|
Form No. T•14 elev. 7/G9 ~ ,
<br />MORTGAGEE'S INFOR;IIATION LETTER F ti ~1~ 1 ~ ~~~•~ lt'1' 'l~ I'1~ L I
<br />l)CwNANTY l'r1NYANl'
<br />No. GF#1 26626 --+`'~ '
<br />~Cmount S Date MAY 4 19 79 O'Clock fit.
<br />Re: Loan to T. M. C. FUNDING I'~C. ~ !??GNOLIA INVESTMENT PROPERTIES INC.
<br />To: WALTER ~1ISCHER CORPOR~TIQN
<br />Gentlemen:
<br />In connection with your captioned loan, we will, subject to the conditions and requirements herein contained, issue to you our M1lortcaeee's Title
<br />Policy on the standard printed form then prescribed by the Board of Insurance Commissioners of the State of Texas insuring that you hold a valid
<br />f 7 rS t lien sectuing the payment of such loan.
<br />SECTION A '
<br />You are advised that in such policy:
<br />a. The lien to be insured will be described as follows:
<br />(i u ~~ CrC;. teu Un .01"G1S Sa't`.l S i ai;tOry '~G US . )
<br />b. The property covered by such lien will be described as follows:
<br />SEE ATTACHED EXHIBIT "A".
<br />® ~~
<br />c. The fee simple title to such property wii; be s}town vested in:
<br />T. M. C. FUNDING, INC, & MAGNOLIA INVESTMENT PROPERTIES, INC.
<br />(Rccordsnowshowtitlein T M C FUNDING INC & MAGNOLIA INVESTMENT PROPERTIES )INC.
<br />SECTION.B
<br />Schedule "B" of such policy will contain the following exceptions:
<br />1. All restrictive covenants affecting the above descnbed property but the Company guarantees that any such restrictive covenants have not been
<br />violated so as to affect, and that a future violation thereof will not affect the validity or priority of the mortgage hereby insured. None 0 f reCO r~:
<br />2. Any discrepancies, conflicts, or shortages in area or boundary lines, or any encroachments or,any overlapping of improvements which a correct
<br />survey would show. (Atay be deleted iC M1tanual provisions concerning survey are complied with.)
<br />' 3. Taxes for the year and subsequent years. NOT YET AVAILABLE.
<br />4. Usury or claims of usury.
<br />5. Any right of recision contained in any "Consumer Credit Protection", "Truth-in-Lending" or similar acts.
<br />6. An 80 foot drainage easement to Harris County Flood Control District as recorded in~
<br />Volume 1719, Page 525, of the Deed Records; an easement pe.r instruments recorded in
<br />Volume 1719, Page 531, and Volume 1788, Page 75, and as modified by Volume 5552,
<br />Page 164, of the Deed Records, and in Volume 5586, Page 358, of the Deed Records
<br />of Harris County, Texas; as shown in survey by SHANER, HICKE & CHERRY, dated
<br />December 3, 1973.
<br />7. SEE OVER.
<br />SECTION C
<br />1.4atters affecting title to the hereinabove described property and other requirements and conditions which must be disposed of to our satisfaction at
<br />or prior to the date of ttte issuance oC the above mentioned policy.
<br />1. Execution, delivery and recording of proper and valid instrument or instruments vesting title in borrower and creating lien described above '
<br />under Section A.
<br />2. Any defect, lien, encumbrance, or other matter affecting the title to subject property or tht: lien to be insured, which may be filed or may arise
<br />subsequent to the date hereof.
<br />3. Determination by us of ownei s acceptance of any new construction or repairs, and payment of labor and material bills. ~
<br />4. Payment to or for the account of the mortgagors of the full proceeds of the loan.
<br />5. Payment to the undersigned company of its premium for the title insurance and other proper charges incurred in connection with processing
<br />this matter.
<br />ti. Satisfactory etiidence that restrictions of restrictive covenants have not been violated.
<br />7. Deed of Trust dated January 17, 1977, executed by T. M. C. Funding, Inc., a Texas
<br />Corporation, securing the payment of one note of even date therewith payable to
<br />SOUTHh10RE SAVINGS ASSOCIATION, in the principal amount of $547,929.55, and being
<br />subject to all of the terms, conditions and stipulations contained in said note
<br />and Deed of Trust; and a SECOND DEED OF TRUST LIEN dated January 17, 1977, executed
<br />• ~ by hAGNOLIA INVESTMENT PROPERTIES, INC., a Texas corporation, securing the payment SEE
<br />of one note of even date therewith payable to SOUTHMORE SAVINGS ASSICIATION, in the OVE!
<br />This letter is delivered and accepted upon the understanding that you have no personal knowledge or intimation of any defect, objection, lien, or
<br />encumbrance affecting said premises other than those shown under Schedule B hereof, and your failure to disclose any such personal information shall
<br />render this letter and any policy issued based Utereon, mill and void as to such detect, objection, lien or encumbrance.
<br />This letter shall be used only in connection with the above mentioned policy, by the addressee only, and in no event shall it be effective after
<br />ittirty days from ttic date hereof.
<br />1 ~. Very truly yours,
<br />y~itir. s ~~ ]f ~OrL1 IEa ~ ~Z~ 1 ~~ ~ '
<br />~~ ODANA NTT COLITANY
<br />Qy QAY TITLE COMPANY
<br />Authorized S~y;nanrrc Al;rnt
<br />
|