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West Beach Addition, Bob Jones Park (Young), 1995 - Warranty Deed with Vendor's Lein GF* ATC 95 GR 338438-G/JD WARRANTY DEED WXTH VENDORwS LXEN (Vendor's Lien Reserved to Grantor) COUNTY OF DENTON s s s KNOW ALL MEN BY THESE PRESENTS: THE STATE OF TEXAS THAT THE UNDERSIGNED, RICHARD AUNGKHIN YOUNG and wife, JEAN SANItYI YOUNG, hereinafter called "Grantor", whether one or more, for and in consideration of the sum of TEN DOLLARS ($10.00) and other valuable consideration to the undersigned in hand paid by the Grantee herein named, the receipt of which is hereby acknowledged, and the further consideration of the execution and delivery by the Grantee of that one certain promissory note of even date herewith in the principal sum of Sixty Thousand and No/100 Dollars ($60,000.00), payable to the order of Grantor, as therein specified, providing for acceleration of maturity and for attorney's fees, the payment of which note is secured by the vendor's lien herein retained, and is additionally secured by a deed of trust of even date herewith to LARRY G. WOOD, TRUSTEE, has GRANTED, SOLD AND CONVEYED, and by these presents does GRANT, SELL AND CONVEY unto THE CITY OF SOUTHLAKE, herein referred to as "Grantee", whether one or more, the real property described on attached Exhibit "A". This conveyance is expressly made and accepted subject to any and all restrictions, covenants, conditions, easements, zoning laws, regulations, ordinances of municipal and other governmental authorities, and reservations, including, but not limited to, minerals previously reserved or conveyed, if any, relating to the property conveyed, but only to the extent that they are still in effect and shown of record. TO HAVE AND TO HOLD the above described premises, together with all and singular the rights and appurtenances thereto in anywise belonging, unto the said Grantee, Grantee's heirs, executors, administrators, successors and assigns forever; and Grantor does hereby bind Grantor and Grantor's heirs, executors, administrators, successors and/or assigns to WARRANT AND FOREVER DEFEND all and singular the said premises unto the said Grantee, Grantee's heirs, executors, administrators, successors and/or assigns against every person whomsoever claiming or to claim the same or any part thereo.f. But it is expressly agreed that the Vendor's Lien, as well as Superior Title in and to the above described premises, is retained against the above described property, premises and improvements until the above described note and all interest thereon are fully paid according to the face, tenor, effect and reading thereof, when this Deed shall become absolute. Current ad valorem taxes on the property having been prorated, the paYment thereof is assumed by Grantee. EXECUTED this 20th day of October, 1995. ~~h- RICHARD AUNGKHIN YOUNG ~ ~-Si ~ JEAN ANKYI YOUNG Grantee's Address: 667 North Carroll Avenue Southlake, Texas 76092 THE STATE OF TEXAS COUNTY OF TARRANT s s s ~() The foregoing instrument was acknowledged before me on the l~ day of October, 1995, by RICHARD AUNGKHIN YOUNG and wife, JEAN SANKYI YOUNG. .'~~~~ll/;. ~ ~~t-liY~t; JANIE DAVIS ~ Notary Public I'~' STATEOFTEXAS ',' ....~.n'.'<~'. M' C E 04/0"1 ~I ".. 'I <lmm. .~p. go 97 '.,....-.'...'.' .....-..,.......t~ MY COMMISSION EXPIRES: RETURN TO: The City of Southlake 667 North Carroll Avenue Southlake, Texas 76092 EXHIBIT "A" BEING a 7.001 acre tract of land in the M. MAHAFFEY SURVEY, ABSTRACT NO. 916 situated in the City of Southlake DENTON County, Texas, and being those certain tracts of land as described in deeds recorded in Volume 1407, Page 310, of the Deed Records of DENTON County, Texas, and being more particularly described as follows: BEGINNING at a 1/2 inch iron pin at the northwest corner of said tract as recorded in Volume 1407, Page 310, Deed Records, DALLAS County, Texas; THENCE South 89 degrees 59 minutes 34 seconds East, 299.65 feet to a 1/2 inch iron pin set at the northeast corner of said tract as recorded in Volume 1407, Page 310, Deed Records, DENTON County, Texas; THENCE South 00 degrees 33 minutes 03 seconds East, 1016.16 feet to a 1/2 inch iron pin set at the southeast corner of said tract as described in Volume 1407, Page 310, Deed Records, DENTON County, Texas; THENCE South 89 degrees 22 minutes 12 seconds West, 299.64 feet to a 1/2 inch iron pin found at the southwest corner of said tract of land as recorded in Volume 1407, Page 310, Deed Records, DENTON County, Texas; THENCE North 00 degrees 33 minutes 03 seconds West, 1019.41 feet to the POINT OF BEGINNING and CONTAINING 