 DAY OF Juni. 2005.
ATTEST:r
Scott Bradley, Mayor
—E;qJanjDwinnell, Town Secretary Trent O. Petty, T Manager
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CHARLES F. STARK
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616 SIX FLAGS DRIVE, SUITE 400 of
ARLINGTON, TEXAS 76011 (617) 640-6535
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TRACT
TEXAS DEPT. OF TRANSPORTATION
195,439 SO.T./4,487 AC.
STATE DIST. COUNTY
TEXAS FTW TARRANT
CONT. SECT. JOB HIGHWAY NO.
s ANDONED
POABRTION OF
U.S. 377
LEGAL DESCRIPTION
BEING 4.487 acres of land, more or less, situated in the W. Huff survey, Abstract No.
648, Tarrant County, Texas and being out of a tract of land, conveyed by deed to AIL
Investments, L.P., as recorded in Volume 13588, Page 0189, Deed Records, Tarrant
County, Texas. Said 4.487 acres being more particularly described by metes and bounds
as follows:
BEGINNING at a found TxDot monument at the intersection of the south right-of-way
line of State Highway 170 (a variable width R.O.W.) and the existing east right-of-way
line of old U. S. Highway 377 (a 110' R.O.W.), said point being the northwest corner of
said AIL Investments tract;
THENCE South 24°26'06" West, along the common line of said existing east right-of-
way line and the west line of said AIL Investments tract, a distance of 1524.91 feet to a
found TxDot monument at the southerly corner of said AIL Investments tract, said point
being the intersection of the existing east right-of-way line of said old U.S. Highway 377
and the existing west right-of-way line of new U.S. Highway 377 (a 150 foot R.O.W.);
THENCE South 35°56'01" West, leaving said intersection and common line, a distance
of 260.02 feet to a 1/2 inch iron rod set for corner, said point being the point of curvature
of a curve to the left, having a delta of 05°41'22", a radius of 3,894.72 feet, a tangent
length of 193.53 feet and a chord bearing and distance of South 33°05'20" West, 386.58
feet;
THENCE southwesterly, along the are of said curve to the left, a distance of 386.74 feet
to a 1/2 inch iron rod set for corner, said point being in the common line of the existing
west right-of-way line of said old U.S. Highway 377 and the west line of a Texas &
Pacific Railroad right-of-way (a 100 foot R.O.W.);
THENCE North 24°26'06" East, along said common line, a distance of 2,096.36 feet to a
1/2 inch iron rod set for corner, said point being the intersection of the existing west
right-of-way line of said old U.S. Highway 377 and the south right-of-way line of said
State Highway 170;
THENCE North 83039'01" East, leaving said existing west right-of-way line and along
the south right-of-way line of said State Highway 170 and the north line of said AIL
Investments tract, a distance of 128.04 feet to the POINT OF BEGINNING and
CONTAINING 195,439 square feet or 4.487 acres of land, more or less.
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J:\West1ake\377\LEGAL DESCRIPTION 4-487 ac.doc
LandAmerica
Commonwealth Title of Fort Worth
June 7, 2005
Mr. Trent Petty
Town Manager
Town of Westlake
2650 Ottinger Road
Westlake, TX 76262
0E)-21
LandArnerica Commonwealth Title of Fort worth, Fac.
601 West bran-,
Arlington, TX 76010
metro: 817226-1211 fax: 817 276-9156
Re: 4.487 Acres in the W. Huff Survey, Abstract No. 648, Tarrant County, Texas;
GF# 2328000237
Dear Mr. Trent Petty:
Enclosed herewith please find a copy of closing documents for the above referenced
property. The original deed Without Warranty will be mailed directly to you from the
Tarrant County Clerk. Once recording data has been received., your Owner Title Policy
of Insurance will be mailed.
If you should have any questions or need further assistance, pleas: feel free to contact
me.
Best regi
Hillary C
Escrow Officer
/hg
Encls.
cc: David McCarver, Graham Associates, Inc., 600 Six Flags Drive, Ste, 500,
Arlington, TX 76011
FILED
DEED WITHOUT WARRANTY TARRA T CHINTY TEXAS
STATE OF TEXAS § ZQQ Jae ®2 2 S !
§ SUZAIiE 1 i D "S0N
COUNTY OF TARRANT § co JN! TY ;;,t_ERK
BY v
THE STATE OF TEXAS, acting through the Texas Transportation Commission and on behalf of
the Texas Department of Transportation, hereinafter referred to as Grantor, pursuant to Minute
Order 109999 passed by the Texas Transportation Commission on February 24, 2005, as shown by the
official minutes of the Texas Transportation Conunnission, in consideration of the sum of ONE
HUNDRED FORTY-SIX THOUSAND AND NO/100 DOLLARS (S 146,000.00) to Grantor in hand paid
by the TOWN OF WESTLAKE, TEXAS, hereinafter referred to as Grantee, whether one or more; the
receipt and sufficiency of which is hereby acknowledged and confessed and for which no lien is retained,
either express or implied, has this day Sold and by these presents does Grant, Bargain, Sell and Convey
unto Grantee all of Grantor's rights, title and interest in and to that certain tract or parcel of land situated
in Tarrant County, Texas, said land being more particularly described in Exhibit A, attached hereto and
made a part hereof, SAVE AND EXCEPT, however, there is excepted and reserved herefrom all of
Grantor's rights, titles and interests, if any, in and to all of the oil, gas, sulphur and other minerals, of
every kind and character, in, on, under and that may be produced from the property described in Exhibit
A, but Grantor waives all .rights of ingress and egress to the surface thereof for the purpose of exploring,
developing, mining or drilling for same.
Access to the highway facility from the land will not be permitted as shown on Exhibit A.
Anything herein to the contrary notwithstanding, this Deed Without Warranty is made subject to the
continued rights of existing utilities, if any, as provided by law, and any required adjustment will be at no
cost to Grantor. In addition, this conveyance is subject to all matters of public record and to all
easements, leases, agreements or licenses, or other interests which affect the property, and to any matter
which would be disclosed by title examination, survey, investigation or inquiry, including but not limited
to the rights of parties in possession. .
