03-29-10 Special Called Regular Meeting of the Fiscal Affairs Committee

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a skins & askins P.c. ATTORNEYS and COUNSELORS Knox W. Askins Clark T. Askins April 12, 2010 via email. Charles Engelken, Jr. Chairman, Fiscal Affairs Committee Darrell Leonard Tommy Moser Louis Rigby cc: John P. Zemanek, Jr. Re: Town Plaza Gentlemen: As requested, I have obtained a title report on all of Lots 6, 7, 8, 9, 10, and the west 56.4 feet of Lots 11, 12 and 13, Block 198, Town of La Porte, Harris County, Texas. A copy of the title report is attached. The record owner of the property is East A Developments, LP. Page 2 of the report lists three (3) current deed of trust mortgage liens on the property. The lien for $28,916.00, due June 30, 2011, secures a promissory note to the City of La Porte Development Corporation, for tank removal expense. An unrecorded side agreement, provides that the lien will secure the actual cost of removal, which was $31,083.00. The second lien listed was for $110,000.00, secured by a deed of trust mortgage from East A Developments, LP, to Gayle Investments. The third lien listed is for $157,000.00, which was executed on March 26, 2009, from East A Developments, LP, to Real Property Mortgage and Investment Co., Inc., which was the re-financing of the East A Developments, LP, deed of trust mortgage to the city of La Porte Development Corporation. This lien was transferred on the same date to Gayle Investment Company. The lien affidavit for $4,300.00 on page 3 of the report, is a contractor's lien, in favor of Halligan's Foam Coatings of Houston, Inc., relating to construction on the Alamo Building. 702 W. Fainnont Parkway. P.O. Box 1218. La Porte, TX 77572-1218 281.471.1887 phone . 281.471.2047 fax . knoxaskins@comcast.net . ctaskins@swbel1.net )'