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1999-288AN ORDINANCE APPROVING A REAL ESTATE CONTRACT BETWEEN THE CITY OF DENTON AND LAKE CITIES CONGREGATION-DENTON-OF JEHOVAH'S WITNESSES, INC, RELATING TO THE PURCHASE OF 0003 ACRES OF LAND FOR THE EXPANSION OF U S HIGHWAY 77 (PARCEL 34), AUTHORIZING THE EXPENDITURE OF FUNDS THEREFORE, AND PROVIDING AN EFFECTIVE DATE THE COUNCIL OF THE CITY OF DENTON, TEXAS HEREBY ORDAINS ~ That the City Manager is hereby authorized to execute a Real Estate Contract between the City and Lake Cities Congregation-Denton-of Jehovah's Witnesses, Inc, in substantially the form of the Real Estate Contract which is attached to and made a part of this ordinance for all purposes, for the purchase of 0 003 acres of land for the expansion of U S Highway 77 (Parcel 34) ~ That the City Manager is authorized to make the expenditures as set forth In the attached Real Estate Contract S_F~C~_TLQ__h~ That this ordinance shall become effective ~mmedlately upon its passage and approval PASSED AND APPROVED flus the day of ~r..pa~.~a, 1999 JACK I~'I~LER, MAYOR ATTEST JENNIFER WALTERS, CITY SECRETARY APPROVED AS TO LEGAL FORM HERBERT L PROUTY, CITY ATTORNEY STATE OF TEXAS COUNTY OF DENTON REAL ESTATE CONTRACT THIS CONTRACT OF SALE as made by and between LAKE CITIES CONGREGATION-DENTON-OF JEHOVAH'S WITNESSES, INC (hereanafter referred to as "Seller") and CITY OF DENTON, TEXAS, a home rule municipality, of Denton, Denton County, Texas, (hereinafter referred to as "Purchaser"), upon the terms and condltaons set forth herein PURCHASE AND SALE Seller hereby sells and agrees to convey, and Purchaser hereby purchases and agrees to pay for all that certaan tract, lot or parcel of land described =n Exhibit "A" attached wzth all r~ghts and appurtenances pertaznzng to the saad property, · nclud~ng any r~ght, t~tle and ~nterest of Seller ~n and to adjacent streets, alleys or r~ghts-of-way (all of such real prop- erty, r~ghts, and appurtenances beang hereanafter referred to as the "Property"), together wath any ln%orovements, faxtures, and personal property s~tuated on and attached to the Property, for the conszderat~on and upon and subject to the terms, provasaons, and cond~taons hereznafter set forth Seller shall pay all cost for the removal, ~nstallat~on, constructaon, reanstallataon, recons~ructaon, labor and materials for any and/or ~mprovements located w~than the property described an Exh~bat "A" Any amprovements not removed by Sept~er 1, 1999 shall become property of the C~ty of Denton, Texas PURCHASE PRICE i Amount of Purchase Pr=ce The purchase prace for the Property shall be the sum of $250 00 00 2 Pa~nent of Purchase Prace The full amount of the Purchase Price shall be payable an cash at the closang PURCHASER'S OBLIGATIONS The oblagations of Purchaser hereunder to cons,,~""-te the transactions contea~lated hereby are subject to the satLsfactaon of each of the followang condataons any of whach may be waLved an whole or ~n part by Purchaser at or praor to the closLng I Prel~manar~ Tatle Re~ort Wathan twenty (20) days after the date hereof, Seller, at Seller's sole cost and exloense, shall have caused the Tatle Company (hereanafter defaned) to assue a owners polacy c~-~tment (the "C~tment") accom~anaedbycopaes of all recorded documents relatang to easements, raghts-of-way, etc , affecting the Property Purchaser shall gave Seller written not~ce on or before the exp=rataon of ten (10) days after Purchaser receives the Commitment that the cond~taon of tatle as set forth an the Commatment is or as not satisfactory In the event Purchaser states the cond~taon of t~tle ~s not satisfactory, Seller shall, at Seller's option, promptly undertake to el~manate or modafy all unacceptable matters to the reasonable sat~sfactaon of Purchaser In the event Seller as unable to do so wathan ten (10) days after receapt of written not~ce, thas Agreement shall thereupon be null and voad for all purposes, otherwase, this conditaon shall be dee~ed to be acceptable and any objection thereto shall be deemed to have been waaved for all purposes 2. Surve~ Purchaser may, at Purchaser's sole cost and expense, obtaan a current survey of the Property, prepared by a duly