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Form No. T•tA Nnv. 7/69 i •
<br />MORTG.IGEE'S INFOIt\fATION LE'iTER ~~ ti'1' l ~ ~!',1 lt'I' '1' I'1' I.I~
<br />No. GFIy 26626 _±~'~
<br />Amount S U:+te MAY 4 19 79 O'Clock yI.
<br />Re: Loan to T. M. C. FUNDING, I:'~C. ~. i?AuNOLIA INVESTMENT PROPERTIES, INC.
<br />To: IdALTER MISCHER CORPORo.TION
<br />Gentlemen:
<br />In connection with your captioned loan, we will, subject to the conditions and requirements herein contained, issue to you our ~tortcaeee's Title
<br />Policy on the standard printed form then prescribed by the }3oard of Insurance Commissioners of the State of Texas insuring that you hold :r valid
<br />f'1 rS L lien securing the payment of such loan. .
<br />You are advised that in such policy:
<br />a. Tiic lien to be insured will be described as follows:
<br />SECTION A
<br />:~ bo cre;:~~teu on ror'r~1s Sa~e.ls~~at:t~ry ~t,a us.1
<br />b. 7'!re property covered by such lien will be described as follows:
<br />SEE ATTACHED EXHIBIT "A".
<br />c. The fee simple title to such property wii; be shown vested in:
<br />T. M. C. FUNDING, INC. & MAGNOLIA INVESTMENT PROPERTIES, INC.
<br />(Records now show title in T. M. C. FUNDING INC. & PAGNOLIA INVESTMENT PROPERTIES )INC.
<br />SECTION B
<br />Schedule "l1" of such policy will contain the follo~vtg exceptions:
<br />1. All restrictive covenants affecting the above descn~bed property but the Company guarantees that any such restrictive covenants have not been
<br />violated so as to affect, and that a future violation t}rereof will not affect Ure validity or priority of the mortgage hereby insured. None Of reCO'
<br />2. Any discrepancies, con.(licts, or shortages in area or boundary lines, or any encroachments or any overlapping of improvements which a correct
<br />survey mould show. (ltay be deleted if Atanual provisions concerning survey are complied with.)
<br />3. Taxes for the year and subsequent yea: s. NOT YET AVAILABLE.
<br />4. Usury or claims of usury.
<br />5. Any right of recission 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 per 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•tatters 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 tlrc date of the issuance of the above mentioned policy.
<br />1. Execution, delivery and recording of proper and valid insVumenl or instruments vesting tiUc in borrower and creating lien described above
<br />under Section A.
<br />2. Any defect, lien, encumbrance, or other matter affecting Ure title to subject property or the; lien to be insured, which may be filed or may arise
<br />subxqucnt fo the date hereof.
<br />3. Determination by us of owner's acceptance of any new construction or repairs, and payment of labor and material bills. ~
<br />4. Payment to of for the account of the t»ortgagors of the full procrcds of the loan.
<br />5. Fayment 1o the undersigned company of its premium for the title insurance and ot:rer lrroper charges incurred in connection with processing
<br />t}ris matter.
<br />6. Satisfactory evidence t}rat restrictions or restrictive covenants have not been -~olated.
<br />~. 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 />SOUTHPIORE 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 SEL'
<br />of one note of even date therewith payable to SOUTHMORE SAVINGS ASSICIATION, in the OVE
<br />This Idler is dclivcrctlrnd accepted upon tFrc understanding that you have no personal knowledge or intimation oC any defect, objection, lien, or
<br />--- --hran~~ -f f.-~ ti~;~• -_ __ __ __ __ . _.:__ __ __ ____-_ ____ .. _ ..:....: .....___.~ is iicreof, and your failure to Disclose any such personal information shall
<br />render this Iettcr and any'nolicy~issued'based~thercon, null and,void as~to~such defect, objection, lien or encurbrance.
<br />..+: This Iettcr shall Ix used only in connection. with the above mentioned policy, by the addressee only, and in no event shall it be effective after
<br />t6:rt.• .t,..e frnm t6n A,~.. 1........f
<br />.__s ~ -r
<br />Authoncrd S~Fn:rtutr
<br />1.1.1 Very truly yours,
<br />1M. ~ r• ~ . r r r t
<br />V
<br />_,~ OOANANTT COMPANY
<br />~y BAY TITLE COMPANY
<br />Ageru
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