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HomeMy WebLinkAbout1992-080e \wpdocs\fdic o 1400 4 20 ORDINANCE NO / -O AN ORDINANCE OF THE CITY OF DENTON, TEXAS, APPROVING A PURCHASE AND SALE AGREEMENT BETWEEN THE CITY OF DENTON AND THE FEDERAL DEPOSIT INSURANCE CORPORATION FOR 200 ACRES OF REAL PROPERTY, AUTHORIZING THE EXPENDITURE OF FUNDS, AND PROVIDING FOR AN EFFECTIVE DATE WHEREAS, the Federal Deposit Insurance Corporation owns approximately 200 acres of real property bounded by Teasley Lane and Hobson Road, and WHEREAS, the City of Denton is in need of additional park land in the southern part of the City, and WHEREAS, the property would be particularly suited for recreational purposes, and WHEREAS, the City can acquire the land at an advantageous price, NOW, THEREFORE, THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS SECTION I. That it authorizes the Mayor to execute the attached Purchase and Sale Agreement between the City of Denton and the Federal Deposit Insurance Corporation providing for the pur- chase of approximately 200 acres of real property as described in the Agreement SECTION II That it authorizes the expenditure of funds in accordance with the terms of the Agreement PASSED AND APPROVED this the � day of 1992 BOB CASTLEBERRY, MAYOR ATTEST JENNIFER WALTERS, CITY SECRETARY BY D- Jumpm APPROV AS 0 LEGAL FORM DEBRA A DRAYOVITCH, CITY ATTORNEY BYti✓�/� =A AMERICAN TITLE COMPANY May 7, 1992 Mr Lloyd V Harrell City Manager City of Denton 215 E McKinney Denton Texas 76201 RE FDIC/City of Denton - Denton 200 Our File No 200600 B Dear Mr Harrell Enclosed please find the original Commitment for Title Insurance pertaining to the captioned transaction For your convenience and review, we have included copies of the documents referenced thereon Also included is a fully executed and receipted Purchase and Sale Agreement We are also in receipt of your earnest money in the amount of $25,000 00 which we have invested in an interest bearing account this day We trust these items will meet with your approval, however, should you need anything additional at this time, please feel free to call We look forward to hearing from you Thank you Very truly yours, &-o6k'&C Carole Badgett Senior Vice President CB/ln enclosures cc Debra Adami Drayovitch Mari Epperson G R Jacobs Rick Redle 701 Commerce Street Suite 110 w/enclosures w/enclosures w/enclosures w/enclosures The Katy Building Dallas Texas 75202 (214) 760 4200 Fax (214) 742 4401 INDEX PURCHASE AND SALE AGREEMENT (UNIMPROVED PROPERTY) (CASH SALE) SECTION 1 TITLE Sale and Purchase PAGE 1 2 Purchase Price Earnest Money 1 3 Title Commitment, Survey 2 4 $;presentations and Warranties. Closing 3 5 Notices 8 6 Commissions 9 7 Assuans 10 8 Goveminiz Law. Time is of the Essence 10 9 Remedies 10 10 Condemnation 11 11 Entire Agreement. Interpretation, Severabilitv. A torn CounterpartMemorandum y's Fees. of Agreement 12 12 Discclaimer. Waiver of Claims 13 13 Feasibilily Inspection Period. Condition to Closing 14 14 Offer Only, Effective Date 16 15 Conditioned Upon Cominittee Approval 16 16 Statutory Disclosures Regardingthe Property 16 Exhibit "A' - E=eM Description Exhibit "B" - Su= Instructions Exhibit "C" - Coastal_ Disclosure [Intentionally Deleted] Exhibit "D" - Utility District Disclosure, Stand]Iy Fees [Intentionally Deleted] PURCHASE AND SALE AGREEMENT (UNIMPROVED PROPERTY) (CASH SALE) THIS PURCHASE AND SALE AGREEMENT (this "Agreement") is entered into between the FEDERAL DEPOSIT INSURANCE CORPORATION, as Manager of the FSLIC RESOLUTION FUND, as Receiver for First Savings and Loan Association of Burkbumett ("Seller") and the City of Denton, Texas, a municipal corporation of the State of Texas (")chaser") In consideration of the mutual covenants and agreements set forth herein, the parties hereto hereby agree as follows Section 1 Sale and Purchase. Seller hereby agrees to sell, convey and assign to Purchaser without warranty and Purchaser hereby agrees to purchase and accept from Seller, for the Purchase Price (hereinafter defined) and on and subject to the terms and conditions herein set forth, that certain tract or parcel of land situated in Denton County, Texas, described in Exhibit "A" attached hereto and incorporated herein for all purposes, together with all and singular the rights and appurtenances pertaining to said tract, including, but not limited to, any right, title and interest of Seller in and to adjacent streets, alleys or rights -of -way (the "Property") Section 2 Purchase Price, Earnest Money (a) The purchase price (the "Purchase� Price") for which Seller agrees to sell and convey the Property to Purchaser, and which Purchaser agrees to pay to Seller, subject to the terms hereof, is the amount of FIVE HUNDRED THOUSAND DOLLARS AND N0/100 ($50%000 00), which shall be paid in cash, wired funds, cashier's or certified check at Closing (hereinafter defined) (b) Concurrently with the execution hereof, Purchaser has delivered to the Title Company (hereinafter defined) cash or cashier's or certified check payable to the Title Company in an amount equal to $25,000 00 as earnest money (the "Earnest Money') The 'title Company shall immediately present the check for payment The Earnest Money shall be deposited in an interest bearing account and shall be held and delivered by the Title Company in accordance with the provisions of this Agreement P/S Agmt(TX/U) - Page 1 Denton 200 Land ((Denton)/Burkbumett 290492/05 (c) Purchaser has delivered to Seller concurrently herewith, Purchaser's check in the amount of one hundred dollars ($100 00) (the "Option Fee"), which sum the parties bargained for and agreed to as consideration for the exclusive right to purchase the Property pursuant to the terms hereof This Option Fee is in addition to and independent of any other consideration or payment provided in this Agreement, is not refundable, and shall be retained by Seller notwithstanding any other provision of this Agreement Section 3 Title Commitment, Survey (a) Within fifteen (15) days after the Effective Date (hereinafter defined) of this Agreement, Seller shall deliver or cause to be delivered to Purchaser the following (1) Commitment for Title Insurance (the '"Title Commitment") from American Title Company [701 Commerce Street, Dallas, Texas 75202] (the 'Title Company'), addressed to Purchaser, covering the Property and binding the Title Company to issue to Purchaser at Closing a Texas Standard Form Owner Policy of Title Insurance (the "11ILC Policy') in the amount of the Purchase Price, with such Title Commitment setting forth the status of the title of the Property and showing all liens, claims, encumbrances, easements, nghts-of-way, encroachments, reservations, restrictions and any other matters of record affecting the Property The Title Commitment shall provide that the survey exception may be modified in the Title Policy, at Purchaser's sole cost and expense, to except "shortages in area" only (2) A true and legible copy of all recorded documents referred to in the Title Commitment as exceptions to title to the Property (3) A currently dated and certified boundary survey (the "Survey") of the Property containing the information and meeting the requirements of the Survey Instructions attached hereto as Exhibit "B" and incorporated herem for all purposes The legal description of the Property contained in the Survey, once approved by Seller, if different from the description contained in Exhibit "A" hereto, shall be substituted for the description of the Property contained in Exhibit "A", and this Agreement shall be deemed amended thereby, without the necessity of the parties hereto executing any further amendment to this Agreement The Survey and certification thereof may be a re -certification of a pnor survey of the Property if such survey otherwise conforms to the requirements of Exhibit "B" P/S Agmt(TX/U) - Page 2 Denton 200 Land ((Denton)/Burkbumett 290492/05 (b) Purchaser shall have ten (10) days from the receipt of the information referred to in Section 3(a) hereof to examine the same and to specify to Seller in writing those items which Purchaser finds objectionable (the "Encumbrances") If Purchaser does not deliver to Seller a written notice specifying those items which are Encumbrances within ten (10) days after the receipt by Purchaser of the information referred to in Section 3(a) hereof, then all of the items reflected on the Title Commitment and the Survey shall be deemed to be permitted exceptions to title ("Permitted Exceptions") Moreover, all items referenced herembelow in Section 4(c)(1)(ni) as the standard printed exceptions shall be deemed Permitted Exceptions (c) If Purchaser objects to any item set forth on the Title Commitment or the Survey in the manner required by Section 3(b) hereof, Seller shall use reasonable efforts to cure such matters before Closing but shall have no obligation to expend any sums to do so In the event Seller is not able to cure such matters prior to Closing, Purchaser shall have the right to either (i) terminate this Agreement by written notice thereof to Seller, in which event Purchaser shall be refunded the Earnest Money together with all interest earned thereon, but shall have no further rights hereunder, or (u) waive such title matter and proceed to Closing, without any reduction in the Purchase Price If, at any time prior to Closing, Seller notifies Purchaser that it can not cure any particular title matter or matters, Purchaser shall have five (5) business days from receipt of such notice to determine whether to terminate this Agreement as set forth in Section 3(c)(i) hereinabove, and receive a refund of the Earnest Money together with all interest earned thereon, or waive any such matter(s) and proceed to Closing In the event Purchaser fails to timely deliver the written notice of termination provided for in Section 3(c)(i) above, Purchaser shall be deemed to have waived all such title matters in accordance with Section 3(c)(u) above for all purposes Section 4. ELUresentations and Warranties. Closure (a) Purchaser represents and warrants to Seller as follows (1) Purchaser is executing this Agreement as a municipal corporation Purchaser and each of the persons executing this Agreement on behalf of Purchaser represent and warrant that (i) Purchaser is a duly authorized and existing municipal corporation in good standing, (u) Purchaser is qualified to do business in Texas, (in) Purchaser has full right and authority to enter into this Agreement and to consummate the transaction contemplated herein, (iv) each of the persons executing tins Agreement on behalf of Purchaser is authorized to do so, and (v) P/S Agmt(TX/U) - Page 3 Denton 200 Land ((Denton)/Burkbumett 290492/05 this Agreement constitutes a valid and legally binding obligation of Purchaser, enforceable in accordance with its terms (2) Intentionally deleted (3) As soon as possible, and in no event later than fifteen (15) days after the Effective Date, Purchaser shall deliver to Seller such documentation as Seller may reasonably require to evidence the matters set forth in either Section 4(a)(1) or (2) above, including, without hmitation, corporate or City Council resolutions authorizing the transaction contemplated herein (4) There are no material legal or administrative proceedings pending or, to the best of Purchaser's knowledge, threatened against or affecting Purchaser (5) Purchaser and each of the persons executing this Agreement on behalf of Purchaser hereby represent and warrant that except as otherwise previously disclosed in writing by Purchaser to Seller, neither Purchaser, nor any City Council member, or other authorized person in control of or under common control with Purchaser, is now, or has ever been, an employee of the following entities or their successors (i) the Federal Savings and Loan Insurance Corporation ("FSLIC"), (ii) a Federal Home Loan District Bank, (in) the Federal Home Loan Bank Board, (iv) a FSLIC Receivership, or any subsidiaries or affiliates thereof, (v) the Federal Asset Disposition Association ("FADA') or other contractors assisting the FSLIC or receiverships in management or disposition of assets, (vi) the Federal Deposit Insurance Corporation ("FDIC"), or (vii) any of the agencies created under the Financial Institutions Reform, Recovery and Enforcement Act ("FIRREA") (6) Purchaser and each of the persons executing this Agreement on behalf of Purchaser represent and warrant that, to the best of their knowledge, there are no agreements, written or oral, express or implied, between Purchaser or any of the persons executing this Ag eement on behalf of Purchaser and U�w Pam most- T*Lf _ (the "Former Owner") for the pa went of any additional amounts to the Former Owner or any person or entity affiliated or connected with the Former Owner in connection with the sale of the Property or which contemplate the retention by or conveyance to the Former Owner or any person or entity affiliated or connected with the Former Owner of any interest P/S Agmt(TX/U) - Page 4 Denton 200 Land ((Denton)/Burkburnett 290492/05 in the Property or any interest in any entity which may own or hold title to the Property, and Purchaser and each of the persons executing this Agreement on behalf of Purchaser are not aware of any such agreements between the Former Owner or any person or entity affiliated or connected with the Former Owner and any third party (7) In addition to the acts and deeds recited herein and contemplated to be performed, executed and delivered by Purchaser, Purchaser shall perform, execute and deliver or cause to be performed, executed and delivered at the Closing or after the Closing, any and all further acts, deeds and assurances as Seller or the Title Company may reasonably require to consummate the transaction contemplated herein (b) The Closing of the sale of the Property by Seller to Purchaser ("Closine") shall occur no later than the first business day following the expiration of fifteen (15) days from and after the expiration of the Inspection Period as defined in Section 13(b) hereof (the "Closing Date") The Closing shall occur in Seller's offices, or in the offices of the Title Company, at Seller's option (c) At the Closing, the following shall occur (1) Seller shall deliver or cause to be delivered to Purchaser the following (i) Evidence satisfactory to the Title Company that the person or persons executing this Agreement and the closing documents on behalf of Seller have full tight, power and authority to do so (n) A Special Warranty Deed (the "j=d") in a form sufficient to convey good and indefeasible title, executed and acknowledged by Seller and conveying the Property to Purchaser, subject only to the Permitted Exceptions and the other matters set forth herein (in) The Title Policy, issued in the full amount of the Purchase Price (premium cost allocated as provided herembelow), insuring fee simple indefeasible title to the Property in Purchaser, subject only to the Permitted Exceptions, including, without limitation, the standard printed exceptions contained in Schedule B thereof, provided however, (A) the standard exception as to restrictive covenants shall be deleted in its entirety (unless recorded restrictive covenants are specified as or deemed to be Permitted Exceptions, in which event the recording information P/S Agmt(TX/U) - Page 5 Denton 200 Land ((Denton)/Burkburnett 290492/05 thereof shall be listed under such exception), (B) the standard exception as to survey shall be limited to "shortages in area" only, at Purchaser's option and sole expense, (C) the standard exception as to taxes shall be linuted to the current year and subsequent years not yet due and payable, and subsequent assessments for prior years due to change in land usage or ownership, and (D) the standard exception as to rights of parties in possession shall be limited to rights of tenants in possession as tenants under any presently effective unrecorded and recorded leases, provided further, however, delivery of the Title Policy may be delayed in order to allow the Title Company to insert recording information as to the documents recited therein which must be recorded at Closing (iv) A Non -Foreign Affidavit stating, under penalty of perjury, that Seller is not a "foreign person" within the meaning of Sections 1445(f)(3) and 7701(a)(30) of the Internal Revenue Code of 1986, as amended (2) Purchaser shall deliver or cause to be delivered to Seller cash, wired funds or a cashier's or certified check made payable to the order of Seller, at Seller's option, in the amount of the Purchase Price, due credit being given for the Earnest Money (including interest earned thereon) and any deposits, fees or the like retained by Seller, together with such additional funds as may be necessary to cover Purchaser's share of the closing costs and proration hereunder (3) Seller and Purchaser shall cause to be delivered to the Title Company such other documents as may be reasonably necessary and appropriate to complete the Closing of the transaction contemplated herein (d) All normal and customarily proratable items, including, without limitation, payments relating to agreements affecting the Property which survive Closing, shall be prorated as of the Closing Date, Seller being charged and credited for all of same up to such date and Purchaser being charged and credited for all of same on and after such date (e) All ad valorem real estate taxes and assessments levied or assessed against the Property shall be prorated according to the calendar year as of the Closing Date, based on the most recent tax bill for the Property, Seller being charged and credited for same up to such date and Purchaser being charged and credited for same on and after such date Such proration shall be final and P/S Agmt(TX/U) - Page 6 Denton 200 Land ((Denton)/Burkbumett 290492/05 unadlustable If the Property is not assessed as a separate parcel for tax purposes, then such taxes and assessments attributable only to the land (excluding buildings and improvements) associated with the tax parcel shall be determined by multiplying the total bill attributable only to the land associated with the tax parcel by a fraction having as its numerator the total amount of acreage (to the nearest 1/100th of an acre) contained within the Property and as its denominator the total amount of acreage (to the nearest 1/100th of an acre) contained within such tax parcel The amount of such total bill as described above shall be prorated as of the Closing Date and such proration shall be final and unadlustable If at Closing the Property is not being treated as a separate tax parcel, then within thirty (30) days after Closing Purchaser shall, at its cost and expense, file to have the Property assessed separately for tax purposes The obligation set forth in the immediately preceding sentence shall survive Closing and not be merged therein (f) In the event the Property has been assessed for property tax purposes at such rates as would result in "roll back" taxes upon the change in land usage or ownership of the Property, Purchaser hereby agrees to pay all such taxes and to indemnify and save Seller harmless from and against all claims and liability for such taxes Such indemnity shall survive