- Page 1 of 13 NOTICE OF CONFIDENTIALITY RIGHTS. IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OF THE FOLLOWING INFORMATION FROM THIS INSTRUMENT BEFORE IT IS FILED IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER.
NOTICE: THIS DOCUMENT MAY REQUIRE PAYMEN A FEE IN CONNECTION WITH A TRANSFER OF TIT 5 & §6). To obtain an Estoppel Letter (see 48) or contac closing (see 410 & 414).
DECLARATION OF C ANT This Declaration of Covenant was designed £0 pl h Tex. Prop. Code §5.017.
STATE OF TEXAS ° KNOW ALL MEN BY THESE PRESENTS COUNTY OF TARRANT This Declaration of Covenant (this “Dg whose mailing address is 3004 Iron Agé forth as follows: RN owner of that certain real property (“Property”) located in Tarrant County, State of ° y ACRH, LP., A TEXAS LIMITED PARTNERSHIP, On, TX 76006 (hereinafter “Declarant") for the purposes herein set WITNESSETH: J WHEREAS, Declarg Texas, described as follows: The real property dés¢ribed ’ SOs , Declarant hereby declares that the Property shall be transferred, held, sold and conveyed subject tothi aration’ and all matters set forth in this Declaration, which shall be deemed covenants running with the land ‘aad the tiffe yb the Property and shall be binding upon all parties having or acquiring any right, title or interest in the PropeNy or ax¥ part thereof: Exhibit "A" attached hereto and incorporated herein for all purposes.
I. DEFINITIONS. In addition to words and phrases defined elsewhere in this Declaration, the following words when used in this Declaration shall have the following meanings: a. “Beneficial Interest” shall refer to an undivided ownership interest in the rights, interest, ownership and privileges
llowing words when used in this Declaration shall have the following meanings: a. “Beneficial Interest” shall refer to an undivided ownership interest in the rights, interest, ownership and privileges in and to this Declaration, apportioned pursuant to section 17 and thereafter in accordance with section 18 or as otherwise provided herein.
b. "Beneficiary" shall refer to the owner of a Beneficial Interest.
ce. "Closing Agent" or “Settlement Agent" shall have its customary meaning within the real estate industry, and File# 7647 1 Page 2 of 13 ' generally shall refer to the party responsible for conducting and/or facilitating a closing of a conveyance of all or any portion of the Property; usually either a title company, attorney or escrow agent who prepares paperwork and conducts a closing related to the Conveyance.
d. "Consideration" and “Gross Sales Price” mean the price actually paid or required to be paid for the real property or interest therein, including payment for an option or contract to purchase real property, whether or not expressed in the Conveyance Instrument and whether paid or required to be paid by money, property, or any other thing of value.
It shall include the cancellation or discharge of an indebtedness or obligation. It shall also include the amount of any mortgage, purchase money mortgage, lien or other encumbrance, whether or not the underlying indebtedness is assumed or taken subject to.
purchase or renew and the value of rental or other payments attributable to the exercise of ay (ii) In the case of a creation of a subleasehold interest, Consideration shall include (wi of the sublease rental payments attributable to the use and occupancy of the real property paid for an option to renew and the value of rental or other payments attributable
deration shall include (wi of the sublease rental payments attributable to the use and occupancy of the real property paid for an option to renew and the value of rental or other payments attributable renew less the value of the remaining prime lease rental payments required market value of the real property or interest therein, apportioned bas¢ transferred or acquired in the entity.
ude the vaine of the remaining rental payments nt to be paid for the real property pursuant to the terms of the option or contract being assigned or s (v) In the case of (i) the original conveyance o co with the grant or transfer of a proprietary leaseHott and (ii) the subsequent conveyance by the owne residential unit, Consideration sha ludd pnate share of the unpaid principal of any mortgage on the real property of the cooperative‘hpyst OT comprising the cooperative dwelling or dwellings. Such share shall be determined by 7 tal unpaid principal of the mortgage by a fraction, the numerator of which shall be the number o ing conveyed in the cooperative housing corporation in connection with the grant or transfer of shares of stock in the cogperati e. "Controlling Interest" rhea voting power of all classe easehold and the denominator of which shall be the total number of uclf corporation, and (it) in the case of a partnership, association, trust or other entity, agital, profits or beneficial interest in such partnership, association, trust or other entity.
