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HomeMy WebLinkAboutA001 - Subordination of Mortgages 1wr.No 014`74 f STORY COUNTY, IOWA J FILED FOR RECORD /31 SUBORDINATION OF MORTGAGES AUG 22 1990 Pt STATE OF IOWA ) WSAN L VANDE Z 2 rder ss. Recording Fee$ STORY COUNTY ) Auditor's Fee$ 1 -- -4 FIRST NATIONAL BANK, AMES, IOWA for good and valuable -» consideration does hereby acknowledge that the liens of the following mortgages: 1. Mortgage to First National Bank, Ames, Iowa, dated September 25, 1989, and filed for record on September 26, 1989, in Book 375, Page 165, Records of Story County, Iowa; and 2 . Mortgage to First National Bank, Ames, Iowa, dated July 13, 1990, and filed for record on July 18, 1990, in Book 394, Page 217, Records of Story County, Iowa, are hereby subordinated to the interests of the City of Ames, Iowa, in all easement rights conveyed to the City of Ames, Iowa, and reflected in the Easement attached hereto as Exhibit "A" and made a part hereof, said easement rights encumbering: The West 60 feet of the East 725 feet of the South 557.5 feet of the North 590.5 feet of the Southwest Quarter of the Southwest Quarter (SW 4 SW 4) of Section 8, Township 83 North, Range 24 West of the 5th P.M. , in the City of Ames, Story County, Iowa; and, in addition, that the liens of said mortgages are hereby subordinated to the interests of Mortenson II, a Limited Partnership, and to the interests (if any) of the City of Ames, Iowa, in all easement rights conveyed to Mortenson II, a Limited Partnership, as reflected in the Ingress and Egress Easement Agreement attached hereto as Exhibit "B' and made a part hereof, said easement rights encumbering: B 9 PAGE 7 -2- The South 10 feet of the North 600.5 feet of the East 665 feet of the Southwest Quarter of the Southwest Quarter (SW; SW;) of Section 8, Township 83 North, Range 24 West of the 5th P.M. , in the City of Ames, Story County, Iowa. The intention of the undersigned is to subordinate only the property above-described and in all other respects said mortgages are to remain in full force and effect. DATED this a day of August, 1990, in Ames, Iowa. P�r 0N� s •• FIRST NATIONAL BANK, AMES, IOWA ��$ � ' ,per. • (f 'A . .T ��y/rr�� �t0 i• �� By zo STATE OF IOWA ) ss. STORY COUNTY ) On this 2.-X`I day of August, 1990, before me, the undersigned, a Notary Public in and for the State of Iowa, personally appeared C. 'Waco(ogo h and ACz,�Ae( ate, F(,�hw to me personally known, who, being by me duly sworn, did say hat they are the and J4,ce. Rres;Cfe'^1- , respectively, of said corporation executing the within and foregoing instrument; that the seal affixed thereto is the seal of said corporation; that said instrument was signed and sealed on behalf of said corporation by authority of its Board of Directors; and that the said C-4warcl C• 3"o:605o^ and I�V1ic.�.• a � ;1, F1w�'VV% , as such officers, acknowledged the execution of said instrument to be the voluntary act and deed of said corporation, by it and by them voluntarily executed. �. ate, NOTARY PUBLIC - STATE OF IOWA & A. HOLM MY 'MISSd3N EXPIRES fOR w WK �9 'PAGE? . EASEMENT KNOW ALL PERSONS BY THESE PRESENTS: That EVERETT W. COCHRANE and MARJORIE L. COCHRANE, husband and wife, do hereby grant unto the CITY OF AMES, IOWA, its successors and assigns, the perpetual right to construct, reconstruct, maintain, and use utility services (including but not limited to sanitary sewer lines, storm sewer lines, water main and natural gas mains) and related equipment and apparatus upon, underground, over or across the following-described real estate: "The West 60 feet of the East 725 feet of the South 557.5 feet of the North 590.5 feet of the Southwest Quarter of the Southwest' Quarter (SW-',- SW4) of Section 8, Township 83 North, Range 24 West of the. 5th P.M. , in the City of Ames, Story County, Iowa." Easement