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HomeMy WebLinkAboutA004 - Amended Title Opinion dated October 15, 1999 STEPHEN M.TERRILL TERRILL & MARTENS LAW OFFICES TELEPHONE JOHN G MARTENS 511 DUFF AVENUE,SUITE 300 (515)232-4641 P.O. BOX 151 FAX AMES, IOWA 50010-0151 (515)232-4642 AMENDED TITLE OPINION October 15, 1999 Steve T. Davis, President Eastgate Development, Inc. 26772 U.S. Hwy. 69 Ames, IA 50010 RE: Parcel "A": The SEl/4 of the SEl/4 of Section 36, Township 84 North, Range 24 West of the 5" P.M., Story County, Iowa, except the South 300 fee of said SEl/4 of the SEl/4, further described as follows: Beginning at a point N 0°06'52" W 300 feet of the SE Corner of said Section 36, thence S 89°37'22" W along the North City corporation line, 1321.29 feet, thence N 0°00'56" E along the East line of the Wl/2 of the SEl/4, 1022.72 feet to the NW Corner of the said SEl/4 of the SEl/4, 1318.27 feet to the NE Corner of said SEl/4 of the SEl/4, thence S 0°06'52" E along the East line of said Section 36, 1014.23 feet to the point of beginning, containing 30.85 Acres, including 0.93 Acres of road right-of- way. AND Parcel "C": The South 300 feet of the SEl/4 of the SEl/4 of Section 36, Township 84 North, Range 24 West of the 5t' P.M., Story County, Iowa, containing 9.1 Acres, including 1.48 Acres of road right-of-way; except the North 15 feet of the South 55 feet of the SEl/4 of Section 36, Township 84 North, Range 24 West of the 5th P.M., Ames, Story County, Iowa, containing 0.46 Acres, more or less, said exception conveyed to City of Ames, Iowa, as Inst. No. 97-10857. and also described in the Survey Description of Eastgate Subdivision, Ames, Story County, Iowa, as: All of the Southeast Quarter of the Southeast Quarter of Section 36, Township 84 North, Range 24 West of the 5th P.M., Ames, Story County, Iowa,previously described in a Warranty Deed filed in the Office of the Recorder of Story County, Iowa, on December 30, 1997, at Inst. No. 97-14065 and more particularly described as follows: Beginning at the Southeast corner of said Section 36; thence N 00°12'46" E. 1314.29 feet to the Northeast corner of the Southeast Quarter of the Southeast Quarter of said Section-36; thence N 89°41'03" W. 1318.28 feet to the Northwest corner of the Southeast Quarter of the Southeast Quarter of said Section 36; thence S 00°20'34" W. 1322.72 feet to the Southwest corner of the Southeast Quarter of the Southeast Quarter of said Section 36; thence N 89°57'00" E. 1321.29 feet to the point of beginning, except a parcel of land previously described in a Warranty Deed filed in the Office of the Story County Recorder on October 8, 1997, at Inst. No. 97-10857 identified as Tract "A" and described as the 99 - 14584 � f1 1 Steve T. Davis/Eastgate Development, Inc. October 15, 1999 Page 2 North 15 feet of the South 55 feet of the Southeast Quarter of the Southeast Quarter of said Section 36; and subject to a Contract for Right of Way filed in the Office of the Story County Recorder on May 22, 1969, in Book 2, Page 296, and described as: Beginning 33 feet North and 33 feet West of the Southeast corner of said Section 36; thence West 1289 feet; thence North 7 feet; thence east 1119 feet; thence East by North 125.3 feet to a point 87.0 feet West and 87.7 feet North of the Southeast corner of said Section 36; thence North by East 125.3 feet to a point 203 feet North and 40 feet West of the Southeast corner of said Section 36; thence North 3742 feet; thence East 7 feet; thence South 3912 feet to the point of beginning. Contains 39.95 acres, which includes 2.95 acres of existing public road right of way. Dear Mr. Davis: We have examined the abstract of title to the above-described real estate from the Root Title Type thereof down to and including the 3 1" day of August, 1999, at 8:00 A.M., as last certified by Iowa Title Company, and from it we find that on said date good title of record was duly vested in. EASTGATE DEVELOPMENT, INC. subject to the following encumbrancers and defects: 1. At Entry No. 34 of the abstract of title appears a Mortgage from Eastgate Development, Inc. to First National Bank,^Ames, Iowa, dated May 15, 1998, and filed for record on May 19, 1998, at Instrument NoQ%&_i06474;of1the records of the Story County Recorder's Office. Said Mortgage is in the total amount of$1,800,000.00 and constitutes a first and paramount lien against the property under examination. Prior to accepting a deed to the property under examination, a release of the Mortgage should be obtained. 