BY THE ACCEPTANCE OF THIS DEED, GRANTEE ACKNOWLEDGES AND AGREES
THAT GRANTEE HAS THOROUGHLY INSPECTED AND EXAMINED THE PROPERTY TO
THE EXTENT DEEMED NECESSARY BY THE GRANTEE IN ORDER TO ENABLE THE
GRANTEE TO EVALUATE TIME PURCHASE OF THE PROPERTY. GRANTEE
REPRESENTS THAT GRANTEE IS RELYING SOLELY ON GRANTEE'S OWN EXPERTISE
AND THAT OF ITS CONSULTANTS, AND THAT GRANTEE HAS CONDUCTED SUCH
INSPECTIONS AND INVESTIGATIONS OF THE PROPERTY, INCLUDING, BUT NOT
LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, AND IS
RELYING UPON SAME, AND HEREBY ASSUMES THE RISK OF ANY ADVERSE
MATTERS, INCLUDING, BUT NOT LIMITED TO, ADVERSE PHYSICAL AND
ENVIRONMENTAL CONDITIONS THAT MAY NOT HAVE BEEN REVEALED BY
GRANTEE'S INSPECTIONS AND INVESTIGATIONS. GRANTEE FURTHER
ACKNONVLEDGES AND AGREES THAT GRANTEE IS ACQUIRING THE PROPERTY ON
AN "AS IS, WHERE IS" AND "WITH ALL FAULTS" BASIS, WITHOUT
REPRESENTATIONS, WARRANTIES OR COVENANTS, EXPRESS OR IMPLIED, OF ANY
KIND OR NATURE. GRANTEE HEREBY WAIVES AND RELINQUISHES ALL RIGHTS AND
PRIVILEGES ARISING OUT OF, OR WITH RESPECT OR IN RELATION TO, ANY
REPRESENTATIONS, WARRANTIES OR COVENANTS, WHETHER EXPRESS OR
IMPLIED, WHICH MAY HAVE BEEN MADE OR GIVEN, OR WHICH MAY HAVE BEEN
DEEMED TO HAVE BEEN MADE OR GIVEN, BY GRANTOR. GRANTEE HEREBY
ASSUMES ALL RISK AND LIABILITY (AND AGREES THAT GRANTOR SHALL NOT BE
LIABLE FOR ANY SPECIAL, DIRECT, INDIRECT, CONSEQUENTIAL OR OTHER
DA -MAGES) RESULTING OR ARISING FROM GRANTEE'S USE, MAINTENANCE, REPAIR,
OR OPERATION OF THE PROPERTY.
WITHOUT LIMITING THE GENERAL PROVISIONS ABOVE, IT IS UNDERSTOOD AND
AGREED THAT GRANTOR IS NOT MAKING AND SPECIFICALLY DISCLAIMS ANY
WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESS OR
IMPLIED, AS TO (a) MATTERS OF TITLE; (b) ZONING; (c) TAX CONSEQUENCES; (d)
PHYSICAL OR ENVIRONMENTAL CONDITIONS; (e) AVAILABILITY OF ACCESS,
INGRESS OR EGRESS; (f) OPERATING HISTORY OR PROJECTIONS; (a) VALUATION; (h)
AVAILABILITY AND ADEQUACY OF UTILITIES; (i) GOVERNMENTAL APPROVALS; (j)
GOVERNMENTAL REGULATIONS OR ANY OTHER MATTER OR THING RELATING TO
OR AFFECTING THE PROPERTY, INCLUDING, WITHOUT LIMITATION: (1) THE
VALUE, CONDITION, MERCHANTABILITY, MARKETABILITY, PROFITABILITY,
SUITABILITY, OR FITNESS OF THE PROPERTY FOR A PARTICULAR USE OR PURPOSE;
(2) THE MAN -INTER OR QUALITY OF THE CONSTRUCTION OR MATERIALS, IF ANY,
INCORPORATED INTO ANY OF THE PROPERTY; AND (3) THE MANNER, QUALITY,
STATE OF REPAIR OR LACK OF REPAIR OF THE PROPERTY. GRANTEE FURTHER
EXPRESSLY ACKNOWLEDGES AND AGREES THAT GRANTOR IS NOT REPRESENTING
OR WARRANTING THAT ANYTHING CAN, OR WILL BE ACCOMPLISHED THROUGH
GRANTEE'S OR GRANTOR'S EFFORTS WITH REGARD TO THE PLANNING, PLATTING
OR ZONING PROCESS OF ANY GOVERNMENTAL AUTHORITIES, BOARDS OR
ENTITIES. GRANTEE FURTHER ACKNOWLEDGES THAT GRANTOR HAS NOT
vVARR,&NTED, AND DOES NOT HEREBY WARRANT, THAT THE PROPERTY NOW OR IN
THE FUTURE WILL MEET OR COMPLY WITH THE REQUIREMENTS OF ANY SAFETY
CODE, ENVIRONMENTAL LAW OR REGULATION OF ANY STATE OR FEDERAL
AUTHORITY OR JURISDICTION.
This Deed Without Warranty is expressly made by Grantor and accepted by Grantee without any
warranty of title of any kind, oral or written, express or implied, whether existing by common law or by
statute or any other manner. Grantee expressly agrees that the implied covenants set forth in
Section 5.023 of the Texas Property Code are not applicable to this Deed Without Warranty.
TO HAVE AND TO HOLD the above described premises, together with all and singular the rights and
appurtenances thereto in any wise belonging unto said Grantee and Grantee's heirs, successors, and
assigns forever, subject to the reservations and exceptions described herein.
2
IN TESTIMONY 'WHEREOF, I have caused the Seal of the State to be affixed.
Executed this-&& d P , 2005.
Att st
o r Williams
Secretary of State
3
tee
RICK PERRY
OVERNOR OF T
Recommended for Approval:
Michael W. Behrens, P.E.
Executive Director
Approved:
Greg Abbott
Attorney General
By: 67.c
Jack McG f Peneral
Assistant Atto
EXHIBIT A
TRACT 21-03
PAGE 1 OF 3
JULY 16, 2004
LEGAL DESCRIPTION
BEING a 4.487 acre tract of land situated in the W. Huff Survey, Abstract No. 648,
Tarrant County, Texas, being a portion of a 5.74 acre tract of land, and a portion of a 2.60
acre tract of land of old US Highway 377 (a 110 foot right-of-way), conveyed by deed to
the State of Texas, as recorded in Volume 1412, Page 261 and Volume 1412, Page 265,
Deed Records, Tarrant County, Texas. Said 4.487 acres being more particularly described
by metes and bounds as follows:
BEGINNING at a found Texas Department of Transportation brass cap in concrete for
corner, said point being the intersection of the south right-of-way line of State Highway
170 (a variable width R.O.W.) and the existing east right-of-way line of said old U. S.
Highway 377, located at Station 1247+12.36, 278.76 feet Right of State Highway 170
new centerline, and .being a northwest corner of a tract of land conveyed by deed to AIL
Investments, L.P., as recorded in Volume 13588, Page 0189, Deed Records, Tarrant
County, Texas;
THENCE South 24°26'06" West, along the common line of said existing east right-of-
way line and the west line of said AIL Investments tract, for a distance of 1524.91 feet to
a found Texas Department of Transportation brass cap in concrete for corner, said point
being at the southerly corner of said AIL Investments tract, and being the intersection of
the existing east right-of-way line of said old U.S. Highway 377 and the existing west
right-of-way line of new U.S. Highway 377 (a 150 foot R.O.W.);
THENCE South 35°56'01" West, leaving said intersection and common line, for a
distance of 260.02 feet to a set 1/2 inch iron rod for corner, said point being the point of
curvature of a curve to the left, having a delta of 05°41'22", a radius of 3,894.72 feet, a
tangent length of 193.53 feet and a chord bearing and distance of South 33°05'20" West,
386.58 feet;
THENCE southwesterly, along the are of said curve to the left, for a distance of 386.74
feet to a set 1/2 inch iron rod for corner, said point being in the common line of the
existing ,vest right-of-way line of said old U.S. Highway 377 and the west line of a Texas
& Pacific Railroad right-of-way (a 100 foot R.O.W.);
THENCE North 24°26'06" East, along said common line, for a distance of 2,096.36 feet
to a set 1/2 inch iron rod for corner, said point being the intersection of the existing west
PAGE 2 OF 3
JAWest1ake\377\LEGALS\LEGAL DESCRIPTION 4-487 ac.doc
right-of-way line of said old U.S. Highway 377 and the south right-of-way line of said
State Highway 170, said point being the beginning of the "Control of Access Line"
THENCE North 83°39'01" East, leaving said existing west right-of-way line and along
the south right-of-way line of said State Highway 170 for a distance of 128.04 feet to the
end of the "Control of Access Line", and the POINT OF BEGn1NING and
CONTAINING 195,439 square feet or 4.487 acres of land, more or less.