area is shown on the attached Easement Plat for Mortensen II, Ltd. Partnership. The foregoing rights are granted upon the express condition that the users of the granted rights will assume liability for all damage to the real estate described herein and any adjacent real estate caused by failure to use due care in the exercise of the granted rights. DATED this /St day of u N 5 f 1990. Everett W. Cochrane O a 00 'a _* � C ) -,�V, _4 -1 STATE OF IOWA Marjori L. Cochrane ) ss. STORY COUNTY ) On this 9-�/ day of 1990, before me the undersigned, a Notary Public in and for the ate of Iowa, personally appeared Everett W. Cochrane and Marjorie L. Cochrane, husband and wife, to me known to be the persons named in and who executed the foregoing instrument, and acknowledged that they executed the same as their voluntary act and deed. NOTARY PUBLIC - STATE OF IOWA - .. PAGE 5J Lin, f_m, L,sf 725- ---------- ------ ----- ------- ------- s 00* 09' W W 550.55" - 1�, .... .... --- JU, c=- El as o ICI to Cl? �n �n co� El El 21 —094Cr 550.55- E.,t Li- 7ihf SW—1/4 - SW 17; o I s 0 >V? CD m j Q 41z z m (D 0 0 (D (D F— 0— atg m CO co C� 3 u o ; ID w z C" P 4t R 0 op A ggi 7 P.C2 �, A& �/� PAM P-Fil� #H8028--1 February, 1990 'VVI/I SNI/I-Sectioll h 1 H ')4 ENGINEERING PLUS I NEERING I INGRESS AND EGRESS EASEMENT AGREEMENT THIS AGREEMENT is made 1990, between MORTENSON II, A LIMITED PARTNERSHIP (hereinafter called "Mortenson") and EVERETT W. COCHRANE and MARJORIE L. COCHRANE (hereinafter called "Cochranes"). IN CONSIDERATION OF THE MUTUAL PROMISES CONTAINED HEREIN, IT IS AGREED: 1. OWNERSHIP OF REAL ESTATE. MORTENSON is the owner of the following described real estate located in Story County, Iowa: "The North 590.5 feet of the East 665.0 feet of the Southwest Quarter of the Southwest Quarter (SW4 SW4) of Section 8, Township 83 North, Range 24 West of the 5th P.M. , in the City of Ames, Story County, Iowa; subject to an existing 33 foot right-of-way easement on the North for Mortensen Road. " COCHRANES are the owners of the following described real estate located in Story County, Iowa: The Southwest Quarter of the Southwest Quarter (SW4 SW4) of Section 8, Township 83 North, Range 24 West of the 5th P.M. , in the City of Ames, Story County, Iowa; EXCEPT that part deeded to the State of Iowa by virtue of a Warranty Deed recorded in Book 103 at Page 529 in the office of the Recorder of Story County, Iowa; and EXCEPT the North 590.5 feet of the East 665.0 feet thereof; subject to an existing 33 foot right-of-way easement on the North for Mortensen Road." AND All of the West-half of the Northwest Quarter (W, NW4) of Section 17, Township 83 North, Range 24 West of the 5th P.M. , in the City of Ames, Story County, Iowa; located northerly of that part of said WZ NW4 acquired by the State of Iowa for Highway No. 30 right-of-way; more particularly described as follows: "Commencing at the Northwest (NW) corner of Section 17, Township 83 North, Range 24 West of the 5th P.M. , in the City of Ames, Story County, Iowa; thence S 89' 05' 45" E, 291.88 feet to the Point of Beginning; thence continuing S 890 05' 45" E, 1029.24 feet along the north line of the W2 NW4 of said Section 17; thence S 000 26' 45" E, 350.46 feet to the northerly right-of-way line of Highway No. 30; thence Northwesterly, along a 3,695.0 foot radius curve with a central angle of 7°47'40", an arc distance of 502.69 feet (the long chord bears N 73° 16' 20" W, 502.28 feet); thence N 680 22' 30" W, 196.72 feet; thence N 67° 52' 30" W, 397.19 feet to the Point of Beginning; containing 5.42 Acres." MORTENSON's real estate is adjacent to and located to the north and east of COCHRANES' real estate, with the south boundary of the former sharing a common line with part of the boundary of the latter. K-.