thé transfer or transfers of any Real Property Interest by any method, including but not ¢ assignment, surrender, foreclosure, transfer in lieu of foreclosure, option, trust indenture, leaschold Orsubttase only where (i) the sum of the term of the lease or sublease and any options for renewal exceeds
, surrender, foreclosure, transfer in lieu of foreclosure, option, trust indenture, leaschold Orsubttase only where (i) the sum of the term of the lease or sublease and any options for renewal exceeds forty-nine years, (ii) substantial capital improvements are or may be made by or for the benefit of the lessee or sublessce, and (iii) the lease or sublease is for substantially all of the premises constituting the portion of the Property that is the subject of the conveyance. Notwithstanding the foregoing, Conveyance shall not include a conveyance pursuant to devise, bequest or inheritance; the creation, modification, extension, spreading, severance, consolidation, assignment, transfer, release or satisfaction of a mortgage; a mortgage subordination agreement, a mortgage severance agreement, an instrument given to perfect or correct a recorded mortgage or deed of trust; or a release of lien of tax.
Except as otherwise exempted by section 6, a Conveyance which would not otherwise be a Conveyance for purposes File# 7647 2 Page 3 of 13 ' of this Declaration, but which is subject to a transfer tax, documentary stamps or similar tax that is (1) assessed by a governmental entity, (2) computed on the sales price or consideration given in connection with the conveyance, and (3) payable in connection with a transfer of title (a “Transfer Tax”), shall also be a Conveyance for purposes herein and the Consideration used for calculation of the Transfer Tax shall also be the Consideration for purposes of this Declaration.
g. "Conveyance Instrument" shall mean the instrument of Conveyance, which shall include (without limitation): warranty deed; trustee deed; quit claim deed; executor’s deed; administrator’s deed; court order; assignment: or
ent" shall mean the instrument of Conveyance, which shall include (without limitation): warranty deed; trustee deed; quit claim deed; executor’s deed; administrator’s deed; court order; assignment: or similar instrument recorded in the OPR (as defined below). A Grantee’s assumption of the obligations and benefits of ownership of the Property shall constitute acceptance of the Conveyance Instrument for purposes herein.
h. Where context, statute or custom requires, the term "County" shall be interchangeable with the te "Parish", "Borough" or similar administrative subdivisions within a State.
i. "“Estoppel Certificate" shall mean a document, in recordable form, signed by the Trustee, that se ther or not there exists, at the time of issuance of the Estoppel Certificate, any amount due under, or ction j. "Grantor" means the Person making the Conveyance.
k. "Grantee" means the Person who obtains the Real Property Interest as a result of af |. “Lender” shall mean any bank, government sponsored entity, savings a sty or similar entity that is engaged in the business of owning, servicing or p aecsOn real property and is licensed to engage in such business if required by applicable law.
m. "Of Record" shall mean filed in the OPR.
n. “OPR" shall mean the Office of Public Records (also kno records", “real property tecords", "deed records", "county résorter’s officé—“County clerk’s office" and "public records”) of the county, municipality, parish, township, town or shmildx political subdivision in which the Property is copy to the Trustee by certified mail.
0. "Owner" shall mean the record owner(s) holdi this Declaration.
p. "Parties to this Declaration" shall ji1€ to all or any part of the Property that is subject to and entities then holding rights or having obligations under
e record owner(s) holdi this Declaration.
p. "Parties to this Declaration" shall ji1€ to all or any part of the Property that is subject to and entities then holding rights or having obligations under this Declaration and their successors and as$ious: q. "Person" means an individua\perthe Me ed liability company, society, association, joint stock company, corporation, estate, receiver, tnijstée nec, xeferee or any other person acting in a fiduciary or representative capacity, whether appointed by? g gr ptherwise, any combination of individuals, and any other form of unincorporated enterprise owne by two or more persons.
érty described on page one of this Declaration, including (i) any and all qys, drives, common areas, rights of way and improvements now or hereafter é"Improvements"); SAVE AND EXCEPT any portion of the Property owned by a eK state, local, city, municipality, federal, or otherwise, hereinafter "Public Property").
