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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 $250 made
payable to “Michael H. Patterson” must be sent to:
Mike Patterson
2310 West Interstate 20, Suite 100
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
Thanks,
Mike
For more information on trash service:
Jarod Cox
Patterson PK Land Partnership, LTD.
Project Manager
jarod@pklandpartnership.com
2310 Interstate 20 West
Suite 100
Arlington, Texas 76017
817.784.2065 | 800.800.9975
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