304954 square feet or 7.001 acres of land, more or less. REAL ESTATE LIEN NOTE $60,000.00 Grapevine, Texas October 20, 1995 FOR VALUE RECEIVED, the undersigned Maker, whether one or more, promises to pay to the order of RICHARD AUNGKHIN YOUNG and wife, JEAN SANItYI YOUNG, at 1422 Travis Circle North, IrVing, Texas 75038-6237 , or such other address as Payee may from time to time designate, the sum of SIXTY THOUSAND AND NO/100 DOLLARS ($60,000.00), in legal and lawful money of the United States of America, together with interest thereon from date hereof until maturity at the rate of Seven and One-Half percent (7.5%) per annum; matured, unpaid principal and interest shall bear interest at the maximum rate allowable by law. This Note is due and payable as follows, to-wit: In four (4) annual installments of $15,000.00 each, plus accrued interest; each installment when paid shall be credited first to the payment of late fees, second to escrow payments due, third to accrued and unpaid interest, and last to the unpaid principal balance; the first installment being due and payable on or before the 20th day of October, 1996, and a like installment being due and payable on or before the 11th day of October of each succeeding year thereafter until October 20, 1999, when the entire sum, both principal and accrued interest, shall be wholly due and payable. Maker agrees to deposit a sum per month equal to 1/12th of the total of the estimated annual amount of ad valorem taxes, insurance premiums, property owners' association dues, and other assessments on the property with Payee to be held by Payee to the credit of Maker for the payment of taxes, insurance, dues and assessments, and it is understood that should the prorata part be in excess of the amount needed to pay the taxes, insurance, dues and assessments due, such excess may be applied on the principal of said Note, and should said prorata part be insufficient for taxes, insurance, dues and assessments, then Maker agrees to make up the deficit. Maker herein agrees to pay to Payee a late charge of five percent (5%) of any installment in the event the installment is not received within five (5) days after its due date. c - Payment hereof is secured by, among other security, a Deed of Trust of even date herewith executed by Maker to LARRY G. WOOD, TRUSTEE, against the property more particularly described in attached Exhibit "A". It is expressly provided that upon default in the punctual payment of this Note or any part thereof, principal or interest, as the same shall become due and payable, or default in the performance of any of Maker's obligations under the referenced Deed of Trust, then at the option of the holder, the entire indebtedness secured by the hereinbefore mentioned lien shall be matured, and in the event default is made in the prompt payment of this Note when due or declared due, and the same is placed in the hands of an attorney for collection, or suit is brought on same, or the same is collected through probate, bankruptcy or other judicial proceedings, then the Makers agree and promise to pay a reasonable amount additional as attorney and collection fees. If default occurs in the payment of any p~incipal or interest when due hereunder, or upon the occurrence of any default or failure to perform any covenant, agreement or obligation to be performed under any document or instrument executed in connection with or as security for this Note, or upon Maker's insolvency or business failure, the appointment of a receiver of all or any part of Maker's property, an assignment for the benefit of creditors of Maker, a calling of a meeting of creditors of Maker, the commencement of any proceeding under any bankruptcy, insolvency or debtor relief laws by or against Maker or any guarantor or surety for Maker, the holder hereof may, at its option, declare the entirety of this Note, principal and interest, immediately due and payable, and pursue any and all other remedies available to it at law or in equity, but failure to do so at any time shall not constitute a waiver of such holder's right to do so at any other time. Failure to exercise this option upon any default shall not constitute a waiver of the right to exercise it in the event of any subsequent defaults. Each Maker, surety and endorser of this Note expressly waives all notices of any kind or character, demands for payment, presentations for payment, notices of intention to accelerate the maturity, protest and notice of protest, as to this Note and as to each, every and all installments hereof. Nothing in this Note shall authorize the collection of interest in excess of the Maximum Rate allowed by law. Maker may prepay all or any part hereof at anytime without penalty, and interest shall immediately cease on all amounts so prepaid. All prepayments shall be applied first to accrued but unpaid interest, the balance to installments due hereon in inverse order of maturity. This Note shall be governed by and construed in accordance with the laws of the state of Texas. MAKER THE C_~__TY OF SO HLA _ _ BY: ___.. ,/ .