2 Interest" includes title in fee, a leasehold interest, a beneficial interest, an encumbrance, air space and air rights, or any other interest with the right to use or occupancy of all or any portion of the Property or the right to receive rents, profits or other income derived from all or any portion of the Property. It shall also include an option or contract to purchase all or any portion of the Property, to the extent that such option or contract gives the Grantee use and occupancy rights of the real property. It shall not include a right of first refusal to purchase all or any portion of the Property.
t. "Reconveyance Fee" shall mean the fee described in section 5 of this Declaration, together with interest, costs and fees associated with an Unpaid Reconveyance Fee as otherwise described in this Declaration.
eyance Fee" shall mean the fee described in section 5 of this Declaration, together with interest, costs and fees associated with an Unpaid Reconveyance Fee as otherwise described in this Declaration.
u. Where the context, statute or custom requires, the term "State" shall be interchangeable with the term "Commonwealth" or "District".
Pile# 7647 3 - Page 4 of 13 | 2. TERM. Except as otherwise provided herein, this Declaration and the covenants contained herein shall become binding upon the Property and the Parties to this Declaration upon filing of this Declaration in the OPR and shall expire at midnight GMT on December 31, 2110.
3. | CONSENT. By acceptance of the Conveyance Instrument or Conveyance, each Owner of such Real Property Interest covenants, acknowledges, consents and agrees to the terms, conditions, promises, stipulations, grant of rights and authority, covenants, charges, liens, obligations, duties and restrictions contained in this Declaration, intending to be legally bound by same to the maximum extent allowed by law, and to the same extent as if expressed in the Conveyance Instrument, and takes and conveys such Real Property Interest subject to the provisions of this Declaration. Each Owner acquiring the Real Property Interest, whether expressed in the Conveyance Instrument or not, covenants and agrees to payment of the Reconveyance Fee upon a Conveyance by such Owner of such Real Property Interest.
4. CONSIDERATION FOR BENEFITS AND BURDENS. By acceptance of a Conveyance Consideration paid by Owner was based in whole or in part upon the existence o Declaration benefits the land within the community in which the Property is loca wowledBes and agrees (i) that the ; Gi) the Reconveyance Fee is, 5. AMOUNT DUE. Except as otherwise provi
e existence o Declaration benefits the land within the community in which the Property is loca wowledBes and agrees (i) that the ; Gi) the Reconveyance Fee is, 5. AMOUNT DUE. Except as otherwise provi connection with a Conveyance, the Grantor shall pa Fee") equal to one percent (1%) of the Conside Conveyance.
6. EXEMPTIONS. The Reconveyay the Declarant; (b) made by the Owp sole purpose of securing the ind including transfers by will or probate; or to a Lender in connection withrego broadly construed in favor of thE Bender, ‘a dispositions made as a resul Recah ion of title by a Lender arising out of a deed in lieu of foreclosure); (e) by or to poraneous with, and as an encumbrance in 2 tee for Beneficiaries, a fee (the "Reconveyance or on behalf of the Grantee in connection with the beassessed or payable in connection with a Conveyance (a) by a mortgage or deed of trust where the Conveyance is for the er, (c) resulting from death or legal disability of an Owner, fo a Lender or Lender’s designated trustee when the Conveyance is by with a Contro the Grantee, where the Grantee owns a Controlling Interest in the Grantor, or where a Person own g Intéfest in both the Grantor and Grantee (an “Affiliate Transaction”); (g) made by order of a court with bankruptcy, divorce or otherwise, but excluding an order for specific performance), (h) w annot be identified by reference to this Instrument or the OPR; or (i) occurring prior to January 1, 2012. Exe * ppfsuant to section 6(c), 6(d), 6(f) or 6(h) shall be supported by Grantor's written affidavit under oath that the foregeing-ekemption(s) apply, which shall be filed in the OPR in connection with the Conveyance.
7, RESERVATION. This Declaration and the premises and promises contained herein are intended to be a covenant
ing-ekemption(s) apply, which shall be filed in the OPR in connection with the Conveyance.
7, RESERVATION. This Declaration and the premises and promises contained herein are intended to be a covenant running with the land and title to the real property and as a deed restriction (whether stated in the Conveyance Instrument or not) and shall be binding upon each Owner and its successors and assigns. Whether expressed therein or not, a Conveyance Instrument conveying a Real Property Interest shall be deemed to contain therein a reservation providing that the Conveyance is expressly subject to this Declaration. Parties acquiring any portion of the Real Property Interest take title subject to this Declaration and the reservations herein provided. In the event of any conflict between the provisions of this Declaration and any Conveyance Instrument, this Declaration shall control.