OF
..........................
CHARLES F, STARK
..............................
:9 5084 -�cr
7:\west1ake\377\LEGALS\LEGAL DESCRIPTION 4-487 ac.doc
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EXHIBIT_ A
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- TRACT 21-03
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TEXAS DEPT. OF TRANSPORTATION
.............................
CHARLES F. STARK 195,439 SO . FT . J4.487 AC.
..............................
� 105084 ;'L� STATE DIST. COUNTY
S' E S gv3
IAGE 3 OF 3 f/
TEXAS FTw TARRANT
Graham ci _
!/-,.-fG`aK CONT. SECT. JOB HIGHWAY NO.
ABANDONED
600 SIX FLAGS DRIVE, SUITE 500 PORTION OF
ARLINGTON, TEXAS 76011 (817) 640-8535 U.S. 377
J.WESTLAKE.377.EXHIBIT.EXHIBITI
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SUZANNE ' •
TARRANT COUNTY
x.•x. COUNTY • '' •'.
11 WEST WEATHERFbRD
FORT WORTH, TX 76196-0401
• NOT DESTROY
WARNING - THIS IS PART OF THE OFFICIAL RECORD.
Filed For Registration:
Instrument #:
06/02/2005 02:51 PM
D205156447
WD 7 PGS
$24.00
1•a g
4
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i
• NOT DESTROY
WARNING - THIS IS PART OF THE OFFICIAL RECORD.
Filed For Registration:
Instrument #:
06/02/2005 02:51 PM
D205156447
WD 7 PGS
$24.00
A. Settlement Statement U.S. Department of Housing
and Urban Development
OMB No. 2502-0265
B. Type of Loan
1. 0 FILA 2. 0 FmHA 3. 0 Conv linins6. File Number 7. Loan Number 8, Mortgage Ins Case Number
4, OVA 5. 0 Cone his. 6. 0 Seller Finance 232SON237
C. Note: This form is furnished to give you a statement of actual settlement costs. Amounts pa*d to and by the settlement agent are shown, hems marked
"(p o cJ" mere paid outside the closing: thev are shown here for informational purpose; and are not included in the totals.
D. Name & .Address of Borrower E. Name R Address of Seller F. Name & Address of Lender
Town of Westlake Texas Department of Transportation
P.O. Drawer 15426
Austin. TX 78761
G- Property Location -
4.487 Acres, IIT & B RAILROAD CO SURVEY NO 3, No. 643,
TARRANT County
,TX
H. Settlement .Agent Name
LandAmerica Commonwealth Title of Fort worth, Inc.
777 Taylor Street, Suite 902
Fort worth, TX 76102 Tax ID: 751462271
Place of Settlement
LandAmerica Commonwealth Title of Fort Worth,
Inc.
601 W. Abram
1. Settlement Date
Fund:
J. Summary of Borrower's Transaction K. Summary of Seller's Transaction
100. Gross Amount Due from Borrower 400. Gross Amount Due to Seller
101. Contract Sales Price 5146,600.00 401. Contract Sales Price $146,600.00
102. Personal Property 402. Personal Property
103. Settlement Charges to borrower $1,420.37 403.
104. 404.
105. 405.
Adjustments for items paid by seller in advance
Adjustments for items paid by seller in advance
106. City property taxes
406. City property taxes
107. County property taxes
407. County property taxes
108. Annual assessments
408. Annual assessments
109. School property taxes
409. School property taxes
110. MUD taxes
410. MUD taxes
111. Other
411. Other
112.
412.
113.
413.
114.
414.
115.
415.
116.
416.
511. County property taxes
$146 600 00
120. Gross Amount Due From Borrower 5148,020.37
200. Amounts Paid By Or in Behalf Of Borrower
420. Gross Amount Due to Seller
500. Reductions in Amount Due to Seller
201. Deposit or earnest money
501. Excess Deposit
202. Principal amount of new Ioan(s)
502. Settlement Charges to Seller (line 1400)
203. Existing loan(s) taken subject to
503. Existing Loan(s) Taken Subject to
204. Loan Amount 2nd Lien
504. Payoff of first mortgage loan
205. Salesprice Paid to Seller $146,600.00 505. Salesprice Paid to Seller $146,600.00
206.
506.
207,
507.
208.
508.
209
509.
Adjustments for items unpaid by seller
Adjustments for items unpaid by seller
210. City property taxes
510. City property taxes
211. County property taxes
511. County property taxes
212. Annual assessments
512. Annual assessments
213. School property taxes
513. School property taxes
214. MUD taxes
514. MUD taxes
215. Other
515, Other
216. -
516.
21T
517.
218.
518.
219
519.
220, Total Paid By/For Borrower $146,600.00 520. Total Reduction Amount Due Seller $146,600.00
300. Cash At Settlement From/To Borrower
600. Cash At Settlement To/From Seller
301, Gross Amount due from borrower (line 120) $148,020.37 601. Gross Amount due to seller (line 420) 5146,600.00
302. Less amounts paid by/for borrower (line 220) $146,600.00 602. Less reductions in amt. due seller (line 520) $146,600.00
303. Cash From Borrower $1,420.37
603. Cash Seller 50.00
Section 5 of the Real Estate Settlement Procedures Act (RESPA) requires the
following: • HUD must develop a Special Information Booklet to help persons
borrowing money to finance the purchase of residential real estate to better
understand the nature and costs of real estate settlement services;
• Each lender must provide the booklet to all applicants from whom it receives
or for whom it prepares a written application to borrow money to finance the
purchase of residential real estate; • Lenders must prepare and distribute with
the Booklet a Good Faith Estimate of the settlement costs that the borrower is
likely to incur in connection with the settlement. These disclosures are
mandatory.
Section 4(a) of RESPA mandates that HUD develop and prescribe this standard
form to be used at the time of loan settlement to provide full disclosure of all
charges imposed upon the borrower and seller. These are third party disclosures
that are designed to provide the borrower with pertinent information during the
settlement process in order to be a better shopper.
The Public Reporting Burden for this collection of information is estimated to
average one hour per response, including the time for reviewing instructions
searching existing data sources, gathering and maintaining the data needed, and
completing and reviewing the collection of information.
This agency may not collect this information, and you are not required to
complete this form, unless it displays a currently valid OMB control number.