- EXHIBIT "A" BEING a 7.001 acre tract of land in the M. MAHAFFEY SURVEY, ABSTRACT NO. 916 situated in the City of South1ake DENTON County, Texas, and being those certain tracts of land as described in deeds recorded in Volume 1407, Page 310, of the Deed Records of DENTON County, Texas, and being more particularly described as follows: BEGINNING at a 1/2 inch iron pin at the northwest corner of said tract as recorded in Volume 1407, Page 310, Deed Records, DALLAS County, Texas; THENCE South 89 degrees 59 minutes 34 seconds East, 299.65 feet to a 1/2 inch iron pin set at the northeast corner of said tract as recorded in Volume 1407, Page 310, Deed Records, DENTON County, Texas; THENCE South 00 degrees 33 minutes 03 seconds East, 1016.16 feet to a 1/2 inch iron pin set at the southeast corner of said tract as described in Volume 1407, Page 310, Deed Records, DENTON County, Texas; THENCE South 89 degrees 22 minutes 12 seconds West, 299.64 feet to a 1/2 inch iron pin found at the southwest corner of said tract of land as recorded in Volume 1407, Page 310, Deed Records, DENTON County, Texas; THENCE North 00 degrees 33 minutes 03 seconds West, 1019.41 feet to the POINT OF BEGINNING and CONTAINING 304954 square feet or 7.001 acres of land, more or less. GFi ATC 95 GR 338438-G/JD DEED OF TRUST THE STATE OF TEXAS S S KNOW ALL MEN BY THESE PRESENTS: COUNTY OF DENTON S THAT THE UNDERSIGNED, THE CITY OF SOUTHLAItE, hereinafter called Grantor (whether one or more), for the purpose of securing the indebtedness hereinafter described, and in consideration of the sum of TEN DOLLARS ($10.00) to us in hand paid by the Trustee hereinafter named, the receipt of which is hereby acknowledged, and for the further consideration of the uses, purposes and trusts hereinafter set forth, have granted, sold and conveyed, and by these presents do grant, sell and convey unto LARRY G. WOOD, Trustee, of Tarrant County, Texas, and his substitutes or successors, all of the property described in attached Exhibit "A". TO HAVE AND TO HOLD the above described property, together with the rights, privileges and appurtenances thereto belonging unto the said Trustee, and to his substitutes or successors forever. And Grantor does hereby bind Grantor's heirs, executors, administrators and assigns to warrant and forever defend the said premises unto the said Trustee, his substitute or successors and assigns forever, against the claim, or claims, of all persons claiming or to claim the same or any part thereof. This conveyance, however, is made in Trust to secure paYment of one (1) promissory note of even date herewith in the principal sum of SIXTY THOUSAND AND NO/100 DOLLARS ($60,000.00), executed by Grantor, payable to the order of RICHARD AUNGKHIN YOUNG and wife, JEAN SANIty I YOUNG, in the City of Irving , Dallas County, Texas, as therein provided; bearing interest as therein stipulated, providing for acceleration of maturity and for attorney's fees. Should Grantor do and perform all of the covenants and agreements herein contained, and make prompt payment of said indebtedness as the same shall become due and payable, then this conveyance shall become null and void and no further force and effect, and shall be released at the expense of Grantor, by the holder thereof, hereinafter called Beneficiary (whether one or more) . Grantor covenants and agrees as follows: That Grantor is lawfully seized of said property, and has the right to convey the same; that said property is free from all liens and encumbrances, except as herein provided. To protect the title and possession of said property and to pay when due all taxes and assessments now existing or hereafter levied or assessed upon said property, or the interest therein created by this Deed of Trust, and to preserve and maintain the lien hereby created as a first and prior lien on said property including any improvements hereafter made a part of the realty. To keep the improvements on said property in good repair and condition, and not to permit or commit any waste thereof; to keep said buildings occupied so as not to impair the insurance carried thereon. To insure and keep insured all improvements