HomeMy WebLinkAboutA007 - Title Opinion dated December 12, 1995 WHITFIELD & EDDY, P.L.C.
ATTORNEYS AND COUNSELORS AT LAW
317 SIXTH AVENUE, SUITE 1200
DES MOINES, IOWA 50309-4110
(S15)286-6041
FAX ISIS)246-1474
A. ROGER WIYKE MEGAN M.ANTENUCCI ALLEN WHITFIELD
GARY GATELY WENDY CARLSON items.isa4l
TIMOTHY J.WALKER THOMAS S. REAVELY ....�_
DAVID L. PHIPPS GARY A. NORTON JOHN C.EDDY
BENJAMIN B.OLLEM MARK V.HANSON
ROBERT M.KREAMER MAUREEN ROACH TOBIN HARLEY A.WHITFIELD
ROBERT L. FANYER JEFFREY W. COURTER DEAN DUTTON
B ERNARD L. SPAETH.JR. AUGUST B.LANDIS
RODNEY P. KUBAT RICHARD J. KIRSCHMAN O�GOUN{EL
WILLIAM L. FAIRBANK JOHN F. FATINO
ROBERT G. URIOGES JASON M.CASINI N[T+wEO PARTNERS
JAKI K. SAMUELSON NANCY P.O•BRIEN WALTER W.SELVY IWs
KEVIN M. REYNOLDS ROSCOE A.RIES,JR.
THOMAS H.BURKE J.CAMP-SELL HELTON ROY W. MEADOWS 1991
THOMAS HENDERSON DEBRA RECTENBAUGH PETTIT
GEORGE H. FRAMPTON
DIRECT OlA4 NUMBER
December 12, 1995 246--5517
REFER TO OUR FILE NUMBER
Mr. James R. Crotty
1404 South Duff
Ames, IA 50010
Story County Board of Supervisors
Courthouse
900 6th St.
Nevada, IA 50201
RE: Title Opinion
Second Addition to Country Estates Subdivision
Dear Mr. Crotty:
Pursuant to your request, we have examined the abstract of
title in one part, commencing with root of title and terminating
with abstract No. 48999 in final form prepared by Cyclone
Abstract and Title Company, purporting to reflect matters of
record pertaining to the following-described property situated in
Story County, Iowa, to-wit:
See Exhibit "A11 attached hereto;
to the 6th day of November, 1995, at 8:00 o'clock a.m. , and
certify that, as of the date of the last continuation of the
abstract, title appears to be vested of record in:
Silverado Ranch Estates, Inc. ;
subject to the fallowing restrictions and limitations:
INTERESTS IN -THE SUBJECT REAL ESTATE
1. Reported at entry 17 of abstract No. 47159, prepared by
Cyclone Abstract and Title Company, is a mortgage given by the
present titleholder in favor of The Mutual Benefit Life Insurance
Company, in the principal amount of $170,000.00, dated April 16,
1990, and filed July 5, 1990, in Book 393 on Page 203, in the
00519 C8/
WHITFIELD & EDDY, P.L.C.
ATTORNEYS AND COUNSELORS AT LAW
Page 2
December 12, 1995
office of the Story County Recorder. Reported at entry 20, the
mortgage was assigned to MBL Life Assurance Corporation, dated
April 30, 1994, filed May 9, 1994 , as Instrument No. 94-05244 in
the office of the Story County, Iowa Recorder.
2. All general taxes are shown as paid to and including
taxes payable for the fiscal year 1995-96.
3. The pencil notes reflect that appropriate searches for
personal liens have been made against the following individuals
or entities and reports no adverse findings:
James R. Crotty;
Silverado Ranch Estates, Inc.
LIMITED INTERESTS IN THE SUBJECT REAL ESTATE
4. The real estate under examination is subject to the
following easements:
Reported at entry 21 of the abstract is shown a Limited
Easement, dated July 19, 1994, filed July 22, 1994, as Instrument
No. 94-08319 in the office of the Story County, Iowa Recorder.
The abstract shows a 50-foot Overhead Electrical Easement
over part of outlots E & F of Third Addition within the subject
subdivision.
5. The abstracter does not report the classification of
the real estate under examination, which is subject to the zoning
ordinances of Story County, Iowa. To ascertain the correct
zoning classification and the requirements thereof for this
property, including the requirements pertaining to the
Certificate of occupancy, you may contact the appropriate public
officials Story County, Iowa.
You should ascertain that the intended use of the subject
real estate is not in conflict with any easements, covenants,
restrictions, or applicable ordinances.
6. This title opinion is subject to our standard
exceptions attached hereto and by this reference incorporated
herein.
Respectfully submitted,
WHITFIELD & EDDY, P.L.C.
�'p
min B. Vllem
oVotg �� e Guaranty No. 2967
EXHIBIT "A"
Survey Description-Fourth Addition to Country Estates
Subdivision, Story County. Iowa:
Part of the West Half of the Southeast Quarter. Outlots 'E' & 'F'
in the Third Addition to Country Estates Subdivision. and Lot 1 in
the Southeast Quarter of the Southwest Quarter, all in Section
13. Township 84 North, Range 24 West of the 5th P.M.. Story
County. Iowa. more particularly described as follows:
Commencing at the East Quarter corner of said Section 23: thence
N89 '41 '48'W, 1132.43 feet along the north line of the
Northeast Quarter of the Southeast Quarter of said Section 13 to
the Northeast corner of said Outlot 'F' in the Third Addition to
Country Estates Subdivision and the point of begginningg, thence
along the easterly line of said Outlots 'F ' & 'E'I S00 '03'54W.