lacensed Texas land surveyor acceptable to Purchaser The survey shall be staked on the ground, and shall show the locataon of all ~m~rovements, h~ghways, streets, roads, raalroads, ravers, creeks, or other water courses, fences, easements, and raghts-of- way on or adjacent to the Property, af any, and shall contaan the surveyor's cert~facataon that there are no encroachments on the Property and shall set forth the D~,m~er of total acres comprasang the Property, together wath a metes and bounds description thereof Purchaser w~ll have ten (10) days after receapt of the survey to revaew and approve the survey In the event the survey as unacceptable, then Purchaser shall wathan the ten {10) day per~od, gave Seller wratten notate of thas fact Seller shall, at Seller's optaon, promptly undertake to elamanate or modify the unacceptable portaons of the survey to the reasonable satas~actaon of Purchaser In the event Seller as unable to do so within ten (10) days after receipt of wratten notace, Purchaser may terminate thas Agreement, and the Agreement shall thereupon be null and voad for all purposes and the Escrow Deposit shall be returned by the Tatle Company to Purchaser Purchaser's failure to give Seller thas wratten not~ce shall be deemed to be Purchaser's acceptance of the survey AEE008FE PAGE 2 3 Seller's Con~laance Seller shall have performed, ob- served, and complaed wath all of the covenants, agreements, and condat~ons requared by th~s Agreement to be performed, observed, and complaed with by Seller praor to or as of the closang REPRESENTATIONS AND WARRANTIES OF SELLER Seller hereby represents and warrants to Purchaser as follows, which representations and warrantaes shall be deemed made by Seller to Purchaser also as of the closang date I There are no part~es an possession of any portaon of the Property as lessees, tenants at sufferance, trespassers or other part~es 2 Except for the praor actaons of Purchaser, there as no pendang or threatened condemnation or samalar proceedang or assessment or suat, affecting t~tle to the Property, or any part thereof, nor to the best knowledge and belaef of Seller as any such proceedang or assessment contemplated by any governmental authoraty 3 Seller has complied w~th all applacable laws, ordxnanoes, regulations, statutes, rules and restr~ctaons relating to the Property, or any part thereof 4 To the best of the seller's knowledge, there are no toxac or hazardous wastes or materials on or wathan the Property Such toxic or hazardous wastes or materaals anclude, but are not lam~ted to, hazardous materaals or wastes as same are defaned by the Resource Conservation and Recover~ Act (RCRA), as amended, and the Comprehensive Envaronmental Response Compensataon and Laabal~ty Act (CERCLA), as amended CLOSING The closing shall be held at the offace of Dentex T~tle Company on or before August 31, 1999, or at such tatle company, tame, date, and place as Seller and Purchaser m~y mutually agree upon (whach date as here~n referred to as the "closing date") CLOSING REQUIREMENTS i Seller's Rec~u~rements At the closang Seller shall A Deliver to State of Texas, actang by and through the Texas Transportation Comunassaon a duly executed and acknowledged Deed an the form as attached hereto as AEE008 FE PAGE 3 Exhabat "B" conveyang good and marketable tatle to all of the Property, free and clear of any and all laens, enc-m~rances, oonctttaons, easements, assessments, and restractaons, except for the followang i General real estate taxes for the year of closang and subsequent years not yet due and payable, 2 Any exceptaons approved by Purchaser pursuant to Purchaser's Oblagataons here- of, and 3 Any exceptaons approved by Purchaser B Delayer to Purchaser a Texas Owner's Polacy of Tatle Insurance at Purchaser's sole expense, assued by Dentex Tatle Company, Denton, Texas, (the "Tatle Company"), or such tatle company as Seller and Purchaser may mutually agree upon, an Purchaser's favor an the full amount of the purchase prace, ansurang fee sample tztle for the State of Texas to the Property subject only to those t~tle exceptions lasted an Closan~ Recluarements hereof, such other exceptaons as may be approved an wratang by Purchaser, and the