now or hereafter created upon said property against loss or damage by fire and windstorm, and any other hazard or hazards as may be reasonably required from time to time by Beneficiary during the term of the indebtedness hereby secured, to the extent of the original amount of the indebtedness hereby secured, or to the extent of the full insurable value of said improvements, whichever is the lesser, in such form and with such Insurance Company or Companies as maybe approved by Beneficiary and to deliver to Beneficiary the policies of such insurance having attached to said policies such mortgage indemnity clause as Beneficiary shall direct; to deliver renewals of such policies to Beneficiary at least ten (10) days before any such insurance policies shall expire; and any proceeds which Beneficiary may receive under any such policy or policies, may be applied by Beneficiary, at his option, to reduce the indebtedness hereby secured, whether then matured or to mature in the future, and in such manner as Beneficiary may elect, or Beneficiary may permi t Grantor to use said proceeds to repair or replace all improvements damaged or destroyed and covered by said policy. That in the event Grantor shall fail to keep the improvements on the property hereby conveyed in good repair and condition, or to pay promptly when due all taxes and assessments, as aforesaid, or to preserve the prior lien of this Deed of Trust on said property, or to keep the buildings and improvements insured, as aforesaid, or to deliver the policy, or policies, of insurance or the renewal thereof to Beneficiary, as aforesaid, then Beneficiary may, at his option, but without being required to do so, make such repairs, pay such taxes and assessments, purchase any tax title thereon, remove any prior liens, and prosecute or defend any suits in relation to the preservation of the prior lien of this Deed of Trust on said property, or insure and keep insured the improvements thereon in an amount not to exceed that above stipulated; that any sums which may be so paid out by Beneficiary and all sums paid for insurance premiums, as aforesaid, including the costs, expenses and attorney's fees paid in any suit affecting said property when necessary to protect the lien hereof shall bear interest from the dates of such payments at the rate stated in said note and shall be paid by Grantor to Beneficiary upon demand, at the same place at which said note is payable, and shall be deemed a part of the debt hereby secured and recoverable as such in all respects. That in the event of default in the payment of any installment, principal or interest, of the note hereby secured, in accordance with the. terms thereof, or of a breach of any of the covenants herein contained to be performed by Grantor, then and in any of such events Beneficiary may elect, Grantor hereby expressly waiving presentment and demand for payment, to declare the entire principal indebtedness hereby secured with all interest accrued thereon and all other sums hereby secured immediately due and payable, and in the event of default on the payment of said indebtedness when due or declared due, it shall thereupon, or at any time thereafter, be the duty of the Trustee, or his successor or substitute as hereinafter provided, at the request of Beneficiary (which request is hereby conclusively presumed), to enforce this trust; and after advertising the time, place and terms of the sale of the above described and conveyed property, then subject to the lien hereof, and mailing and filing notices, as required by section 51.002, Texas Property Code, as then amended (successor to article 3810, Texas Revised Civil Statutes), and otherwise complying with that statute, the Trustee shall sell the above described property, then subject to the lien hereof, at public auction in accordance with such notices on the first Tuesday in any month between the hours of ten o'clock A.M. and four o'clock P.M., to the highest bidder for cash, selling all of the property as an entirety or in such parcels as the Trustee acting may elect, and make due conveyance to the Purchaser or Purchasers, with general warranty binding Grantor, Grantor's executors, administrators, heirs, successors and assigns; and out of the money arising from such sale, the Trustee acting shall pay first, all the expenses of advertising the sale and making the conveyance, including a commission of five percent (5%) to himself, which commission shall be due and owing in addition to the attorney's fees provided for in said note, and then to Beneficiary the full amount of principal, interest, attorney's