The information requested does not lend itself to confidentiality. _
Previous Editions are Obsolete Page 1 form HUD -1 (3/86)
Handbook 4305.2
File No. 2328000237
L. Settlement Charges
700. Total SaleslBroker's Commission based on price 5346,600.00 @. % =
Division of Commission (line 700) as follows:
701, to David McCarver
702to
50.00 Paid From Paid From
Borrowers Sellers
Funds at Funds at
Settlement Settlement
703. Commission Paid at Settlement
50.00 $0.00
704. The following persons, firms or
to
705. corporations received a portion
to
706. of the real estate commission amount
to
707. shown above:
800. Items Payable in Connection with Loan
to
-
801. Loan Origination Fee % -
- to
802. Loan Discount %
to -
-
803. Appraisal Fee
to
804. Credit Report
805. Lender's Inspection Fee
to
to
806. Mortgage Insurance .Application
to
807. Assumption Fee to
900. Items Required by Lender To Be Paid in Advance
901. Interest from to
@ /day
902. Mortgage Ins Prem. for months
to
903. Hazard Ins Prem. for years
to
904. Flood Insurance
1000. Reserves Deposited With Lender
to
1001. Hazard insurance
months @ per month
1002- Mortgage insurance
months @ per month
1003. City property taxes
months @ per month
1004. County property taxes
months @ per month
1005. Annual assessments
months @ per month
1006- School property, taxes
months @ per month
1007. MUD taxes
months @ per month
1008. Other
months@ per month
1009. Flood Insurance
0 months@
_
1011 Aggregate Adiustment
1100. Title Charges
1101. Settlement or Closing Fee
to
1102. Abstract or Title Search
to
- 1103. Title Examination
to
1104. Title Insurance Binder
to
-
1105. Document Preparation
to
1106_ Notary Fees
to
1107. Attorney's Fees
to
(includes above items numbers:
1108. Title Insurance
to LandAmerica Commonwealth Title of
)
$1,128.00
(includes above items numbers:
1109. Lenders coverage
1110. Ownerscoverage
1111- Escrow Fees
or or ,nc.
50.00/$0.00 .
$146,600.00/$1,128.00
to Landrith& Kulesz, LLP
)
$200.00
1112 State of Texas Policy Guarantc Fee
to Texas Title Insurance Guaranty
Associatio❑
$1.00 $0.00
1113-
to
1114.
to
1115. Tax Certificates
to Data Trace
$46.37
1116. Restrictions
to
I I I T Messenger/ Express Mail
to Landrith & Kulesz, LLP
$25.00
I I 1 S. Copies-
to -
-
1119. 60% of Title Premium
to Landrith & -Kulesz, LLP
-
1120- -
1200. Government Recording and Transfer
to - -
Charges
- -
1201, Recording Fees Deed $20.00 ; Mortgage ; Releases
$20.00
1202, City / County Tae I Deed
Stamps
; Mortgage to
1203. State Tax i Stamps Deed
; Mortgage to
1204
1300. Additional Settlement Chare_es
to
1301. Survey
to
1302. Pest inspection to
1400. Total Settlement Charges (enter on lines 103, Section J and 502, Section K) $1,420.37
I have carefully reviewed the HI -I Settlement Statement and to the best of my knowledge and belief, it is a true and accurate statement of all receipts and
disbursements made on my account or by mein this transaction. I further certify that I have received a completed copy of pages 1, 2 and 3 of this HUD -1 Settlement
Statement.
File No. 2328000237
Town
o stlake
By: _
Title: UY�cs nu
State of Texas
SETTLEN NTA TCER FICATION
The HUD -I Settlement Stateme vhich I have prepared is a true and accurate
account of this transaction. I h -e caused th unds to be disbursed in
accordance this statement.
Se ement Agent Date
Warning: It is a crime to gly make false tem s to the United
States on this or any oth mil form. Penalties upon conviction can
include a fine and imprisonment. For details see: Title 18 U.S. Code Section
1001 and Section 1010.
Previous Editions are Obsolete Page 3 form HUD -I (3/86)
Handbook 4305.2
G.F. No. 2328000237
•�� �; ZW
-
Date: May 12, 2005
Buyer: Town of Westlake
Seller: Texas Department of Transportation
P.O. Drawer 15426
Austin, TX 78761
Property: See Exhibit A Attached
Seller has sold the Property to Buyer and as part of the settlement of this transaction,
1. Ad valorem real property taxes for the current year ❑ have Z have not been prorated between the
parties.
2. Personal property taxes, if any, as to any inventory, mobile home or other personal property situated
on the Property ❑ have Z have not been prorated between the parties.
3. Disclosures:
❑ Proration of taxes, if any, is based on tax information from the prior year, the current year's tax
status not yet being available.
❑ Taxes on the Property for the prior year did not include the value of any NEW CONSTRUCTION.
Proration of taxes for the current year is based on information provided by the appraisal district
that the property will be taxed as
❑ Unimproved ❑ Partially improved ❑ Fully improved
❑ Taxes on the property are currently based on an OVER 65 exemption which will not be allowed for
the remainder of the current year. Proration of taxes is based on the exemption through
settlement, but should not be used to estimate taxes for the full current year, nor for subsequent
years.
❑ Taxes on the property are currently based on an AGRICULTURAL, OPEN SPACE OR FOREST
LAND valuation and may be subject to ROLLBACK, with additional taxes becoming due for the
current and/or prior years.
❑ Taxes on the Property are currently based on a description that appears to contain more land
area than the Property, as conveyed, appears to contain. This could result in the imposition of a
SUPPLEMENTAL TAX BILL for the current and/or prior years.
❑ Some or all of the Property is not currently being taxed as an independent tax tract or tracts. It is
unlikely that the taxing authority(ies) will recognize the Property independently for the current
year's taxes and, therefore, NEITHER BUYER NOR SELLER MAY INDEPENDENTLY PAY
TAXES FOR THE CURRENT YEAR ON THEIR INDIVIDUAL PORTIONS OF LAND.
4. LandAmerica Commonwealth Title of Fort Worth, Inc. (Settlement Agent) can neither guarantee the
accuracy of the tax information provided to it by third parties, "nor of any good -faith estimates upon
which tax prorations may have been made.
5. The amount of escrow collected at closing for future payment of taxes (Tax Escrow) is determined by
Lender, not by Settlement Agent.
6. Settlement Agent assumes no responsibility for notifying taxing entities of this transaction, nor for
assisting Buyer with application for any exemptions or special valuations.
Tax Proration Agreement & Disclosures Page 1 of 3 Rev. 06/03
GF No: 2328000237
7. Persona! property: Neither title to nor taxes on items of personal property are covered by title
insurance.
8. Escrowed Funds: All funds received in this transaction shall be deposited with other funds in one or
more non-interest bearing escrow accounts of Escrow Agent in a state or national bank selected by
Escrow Agent. Escrow Agent shall have no obligation to account to the parties to this transaction in
any manner for the value of, or pay to such party any benefit received by Escrow Agent, directly or
indirectly, by reason of the deposit of any such funds or the maintenance of such accounts with such
bank. Those benefits may include, without limitation, credits allowed by such bank on loans to Escrow
Agent's parent company and on accounting, reporting and other services. All parties depositing funds
in connection with this escrow are hereby notified that the funds so deposited are insured only to the
limit provided by the Federal Deposit Insurance Corporation.
Agreement.