standard pranted exceptaons contaaned an the usual form of Texas Owner's Polacy of Tatle Insurance, provaded, however I The boulldary and survey exceptaons shall be deleted af requaredby Purchaser and af so requared, the costs associated wath same shall be borne by Purchaser, 2 The exceptzon as to restractave cove- nants shall be endorsed "None of Record", 3 The exoeptaon for taxes shall be l~mated to the year of closang and shall be endorsed "Not Yet Due and Payable", and 4 The exoeptaon as to laens eno~m~erang the Property shall be endorsed "None of Record" AEE008 FE PAGE 4 C Deliver to Purchaser possession of the Property on the day of closing 2 Purchaser's Rec/ulrements Purchaser shall pay the consideration as referenced ~n the "Purchase Price" section of th~s contract at Closing ~n Lm~ed~ately available funds 3 ClosLng Costs Seller shall pay all taxes assessed by any tax collectLon authorLty through the date of Clos=ng Ail other costs and expenses of closang an cons,~-~t~ng the sale and purchase of the Property not speoafacally allocated here~n shall be paid by Purchaser REAL ESTATE CO~ISSION Ail oblLgatLons of the Seller and Purchaser for payment of brokers' fees are contaaned Ln separate wrLtten agreements BREACH BY SELLER In the event Seller shall fall to fully and t~mely perform any of ars oblagataons hereunder or shall fall to consummate the sale of the Property except Purchaser's default, Purchaser may e~ther enforce specaf~c performance of th~s Agreement or terminate th~s Agreement by written not~ce delivered to seller BREACH BY PURCHASER In the event Purchaser should faal to cons-mmate the purchase of the Property, the condataons to Purchaser's obligations set forth an PURCHASER'S OBLIGATIONS having been satLsfaed and Purchaser beang an default Seller may eather enforce spec~fac performance of thas Agreement, or tezmznate th~s Agreement by wrLtten not~ce dalavered to purchaser MISCELLANEOUS 1. Assa~nment of Agreement Thas ~reement may be assagned by Purchaser wathout the express wrLtten consent of Seller 2 SurvLval of Covenants Any of the representataons, war- rantaes, covenants, and agreements of the partaes, as well as any raghts and benefats of the partaes, perta~nang to a peraod of t~me followLng the closing of the transactLons conte~olated hereby shall survave the closLng and shall not be merged therean AEE008FE PAGE 5 3. Notate Any notate requared or permitted to be delivered hereunder shall be deemed received when sent by Unated States maal, postage prepaid, certified ma~l, return receipt requested, addressed to Seller or Purchaser, as the case may be, at the address set forth beneath the sagnature of the party 4. Texas Law to Apply Thas Agreement shall be construed under,and in accordance with the laws of the State of Texas, and all oblagataons of the parties created hereunder are performable · n Denton County, Texas. 5. Partaes Bound Thas Agreement shall be b~ndxng upon and anure to the benefit of the partaes and thear respectave hears, executors, admanastrators, legal representatives, successors and assigns where pe~nxttedby this ~ree~ent 6. Le~al Construction. In case any one or more of the pro- v=s=ons contained in this Agreement shall for any reason be held to be anvalad, ~llegal, or unenforceable ~n any respect, sa~d valadaty, allegality, or unenforceabal~ty shall not affect any other provision hereof, and thas Agreement shall be construed as · f the invalid, ~llegal, or unenforceable provision had never been contaaned herean 7 Prior A~ree~ents Superseded Th~s Agreement constatutes the sole and only agreement of the part~es and supersedes any prior understandings or wratten or oral agreements between the part~es respecting the within subject matter 8 TLme of Essence Txme as of the essence Ln thas Agreement 9 ~ender. Words of any gender used an th~s ~reement shall be held and construed to include any o~her gender, and words Ln the sangular n-m~er shall be held to Lnclude the plural, and vLce versa, unless the context requLres otherwLse 10 Memorandum of Contract Upon both partLes shall pro~mtly execute Agreement suLtable for filang of record request of e~ther party, a memorandum of th~s 11. Compliance. In accordance w~th the