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R-85-678 - 1/24/1985RESOLUTION NO. l0 / A R WHEREAS, certain property described as Lots 1, 2, 3, 4, and 5, Block 10, Original Town of Round Rock presently owned by the estate of Cora Warren is for sale, and WHEREAS, the property is located immediately adjacent to the City Hall Annex and is suitable for future expansion of City facilities, and WHEREAS, the City Council wishes to purchase an option on the property, Now Therefore BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS That the Mayor of the City of Round Rock is hereby authorized and directed to execute on behalf of the City an Option Contract and Memorandum of Option, copies of which are attached hereto and incorporated he in for all purposes. '// � RESOLVED this �`f TN day of , 198.4'. 1 ATTEST: JJANNE LAND, City Secretary MIKE ROBINSON, Mayor City of Round Rock POLICY 0 340073 OWNER POLICY OF TITLE INSURANCE Form Prescribed by State Board of Insurance of Texas TITLE GUARANTY CO., INC. SOUTHERN TITLE GUARANTY CO , INC., a Texas corporation, hereinafter called the Company, for value does hereby guarantee to the Insured (as herein defined) that as of the date hereof, the Insured has good and Indefeasible title to the estate or interest in the land described or referred to in this policy. The Company shall not be liable in a greater amount than the actual monetary loss of the Insured, and in no event shall the Company be liable for more than the amount shown in Schedule A hereof, and shall, except as hereinafter stated, at its own cost defend the Insured in every action or proceeding on any claim against, or right to the estate or interest in the land, or any part thereof, adverse to the title to the estate or interest in the land as hereby guaranteed, but the Company shall not be required to defend against any claims based upon matters in any manner excepted under this policy by the exceptions In Schedule B hereof or excluded by Paragraph 2, "Exclusions from Coverage of this Policy', of the Conditions and Stipulations hereof. The party or parties entitled to such defense shall within a reasonable time after the commencement of such action or proceeding, and in ample time for defense therein, give the Company written notice of the pendency of the action or proceeding, and authority to defend. The Company shall not be liable until such adverse interest, claim, or right shall have been held valid by a court of last resort to which either litigant may apply, and if such adverse interest, claim, or right so established shall be for less than the whole of the estate or interest in the land, then the liability of the Company shall be only such part of the whole liability limited above as shall bear the same ratio to the whole liability that the adverse interest, claim, or right established may bear to the whole estate or interest in the land, such ratio to be based on respective values determin- able as of the date of this policy. In the absence of notice as aforesaid, the Company is relieved from all liability with respect to any such interest, claim or right, provided, however, that failure to notify shall not prejudice the rights of the Insured if such Insured shall not be a party to such action or proceeding, nor be served with process therein, nor have any knowledge thereof, nor in any case, unless the Company shall be actually prejudiced by such failure. Upon sale of the estate or interest in the land, this policy automatically thereupon shall become a warrantor's policy and the Insured shall for a period of twenty -five years from the date hereof remain fully protected according to the terms hereof, by reason of the payment of any loss, he, they or it may sustain on account of any warranty of title contained in the transfer or conveyance executed by the Insured conveying the estate or interest in the land The Company shall be liable under said warranty only by reason of defects, liens or encumbrances existing prior to or at the date hereof and not excluded either by the exceptions or by the Conditions and Stipulations hereof, such liability not to exceed the amount of this policy. IN WITNESS HEREOF, the SOUTHERN TITLE GUARANTY CO., INC., has caused this policy to be executed by its President under the seal of the Company, but this policy is to be valid only when it bears an authorized countersignature on Schedule A and B herein, as of the date set forth in said Schedule. This policy valid only if Schedules A and B are attached and countersigned. V ., TITLE GUARANTY CO., INC. „SitV