Closing and not be merged therein. (g) Upon completion of the Closing, Seller shall deliver to Purchaser possession of the Property free and clear of all tenancies of every kind and parties in possession, except for tenants entitled to possession under any presently effective unrecorded or recorded leases (h) (1) Purchaser shall pay for the cost of (i) recording the Deed, (n) any financing obtained by Purchaser in connection with its purchase of the Property pursuant hereto, (in) any documentary stamp taxes, deed taxes, transfer taxes, intangible taxes, mortgage taxes or other similar taxes, fees or assessments, (iv) services incurred by Purchaser in performing its feasibility study and related tests and investigations, and P/S Agmt(TX/U) - Page 7 Denton 200 Land ((Denton)/Burkburnett 290492/05 (v) to the extent of one half (1/2) of said cost, the Title Company's escrow fee, the Title Commitment, and the Title Policy (2) Seller shall pay for the cost of (i) preparing the Deed, (n) the Survey, and (ui) to the extent of one-half (1/2) of said cost, the Title Company's escrow fee, the Title Commitment, and the Title Policy (3) Each party shall pay its own attorney's fees (4) Intentionally deleted Section 5 Notices Any notice provided or required to be given under this Agreement must be in writing and shall be served (and shall be deemed to have been served) (i) by depositing same in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (u) by delivering the same to such party or agent of such party , in person or by commercial courier, or (ni) by facsimile or by depositing the same into the custody of a nationally recognized overnight delivery service such as Federal Express Corporation, Airborne Express, Emery or Purolator, addressed to the party to be notified For purposes of notice, the addresses of the parties shall be as follows If to Seller, to FEDERAL DEPOSIT INSURANCE CORPORATION, as Manager of the FSLIC RESOLUTION FUND as Receiver for First Savings and Loan Association of Burkburnett One Spectrum Center 5080 Spectrum Drive, Suite 1000E Dallas, Texas 75248 Attention Man Epperson Telephone No (214) 701-2324 With copy to FDIC Legal Division One Spectrum Center 5080 Spectrum Drive, Suite 40OW Dallas, Texas 75248 Attention G R Jacobs, Staff Attorney Telephone No (214) 701-5415 P/S Agmt(TX/U) - Page 8 Denton 200 Land ((Denton)/Burkbumett 290492/05 If to Purchaser, to With copy to Lloyd V Harrell, City Manager City of Denton 215 E McKinney Denton, Texas 76201 Telephone No Debra Adami Drayovitch, Legal Department City of Denton 215 E McKinney Denton, Texas 76201 Telephone No City Attorney From time to time either party may designate another address for all purposes of this Agreement by giving the other party no less than ten (10) days advance notice of such change of address in accordance with the provisions hereof Section 6 Commissions In the event, but only in the event, the transaction described in this Agreement closes in accordance with the terms of this Agreement or any extension hereof (including without limitation any deadlines for closing), Seller agrees to pay, subject to the terms hereof, and of a separate applicable listing agreement, a brokerage commission (the "Commission") equal to six percent (6%) of the Purchase Price, payable to RMG Commercial (",agent") Attn Rick Redle 4222 Trinity Mills, Suite 255 Dallas, Texas 75287 The Commission shall be payable at Closing only if and when the transaction contemplated by this Agreement actually closes and then only as and when Seller receives the Purchase Price No Commission shall be paid if the transaction contemplated by this Agreement is not completely closed in accordance with the terms hereof Agent may agree to divide commissions with any other licensed real estate broker or salesman, but notwithstanding any such agreement for division of the Commission, Seller shall be fully protected in paying the entire Commission to Agent and Seller shall have no obligation to any such other broker or salesman. Purchaser and Seller each represent and warrant to the other that, except as set forth above with respect to Agent, no real estate broker or agent has been authorized to act on such representing party's behalf Purchaser acknowledges that, at the time of execution of this Agreement, Agent advised Purchaser by this writing that Purchaser should P/S Agmt(TX/U) - Page 9 Denton 200 Land ((Denton)/Burkbumett 290492/05 have the abstract covering the Property examined by an attorney of Purchaser's own selection or that Purchaser should be furnished with or obtain a policy of title insurance Section 7 Assigns This Agreement shall inure to the benefit of and be binding on the parties hereto and their respective heirs, legal representatives, successors and assigns Notwithstanding the foregoing, Purchaser shall not have the right to assign its interest in this Agreement without the prior written consent of Seller, which consent will not be unreasonably withheld, and any such assignment to which Seller has not so consented shall be null and void and of no force or effect Section 8 Governjna Law, Time is of the Essence This Agreement is being executed and delivered and is intended to be performed in the State of Texas, and the laws of such state shall govern the validity, construction, enforcement and interpretation of this Agreement unless otherwise specified herein The parties hereto waive the right to be sued elsewhere and agree and consent to the jurisdiction of any court of competent lunsdiction located in Dallas County, Texas Time is of the essence in the performance of each parry's obligations hereunder Section 9 Remedies (a) If Purchaser refuses or fails to consummate the purchase of the Property pursuant to this Agreement for any reason other than termination hereof pursuant to a right granted to Purchaser hereunder to do so, or breach by Seller of its agreements hereunder, then Seller, as its sole and exclusive remedy, shall have the right to terminate this Agreement by giving Purchaser and the Title Company written notice thereof, in which event neither party hereto shall have any further rights, duties or obligations hereunder and Seller shall be entitled to demand, as liquidated damages (Seller and Purchaser hereby acknowledging that the amount of damages resulting from a breach of this Agreement by Purchaser would be difficult or impossible to accurately ascertain), the Earnest Money, together with all interest earned thereon, which shall be immediately released and delivered to Seller by the Title Company [unless previously released and delivered by the Title Company to Seller pursuant to Section 13(d) hereof] By its execution hereof, Purchaser acknowledges that the Title Company shall have no liability to Purchaser in the event it delivers the Earnest Money and accrued interest thereon to Seller in accordance with the terms of this Section 9(a), and agrees that the Title Company shall comply with the provisions of this Section 9(a) without the need for subsequent approval or authorization from Purchaser Notwithstanding the foregoing, in the event of any other default by Purchaser under this Agreement, Seller shall have any and all rights and remedies available at law or in equity by reason of such default P/S Agmt(TX/U) - Page 10 Denton 200 Land ((Denton)/Burkburnett 290492/05 (b) If Purchaser terminates this Agreement pursuant to a right granted to Purchaser hereunder to do so, absent Seller default, then neither party hereto shall have any further rights, duties or obligations hereunder, and the Earnest Money together with all interest earned thereon shall be returned to Purchaser (c) If Seller fails to perform any of its obligations or agreements hereunder either prior to or at Closing, Purchaser may terminate this Agreement by written notice thereof to Seller, at which time the Earnest Money together with all interest earned thereon shall be returned to Purchaser, and Seller shall reimburse Purchaser for its reasonable out-of-pocket expenses incurred in connection with this transaction prior to such default up to the maximum amount of ONE THOUSAND AND N0/100 DOLLARS ($1,00000), as Purchaser's sole and exclusive remedy In no event shall Seller be liable to Purchaser for any other actual, pumtive, speculative or consequential damages, nor shall Purchaser be entitled to bring a claim to enforce specific performance of this Agreement Section 10 Condemnation (a) In the event that all or any substantial portion of the Property is condemned or taken by eminent domain prior to Closing, Purchaser may, at its option, either (i) terminate this Agreement by written notice thereof to Seller within ten (10) days after Seller notifies Purchaser of the condemnation or taking, and receive the immediate return of the Earnest Money and all interest earned thereon, or (u) proceed to close the transaction contemplated herein pursuant to the terms hereof, in which event Seller shall deliver to Purchaser at Closing any proceeds actually received by Seller attributable to the Property from such condemnation or eminent domain proceeding, or assign to Purchaser at Closing any right Seller may have to any condemnation or eminent domain award attributable to the Property, and there shall be no reduction in the Purchase Price In the event Purchaser fails to timely deliver written notice of termination as described in Section 10(a)(1) above, Purchaser shall be deemed to have elected to proceed in accordance with Section 10(a)(u) above (b) For the purposes of Section 10(a) hereof, a "substantial portion" of the Property shall be deemed to include any taking which damages the Property to the extent of FIFTY THOUSAND AND NO/100 DOLLARS ($50,000 00) or more (and shall not include any taking of less than such amount), or which materially interferes with direct access to and from the Property to any public street Notwithstanding anything to the contrary contained in said Section 10(a), m the event the proceeds payable with respect to the Property as a P/S Agmt(TX/U) - Page 11 Denton 200 Land ((Denton)/Burkburnett 290492/05 result of any taking exceed the Purchase Price, Seller shall have the right to terminate this Agreement by delivering written notice thereof to Purchaser within thirty (30) days after Seller becomes aware of the proceeds payable with respect to any such taking, and in such event, the Earnest Money and all interest earned thereon shall be immediately returned to Purchaser, as provided for hereinabove In the event that any taking is less than a substantial portion of the Property, Purchaser shall be obligated to proceed with Closing, in which event Seller shall deliver to Purchaser at Closing any proceeds actually received by Seller attributable to the Property from such taking, or assign to Purchaser at Closing any right Seller may have to such proceeds (c) Risk of loss or damage to the Property, or any part thereof, by fire or other casualty up until Closing shall be borne by Seller, and thereafter by Purchaser Section 11 Entire Agreement; Inte retation, Severability. Attorney's Fees. Counterpart, Memorandum of Agreement (a) This Agreement is the entire agreement between Seller and Purchaser concerning the sale of the Property and supersedes all prior agreements and understandings, if any, with regard thereto, and no modification hereof or subsequent agreement relative to the subject matter hereof shall be binding on either party unless reduced to writing and signed by the party to be bound (b) The parties acknowledge that each party and its counsel have reviewed and revised this Agreement, and the parties hereby agree that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any amendments or exhibits hereto (c) In case any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions hereof, and this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had never been contained herem. (d) Should either party employ an attorney or attorneys to enforce any of the provisions hereof, or to recover damages for the breach of this Agreement, the non -prevailing party in any final judgment agrees to pay the other party all reasonable costs, charges and expenses including attorney's fees expended or incurred in connection therewith P/S Agmt(TX/U) - Page 12 Denton 200 Land ((Denton)/Burkbumett 290492/05 (e) This Agreement may be executed in any number of identical counterparts If so executed, each of such counterparts is to be deemed an ongmal for all purposes and all such counterparts shall collectively constitute one agreement (f) In no event shall this Agreement or any memorandum hereof be recorded in the public records of the place in which the Property is situated, and any such recordation or attempted recordation shall constitute a breach of this Agreement by the party responsible for such recordation or attempted recordation Section 12 Disclaimer; Waiver of Claims (a) SELLER AND PURCHASER ACKNOWLEDGE AND AGREE THAT SELLER ACQUIRED THE PROPERTY AS A RECEIVER, OR PURSUANT TO A TRANSFER FROM FSLIC/FDIC AS RECEIVER, AND CONSEQUENTLY HAS LITTLE, IF ANY, KNOWLEDGE OF THE PHYSICAL OR ECONOMIC CHARACTERISTICS OF THE PROPERTY ACCORDINGLY, EXCEPT AS OTHERWISE SPECIFICALLY STATED IN THIS AGREEMENT, SELLER HEREBY SPECIFICALLY DISCLAIMS ANY WARRANTY, GUARANTY OR REPRESENTATION, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, OR CONCERNING (i) THE NATURE AND CONDITION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL AND GEOLOGY, AND THE SUITABILITY THEREOF AND OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER MAY ELECT TO CONDUCT THEREON, AND THE EXISTENCE OF ANY ENVIRONMENTAL HAZARDS OR CONDITIONS THEREON (INCLUDING THE PRESENCE OF ASBESTOS) OR COMPLIANCE WITH ALL APPLICABLE LAWS, RULES OR REGULATIONS, (u) EXCEPT FOR ANY WARRANTIES CONTAINED IN THE DEED TO BE DELIVERED BY SELLER AT CLOSING, THE NATURE AND EXTENT OF ANY RIGHT-OF-WAY, LEASE, POSSESSION, LIEN, ENCUMBRANCE, LICENSE, RESERVATION, CONDITION OR OTHERWISE, AND (ill) THE COMPLIANCE OF THE PROPERTY OR ITS OPERATION WITH ANY LAWS, ORDINANCES OR REGULATIONS OF ANY GOVERNMENT OR OTHER BODY PURCHASER ACKNOWLEDGES THAT IT WILL INSPECT THE PROPERTY AND PURCHASER WILL RELY SOLELY ON ITS OWN INVESTIGATION OF THE PROPERTY AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY SELLER PURCHASER FURTHER ACKNOWLEDGES THAT THE INFORMATION PROVIDED AND TO BE PROVIDED WITH RESPECT P/S Agmt(TX/U) - Page 13 Denton 200 Land ((Denton)/Burkburnett 290492/05 TO THE PROPERTY WAS OBTAINED FROM A VARIETY OF SOURCES AND SELLER (i) HAS NOT MADE ANY INDEPENDENT INVESTIGATION OR VERIFICATION OF SUCH INFORMATION, AND (u) DOES NOT MAKE ANY REPRESENTATIONS AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION THE SALE OF THE PROPERTY AS PROVIDED FOR HEREIN IS MADE ON AN "AS IS" BASIS, AND PURCHASER EXPRESSLY ACKNOWLEDGES THAT, IN CONSIDERATION OF THE AGREEMENTS OF SELLER HEREIN, EXCEPT AS OTHERWISE SPECIFIED HEREIN, SELLER MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, OR ARISING BY OPERATION OF LAW, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTY OF CONDITION, HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, IN RESPECT OF THE PROPERTY (b) Purchaser agrees that Seller shall not be responsible or liable to Purchaser for any construction defect, errors, omissions, the presence of environmentally hazardous materials, or any other conditions affecting the Property, as Purchaser is purchasing the Property AS -IS, WHERE -IS, and WITH ALL FAULTS Purchaser or anyone claiming by, through or under Purchaser, hereby fully releases Seller, its employees, officers, directors, representatives and agents from any and all claims that it may now have or hereafter acquire against Seller, its employees, officers, directors, representatives and agents for any cost, loss, liability, damage, expense, demand, action or cause of action ansing from or related to any construction defects, errors, omissions, the presence of environmentally hazardous materials or any other conditions affecting the Property Purchaser further acknowledges and agrees that this release shall be given full force and effect according to each of its expressed terms and provisions, including, but not limited to, those relating to unknown and suspected claims, damages and causes of action This covenant releasing Seller shall be a covenant running with the Property and shall be binding upon Purchaser Seller hereby assigns without recourse or representation of any nature to Purchaser, effective upon Closing, any and all claims that Seller may have for any such defects, errors, omissions or presence of environmentally hazardous materials on or in the Property As a material covenant and condition of this Agreement, Purchaser agrees that in the event of any such construction defects, errors, omissions, the presence of environmentally hazardous materials, or any other conditions affecting the Property, Purchaser shall look solely to Seller's predecessors or to such contractors and consultants as may have contracted for work in connection with the Property for any redress or relief Upon the assignment by Seller of its claim , Purchaser releases Seller of all rights, express or implied, Purchaser P/S Agmt(TX/U) - Page 14 Denton 200 Land ((Denton)/Burkburnett 290492/05 may have against Seller ansing out of or resulting from any construction defects, errors, omissions or the presence of environmentally hazardous materials on or in the Property Purchaser further understands that some of Seller's predecessors in interest may have filed petitions under the bankruptcy code and Purchaser may have no remedy against such predecessors, contractors or consultants This waiver and release of claims shall survive Closing Section 13 FeasibiIQ Inspection Period CondALM to Closing (a) The parties recognize and agree that Purchaser will require access to the Property in order to determine its feasibility for Purchaser's intended use Accordingly, Seller agrees to allow Purchaser and Purchaser's agents complete access to the Property to conduct soil and engineering tests and to otherwise make such determination, provided, however, that the costs and expenses of Purchaser's inspection shall be home solely by Purchaser, and in the event the transaction contemplated by this Agreement does not close for any reason, Purchaser shall (i) notwithstanding any other provision of this Agreement to the contrary, remain solely liable for the payment of such costs and expenses, and (n) deliver to Seller copies of all tests, reports and inspections conducted by Purchaser with respect to the Property All information furnished by Seller to Purchaser in accordance with this Section 13 or obtained by Purchaser in the course of its inspection shall be treated by Purchaser as confidential information except to the extent that such information is subject to public disclosure pursuant to the laws of the State of Texas Purchaser shall defend, indemnify and hold Seller harmless from and against any liabilities, claims, demands or actions incident to, resulting from or in any way ansing out of any such test, inspection or entry by or on behalf of Purchaser onto the Property Such indemnity shall survive Closing (or, notwithstanding any other provision of this Agreement to the contrary, the earlier termination