requirements of the Texas Real Estate License Act, Purchaser ~s hereby advised that at should be furnashed w&th or obtain a policy of t~tle ansurance or Purchaser should have the abstract coverang the Property ex=m~ned by an attorney of Purchaser's own select~on AEE008FE PAGE 6 12 Tame Lin=t. In the event a fully executed copy of thas Agreement has not been returned to Purchaser wath~n ten (10) days after Purchaser executes thas Agreement and delayers same to Sel- ler, Purchaser shall have the raght to terminate thas Agreement upon wratten notate to Seller DATED thas _~ day of ~H~, , 1999 SELLER LAKE CITIES CONGREGATION-DENTON- TITLE ~, O~m-w~_ PURCHASER THE CITY OF DENTON, TEXAS 215 E McKanney Denton, Texas 76201 STATE OF TEXAS COUNTY OF DENTON anstrument is acknowledged before me, on thas _~'__day of , 1999 by M~ohael W Jez, C~ty Manager, of the Caty municipal oorporataon, known to me to be the person and officer whose name as subscribed to the foregoang anstrument and acknowledged to me that the same was the act of the saad Cxty of Denton, Texas, a municapal corporataon, that he was duly authorazed to perform the same by appropriate ordinance of the Caty Counoal of the Czty of Denton and that he executed the same as the act of the sa~d Caty for purposes and consaderat~on therean expressed, and an the cap~ty there~n sta~ed ~otaryyPublic an and for the State of Texas ...... JFNNIFER ~( WAtTI=R8 De=ember 19, 2002 ~EE008FE PAGE 7 STATE OF TEXAS COUNTY OF DENTON Thls instrument is acknowledged before me, on th~s ~ day of A~,~.$~ , 1999 by~, LAKE CITIES CONGrEGATION-DENTON-OFf--JEHOVAH S WITNESSES, Incorporation, a Texas Co~looratLon known to me to be the person and officer whose name Ls subscribed to the foregoing Lnstrument and acknowledged to me that the same was the act of th~~r~ AEE008 FE PAGE 8 County Denton Highway U.S. 77 Project Umlts' csJ. Account. From EXHIBIT "A" Page 1 of 1 Rev December 19, 1994 FIELD NOTES FOR PARCEL 34 BEING A PARCEL OF LAND SITUATED IN A CALLED 4-ACRETRACT OF LAND CONVEYED TO JOE W SHERRILL AND WIFE, MARY LAJEAN SHERRILL, RECORDED IN VOLUME 605, PAGE 464, DEED RECORDS OF DENTON COUNTY, TEXAS (DRDCT), AND BEING SITUATED IN THE B.B.B & C.R R SURVEY, ABSTRACT NO 186, CITY OF DENTON, DENTON COUNTY, TEXAS, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS COMMENCING for reference at a found ll2-1noh Iron rod for the northeast corner of a 1 036-acre tract of land, aa described In a release of lien In Volume 952, Page 566, DRDCT, THENCE N 01 o 36' 32" E, along the east line of said Sharrill tract and a west line of a tract of land conveyed t6 Roy D Martin, aa recorded In Volume 416, Page 215, DRDCT, a distance of 420 79 feet to a set 5/8-Inch iron rod with an aluminum gap being the POINT OF BEGINNING and said point being on the new south right of way line of U S. 77, (1) THENCE N 58° 11' 37" W, along the new south right of way line of U S 77, a distance of 23 10 feet to · act 5/8-1nth iron rod with an aluminum cap in the north line of said Sherrlll tract and a south line of said Martin tract; (2) THENCE S 88° 52' 38" E, along th~ north line of said Sherrlll tract and a south line of smd Mamn tract, a distance of 19.96 feet to a fence comer found for the northeast comer of said Shemll tract, same being an interior comer of said Martin tract, (3) THENCE S 01 o 36' 32" W, along the east line of said Sherrill tract and a west line of said Martin tract, a distance of 11.79 feet to the POINT OF BEGINNING, and containing 0 003 acre, or 118 square feet of land, more or Ieee. THE FOLLOWING COMMITMENT FOR TITLE INSURANCE IS NOT VALID UNLESS YOUR NAME AND THE POLICY AMOUNTARE SHOWN IN SCHEDULE A, AND OUR AUTHORIZED REPRESENTATIVE HA8 COUNTERSIGNED BELOW COMMITMENT FOR TITLE INSURANCE ISSUED BY FIDELITY NATIONAL TITLE INSURANCE COMPANY We, FIDELITY NATIONAL TITLE INSURANCE COMPANY, a California corporation, will ~ssue our title Insurance policy or policies (the Policy) to You (the proposed ~nsured) upon payment of the premium and other charges due, and compliance w~th the rrequ~rements in Schedule B and Schedule C Our Policy w;ll be in the form approved by the Texas Department of Insurance at the date of Issuance, and will insure your ;nterest ;n the land described in Schedule A The estimated premium for our Policy and applicable endorse- ments Is shown on Schedule D There may be additional charges such as recording fees and expedited delivery expenses This Commitment ends mnety (90) days from the effective date, unless the Policy is Issued sooner, or failure to Issue the Policy is our fault Our liability and obhgations to You are under the express terms of this Commitment and end when this Commitment exp,res DENTEX TITLE COMPANY 300 N ELM STE 101 DENTON, TEXAS 76201 Fidelity Nedonal Title Insurance Company ATTEST Authorized Signatory FORM 1117:~ (1-t-93) TEXA8 - COMMITMENT FOR T[I'LE INSURANCE REPRINTED (10/9~) Bffeotlve %1-8~ GF Number 97-17695 Form Commitment for Title Insurance Form prescribed by Texas Department of Insurance (Rewsed 1/1/93) SCHEDULE A GF NO or File No 97-17698 Effective Date of Commitment Februar~ 10, 1999 Issued March 8, 1999 800AM The policy or policies to be Issued ars (a) OWNER POLICY OF TITLE INSURANCE (Form T-1 ) (Not applicable for improved one-to-four family rssldential rsal estate) Policy Amount PROPOSED INSURED The City of Denton (b) TEXAS RESIDENTIAL OWNER POLICY OF TITLE INSURANCE -ONE-TO-FOUR FAMILY RESIDENCES (Form T-1 R) Policy Amount PROPOSED INSURED (c) MORTGAGEE POLICY OF TITLE INSURANCE (Form T-2) Policy Amount PROPOSED INSURED Proposed Borrower (d) MORTGAGEE TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN (Form T-13) Binder Amount PROPOSED INSURED Proposed Borrower (e) OTHER Policy Amount PROPOSED INSURED The ~ntarest in the land covered by this Commitment Is Fee Simple Record tiffs to the land on the Effective Date appears to be vested in Lake Cities Congrcaatlon-Dcnton-of Sshovah's Wtttaassas, Inc Legal description of land ~'Part of Lot 1, Block 1 of Lake Clnas Adthtxon, an addmon to the City of Denton, m Denton County, Texas, according to the plat thereof recorded m Cabinet N, Shde 320, Plat Records of Denton County, Texas, more par~cularly descnbed m Exhtb~t "A" attached hereto and made a part hereof Schedule A of this Commttment consists of I pass(s) Fidelity National Title Insurance Company County Denton H~ghway IJ ~ 77 Project Limits CSJ 0195-02- Account EXHIBIT From I H 35 To ~J.S. 380 Page 1 of 1 Rev December 19, 1994 FIELD NOTES FOR PARCEL 34 BEING A PARCEL OF LAND SITUATED IN A CALLED 4-ACRE TRACT OF LAND CONVEYED TO JOE W SHERRILL AND WIFE, MARY LA JEAN SHERRILL, RECORDED IN VOLUME 605, PAGE 464, DEED RECORDS OF DENTON COUNTY, TEXAS {DRDCT}, AND BEING SITUATED IN THE B B B & C R R SURVEY, ABSTRACT NO 186, CITY OF DENTON, DENTON COUNTY, TEXAS, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS COMMENCING for reference at a found 1/2-tach iron rod for the northeast corner of a 1 036-acre tract of land, as described m a release of ben m Volume 952, Page 566, DRDCT, THENCE N 01 o 36' 32" E, along the east hne of sa~d Shernll tract and a west line of a a'act of land conveyed to Roy D Martin, as recorded m Volume 416, Page 2.15, DRDCT, a d~stance of 420 79 feet to a set 5/8-Inch ~ron rod w~th an aluminum cap,)sing the POINT OF BEGINNING and sa~d point being on the new south right of way hneofUS 77, (1) THENCE N 58° 11' 37" W, along the new south nght of way line of U S. 77, a distance of 23 10 feet to s set 5/8-tach iron rod with an aluminum cap m the north line of said Shernll tract and a south line of said MartJn tract, (2) THENCE S 88° 52' 38" E, along the north line of smd Shernll tract and a south line of said Martin tract, a distance of 19 96 feet to a fence corner found for the northeast corner of said Sherrdl tract, same being an interior corner of said Martin tract, (3) THENCE S 01 o 36' 32" W, along the east line of said Sherr. II tract and a west line of said Martin tract, a d~stance of 11 79 feet to the POINT OF BEGINNING, and conta~n.ng 0 003 acre, or 118 square feet of land, more or less Jq~n F Wilder, RPLS Texas No 4285 Date Form Commitment for Title Insurance Form Prascrtbed by Texas Department of Insurance (Revised 1/1193) Attached to and made a part of Fidelity National Title Insurance Company Commitment for Title Insurance GF No 97-1769S SCHEDULE B EXCEPTION8 FROM COVERAGE In addition to the Exclusions