President Secretary FORM T -1 OWNER POLICY (REVISED 3-1 -85) 1. DEFINITIONS The following terms when used in this policy mean: (a) "land ": The land described, specifically or by reference, in Schedule A, and improvements affixed thereto which by law constitute real property. (b) "public records ": Those records which impart constructive notice of matters relating to the land. (c) "knowledge ": Actual knowledge, not construc- tive knowledge or notice which may be imputed to the In- sured by reason of any public records. (d) "date ". The effective date, including hour if specified. (e) "Insured ": The Insured named in Schedule A and, subject to any rights or defenses the Company may have had against the named Insured or any person or entity who succeeds to the interest of such named Insured by operation of law as distinguished from purchase, any person or entity who succeeds to the interest of such named In- sured by operation of law as distinguished from purchase including but not Limited to the following: (0 heirs, devisees, distributees, executors and ad- ministrators; (ii) the successors in interest to a corporation re- sulting from merger or consolidation or the dis- tribution of the assets of such corporation upon partial or complete liquidation; (iii) the partnership successors in interest to a general or limited partnership which dissolves but does not terminate; (iv) the successors in interest to a general or limited partnership resulting from the distribution of the assets of such general or limited partnership up- on partial or complete liquidation; (v) the successors in interest to a joint venture re- sulting from the distribution of the assets of such joint venture upon partial or complete liquidation, (vi) the successor or substitute trustee of a trustee named in a written trust instrument; or (vii) the successors in interest to a trustee or trust re- sulting from the distribution of all or part of the assets of such trust to the beneficiaries thereof 2. EXCLUSIONS FROM THE COVERAGE OF THIS POLICY: THE POLICY DOES NOT INSURE AGAINST LOSS OR DAMAGE BY REASON OF THE FOLLOWING: (a) LACK OF ADEQUATE TITLE IN THE IN- SURED PROPERTY TO ALLOW IT TO BE USED, SOLD, TRANSFERRED, LEASED OR MORTGAGED FOR ANY PURPOSE INTENDED BY THE INSURED NOR LOSS OF OPPORTUNITY OR ECONOMIC EXPECTATION. (b) Governmental rights of police power or eminent domain unless notice of the exercise of such rights appears in the public records at the date hereof; and the consequences of any law, ordinance or governmental regulation including, but not limited to, building and zoning ordinances. CONDITIONS AND STIPULATIONS (c) Any titles or rights asserted by anyone includ- ing, 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 estab- lished or changed by any government, or to filled -in lands, or artificial islands, or to riparian rights, or the rights or in- terests 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 their right of access thereto, or right of ease- ment along and across the same. (d) Defects, liens, encumbrances, adverse claims, or other matters (1) created, suffered, assumed or agreed to by the Insured; (2) not known to the Company and not shown by the public records but known to the Insured either at the date of this policy or at the date the Insured acquired an estate or interest insured by this policy and not disclosed in writing by the Insured to the Company prior to the date such Insured became an Insured hereunder; (3) resulting in no loss or damage to the Insured; (4) attaching or created subsequent to the date of this policy; (5) resulting in loss or damage which would not have been sustained if the In- sured had paid value for the estate or interest insured by this policy; or (6) the homestead or community property or survivorship rights, if any, of any spouse of any Insured. 3. DEFENSE AND PROSECUTION OF ACTIONS: (a) In all cases where this policy provides for the defense of any action or proceeding, the Insured shall secure to the Company the right to so provide defense in such action or proceeding, and all appeals therein, and permit it to use, at its option, the name of the Insured for such purpose. (b) The Company shall have the right to select counsel of its own choice whenever it is required to defend any action or proceeding, and such counsel shall have com- plete control of said defense. (c) The Company shall have the right at its own cost to institute and without undue delay prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the title to the estate or interest