File# 7647 4 Page 5 of 13 8. ESTOPPEL CERTIFICATE. Within 2 business days after Trustee’s receipt of a written request ("Estoppel Request") from an Owner or their designated representative, including any mortgagee or Closing Agent (the “Requesting Party”), the Trustee shall furnish to such Requesting Party an Estoppel Certificate, and: a. an Estoppel Request shall identify with reasonable specificity (i) this Declaration; (ii) the then-current Owner and (iii) the Requesting Party’s name, address and contact information. (See www.CovenantClearinghouse.com) b. an Estoppel Certificate delivered by the Trustee shall be conclusive and binding upon the Trustee and Beneficiaries, and the Property described in the Estoppel Certificate shall not be subject to liens or claims arising out of this Declaration for any amounts or defaults (including, without limitation, Unpaid Reconveyance Fees) that may
ribed in the Estoppel Certificate shall not be subject to liens or claims arising out of this Declaration for any amounts or defaults (including, without limitation, Unpaid Reconveyance Fees) that may have accrued prior to the date of the Estoppel Certificate and which are not otherwise described within the Estoppel Certificate.
c. if the Trustee fails to timely respond to a written request made pursuant to this provision, then a business days notice of intent to file a Substitute Estoppel Certificate ("Substitute Estoppel Noticé and provided that the Trustee fails to provide an Estoppel Certificate within said 4 day periog deemed that there are no unpaid amounts or defaults as of the date of the request, and the the Substitute Estoppel Notice.
9. LIEN AND PRIORITY; LIABILITY; COLLECTION. To the exte Property”), which Lien shall thereafter be binding upon such Lieri a. the Lien is effective from the date the Unpaid Reconveyaneea b. the Lien shall secure the Unpaid Reconveyance Fee as y incurred incident to the collection process.
c. the Lien shall be subordinate to a Lender’s fi “First Mortgage”). The foregoing subordination 6 Unpaid Reconveyance Fees (i) arising from the ed in a Notice of Lien filed at least 21 days prior to the d. as a condition precedent to foreafo sur€ ofa Y é Trustee shall execute and file in the OPR written notice of Unpaid Reconveyance Fees (a “ e offLie To be valid, a Notice of Lien must identify the Lien Property, the percent (1%) of the origina f. with the prior written
percent (1%) of the origina f. with the prior written pertaining to payment of enforcement costs and disposition of Lien Property seclosure) the Trustee may bring an action, in its name or on behalf of one or more proceeds ofhe-s4le, if any) reasonable attorney's fees incurred in either a foreclosure action or an action to recover a money judgment for Unpaid Reconveyance Fees.
g. for the benefit of the Beneficiaries, the Trustee has the power to purchase the Lien Property at the foreclosure sale and to then hold, lease, mortgage, or convey it.
h. except as otherwise set forth herein, the Lien Property shall remain subject to Unpaid Reconveyance Fees and any party acquiring title to Lien Property is liable for, and shall promptly pay to the Trustee, all Unpaid Reconveyance Fees accrued prior to the acquisition of the Lien Property by such party. This liability is without prejudice to any right that such party may have to seek contribution or indemnity from prior Grantor(s) or owner(s) of the Lien Property.
Filet 7647 5 Page 6 of 13 i, the Trustee shall be a proper party to intervene in any foreclosure proceeding related to Lien Property.
j. foreclosure of a Lien, First Mortgage or other similar lien shall not extinguish this Declaration.
k. any proceeding under one remedy shall not constitute an election of remedies. Failure to proceed under any remedy shall not be deemed a waiver of that remedy.
1. unpaid sums due under this Declaration shall bear interest at the lesser of the maximum non-usurious lawful rate allowed by law or 10 percent per year. Interest shall not exceed the maximum amount of nonusurious interest that
s Declaration shall bear interest at the lesser of the maximum non-usurious lawful rate allowed by law or 10 percent per year. Interest shall not exceed the maximum amount of nonusurious interest that may be contracted for, taken, reserved, charged, or received under law; any interest in excess of that maximum amount shall be credited on the principal of the debt or, if that has been paid, refunded. This provision overrides other provisions, demands or actions to the contrary.
on or accompanying a payment.
n. within ten (10) business days from date of receipt of a written request from Trustee, a provide information reasonably requested by the Trustee related to a Conveyance to or froma g Agent(s) from liability of bmpliance with this provision.