and Conditions and Stipulations, your pohcy will not cover loss, costs, attorney's fees and expenses resulting from The following restrictive covenants of record ~tamlzed below (We must either ~nsert specific recording data or delete this exception) DELETED 2 3 4 Any discrepancies, conflicts, or shortages in area or boundary lines, or any encroachments or protrusions, or any overlapping of improvements Homestead or community propetty or survivorship rights, ~f any, of any spouse of any ~nsured (Applies to the Owner Policy only ) Any titles or fights asserted by anyone, including, but not limited to, persons, the pubhc, corporations, governments or other entities, a) to tidelands, or lands comprising the shores or beds of navigable or perenmal rivers and streams, lakes, bays, gulfs, or oceans, or b) to lands beyond the line of the harbor or bulkhead lines as established or changed by any government, or c) to filled-in lands, or artiflc~al islands, or 8 9 d) to statutory water rights, including riparian fights, or e) to the area extending from the line of mean Iow t~de to the hne of vegetation, or the rights of access to that area or easement along and across that area (Applies to the Owner Policy only ) Standby fees, taxes and assessments by any taxing authonty for the year 1999 and subsequent years, and subsequent taxes and assessments by any taxing authority for pnor years due to change ~n land usage or ownership The terms and conditions of the documents creating your interest in the land Materials furnished or labor performed In connection w~th planned construcbon before signing and dehvenng the lien document described in Schedule A, If the land is part of the homestead of the owner (Apphes to the Mortgagee Title Policy Binder on Interim Construction Loan only, and may be deletad ~f satisfactory evidence to us before a binder is issued ) Liens and leases that affect the title to the land, but that are subordinate to the hen of the Insured mortgage (Applies,to Mortgagee Policy only ) The following matters and all terms of the documents creating or offering evidence of the matters (We must insert matters or delete this exception ) a) Rights of Parties in Possession (Owners Title Policy) b) Lien to be created in form acceptable to this company Schedule B of this Commitmem conststs of 2 page(s) Fidelity National Title Insurance Company Form Commitment for Title Insurance Form Prescribed by Texas Department of Insurance (Revlsec1111193) Attached to and made a part of Fidelity National Title Insurance Company Commitment for Title Insurance GF No 97-17695 c) d) e) f) g) h) Any matters that m~ght anse as a result of a current survey of the subject property Th~s policy Insures real estate only and does not insure title to any removables which may be situated thereon Any visible and apparent easements over and accmss said property, the existence of which does not appear of record Any part or portion of the here~n described property, lying w~thin the boundanes of a public or pdvate road or nght of way Easements and Braiding Setback L,nes as shown on Plat recorded m Cabinet N, SI,de 320, Plat Records of Denton County, Texas A~y outstandmlz o~1, gas arid other mmeral interest owned by others of record m the office of the County Clerk of Demon County, Texas Schedule B of this Commitment consists of 2 page(s) Fidelity National Title Insurance Company FORM Commitment for Title Insurance GF No 97-1769S From Proscribed by Texas Department of Insurance (Rews~d 111193) SCHEDULE C Your Pohcy w~ll not cover loss, costs, attorneys fees, and expenses resulting from the following requirements that w~ll appear as Exceptions m Schedule B of the Policy, unless you d~spose of these matters to our satisfaction, before the date the Pohcy is issued Documents creating your btle or interest must be approved by us and must be signed, notanzed and filed for record 2 Sat;sfactory ewdence must be prowded that no person occupying the land claims any interest in that land against the persons named in paragraph 3 of Schedule A, · all standby fees, taxes, assessments and charges against the property have been paid, all Improvements or repairs to the property are completed and accepted by