❑ Buyer and Seller agree and hereby instruct Settlement Agent to use the following estimated
amount(s) for proration of taxes for the current year:
0 Seller and Buyer agree and hereby instruct Settlement Agent to perform NO PRORATION of
taxes for the current year — AND —
❑ SELLER AND BUYER AGREE TO COOPERATE to pay the taxes for the current year on the
Property at such time as the tax bills are issued and before they become delinquent,
each paying their prorated portion, Settlement Agent having no liability therefor.
❑ Seller and Buyer agree that SELLER WILL BE FULLY RESPONSIBLE for payment of taxes for
the current year on the Property at such time as the tax bills are issued and before they
become delinquent, Settlement Agent having no liability therefor.
Seller and Buyer agree that BUYER WILL BE FULLY RESPONSIBLE for payment of taxes for
the current year on the Property at such time as the tax bills are issued and before they
become delinquent, Settlement Agent having no liability therefor.
9. In the event actual taxes for current year are determined to be more or less than the figures used by
Settlement Agent for estimates or prorations or by lender for Tax Escrow, Seller and Buyer agree to
adjust any differences between and among themselves and/or Lender, and to hold Settlement Agent
harmless from any liability therefor.
10. Should a bill for Supplemental Tax(es) for prior years be issued on the Property, Seller agrees
to immediately pay such taxes and to indemnify and hold harmless Settlement Agent, Commonwealth
Land Title Insurance Company (Underwriter), and its Agent.
11. Buyer and Seller agree to indemnify and hold harmless Settlement Agent, Commonwealth
Land Title Insurance Company (Underwriter), and its Agent with regard to any Rollback Tax(es) for
prior years.
Town of Westlake
State of Texas,
By:
Title: gQw 9ti ,*A;° `h? --
Tax Proration Agreement & Disclosures Page 2 of 3 Rev. 06(03
G.F. No. 2328000237
Being a 4.487 acre tract of land situated in the W. Huff Survey, Abstract No. 648, Tarrant County, Texas,
being a portion of a 5.74 acre tract of land, and a portion of a 2.60 acre tract of land of old US Highway
377 (a 110 foot right-of-way), conveyed by deed to the State of Texas, as recorded in Volume 1412, page
261 and Volume 1412, Page 265, Deed Records, Tarrant County, Texas. Said 4.487 acres being more
particularly described by metes and bounds as follows:
BEGINNING at a found Texas Department of Transportation brass cap in concrete for corner, said point
being the intersection of the south right-of-way line of State Highway 170 (a variable width R.O.W.) and the
existing east right-of-way line of said old U.S. Highway 377, located at Station 1247+12.36, 278.76 feet
Right of State Highway 170 new centerline, and being a northwest corner of a tract of land conveyed by
deed to AIL Investments, L.P., as recorded in Volume 13588, page 0189, Deed Records, Tarrant County,
Texas;
THENCE South 24°26'06" West, along the common line of said existing east right-of-way line and the west
line of said AIL Investments tract, for a distance of 1524.91 feet to a found Texas Department of
Transportation brass cap in concrete for corner, said point being at the southerly corner of said AIL
Investments tract, and being the intersection of the existing east right-of-way line of said old U.S. Highway
377 and the existing west right-of-way line of new U.S. Highway 377 (a 150 foot R.O.W.);
THENCE South 35°56'01" West, leaving said intersection and common line, for a distance of 260.02 feet
to a set 1/2 inch iron rod for corner, said point being the point of curvature of a curve to the left, having a
delta of 0504122", a radius of 3,894.72 feet, a tangent length of 193.53 feet and a chord bearing and
distance of South 33°05'20" West, 386.58 feet;
THENCE southwesterly, along the are of said curve to the left, for a distance of 386.74 feet to a set 1/2
inch iron rod for corner, said point being in the common line of the existing west right-of-way line of said
old U.>S. Highway 377 and the west line of a Texas & Pacific Railroad right-of-way (a 100 foot R.O.W.);
THENCE North 24'26'06" East, along said common line, for a distance of 2,096.36 feet to a set 1/2 inch
iron rod for corner, said point being the intersection of the existing west right-of-way line of said old U.S.
Highway 377 and the south right-of-way line of said State Highway 170, said point being the beginning of
the "Control of Access Line"
THENCE North 83'39'01" East, leaving said existing west right-of-way line and along the south right-of-
way line of said State Highway 170 and the north line of said AIL Investments tract, for a distance of
128.04 feet to the end of the "Control of Access Line", and the Point of Beginning and containing 195,439
square feet or 4.487 acres of land, more or less.
Tax Proration Agreement & Disclosures Page 3 of 3 Rev. 061032
GF No. 2328000237
' • • ♦ •
.d- by •
Date May 12, 2005
Buyer's Name and Town of Westlake
Mailing Address:
Property: See Exhibit A Attached
Buyer (whether one or more, the first person, singular form shall be used herein and shall refer to each
and every buyer identified above) on oath swears that the following statements are true and are within the
personal knowledge of Buyer:
1. My full legal name is Town of Westlake, and I am over the age of eighteen years.
2. 1 acknowledge that I am buying the Property.
Title Insurance and Commitment - General
3. 1 acknowledge that I am receiving an Owner Policy of Title Insurance (Owner Policy) issued by
Commonwealth Land Title Insurance Company (referred to as Underwriter) through LandAmerica
Commonwealth Title of Fort Worth, Inc. (referred to as Agent) in the amount of the purchase price
of the Property.
4. 1 acknowledge receipt of the following:
0 Commitment for Title Insurance with Issued date: May 12, 20205.
❑ Copies of covenants, conditions, restrictions, easements and other documents shown as
exceptions on Schedule B of the Commitment.
5. 1 understand that, in addition to the exceptions shown on the Commitment, the Owner Policy
promulgated by the Texas Department of Insurance contains Exclusions from Coverage.
Title Insurance — Rights of Parties in Possession
I confirm that Agent has informed me that unless Agent makes a physical inspection of the
Property, my Owner Policy will contain a general exception as to "rights of parties in possession."
❑ I hereby waive any inspection by Agent and agree to accept the policy containing the
general exception.
Title Insurance — Area and Boundaries
7. 1 confirm that Agent has informed me that unless an acceptable survey is furnished and an
additional premium paid, my Owner Policy will contain a general exception as to "any
discrepancies, conflicts, or shortages in area or boundary lines, or any encroachments or
protrusions, or any overlapping of improvements."
1 do not wish to provide a survey and/or to pay the additional premium and agree to
accept the policy containing the general exception.
Title Insurance — Taxes
8. 1 acknowledge that my Owner Policy will contain an exception to possible "taxes and assessments
by any taxing authority for prior years due to change in land usage or ownership," and I confirm
that neither Underwriter nor Agent are responsible for assisting me in paying or resolving any such
tax issues.
X I acknowledge receipt of the Tax Certificate or Tax Information Sheet provided to Agent
Buyer Receipt & Confirmation Page 1 of 3 Rev. 05/03
GF No.: 2328000237
Survey or surveyor's plat
❑ I acknowledge receipt of a survey of the Property dated:
9. 1 confirm that Agent has made no representations tome regarding any matters shown on said
survey and I accept the Property subject to any matters shown on said survey and agree to hold
harmless Underwriter and Agent from any and all costs, damages and expenses in any way
arising from such matters.