hereof) and not be merged therein (b) Purchaser shall have a period of forty-five (45) days from the Effective Date, expiring at 5 00 p in, according to the time zone applicable at the location of the Property, within which to examine the Property and to conduct its feasibility study thereof (the "Inspection Period") (c) If Purchaser determines, at any time prior to the expiration of the Inspection Period, that the Property is not fit for Purchaser's intended use, then Purchaser may terminate this Agreement by written notice thereof to Seller within the Inspection Period, in which event the Earnest Money together with all interest thereon shall be returned to Purchaser, and thereafter neither P/S Agmt(TX/U) - Page 15 Denton 200 Land ((Denton)/Burkburnett 290492/05 party hereto shall have any rights or liabilities hereunder Purchaser's feasibility study may include and Purchaser has been advised by Seller to perform all steps necessary to determine whether hazardous substances, solid wastes, or other substances known or suspected to pose a threat to health or the environment have been disposed of or otherwise released on or to the Property or exist on or within any portion of the Property If Purchaser does not indicate its disapproval of the Property by written notice thereof given to Seller prior to the expiration of the Inspection Period, the conditions of this Section 13 shall be deemed satisfied Moreover, Purchaser's failure to so indicate disapproval of the Property shall relieve Seller of any liability to Purchaser as a result of any environmental hazard on or to the Property subsequently discovered and, as between Seller and Purchaser, Purchaser shall accept all liability therefor and, further, as between Seller and Purchaser, and subsequent to Closing, Purchaser shall be solely responsible for the performance of all required remedial actions to clean up and remove such hazards, if any, and shall indemnify and hold Seller harmless from and against any liabilities, claims, demands or actions incident to, resulting from or in any way ansing out of any such discovery Such indemnity shall survive Closing and not be merged therein (d) Upon satisfaction of the conditions specified in Sections 3(b) and 3(c) herein, as well as this Section 13, without the termination of this Agreement by Purchaser or Seller, Purchaser shall be deemed obligated to close the transaction set forth in this Agreement, and the Title Company shall immediately release and deliver the Earnest Money and any interest earned thereon to Seller, and Purchaser may not thereafter terminate this Agreement hereunder By execution hereof, Purchaser acknowledges that the Title Company shall have no liability to Purchaser in the event it delivers the Earnest Money and any interest earned thereon to Seller in accordance with the terms of this Section 13(d), and agrees that the Title Company shall comply with the provisions of this Section 13(d) without the need for subsequent approval or authorization from Purchaser Section 14. Offer Only, Effective Date This Agreement, until fully executed, is only an offer of the party first executing the same Subject to the provisions of Section 15 herembelow, the date of execution of this Agreement by the latter of Purchaser or Seller shall be the "Effective Date" hereof for all purposes All references herein to the date of this Agreement shall mean the Effective Date Unless a fully executed counterpart of this Agreement, together with the Earnest Money, is deposited with the Title Company within forty-eight (48) hours after the Effective Date (as evidenced by the Title Company's completion and execution of the acknowledgment of such receipt set forth herembelow), this P/S Agmt(TX/U) - Page 16 Denton 200 Land ((Denton)/Burkburnett 290492/05 Agreement shall be null and void and neither Purchaser nor Seller shall have any further rights or liabilities hereunder Section 15 Conditioned JWon Committee Approval This Agreement, and Seller's obligations hereunder, are expressly subject to and conditioned upon the approval hereof by Seller and its appropriate review committee (the "Committee") Unless Seller notifies Purchaser, in writing, in the manner provided for in Section 5 hereof within thirty (30) days from the Effective Date that the Committee has approved this Agreement, considering guidelines used to facilitate the sale of property owned by Seller, as amended from time to time, this Agreement shall be null and void and the Earnest Money together with all interest thereon (reduced by the Option Fee) shall be returned to Purchaser, the Option Fee shall be delivered to Seller, and neither Purchaser nor Seller shall have any further rights or liabilities hereunder Section 16 Statutoa Disclosures Regarding the Proper (mark If anolicabiel [ Tom] (a) Coastal Disclosure The Property is subject to TEX NAT RES CODE ANN 5 61025 (West 1990), as more particularly described on Exhibit attached hereto and incorporated herein for all purposes [NJA] (b) Utility District. The Property is subject to TEX WATER CODE ANN S 50.301 (West 1990), as more particularly described on Exhibit "D" attached hereto and incorporated herein for all purposes P/S Agmt(TX/U) - Page 17 Denton 200 Land ((Denton)/Burkbumett 290492/05 IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of the Effective Date SELLER FEDERAL DEPOSIT INSURANCE CORPORATION, as Manager of the FSLIC RESOLUTION FUND, as Receiver for First Savings and Loan Association of Burkburne By - Name Jo �.1 ti l,ieuda o�-� TitleoY••<�— Date S / 1 I i Taxi D No PURCHASER The City of Denton, Texas, a municipal corporation of the State of Texas ATTEST JENNIFER WALTERS CITY SECRETARY BY W APPR VE AS TO LEGAL FORM Taxi No DEBRA DRAYOVITCH, CITY ATTORNEY Date 5-- iett The undersigned hereby acknowledges receipt of a fully executed counterpart of this Agreement, together with+h�00 001 representing the Earnest Money required by Section 2(b) hereof, this -day of , land agrees to hold and deliver the Earnest Money and disburse any fudds received in accordance with the terms of this Agreement TITLE COMPANY American Title Company By CD //cII Qn AJoa cJ� Name Title Address Telephone Ca iL1 (o Q— 4 a -Fax a 14) 4a- q4-10 / Ir Coh-Fa��5� P/S Agmt(TX/U) - Page 19 Denton 200 Land ((Denton)/Burkburnett 290492/05 SURVEY INSTRUCTIONS (Unimproved Property) Seller shall furnish to Purchaser within the time set forth in this Agreement two (2) copies of a currently dated boundary survey of the Property prepared by a Registered Professional Land Surveyor (the "Survey') The Survey shall (i) show the boundary lines, dimensions and area of the Property, (u) locate all easements, alleys, streets, roads, rights - of -way and other matters of record affecting the Property (with instrument, book and page number indicated), (in) show all existing improvements and monuments, if any, thereon or thereto, (iv) set forth a metes and bounds description of the Property, and (v) set forth the scale, the north direction, the beginning point, distance to the nearest intersecting street and point of reference from which the Property is measured The Survey shall contain a certification, signed by the surveyor, in substantially the following form The undersigned hereby certifies to _rName of Purchaser) . FEDERAL DEPOSIT INSURANCE CORPORATION, as Manager of the FSLIC RESOLUTION FUND, [IF APPLICABLE - as Receiver for J and Name of Title Comoanyl that this Survey was made on the ground as per the field notes on this Survey, and (i) correctly shows the boundary lines, dimensions and area of the land indicated hereon, (u) correctly shows the location of all existing improvements, monuments and other visible items on such land, and (in) correctly shows the location and dimensions of all alleys, streets, roads, nghts-of-way, easements and other matters of record, of which the undersigned has been advised, affecting such land according to the legal description in such easements and other matters (with instrument, book and page number indicated), except as shown, there are no visible easements, rights -of -way, party walls or conflicts, and there are no visible encroachments on or upon adjoining premises, streets or alleys by any of such improvements or monuments, and there are no visible encroachments on or upon such land by buildings, structures or other improvements situated on adjoining premises, and no part of the subject property lies within the 100-year flood plain or flood prone area or a floodway of any body of water and none of the above -described property lies within a "flood prone area" as defined by the U S Department of Housing and Urban Development pursuant to the Flood Disaster Protection Act of 1973, except as shown on this Survey (Name of Surveyor or Surveying Firm) (Signature of Individual Surveyor or Surveyor on behalf of Surveying Firm) Date , 19 Reg Surveyor No (With Seal affixed to the Survey) EXHIBIT A All that certain tract or parcel of land situated in the C Poullalier Survey Abstract No 1007 and the S C Hirams Survey, Abstract No 616, in the City of Denton Denton County, Texas and being part of a certain tract described in deed from Mrs M Saunders, Executrix, to Joe Hobson, recorded in Volume Peg b:45asDfo lRecords, Denton County, Texas, and being more COMMENCING at the southeast corner of the C Poullall.er survey, nnni.raal No 1007, THENCE N 81 degrees 47 minutes 20 seconds W for a distance of 303 11 feet to a 1/2 inch iron rod found for corner, said polntsaednpointin taleoobeing thePOINT line of BEGINNING Lane (80 foot R O WW )g, gq THENCEne N 89distance 45 of minutes1feetetonasl%2ainc9 Br n rodtfoundhforf-way corner, THENCE N 00 degrees 38 minutes 17 seconds E, leaving said north right-of-way line for a distance of 1746 58 feet to 5/8 inch iron rod found for corner, THENCE S 89 degrees 26 minutes 50 seconds E for a distance of 1213 79 feet to a found fence corner, THENCE N 00 degrees 37 minutes 33 seconds E for a distance of 3174 22 feet to a 1/2 inch iron rod found for corner, toEaC5/8 Incheironsrod founds forscorner,ls aidopointr a ibeingeinfthe5WQ8t feet right-of-way line of Teasley Road (90 foot R O W ), THENCE S 00 degrees 00 minutes 25 seconds W along said west right-of-way line for a distance of 3805 69 feet to a 1/�2 inch iron rod found for corner, said point being the ppoint of curvature of a non -tangent curve to radiusfofh1190c92tfeetgaascentral angels of 15ndegrees 47cminutes having a seconds, a tangent of 1165 20 feet and a chord bearing of S 08 degrees 25 minutes 10 seconds E, gg ve o the left forNaEdistanceaof 328t311feet toway3/8ninchdironnrodaid foundrfortcorner, THENCE S 00 degrees 33 minutes 07 seconds E for a distance of 77 40 feet to a 5/8 inch iron rod found for corner, THENCE 89 degreesrod found 28cseconds W for a distance of 299 52 feet to N THENCE00 degrees egeesi06 minutes 26 seconds E for a distance of 698 19 feet to the PO CONTAINING 8,729,022 26 square feet or 200 3908 acres of land, more or less The Company does not represent that the above acreage or square footage calculations are correct COMMITMENT FOR TITLE INSURANCE Issued By ®Commonwealth. Land Title Insurance Company Commonwealth Land Title Insurance Company a Pennsylvania corporation herein called the Company hereby commits to issue its policy or policies of title insurance as identified in Schedule A in the form now promulgated by the Texas Department of Insurance in favor of the proposed insured(s) named in Schedule A as owner or mortgagee of the estate or interest described in Schedule A in the land described in Schedule A upon payment of the premium and charges therefor all subject to the provision of Schedules A B and C and to the Conditions and Stipulations hereof This commitment shall be effective only when the identity of the proposed insured(s) and the amount of the policy or policies committed for have been inserted in Schedule A hereof by the Company This commitment is solely preliminary to the issuance of such policy or policies of title insurance and the liability and obligation of the Company to the proposed insured shall be limited to the express terms of this commitment All liability and obligations hereunder shall cease and terminate ninety (90) days after the effective date hereof or when the policy committed for shall issue whichever occurs first provided that the failure to issue such policy is not the fault of the Company IN WITNESS WHEREOF, COMMONWEALTH LAND TITLE INSURANCE COMPANY has caused this commitment to be signed as of the effective date of commitment as shown in Schedule A the commitment to become valid and binding only when countersigned by an authorized signatory Attest �„ I )JoG�" / Secretary COMMONWEALTH LAND TITLF INSURANCE COMPANY 11T1F/,�,P 3 i ruiduu Texas (10 1 91) 11771 ORIGINAL COMMONWEALTH LAND TITLE INSURANCE COMPANY COMMITMENSCHEDULE FOR TITLLE INSURANCE Case No 90 D 200600-B (00004) Effective Date of Commitment April 23, 1992, 8 00 o'clock a m 1 Policy or Policies to be issued: (a) Form T-1: OWNER POLICY OF TITLE INSURANCE $ 500,000 00 Proposed Insured CITY OF DENTON, TEXAS (b) Form T-2 MORTGAGEE POLICY OF TITLE INSURANCE $ Proposed Insured Proposed Borrower (c) Form T-13 MORTGAGEE TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN Proposed Insured Proposed Borrower (d) OTHER Proposed Insured 2 The estate or interest in the land described or referred to in this commitment and covered herein (Fee Simple, leasehold, easements, etc , -- identify or describe) FEE SIMPLE 3 Record title thereto at the effective date hereof appears to be vested in FEDERAL DEPOSIT ager of the IC Fund,, as Receiver Nfor AFirst NCE OSavings cand aLoan nAssociation ofLResolution BurkBurnett 4 The land referred to in this Commitment is described as follows See Exhibit A attached hereto and made a part hereof for all purposes AMERICAN TITLE COMPANY Countersigned at DENTON County, Texas Aut� This commitment is invalid unless DOC# 1 the insuring provisions and Schedules Schedule A - Page 1 A, B, C and D are attached COMMONWEALTH LAND TITLE INSURANCE COMPANY EXHIBIT A All that certain tract or parcel of land situated in the C Poullalier Survey Abstract No 1007 and the S C Hirams Survey, Abstract No 616, in the City of Denton Denton County, Texas and being part of a certain tract described in deed from Mrs M Saunders Executrix, to Joe Hobson recorded In volume 351, Page 545, Deed Records, Benton County, Texas, and being more particularly described as follows COMMENCING at the southeast corner of the C Poullalier Survey, Abstract No 1007; THENCE N 81 degrees 47 minutes 20 seconds W for a distance of 303 11 feet to a 1/2 inch iron rod found for corner, said point being the north point right-of-way line of Hobson Lane (80 foot R O W ), said g the POINT OF BEGINNING WW along right-of-way lineCfor 89 9distance of 2371t94 feetetonas1/2ainch said rod found corner, THENCE N 00 degrees 38 minutes 17 seconds E, leaving said north right-of-way line for a distance of 1746 58 feet to 5/8 inch iron rod found for corner, THENCE S 89 degrees 26 minutes 50 seconds E for a distance of 1213 79 feet to a found fence corner; THENCE N 00 degrees 37 minutes 33 seconds E for a distance of 3174 22 feet to a 1/2 inch iron rod found for corner, THENCE S 89 degrees 21 minutes 05 seconds E for a distance of 1354 16 feet to a 5/8 inch iron rod found for corner, said point being in the west right-of-way line of Teasley Road (90 foot R o W ), THENCE S 00 degrees 00 minutes 25 seconds [[�� along said west right-of-way line for a distance of 3805 69 feet to a Jinch iron rod found for corner, said point being the point of curvature of a non -tangent curve to the leftwhose center bears N 89 degrees 28 minutes 41 seconds E, having a radius of 1190 92 feet a central angle of 15 degrees 47 minutes 42 seconds, a tangent of 165 20 feet ana a chord bearing of S O8 degrees 25 minutes 10 seconds E, THENCE along said west right-of-way line and along said curve to the left for a distance of 328 31 feet to a 3/8 inch iron rod found for corner, THENCE S 00 degrees 33 minutes 07 seconds E for a distance of 77 40 feet to a 5/8 inch iron rod found for corner, THENCE N 89 degrees 44 minutes 28 seconds W for a distance of 299 52 feet to a 1/2 inch iron rod found for corner, THENCE S 00 degrees 06 minutes 26 seconds E for a distance of 698 19 feet to the POINT OF BEGINNING CONTAINING 8,729,022 26 square feet or 200 3908 acres of land, more or less Case No 90 D 200600-B (00004) DOC# 1 COMMONWEALTH LAND TITLE INSURANCE COMPANY SCHEDULE B EXCEPTIONS FROM COVERAGE The policy will be subject to the Exclusions from Coverage, the Conditions and Stipulations thereof, the terms and conditions of the instrument creating the wi11 beiadditional exceptions fromctheucoverage ofotheepolicywing matters that 1 The following restrictive covenants of record itemized below, but in any mortgagee policy of title insurance or mortgagee title binder on interim construction loan, the Company will insure that any such restrictive covenants have not been violated so as to affect, and that a future violation thereof will not affect the validity or riority of the insured mortgage (insert specific recording data or delete hhis exception) ITEM 1 OF SCHEDULE B IS HEREBY DELETED IN ITS ENTIRETY 2 Any discrepancies, conflicts or shortages in parea or boof imundary lines or any^enoro-FhmentsnTor^protr aaervev.orItem 2Vemavpbenmodifiedrtoements on read in 3 Standby fees and taxes for the year 1992 and subsequent years, and subse- quent assessments for prior years due-T3-change in land usage or ownership 4 No materials have been furnished or any labor performed in connection with the construction contemplated hereunder prior to the execution acknowledggement, and delivery of the lien instrument described under SCHEDULE A hereof if the land described under SCHEDULE A forms any part of the homestead of the owner (May be deleted if satisfactory evidence is furnished before binder is issued ) (Mortgagee Title Policy Binder on Interim Construction Loan only ) 5 Homestead or community property or survivorship rights, if any, of any spouse of any insured (Owner Policy only ) 6 Any title or rights asserted by anyone, includingg, but not limited to, persona corporations, governments or other entities to tidelands, or lands comprising the shores or beds of navigable or perennial rivers and streams, lakes bays, gulfs or oceans, or to any land extending from the line of mean how tide to the line of vegetation, or to lands beyond the line of the harbor or bulkhead lines as established or changed by any government, or to filled -in lands, or artificial islands, or to riparian rights or other statutory water rights, or the rights or interests of the State of Texas or the public generally in the area extending from the line of mean low tide to the line of vegetation or the right of access thereto, or right of easement along and across the same (Owner Policy only ) 7 Liens and leases that affect the title to the estate or interest, but that are subordinate to the lien of the insured mortgage (Mortgagee Policy Only ) 8 The following lien(s) and other matter(s) and all terms, provisions, and conditions of the instruments(s) creating or evidencing said lien(s) and other matters) (This exception may be deleted