the owner, and that all contractors, sub-contractors, laborers and supphers have been fully pa~d, and that no mechamc's, laborer's or materlalman's liens have attached to the property, · there is legal dght of access to and from the land, (on a Mortgagee Policy only) restrictions have not been and w~ll not be wolated that affect the validity and priority of the Insured mortgage 3 4 You must pay the seller or borrower the agreed amount for your property or ~nterest Any defect, lien or other matter that may affect t~tle to the land or ~nterest insured, that arises or is filed after the effective date of this Commitment 6 7 8 9 10 Upon receipt fo a survey acceptable to Company and upon payment of all the expenses ~n connecbon w~th the survey and the applicable premium, ~f any, Item 2 of Schedule B will be deleted except for "shortages in area," subject to any additional exceptions revealed by the survey Note Procedural Rule P-27 as provided for in Article (9 39 A of the Texas Insurance Code requires that "Good Funds" be received and deposited before a Title Agent may disburse from ~ts Trust Fund Account Obtain and return to title company a signed statement made by purchaser/borrower acknowledging receipt of t~tle commitment prior to closing, and acceptance of the exceptions shown under Schedule B thereof If the property is ocoupled by other than owner, obtain tenant's disclaimer or waiver, otherw~sa, exception will be taken to fights of parties In possession Obtain Seller's Affidavit as to no debts, liens, etc on said property for recent Improvements, if any, or under UCC filing Additional Closing Requirements (3 page form) must be signed and initialed by all parties in this transaction 11 Require proper documetaat~on showing who has the authority to execute documents on behalf of Lake Ctaos Congregation- Denton-of Sehovah's Wtttnesses, Inc Schedule C of tlus Comramnent consists of 2 paso(s) Fidelity National Title Insurance Company FORM Commitment for Title Insurance GF No 97-1769S From Pmscnbed by Texas Department of Insurance (Revised 1/1193) BY Authorized Countersignature Schedule C ofth~s Commttment consists of 2 page(s) Fidelity National Title Insurance Company FORM Commitment for Title Insurance Form Prescribed by Texas Department of Insurance (10130/92) GF Number' 97-1769S The information comtelned In this Schedule (D) does not affect title to or the lien upon the lend described in Schedule A hereof, to be Insured In any policy(ica) of title Insurance to be issued In accordance w~th this Commitment As to Fidelity National Title Insurance Company, the Underwriter herein, the following disclosures are made A-1 The following entities own more then 10% of Fidelity National Title Insurance Company, a Cahfomia corporation Listed also are the Directors and Officers of Fidelity National Title Insurance Company OWNERS OF 10% OR MORE OF Fidelity National Title Insurance company Fidelity National Rnancial, Inc DIRECTORS William P Foley, II Frank P Willey Patrick F Stone Carl A Strunk Raymond R Quirk OFFICERS William P Foley, II Patrick F Stone Frank P Wdley Carl A Strunk Ronald R Maudsley Andrew F Puzder M'Liss Jones Kane C E 0/Chairman President Executive Vice President Executive Vice Prss~dent Treasurer & C F 0 Executive Vice President Regional Manager Executive Vice President General Counsel Senior Vice President Secretary As to DENTEX TITLE COMPANY (Title Insurance Agent), the following disclosures are made B-I The names of each shareholder, owner, partner, or other person having, owning or controlling one percent (1%) or more of the Title Insurance Agent that will receive a portion of the premium are as follows Ownem of 100% of Dentax Tiffs Company Adams Title Company *Phil end Ruth Adams own t00% of Dentax Title Company* B-2 Each shareholder, owner, partner, or other person having, owning or controlhng "0% percent (10%) or more of an enbty that has, owns or controls one percent (1%) or more of the Title Insurance Agent that wdl re(.e~ve a portion of the premium are as follows NONE B-3 If the Agent is a corporation, the names of any dlrectora, president, executive or senior vice president, secretary and treasurer ~f any of the Title Insurance Agent are