2. At Entry No. 37 of the abstract of title appears a Mortgage from Eastgate Development, Inc. to Hardin County Savings Bank, dated June 30, 1999, and filed for record on July 15, 1999, at Instrument No���O=T 468,o he records of the Story County Recorder's Office. Said Mortgage is in the total amount of$1,500,000.00 and constitutes a lien against the property under examination. Prior to accepting a deed to the property under examination, a release of the Mortgage should be obtained. 9- 14584 ��� Steve T. Davis/Eastgate Development, Inc. October 15, 1999 Page 3 3. At Entry No. 36 of the abstract of title appears a Development Agreement for Eastgate Subdivision between The City of Ames, Iowa and Eastgate Development, Inc. dated October 6, 1998, and filed for record on October 16, 1998, at Instrument Now-9�8=j1477 �For further particulars you are directed to the Agreement as it appears of record. 4. At Entry No. 20 of the abstract of title appears a Resolution of voluntary annexation to the City of Ames No. 95-532 which was adopted December 5, 1995, filed for record on December 14, 1995 at Instrument No. 95-11235. For further particulars you are directed to the Resolution as it appears of record. 5. At Entry No. 22 of the abstract of title appears Zoning Ordinance of the City of Ames, Iowa, No. 3364 which classifies the property under examination as being in the "G-C" General Commercial District. Said Zoning Ordinance was adopted January 9, 1996, and filed for record on February 22, 1996, at Instrument No. 96-01475 of the records of the Story County Recorder's Office. For further particulars you are directed to the Ordinance as it appears of record. 6. At Entry No. 5 of the abstract of title appears an Easement to Northwestern Bell Telephone Company, its successors and assigns, granting the right-of-way and easement to construct, operate, maintain, replace and remove such communication systems as may from time to time be required. Said Easement is dated February 18, 1964, and filed for record on March 105 1964, at Book 96, Page 121, of the records of the Story County Recorder's Office. For further particulars you are directed to the Easement as it appears of record. 7. At Entry No. 25 of the abstract of title appears a Guy and Anchor Easement to IES Utilities, Inc., its successor and assigns, granting a perpetual easement with the right, privilege and authority to construct, reconstruct, maintain, operate, repair, patrol and remove guy wires etc. Said Easement is dated September 3, 1997, and filed for record on October 2, 1997, at Instrument No. 97-10675 of the records of the Story County Recorder's Office. For further particulars you are directed to the Easement as it appears of record. 8. At Entry No. 27 of the abstract of title appears a Right-of-Way Permit to the City of Ames, Iowa, a municipal corporation, its successor and assigns, which grants the perpetual right to enter upon the land and the right to construct, reconstruct, maintain and cover over and repair a utility easement upon said real estate. Said Permit is dated June 23, 1997, and filed for record on October 8, 1997, at Instrument No. 97-10858 of the records of the Story County Recorder's Office. For further particulars you are directed to the Permit as it appears of record. �g- 14584 13 1 Steve T. Davis/Eastgate Development, Inc. October 15, 1999 Page 4 9. At Entry No. 38 of the abstract of title it appears that the fiscal year 1998-1999 real estate taxes are paid in full. Your attention is directed to the rights of any person or persons now in possession of said real estate and as to the rights of any person or persons who may have made improvements upon the same within the last ninety days for which mechanic's liens or special assessments may not, as yet, appear of record. Sincerely, l Stephen M. Terrill gw 199® 1 4584 l4'