10. If no survey or surveyor's plat was received, I confirm that I did not request or require a survey.
Other representations:
11. Anyone concerned may rely on these statements.
12. 1 agree to indemnify and hold Commonwealth Land Title Insurance Company, Underwriter and
its Agent harmless from any loss or expense, including reasonable attorney fees, resulting from
false or incorrect information in this affidavit.
Town of Westlake
By:
_ f::�
Title:
SIGNED under oath before me on
�Y GINGER FZ A RY Nota Na
' ROTARY PUBLIC STATE OF TEXAS
Notary a S
a co�iss�oR ExPEREs: State of:
SEPT is 18, 2006 County of:
Expires: -1 - (g - c:�(,-
STATE OF TEXAS
COUNTY OF TARRANT t
This instrument was acknowledged before me onJCQ��s by Town of Westlake.
yc—
GINGER R AY Notary Name:
NOTARY PUBMSTATE Of TEXAS State of:"TFjcr)
dA� 60MRI53I@N EXPIRES: County of: `�_--
SEPTEMBER 18, 2006 Expires: ,
1 tQ'C-,(p
Buyer Receipt & Confirmation Page 2 of 3 Rev. 05/03
G.F. No. 2328000237
Being a 4.487 acre tract of land situated in the W. Huff Survey, Abstract No. 648, Tarrant County,
Texas, being a portion of a 5.74 acre tract of land, and a portion of a 2.60 acre tract of land of old US
Highway 377 (a 110 foot right-of-way), conveyed by deed to the State of Texas, as recorded in Volume
1412, page 261 and Volume 1412, Page 265, Deed Records, Tarrant County, Texas. Said 4.487 acres
being more particularly described by metes and bounds as follows:
BEGINNING at a found Texas Department of Transportation brass cap in concrete for corner, said point
being the intersection of the south right-of-way line of State Highway 170 (a variable width R.O.W.) and
the existing east right-of-way line of said old U.S. Highway 377, located at Station 1247+12.36, 278.76
feet Right of State Highway 170 new centerline, and being a northwest corner of a tract of land
conveyed by deed to AIL Investments, L.P., as recorded in Volume 13588, page 0189, Deed Records,
Tarrant County, Texas;
THENCE South 24026'06" West, along the common line of said existing east right-of-way line and the
west line of said AIL Investments tract, for a distance of 1524.91 feet to a found Texas Department of
Transportation brass cap in concrete for corner, said point being at the southerly corner of said AIL
Investments tract, and being the intersection of the existing east right-of-way line of said old U.S.
t -of -way line of new U.S. Highway 377 (a 150 foot R.O.W.);
Highway 377 and the existing west righ
THENCE South 35056'01" West, leaving said intersection and common line, for a distance of 260.02
feet to a set 1/2 inch iron rod for corner, said point being the point of curvature of a curve to the left,
having a delta of 05°41'22", a radius of 3,894.72 feet, a tangent length of 193.53 feet and a chord
bearing and distance of South 33°05'20" West, 386.58 feet;
THENCE southwesterly, along the arc of said curve to the left, for a distance of 386.74 feet to a set 1/2
inch iron rod for corner, said point being in the common line of the existing west right-of-way line of said
old U.>S. Highway 377 and the west line of a Texas & Pacific Railroad right-of-way (a 100 foot R.O.W.);
THENCE North 2402606" East, along said common line, for a distance of 2,096.36 feet to a set 1/2 inch
iron rod for corner, said point being the intersection of the existing west right-of-way line of said old U.S.
Highway 377 and the south right-of-way line of said State Highway 170, said point being the beginning of
the "Control of Access Line"
THENCE North 83°39'01" East, leaving said existing west right-of-way line and along the south right-of-
way line of said State Highway 170 and the north line of said AIL Investments tract, for a distance of
128.04 feet to the end of the "Control of Access Line", and the Point of Beginning and containing
195,439 square feet or 4.487 acres of land, more or less.
Rev. 05/03
Buyer Receipt & Confirmation Page 3 of 3
Issued byCommonwealth Land Title Insurance Compani
We Commonwealth Land Title Insurance Company will issue our title insurance policy or policies (the Policy) to
You (the proposed insured) upon payment of the premium and other charges due, and compliance with the
requirements in Schedule B and Schedule C. Our Policy will be in the form approved bythe Texas Department of
Insurance at the date of issuance, and will insure your interest in the land described in Schedule A. The estimated
premium for our Policy and applicable endorsements is shown on Schedule D. There may beadditional charges
such eerecording fees, and expedited delivery expenses.
This Commitment ends ninety (9K]) days from the effective date' unless the Policy is issued suoner, orfailure to
issue 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 seal to be hereunto affixed by its duly authorized officers, the Commitment to become valid when
countersigned by an authorized officer or agent of the Company.
Date
By: u
L/ [/ President
Attest: / /
By: CK— 40
Secretary
Commitment for Title Insurance -T7
PaQoOne-Tuxes (Rev.10/1/97)
Form 1177-1
ORIGINAL
Effective Date: April 24, 2005
GF No.: 2328000237
GF. No. 2328000237
Commitment No.: Not Applicable issued: June 3, 2005
(if applicable)
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: $146,600.00
PROPOSED INSURED: Town of Westlake
(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:
PROPOSED INSURED:
Proposed Borrower:
(d) TEXAS SHORT FORM RESIDENTIAL MORTGAGEE POLICY OF TITLE INSURANCE
(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:
4. Legal description of the land:
See Exhibit A Attached
Commonwealth Land Title Insurance Company Schedule A, Page 1
Form T-7: Commitment for Title Insurance
Continuation of Schedule A
411 •
G.F. No. 2328000237
Being a 4.487 acre tract of land situated in the W. Huff Survey, Abstract No. 648, Tarrant County, Texas,
being a portion of a 5.74 acre tract of land, and a portion of a 2.60 acre tract of land of old US Highway
377 (a 110 foot right-of-way), conveyed by deed to the State of Texas, as recorded in Volume 1412, page
261 and Volume 1412, Page 265, Deed Records, Tarrant County, Texas. Said 4.487 acres being more
particularly described by metes and bounds as follows:
BEGINNING at a found Texas Department of Transportation brass cap in concrete for corner, said point
being the intersection of the south right-of-way line of State Highway 170 (a variable width R.O.W.) and
the existing east right-of-way line of said old U.S. Highway 377, located at Station 1247+12.36, 278.76 feet
Right of State Highway 170 new centerline, and being a northwest corner of a tract of land conveyed by
deed to AIL Investments, L.P., as recorded in Volume 13588, page 0189, Deed Records, Tarrant County,
Texas;
THENCE South 24°26'06" West, along the common line of said existing east right-of-way line and the
west line of said AIL Investments tract, for a distance of 1524.91 feet to a found Texas Department of
Transportation brass cap in concrete for corner, said point being at the southerly corner of said AIL
Investments tract, and being the intersection of the existing east right-of-way line of said old U.S. Highway
377 and the existing west right-of-way line of new U.S. Highway 377 (a 150 foot R.O.W.);
THENCE South 35056'01" West, leaving said intersection and common line, for a distance of 260.02 feet
to a set 1/2 inch iron rod for corner, said point being the point of curvature of a curve to the left, having a
delta of 05041'22", a radius of 3,894.72 feet, a tangent length of 193.53 feet and a chord bearing and
distance of South 33°05'20" West, 386.58 feet;
THENCE southwesterly, along the arc of said curve to the left, for a distance of 386.74 feet to a set 1/2
inch iron rod for corner, said point being in the common line of the existing west right-of-way line of said
old U.>S. Highway 377 and the west line of a Texas & Pacific Railroad right-of-way (a 100 foot R.O.W.);
THENCE North 24°26'06" East, along said common line, for a distance of 2,096.36 feet to a set 1/2 inch
iron rod for corner, said point being the intersection of the existing west right-of-way line of said old U.S.