as follows Directors of Dentax Title Comspny Phil Adams, Ruth Adams & Rebecca Arnold-Anderson Officers of Dentax Tiffs Company Rebecca AmoId-Anderaon, President, Jeck Hanna, Vice President & Stools Bourland, Secretary-Treasurer C-1 You are entitled to receive advance disclosure of settlement chaq~sc in connection with the proposed transaction to which this comm:tment relates Upon your request, such disclosure will be made to you Additionally, the name of any person, firm or corporation receiving any sum from the settlement of this transaction will be disclosed on the closing or settlement statement You are further advised that the estimated* title premium is Owner Policy Mortgagee Policy Endorsement Cha~ges Total Of this total amount $ or 17 75 % (complete one only) will be paid to Fidelity National Title Insurance Company, $ or 82 25% (complete one only) will be retained by Title Insurance Agent, and any remainder of the estimated premium w~il be paid to other parties as follows Amount Paid to Services $ __ or % (complete only one) $ or % (complete only one) $ __ or % (complete only one) *The estimated pramlum la besed upon information furnished to us aa of the date of this Commitment f°r Title Insurance Final determination of the amount of the premium will be made at closing in accordance with the Rule~ end Regulations adopted by the State Board of Insurance Fidelity National Title OInsurance Company DELETION OF ARBITRATION PROVISION (Not appflcsble to the Texss Residential Owner Policy) ARBITRATION is a common fo~ of alternative dispute resolution It can be a quicker and cheaper means to settle a dispute with your Title Insurance Company However, if you agree to arbitrate, you give up your nght to take the Title Insurance Company to court and your nghts to dmscovery of ewdence may be hmlted in the arbitration process In addmt~on, you cannot usually appeal an arbmtrator's award Your pohcy contains an arbitration provision shown below) It allows you or the Company to require arbitration if the amount of ~nsurance ~s $1,000,000 or less If you want to retain your nght to sue the Company ~n case of a dispute over a clamm, you must request deletion of the arbitration provision before the pohcy is issued You can do this by s~gnmng th~s fo~ and returning it to the Company at or before the closing or your real estate transaction or by writing to the Company The Arbitration provision ~n the Pohcy is as follows "Unless prohibited by applmcable law or unless this arbitration section is deleted by specific provision In Schedule B of this policy, either the Company or the Insured may demand arbltratmon pursuant to the Title Insurance Arbitration Rules or the Amencan Arbltratmon Association Arbitrable matters may include, but are not hmmted to, any controversy or clamm baleen the Company and the Insured ans~ng out of or relating to this Pohcy, and sewlce of the Company in connection w~th its ~ssuance orthe breach of apolmcyprovlslon or other obhgatmon All arbitrable matters when the Amount of Insurance ~s $I,000,000 or less SHALL BE arbitrated at the request of either the Company or the Insured, unless the Insured is an indlwdual person (as distinguished from a corporation, trust, partnership, association or other legal entity) All arbitrable mattem when the Amount of Insurance ~s In excess of $1,000,000 shall be arbitrated only when agreed to by both the Company a,nd the Insured Arbitration pursuant to this Pohcy and under the Rules in effect on the date the demand for arbltratlo~ is made or, at the option of the Insured, the rules ~n effect at the Date of Policy shall be binding upon the parties The award may include attorneys' fees only mf the laws of the state in which the land is located permmt a court to award attorneys' fees to a prevalhng party Judgment upon the award rendered by the Arbitrator(s) may be entered in any court hawng jurisdiction thereof The law of the status of the land shall apply to an arbltratmon under the Title Insurance Arbitration Rules A copy of the Rules may be obalned from the Company upon request" I request deletion of the Arbltratmon provision SIGNATURE DATE FORMT1019 (1-1 93) TEXAS DELETION OF ARBITRATION COMMITMENT Effeotlve I