successor Trustee, the “Trustee”). See rustee Site") for address and contact the Trustee shall be deemed made when sent to accordance with the rights, privileges and duties granted in this ax contemplated herein. Licensor shall have the sole and exclusive 2 greements with) successor Trustees, succeeding to all rights and sha be entitled to appoint a successor Trustee, but such appointment shall be § aforementioned right of appointment. Upon Licensor’s or Trustee’s request, ptly join in execution of any documents deemed by Trustee or Licensor as ate this provision, provided however that the failure of one or more parties to do so shall aiwis and damages which arise out of or which are related to (i) the appointment of a Trustee s section and Gi) Licensor’s ownership interest in, or exercise of control over, Trustee. The NON-JUDICIAL FORECLOSURE. To the extent permitted by law, each Owner, by acceptance of the Conveyance Instrument, whether expressed therein or not, hereby expressly vests in the Trustee the power to bring all
CIAL FORECLOSURE. To the extent permitted by law, each Owner, by acceptance of the Conveyance Instrument, whether expressed therein or not, hereby expressly vests in the Trustee the power to bring all actions against such Owner personally for the collection of unpaid amounts due hereunder and the power to enforce any Liens by all methods available for enforcement of such Liens, including judicial and non-judicial foreclosure of Lien Property by an action or proceeding brought in the name of the Trustee or Beneficiaries in the manner provided for in the laws of the jurisdiction where the Lien Property is located for mortgage or deed of trust liens on real property, and Owner expressly grants the Trustee a power of sale of the Lien Property. In connection with a non-judicial foreclosure, and subject to any requirements imposed by applicable law, the Trustee shall: File# 7647 6 Page 7 of 13 a. give notice of default, and notice of the foreclosure sale, to the Owner of the Lien Property; b. sell and convey the Lien Property to the highest bidder for cash, with conveyance subject to valid prior liens, and other valid and prior exceptions to conveyance and warranty, and to this Declaration; and c. from the proceeds of the sale, pay, in this order: i. expenses of foreclosure, including a commission to the Trustee of 3% of the bid; ii. toanon-profit made pursuant to 13(b), five percent of the sums remaining after deducting 11(c)(i); iii, to Beneficiaries, all sums due and unpaid, in accordance with their Beneficial Interest; ili. any amounts required by law to be paid before payment to Owner; and iv. to the Owner of the Lien Property prior to foreclosure, any balance.
Recitals in any Trustee’s deed conveying the Lien Property will be presumed true. Foreclosure of sums du
payment to Owner; and iv. to the Owner of the Lien Property prior to foreclosure, any balance.
Recitals in any Trustee’s deed conveying the Lien Property will be presumed true. Foreclosure of sums du by the Lien shall not discharge this Declaration. Trustee is authorized to undertake any lawful actj sary to effectuate this provision.
12. TRUSTEE RIGHTS. To the maximum extent permitted by law, Beneficiaries jointly a’ Trustee the right to undertake on behalf of Beneficiaries, as agent thereof, any action necessary or appropriate to prosecute, defend, administer and exercise rights and obligatiops.arisindseut of or related to this Declaration, including, but not limited to, the right to: a. collect and disburse sums in connection with this Declaration: b. undertake or defend, including retaining others to undertake and dé proceedings; c. execute Estoppel Certificates and similar documents; d. re-file this Declaration (or an abstract thereof) as a renewal and co under this Declaration. (Notwithstanding the forepgity, thé a Beneficial Interest); f. be reimbursed by Beneficiaries (or retain frony.2 “Beneficiaries under this Declaration), on a prorata 9 necessary to reimburse Trustee for reasonable and necessary expenses incurred in initia e legal proceedings in connection with this Declaration, g. decline to undertake actio arrangements with Trustee for cotts.a g 13. TRUSTEE DUTIES. Tho-Frostgeshal, to the maximum extent allowed by law, and as agent for Beneficiaries: ea nifiety days from date of receipt pay to, the Beneficiaries, in proportion to their respective Beneficial Interés oyveyance Fees (after permitted deductions and distributions otherwise described