if no lien or other matter is set forth below): Easement to State Highway Commission dated September 12, 1962, recorded in Volume425, Paga 267, Deed Records, Denton County Texas, and as shown on survey apprepdataedM yDonald1991Peebles, R P S No �437 of Peebles & assocl 9 Unrecorded Farm Lease to Sid Ford & Son as recited in Deed recorded in Volume 1279, Page 487, Real Property Records, Denton County, Texas 10 Rights of the public, the State of Texas and the municipality in and to ( CONT ON SCH B, PAGE 2 ) Case No 90 D 200600-B ((0004) DOC# 1 COMMONWEALTH LAND TITLE INSURANCE COMPANY SCHEDULE B (page 2) that portion of subject property, if any, lying within the boundaries of any roadway, public or private Case No 90 D 200600-B (00004) DOC# 1 COMMONWEALTH LAND TITLE INSURANCE COMPANY SCHEDULE C Schedule B of the policy to be issued also will contain exceptions with respect to the following matters supposed to affect title to the hereinabove described roperty unless the following matters are disposed of to the satisfaction of the Company at or prior to the date of the issuance of the policy 1 approvednb Lecreating Company, executed estate and filedtforsrecordbe insured must be AP Y Company, 2 Satisfactory evidence that no person occupying the property or rrY any portion thereof owns they presents record ownerias sher ownsinaSchedulor eYAright 3 Payment of the full consideration to, or tor me accvunc vi, u.,o 'j—& w-o or mortgagors 4 Payment of all standby fees, taxes, charges and assessments levied or ass- essed against the subject estate or interest, which are currently due and payable 5 Satisfactory evidence that all improvements and/or repairs and/or alterations thereto are completed and accepted by the owner and that contractors, subcontractors laborers and materialmen have been aid in full, and no mechanic's, laborer's or materialmen's liens have attached 6 An defect lien encumbrance or other matter affectin or suppposed to or title arisehsubsequent toitherest effectivesdateuhereofhich may be filed 7 If a mortgagee policy of title insurance is to be issued, satisfactory evidence hat restrictions and restrictive covenants if any, have not been affect the validityaorepriority ofathe insured mortgagen thereof will not 8 Satisfactory evidence of legal right of access to and from the land if satisfactory evidence is not furnished to the Company, the policy to be issued will except to lack of a right of access to and ram the land 9 Any and all matters which would be shown on a current, correct survey of the property 10 Deed of Trust executed byy Billy B Moore, P C to Loyd A Wilcox, Trustee(s, securing Baptist Foundation of Texas in payment of one note in the Principal sum of $ 3,153,004 02, and other indebtedness and performance as therein provided, which Deed of Trust is dated October 20 1983 filed of record on October 25, 1983 and recorded in Volume 1279, age 4�7, Real Property Records, Denton County Texas, additionally secured by Vendor's Lien retained in Deed by Baoptisn Foundation of Texas, recorded in Volume 1770 Dann dA7_ RAA1 Property Records, Denton County, Texas Aseigned_to o, recoraeu iu vvluul0 l."' -,- ---I - Texas Being Extended by Agreement, dated 10, 1985, recorded in Volume 1838, Page 286, County, Texas Case No 90 D 200600-B (00004) DOC# 1 COMMONWEALTH LAND TITLE INSURANCE COMPANY SCHEDULE D 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 Commonwealth Land Title Insurance Company is a wholly owned subsidiary of Reliance Groupp Holdingg1s Inc , had consolipidated assets in excess of $9 bil- tradedtonethe6New3York9aand Philadelphia Stock are publicly Commonwealth Land Title Insurance Company's December 31, 1988 were as follows Herbert Wender Chmn & CEO Joseph D Burke President John H Kunkle, Jr s Vice Chmn James P Kozel Sr VP Controller Edward P Locher Sr 1P & Trees James Joseph Daniel Lynch, Jr s VP & Sec Joseph N Buchman Sr VP Warren A Kennedy, Sr VP DIRECTORS George Bello Irvin? Morgenroth Herbert Wender Joseph D Burke RoberE M Steinberg David C Woodward John H Kunkle, Jr Saul P Steinberg officers and directors at Leroy F King Sr VP Wayne L Levine Sr VP Robert F McMackin Sr VP Irving Morgenroth Sr VP Winfred L Myers Sr VP H Robert Naftzinger Sr VP Thomas E Simonton Sr VP Fredrick L Tomblin Sr VP The following disclosures are made by the Title Insurance Agegt issuing this commitments The following individuals are directors and/or officers, as indicated, ATCOD, INC DBA American Title Company SHAREHOLDERS OFFICERS Chairman of the Board William D Oates William D Oates Vice Chmn , CFO,Sec , Tress Vice Chairman John D GWooylnodie Business Resources Corporation President Michael D Richards DIRECTORS Executive Vice President William S Chattaway William D Oates John D Woolf 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 corpporation receiving any sum from the settle- ment of this transaction will be disclosed on the closing or settlement statement You are further advised that the estimated title 3premium* is Owners Policy Mortgagee Policy Tax Modification Survey Modification Endorsement ChargesTotal 1 3,611 00 Of this total amount $541 65 ( 15 0000%)) will be paid to the policy issuing Title Insurance Comppany $3,069 35 ( 85 0000%) will be retained by the issuing Title insurance Aggent, and the remainder of the estimated premium will be paid toother her parties as follows SERVICES AMOUNT 00004 * date of thhis Commitment amount of the premium w and Regulations adopted in accor Insurance Case No 90 D 200600-B (00004) DOC# 1 Notary Public In and for yKd2 Count) Texas ewea eleawn n.ss.r.e, ,.,, 16116. es ws 1 U LaM RIGHT -OF WAY EASEMENT 90M, (Pwoumt) STATE OF TEXAS IKNOW ALL MEN BY THESE PRESENTS County of _ _ZifltaL._ ___— THAT .— ___ _ _ .Jsi 2 Esbesn r LI IL( of C� Amaton. fcunty. Tax" _ In consideration of the aum of �fwt ��� l<lt-S C (�. 0 0� and other good and �alueblo conslderat on In hand pad by the Slate of xas seting through the State Highway Commisslon receipt of which in hereby acknowledged do by these presents PPrant bargain sell and convey unto the State of Texas the free and uninterrupted use liberty and prlvllego of the passage In along upon and across the.following lands(s) In _911110n- County Texas owned by LAS and being subject to (Important Notes If no Ilesw ewments or laws exist Insert the word None ) Hollis) hold by seoa,. s ewmpnt(s) held by -+--^ ___ _ -- (Add - lew(a) hold by s w --- - udd .. , and being particularly described as folloAe, tt-wit Being part of a 1165.23 &ore toot is the C Poullaliee Sorrell, Abstract 10M, eonvgd by Mrs. Am savdors, at &1 to Joe P Hobson by deed dated the 2d dry of Jnly, 1949 and recorded in Toro 351, Page $45 of the Deed Records of Deaten Comty, Taxes "LOT Up. 7-1 i v ooi ir11 t, Boding a amp at lad king wet of and dJ&oe&t to the vest "t-Of-vg Use of F M. B�pvq21I3 hotwwe lien )5 it 75 to )6 f 25 and deeorlbod !a o,stas W bemds so follwss IIJBI!m et a point in the vest right-Of-W lies of F. M. 4.0 of 45 feet from ad sib right awls@ to the Mostlyooaterline, Its" a 13=Cg o of 961 I with the @aid vest right-et�tlq„1Qaot !N M a point at right "so to an mow osawl"o, station K f 251 5T i! m= 0 W 34, v, 150 test to a pofatt� 9 It, met" sp l* 'BI>a0H I oil26, YLL 5o feet to a poiatt 'ZIDODZ I W )4, F 150 test to the point of ►egteniggc'slii M70 17 two or Ind sort or lose. ammama Doing a strip at land lit veal of And -gaomt tow vastmamalQft Tina of Y I Eighvap an t.etveoa station 42le 75 to A3 f 0 and deacaibed in feeble ad beads as follovor 8I0IIIM &t a point In the "" vest "t•or delF lines 45 feet from and at right englop to the bLowV oomtorlinp allatiia 42 it "I TM(i B 00 26, I with the said "at ritht.of-vac lice. 50 feet to a point at right wgle'TIs to the WCZ B B9° 94t We 22255anaterlfast to a point; �! TKIRCS 1 00 261 1e 50 fast to a point; MERf1; 1 W U1 I, 225 fast to the point of beg—A-8 aed NUtsfling 0 26 acre of load stars or lose TRACT NO, &I Baiag a strip of land lying vest of ated adl&ewt to the war r'1d1Ire7Se117 line of y N Eighvey 2181 batvew station 55 { BO to 56 { 2D and described L eates and bounds an follovel MIRIM at a pofat on the vost right-of-vy Use of y M rRighreer K ee r2W, 45 fact from and at right 091N bs &ashen 55 { Bve )lli . al tp a point 45 feet TIMCMat B Oo B6t I vito the ooid vast rift-ef-v4 link �•X' hhTflitrc) from ad &t t U, W, a &fast t 5a { in; „q n recut n� �10 B 00 6, e f fast M a pain;; LI � y 'TMUS 100 B6t Y, 40 feet to . thin,) 'l�l: M By° 74' i, 270 fast 4 the point of beginning sod eontain=aB 0 lg sore of lad wro or leas 2►S'iT.JLJPL )sing & etrip of land on the wet aide of the is* PP. Robs �oHbd suites at and ly1ma and bound uG to the vest of the aestarling of F M. Eighvy Z111follows REGU 1g0 at a paint en the east line of said 365 25 &are treat sod the Nat line of the C youllaltar sorry, Abstraot = east being 410 feet earth from the southeast seraer of said t000t and strwey) IWO$ B 740 721 1, 10 feet to & point) 793109 1 150 38, Y, 50 fast to a pofitf UIXIOI 1 746 22, I, 14O feet to & point in the east line of said toot and oury y gad being a point fa the owtar of a praseet amny road) 'Omifi asoth with the acid east line and the seater of a present minty rod, 51 s feet to the point of begin"" &red sentelalsg 0 15 &are of led Gott or leas For the purpose of opening constructing and maintaining a permanent k,taeaesatill in sing upon and across said premises with the right and privilege at ail limes of The grantee herein hie or Its agents employese, workmen and representatives having ingress agrees and regress In along upon and a Bald Oteml for tha purpose of making additions to Improvements on sad repairs to the said -- or any part thereof It Is sivedfiseSy understood that the State and Its &&signs shall be vested with the title to end 0 e right to take and use without additional componsation any stone earth gravel cliche or any other materials or minerals upon in and under Gold land except oil was and sulphur for the construction and maintenance of the Highway 8 stem of Tax" And it Is further agreed that ..y..46eG�g11+'t in consideration of the benallts &bove set out, will removo from the property a ve described such fences buildings and other obstructions as may be found upon said premlw TO HAVE AND TO HOLD unto the said State of Tom as aforesaid for the purposes aforesaid the premises above described Witnesa -Pe— - hand$ this the I I k4 d -- `ems A D Ig d C SINGLE ACKNOWLEDGMENT THE STATE ��O__F TEXAS County of , Before me, �4:--p, a notary public to and for said County and State on this day Dersonally appeared=-------- -- known tome (00"W'0 6easrew tha _.,t, s _— __ fie) to be the person _ whose name - subscribed to the foregoing instrument and uknowldged to me that _he_ executed the Game for the purposes and consideration therein expressed Glean under my hand and seal of offles this the f 2� day of _Ilg' c _ n a Notary Public in and for _ __— _ County Tom 425 , 69 WIFE's SEPARATE ACKNOWLEDGMENT THE STATE OF TEXAS Countyof i Before me_-. a notary public in and for said County and State on s this da) personally appeared—<{a`-✓�'v`? 'b-�'�^'^-'�^- __ __— wife of .sown to me (or proved to me on the oath of • credible wimesa)) to be the person whose name is eubemibed to We fororoing lwtrument, and having been examined by me privily and apart from her husband and having the came fully explained to hair she the said a aaknowledged such Instrument to be her act and deed and declared that the had wllUnrly signed the same for }he purposes and co"ideretiore . Aerein expressed and that a did not wish to retract It Given ender my hand and seal c office this the t 9day of ��-- ^(_*'� le l :. Notary Public In and for —L'��' �L-^'�-L__ County Texas { e..r tYawar o.reretMa. ...1 s.l I.n t'ww M 1 I41N RIGHT-OF-WAY EASEMENT 5OS 3 (Perasecot) STATE OF TEXAS - _ —� County of _ R�attaa KNOW ALL MEN BY THESE PRESENTS THAT _ __ ___ U11,21doioal. Al AL_ of _ DeeMa ma Uf 2VAIL. __ _ __ _ _ in consideration of the sum of `� times OG� Teu O 1 ld.l S and other good and valuable consideration In hond paid by' 9teta of a"Ung through the State Highway Commission receipt of which is hereby acknowladred, do by these prssentegra n0. bargain, sell and convey unto the State of Tex" the free and uninterrupted use Oby and privUege ertof the passage In along upon and across the following landa(s) in aulsoa County Tex" owned b) -kS and being subject to (Important Notes If no Bs" saaseents or Isaacs exist insert the word None ) liens) held by MN IAea M 1 etasmont(s) hold by -+.,� _ �___ _ -- (Mtwq IAea r 1 les"(s) bold by _ — - - IMa end being particularly described as follows to•wlt A part of that portion of a ADO ere tract !e the John yae Our►gr Abstract 4 vhieh list& vast of precast o As RigbtMy Tie son"yod W Christian 1lioUcb to Ids lbistoobs at Lis N Will "tad %a lath stay of Fobeaarys 1944, cad rceudod Sat voles file pap 12 of Probate Milloatoo of Denton Omit# Iotre asiog eo lrr"VI ohMad tract of Ind yteg cast of ride eastoey right of say lino of P. A. piny 7'/ r .e.nt to w.r. or" arODMOO Fat a pe t Se the vast 11so or W Id. 3loach ADO .nra crest 90 loch ere or Joao frw mA at riot rinw to the wbryWay line right of vne of 0 s ASgpvy T! Ma11to aMtien 416 jiglIo$ 'mpl� wMhsry along said vast property line CAS fact care or leas to a point !a the oaLrlinc of flan 400k( MUCK easterly al•eg the eleoaders of Moore Greek )AD fast care or low to a P•"6(X a so 46t Mr A10 fat on or late to the point of beginnings contolaiog 0 AS core of lead Are or leac. a )) SAITC0 50"l w RAPT FOPIDATIntimOORr ` 10-l"I i CgaIe1M `,\ P"No rd or Ow Ore ar of Teeae Mr one by Uwip , only anx+N 1176 Revlyd b welude Raxler I eddies lon. 66M RRI I l x 1E4MjLK1Y RECORDS vn 12 veip[M WARRANTY DEED WITH VENDOR'S LIEN�e��QQ ra n' F 1 4l 819 1 TIII CfATT OI TI'(AS KNO15 III I MI \ 11) TIII N Mr-StISTS � (Ul NTY UI Dt3tTON ` Th11 BAPTIST FOUNDATION OF TEEAS. a Texas corporation, l ,If the ( aunt) of Dallas and 91ntc of Texas For nil In P Lewefderalhm of the wm of-- TIDI AND NO/100 -- (110 00) ---- OOLI AKS and other voluahic Lnn.derntsm it, Ilk undcnipned pixl by the prani,e hcnm ntmcd ilk mvlpl of whl,h \ 1, helrhy aclunwa Wgrd and th, further mn%xieralhm of the execution and delivery by Grantee of j1 ,11V its one certain promissory note in the original principal air, of Three Milton One Hundred Fifty-three Thousand Four and 0211DO Dollars ($3,153 004 02) dated of even date herewith, \I1 + payable in ennwl inatallewnta As provided therein, containing the usual clauses provld- i ing for acceleration of sulturity and for attorney'• fees, i a GRANTEE'S ADDRR891 P 0 Box 814465 Dittos TIC 75181 , f 4 6+ i i t 1 T 1 ,1 1 t ' 11 IIM px)mcnt'It wI1Kl1 rxxL IN ,ellllld h) ilk %%Ml,Ir L Ian lwmtn nitlMd tMl n uldnl xldh .,fund h, I Jntl \ 1 ,4 tmq d e5tm doh hLnwilh to Loyd A Wilcox hn h lwi , (IKANTI O SOI 1) ANO (T)N\ 1111) ail 1 v llwprcw7a, ,W I KA%T SI 1 I 5%I) ( O\51 N um MLLT D )UORg, P C a Professional Tema corporation no Troxter III Ilk (Ixml) rd Dallas vxl W dt d Texan dl of It, 1 Mt m.,l r nhd r d it fxulwny In Denton lmw% I,Ln I., on X All that certain tract or portal of lnnd Idbmted In th, C 1 nlltll,r �urvev it Abstract 1007, and the S ( Illraes Sllrvq Allxtrnct 616 (Ilv nnl Cwmty of ilontone Troia boing part of a certain lrat i lit sari Mvl In I le ryl I r m Mrs M .+ Sounders, Fxnntr/x, to Jor Whom on lily " 1949 ru,rd vl In 5 1,,n 151 II \+t , rr 1 vC1 Y _ - pa v 43 Aad tel a of Denton County end Wing won fully described as lallosil } BEGINNING at • !cots Berner on the Korth line of gobson !sane at • point North 42 feet and K 89 45' 13" W 31DO feet fruit the Southeast corner of said Poullslier Survey which vas the orlgLnal Southeast corner of said tract; TNIME K 89s 45' 13" w with the Korth line of lbbeon Laos 2371 94 feet to is fence corner at a point 42 feet Korth and 50 feat Bast of the Southwest corner of said It"llaller Survey; 111ENCE K 00 38' 17" E with a (coca 1746 58 feet to a fence corner; THENCE S 090 26' 50" E with a fence 1213 79 feet to a fence corner TWf.4cs K Ds 37' 33" E with a fence 3174 22 feat to a fence corner THENCE S 891 21' 05" E 1354 16 feet to a steel pin in a fence on the Went right-of-way of F R gad 21811 TIHME 6 Do Oil 44" E with sold right-of-way around a curve to the left having ■ central angle of 13 571 43", a chord of S 8' 00' 36" E 330 71 feet a radius of 1190 92 fast and an ate distance of 331 78 feet to a corner on the Cant line of the Poullalier Surveyt IMME 6 De 29' 17" E with s fence on said Survey line 79 74 feet to a fence corner; TIIFNCP N 89' 45' 47" W with a fence 300 0 feat to a fence, corner l TRPACF 0 0s 06' 26" 9 with a fence 698 19 feet to the place of beginning and containing I" all 200 509 acres of land Ill IIAVI ANh 141 1lilt 1) list dxsv, dtwnix J I rum.+ lop lilt r with A and tml.ahr Ilit nglih is I oprynUenin,vs Ibell Its in any wiw h, lunging unto IItem d Fr mttt its successors )Itmx nsd l+ 9 n+ Grantor does hereby hind itself. Its successors and assigns flatterer and / iMRhlaCltltx>1RR�AWXNKMWXe*WMX*R11RR1(M*NIV*kk%tn a 1 WARRANT AND I I'M VI R III I 1 NU ill mJ singidir tilt said pe,nD.ti insist the vid gnnttt its atwevanors t 1' .1 and astignt agamd tu,m ptr.m .honiv%wr hufully ,launnl, ill In ,lung Ill, ♦un or rim pill Iherrof, by, through or under Grantors but not otherwise Nnl it as r*pn•stly scrceJ that lilt VI NIN1R ti Ill N a+wtll a+lh, \ulx nor Inh in vul to lilt IMnr Jesrrilxtl trrmlxs n rrlainal agsin.t lh, alav, dmirlb 1property pn mnsmnl Inpnnt nu nil until flit *bo" 11 Jrxtnbtd rink and all inh nrl Ihrnuln an fully pinl attnnllnR to list feu h nor , II i ,Ind r aJmg ihrmlf when tlut Ihvd shall Instant abwvhde This conveyance to amde and accepted subject to the follwLngt (1) Unrecorded fare lean, SLd Ford and Sons cancellable on 30 tiny* notice (2) Channel easeeents granted to State Highway Coanlsslon by Jac P Robson by lnstruaent dated Tepteaher 19, 1956 recorded in Values 425 at page 267 of the Deed Re- cords of Denton Cnunty, Texas It is expressly prov lded that Crantoo shall have the right to obtain releases of the lime aecurLng paynont of the vendor's lien note described herein no to portions of the property less than the whole upon the tores and conditions not forth in Deed of Trust of even date herewith executed by Crant ee herein covering the herein described real propertc to which heed of Trust reference in hero amdo for all purist son 1 rl Citfl It this 20th till of 0. it Is, r It 11 1)NI ATTESTS RAPT ST FitrDATUM of 7S 'r Illy I tie,n tory Ivd (rill II vI nl s. m it., "do, of [•c% tbI•M N~ r7�rtiEe}tj� r� Ntmt Sissy 0 1106r•I P C Addmt y011.�1�7 Addle. 15550 JosfW e? Iwn•. it• e P 0 box 744465 D•11•• TX 75334 I IAryIxIw1A•I•ew1I I STAI1 Of 1L%A% (1It \T% Or lhl 1n rolnml wt, mf,m k lrol Woo, nK on tht M AI r tlnnll. Inn IPWIlM Nottry P.Imw p Ie of le t Nob) I Primed ."`C IAch•twlt ra"g) V NII Of 71-WI 1 cm WIN OI lhI IndnmKml wn JKAlnwlnlpal bremc me on Iht ht Wit Io,nm1. w,o t%Plm d.Y of day of N dtn Ptlblk %t dr I i lean N Inn . Prllnnl ntnK IAckso,n dtp•r•tI N ATr OI Tr\A% COT sly OT lhn in•nnoenl ww ulmtvinlrrd MI Kc nit on the i Iof bt Alt prnml Mn r+Pln VMtn P.m,%talc Id Tt.t+ Voltn . PI ml.l ".. 