Highway 377 and the south right-of-way line of said State Highway 170, said point being the beginning of
the "Control of Access Line"
THENCE North 83039'01" East, leaving said existing west right-of-way line and along the south right-of-
way line of said State Highway 170 and the north line of said AIL Investments tract, for a distance of
128.04 feet to the end of the "Control of Access Line", and the Point of Beginning and containing 195,439
square feet or 4.487 acres of land, more or less.
Commonwealth Land Title Insurance Company Schedule A, Page 2
Form T-7: Commitment for Title Insurance
GF No.: 2328000237
• •- 1 r
T
In addition to the Exclusions and Conditions and Stipulations, your Policy will not cover loss, costs,
attorneys' fees, and expenses resulting from:
1. Item 1, Schedule B is hereby deleted in its entirety.
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 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 year2005, 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 2005, 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).
Commonwealth Land Title Insurance Company Schedule B, Page 3
Form T-7: Commitment for Title Insurance
' Continuation ofSchedule 8 G.ENo. 232OU00237
10. The following matters and all terms ofthe documents creating oroffering evidence ofthe matters
(We must insert matters or delete this exception.):
a. Easements, or claims of easements, which are not recorded in the publ
records. (Owner Title Policy only)
b. Rights of parties in possession. (Owner's Title Policy only)
C. Rights of tenants in possession under unrecorded leases or rental agreements.
L Any portion of the property described herein within the limits or boundaries of
any public or private roadway and/or highway.
Commonwealth Land Title Insurance Company Schedule B, Page
GF No.: 2328000237
M
Your Policy will not cover loss, costs, attorneys' 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:
Documents creating your title or interest must be approved by us and must be signed, notarized
and filed for record.
2. Satisfactory evidence must be provided that:
a. no person occupying the land claims any interest in that land against the persons named in
paragraph 3 of Schedule A,
b. all standby fees, taxes, assessments and charges against the property have been paid,
C. all improvements or repairs to the property are completed and accepted by the owner, and
that all contractors, subcontractors, laborers and suppliers have been fully paid, and that no
mechanic's, laborer's or materialmen's liens have attached to the property,
d. there is legal right of access to and from the land,
e. (on a Mortgagee Policy only) restrictions have not been and will not be violated that affect
the validity and priority of the insured mortgage.
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.
Commonwealth Land Title Insurance Company Schedule C, Page 5
Form T-7: Commitment for Title Insurance
GF No.: 2328000237
G.F. No. or File No. 2328000237 Effective Date: April 24, 2005
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:
The following individuals are directors and/or officers, as indicated, of the Title Insurance Company issuing this Commitment
Commonwealth Land Title Insurance Company is a wholly owned subsidiary of LandAmerica Financial Group, Inc., a
Virginia Corporation whose securities are publicly traded on the New York Stock Exchange.
Commonwealth Land Title Insurance Company's Officers and Directors are as follows:
Officers:
Theodore L. Chandler, Jr., President & Chief Operating Officer
Ronald B. Ramos, Senoir Vice President & Treasurer
Anna M. King, Vice President & Secretary
G. William Evans, Chief Financial Officer
Kenneth Astheimer, Executive Vice President
Ross W. Dorneman, Executive Vice President
Lloyd R. Draper, Executive Vice President
Margaret M. Foster, Executive Vice President
Michelle H. Gluck, Executive Vice President & General Counsel
Melissa A. Hill, Executive Vice President
David W. Koshork, Executive Vice President
Glyn J. Nelson, Executive Vice President
John M. Obzud, Executive Vice President
Gary L. Opper, Executive Vice President
Jeffrey C. Shelby, Executive Vice President
Jeffery D. Vaughn, Executive Vice President
Donald C. Weigel, Jr., Executive Vice President
Directors:
Charles H. Foster, Jr., Chairman
Theodore L. Chandler, Jr.
G. William Evans
Melissa A. Hill
John P. Rapp
Jeffrey C. Selby
William C. Thornton, Jr.
2. The following disclosures are made by the Title Insurance Agent issuing this commitment pursuant to Rule P-21.
LandAmerica Commonwealth Title of Fort Worth, Inc., a 100% wholly owned subsidiary of Commonwealth Land Title
Company.
OFFICERS
DIRECTORS
Lloyd Draper - Chairman of the Board
Lloyd R. Draper
Lynda Tiedtke - President
David M. Parnell
Linda Molenaar - Vice President / Secretary
Lynda Tiedtke
Ronald B. Ramos - Senior Vice President & Treasurer
Suzie Medford - Senior Vice President
Linda Olson - Senior Vice President
Wm. Chadwick Perrine - Senior Vice President & Assistnat Secretary
Holly H. Wenger - Senior Vice President - Corporate Counsel
Judy Hayhurst - Vice President
Elyn McCall - Vice President
David M. Parnell - Vice President
Rita M. McGee - Vice President
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 $1,128.00
Mortgagee Policy $0.00
Endorsements $0.00
Total $1,128.00
Of this total amount: 15% will be paid to the policy issuing Title Insurance Company: 85% will be retained by the issuing
Title Insurance Agent; and the remainder of the estimated premium will be paid to other parties as follows:
Amount To Whom For Services
60.00% Landrith & Kulesz, LLP Closing the Transaction
Commonwealth Land Title Insurance Company Schedule D, Page 6
Form T-7: Commitment for Title Insurance
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
State Board of Insurance.
This commitment is invalid unless the insuring provisions and Schedules A, B, and C are attached
Continuation of Schedule D
Title insurance insures you against loss resulting from
certain risks to your title.
The Commitment for Title Insurance is the title insurance
company's promise to issue the title insurance policy. The
Commitment is a legal document. You should review it
carefully to completely understand it before your closing
date.
G.F. No. 2328000237
EI seguro de titulo le asegura en relacion a
perdidas resultantes de ciertos riesgos que
pueden afectar el titulo de su propiedad.
EI Compromiso para Seguro de Titulo es la
promesa de la compania aseguradora de
titulos de emitir la poliza de seguro de titulo.
EI Compromiso es un documento legal.
Usted debe leerio cuidadosamente y
entendario completamente antes de la fecha
para finalizar su transaccion.
Your Commitment for Title Insurance is a legal contract between you and us. The Commitment is not an
opinion or report of your title. It is a contract to issue you a policy subject to the Commitment's terms and
requirements.