s: ea nifiety days from date of receipt pay to, the Beneficiaries, in proportion to their respective Beneficial Interés oyveyance Fees (after permitted deductions and distributions otherwise described of receipt of ay ‘said Funds to one or more secular non-profit organizations for the direct or indirect benefit of the go Hich the Reconveyance Fee originates, it being the intention of this Declaration, the Bene h owner that a portion of the Reconveyance Fee arising from the Property be reinvested in the Declaratiorinetfiding each Owner (by acceptance of a Conveyance Instrument) acknowledge, agree and stipulate that (i) non-profit organizations build better communities and enhance property values; (ii) the foregoing allocation is good, independent and sufficient consideration for this Declaration and the Reconveyance Fee due hereunder and (iii) the foregoing touches and concerns the land, and (iv) the term “community” shall be broadly construed. In no event shall a non-profit (aa) obtain rights or interests in this Instrument as a result of this section 13(b), and (bb) as a condition of acceptance of funds under this section 13(b), be required to segregate or trace the funds to the Property or the community. The Trustee’s discretion and determination as to the interpretation and application of this section 13 (b) shall be conclusive and no Beneficiary shall have a right or claim to the aforementioned funds or authority as to File# 7647 7 Page 8 of 13 the disbursement of same, provided however that Licensor shall have the absolute and superior right (but not the - obligation) to designate the non-profit(s) for receipt of funds pursuant to this section 13(b), and to designate a
vided however that Licensor shall have the absolute and superior right (but not the - obligation) to designate the non-profit(s) for receipt of funds pursuant to this section 13(b), and to designate a foundation or similar entity for disbursement of said funds, and such designation shall be binding: exercise the rights and duties assigned hereunder; maintain records of Trustee’s receipts and disbursements related to this Declaration; execute Estoppel Certificates and similar documents reasonably requested by Requesting Parties; exercise the Trustee Rights when reasonable or necessary to do so; comply with any other written agreements between Trustee and Beneficiaries; accept as agent for each Beneficiary service of process and other notices related to this Declaration; and i. have (and is hereby granted) authority to undertake the foregoing as agent for the Beneficiaries.
Notwithstanding the foregoing, Trustee shall have no obligation to (i) issue payment to a non-profit or the gross sum due and unpaid thereto exceeds One Hundred Dollars $100.00 or (ii) pay or distribute collected on funds held by Trustee in accordance with this Declaration.
14. CLOSING ADMINISTRATION. In connection with any Conveyance: a. neither the Grantor nor a Closing Agent shall have any obligation to investigate g Trustee or any other information related to this Declaration by means other than by refére b. if for any reason the Trustee cannot be located by reference to the OPR roe me ao ONC.
applicable state escheatment rules.
c. upon tender of payment to Trustee of sums due under this De paid in connection with a Conveyance, and way Reconveyance Fee collected. Acceptance of the fo expressed or implied, on the part of the Closing Agent, €. when in doubt as to duties or liabilities relagé
id in connection with a Conveyance, and way Reconveyance Fee collected. Acceptance of the fo expressed or implied, on the part of the Closing Agent, €. when in doubt as to duties or liabilities relagé with the clerk of any court of competen isdi f. the Grantor and the Closing / hereby released as to claims re: g. itis understood that a Closing be accountable for any incide sintlyand severally. An estoppel, certification or similar document made by the Trustee shall be bipth d all be deemed the act and deed of, all Beneficiaries, jointly and severally. A Closing This sectts érgfis the Closing Agent certain rights and accommodations in connection with facilitating a Conveyance. “Hewever, nothing herein shall be deemed to impose an obligation upon a Closing Agent to undertake any act or deed. It shall be the Owner’s responsibility to remit the Fee in accordance with the terms and conditions of this Declaration, and to undertake all acts, deeds and responsibilities incident thereto. Each Beneficiary, by acceptance of a Beneficial Interest in this Declaration, waives all claims arising out of and related to this Declaration (in law and in equity) against each Closing Agent and title insurance company undertaking any act, or failing or refusing to undertake any act, in connection with this Declaration. The foregoing shall not waive the Beneficiaries’ rights against an Owner, Grantor or the Property, shall not operate as an indemnification of the Closing Agent and title insurance company, nor shall the foregoing apply to a Closing Agent’s or title insurance company’s failure or refusal to insure or close a File# 7647 8 Page 9 of 13 transaction based upon the existence of this Declaration.
shall the foregoing apply to a Closing Agent’s or title insurance company’s failure or refusal to insure or close a File# 7647 8 Page 9 of 13 transaction based upon the existence of this Declaration.
15. PAYMENT AND NOTICE. Payment shall be deemed made to the Beneficiaries when received by the Trustee in good and collected funds.
16. ADDITIONAL RECONVEYANCE FEES PROHIBITED. During the term of this Declaration no additional Reconveyance Fee or similar fee payable in connection with a Conveyance shall be imposed upon the Property as a covenant running with the land; provided, however, that the foregoing shall not prohibit fees, charges or assessments of whatever kind or of whatever nature payable to and for the benefit of a homeowner’s association, governmental entity or non-profit organization.