1(.Kwn Ackltnwkd•tttwtf 14 t IV RA111 Of TL\A% t of ♦ r% Of DALSJIS 1 81 lhn M41nIlIen1 %. wLtxo k In+l M Ic me n Iht 20 td.tobef President hY +rs Lynn Craft 1 Baptist Pole) atinKPlxlnilntn• I.IIOf ek Wf nl Mh) r1NP1 f Inm • xas If•1t1•► n O I " AfI�OInmhWM tlPint Nt ,1t, III IIr\a 1 NoNot",PI II r.l 1 anK f AV-11A k1l'ORDMI KI I"I"''(I "NY IIfY r\ r'IrI m en r III t „ I II t I W 1 SAPECO 03-50681 Vv see 10-14-d3 P"p"ed by art Galt bar of Taxes for was M'/"y+n aerie R/vhes 1 1 7%, C6Rii ar RanIN in\7MyfMemM and M Illaiode r&NO el dNVIN Irl WE, RC31 1 I1L VUl : i 7r �f 1 ( DltfAl PROPERTY Kt�OR� - ra�r IIIE CTATFOFII XAC ( O11N 1 V Or DEN70N ANOW Alt MINPV 7111'CI MtICUTS. 4(;Fi17 "he BILLT D MOORE, P C , a professional Texas corporation, as Trustee, of Dallas ("in[) it,n hemin.fte, e.Ihvl f rNnIM, ("helhm ,"tt m 1M"e1 I" the F.."nt M whin l( the nnkMr Me11 hemin,(lrr IhwlrlMnl and In m"n11kr.Mn of IW 4-m If TI N Of)I 1 ARh ("t)(an In m In hnn 1 paM by the T"Mm hm 1n/11n nanwl Ihr n\e1rl'If ahKh h hemh, Kk.klleal nd ( r Ih, I nthtr m"W hrataw of the 1 r r4vr. N ` and 111, 1, helONller MI Ilh III,, al/alYd .,Id and nMq)t1I I,d M thew Pn^Lal Iln al"M ,f11 .,1 p,Wy U"M 11 I Loyd A Wilcox. Innlm of Dallas Cmnn le,a, and hk 1 1 wh.Mn. Iv unml"w all I l the 110nl Ma 1kwrlhl\I pnlvn1 11n1altd in Denton r a me ` Ce too pa Addreest P 0 Box 1409, Dallas, Texas 75221 All that certain tract or parcel of land situated in the C PwlLliar Survey, Abstract I` 1007, and the C Krems Survey, Abstract 616, City and County of Denton Taxse, being part of a certain tract described in a deed frost Mrs M Saunders, Executrix, to Joe Hobson on July 2, 1949, recorded in Voluss 351, Page 545, Deed Records of Denton County, and being sore fully described as follwel BEGINNING at a fence corner on the North line of Hobson Lana at a point Korth 42 1set and N 89' 431 13" V 300 feet from the Southeast corner of said Poullaller Survey, which was the original Southeast cornet of said tract, THENCE N 89' 45' 13" W with the North line of Robson lane 2371 94 feet to a fence corner at a point 42 fast North and 50 fast East of the Southwest corner of said Pnllllalier Survey( THENCE N ON 381 17" E with a tones 1746 58 fast to A fence cornerl THENCE S 89a 26' 50" E with a fence 1213 79 feet to a fence corner{ THENCE N 0' 371 33" E with a fence 3174 22 fast to a fence corner, THENCE S 89a 2L' 05" E 1354 16 fast to a areal pia in a fence on the West right-of- way of F M Road 2181$ THENCE S 0' Ole 44" E with said right-of-way around a curve to the lsft h ving a central angle of 15' 37' 43", a chord of S g' DO' 36" E 330 71 teat, a radius or 1190 92 feet and an are distance of 331 78 feet to a corner on the Fast line of the Poullalier Survey) THENCE S ON 29' 17" E with a fence of said Survey line 79 74 feet to a fence corner$ THENCE N 89' 45' 47" V with a fence 300 0 feet to a fence corner TRINCE S 0' 06' 26" E with a fence 698 19 feet to the place of beginning and containing in all 200 509 acres of land TO 11 %%I AND 10 1101 D the Nh a Ikw,.IV I pn,peny I voi er ..,h Ih, r ph' pn d T1� m I pl 11 n \. IMn I ICII"Itlnx Intl It. vd 1nnhe ..I In IV,NIMIIIIIIII N M eve MT I'm, '11NI ( r nl n i INI 1 \ IN 111 w 1 1N , M P\null ,I1. a ITInP11n11M /nd a 41!11\ I IIN"WO Mid 1 Me1,r 1L h, W th, NI mint, 1 ,,, II" w 1 1, 1 \ h Intl 11 Y 11N1\1V1n NMI • Lan\ I "l111 nF IIMI the 0.im \",I11111 nl e11 r' t., \IAl."", 1 1 111111N \ nM 1 1\ P, I IINI \Y Thn"otmAtwe hI.mt nn1Ak 111RINTt M\ np\nNTI I,( me p,,n Y1\INM 1f n I MIe hme,rnh in IIV pnM pal v in nl Three Hillion One Hundred Fifty-three Thousand Four and 02Y100 ILllan (W7 153.004 02 u , elmm111 by (lam � M1ahk h the "d, a BAP'fISi FOUNDATION OF TEXAS. a Tema corporation f I" it. ray Id Dallas Dallas ( In annual installslonts as therein provided ,D-- �J — oo -7 11whr� h rem( r At, a them At m"AAKI, rr %nitro( 1 N w v kr I NI IA maFnnl AM I x %to w., 1 4. \'('I 1? i y ^r 4 e 4 %II.saM l 1 m ,n L a I to .In all 4 IN, rant aw pmmwml fir, In I " M,I MI on 1 r rr11w N11Mfw N IAN mk M Into A III I+ne h k h, m I e an I r hk IM th 1 n h 11 h mk n 11 ml .nit 0 M m I with" IM r .m I Ill+, Aexl Dull he I kawJ NI N r f4,Iw 4 ( and . M Ilk I. kkl 11% n4 he, Kate. t,IW hrMixury Iwh shR net, M MoVrl 1.aMnn Imawanl Nnl aRmt N 1 4Lr 1hn thin Ar lawln111 "I'M 4 ,, I pn"M and h e the I Ino l ctor— the tame has for f m, % Ism from all t Inn an', emM mar 11 pIrM1 mplxkkll 1 1 pn4 r I fix sole AMl rox" NI 4 ".11 p .1er11 an I 1 p,1 whr If all 1 r NMI aM no" M,w fro I ore Ie heR1(Ifr k I r a fart o txm I on Tsn Y On 1.1 1 rl IM, n re n ,1 h oho, IN, I t 11 of Rol I N w om1 on mMem IN her M 1 In Inn a firm IMI r .e ten I xo%I pit 4%of Ro l 1 1p a I n for x not, 11 1 .11m m., k I I I IM Rah1 I i r'p Ilk n1p111 Ixrl on I I I JVIII In pMrl 1 I 1 In I x, I mM m 1 M4 1 ,,M,1 x m 1 n1 xA It Ihe"t I klrl If h Ilnr ♦ Ipn'l w a M4 I I.IN" Ilk ."woAM Ian. I Ill, in 1 Rom I lrl 1 1 1 dl I of Io I w x 1 It I I IIII ,rx 1 I for,I, rn At ,41, r omen h, fire Nl I It 1 I 111 I I m NI , I r I I 11 a I I n, he, Ism hh r rl I N 1, 1 1 m I I I1n h m no to I n R the IRm 1 If. I kMdn Ixl M wig f 1 1 "1 ,I m I the 41 d an.x nit I Ihe 11 kM Iw her M wen I I In The ruml I the 1 111 1 n hit IN t I , Ip, x I.", solo I 1 { 11 1 Iae n h l 4m I x Ill nh Ina 1 f m1p a, ,r ( or, ., am lxAMx 11h1IN' l In -1 11 11 11111 1 ILK, 11 1%11 tx 11.14 nhn lam,h u11. Florio AIroll II k..", ,I lmn I w1, 1t 11 nor htl l„rtI 11. 1on. 1 4 kit Rol k11 M at fat n(till Jl t III it mI Ml Imam tr41. IJI I,f n1 o, p, Nrl fall h 14mf.In, no nnxrl v nll mk l Roxh ry411 M1%A, xr \ nII h "I Ill ;KIN I of f"it, I r hkr 1M in "it, I hM, wig rrl so I. Ilk 1 th to in, nml rl MRomr In IN h Ion In I rn I h In I me A III Ixl n, n or of I 1 It r.I n, n1a1 Arnnl l 1 n1 n I Ill 1 I Pm%ve h I Rpal, of Ise I. .11 Imp ...I lon Apnl „ L I'M 1 ,1 11 I hat In the ekmt (nano Im tholl fad In Amp the Imp, Irmmi m The pmpe ty he"" InMxtml In rkal RN1r and non h Ixm I I t Nl pnmlllly when h. All for and A far in, .1 1 at rera it IV In prnerve the Mho 1. to I Ihh tNI l nit Irum m .A 1 In Ivory r I imp Ilk hukhnR Imo mop, rook", m ural A, of mmhl or I Ikll,n I. t, I , 1 r Imlx. I I In xnnce / rig ]fit Io"MAI them I I I h,1et.1 nit A AMno11 then Ikn Imloo, Ron m h ra.m Mn .IM 1.1 limp re4 ml 1 h, % mate Ikh reNn, pis Ihh 14,n an 1 I wr,mun, pilots % Any nA title them n Itomnt .n, pro r lion an I pt ,Ihulc I fill Rot Ant mill In WON a 1 Ihe pmwla4h n I Ill pit t I In 11 th Ikar1 o I In1 I n ,Roil r, r„o r in m, an I knp in 1111111 the Implmrmrul the It in In on ImMInt full It turd Its it ON fipldatnl the env wok falokh any he. p .1 nut F, bmAu tin and all Ion, p. 1 I r in non r,Imnlm, it, AI r,. Id n1 11 1 not the ax1 r,I"wr n I \n m , , I r rod In an, tun altmilnp meet p1 rl rn h If nu on I I pr nnY th I.n Ism t hill Mar Im r It Irani Iht I I I mh Imstium at th, fair I I It In aoI I n1 I aml h II he N 11, ( nnl , I If,, fill n urym ofMIAM1 t Ih I",, plo , at %hhh ,old n A I 14)4hl, on I hall he derletIt a pan I I The ki t hertht mrumd An I toss 1e, file a Iwh In .11 rnprn IN I 1 Ill to nit 4 k fnult In the ppmrnt 1 AM em IAln.nl for MINI or Imeml mf flit IN It hrmhf m,uml In a far I Rowe sonh it. I In, then I 4 to fir it, t 1 a M Its, mans her m tmla e,l In he mr(mmvd M Or I on Then an 1 st Nn1 ( akh n nit 14"fi, no ma, vino Orono r hemhl ♦pram, faa Ing prevmmtel NMI Am to I f r pavement I I hrlut I'M Rol 1r rrIMIp111 exkMa1M hemfo wfmmd %fill aII Inlrmm Mink I them", and .11 Mher mom hemM wfnlml MMW 1 1, tow m I Noahk An I on If. x,nt of Icr,niti In the Nsment 1 f ,nhl 1MIch imIne, when ,hx. or W ire I 1 x It .n 11 Item, Ion M 01 ono I Me IMteoh r he Ile dorm 4 the TnNm I he i. %,we oe allot I or a henmahm pig k 1 a, the recount f IkxnI n Kohl,h "I acki r IK 11, nxx l 14,e5 riewremMl I mfmr Ill Inn, and allrr a non, I a Ile otook pike aml1 rem I Ilk , I f TM 1 1 Ike, r I'll nkl n 1,111 p, ,pan de 1 11 MI I Ilk Ieo, M n( I r nit It 1 1 Iw h re I If I I, rig, I in 11 1 1 I I,.Ir 1, trwl r wnlhn I point rl m4kr ill, f at it. l x, ia.ne kx, 1 IM w ,,, al I ,,.I , I p,,pr I IIIIAI 1 who Is M41 ma, h Ix left h, Its, 1 rom, MI nt or F, Ant 1%1.m MII la ( N I Im An 1 11 It no Ill la1, III. 1.4 k 1 1 d. mklI It wig, w%u nit MI 1 I Is, at kam m"b4,nl I II to p r I no ore tole 4 vk fan I far n 1 x p1 4al n , r of IM 14"w, I„k Mnor It mod 'on vfeh Is M. nh1 r 'III 1 pI the IOIkra Ion, otimlM,h Ik\rl o 111II Inc Ihr 11 Ill Irra I 4 Nrn, Ik tw Ill hisol ( seats M4 r eh1„" I o pM,pnI.,.Me pr oxeI, nklm,el I whh Mh, I at kM I Rory n ,,1 MI In, A ,Man h1 fix ,IrrvN I f r (xun n a p,xt 4r% or drkml krkh I n uMkr MI Am Rol I I fh 4 the I it I I k111 I wtol ,er kr The lfvmm h 11 sell the ,M a M„r h I pn4rrn IM n w l 1♦ 1 1 it% I rn M I t rl hit, A Rom In A ml, m wrh Mh m4h'I I the C N,HN K. Ikwe (4. I 4 1,, mMn ah of n, 1 1 l Ipr , krl .Mt .awl r d m9km senor I m na rI i1 n Me xnih 'be Row%r I h p,xonl m MI ,, IN w4 I 1 It N r•x, I at Our ( N llsomm We of I kh 14 stook ralmk, %M m ,.IN aal rn,lrn, M. I1111 rt NMI "Of I or I w,.NNI .1 m , 1 forlorn Islas he witl at the I Keith Net II" I I An, Me, 4 meth 1 morose. Mh1 foe M4 fY w rlxlnl h if k,lp I the w1 lI where the """% II h wok b m The lint Teetwi , In An, m,m,h Mwren the Ix n 4 ten 1 rk 4 NA a I I 1 I k l Is %I t the Is ph" M kler 1 I e,h wiling all I f the pro form a, n "rows M n .kh Nnrl, a, IN 1 no Irc m1 r m„ eln I nit m,le six rem, ,amr I The rlmln,er n An how•n with mixralsoMra to Mn I no fnnl lr, Oki Ix nAml Ian , I en 1 If. m Nww forma fawn into talc the Tr,htrc Mi ore hell m, torn III ,M ,mro o f A) n F the , I n I n1 t r who x, I n e IMI into A ,mm1 o on I Inv per aryl It 1 1 h mwlf fah%h Ro n on Ih II h I n I. t .11 I 11 th All rm, II, ph%akrl 1 w in ,a d mole and then in Ik Ml.nn the Intl Ankwmt 4 p11M,p II not r xl Uf r , I r MI Ihr I love, of w and , npald nor I nowt on 1 AI 4MI m kMnhen, ,61 Rol hall, mMk, h Ilk F I n I If. , 1 rn t if An, I [ rmhe, then hem or a mpns an I the m it d in the non rl ems h IM Ainh tm, a INK Is % hill h t II "I r hit a souk Mr M the 1I th of Ill m,m n then is I Rol .Rol nil pmr,I nor 1 I'M , h h 11 h r w net I no hen r rf anal hJ ,xh ,al Nnd c, of twine ,htl fit I Mhn1 t .ram", ( rant r, then heir, a , I r Ipr, 11 I AMIN] that In the trerll a f tar khl,m here In h, ,Mxdd fir mmmeraW M Ill Trim r or hn hem o I or % n. If fool n1 A, at no In hfxv the ,A d A l pl,prm Ito rrl lhe lxM 1114n l to km llx,k In it. to .III \ I I I the IMI Ro l 4I I m4 on I f I The I Ihr I non 4 the fir I I Tr Ion I.r No 1 nshn tie W Ill o ilk I. 1 o Mk 11 nI I Ife1M, 111,.11Mn I elf A14n1%rtt41M 11,1149nrll nlholenu I I x I 1Y0 tit I Ivll 4,mrmmwl u1t m Ion %nw Inn htl nr the Irnhr h wdmnl waw ,wN1 .n Ill f I'm I I, it n e .Ill Ihr pin, n, I th IN, 1,4 InM Ii Rot , h 11 M r Ill I rho 1 Ion, haw as .I %oh 14 the MM ,so h na IN. h Rhe,l M kh 1 .Ml I h for the n r nt I I wh,h mnh pnopprt, 1, m4,1 tminnl I. the Ikh, than mmR \ IknI. r, m n, 1 "I r henM . IMwln1l 1 it 4it a Mll in iM wormI M wkrouk It I14r 1 A,I Rol wit I Ill I NoK 111rwrl Ml In ied'h 14 Mt I.nlalift Ill", 11 k14 1 m in seen N1Pww 4 A thi4lt 1 Y k 1 Y 1 n1Y A I IN \ \ IIIMwas heRM semi tml 'hill I,knl 1 Ihr A1�11wnl-Mr1,4 IwMr w.alrw. Ihl mhmN ore 1 kh %,sa, 1 I one lmk Mahwx Mn4,r will"' 1 ha high NM m 11111 w am I ,l t l to - C n m41 IereI1MMY Aml kh a h.11 Ir a.l sow nwN 1nh.e ,MII wafml m All 4 the hash NMI Pf,rIY, 14 the war Md n114m namN Iwxen In If- eve11 Anv vk h .*it- 4 the all%e krt, MI pn,prm M Ant powl.m 1MYn4 Imo Ill, I rem, 4 th I1x„1 w I Rom I Il11Mw, the,, hers .Mt A, Ron Ikon 1 411,.111, nM. IN MAL no o4 anal oak wnnr,M Aml III I nww, m 4 III m Tnn . w,ht h IN elm haw, N I.h , Iv n I I I Ihe r,ar4 4 Ill 1 I. h r % k w Ism hAl Ihere Ism I M, A.1 ,1 IN Long 4 . h INIe le Next I +Isms. n fir M N ..If M wso41 fin hawor aml 1n Ihr nr„I 4 IN 1 1A 1 1 h a I k tow. ,Ism 4 aa.l I'••T I m.m nrmaral r,w rrrrwarr Iw a..lnw ,I.M ha amnN n warm w+l maLm.m An �anw Ina M«r+ M ti m u 1 fw Iirrly m Ihr lore M A ,t (,r.n m Iti lwa� •m,..ar M slaws ...A /r^!'•^I 1'�^ alrrwy . M uN I m agreed that is, krn Iele(., rAard ,bah take pmnkwr me, and h floor Irw In Mt Mary Ian M am rharhkl wit IN rihhw,. - , Intro n wn h rw I. Me IM alp N mn IN t-nr k. ,lard r^r,wn atd m Ih ftr,. the M %nth to N. m,h halm, ,," d hrr h am w1 1 -h lam n am ord F NO eff .-I alml, --I NIM, lens d Ire "MIAMI M u.l Ile rent IN,, hhtl.twY „ w1 ,hall N awn laml In Ill ,I IN I'm treat awl renadw, d flat hdket n( Ihr An kianha+ ,n runt 11 h Inlfin' r red Ihal it ( , - n the, 1.nn ,e a, rm ahk the M I— d If' h'I'MANI. ,h,rfdxrl On rr„y .anrld - ern an w1 d MnknM, n mnh. a IN I In, d A ' 4 dd r1 Md n M to".l , w h hl .. w1 d h An,Iw, hr wnmdl-I an I m d ,m n M,%1na t , herd w lhrr It m I w %N jkl IN M T to h 1p hn "I h,l h l A h wer by a it, titer 1 r ('a I r, the r her w Cam, IN, Tow hfle h e "I h I It It AI lM T - I hell I nn of let, I. vvne d r and rutahl aml Ise mtmt 1 tdom, ern Ihm in need 1 ,ell IN, ume hwk, the Prmeare ell Ohm Ihr.l d 1 nn1 A lusher t dad, I. the i. term 1( tit lam n hw1 k,enhed tmkhnlnl,,, ( 1.m1 w, semi- iramin a t Ind -mere I bald. n all mnl ..." w I In'Alta n„r I, " 1.. I Me I pnvrn, awl On the r eln of nv kla h 11. p miter, d VhI Mlle n help Mkf hem'lhlirl It heel n n etM1 A II I h hrmhl "IN* TI at h "I11so 1 t Ilk,' ,. 1 Tom% M d tt h In T n, w N , rrnl IN, u, an 1 -dk,l Ih 1,'nl n1 Areo IN, ,amp It, Ih mare) late ml wi r,irll.r, ef Ilerlee, Ihrleof I the flattener, 1 I Ilnk I.r,h., •N Ihr urn In , ml w In mat n m the I I re .ml n , It man rf .1 s mfrul, ern k,1 the , .Ik,I m f ,ant 1pnl I, Ikml II shall ern , m mere A a 1 w I It nth, 1 kram IN, m molY of unt mlkd.nlAA, err I h r.,I I , palmed with the ml,mr„en1 of Ohm tk%tl M Term It k atrml that an ratan, n r e ern m. ma, h mad, I the Ilene If r ,n„1a of all or ant Nrt 1 IN mkhrd,n, r -red hot in an I Ohm on) pad d ON Nm, kvl 1r 1 at or Mfty may he mkawrl Ilnm the Ire- % IN, I all- me w alfnl nr IN, pare% M ON, Ian rmahrl 1, Oh Is, 1 d 1 w m I.vm of aMY I„eke en.I,nN Alto tmMharyr w p,mha,rl w nY Mm'd wrI wing an mlp, , to the pmfMt hrrlw Ism t 1 w Am ran the rrel Of bring Ih On"' m d Ih pane, I wet, t Mermve 11, lied no the On T dY Ixwr n ,k,. t III 1 III mM rnen, it. rf„n an I that may h I.I.R11 I Nnhlnl Ihrl n h- anti Man t an, te, that may h Id.-1 Ih,-m , Ih I in,, he Ined id ,n r imitwnl In law IN m 11 1 IN, , Ihm d Ih imlrmmnl mwanhwarntlng, am ukh nI n w , I tit I,nr, f Myw.t w the Ielraw d a p,rl At d - I In r.,1Y II All Ohl' Ind In the a end n I r%vl o f IN ddk N 1.- h rr n lane d v rlh,l nm I h Imhnl rvuml hI Ohl Ike I f l r I two ed I I real pt rent n , aPrml that ON, I r I p %rome On it m , , d indethed., .h II h ppl. I 1 IN de,h rm I Ihm Pwl. n I VdI inkhedm,a Iln efa, rt h II h r I Ikd , mt r an .wl , II . nm whl h may N,,m. p , hit-' ( Al I , Ile m,lr n it n n1 ,he hetrinnhn, k.I I I ,of Mr" 11% n n, it I IN In f 14 MI I or yin 1 P Nk nt I r h, 'III r I pIl a1 , k 1 1 Ilan I In I An) w,m III 1 mat h I. , k I. h, n h p,t .11 1,( o 1', I r I n 'e ,bent In "N.. k, - I I An er r near the o I pnq. Ill All '.help am hthhl A,rp I I Ik,wlhun AN n I oar dd A, Ir Iheminwn .II eletnr Anu IIY I xnrr„1 Intl Ins ,o wort, In, nh r..A I ( r nr, rr apply the went t, Ih. ml.t - If the I kit I hlehy r11 f d ahlhf it. n m II,m1 w 1 I 1 d, 1 Ih I ,Inn w n ant n.m,1 IN,g,I m lam mk, .,..I „ It d anmr a, Is Mfhhlt m11 11 1 Iklnlhimy h II 11 1, 1,, nI ewdt Ir ,Ihllm I Imt% I, hk ,w Ic%l%m Phk I r In I Irc 1 Ikr1 1 ,,I, „e d,l,grnm m the , dlnlhn of ..I with m,m Nmh of Irreln w In At nth nm1. mrl It'll a -'mitt, Ii,ml. h,) nl.m the A, .., d ado -11,- 1 wh , Merl 1I I -env w, dint ml,tel n,1 r, d 11. hL1n I r 1 Ill marl in the ben II IN Gate I 1 11 1'he r h and 1,11 Im hmbt ,nut I , r ,, an) n.T) MAr 1 m In o mkr Add In 1. went It II ( reeler, h "It I I , MI , Ise 1 Ih,e,m In r A or Allen role It Ohm Derd of Tnnl It r I nod h, m1, me parr- rr by a ,rwlarAlx- If- el I, 1 All meat I (Iran' A, shall h hkl 11 'nth k the lIng ,lat unt ail M tit wen , I dAI Fretroan, hen in u„dcnakrn to h Fri nmc.l M aml the r the , .nlernd arm the m,M'li a (if m w, named here n h II h Nn I n, tTn and indr, I the hm'ld of and ,mIY VFI Part., rrya,l eh NA AlAd then n,"ov hen, rµ,1,I ,, adinod Irmort, gtanue, Adxdmo , and a,wt„M1 Grant," a%MndY Ielr('•tfd that Ohm Deed d 1 new Aml It. NOIC he" mend Am ptrn Im Ibe berate -1 f'"Tome In wit The Iralebtedrle%%, the payment of which 1, hereby nenlrpd, k In part payment of the ptrrchn%e price of the reni property herein de%eribed, and I% elan secured by a vendor% lien thereon retained In deed of even date herewith to the undersigned, and thei Deed of Trust 1% Riven a% amiticnni %crurity for the payment of said aldebtedneas. It Is expreaely provided that Cranior %hall have the right to obtain rrleaao% of the vrhdorx lien 1 and this deed of trusl Ilan securing payment of the within descrlbod note a% to portiorn of the1\n properly less than the whole upon the following tel and conditions. — I w (1) Grantor %hall earn the right to partial releases by principal pavment, agninsl the Note whether flush payment% are made as prepayments or principal or an regular in itallmenl, or principal becoming due under the Note, provided that parcels to be released %hall (al contain not les. than In acre% tech' (b) shall be subslanllatly rectangular In shape with side line% parallel to Propertv r J boundary IIneG (e) commence, either or both, on the extreme north end of the Properly nnA extend the full east -west depth thereof or on the extreme seat end of the Properly anti extent the full north -south depth thereof (or the analward ealrrmlon of the moal wt-tI to North lime of the i enew rly) Release ralea roe the most northern 30 sercx of the Properly %hall he at the pair of $30 000 00 per arre, and the release rote for the mmalnde•r therrof hall he nt the rate of $23 000 00 per acre, provided however In no event shalt the aggregate amount of prinelpnl povmenl% r%mml thl, principal amount of the Indebledfev,k (II) No release %hall result In urrolon%ed acreage being drprlvrll of arms, to pavml rlllhlle reeds, (III) Grantor %ball designate, trnrh to he mitered and at the lime fit env mwple t f,r rrlenm shall turnlsh to holder of the Note pint prepared by Ileoermwl surveyor dowlnk i revunl,la r, tell t d parcrlVn It any and the parcel to be relol,eil, and If a kid,%Njuen1 relra%e I -reel dt It Ind I t conllgaalux to a prevlou%ly roledf ed parml (It) Granler Idtall tMar all enhlh or pre(nrint, nml rats Nth p ally eaten,', (v) Itenrfirlary tarrumlrr %hell, in" reap ro by I rnnllr exePet, nekn tth,k I o I I h%er hurh dncum"N rolf%rhbi and n%%Irranm% as Tony be retlltlr,etl to I nlnr the Inn 1 I, Iw „ I r I, t rilallyd or a0arllwi II rr fn. Ile rl...tlr„ra l..., w- ..