1169.22 feet: thence N80 '29'55'E. 142. 41 feet; thence
S32 '03'57'E. 307. 18 feet to- the beginning of a curve radial
to said line: thence southwesterly 60.46 feet along the curve
concave to the southeast, having a radius of 370.00 feet and a
central angle of 9 '21 '44-: thence S41 '25'41`E radial to
said curve. 43.74 feet; and thence 502 '18'3B"E. 741.88 feet
to the Southeasterly corner of said Outlot 'E' and a point on a
curve: thence westerly. 75. 14 feet along the southerly curve of
said Outlot 'E', said curve having a radius of 423.59 feet.
concave to the north, and a central angle of 10 '09'50- and
being subtended by a chord which bears S89 '55'04-W. 75. 04
feet: thence N85 '00' 00`W tangent to said curve, 350.00 feet:
thence S05 "00'00"W, 435.60 feet to the south line of the
Southeast Quarter of the Southeast Quarter of said Section 13:
thence N89 .40 ' 10"W. 43. 39 feet to the Southwest corner of the
Southeast Quarter of the Southeast Quarter of said Section 13;
thence N89 '41 '57"W, 1334.80 feet to the South Quarter corner
of said Section 13 and the Southeast corner of Lot 1 in the
Southeast Quarter of the Southwest Quarter of said Section 13:
thence NB9 '31 '31"W, 156.67 feet to the Southwest corner of
said Lot 1: thence N00 '39'52'E. 1305.58 feet to the Northwest
corner of said Lot 1; thence S89 '48' 17"E. 154.49 feet to the
Northeast corner of said Lot i and the Southwest corner of the
Northwest Quarter of the Southeast Quarter of said Section 13;
thence N00 '07'49-E. 1259.41 feet along the west line of the
Northwest Quarter of the Southeast Quarter of said Section 13:
thence S89 '41 ' 48"E. 345.81 feet: thence N00 '07'49"E. 54.00
feet to the north line of the Northwest Quarter of the Southeast
Quarter of said Section 13: thence S89 '41 '48"E. 985. 01 feet
to the Northwest corner of the Northeast Quarter of the
Southeast Quarter of said Section 13 and the Northwest corner of
said Outlot 'F': thence S89 '41 '48"E. 199. 39 feet to the point
of beginning, containing 101.98 acres.
- 0051.9 l�b�
WHITFIELD & EDDY, P.L.C.
STANDARD EXCEPTIONS TO TITLE OPINIONS
1. This opinion is provided to the persons or entities Identified as the addressees of this opinion,and it Is
not to be relied upon by any other person or entity.
2. If this opinion is based upon an abstract continuation In pencil note form, It should be observed mat
pencil notes are not certified by the abstracter and we cannot be bound by this opinion unless or until we
examine a completely bound and typed abstract that has been certified by the abstracter which does not include
pencil notes. We,therefore, reserve the right to reexamine the abstract in final form before rendering a final
opinion.
3. This opinion Is confined to an examination of the abstract only, and the opinion as to record title,
Interests, and limited Interests Is premised upon what appears of record therein. This opinion Is made subject
to exceptions reserved by the abstracter in preparing the above-rgferenced abstracts.
4.::�'Thls opinion maybe prepared pursuant to the Iowa 40-Year Marketable Title Act(Iowa Code SS 614.29 to
614,38).
S. No visual Inspection of the property has been made. Certain Items cannot be determined by exanntnatbn
of the abstract. Your attention Is, therefore, called to the fact that you are required to take notice of following ptter) !31 encumbrances on the real estate under examination: the
(a) The rights of att persons In possession of the real estate other than the titleholders of record.
(b) The rights of undisclosed spouses.
Id The right to file mechanic's liens against the premises for labor or materials furnished in connection with
Improvements thereon within 90 days from the furnishing cif the last item of material or tabor. in this
regard, you should examine the same and satisfy yourself that no labor or materials have been furnished
for improvements within the last 90 days or.If such improvements have been made,that all suppliers of
labor or materials have been fully paid.
(d) Unidentified or unreported zoning and similar municipal ordinances.
(e) Unreported bankruptcy proceedings. No opinion can be given concerning the effect of bankruptcy
proceedings on title to the real property.
Ifl Forged or altered Instruments.
(g) Any facts which would be disclosed by a visual inspection and which would identify physical use
of e ,tocatlon
easements and Improvements
pr ements on bordering
real estate. This opinion does not assure correctness o
boundaryand!o tines f �t
IN Real estate taxes and special assessments not yet spread on the county books and charges for municipal
services, which are not included in the abstract, that constitute a lien on the benefited
it
would be advisable to check with the city Clerk.Board of Supervisors or the Countyproperty,
Auditor's offic
e to
determine If any resolutions of necessity for special assessments have been adopted or charges have
been assessed which pertain to the real estate under examination.
M Theabstract does notdisclose the existence of hazardous substances, pollutants,contaminants,hazardous
waste, underground storage tanks, drainage wells, active or abandoned water wells, and other
environmentally regulated activities. You are cautioned that federal,state,and local regulations may,in
the event that there are environmental and/or public health violations, permit Injunctive relief and
require removal and remedial actions or other 'clean-up activity.' The costs of such 'clean-up, may
become a lien against the real estate under examination,and you may have personal liability even though
you may not have disposed of such hazardous substances, pollutants, contaminants, or hazardous waste
on the real estate under examination or used any underground storage tanks or wells. In this regard you
should satisfy yourself that there are no potential environmentally hazardous substances ee the real
estate under examination that would subject you to liability for environmental clean-up.
(j) Unrecorded purchase money liens.
qG- 00519 (1/)