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Home My WebLink AboutA006 - Attorney's Title Opinion dated March 13, 2008 CONNOLLY OWALLEY LILLIS HANSEN OLSON LLP WILLIAM J.LILLIS ATTORNEYS AT LAW RUSSELLJ.HANSEN JOHN CONNOLLY,JR.(1891-1975) MICHAEL W.O'MALLEY BANK OF AMEPJCA BuiLDING GEORGE E.O'MALLEY(1905-1982) EUGENE E.OLSON JOHN CONNOLLY III(1918-1998) 317 Sam AVENUE,SurrE 300 BERNARD J.CONNOLLY(1920-1970) STREETAR CAMERON DANIEL L.MANNING DEs MoINEs,IOWA 50309-4127 C.1.McNUTr(1901-1958) CHRISTOPHER R.POSE ADAM C.VAN DIKE TELEPHONE(515) 243-8157 ESTABLISHED IN 1917 FAx (515) 243-3919 www.connollylawfmn.com Writer's Direct E-Mail:scameron(konnollvlawfirm.com March 13, 2008 Chelan Daybreak, LLC 708 N. Hwy 69 Huxley, IA 50124 ATTORNEY'S TITLE OPINION PURSUANT TO CHAPTER 354, CODE OF IOWA Re: West Towne Subdivision, an Official Plat, now included in and forming a part of the City of Ames, Story County, Iowa. Dear Sir: The undersigned attorney at law certifies that I have examined the Abstract of Title of Abstract&Title Services of Story County No. 0803040404 that has been continued and certified to February 29, 2008, at 8:00 A.M., to the real estate legally described as follows: Parcel 'B", a part of Lot Two (2), Seventh Addition, Dauntless Subdivision,Ames,Iowa as shown on the Plat of Survey filed in the office of the Recorder,Story County,Iowa on November 30,2004 as Inst. No. 04-15794, Slide 227,Page 4; which real estate is to be platted and known as West Towne Subdivision, an Official Plat, now included in and forming a part of the City of Ames, Story County, Iowa. As of February 29, 2008, at 8:00 A.M., the proprietor and record fee titleholder to the property being platted as West Towne Subdivision is Chelan Daybreak, LLC, an Iowa limited liability company, subject to the following liens and objections: 1. Entry No. 112 of the abstract indicates a Mortgage,Assignment of Leases and Rents and Security Agreement given by the titleholder to Specialty Finance Group LLC,a Georgia limited Our 91st Year of Service 1917-2008 p I �, CONNOLLY OWALLEY LILLIS HANSEN & OLSON LLP March 13, 2008 Page 2 liability company,dated November 21,2007,filed November 28,2007,as Inst.No.07-13627 in the amount of$9,340,206.00. 2. Entry No. 113 of the abstract discloses an Assignment of Leases and Rents given by the titleholder to Specialty Finance Group LLC,a George limited liability company dated November 21, 2007, filed November 28, 2007, as Inst. No. 07-13628. 3. EntryNo. 114 of the abstract discloses a Financing Statement given by the titleholder to Specialty Finance Group LLC, filed November 28, 2007, as Inst. No. 07-13629. 4. Exhibit "A" attached hereto indicates various documentation shown in the abstract relating to easements and other agreements that relate to the property under examination. 5. Entry No. 116 of the abstract discloses that the first installment of real estates delinquent after 9/30/2007,in the amount of$2,270.00 is paid,but that the second installment of the same is unpaid at the present time. No special assessments are shown as relating to the property. 6. Entry No. 117 of the abstract discloses that the Abstractor's Certificate which indicates that personal lien searches have been made against the titleholder and no items are shown. Previous Abstractor's Certificates indicate that ten year personal lien searches have been made against all prior parties in the chain of title and no items are shown. 14: 1 Dated this day of March, 2008. Respectfully submitted, Streetar Cameron For the Firm SC:dj Attachment i EXHIBIT "A" 1. Entry No.46 discloses a Development Agreement Dauntless Subdivision dated August 26, 1997,filed September 9, 1997,and recorded as Instrument No. 97-09691. 2. Entry No. 62 discloses an Easement to City of Ames,Iowa,dated March 7,2000,filed March 29,2000,and recorded as Instrument No.00-03177. 3. Entry No. 65 discloses an Agreement for Sidewalk,dated March 21,2000,filed March 29,2000,and recorded as Instrument No.00-03180. 4. Entry No. 66 discloses a Temporary Easement Agreement,dated March 30,2000,filed March 31,2000,and recorded as Instrument No.00-03253. 5. Entry No.74 discloses an Easement,dated February 8,2001,filed April 24,2001,and recorded as Instrument No. 01-04737. 6. Entry No.75 discloses an Access Agreement and Easement,dated February 8,2001,filed April 24,2001,and recorded as Instrument No. 01-04739. 7. Entry No.76 discloses an Agreement for Sidewalk,dated Apri16,2001,filed April 24,2001,and recorded as Instrument No.01-04741. 8. Entry No. 80 discloses an Agreement for Sidewalk, dated August 9,2002,filed August 29,2002,and recorded as Instrument No. 02-13086. 9. Entry No. 81 discloses an Easement to City of Ames,Iowa, dated August 9,2002,filed August 29,2002,and recorded as Instrument No.02-13087. 10. Entry No. 89 discloses a Cross Easement Agreement,dated November 29,2004,filed November 30,2004,and recorded as Instrument No.04-15795. 11. Entry No. 17 discloses an Easement to U.S.West Communications,Inc.,dated January 22, 1991,filed February 7, 1991 in Book 303,Page 59. 12. Entry No. 18 discloses an Easement to U.S.West Communications,Inc.,dated January 22, 1991,filed February 7, 1991 in Book 303,Page 60. 13. Entry No.48 discloses an Easement to the City of Ames,Iowa,dated September 3, 1997,filed October 16, 1997 as Instr.No.97-11160. 14. Entry No.49 discloses an Easement to the U.S.West Communications,Inc.,dated August 14, 1997,filed October 16, 1997 as Instr.No. 97-11161. 15. Restrictive Covenants filed with the Plat on October 16, 1997,and recorded as Instrument No.97-11159 was shown on the abstract for the adjoining property. 16. Entry No. 106 discloses a Public Utilities and Electric Facilities Easement given to the City of Ames dated October 1,2007,filed October 2,2007,as Inst.No.07-11594. 17. Entry No. 107 discloses a Water Main Easement given to City of Ames dated October 1,2007,filed October 2, 2007,as Inst.No.07-11595. 18. (a) Entry No. 108 discloses and Ingress/Egress Easement given to City of Ames dated October 1,2007,filed October 2,2007,as Inst.No. 07-11596. (b) Entry No. 111 discloses Corrected and Substituted Ingress/Egress Easement which is intended to replace the above described Easement which was given to the City of Ames dated November 27,2007,filed November 27,2007 as Inst.No.07-13564. 19. Entry No. 109 discloses a Storm Sewer Easement given to City of Ames dated October 1,2007,filed October 2, 2007,as Inst.No. 07-11597.