- - r - V \S �11 al I I it I L r Yr ♦ IIII�I�MT /^ � � Aver, Ir aMh of Rarw r Ir All , Or fife lane aml NM I no toll and wad, IM .rlwr A IIe w.ak r Out nrw.n m OWN. I M lh@Mo h Ill' ry1111rAR N VFI IIIIIrwMh •Hemmer( I" mall list n h M 0 n M IM loser, .1 M N If won., M R.xl. art 1M, W , Ihr n4Mnaw Mud In, his wrrlarMr Mall w.4 karat+.lr •w.re + All, II/111 h w 'I"alr 1N mat ton, .4 mad ankh wl. nor of his Iwhl of pm rd . ah tM rwhnvwllwl of Isar, I hod Al 1 ors I h e Mer"d IN'. A r.a. all nlrmaa,. of I M Mat, M tlw Imw of pawnent of M r." 4 the w.dnRedmw ,e. I I hnrlq red that ..I pan Ill she',floe Ih.1 nhrd Rai I+rleltr amr NO wlearA from Hoof IIw ri".aA a"e,Ier or Nlaam,r lb, of rm of IM two err I 1 m me Ike I It In I M la n to wry hMhv enn.nhnrer Innnr+r.e or pnwhaler r •r r•O•1•1 w a .e An mkwe, n Ihr of Rent hnrh ,or iol " am pan the w.d R he*.r the, Mrm.Mn .4 the pa"w. 1~1 M sa A, IN own m IM I. r I he I Mvnbe I 'III all Irnpr emir , tMrero roll ISO may le hrwant, na14rMned life" m [IN and . for 1 an\ IY IN I e tv piwnl Ihe1nM IN I ml\ he h.N risen or mItYMI M be, she. Ali r the rKrldn" M the In.l 1 owe five Ih4eAIMF am 4hh rtlrn nM of IM I .. of raymmim l II The wkar of a sor nM IN Yd pnRYltf forms fill, him 1 the event e i per f, 4 the f111lehic i n hm.n.b ne de.naed amW be 6.1 Ili .nmraJ M IM. Orel of Tnnt I" IM u11 ...I merem Of e mrlr 11411 the In 1 .0m In m.& M ..it IndtMrdnn. *oil le ppool 1 life d.-herrr 4 that ryriloo of u it ienkNednra. Iknrlmmr, h 11 lr on tied in mm, ."I aMl all v An wh.h mar lr..rne pm,W I I ram'. f , Ih. mnkmmitlnn M IN, hem" Net dew rlh f w.t of ein, v am part thefo f I v rohl, or q w4 ryd4o one r h„Imw . f rn.le,alr an Iwv Ihem4 an I an, vim..hh h mat h an I hN a M mn p nnhl h [ nnl O. I v I mar, rA I.nl hr pnhln n 1 rn M Irrelhm re or r 1 Ihr Y d 111,14,111 All .h h wren Ire henhl a Ilow I I Iier(ntan wh, mar olk, Ikd.1 fir therm M, .11 e,prmn 1rn4.117 In. mr .1 not, Misr .11 note, Ire mkar um. II c ..I" or .pply the ores I Of, mhnlinn 11 If. ImkMrdnew hmhy w.n sol .Minn then MA... of Of h nines .n it. 1,1 Iw or fin ant tmMev odd a thin herrnmkr A sent .n vAh fnanAw An, Rnenl. err mat 000i vOr.I.I,n Mall ens hr I, An) ererlI or dm.m,lal.va I hk of IeynM.IMr I v 1 Ire In r011M of Awl r ddrernar m the, Ilr.l.m of In/ Rah a.m. h 4hmr hem" 4 In Y.t ."r nM1a.nYt .hall Air, emdk nonewan I pare the a .mr 4 anv . MIinrmy whalwwKt h, mr1 e r n41n, mlrml m oe, 4 the hlhlfe,t I 1 II mht M the I w. 4 the n,ak I Ir%. M Ihr Mlen pal inshisltdnrf, Net M r, fired Or m An, nnMtI 1441rrLM NO fatenhl nd m IN efrwl hall (tram I he ohllllmrl I pity nnne4 tlwwmt In e t, r vwh Irk 11 IN. seems of 1. 1 I r ♦,,lot W w i for r,.M v by a I +pan., M life I4 Irn Oren, I I .A, . hall !V hrhl M ten l If IM Inrobl A .1 II 1 life orn I "I of oil, I hewm noilen e n 0, hr gels "e I of 1 ON, IIrM 1 Mlelml otam lb, pis Ihn th 1 0 1 here. h 11 he Me 1 r ",A or I In Iw I Ili herein 4 m i .n0, . I 1 I. r F 1 rlr Mn .Ire the t I "Ninfe Iw n I, I N mlmm I a fir pnntm ,P an 1 en am th ter va r,pnl h, t- "I IMl ON lio it I 1 nM fin I the N fie hewbi foino,l a d er I "IN 1 Ix w1., r+frry,r M." TM In lehl mhfeaR this povmmt of whlrh It hater! I Iortw►et Na Ii 1 orl I Ran ""I I f llm plwrh"Ir prier of Ihn rrAl pro perly Morel" sues"rll ml "nd 11 *1" IMlwml I y fl v.r h r 4 Ile" lb.'pr." rolot"Ad In tllerel of favors dolo herowlth to Ihp Imelrnlglfell *" 1 Ihla Iioml , f trims 1. glvon RI n fill l it n"t Innlwlly for oho plttmrnl of .aid I"(IohlmhhraR 11 In exprelliv provided tlml Itmmoir doll Novo ttfe right I. r4 lain r.I...e r f Ihr von for R tion" wed Ihl" ssoofl or levels lim Iwrllelrlq II,nvmenl I( Ito within door ril.esl fir to as In I wllrn or the properly Iran Own" life wt"do Isgwt Ism following loom" Ross rmdlll, In (1) (lomnifw dfill men tIM right In lorliml "Mont" hV Iwlnr 11 RI 1 Ron -file astolml oho pole : whellinr alfeh p"vme"lit are mallp M (wolmv Inon1R of prinolprl or aI'.stellar 11KIRllmrnt. fir pri"oipal f Iferoming dllo tltl,hw the Nolp provl Ind flirt poroola In Ise rplognod dMll (AI n I lass, m 1 Iran Irn 191P Rhine mrhl Od nhAll Ife mdMlarsl l"IIV rpolnngillar In dopy will, Ill. Ilene I aroll.1 In pporforty hotmoMry limy (el mttnmoliee rlllmr or Irish fas life anlrome iwih on 1 f nM I r ".arly awl a.tposl the full "Al Rod lhgdli lirarenr or ,m jr nalrpm" wed purl of it,. I rrn.ariy owl odor, lho Intl onr11/ Rollih "h llMroor (r life en,lw. I rillrr Ian or n. mr•l _. I- - r1 n ..t n o pongee, vl Retrace role' (fir this MMI "erlhorrl Rs, A... of n. p of It, I to No al Oh. title of }1" non fin per "ern ants ire, let""", Onto for Ili. Per"", , I-, Iha n-1 I .I1 I.. 1 e1 . On e/ IRA fin" "" pr ern I mvldri h.wpvet In fin of onl Intl II. nppr.r.le fire. I e1 r 1 -1, 1 r vm- le ...nod Ihr prinrll "1 anlmmt of It," Inrlohln %I, 1111 NO, role" o dmll rf-ndl I, n r,,, e I nnv..r- h.lov I-r 1 , -I . . .. pis .A pnhlle rn*N (111) fir"film ,Imlt tll..lpnntr heel I 1 e orlon . I .r 1 nl ft. If el v -n . I f-r rrinncr *hall IIw"III In hnl Nr of th. Nnl. pled I rnp,re I I If 11--rw-rl r v- I . t v p . 1..1y .I .... is pnrooh It *fir on 1 It's, I ,of I , I . el., - 1 Of, I if w rIN e, - . -1, r .I -. I dl fir ennllgien" In * previnncly role, -A I (Iv) fir"mn, ahnll hone All fin 1 nl pent Ito r nnA r-- Ai r I (v) "rnrtlelnry h"r.""Ao, Intl Itpnn "n".0 IV I rnnl e I 1I deliver front, ftnr"mmle, enmentfr AAA nrcurnn.o, nc r "v 1 e "I'll" 1 Ir . t I . r.en I , tf fin prnll"A or Rtlmlvl Md fir for Ihn rMrlle"Iln" fir trans r f Ireer -n, -1 1 n her nrvnl 11 the pimlles provlA"d hnwovor npn"tlolRry UIn❑ not h. re r n 1 thlo f a 11— o p-n - n- ter-d in "n""erllmi Iheftwhh ""A this rrn"Idlnnr "-4nnwle mare -fir an 1 Ws, I I fir r I fin.. 1, W fie surly fr Iha pis gbrn or hornnip110ilf it the rnnlnp pin flirt, , 11, 11 r , ., li, I -i r-vn end I, the Iwmpn*e of cldwwdln"ling fhr Ile"* errlwif s! thr hide. And Ihn vnnrMr lien rn or rd in curl dom The dodiefOln" fir grant of 'trot' ronsl. Alleys on ortionth or othof gron,t If fin pill he Imo" offer or thrmlRls tho Ian" frond not rrlim , IAo Amount of pis flat rnlenae poymef I n n -eritt Allrm thereof, And in the ovens the proportf, 1, nahri,vldeI pnnr to Aviv rel o - r-I n I p"Unl Won" "Aleol Atllm IMtraArtr M*Il• ahA1l his In Iis• "rotor r f RnV All I 11 r 1-, fir r,pNn of WAY rwtlwA h/ aneA AnNenllnn 41n.nm .elf p r--I I -I 11 net ngll"aloll t 111e11rYb T .f`OT a.rArA� Ir,Y�'~ .,IIf.,M .. M11 I.m lAal , nr .rM IAh *ad,, ll MrdMIMY�M1 nlby rrA ralrp.AM d lk Ilms d Ir.1�mlr1'1• or Me Mere rr/elA' MnIM% Af tAh tMM1I K 1 rwN pen a kR ArMMairre Ors ^�� Co— k IhN PIIItIM "I hr al"l M lk d.. Mree nl wl In therbral MI Mrl a % aAT I.ae the I" Mrlllerll` mwk M uwl MdeM,dan, and ,.1 ""v ed Yd MA+NdMwa '.hk M (iraMM IM liar rMIIMII1111MM1 M Ik { rM V1t M IRY IkRnI Md nll amn r�1,1yA; IMP IIrIM 11fMfh Mrl %ball k rr ndw M wrlvr say M M n Y 1w tw,,4"Nw dmfda% Mal Ix M m M MI Irtt IhrMrd I Y 11111i1 C.—d AY r-mar w M\a M 4xY1NIIR1lM nll nr p nMrlr. r'1wp1 M oranl Y, I'mrlleb Y r.' pb.7 arm dMlcl ..a llMrr(rten ard�l.' a m rh.A Mal k a.., k.l IY IYxrmr NI ow aM he rh) eru"C" to 1Mlafn ary pear Ik ...1 P-Iff., All axh abMl 11 1 I gll 1 111 1 l I 4 I } r rt r tU „ AD1081 day d OctolK f'rIx UTED iha tOth DTLLT D MORE, P C . ap Trustee ATTESYt �r6i11Y E7t v ~`N ..� D re Prealdant 1 Secretary I 11 q II I 4 I i I II t N 11111 �I t 11 I l 1' t rn ' d" 48'> _r+.+.JIR�i �.�_�..... •• M.I IIy. bwMM M.Hiry erMnew Of sash lenefkkr/- AddN. , nddrea P A Wilcox box 1109 Neme paon Ptlst ►oundatlof Texas Dallas, Tarns 75221 Add P 0 box 11C. e.a 1 Dallas, Texas 75221 Now AQIme �j l( fAtMwkdawm) Yl A9roi TCXA Mt N7Y of ihh inenmxm hJ we, Klno.l,11M hefM me on the d.y M 19 M I n.mmh,am eept Nmlrn Public %W, of Te.a, Nnlaq , pmmftl now 5TA7Pof 7rXA5 cot N71 or Thn Inarument , M M) ermtmh,mn evairs IAeRnm.kass,eell xt t,lllowk Iced before me on the dry of Niaary PUhIR Sdte of Tale, Nndry, pnntel n me ICet9etak Ae►wa.R.lnrtall 9rATr or TDX At COuwTv or Thn imrrnmrnl 1,1 ul,a .halp,l Mfrrr, mr n the 70t h Anv of art, Ivor M 11111y p re Prral dour of RL11y D More, P C , a profoxalonnl Toxna ' R Cnr7xeatam MI hebw of ,ahl nwP' ,Mxl v My tmmmh,mn np,m / i /OI rR Rc, {tta /C/O-11% Nn,r Prhlh N v rr p,rmnl n AFTER RrroRmw, I rrVRN To Calvin It Re~, Rnptlat ►mmdnti" of Te na \ P n 11ox w1f) r Mftn. TX 7 221 _ Y C7 C \! [N ) A �mw�-weer- Pne«.a" nr pne en ofTr m 1r oats ae.v " 1n 1 v.m wd s2.1-6r V ak narEttr maid t ny TRANSFER Or LIEN Till- STATI OFT! hhOA At I IlIL\ 01 T1fL ill'PPr.SI \TS CO \11 OI DLIRou �APTiR FOlM11AT10M OF TEXAS ■ Texas eorporetlon ("SFT") Tit \T IN un tent neJ awm it, rrcant Intl and e4unube ovP r and bidder f tint 1mt *code, Pnxnh r) rote 1n the nFtnal pun Ip I tt-ttl --- Three Million One Hundred FLfty-Three Thouaand ►our and 02/1DO-„„„-------- -----0) Ilan IS3 153 004 02 1 NIN October 20 1983 eteruttd by FILLY D MOORS, P C s a professional Texas corporations as Trustee ('Moore") r t ahlc t Ih vier of ?'FT r f dN I anted In a Deed of Trust Iuly recur Itd 1n ',nl 1279 Ip 477 <f to Real- Property Rru rJt of Denton Cl anon Rt1 IIe W homr to ur I the lien of said Deed of Trust and a vendor's 1ten retained In ** K n I p1 1 Ilro.oa IF..rlhr 1 pt jets% 1 *d Being more fully dncrlbod In Lxhibit "A attached hereto and herein incorporated by reference *maid Note and Deed of Trust having been renewed extended and undified by the tens of that one certain Satonsion of Real Fetate vote and Lten dated ►ebrunry 4 1985 exeeutwd by end between 8FT and }bore duly recorded in Vnlum 1838 Page 286 of the Real Property Records of Denton County Texan *y Dead of even d to therevtth from Sri to Moore 1 a -n% an. 1 alu Itdo on IJ r Um paid to the undo -d th r cupt an I adh I r I . n h Is r h Jmry.h J- J h, I RAN,F I Rt LD and \SS16\LD R %%T115 and f O\\ 1 \ l-h lot 11 '1 -r on IRA\Sir RS SSIC\S f1P \\TS ana CO\S C1 S unt FIRST SAYINGS 4 LOAN ASSOCIATION OF 5ult"Intmim sst.e - r the IN IT Jct TINJ n 1 r III r utih it] Iu1n and in) utprnor title held br the and miened tccurine the putment th rcn t Thor nmi 1n unpnl I a""r mid note the r n Ipit t in or Three million 0an Hundred Fifty -Three pour end 02/100----- 0, Iirc It 3.153 004 02 1 1 -ether •tlh Intrteat thcrm rein m III 4th da) of February In 83 at in rand no pin t1 d f\v ,eJ 4(m ITI D u, m h d ty l l way AD 19 56 \ • s r I ! I t UPT19TT PotMDAT109 OP Tau, a Texae eeeporetton gsl LI 7f �l ell !i Syt C. �- ��sss.-ft. CAIvLn a Breves Tice President n .e `r( t rl 4 1 1 r I/ 1 lh 1 1 \ YI u1 1 N - t�f I r.t is 1� W S — / ` 0 F M W h, �r t i tl M.d nt odd" ee neA nawinee New+ ►int Seetats i Loan Aw.oetation e,e.w r Add,.. Of aurkbuy it AIJ.ew. p n sox %6 burk6ucn*tt, Texas 76154 YOL t$7.0pan 157 lAeArwtNeweatl ATAII 01 11 NA% ' Cm N TI Of 1 1h IlM11. It wa. -k-wle lead hrflwt mt on the day of la by j al Mt rmnmMe n r.prn N u , p, hlw q I, d It,. �1 I , � pr,MW Mme N (AArlwkdtanal) II I 1 S1 All to It \A% i CDUN IY OF d. of Iv Y Ih, inuren rM w.. -1, a�IrdrW M re me on the Y M y by .enmh , n e'rim h n.n "k, Gate of Tru, Y I.,). pfIRIW Mme 5 ICWP*fw AA-- Its W c ATATI OF Tt xAS l COUNTY OF UALUAS J Thk l,nlr,wnygt r.n nlrmN 4 W hefm mt m Il.e 6th day of Ray 1e 06 .i h WNW s. sateen Vie* ►rosid*nt Of 04-VIemdation of Texas '� • a /tr toryw.tbn nn hhall M u,d awf� sm, li �i r n+1S� , DNm tr iwI M eaph.v qo)W SUNMw 7ta % N t{k 2b i989 wr) ,mW Mme Janice R 01aon M — A�,t , . r + { A7TMRIt1TLRN TOO David R Hewlett. Bag MINSTEAD, MCGUIRE, SECHREST a MINICR 1700 Dallas Building Dallas, Texas 75201 1 1 I ' 1 1 1 1\ 4 Exhibit "A" VOL 18'70racE 158 All that tartain tract or parcel of land situated in the C Pd611Alier Sumy, Abstract 1007, and the S C Hire" Survey, Abstract 616, City and County of Denton. Texas, being part of A certain tract described in a dead frog Hro N Saunders Executrix to Joe Hobson on July 2, 1949, recorded in Tolmoe 351, Pap 545, Deed Records of Denton County and being more fully described A followat SEC1NHlhC At a fence comer on the North line of Hobson Lane at a point North Al feet and N 89 iS' IS V 300 feet Iron the Southeast corner of said Poullaliar Survey which was the original Southeaot comer of said tract{ THENCE N 09' 45' 13" V with the North line of Hobson Lane 1371 94 foot to a fence toner At a point 42 foot North and So tut Gat of the Southwest comer of said Poullaliar Sur{eyl THENCE N 0' 38 17' E with a fence 1746 38 toot to a fence comerl THEI,Ct S 89' 26' 50' E with a fence 1213 79 feet to a fence cornerl i THthCE N 0' 37 31 E with a fence 3174 22 feet to a fence comarl THENCE S 89' 21' 051 t 1354 16 Cast to a steel pin io a fence on the Wet right-of- way of 7 H Poad 21811 THENCE S. 0' 01' 44" t vith Paid right-of-way around a curve to the left having a central ( sagls of W 57 43", a chord of 8 8' 00' 36" E 330 71 feet, a radius of 1190 92 feet i and An Ate dlsts"te of 331 8 toot to A comer on the Zest line of the Poullaliar Surveyl THENCE S 0' 29' 17" E with a fence on said Survey line 79 74 foot to a fence corner \ THENCE N 89' 45' 47" i with a fence 300 0 foot to a fuu tomarl THEhCF S 0 061 26 E with A fence 698 19 foot to the place of beginning and containing { in All 200 509 acres of lard I 11 11 rr r 4 � of � t 1 Z5576 Pr Mir ato t CA \ t t 1 1 I i } i 1 t 1 , A ° PM nY im att {v IT ..I- Mbyw.Y*IY 911 sM J35rf3 M NOTICC r° �w1Mww1�•��--�" J yyyTTT muM1vM Mr EXTENSI OF REAL ES ATE NOTE AND LIEN 1FAt to A AMENDS THE STATE OF TE { �lg3g ,� _816 p Al.t MEN tV TIMES PRESENTS 1 1p pCCC I TYIVHTY OF DE Cd . 7r I 0 1 Il/Il/ 9 THAT All T A MCDAE P G TTY.tee 1 dwd1 cwmr TI n rtl wbl V myMe nrMl lr NAM, 4. I p r In n y r a rrp yM p mlm r e n u ? MI pv nr rn• rpr ww la to p rw I 1 •v Mu dOM mmbr. pvb .• m m r r• d T r r na o7110o I In .01 IPd dp IM•N` rnre x1111Y One x^drad HI[Y thn TA D II nl{ 1 1A7 004 0A A Ib Orton r 30 M) . mW nY Silly D "OPT p C Try t p nnl I h and I Mnl$T MMATIOn OF TEARS A TPx. c TP TAAI N m Hlllydr Mf1 dl Deed of TrM.t I.1,. Md d In Wm I17A pV c7 .q I p of Pr pe[CT A wrdl el Denton W na MW•.VMIMIM Y.M 1MM. nalNamr OMmd yHnr1 IMlop MYNdwdldp. Ylull N ln9 100 $09 {eres of leod 1H the C PDuilelier 6umy A 10077 rdndnn.In{C H,.. s.m.y. "16p iL t4StCltY,0llP"M OWEOA C'So"Yo wro p•TticulArily d6wr" *Y=W and tomd{ !A txe eboTe M.otio Ad De.a or Tr a [o .Alen W-Vrore t. MT* Mnde for awn EeApl.n ducrl Ptl W 56R door 191E NAY nr 0...n... d n Idv of W 1w1. EAPTI�ETTTTTOOVNDATION Of TTILEAS ETI Cavin A wrv.. Vlee Prs�t Ag �Me1�u 1 u vui838 TAa287 W Nd.nt". N wY M w M•.N.N ImdN w , Mwnmm.DM a wHI uNn I IM IM wllflnl ,,NA .11" Is... IM1nT 0-ply l wd MrMM�Mr /YNmyn°d bnn tOttl Ih t It ll m hnini. d;m f 4nY to wM Marta to. wn..n9p M d..a 1n 1 0 rNwM AD 19 vi E lly Door. P C u Try t. 85030 230E r 0 N jA, r s W h «u WI jTeL r 4 } r THE STATF OF rw 838 mu 2,y COUNTY OF *14z,t iNNil e.thFbTwme all Fw nd $ILLYV MMAC #I-. Iw IN Nrplry eed."d n11 1hm 1rtrN d 1 the F ItY thI IIInwItYM Ath d7 1 )ebr tY A O H$5 � M I.ry IetUI1 } 11 �CwD � T I 1 Llel I 1 t 1 tb An IA twelNpn II m TIM $TATF OF TEXAS ! COUNTY OF G Nlrnm tt Nw+NYwNIN> sl YY dq wINNY>eFywM tee f trove 1 mml blN fete ��eb.rw��� NlttrlbNb w(te.deled Nwrvmwl .N wFdhelNW1 mm Ih l he . weleNlbe them.. Fn.N IIM mF .11N.dMYN tNMpwwIM IN d> 1 A N 11 NM>F hhe 1. d( Iw Il i I o e Iwll'Ar>$ wdN YY1O MI 4 n 1 MY ll YN.V x tW 1 1 Ih he d 11 r mll prvw Mep 1 i p eel N I p V xY��11tt he, /uNry! W Iy h INpp I mlNl.a 11" 1$ NxI W I eml yrOl p 5nn C m I � 1 � v (Lre.np Me.eWNwO TIII 1TATi OF tt><M UIIORY M Nl.p IN 1N .Mn1pe1 n@eMl a @Y M fpleed.pT IFFwM N tetrv.et,r�o��bn k. le m M N W Fp10e t4011 YM YwNCRN Ie W1 fwekllet IY1NwN W MweltdtN 1 .I. 1 N INrmm fw pN FwFd1wW mWnwIY. IMnId dngww/YIb wNW>IIINMtWI1t dl(�yIh M.hdMYI rN wrew.lbn 1t11 YJA YI {`.ell 5 4 d CiItellYNp my NMWwN of ollMntbYIN \dey� Ap11 cwnlr T �CBO� 2393 fL h <'� 1 REAL PROPERTY RECORDS VOL 3 2 S 7 R80 9 7 SPECIAL WA_RRAM DEED AND BILL OF SALE (Cash Sale - Unimproved Property) 35254 The undersigned, the FEDERAL DEPOSIT INSURANCE CORPORATION, as Manager of the FSLIC RESOLUTION FUND, as Receiver for First Savings and Loan Association of Burkburnett, Texas (herein called "Grantor"), for and in consideration of the sum of TEN AND N0/100 DOLLARS ($10 00) and other good and valuable consideration to said Grantor paid by Grantee named herein, the receipt of which is hereby acknowledged, has GRANTED, SOLD and CONVEYED and by these presents does GRANT, SELL and CONVEY unto the City of Denton, Texas, a municipal corporation of the State of Texas, whose mailing address is 215 E McKinney, Denton, Texas 76201 (herein called "Grantee") (t) the real property situated in Denton County, Texas described on Exhibit A attached hereto and made a part hereof by reference including without limitation any right, title and interest of Grantor in and to adjacent streets, roads, alleys and rights -of -way (hereinafter called the "Real Property"), and (u) all improvements, building materials and fixtures attached thereto (hereinafter called the "Improvements"), (all of the foregoing hereinafter called the "Subject Property"), subject to general real estate taxes on the Subject Property for the current year and subsequent assessments for prior years due to change in land usage or ownership, zoning laws, regulations and ordinances of municipal and other governmental authorities, if any, affecting the Subject Property and all matters set forth on Exhibit B attached hereto and made a part hereof by reference (all of the foregoing hereinafter called the "Pernutted Encumbrances") TO HAVE AND TO HOLD the Subject Property together with all and singular the rights and appurtenances thereon or in any wise belonging, unto the Grantee, its successors and assigns forever, and Grantor does hereby bind itself, its successors and assigns, to WARRANT AND FOREVER DEFEND all and singular the Subject Property unto the Grantee, its successors and assigns, against every person whomsoever lawfully claims or to claim the same or any part thereof by, through or under Grantor, but not otherwise, subject, however, to the Permitted Encumbrances GRANTOR makes no warranty, express or implied, as to the condition or state of repair of the Subject Property, or any portion thereof, or of visible or hidden defects in material, workmanship or capacity of the Subject Property, or any portion thereof, and there SpecWarDeed(TX/U) - Page 1 Denton 200(City of Denton)/Burkburnett 190692/05 VOL 3 2 51 PG0 912 are no implied warranties of merchantability or fitness for a particular purpose as to the Subject Property or any portion thereof Grantee acknowledges that Grantor is under no obligation to alter, repair or improve the Subject Property or any portion thereof Grantee acknowledges that it has fully inspected and reviewed the Subject Property, including, without implied limitation, the physical aspects thereof and all matters affecting the operation thereof, and that delivery of the Subject Property is "AS IS" and "WITH ALL FAULTS", and that Grantor has disclaimed any implied warranties with respect to the Subject Property Grantee acknowledges that it is not relying on any representation, warranty, written information, data, reports or statement of Grantor or any of its employees or agents, including, without implied limitation, Grantor's present management company, if any, with respect to the Subject Property, as to any aspect of the Subject Property or its operation, including, without implied limitation, the physical condition of the Subject Property Grantee acknowledges that any and all leasing information of any type that Grantee has received or may receive from Grantor or Grantor's employees or agents is furnished on the express condition that Grantee shall or would make an independent verification of the accuracy of any and all such information, all such information being furnished without any representation or warranty whatsoever Grantee agrees that no warranty