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Home My WebLink AboutA007 - Attorney's Title Opinion dated December 20, 1999 Smith, Schneider, Stiles, Hudson, Serangeli, Mallaney, &Shindler, P.C. ATTORNEYS AND COUNSELORS AT LAW BARTON GOPELR BRENT A.CASHATT 604 LOCUST STREET,10th Floor Equitable Building, J ANDREW B.HOWIE ROGER J.HUDSON DES MOINES,IOWA 50309-3715 ALEXANDER M.JOHNSON R.J.HUDSON,II (515)245-6789 JASON C.PALMER** MICHAEL P.MALLANEY FAX(515)244-1328 JAN MOHRFELD KRAMER •ALSO 7ICINSFD INNIISSOURI RONALD L.MOUNTSIER ANDIEBRASKA FRED R.SCHNEIDER "AIs0110ENSE0 INw13coNSIN WILLIAM B.SERANGELI STEVEN H.SHINDLER* Writer's E Mail Address: RAY A.FEN TON WILLIAM SIDNEY SMITH OF COUNSEL WILLIAM R.STILES WStilesgSmithLawIowa.com THOMAS T.TARBOX WUJJAM wn&a (1930-1993) December 20, 1999 Via Hand Delivery The Honorable Mayor Theodore Tedesco Members of the Ames City Council 515 Clark Street Ames, IA 50010 RE: Title Opinion for Platting Purposes by Composite Technologies Corporation Dear Mayor Tedesco: This opinion is prepared exclusively for the purposes of a proprietor's plat covering the following described real estate. For purposes of rendering this Opinion, we have examined the Abstract of Title for the above-referenced property which was prepared by Cyclone Abstract and Title Company, which Abstract was continued to November 30, 1999, and our Opinion covers matters opined herein to said date only. Our Opinion employs the Iowa Land Title Examination Standards and generally the laws of the State of Iowa. For the following-described real estate: Beginning at a point 66 feet North of the SW Corner of the N3/4 of the SE1/4 of the SE1/4 of Section 2, Township 83 North, Range 24 West of the 5th P.M., Story County, Iowa, thence running East parallel with and 66 feet distant from the South line of said tract 575 feet, thence North at right angles 326 feet, thence N 63 °3' W 255.5 feet to a point 150 feet Southerly measured at right angles from the center of the southerly main track of the Chicago and Northwestern Railroad Company, thence Westerly parallel with and 150 feet distant from said center line of the main track 350 feet more or less to the West line of said N3/4 of the SE1/4, thence South to the place of beginning, but subject to the rights of the Chicago and Northwestern Railroad Company and its successors J:\8132\4\corr\WRS TO City ofArnes.wpd 00 0004 22 C�� Smith, Schneider, Stiles, Hudson, Serangeli, Mallaney & Shindler, P.C. December 20, 1999 Page 2 or assigns to maintain and operate the spur railroad track now located and constructed upon said described premises, said spur railroad track being the property of the said railway company. we report that record merchantable title (in fee simple) is in the name of: Composite Technologies Corporation Said title is subject to the standard exceptions set forth on Schedule A and is further subject to the following exceptions: 1 . Mortgage. Composite Technologies Corporation granted a Mortgage to Firstar Bank Iowa, N.A. on June 3, 1997 and filed for record in the Story County Recorder's Office on June 6, 1997 as Instrument No. 97-05644. Said Mortgage indicates that the interest of the Mortgagor is that of contract purchaser and that the Mortgagor sells, assigns and conveys all of its right, title and interest in and to said real estate and in and to said Real Estate Contract. Additionally it is noted that the Mortgagee's interest will continue without change in priority upon any change in Mortgagor's ownership in the mortgaged property. Said Mortgage was modified on August 31 , 1998 and was filed on September 3, 1998 as Instrument No. 98-12440 in the Story County Recorder's Office. Said Modification notes the Mortgage secures credit in the amount of $6,000,000. Additionally, a Financing Statement, Instrument No. 97-05864, was granted in favor of Firstar Bank Iowa, N.A., covering fixtures on the above described real estate. 