17. BENEFICIARIES. All rights, interest, ownership and privileges in and to this Declaration, SAVE AND EXCEPT “Declarant’s Right to Terminate" under section 25, and rights assigned to Licensor, belong to and are her the following Beneficiaries, who/which are each hereby declared the owner(s) of Beneficial Interests i entages shown below: a. ACRH, LP., a Texas limited partnership, 3004 Iron Stone Ct, Arlington, TX 76006 (50%) b. FCP Realty Interests III, LLC., a Nevada limited liability company, FDR Station P.O. Box72 10150 (31%) c. Joe A. Potthoff, 6709 Gascony Place, Fort Worth, TX 76132 (10%) d. Stephen T, Wall, 1011 Red Wing Ct, Mansfield, TX 76063 (5%) e. Rich Brittain , 2015 Encino Valley, San Antonio, TX 78259 (2%) f. Townshend Holdings, LLC., a California limited liability company, PO Hox 476K San Jose, CA 95150 (2%) 18. BENEFICIARY SALE/ASSIGNMENT. Each Beneficiary is entitled gy, assign, pledge, subordinate,
f. Townshend Holdings, LLC., a California limited liability company, PO Hox 476K San Jose, CA 95150 (2%) 18. BENEFICIARY SALE/ASSIGNMENT. Each Beneficiary is entitled gy, assign, pledge, subordinate, hypothecate, bequeath and devise, in whole and in part, their Beng capable of acceptance, an arms length offer to acquire all or pak interest for all remaining Beneficial Interests. Licensor shall héyc this section 18 2 19. BENEFICIARY DUTIES. Each Beneficiary shalf, a. provide notice of a purchase, sale, pledge, assigames mitér conveyance of all or part of a Beneficial Interest and in a form and content acceptable to Trustee. Any person, firm or entity who acquires (by, en} of otherwise), in whole or in part, a Beneficial Interest shall.
by taking such assignment, have co: e terms of this Declaration; and b. maintain with Trustee the meth of payment to be used for distributions to Beneficiary (Payment Instructions”).
Where neither Payment Instruction€ por hotice oF sale or assignment have been made pursuant to section 18 have been received, Trustee shall pay to the Hamg aqd Address shown in section 17. Payments unclaimed for ten years from date of Trustee’s receipt shall be forfeisé e BE 20. LICENSE. This D clap wag prepared under license from Freehold Capital Partners, LLC., a Nevada limited liability company (to iis hé1 ORITY. If Licensor should discontinue operations and cease to exist (as evidenced by orate charter), and provided that the rights and autborty granted Licensor under this Licensor’s cotperafe charter following forfeiture shall reinvest Licensor’s Authority solely in Licensor.
22. IMPAIRMENT OF CONSIDERATION. Each Owner, by acceptance of a Conveyance Instrument, whether
Licensor’s cotperafe charter following forfeiture shall reinvest Licensor’s Authority solely in Licensor.
22. IMPAIRMENT OF CONSIDERATION. Each Owner, by acceptance of a Conveyance Instrument, whether expressed therein or not, stipulates and agrees that neither destruction nor obsolescence of, nor defect in, Improvements or Property Benefits shall directly or indirectly diminish, impair or invalidate this Declaration in any way. No party holding rights in and to this Declaration, as a Beneficiary thereof, shall have an obligation to construct, maintain, warranty, modify, add to, or transfer additional improvements or Property Benefits to the Property beyond the date of recordation of this Declaration, in order for this Declaration to be in full force and effect.
23. BENEFIT AND BURDEN. It is the intent of the Parties to this Declaration, and each Owner (by acceptance of a File# 7647 9 Page 10 of 13 Conveyance Instrument), that this Declaration and the benefits, burdens, premises and promises contained herein run with the land and shall be binding upon and shall inure to the burden and benefit of each Owner and the Beneficiaries, together with their respective successors, heirs and assigns.
24. SAVINGS CLAUSE. In the event any provision in this Declaration, including any modification thereto, is adjudicated impermissible or unenforceable, then the offending provision shall be deemed modified to the extent possible and necessary to comply with applicable law and to preserve each Beneficiary’s right to consideration equal to the consideration originally contemplated under this Declaration.
25. DECLARANT’S RIGHT TO TERMINATE. Notwithstanding any provision or term to the contrary herein, this
right to consideration equal to the consideration originally contemplated under this Declaration.
