HomeMy WebLinkAboutA015 - Attonrey's Title Opinion dated May 4, 2001r
Sixth Addition Dauntless Subdivision Ames Iowa
ATTORNEY'S TITLE OPINION
I,David W. Benson,the undersigned, state:
1. 1 am an attorney licensed to practice in the State of Iowa and my principal place
of business is located at 1416 Buckeye Ave., Suite 2000 Ames, IA 50010-8070 (Telephone: 515-
233-3000).
2. Pursuant to section 354.11 of the Code of Iowa, I have examined the abstract of
title to the real property described in the attached subdivision plat to be known as Sixth Addition,
Dauntless Subdivision,Ames,Iowa.
3. Based on such examination, I find that fee simple title to said real property is
vested in:
(a) Lots 21 and 22, First Addition, Dauntless Subdivision, Ames, Iowa, and Outlots
"F" and "G" (except the East 15 feet of Outlot "G"), Fourth Addition, Dauntless Subdivision,
Ames,Iowa are vested in Jensen Development Corporation,Ltd.; and
(b) Outlot "E", Fourth Addition, Dauntless Subdivision, Ames, Iowa, is vested in
Everett W. Cochrane and Marjorie L. Cochrane.
4. Based on such examination, I find that the following are holders of mortgages,
liens, or other encumbrances on said real property being platted:
(a) Lots 21 and 22, First Addition, Dauntless Subdivision, Ames, Iowa were
mortgaged by Jensen Development Corporation,Ltd.,to Magna Bank,N.A.to secure an original
indebtedness of $500,000.00. The mortgage is dated December 8, 1997, and was filed in the
office of the Recorder of Story County, Iowa, on December 9, 1997, and recorded as Instrument
Number 97-13348.
(b) Lots 21 and 22, First Addition, Dauntless Subdivision, Ames, Iowa are subject to
an assignment of rents granted by Jensen Development Corporation, Ltd., to Magna Bank,N.A.
The assignment of rents is dated December 8, 1997, and was filed in the office of the Recorder of
Story County,Iowa,on December 9, 1997,and recorded as Instrument Number 97-13349.
(c) Outlots "F" and "G", Fourth Addition, Dauntless Subdivision, Ames, Iowa were
mortgaged by Jensen Development Corporation, Ltd., to Moore Properties & Development,
LLC to secure an original indebtedness of$360,000.00. The mortgage is dated March 26, 1999,
and was filed in the office of the Recorder of Story County, Iowa, on March 30, 1999, and
recorded as Instrument Number 99-04132.
(d) Outlots "F" and "G", Fourth Addition, Dauntless Subdivision, Ames, Iowa were
mortgaged by Jensen Development Corporation, Ltd., to William A. Moore to secure an original
indebtedness of$90,000.00. The mortgage is dated July 23, 1999, and was filed in the office of
the Recorder of Story County, Iowa, on July 23, 1999, and recorded as Instrument Number 99-
09963.
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Title Opinion— Sixth Addition, Dauntless Subdivision Page 2
(e) Outlot "E", Fourth Addition, Dauntless Subdivision, Ames, Iowa, was sold by
Everett W. Cochrane and Marjorie L. Cochrane under a contract for deed to Dickson D. Jensen
and Luann C. Jensen under date of September 19, 1997, filed in the office of the Recorder of
Story County, Iowa, on October 16, 1997, and recorded as Instrument Number 97-11162; who
assigned their interests in said contract to Jensen Development Corporation, Ltd., by an
assignment dated March 5, 1998, filed in the office of the Recorder of Story County, Iowa, on
March 17, 1998, and recorded as Instrument Number 98-03191.
On this y41k day of May, 2001, 1 certify under penalty of perjury and pursuant to the
laws of the State of Iowa(Section 622.1 of The Code)that the preceding is true and correct.
W�
David W. Benson, Attorney
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