as insured, and the Company may take any appropriate action under the terms of the policy, whether or not it shall be liable thereunder, and shall not thereby concede liability or waive any provision of this policy. When, after the date of the policy, the Insured notifies the Company as required herein of a lien, encum- brance, adverse claim or other defect in title to the estate or interest in the land insured by this policy which is not ex- cluded or excepted from the coverage of this policy, the Company shall promptly investigate such charge to deter- mine whether the lien, encumbrance, adverse claim or de- fect is valid and not barred by law or statute. The Com- pany shall notify the Insured in writing, within a reasonable time, of its determination as to the validity or invalidity (Continued Below) GF No. or File No.. , . 151 10 1 Date of Policy: Dec ero bE.t• 27, 1 985 Name of Insured:Fa 10 49 AM IJilY OF RLIUND ROCP SCHEDULE A Owner Policy No. • Amount: 1. The estate or interest in the land insured by this policy is: (Fee Simple, leasehold, easements, etc., - identify or describe) FEE SIMPLE 2. The land referred to in this policy is described as follows: Lots One ( 1 ) , Two (2), Three (3), Four (4), and Five (5), Block Ten (10), CITY OF ROUND ROCK, Williamson Count g, fe ,as, accordino to the map or plat thereof of record in Vcdume Page 314, Deed Records of Williamson Countg, fe and in Cabi net H. SI 1 de 190, Pl Records of Williamson Lountg, 209, 000 • Do TITLE GUARANTY CO., INC. SCHEDULE B Owner Policy No.: u This policy is su'bject to the Conditions and Stipulations hereof, the terms and conditions of the le or easements insured, if any, shown in Schedule A, and to the following matters which are additional exceptions from the coverage of this policy: 1. The following restrictive covenants of record itemized below (the Company must either insert specific recording data or state "None of Record"): NONE OF EEC ORD 2. Any discrepancies, conflicts, or shortages in area or boundary lines, or any encroachments, or any overlapping of improvements. 3. Taxes for the year 19 and subsequent years, and subsequent assessments for prior years due to change in land usage or ownership. 4. The following lien(s) and all terms, provisions and conditions of the instrument(s) creating or evidencing said lien(s): Peed of Trust. Security Agreement, Assignment of Landlord's interest In Leases and Financing Statement dated as of December 15, 1985 from Round Rock Partners to Peterson Foster, as mortgage trustee, for the benefit of MBank Austin, National Association, as Trustee, securind $4,595,000.00 in Round Rock Industrial Development Corporation Industrial Development Revenue Bonds , Municipal Comple Project Series 1985), recorded in Volume 1290, Page 1, Official Records of Williamson County, and subject to 311 provisions thereof. including but not limited to, any additional indebtedness and 3n14 due on sale clauses. 5, Easement dated May 4, 1976, to Mid-re Farm Supplg Cooperative. recorded in Volume 624, Page 509, Deed Records, Williamson Countg, re as. 6, Terms, conditions, and stipulations of Lease .Agreement dated December 22, 1971 bg and between Wallace Luersen (Lessor) and Farmers State Bank (Lessee), recorded in Volume 1289, Page 849, Official Records of Williamson County, Te-as, and assigned to the City of Round Rock bg instrument dated December 28, 1977, recorded in Volume 782, Page 910, Deed Records, Williamson Countg. 7. Terms, conditions, and stipulations of Lease agreement termed Ground Lease dated December 12, 1985 by and between the City of Round Rock (Lessnr) and Round Rock Partners, a Colorado General Partnership (Lessee); and recorded in Volume 1289, Page 916, Official Records of Williamson Countu, 8, Rights of parties in possession. Y. Visible and apparent easements. COUNTERSIGNED: LONGHORN TITLE COMPANY, INC. Authorized Office TITLE GUARANTY CO., INC. 4 PAYMENT OF LOSS- (Continued From Above) of the Insured's 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 other- wise addressed in the closing of the transaction in connec- tion with which this policy was issued, the Company shall specifically advise the Insured of the reasons for its deter- mination. If the Company concludes that the lien, encum- brance, adverse claim or defect is valid, the Company shall take one of the following actions: (1) institute the necessary proceedings to clear the lien, encumbrance, adverse claim or defect from the title to the estate as insured; (2) indemnify the Insured as provided in this