25. DECLARANT’S RIGHT TO TERMINATE. Notwithstanding any provision or term to the contrary herein, this Declaration shall terminate and be rendered null, void and of no force and effect in its entirety with respect to any portion of the Property that is the subject of a Termination (hereinafter defined), As used herein, a "Termi refer to a written document that (i) describes the portion of the Property to be Released and Exong Declaration (the "Released Property"), (ii) contains the following statement made under oath by the*Ra Termination on behalf of the Declarant: “Undersigned does swear and affirm upon personal knofledge Released Property, nor Declarant’s Beneficial Interest, nor a Controlling Interest in De ey baetn/sold, conveyed or assigned since the date of filing of the Declaration recorded in [insert recarding Ywféryfation of this Declaration]”, and (ii) is recorded in the OPR. Upon the sale, conveyance or assigiy ele Declarant’s Beneficial Interest, or a Controlling Interest in Declarant, this Article erally the “Affected Parties”).
Declarant shall be free to record a Termination notwithstanding any dub to the Affected Parties and regardless of any financial or legal effect such Termination may Declarant’s written request, the Trustee and Affected ies provision. This right to terminate is personal to the Dé&, by another party (including, but not limited to, by anys Rew’or assign of Declarant).
equest of either Licensor or the holders of a majority intended or contemplated in this Declay4 in the terms hereof, or to make sug effectuate the purposes and intent Of 4 Aste i/ provided, however, that no such modification shall (i) change the
majority intended or contemplated in this Declay4 in the terms hereof, or to make sug effectuate the purposes and intent Of 4 Aste i/ provided, however, that no such modification shall (i) change the percentage in section 5 of this Dectage Mroactively affect a Lender’s lien priority; (iii) extend the Term of this Declaration nor (iv) make any-Todifdatidys to substantive terms that change the intent of this Declaration. Any modification shall be made ¥ itumtent filed in the OPR. All parties to this Declaration jointly and severally waive any and all claims against L 28. CONSFRUETION. This Declaration shall be liberally construed in and for the interest, benefit and protection of Beneficiaries.
29. LIMITATION ON DAMAGES. Except as otherwise provided herein no party to this Declaration shall be entitled to recover from any other party to this Declaration, costs, including attorney fees, incurred in connection with legal proceedings arising out of or related to this Declaration. Each party to this Declaration, including Owner, and Beneficiaries, hereby jointly and severally waive all claims against each other for exemplary, punitive, consequential, and emotional damages arising out of or related to this Declaration.
30. APPLICABLE LAW. This Declaration shall be construed according to the laws of the State of Texas. If any File# 7647 : 10.
Page 11 of 13 provision of this Declaration is found to be in violation or conflict with applicable law then said provision shall be amended only to the extent necessary to comply with the applicable law, but shall otherwise remain in full force and §) o£? . personally appeared , Signer of IN WITNESS WHEREOF, this Declaration is executed on the date indicated below.
DECLARANT ACRH, LP., a Texas limited partnership
herwise remain in full force and §) o£? . personally appeared , Signer of IN WITNESS WHEREOF, this Declaration is executed on the date indicated below.
DECLARANT ACRH, LP., a Texas limited partnership By: Anvil Property Management LLC., a Texas limited liability company, its general partner STATE OF Lh § ACKNOWLEDGMEN COUNTY OF aarmA —§ Before me, the Undersigned Notary, on the 3 day of L wf When Recorded Return To: Freehold Capital Partners FDR Station P.O. Box 7298 New York, NY 10150 File# 7647 1] Page 12 of 13 Exhibit A Location: 3118 S Cooper St, Arlington Legal Description: Newton, A Addition Blk Lot 58 & Page 13 of 13 SUZANNE HENDERSON COUNTY CLERK 100 West Weatherford Fort Worth, TX 76196-0401 “eect et PHONE (817) 884-1195 FREEHOLD CAPITAL PARNTERS PO BOX 7298 FDR STATION NEW YORK, NY 10150 Submitter: WILLIAM S MERRITT ©) Filed For Registration: 2/5/2010 1: Instrument #: . D2100273 PGS $60.00 Big a By: D210027317 ANY PROWSION GH RESTRICTS THE SALE, RENTAL OR USE OF THE DESCRIBED REAL PROPERTY BECA POLOR OR RACE IS INVALID AND UNENFORCEABLE UNDER FEDERAL LAW.
Prepared by: SLDAVES