Patterson PK Land Partnership, LTD.
Title Company and Realtor Resale Information

To All Title Companies closing sale transactions for properties previously or currently held by Patterson PK Land Partnership, Ltd.:

If you are selling a property at Possum Kingdom lake that is still on a PPKLP lease you will need the lease assumption request form. This document is at the bottom of the page.

Please remember that the recorded Trash and Road Covenant in Palo Pinto, Young and Stephens Counties (Palo Pinto County recorded version attached) in pertinent part provides:

2.01 Assessments.

(a) Assessments established by the Founder or the Association pursuant to the provisions of this Article 4 will be levied against each Tract in amounts determined pursuant to Section 4.03, Section 4.04, Section 4.05, and Section 4.06 below.

(b) Each Assessment, together with such interest thereon and costs of collection as hereinafter provided, will be the personal obligation of the Owner of the Tract against which the Assessment is levied and will be secured by a lien hereby granted and conveyed by Founder to the Association against each such Tract. The Founder or Association may enforce payment of such Assessments in accordance with the provisions of this Article.

3.07 Resale Certificates. Until the Association is formed by the Founder, the Founder may, and thereafter the Association, may charge fees for the preparation and updating of resale certificates, estoppel certificates, or copies of Documents, provided the fees are customary in amount, kind and number for the local marketplace.

6.13 Subordination of Covenant Lien to Mortgages. This Covenant is subordinate and inferior to the $40,400,000.00 BRA acquisition loan from First National Bank Graham to Founder. For all other mortgages, after the BRA to Founder acquisition closing if no Assessments are due and unpaid related to a Property, Founder (until an Association is formed if one is formed) and thereafter the Association (if it is formed) shall provide at Owner’s request (or Owner’s chosen title company) after payment (provided free through December, 31, 2010) to Founder or Association for a Resale Certificate a Subordination of Covenant Lien to a specific subsequent mortgage providing that any lien created under the power of this Covenant shall be and remain subordinate and inferior to the referenced lien described on the Subordination.

At the time of the Patterson PK Land Partnership, Ltd. to BRA lessee closing the applicable lessee/owner’s account had to be current to be eligible for the resale close. After that initial Patterson PK Land Partnership, Ltd. to BRA lessee closing amounts like “trash” or other assessments could become “due and payable” which will result in a lien against the property if not timely paid.

As Founder per the Trash and Road Covenant I am authorized to provide a Subdivision Information, Including Resale Certificate for Property Subject to Mandatory Membership in a Property Owners’ Association (sample below) and a Subordination Agreement (Subordinates Possible Future Property Owner Association Lien(s) to Loan) (sample below).

In order to receive the Resale Certificate and/or Subordination Agreement for a property you are closing the attached Request For Resale Certificate and/or Subordination Agreement must be completed and a check for $150 made payable to “Michael H. Patterson” must be sent to:

Mike Patterson
2340 West Interstate 20, Suite 218
Arlington, Texas 76017

In addition to giving the new owner and lender evidence that the property’s account(s) are current we will also have the current information for future communication and billing to the new owner.

Here are the documents you will need for different transactions:
PPKLP Lease Transfer Request & Assumption
Sample PK Resale Certificate
Sample PK POA Subordination Agreement
PPKLP Request for Resale Certificate – Subordination Agreement
Palo Pinto County Version of Road & Trash Covenant



For more information on trash service:
Jarod Cox
Patterson PK Land Partnership, LTD.
Project Manager
2310 Interstate 20 West
Suite 100
Arlington, Texas 76017
817.784.2065 | 800.800.9975


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