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Home My WebLink AboutA003 - Title Opinion dated November 17, 1999 LAW OFFICES .TON CHESTER&ASSOCIATES OFFICES LOCATED AT 555 SKOKIE BOULEVARD -SUITE 500-NORTHBROOK-ILLINOIs 60062 TELEPHONE 847.480.1020 3711 SOUTH DUFF AVENUE -AMEs-IOWA 50010 TELEPHONE 515.956.3221 November 17, 1999 Armstrong Family Limited Partnership d/b/a Armstrong Partners, L.P. 3711 South Duff Avenue Ames, IA 50010 To Whom It May Concern: I have examined the abstract of title as last certified to by Iowa Title Company from the root of title down to and including the 30'day of September, 1999, at 8:00 A.M., containing 65 entries, in three parcels, and dealing with title to the following described real estate: Part of Parcel `B' in the South Half of the Southeast Quarter of Section 14, Township 83 North, Range 24 West of the 5th P.M., City of Ames, Story County, Iowa, filed as Instrument No. 99-14919 in the Office of the Story County Recorder,being more particularly described as follows: Commencing at the South Quarter Corner of said Section 14;thence N 00°00'00"E, 512.51 feet along the west line of the Southeast Quarter of said Section 14;thence N 89040'47"E, 50.00 feet to the intersection of the north right of way line of Crystal Street and the east right of way line of U.S. Highway #69/Duff Avenue, which point is the Southwest Corner of said Parcel `B', thence continuing N 89°40'47"E, 389.87 feet along the south line of said Parcel `B' and the north right of way line of Crystal Street to the Point of Beginning; thence N 00°00'00"E, 409.35 feet;thence N 00°01'18"W, 396.06 feet to the north line of the South Half of the Southeast Quarter of said Section 14; thence S 89°45'54"E, 224.29 feet along said north line to the Northwest Corner of the East 1963.4 feet of the South Half of the Southeast Quarter of said Section 14; thence S 0°07'17"E, 397.29 feet along the west line of the East 1963.4 feet of the South Half of the Southeast Quarter of said Section 14;thence N 89°27'05"W, 15.02 feet;thence S 0°00'25"W,406.16 feet to the north right of way line of Crystal Street and the south line of said Parcel `B'; thence S89°40'47"W, 209.91 feet along said line to the Point of Beginning, containing 4.01 acres. Based only thereon, we find the prevailing record title to be in the Armstrong Family Limited Partnership subject only to the following: 1. At Entry#61 of the third parcel of the abstract appears a Right-of-Way and Easement granted to the City of Ames for utility purposes (sanitary sewer easement), which may affect this property. These were filed on April 13, 1979, in Book 151 Page 39. 99 - 1 64 � 5 5 Armstrong Family Limited Partnership November 17, 1999 Page 2 2. At Entry#63 of the third parcel of the abstract appears a city zoning ordinance in which this property is classified as G-C District (General Commercial) and must comply with the laws pertaining thereto. Definition of this classification may be obtained by consulting the Ordinance of Record in the County Recorder's office. 3. At Entry 964 of the third parcel of the abstract appear the regular taxes as follows: Real Estate taxes for the Fiscal Year 1997-98 and all prior years paid. Fiscal Year 1998-99: Pt Installment - $1,059.00 Paid; 2naInstallment - $1,059.00 Paid. 4. There has been a personal lien search performed against Armstrong Family Limited Partnership. CAUTIONARY COMMENTS An abstract of title is a multi-page document prepared by a commercial abstracting firm. It consists of numbered entries containing information abstracted from the public records on file in the County Courthouse that affect the title to the real estate described in the abstract of title. However, these public records, as shown in the abstract of title, do not necessarily disclose all rights in, claims against or restrictions upon the real estate. Therefore, you must, by a careful inspection of the real estate and diligent inquiry, take notice of and satisfy yourself as to the following additional matters: l. The rights of any person in actual possession of the real estate such as a tenant in possession under a lease agreement. 2. The rights, under the Iowa Mechanic's Lien Law, of persons who have furnished labor or materials in the past 90 days for improvements to the real estate. 3. The rights of creditors under the Iowa Uniform Commercial Code to a security interest in the fixtures, such as a furnace or water heater, which have been installed so recently so as to allow the creditor to file a notice of such rights after the period of time covered by the abstract. 4. Assessments for public improvements benefitting the real estate which have not yet been certified to the County Treasurer for collection;and unpaid charges for public utility services and unpaid assessments by a Home Owner's Association which may become a claim against the real estate. 9 9 - 1 64 6 C(p ) Armstrong Family Limited Partnership November 17, 1999 Page 3 5. The actual location of h n the boundary Imes of the real estate. (If there are no corner markers showing the boundaries of the real estate, which you consider reliable, it may be advisable to have a survey made and the corners established by a registered land surveyor.) 6. The existence of any easement over the real estate which is apparent from physical evidence of its use; any encroachment upon the real estate from adjacent real estate by way of third party use or by buildings overlapping the boundary lines, the availability of reasonable and convenient access to the real estate from existing public right of way, and any other facts that may be disclosed by a survey. 7. Any law or ordinance(such as zoning, subdivision and rental housing ordinances)regulating or prohibiting the occupancy or use of the real estate, or regulating the character, dimensions or location of any improvement now or hereafter erected on the real estate, or prohibiting a separation in ownership or a deduction in the dimensions or area of the real estate. 8. Any other matter affecting the real estate which may have been filed as a part of the public records in the County Courthouse after the period of time covered by this title examination report. 9. The legal competency (as affected by age or mental disability) of each individual titleholder executing a deed,mortgage or other instrument affecting the real estate;the authority of each person executing a deed, mortgage or other instrument affecting the real estate in a representative or fiduciary capacity; and the authenticity of all signatures appearing on such instruments. 10. The existence of any federal judicial proceeding or judgments, including bankruptcy proceedings, as they are not routinely shown in the abstract. 11. The abstract does not disclose the existence of hazardous substances, pollutants, contami- nants, hazardous wastes, underground storage tanks, drainage wells, active or abandoned water wells, and other environmentally regulated activities. You are cautioned that federal, state and local legislation may,in the event there are environmental or public health violations, permit injunctive relief and require removal and remedial actions. Very truly yours, JON CHESTER& A S CI S, Jon ster 99 - 1 64 6 (1