T-13 TX Mortgagee's Title Policy Binder on Interim Construction Loan Schedule B

MORTGAGEE'S TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN

BINDER NO. B-5833-

SCHEDULE B - PART 1

Showing defects, objections, liens, exceptions and reservations, to be shown as exceptions under SCHEDULE B of the Policy:

  1. The following restrictive covenants of record itemized below, but the Company insures that any such restrictive covenants have not been violated so as to affect, and that a future violation thereof will not affect the validity or priority of the mortgage hereby insured (insert specific recording data or delete this exception):

  2. Any discrepancies, conflicts or shortages in area or boundary lines, or any encroachments, or protrusions or any overlapping of improvements.

  3. Standby fees, taxes and assessments by any taxing authority for the year ___, and subsequent years; and subsequent taxes and assessments by any taxing authority for prior years due to change in land usage or ownership, but not those taxes or assessments for prior years because of an exemption granted to a previous owner of the property under Section 11.13, Texas Tax Code, or because of improvements not assessed for a previous tax year.

  4. In the event a Mortgagee Policy is issued prior to the improvements having been completed and accepted by the owner, and before satisfactory evidence that all outstanding bills have been paid or satisfied has been furnished to the Company issuing said Mortgagee Policy, an additional exception will be inserted under Schedule B of said Mortgagee Policy, excepting to ?Mechanic's and materialmen's liens?, as well as ?pending disbursements? (if applicable), the wording of said exception being as promulgated by the Texas Department of Insurance and specifically set out as Rule P8b3 in the Basic Manual of Rules, Rates and Forms for the Writing of Title Insurance in the State of Texas.

  5. (Insert here all other specific exceptions as to liens, easements, outstanding mineral and royalty interests, etc., which will be shown as exceptions under SCHEDULE B of the Mortgagee Policy).

SCHEDULE B - PART 2

Showing matters that affect the title to the estate or interest in the land described or referred to in SCHEDULE A, but Company commits to insure the Proposed Insured in the Mortgagee Policy against loss, if any, sustained by said Insured under the Policy if said matters are not subordinate to the lien described in SCHEDULE A.

 

No guidelines are available for this form at this time.