fees and other charges due and unpaid on said note and all other indebtedness secured hereby, rendering the balance of the sales price, if any, to Grantor, Grantor's heirs, executors, administrators, successors or assigns; and the recitals in the conveyance to Purchaser or Purchasers shall be full and conclusive evidence of the truth of the matter therein stated, and all prerequisites to said sale shall be presumed to have been performed, and such sale and conveyance shall be conclusive against Grantor, Grantor's heirs, executors, administrators, successors or assigns. It is agreed that in the event a foreclosure hereunder should be commenced by the Trustee, or his substitute or successor, Beneficiary may at any time before the sale of said property direct the said Trustee to abandon the sale, and may then institute suit for the collection of said note, and for the foreclosure of this Deed of Trust lien; it is further agreed that if Beneficiary should institute a suit for the collection thereof, and for a foreclosure of this Deed of Trust lien, that he may at any time before the entry of a final judgment in said suit dismiss the same, and require the Trustee, his substitute or successor to sell the property in accordance with the provisions of this Deed of Trust. Beneficiary, if he is the highest bidder, shall have the right to purchase at any sale of the property, and to have the amount for which such property is sold credited on the debt then owing. Beneficiary in any event is hereby authorized to appoint a substi tute trustee, to act instead of the Trustee named herein without other formality than the designation in writing of a substitute or successor trustee; and the authority hereby conferred shall extend to the appointment of other successor and substitute trustees successively until the indebtedness hereby secured has been paid in full, or until said property is sold hereunder, and each substitute trustee shall succeed to all of the rights and powers of the original trustee named herein. In the event any sale is made of the above described property, or any portion thereof, under the terms of this Deed of Trust, Grantor, Grantor's heirs, executors, administrators, successors and/or assigns, shall forthwith upon the making of such sale surrender and deliver possession of the property so sold to the Purchasers at such sale, and in the event of their failure to do so they shall thereupon from and after the making such sale be and continue as tenants at will of such Purchaser, and in the event of their failure to surrender possession of said property upon demand, the Purchaser, his heirs or assigns, shall be entitled to institute and maintain an action for forcible detainer of said property in the Justice of the Peace Court in the Justice Precinct in which such property, or any part thereof, is situated. It is agreed that the lien hereby created shall take precedence over and be a prior lien to any other lien of any character whether vendor's, materialmen's or mechanic's lien hereinafter created on the above described property, and in the event the proceeds of the indebtedness secured hereby as set forth herein are used to payoff and satisfy any liens heretofore existing on said property, then Beneficiary is, and shall be, subrogated to all of the rights, liens and remedies of the holder of the indebtedness so paid. It is further agreed that if Grantor, Grantor's heirs, executors, administrators, successors or assigns, while the owner of the hereinabove described property, should commit an act of bankruptcy, or authorize the filing of a voluntary petition in bankruptcy, or should an act of bankruptcy be committed and involuntary proceedings instituted or threatened, or should the property hereinabove described be taken over by a Receiver for Grantor, Grantor's heirs, executors, administrators, successors or assigns, the note hereinabove described shall, at the option of Beneficiary, immediately become due and payable, and the acting Trustee may then proceed to sell the same under the provisions of this Deed of Trust. As further security for the payment of the hereinabove described indebtedness, Grantor hereby transfers, assigns, and conveys unto Beneficiary all rents issuing or to hereafter issue from said real property, and in the event of any default in the paYment of said note hereunder, Beneficiary, his agent or representative, is hereby authorized, at his option, to collect said rents, or if such property is vacant to rent the same, and collect the rents, and apply the same, less the reasonable costs and expenses of collection thereof, to the paYment