policy; (3) upon payment of appropriate premium and charges therefor, issue to the current Insured 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 lien, 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; (4) indemnify another title insurance company in connec- tion with its issuance of a policy(ies) of title insurance without exception for the lien, encumbrance, adverse claim or defect; (5) secure a release or other document discharg- ing the lien, encumbrance, adverse claim or defect; or (6) undertake a combination of 1. through 5. herein. (d) Whenever the Company shall have brought any action or interposed a defense as required or permitted by the provisions of this policy, the Company may pursue any such litigation to final determination by a court of com- petent jurisdiction and expressly reserves the right, In its sole discretion, to appeal from any adverse judgment or order. (e) Whenever requested by the Company, such in- sured shall give the Company all reasonable aid in any such action or proceeding, in effecting settlement, securing evi- dence, obtaining witnesses, or prosecuting or defending such action or proceeding, and the Company shall reimburse such insured for any expense so incurred. (f) Any action taken by the Company for the de- fense of the Insured or to establish the title as insured, or both, shall not be construed as an admission of liability, and the Company shall not thereby be held to concede liability or waive any provision of this policy (a) No claim shall arise or be maintainable under this policy for liability voluntarily assumed by the Insured in settling any claim or suit without written consent of the Company (b) All payments under this policy, except pay- ments made for costs, attorney fees and expenses, shall re- duce the amount of the insurance pro tanto; and the amount of this policy shall be reduced by any amount the Company may pay under any policy insuring the validity or priority of any lien excepted to herein or any instrument hereafter executed by the Insured which is a charge or lien on the land, and the amount so paid shall be deemed a pay- ment to the Insured under this policy. (c) The Company shall have the option to pay or settle or compromise for or in the name of the Insured any claim insured against by this policy, and such payment or tender of payment, together with all costs, attorney fees and expenses which the Company is obligated hereunder to pay, shall terminate all liability of the Company hereunder as to such claim. Further, the payment or tender of payment of the full amount of this policy by the Company shall termi- nate all liability of the Company under this policy. (d) Whenever the Company shall have settled a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the Insured, and it shall be subrogated to and be entitled to all rights and remedies of the Insured against any person or property in respect to such claim. The Insured, if requested by the Company, shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect such right of subrogation, and shall permit the Company to use the name of the Insured in any transaction or litigation involving such rights or remedies. 5. POLICY ENTIRE CONTRACT: Any action, actions or rights of action that the Insured may have, or may bring, against the Company, ansing out of the status of the title insured hereunder, must be based on the provisions of this policy, and all notices required to be given the Company, and any statement in writing re- quired to be furnished the Company, shall be addressed to it at Suite 108, 9461 LBJ Freeway, Dallas, Texas 75243. 6. THIS POLICY IS NOT TRANSFERABLE. 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 may also write the State Board of Insurance, Department C, 1110 San Jacinto Blvd., Austin, Texas 78786. This notice of complaint procedure is for information only and does not become a part or condition of this policy. NOTE• THIS POLICY VALID ONLY IF SCHEDULES A AND 13 ARE ATTACHED AND COUNTERSIGNED iii, ,Mite. 81 8 1,11, •� �I OWNER POLICY OF TITLE INSURANCE FORMS PRESCRIBED BY STATE BOARD OF INSURANCE OF TEXAS (REVISED 3 -1 -85) TITLE GUARANTY CO , INC HOME OFFICE SUITE 108, 9461 LBJ FREEWAY DALLAS, TEXAS 75243 214/783 -4681 Texas WATS 800 - 772 -0153 OWNER POLICY OF TITLE INSURANCE ISSUED THROUGH THE OFFICE OF. LONGHORN TITLE COMPANY 102 EAST 8th P. 0. BOX 769 GEORGETOWN, TEXAS 78627 -0769 HOME OFFICE SUITE 108, 9461 LBJ FREEWAY DALLAS, TEXAS 75243 214/783 .4681 Texas WATS 800- 772 -0153 JIr TITLE GUARANTY CO , INC `Siflfras milwri g"_'UY1 - w(rA