Before issuing a Commitment for Title Insurance (the Commitment) or a Title Insurance Policy (the
Policy), the Title Insurance Company (the Company) determines whether the title is insurable. This
determination has already been made. Part of that determination involves the Company's decision to
insure the title except for certain risks that will not be covered by the Policy. Some of these risks are listed
in Schedule B of the attached Commitment as Exceptions. Other risks are stated in the Policy as
Exclusions. These risks will not be covered by the Policy.
Another part of the determination involves whether the promise to insure is conditioned upon certain
requirements being met. Schedule C of the Commitment lists these requirements that must be satisfied
or the Company will refuse to cover them. You may want to discuss any matters shown on Schedules B
and C of the Commitment with an attorney. These matters will affect your title and your use of the land.
When your Policy is issued, the coverage will be limited by the Policy's Exceptions, Exclusions and
Conditions, defined below.
- EXCEPTIONS are title risks that a Policy generally covers but does not cover in a particular
instance. Exceptions are shown on Schedule B or discussed in Schedule C of the Commitment.
They can also be added if you do not comply with the Conditions section of the Commitment.
When the Policy is issued, all Exceptions will be 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 responsibilities and those of the Company. They are contained in the Policy but not shown or
discussed in the Commitment. The Policy Conditions are not the same as the Commitment
Conditions.
You can get a copy of the policy form approved by the State Board of Insurance by calling the Title
Insurance Company at or by calling the title insurance agent that issued the Commitment. The State
Board of Insurance may revise the policy form from time to time.
You can also get a brochure that explains the Policy from the Texas Department of Insurance by calling 1-
800-252-3439.
Before the Policy is issued, you may request changes in the Policy. Some of the changes to consider are:
Commonwealth Land Title Insurance Company Page 8
Form T-7: Commitment for Title Insurance
Continuation of Schedule D
G.F. No. 2328000237
- Request amendment of the "area and boundary" exception (Schedule B, paragraph 2). To get
this amendment, you must furnish a survey or comply with other requirements of the Company.
On the Owner Policy, you must pay an additional premium for the amendment. If the survey is
acceptable to the Company or if the Company's other requirements are met, your Policy will
insure you against loss because of discrepancies or conflicts in boundary lines, encroachments or
protrusions, or overlapping of improvements. The Company may then decide not to insure
against specific boundary or survey problems by making special exceptions in the Policy.
Whether or not you request amendment of the "area and boundary" exception, you should
determine whether you want to purchase and review a survey if a survey is not being provided to
you.
- Allow the Company to add an exception to "rights of parties in possession." If you refuse this
exception, the Company or the title insurance agent may inspect the property. The Company may
except to and not insure you against the rights of specific persons, such as renters, adverse
owners or easement holders who occupy the land. The Company may charge you for the
inspection. If you want to make your own inspection, you must sign a Waiver of Inspection form
and allow the Company to add this exception to your Policy.
The entire premium for a Policy must be paid when the Policy is issued. You will not owe any additional
premiums unless you want to increase your coverage at a later date and the Company agrees to add an
Increased Value Endorsement.
Commonwealth Land Title Insurance Company Page 9
Form T-7: Commitment for Title Insurance
Continuation of Schedule D
IMPORTANT NOTICE
FOR INFORMATION, OR TO MAKE A COMPLAINT,
CALL OUR TOLL-FREE TELEPHONE NUMBER
(800) 925-0965
ALSO, YOU MAY CONTACT THE TEXAS
DEPARTMENT OF INSURANCE AT 1-800-252-3439
to obtain information on:
1. filing a complaint against an insurance company
or agent,
2. whether an insurance company or agent is
licensed,
3. complaints received against an insurance
company or agent,
4. policyholder rights, and
5. a list of consumer publications and services
available through the Department.
YOU MAY ALSO WRITE TO:
The Texas Department of Insurance
P.O. Box 149104
Austin, Texas 78714-9104
FAX No (512) 475-1771
G.F. No. 2328000237
AVISO IMPORTANTE
PARA INFORMACION, O PARA SOMETER UNA
QUEJA LLAME AL NUMERO GRATIS
(800) 925-0965
TAMBIEN PUEDE COMUNICARSE CON EL
DEPARTAMENTO DE SEGUROS DE TEXAS AL 1-
800-252-3439
para obtoner informacion sobre:
1. como someter una queja en contra de una
compania de seguros o agente de seguros,
2. si una compania de seguros o agente de
seguros tiene licencia,
quejas recibidas en contra de una compania
de seguros o agente de seguros,
4. los derechos del asegurado, y
una lista de publicaciones y servicios para
consumidores disponibles a traves del
Departamento.
TAMBIEN PUEDE ESCRIBIR AL:
Departamento de Seguros de Texas
P.O. Box 149104
Austin, Texas 78714-9104
FAX No. (512) 475-1771
THE FOLLOWING COMMITMENT FOR TITLE INSURANCE IS NOT VALID UNLESS YOUR
NAME AND THE POLICY AMOUNT ARE SHOWN IN SCHEDULE A, AND OUR AUTHORIZED
REPRESENTATIVE HAS COUNTERSIGNED BELOW.
Commonwealth Land Title Insurance Company Page 10
Form T-7: Commitment for Title Insurance
Continuation of Schedule D G.F. No. 2328000237
DELETION OF ARBITRATION PROVISION
(Not Applicable to the Texas Residential Owner Policy)
ARBITRATION is a common form of alternative dispute resolution. It can be a quicker and
cheaper means to settle a dispute with your Title Insurance Company. However, if you agree to
arbitrate, you give up your right to take the Title Company to court and your rights to discovery of
evidence may be limited in the arbitration process. In addition, you cannot usually appeal an
arbitrator's award.
Your policy contains an arbitration provision (shown below). 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 sue the Company in case of a dispute over a claim, you must request deletion of the
arbitration provision before the policy is issued. You can do this by signing this form and returning
it to the Company at or before the Closing of your real estate transaction or by writing to the
Company.
The Arbitration provision in the Policy is as follows:
"Unless prohibited by applicable law or unless this arbitration section is deleted by specific
provision in Schedule B of this policy, either the Company or the Insured may demand arbitration
pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association.
Arbitrable matters may include, but are not limited to, any controversy or claim between the
Company and the Insured arising out of or relating to this Policy, and service of the Company in
connection with its issuance or the breach of a policy provision or other obligation. All arbitrable
matters when the Amount of Insurance is $1,000,000 or less SHALL BE arbitrated at the request
of either the Company or the Insured, unless the Insured is an individual person (as distinguished
from a corporation, trust, partnership, association or other legal entity). All arbitrable matters
when the Amount of Insurance is in excess of $1,000,000 shall be arbitrated only when agreed to
by both the Company and the Insured. Arbitration pursuant to this Policy and under the Rules in
effect on the date the demand for arbitration is made or, at the option of the Insured, the Rules in
effect at the Date of Policy shall be binding upon the parties. The award may include attorneys'
fees only if the laws of the state in which the land is located permit a court to award attorneys' fees
to a prevailing party. Judgment upon the award rendered by the Arbitrator(s) may be entered in
any court having jurisdiction thereof.
The Law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration
Rules.
A Copy of the Rules may be obtained from the Company upon request."
I request deletion of the Arbitration provision.
Signature
Commonwealth Land Title Insurance Company
Form T-7: Commitment for Title Insurance
Date
Page 11