of said indebtedness, whether then matured or to mature in the future, and in such manner as Beneficiary may elect. The collection of said rents by Beneficiary shall not constitute a waiver of his rights to accelerate the maturity of said indebtedness nor of his right to proceed with the enforcement of this Deed of Trust. It is agreed that an extension, or extensions, may be made of the time of payment of all, or any part, of the indebtedness secured hereby, and that any part of the above described property may be released from this lien without altering or affecting the priority of the lien created by this Deed of Trust in favor of any junior encumbrancer, mortgagee or purchaser, or any persons acquiring an interest in the property hereby conveyed, or any part thereof; it being the intention of the parties hereto to preserve this lien on the property herein described and all improvements thereon, and that may be hereafter constructed thereon, first and superior to any liens that may be placed thereon, or that may be fixed, given or imposed by law thereon after the execution of this instrument notwithstanding any such extension of the time of payment, or the release of a portion of said property from this lien. In the event any portion of the indebtedness hereinabove described cannot be lawfully secured by this Deed of Trust lien on said real property, it is agreed that the first payments made on said indebtedness shall be applied to the discharge of that portion of said indebtedness. Beneficiary shall be entitled to receive any and all sums which may become payable to Grantor for the condemnation of the hereinabove described real property, or any part thereof, for public or quasi-public use, or by virtue of private sale in lieu thereof, and any sums which may be awarded or become payable to Grantor for damages caused by public works or construction on or near the said property. All such sums are hereby assigned to Beneficiary, who may, after deducting therefrom all expenses actually incurred, including attorney's fees, release same to Grantor or apply the same to the reduction of the indebtedness hereby secured, whether then matured or to mature in the future, or on any money obligation hereunder, as and in such manner as Beneficiary may elect. Beneficiary shall not be, in any event or circumstances, liable or responsible for failure to collect, or exercise diligence in the collection of, any such sums. Nothing herein or in said note contained shall ever entitle Beneficiary, upon the arising of any contingency whatsoever, to receive or collect interest in excess of the highest rate allowed by the laws of the State of Texas on the principal indebtedness hereby secured or on any money obligation hereunder and in no event shall Grantor be obligated to pay interest thereon in excess of such rate. If this Deed of Trust is executed by only one person or by a corporation the plural reference to Grantor shall be held to include the singular, and all of the covenants and agreements herein undertaken to be performed by and the rights conferred upon the respective Grantor named herein, shall be binding upon and inure to the benefit of not only said parties respectively but also their respective heirs, executors, administrators, grantees, successors and assigns. Should Grantor transfer, assign, conveyor hypothecate the property described herein, or any interest therein, either legal or equitable, without the prior written consent of Beneficiary, Beneficiary shall have the right to immediately accelerate all sums due under the note secured hereby and demand immediate payment thereof. Such transfer, without Beneficiary's prior written consent, shall be an element of default hereunder and shall enable Beneficiary to exercise any and all remedies herein. Beneficiary will not unreasonably withhold consent to an assumption of the loan secured hereby. As a condition to such consent, however, Beneficiary shall have the right to approve the creditworthiness of any assignee or purchaser of any interest in the property herein described. Waiver. To the full extent Grantor may do so, Grantor agrees that Grantor will not at any time insist upon, plead, claim or take the benefit or advantage of any law now or hereafter in force pertaining to the rights and remedies of sureties of providing for any appraisement, valuation, stay extension or redemption, and Grantor, for Grantor and Grantor's heirs, devisees, representatives, successors and assigns, and for any and all persons ever claiming any interest in the Mortgaged Property, to the extent permitted by law, hereby waives and