HomeMy WebLinkAboutA001 - Party Wall Agreement *MT. NO._ — 065
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STORY COUNTY, IOWA
FILED FOR RECORD (q
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W JUN 2 7 1997 PM
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Instrument Prepared By:
Deborah S. Krauth, 612 Kellogg Ave., P.O. Box 847, Ames, IA 50010-0847; 515-232-1761
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PARTY WALL AGREEMENT
RE: Lots 39 and 40, Northern Lights Subdivision, Ames, Story County, Iowa
WHEREAS, GRAND INVESTORS, L.L.C., an Iowa Limited Liability
Company, is the owner of the following described real estate:
Lots 39 and 40, Northern Lights Subdivision, Ames, Story
County, Iowa;
and,
WHEREAS, a wall in common or "party wall" exists between the
improvements constructed or to be constructed between Lots 39 and 40;
NOW, THEREFORE, the undersigned hereby covenant, bargain and agree
for themselves, their assigns and successors in interest, that Lots 39 and 40, Northern Lights
Subdivision, Ames, Story County, Iowa, shall be subject to the following:
1. PARTY WALLS. A party wall does exist or shall exist between the
garages constructed on each lot. The common wall is located on the lot line between Lots
39 and 40. This wall shall be a party wall and the respective owners shall each have the
right to use such party wall. Each owner of a lot hereby grants unto the adjacent owner
sharing the party wall an easement over, across and under that portion of such owner's lot
on which the party wall is constructed.
If it becomes necessary or desirable to repair or rebuild the whole or any part
of the party wall, the expense thereof shall be borne equally by the respective owners of
Lots 39 and 40. Any such repair or rebuilding shall be on the same location and of the
same size as the original party wall and of the same or similar material and of the same
quality as that used in the original party wall unless otherwise agreed to in writing by the
parties.
Any party who engages in construction or repair work with respect to a party
wall shall have the right to enter the property of the other party sharing the party wall to
the extent that it may be reasonably necessary in connection with that work. When
entering the property of the other party, the party undertaking such repair or rebuilding
shall take and observe due precaution and care to protect the property of the other party.
Any controversy or claim arising out of or relating to a party wall shall be
settled by arbitration administered pursuant to the provisions of Iowa Code Chapter 679N
as amended.
2. ROOFS. Lots 39 and 40 also share the roof which lies immediately
above said party wall. Each owner of a lot sharing such party wall shall share in the
expense of replacing said roof proportionately based on the square footage of their
respective units. The parties shall jointly make decisions regarding the color, style and
quality of roofing material.
Any controversy or claim arising out of or relating to that portion of any roof
that is shared by lot owners shall be settled by arbitration pursuant to the provisions of
Iowa Code Chapter 679A, as amended.
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3. INSURANCE. Each lot owner shall maintain property insurance in an
amount at least equal to the assessed value of the improved lot and liability insurance in
an appropriate amount. Each lot owner shall provide proof of insurance to the lot owner
sharing the party wall and roof on request.
4. INVALIDATION. The invalidation of any one or more of these
provisions by judgment or order of court shall not affect the other provisions which shall
remain in full force and effect.
Dated this day of , 1997.
GRAND INVES .ORS, L.L.C.
By
id M. Kfatt, Member
By. c
Ronald C. Stenberg, Meni r
STATE OF IOWA )
)ss:
COUNTY OF STORY )
On this day of , 1997, before me, a Notary
Public in and for said county, personally app ared David M. Klatt and Ronald C. Stenberg,
to m e personally known, who being by me duly sworn did say that they are members of
said Grand Investors, L.L.C., and that said instrument was signed on behalf of the said
Grand Investors, L.L.C., by authority of its managers, and the said David M. Klatt and
Ronald C. Stenberg acknowledged the execution of said instrument to be the voluntary act
and deed of said Grand Investors, L.L.C., by it voluntarily executed.
-�✓2 'h t e etC. E
,` °; JEAN A.STOLEE N ary Public in and forte State of Iowa
MY COMMISSION EXPIRES
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