has arisen through trade, custom or course of dealing with Grantor, and agrees that all disclaimers of warranties shall be construed liberally in favor of Grantor All Ad valorem taxes and assessments for the Subject Property for the year in which this Deed is executed have been prorated by the parties hereto as of the date of this Deed and Grantee hereby expressly assumes liability for the payment thereof and for subsequent years EXECUTED this 19th day of JLne 1992 FEDERAL DEPOSIT INSURANCE CORPORATION, as Manager of the FSLIC RESOLUTION FUND, as Receiver for First Savings and Loan Association of Burkburnett, Texas By ✓ .. Name William D Stell Title Attorney -in -Fact SpecWarDeed(TX/U) - Page 2 Denton 200(City of Denton)/Burkburnett 190692/05 VOL3257 P60973 STATE OF TEXAS COUNTY OF DALLAS This instrument was acknowledged before me on June 19, 1992 , by W111i D Stell Attorney -in -Fact of the FEDERAL DEPOSIT INSUR CE CORPORATION, as Manager of the FSLIC RESOLUTION FUND, as Receiver for First Savings and Loan Association of Burkburnett, Texas, on behalf of said entity g00000e0e00000000000000e0000e00000eooeo 3 PAT STACK Notu P1014, eNlo State of Twee 0emmleelon Expires 06-29-93 oa000000000000000000000e000e0000000000 SpecWarlpeed(TX/U) - Page 3 Denton 200(City of Denton)/Burkbumett 190692/05 L :� NOTARY PUBLIC, STATE OF TEXAS 100257 e60974 [Legal Description] All that certain tract or parcel of land situated in the C Poullalier Survey Abstract No 1007 and the S C Hirams Survey, Abstract No 616, in the City of Denton Denton County, Texas and being part of a certain tract described in deed from Mrs M Saunders, Executrix, to Joe Hobson, recorded partioularlyldePagib545,ed teed Records, Denton County, Texas, and being more COMMENCING at the southeast corner of the C Poullalier Survey, Abstract No 1007; THENCE N 81 degrees 47 minutes 20 seconds W for a distance of 303 11 feet to a 1/2 inch iron rod found for corner, said point being in the north right-of-wa; line of Hobson Lane (80 foot R O W ), said g the POINT OF BEGINNING gg g lineCfor a9die ance of minutes19feetetonas1/2ainch iron north dhforf-way corner, d THENCE N 00 degrees 38 minutes 17 seconds E, leaving said north right-of-way line for a distance of 1746 58 feet to 5/8 inch iron rod found for corner; THENCE S 89 degrees 26 minutes 50 seconds E for a distance of 1213 79 feet to a found fence corner; THENCE N 00 degrees 37 minutes 33 seconds E for a distance of 3174 22 feet to a 1/2 inch giron rod found for corner, toEaC5/S 89 8 incheironsrod found forinutes 5cornerassaid pointdistance being infthe5west feet right-of-way line of Teasley Road (90 footWWR O W ), gg lineCfor 00 0distance of 3805t69 feetetonasl/�2 inchgirondrodsfoundhforf-way corner, said point being the ppoint of curvature of a non -tangent curve to the leftwhose center bears N 89 degrees 28 minutes 41 seconds E, having a radius of 1190 92 feet a central anqle of l5 degrees 47 minutes 42 f seconds, a tangent of id 20 feet an a chord bearing of S 08 degrees 25 minutes 10 seconds E; gg forNaEdistancesof 328t31 feet toway3/8ninchdironnrodafoundrfortcorner, THENCEeft Ei nch0ydegrees 33 minutesc07 seconds E for a distance of 77 40 feet to THENCE N 89 degrees 44 minutes 28 seconds W for a distance of 299 52 feet to a 1/2 inch ron rod found for corner, THEN CE S 00 POINTdggiegrees06 minutes 26 seconds E for a distance of 698 19 feet to EGINNINGt CONTAINING 8,729,022 26 square feet or 200 3908 acres of land, more or lose [Permitted Encumbrances] Any shortages in area VOL3257 r&0975 Standby fees and taxes for the year 1992 and subsequent years, and subsequent assessments for prior years due to change in land usage or ownership Any title or rights asserted by anyone, including, but not limited to, persons, corporations, governments or other entities to tidelands, or lands comprising the shores or beds of navigable or perennial rivers and streams, lakes, bays, gulfs or oceans, or to any land extending from the line of mean low tide to the line of vegetation, or to lands beyond the line of the harbor or bulkhead lines as established or changed by any government, or to filled -in lands, or artificial islands, or to riparian rights or other statutory water rights, or the rights or interests of the State of Texas or the public generally in the area extending from the line of mean low tide to the line of vegetation or the right of access thereto, or right of easement along and across the same Easement to State Highway Commission, dated September 12, 1962, recorded in Volume 425, Page 267, Deed Records, Denton County, Texas 5 Unrecorded agricultural, grazing, or farming leases, specifically including that certain Agricultural, Grazing, and Farming Lease by and bewteen the FEDERAL DEPOSIT INSURANCE CORPORATION, as Manager of the FSLIC RESOLUTION FUND [as Receiver for First Savings and Loan Association of Burkburnett, Texas] Overhead electric lines in place and any other visible and apparent easement on the Subject Property VOL3257 A0976 AFTER FILING RETURN TO AMERICAN TITLE COMPANY ATTENTION CAROLE BADGETT 701 COMMERCE ST #110 MLLAS, TEXAS 75201 oar$ A �� MM �i7 a� n `W �.g$ co R r- � € N) � rn gg o 1< COMMONWEALTH LAND TITLE INSURANCE COMPANY OWNER POLICY OF TITLE INSURANCE CASE NUMBER DATE OF POLICY NUMBER POLICY 90 D 200600-B (004)/dfb 6/23/1992 175- 028826 EXHIBIT A All that certain tract or parcel of land situated in the C Poullalier Survey Abstract No 1007 and the S C Hirams Survey, Abstract No 616, in the City of Denton Denton County, Texas and being part of a certain tract described in deed $rom Mrs M Saunders, Executrix to Joe Hobson, recorded in Volume 351, Page 545, Deed Records, Denton County, Texas, and being more particularly described as follows COMMENCING at the southeast corner of the C Poullalier Survey, Abstract No 1007, THENCE N 81 degrees 47 minutes 20 seconds W for a distance of 303 11 feet to a 1/2 inch iron rod found for corner, said point being in the north right-of-way line of Hobson Lane (80 foot R 0 W ), said point also being the POINT OF BEGINNING THENCE N 89 degrees 45 minutes 13 seconds W along said north right-of-way line for a distance of 2371 94 feet to a 1/2 inch iron rod found for corner, THENCE N 00 degrees 38 minutes 17 seconds E, leaving said north right-of-way line for a distance of 1746 58 feet to 5/8 inch iron rod found for corner, THENCE S 89 degrees 26 minutes 50 seconds E for a distance of 1213 79 feet to a found fence corner, THENCE N 00 degrees 37 minutes 33 seconds E for a distance of 3174 22 feet to a 1/2 inch iron rod found for corner, THENCE S 89 degrees 21 minutes 05 seconds E for a distance of 1354 16 feet to a 5/8 inch iron rod found for corner, said point being in the west right-of-way line of Teasley Road (90 foot R O W ), THENCE S 00 degrees 00 minutes 25 seconde W along said west right-of-way line for a distance of 3805 69 feet to a 1 inch iron rod found for corner said point being the point of curvature of a non -tangent curve to the letwhose center bears N 89 degrees 28 minutes 41 seconds E, having a radius of 1190 92 feet a central angle of 15 degrees 47 minutes 42 seconds, a tangent of 165 20 feet and a chord bearing of S 08 degrees 25 minutes 10 seconds E, THENCE along said west right-of-way line and along said curve to the left for a distance of 328 31 feet to a 3/8 inch iron rod found for corner, THENCE S 00 degrees 33 minutes 07 seconds E for a distance of 77 40 feet to a 5/8 inch iron rod found for corner, THENCE N 89 degrees 44 minutes 28 seconds W for a distance of 299 52 feet to a 1/2 inch iron rod found for corner, CONT ON EXH A, PAGE 2 ) This policy is invalid unless the cover sheet and Schedules A and B are attached The policy number shown on this schedule must agree with the preprinted number on cover Texas Form T-1 (rev 10/91) Owner Policy - Form prescribed by State Board of Insurance of Texas Exhibit A - Page 1 COMMONWEALTH LAND TITLE INSURANCE COMPANY OWNER POLICY OF TITLE INSURANCE CASE NUMBER DATE OF POLICY NUMBER POLICY 90 D 200600-B (004)/dfb 6/23/1992 175- 028826 EXHIBIT A THENCE S 00 degrees 06 minutes 26 seconds E for a distance of 698 19 feet to the POINT OF BEGINNING CONTAINING 8,729,022 26 square feet or 200 3908 acres of land, more or leas This policy is invalid unless the cover sheet and Schedules A and B are attached The policy number shown on this schedule must agree with the preprinted number on the cover Texas Form T-1 (rev 10/91) Owner Policy - Form prescribed by State Board of Insurance of Texas Exhibit A - Page 2 COMMONWEALTH LAND TITLE INSURANCE COMPANY OWNER POLICY OF TITLE INSURANCE --------------------- CASE NUMBER DATE OF POLICY NUMBER POLICY 90 D 200600-B (004)/dfb 6/23/1992 175- 028826 SCHEDULE B This policy does not insure against loss or damage (and the Company will not pa costs, attorney's fees or expenses) that arise by reason of the terms and coWtions of the leases or easements insured, if any, shown in Schedule A and the followingg matters 1 mustfeitherninsertrspecifive corecordingfdata or deletecord ethis excelow eptionthe ) ITEM ITEM 1 OF SCHEDULE B IS HEREBY DELETED IN ITS ENTIRETY 2 any encroachments oroprotrusions,eorranyeoverlapping ofoimp improvements or 3 Homestead or community property or survivorship rights, if any, of any Bpouse of any insured 4 Any titles or rights asserted by a ioW or t, tide of e or ors ions, governments or ocncr eu�i��ee the shores or bede of navigable or perennia. a, gulfe or oceans, or to any land extending bulkheeadhlines as established orchangedlands in lands, or artificial islandsg or to ripar water rights, or the rights or interests Of lic generally in the area extending from the e line of vegetation or the right of access t along and across the same not limited to, tidelands, or lands rivers and streams, rom the line of and the line of the y government, or n rights or other e State of Texas ine of mean low ,ereto, or right of 5 quentbassessmend s forspriorthe ayes adug-'M changeuineIandtusagesor ownership 6 The following liens) and other matter(s) and all terms, provisions and conditions of the instrument(B) creating or evidencing said lien(e) and other matter(s) (This exception may be deleted if no lien or other matter is Bet forth below) Easement to StateggHigghway Commission, dated Sepptember 12, 1962, recorded in volume 4re,aredeby6DonalddSRBPeeblesDeRtPnSCONoty�437Texas, Peebles &shown on survey p p Associates, dated June 10, 1992 7 Unrecorded Agricultural, Grazing and Farming Lease by and between Federal Deposit Insurance Corporation, as Manager of the FSLIC Resolution Fund and J L Madewell yy S POver head eebles, RePeStrNo 12437iofpPeebles &ce as hAssociatesown on ,�eWedpJune 16,D1992d S Thie'policp is invalid unless the cover sheet and Schedule A are attached The policy number shown on this schedule must agree with the preprinted number on Ehe cover Texas Form T-1 (rev 10/91) Owner Policy - Form prescribed by State Board of Insurance of Texas Schedule B - Page 1 0 m = D H � ` O { 300 y 00 YI n h� �o- C Z CA C 0 70HOr Z m m n n m 0 CONDITIONS AND STIPULATIONS (Continued) 7 DETERMINATION EXTENT OF LIABILITY AND COINSURANCE This policy Is a contract of indemnity against actual monetary loss or damage sustained or incurred by the insured claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent herein described (a) The liability of the Company under this policy shall not exceed the least of (1) the Amount of Insurance stated in Schedule A III) The difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect lien or encumbrance insured against by this policy at the date the insured claimant is required to furnish to Company a proof of loss or damage in accordance with Section 5 of these Conditions and Stipulations (b) In the event the Amount of Insurance stated in Schedule A at the Date of Policy is lase than 80 percent of the value of the insured estate or interest or the full consideration paid for Midland whcheverisless or subsequent to the Date of Policy an improvement is erected on the land which increases the value of the Insured estate or interest by at least 20 percent over the Amount of Insurance stated in Schedule A then this Policy is subject to the following (I) where no subsequent improvement has been made as to any partial loss the Company shall only pay the loss pro rate In the proportion that the amount of insurance at Date of Policy bears to the total value of the insured estate or interest at Date of Policy or (,I) where a subsequent improvement has been made as to any partial loss the Company shall only pay the loss pro rate in the proportion that 120 percent of the Amount of Insurance stated in Schedule A bears to the sum of the Amount of Insurance stated in Schedule A and the amount expended for the improvement The provisions of this paragraph shall not apply to costs attorneys fees and expenses for which the Company's liable under this policy and shall only apply to that portion of any loss whichexceeds intheaggregate 10 percent of the Amount of Insurance stated in Schedule (a) The Company will pay only those costs attorneys fees and expenses incurred in accordance with Section 4 of these Conditions and Stipulations 8 APPORTIONMENT If the land described in Schedule A consists of two or more parcels that are not used as a single site and alms is established affecting one or mare of the parcels but not all the loss shall be computed and settled on a pro rate basis as if the amount of insurance under this policy was divided pro rate as to the value on Date of Policy of each separate parcel to the whole exclusive of any improvements made subsequent to Date of Policy unless a liability or value has otherwise been agreed upon as to each parcel by the Company and the Insured at the time of the issuance of this policy and shown by an express statement or by an endorse Mont attached to this policy 9 LIMITATION OF LIABILITY (a) If the Company establishes the title or removes the alleged defect lien or encum brance or cures the lack of a right of access to or from the land all as insured or takes action in accordance with Section 3 or Section 6 in a reasonably diligent manner by any method including litigation and the completion of any appeals therefrom it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused thereby (b) In the event of any litigation including litigation by the Company or with the Comps ny s consent the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction and disposition of all appeals there- from adverse to the title as insured (c) The Company shell not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company 10 REDUCTION OF INSURANCE REDUCTION OR TERMINATION OF LIABILITY All payments under this policy except payments made for costs attorneys fees and expenses shall reduce the amount of the insurance pro tanto 11 LIABILITY NONCUMULATIVE It is expressly understood that the amount of insurance under this policy shall be reduced by any amount the Company may pay under any policy insuring a mortgage to which exception is taken in Schedule B or to which the insured has agreed assumed or taken subject or which is hereafter executed by an insured and which is a charge or lien on the estate or interest described or referred to in Schedule A and the amount so paid shall be deemed a payment under this policy to the insured owner 12 PAYMENT OF LOSS (a) No payment shall be made without producing this policy for endorsement of the payment unless the Policy has been lost or destroyed in which case proof of loss or destruction shall be furnished to the satisfaction of the Company (b) When liability and the extent of loss or damage has been definitely fixed in accor dance with these Conditions and Stipulations the loss or damage shall be payable within 30 days thereafter 13 SUBROGATION UPON PAYMENT OR SETTLEMENT (a) The Company a Right of Subrogation Whenever the Company Shall have settled and paid a claim under this policy all right of subrogation shall vest in the Company unaffected by any act of the insured claimant The Company shall be subrogeted to and be entitled to all rights and remedies that the insured claimant would have had against any person or property In respect to the claim had this policy not been issued If requested by the Company the insured claimant shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect this right of subrogation The insured claimant shall permit the Company to sue compromise or settle In the name of the Insured claimant and to use the name of the insured claimant in any transaction or litigation Involving these rights or remedies If a payment on account of a claim does not fully cover the loss of the insured claimant the Company shall be subrogated to these rights and remedies In the proportion that the Company a payment bears to the whole amount of the loss If loss should result from any act of the insured claimant as stated above that act shall not void this policy but the Company in that event shall be required to pay only that part of any losses Insured against by this policy that shall exceed the amount Ifany lost to the Company by reason of the Impairment by the insured claimant of the Company s right of subrogation (b) The Company s Rights Against Non Insured Obligors The Company s right of subrogation against non insured obligors shall exist and shall include without limitation the rights of the insured to Indemnities guaranties other policies of insurance or bonds notwithstanding any terms or conditions contained in those instru mane that provide for subrogation rights by reason of this policy 14 ARBITRATION Unless prohibited by applicable law 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 any service of the Company in connection with its Issuance or the breach of a policy provision or other oblige tion All arbitrable matters when the Amount of Insurance is $1 000000 or leas shall be arbitrated at the option of either the Company or the Insured 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 an the date the demand for arbitration is made or at the option of the insured the Rules in effect at 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 silos 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 15 LIABILITY LIMITED TO THIS POLICY POLICY ENTIRE CONTRACT (a) This policy together with all endorsements If any attached hereto by the Company's the entire policy and contract between the insured and the Company In interpreting any provision of this policy this policy shall be Construed as a whole (b) Any claim of loss or damage whether or not based on negligence and which arises out of the status of the title to the estate or Interest covered hereby or by any action asserting such claim shall be restricted to this policy (c) No amendment of or endorsement to this policy can be made except by a writing endorsed hereon or attached hereto signed by either the President a Vice President the Secretary an Assistant Secretary or validating officer or authorized signatory of the Company 16 SEVERABILITY In the event any provision of the policy Is held Invalid or unenforceable under applicable law the policy shall be deemed not to include that provision and all other provisions shall remain in full force and effect 17 NOTICES WHERE SENT All notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this