�.........PAM -2- 1. CONVEYANCE AND DESCRIPTION OF EASEMENT. COCHRANES hereby convey to MORTENSON, its agents, employees, invitees and tenants (or the invitees of such tenants) , a non-exclusive easement over the following described portion of COCHRANES' real estate: "The South 10 feet of the North 600.5 feet of the East 665 feet of the Southwest Quarter of the Southwest Quarter (SW4 SW4) of Section 8, Township 83 North, Range 24 West of the 5th P.M. , in the City of Ames, Story County, Iowa," for purposes of ingress to and egress from MORTENSON's real estate. MORTENSON hereby conveys to COCHRANES, their agents, employees, invitees and tenants (or the invitees of such tenants), a non-exclusive easement over the following described portion of MORTENSON's real estate: "The South 10 feet of the North 590.5 feet of the East 665 feet of the Southwest Quarter of the Southwest Quarter (SW4 SW4) of Section 8, Township 83 North, Range 24 West of the 5th P.M. , in the City of Ames, Story County, Iowa," for purposes of ingress to and egress from COCHRANES' real estate. Said Easement areas are shown on the attached Easement Plat for Mortensen II, Ltd. Partnership. The parties agree that the easement areas shall not be used for parking 9 or standing nor shall they be obstructed in any way so as to prevent their use for ingress to and egress from the real estate above-described. 3. CONSTRUCTION AND MAINTENANCE. MORTENSON agrees to assume all responsibility for arranging for, superintending, and payment for construction and maintenance (including, but not limited to, grading, surfacing, resurfacing, filling of chuckholes and removal of snow and debris) of both easement areas. 4. LIABILITY. MORTENSON agrees to assume responsibility for and hold COCHRANES harmless from any liability arising out of use of the easement areas by any party to whom these easement rights are extended herein. 5. NATURE OF AGREEMENT. This Agreement and the easements granted herein shall be permanent, shall run with the land and shall be binding on the parties' heirs, successors and assigns. MORTENSON II, A LIMITED PARTNERSHIP Everett W. Cochrane Brett W. Coc rane Marjor/ L. Cochrane General Partner IBM PACE -3- STATE OF IOWA ) ss. STORY COUNTY ) On this day of 1990, before me, the undersigned, a Notary Public in and for the Sta a of Iowa, personally appeared Everett W. Cochrane and Marjorie L. Cochrane, husband and wife, to me known to be the persons named in and who executed the foregoing instrument, and acknowledged that they executed the same as their voluntary act and deed. Notary Public - State of Iowa STATE OF IOWA ) ss. STORY COUNTY ) On this day of 1990, before me, the undersigned, a Notary Public in and for the Sta e'of Iowa, personally appeared Everett W. Cochrane, to me personally known, who being by me duly sworn, did say that he is the General Partner of Mortenson II, Ltd, Partnership, an Iowa limited partnership, executing the foregoing instrument; that the instrument was signed on behalf of the limited partnership; and the general partner acknowledged execution of the instrument to be the voluntary act and deed of the limited partnership, by it and by the general partner voluntarily executed. cz Notary Public - State of Iowa Bow PAa...�.........,.. it II II �I Erne of the East 725' I qll ---------------- 1 ao'umnr WE.EM ----------------- ---- -------------- __ _ S 00' 09' 40" W — 550.55'i west Line of the East I —_--_=a=an usnEM---- i �a•°nun E,�E.EM au i4 I t I ' �V , Z I(A ---- - - - - --- I I co I to O o u Io I D N 1c B m I I I I la o I I 11C I •I I i I I I I e I I z s 8 I 8 f I I 14 1 p I I -jj I S 09 09' 40" W — 550.55' Eust uoe of the SW 1/4 — SW t/a �'�• ohm on c>'3 Ip A� N F A �G7} YN+'�p� (2 7 D.NgySp nNOm o wS �NcNF rpp O m D ° Y cn TT oe Mo o�N� m --aC z (D - O O N O (7 m () T �Z N�N n 01 I, v, -u'm m p iD p Om nm m o N� (D 0 _ < CD /�D �. 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