2. PCS Site Agreement. A Memorandum of PCS Site Agreement by and between Iowa Land and Building Company, Thermomass Technologies, Inc. and Sprint Spectrum, L.P., dated June 25, 1996 and filed on July 10, 1996 as Instrument No. 96-07040. Said Memorandum evidences the Lease made and entered into between the parties mentioned above. Such Agreement provides in part that the owner is leasing to Sprint Spectrum, L.P., a certain site located at 525 East 2nd Street, Ames, Iowa, which is located in the greater legal description first referenced above. Said Lease is coupled with a grant of easement for unrestricted rights of access thereto and to electric and telephone facilities for a term of 5 years commencing June 27, 1996, which term is subject to four additional five-year extensions. As security for the obligation contained in the Mortgage noted in paragraph 1 above, the record titleholder assigned this lease to Firstar Bank Iowa, N.A. on August 31 , 1998 and it was filed on September 3, 1998 as Instrument No. 98-12441 in the Story County Recorder's Office. JA8132\4\corr\WRS TO City ofAmes.wpd 00 - 00422 �► °� Smith, Schneider, Stiles, Hudson, Serangeli, Mallaney & Shindler, P.C. December 20, 1999 Page 3 3. Mortaaae. A Mortgage was granted to Stine Seed Farm, Inc. on August 31 , 1998 and filed for record in the Story County Recorder's Office on September 3, 1998 as Instrument No. 98-12442. Said Mortgage secures the repayment of $4,000,000 due and payable in accordance with a Promissory Note of even date. The abstract reflects a maturity date of August 31 , 2003. Additionally, said Mortgage has a typical Due on Sale Clause. 4. Easements. A right-of-way permit and easement was granted on October 12, 1982 to the City of Ames, which was recorded in Book 186, Page 310, granting a perpetual right to enter upon land and construct, reconstruct, clean-up, operate, maintain and cover over and repair water main across properties specifically described together with a temporary construction easement. A plat of the water main easement is reflected in the abstract. 5. Searches. Searches have been conducted against the legal titleholder, Composite Technologies Corporation, and nothing appears other than as mentioned in this opinion: A. A cost judgment for $90.00 is outstanding against the record titleholder in case, Equity No. EQCU036700, that was dismissed against Heartland Chemicals, Inc. 6. Real Estate Taxes. The abstract reflects that all general taxes are paid in full to and including the taxes payable in fiscal year of July 1 , 1998 to June 30, 1999, and taxes payable in the fiscal year January 1 ,, 1999 to June 30, 2000 are as follows: First Installment $7,686.00 Paid Second Installment $7,686.00 Due but not delinquent Should you have any questions concerning this Opinion, please contact the undersigned. Ve y t y yours, illiam R. Stiles For the Firm WRS/nls Enclosures `l JA8132�4kos\WRS TO City ofAmesmpd U ® 0 0 4 2 2 1 1� • Smith, Schneider, Stiles, Hudson, Serangeli, Mallaney & Shindler, P.C. SCHEDULE A STANDARD EXCEPTIONS The foregoing Title Opinion is further subject to the following: 1 . Rights or claims of parties in possession not shown by the public records and reflected in the Abstract of Title. 2. Easements, or claims of easements, not shown by the public records and reflected in the Abstract of Title. 3. Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey or inspection of the premises. 4. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished imposed by the laws of the State of Iowa and not reflected in the public records and the Abstract of Title. 5. Zoning limitations and compliance with the zoning classification for the property. 6. Special assessments that may exist by virtue of a resolution of necessity having been adopted by the taxing authority but not certified to the County Treasurer wherein the property is located. 7. Liens not appearing of record and in the Abstract of Title granting certain rights to creditors upon fixtures such as furnaces, dishwashers, and other removable property in the improvements on the real estate covered by this Opinion. 8. The Abstract of Title has been brought forward to the date indicated in this Opinion in a summary, informal form referred to as pencil notes. These notes are not formally certified by the abstract company; therefore, our Opinion is subject to any changes made by the abstract company in the final certified form of the Abstract of Title. 9. Any lien or right to a lien, or a liability for environmental liens/liability not reflected in the public records where the real estate is located or that would be disclosed by a proper environmental audit. JA8132\4\coa\WRS TO City ofAmesmpd 00 - 004 22 ( 1