releases all rights of redemption, valuation, appraisement, stay of execution, notice of intention to mature or declare due the whole of the Indebtedness, notice of election to mature or declare due the whole of the Indebtedness and all rights to a marshaling of the assets of Grantor, including, without limitation, the Mortgaged Property or to a sale in inverse order of alienation in the event of foreclosure of the liens and security interests hereby created. Grantor shall not have or assert any right under any statute or rule of law pertaining the marshaling of assets, sale in inverse order of alienation, the exemption of homestead, the administration of estates of decedents or other matters whatever to defeat, reduce or affect the right of Noteholder under the terms of this Mortgage to a sale of the Mortgage Property for the collection of the Indebtedness without any prior or different resort of collection, or the right of Noteholder under the terms of this Mortgage to the payment of such Indebtedness out of the proceeds of sale of the Mortgage Property in preference to every other claimant whatever. If any law referred to in this Paragraph and now in force, of which Grantor or Grantor's heirs, devisees, representatives, successors and assigns and such other persons claiming any interest in the Mortgage Property might take advantage despite this Paragraph, shall hereafter be repealed or cease to be enforced, such law shall not thereafter be deemed to preclude the application of this Paragraph. It is agreed and understood that Grantor shall provide to Beneficiary, on or before January 31 of each year during the term of the Note secured hereby, written evidence that all ad valorem taxes for the previous year and other assessments against the property have been paid in full. Grantor expressly represents that this Deed of Trust and the Note hereby secured are given for the following purpose, to-wit: The indebtedness secured hereby is primarily secured by the Vendor's Lien retained in the Warranty Deed of even date herewith conveying the herein described property to the undersigned, this Deed of Trust being given as additional security therefor. Additional Provisions: Grantor agrees to deposit a sum per month equal to 1/12th of the total of the estimated annual amount of ad valorem taxes, insurance premiums, property owners' association dues, and other assessments on the property with Beneficiary to be held by Beneficiary to the credit of Grantor for the payment of taxes, insurance, dues and assessments, and it is understood that should the prorata part be in excess of the amount needed to pay the taxes, insurance, dues and assessments due, such excess may be applied on the principal of said Note, and should said prorata part be insufficient for taxes, insurance, dues and assessments, then Grantor agrees to make up the deficit. EXECUTED this 20th day of October, 1995. THE CITY OF SOUTHLAKE ,,//TJJfI2-- BY: THE STATE OF TEXAS COUNTY OF TARRANT s s s The foregoing instrument was acknowledged before me on the 20th day of October, 1995, by Gary Fic.kes f MR(;nr , of THE CITY OF SO THLAKE. MY COMMISSION EXPIRES: Granteesf Addresses: Trustee: LARRY G. WOOD 1330 Summit Avenue Fort Worth, Texas 76102 Beneficiary: RETURN TO: M/M RICHARD AUNGKHIN YOUNG 1422 Travis Circle North Irving, Texas 75038-6237 t: ....r ~ n...,...,...~ EXHIBIT "A" BEING a 7.001 acre tract of land in the M. MAHAFFEY SURVEY, ABSTRACT NO. 916 situated in the City of Southlake DENTON County, Texas, and being those certain tracts of land as described in deeds recorded in Volume 1407, Page 310, of the Deed Records of DENTON County, Texas, and being more particularly described as follows: BEGINNING at a 1/2 inch iron pin at the northwest corner of said tract as recorded in Volume 1407, Page 310, Deed Records, DALLAS County, Texas; THENCE South 89 degrees 59 minutes 34 seconds East, 299.65 feet to a 1/2 inch iron pin set at the northeast corner of said tract as recorded in Volume 1407, Page 310, Deed Records, DENTON County, Texas; THENCE South 00 degrees 33 minutes 03 seconds East, 1016.16 feet to a 1/2 inch iron pin set at the southeast corner of said tract as described in Volume 1407, Page 310, Deed Records, DENTON County, Texas; THENCE South 89 degrees 22 minutes 12 seconds West, 299.64 feet to a 1/2 inch iron pin found at the southwest corner of said tract of land as recorded in Volume 1407, Page 310, Deed Records, DENTON County, Texas; THENCE North 00 degrees 33 minutes 03 seconds West, 1019.41 feet to the POINT OF BEGINNING and CONTAINING 304954 square feet or 7.001 acres of land, more or less.