policy and shall be addressed to the Company at COMMONWEALTH LAND TITLE INSURANCE COMPANY EIGHT PENN CEN TER PHILADELPHIA PENNSYLVANIA 19103 2198 18 COMPLAINT NOTICE Should any dispute arise about your premium or about a claim that you have filed contact the agent or write to the Company that issued the policy If the problem is not resolved you also may write the Texas Department of Insurance PO Box 149091 Austin TX 78714 9091 Fax No (512) 475 1771 This notice of complaint procedure is for information only and does not become a part or condition of this policy FOR INFORMATION, OR TO MAKE A COMPLAINT, CALL 1-800-441-0310 PARA INFORMACION, O PARA HACER UNA OUEJA, HABLE 1-800-441-0310 Texas Owner Policy T 1 (10- 1 91) cover Page Form 1178-2 (Rev 2 92) Valid Only If Face Page Schedules A and B Are Attached j v MERM[lliuIM]Lnn W]= uw I 1911111111L ImmmIWA Anduulr IILINII I II IIILL II [L JILl ISSUED BY ®Commonwealths POLICY NUMBER Land Title Insurance Company 11 S- 0 2 8 8 2 b OWNER'S POLICY OF TITLE INSURANCE SUBJECT TO THE EXCLUSIONS FROM COVERAGE THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE BAND THE CONDITIONS AND STIPULATIONS COMMONWEALTH LAND TITLE INSURANCE COMPANY a Pennsylvania corporation herein calledthe Company insures asof Dateof Policyshown in ScheduleA against lossordamage not exceeding the Amount of Insurance stated in Schedule A sustained or incurred by the insured by reason of 1 Title to the estate or interest described in Schedule A being vested other than as stated therein 2 Any defect in or lien or encumbrance on the title 3 Any statutory or constitutional mechanic s contractor a or materialman s lien for labor or material having its inception on or before Date of Policy 4 Lack of a right of access to and from the land 5 Lack of good and indefeasible title The Company also will pay the costs attorneys fees and expenses incurred in defense of the title as insured but only to the extent provided in the Conditions and Stipulations 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 Policy to become valid when countersigned by an authorized officer or agent of the Company Attest ////n�/ �9 G secretary COMMONWEALTH LAND TITLE INSURANCE COMPANY President By va�TIT(F/yam &0 3 -YANv,an EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage costs attorneys fees or expenses which arise by reason of 1 (a) Any law ordinance or governmental regulation (including but not limited to building and zoning laws ordinances or regulations) restricting regulating prohibiting or relating to(i)the occupancy use or enjoyment of the land (n) the character dimensions or location of any improvement now or hereafter erected on the land (III) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was apart or(w) environmental protection or the effect of any violation of these laws ordinances or governmental regulations except to the extent that a notice of the enforcement thereof or a notice of a defect hen or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy (b) Any governmental police power not excluded by(a)above except to the extent that a notice of the exercise thereof or a notice of a defect lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy 2 Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy but not excluding from coverage any taking that has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge 3 Defects liens encumbrances adverse claims or other matters (a) created suffered assumed or agreed to by the insured claimant (b) not known to the Company not recorded in the public records at Date of Policy but known to the insured claimant and not disclosed in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy (c) resulting in no loss or damage to the insured claimant (d) attaching or created subsequent to Date of Policy (a) resulting in loss or damage that would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy The refusal of any person to purchase lease or lend money on the estate or interest covered hereby in the land described in Schedule A because of unmarketability, of the title Anyclaim which arises out of the transaction vesting in the insured the estate or interest insured by this policy by reason of the operation of federal bankruptcy state insolvency or similar creditors rights laws i(I MILL rU,alW[ or JM., lud lmualLCL L]louo L u a LID � LI I I u I 111 I A rI 1LL IIILIU III IINUIIJ. I I I Texas Owner Policy T 1 (10 1 91) Face Page Form 1178-1 Valid Only If Schedule A Bland Cover Are Attached ORIGINAL CONDITIONS AND STIPULATIONS 1 DEFINITION OF TERMS The following terms when used in this policy mean (a) insured the Insured named In Schedule A and subject to any rights or defenses the company would have had against the named insured those who succeed to the Interest of the named insured by operation of law as distinguished from purchase including but not limited to heirs distributers devisees survivors personal representatives next of kin or corporate partnership or fiduciary successors and specifically without limitation the follow Ing (1) the successors In interest to a corporation resulting from merger or consolida tlon or the distribution of the assets of the corporation upon partial or complete liquidation (II) the partnership successors in interest to a general or limited partnership which dissolves but does not terminate gig the successors In interest to a general or limited partnership resulting fromthe distribution of the assets of the general or limited partnership upon partial or complete liquidation (iv) the successors in interest to ajomtventure resulting from the distribution of the assets of the joint venture upon partial or complete liquidation (v) the successor or substitute trustee(s) of a trustee named in a written trust instrument or (w) the successors in interest to a trustee or trust resulting from the distribution of all or part of the assets of the trust to the beneficiaries thereof (b) insuredclalmant an insured claiming loss or damage (c) knowledge or known actual knowledge nonconstructive knowledge or notice that may be imputed to an insured by reason of the public records as defined in this policy or any other records which Impart constructive notice of matters affecting the land (d) land the land described or referred to In Schedule A and Improvements of fixed thereto that by jaw constitute real property The term land does not include any property, beyond the lines of the area described or referred to in Schedule A nor any right title Interest estate or easement in abutting streets roads avenues alleys lanes ways or waterways but nothing herein shall modify or limit the extent to which a right of access to and from the land is insured by this policy (a) mortgage mortgage dead of trust trust deed or other security Instrument (Q public records records established under state statutes at Date of Policy for the purpose of Imperiling constructive notice of matters relating to real property to purchasers for value and without knowledge With respect to Section I(a)(Iv) of the Exclusions From Cover age public records also shall include environmental protection hone filed In the records of the Clerk of the United States district court for the district in which the land is located (g) access legal right of access to the land and not the physical condition of access The coverage provided as to access does not assure the adequacy of access for the use Intended 2 CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITLE The coverage of this policy shall continue in force as of Date of Policy In favor of an Insured only so long as the insured retains an estate or Interest in the land or holds an indebtedness secured by a purchase money mortgage given by a purchaser from the insured or only so long as the insured shall have liability by reason of covenants Of warranty made by the insured in any transfer or conveyance of the estate or interest This policy shall not continue in force in favor of any purchaser from the insured of either (g an estate or interest In the land or(Ig an indebtedness secured by a purchase money mortgage given to the Insured 3 NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT The Insured shall notify the Company promptly In writing (I) In case of any litigation as set forth in Section 4(e) below or(ig in case knowledge shall come to an insured hereunder of any claim of title or interest that Is adverse to the title to the estate or interest as Insured and that might cause lose or damage for which the Company may be liable by virtue of this policy If prompt notice shall not be given to the Company then as to the Insured all liability of the Company shall terminate with regard to the matter or matters for which prompt notice is required provided however that failure w notify the Company shall in no case prejudice the rights of any insured under this policy unless the Company shall be prejudiced by the failure and then only to the extent of the prejudice When afterthe dateof the policy the insured notlfiesthe Company as required herein of alien encumbrance adverse claim or other defect in title to the estate or interest in the land Insured by this policy that is not excluded or excepted from the coverage of this policy the Company shall promptly Investigate the charge to determine whether the lien encumbrance adverse claim or defect Is valid and not barred by law or statute The Company shall notify the Insured in writing within a reasonablatime of its determination asto the validity or invalidity of the Insureds claim or charge under the policy If the Company concludes that the lien encumbrance adverse claim or defect Is not covered by this policy or was otherwise addressed in the closing of the transaction in connection with which this policy was issued the Company shall specifically advise the Insured of the reasons for Its determination If the Company concludes that the lien encumbrance adverse claim or defect Is valid the Compa ny shall take one of the following actions (d institute the necessary proceedings to clear the lien encumbrance adverse claim or defect from the title to the estate as insured (Igindemndy, the Insured as provided In this policy (III) upon payment of appropriate premium and charges therefor Issue to the insured claimant or to a subsequent Owner mortgagee or holder of the estate or interest In the land insured by this policy a policy of title Insurance without exception for the Ilan encumbrance adverse claim or defect said policy to be In an amount equal to the current value of the property or if a mortgagee policy the amount of the loan (Iv) Indemnify another title Insurance company In connection with Its issuance of a pollcyQes) of title Insurance without exception for the lien encumbrance adverse claim or defect (v)secure a release or Other document discharging the lien encumbrance adverse claim or defect or(vi) undertake a combination of (1) through (v) herein 4 DEFENSE AND PROSECUTION OF ACTIONS DUTY OF INSURED CLAIMANT TO COOPERATE (a) Upon written request by the insured and subject to the options contained in Section of these Conditions and Stipulations the Company at Its own coat and without unreasonable delay shall provide for the defense Clan Insured In litigation In which any third party asserts a claim adverse to the title or Interest as Insured but only as to those stated causes of action alleging a defect lien or encumbrance or other matter insured against by this policy The Company shall have the right to select counsel of its choice (subject to the right of the Insured to object for reasonable cause) to represent the insured as to those stated causes of action and shall not be liable for and will not pay the fees of any other counsel The Company will not pay any fees costs or expenses incurred by the insured in the defense of those causes of action that allege matters not insured against by this policy (b) The Company shall have the right at its own cost to institute and prosecute any action or proceeding onto do any other act that In its opinion maybe necessary or desirable to establish the title to the estate or nterest asinsured or to prevent or reduce loss or damage to the insured The Company may take any appropriate action under the terms of this policy whether or not it shall be liable hereunder and shall not thereby concede liability or waive any provision of this policy If the Company shall exercise its rights under this paragraph d shall do so diligently (c) Whenever the Company shall have brought an action or interposed a defense as required or permitted bythe provisions of this policy the Company may pursue any litigation to final determination bya court ofcompetentjunsdmtlon and expressly reserves the right into sole discretion to appeal from any adverse judgment or order (d) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding the insured shall secure to the Company the right to so prosecute or provide defense In the action or proceeding and all appeals therein and permit the Company to use at+tsoption the name of the Insured for this purpose Whenever requested by the Company theinsured at the Company s expense shallgwethe Company all reasonable aid (i) in any action or proceeding securing evidence obtaining witnesses prosecuting or defending the action or proceeding or effecting settlement ani in any other lawful act that in the opinion of the Company may be necessary or desirable to establish the title to the estate or interest as insured If the Company is prejudiced by the fal lure of the insured to furnish the required cooperation the Company s obligations to the insured under the policy shall terminate including any liability or obligation to defend prosecute or continue any litigation with regard to the matter or matters requiring such cooperation 5 PROOF OF LASS OR DAMAGE In addition to and after the notices required under Section 3 of these Conditions and Stipulations have been provided the Company a proof of loss or damage signed and sworn to by the insured claimant shall be furnished to the Company within 91 days after the insured claimant shall ascertain the facts giving rise to the loss or damage The proof of loss or damage shall describe the defect in or lien or encumbrance an the title or other matter insured against by this policy that constitutes the basis of loss or damage and shall awls to the extent possible the basis of calculating the amount of the loss or damage Ifth6Company is prejudiced by the failure of the insured claimant to provide the required proof of joss or damage the Company a obligations to the insured under the policy shall terminate including any liability or obligation to defend prosecute or continue any litigation with regard to the matter or matters requiring such proof of lose or damage In addition the insured claimant may reasonably be required to submit to examination under oath by any authorized representative of the Company and shall produce for examine lion Inspection and copying at such reasonable times and places as may be designated by any authorized representative of the Company all records books ledgers checks came spondence and memoranda whether bearing a date before or after Date of Policy which reasonably pertain to the loss or damage Further if requested by any authorized represents five of the Company the insured claimant shall grant its permission In writing for any authorized representative of the Company to examine Inspect and copy all records books ledgers checks correspondence and memoranda in the custody or control of a third party which reasonably pertain to the loss or damage All information designated as confidential by the insured claimant provided to the Company pursuant to this Section shall not be disclosed to othersunless in the reasonable judgment of the Company it is necessary in the adminlstra tlonoftheclaim Failure of the insured claimantto submit for examination under oath produce other reasonably requested information or grant permission to secure reasonably necessary information from third parties as required in this paragraph shall terminate any liability of the Company under this policy as to that claim 6 OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS TERMINATION OF LIABILITY In case of a claim under this policy the Company shall have the following additional options (a) To Pay or Tender Paymem of the Amount of Insurance To pay or tender payment of the amount of insurance under this policy together with any costa attorneys fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment or tender of payment and which the Company is obligated to pay Upon the exercise by the Company of this option all liability and obligations to the Insured under this policy other than to make the payment required shall terminate including any liability or obligation to defend prosecute or continue any litigation and the policy shall be surrendered to the Company for cancellation (b) To Pay or Otherwise Settle With Parties Other than the Insured or With the Insured Claimant g) to pay or otherwise settle with Other parties for or in the name of an insured claimant any claim insured against under this policy together with any costs attorneys fees and expenses incurred by the Insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay or (I) to payorotherwise settle with the insured claimant the loss or damage provided for under this policy together with any costs attorneys fees and expenses incurred by the Insuredclaimant which were authorized by the Company up to the time of payment and which the Company Is obligated to pay Upon the exercise by the Company of either of the options provided for in paragraphs (b)(i) or (11) the Company s obligations to the Insured under this policy for the claimed loss or damage other than the payments required to be made shall terminate Including any liability or obligation to defend prosecute or continue any litigation 8 1178 1 175- 028826 CI 121 $****500,000 00 $**3,611 00 1000 6/23/1992 $*********** 00 COMMONWEALTH LAND TITLE INSURANCE COMPANY OWNER POLICY OF TITLE INSURANCE --------------------- CASE NUMBER DATE OF AMOINSUNT OF POLICY NUMBER POLICYCE 90 D 200600-B (004)/dfb 6/23/1992 8 47AM $****500,000 00 175- 028826 SCHEDULE A 1 Name of Insured CITY OF DENTON, TEXAS, a municipal corporation of the State of Texas 2 The estate or interest in the land that is covered by this policy is FEE SIMPLE 3 Title to the estate or interest in the land is vested in CITY OF DENTON, TEXAS, a Municipal Corporation of the State of Texas 4 The land referred to in this policy is described as follows See Exhibit A attached hereto and made a part hereof for all purposes CAN TITLE COMPANY Countersigned A e ThieipolicY is invalid unless the cover sheet and Schedule B are attached The policy number shown on this schedule must agree with the preprinted number on Ehe cover Texas Form T-1 (rev 10/91) Owner Policy - Form Insurance prescribed byeSttaate Board Schedule A - Page 1 aE Tenant Insurance MORaISCN MILW NG REC'D - JUqE 5r 1992 TICRIM DATE May 11 1993 INSLnWCE CDs BtEUNDIR & pLEXANLER OF TE W r INC. p.o. BOX 2950 FORT Wormjr TX. 76113-2950 (817) 737-4000 OTHER Original Policy City (6 9/Sectary 92) Copy of Policy Bruce Henington Betty McKean Joe Morris Max Blackburn