HomeMy WebLinkAboutA003 - Attorney's Opinion dated February 21, 2008 1'
LAW OFFICES
HERMCK, LANGDON & LANGDON
1550 Financial Center
666 Walnut Street
Des Moines,Iowa 50309-3972
TELEPHONE(515)282-8150 ALLAN A.HERRICK
RICHARD G.LANGDON TELECOPIER(515)282-8226 (1896-1989)
WILLIAM R.CLARK,JR. HERSCHEL G.LANGDON
(1905-2002)
Of Counsel
RICHARD N.WINDERS
DWIGHT BROOKE
(1907-1992)
February 21, 2008
City of Ames
Ames, IA 50010
Gentlemen:
As part of a platting process, we have reviewed an abstract of title to the following-
described real estate:
Parcel `B", a part of Lots Five (5), Six (6) and Seven(7), Oakwood
Second Addition, Ames, Iowa as shown on the Plat of Survey filed
in the office of the Recorder, Story County, Iowa on August 19, 2004
as Inst. No. 04-11555, Slide 215, Page 6
locally known as 2025 Oakwood Road
to be platted as WOODBRIDGE SUBDIVISION, consisting of
Lots 1, 2, and Lot A
from the date of Root of Title Deed dated February 4, 1926, recorded March 4, 1926 in Book
67, Page 427 of the records of the Story County, Iowa Recorder, and shown at Entry 3 of
Abstract 0705210924 prepared by Abstract&Title Services of Story County, down to
January 15, 2008 at 8:00 A.M., and report thereon as follows:
1. Fee title is vested in Marguerite Sevde as Trustee of the Richard H. Sevde Residuary
Trust(under Will) and Randy Sevde and Karin Sevde as Trustees of the Marguerite Sevde
Irrevocable Trust Agreement dated December 4, 1997, subject to the following objections.
2. The property under examination is subject to the zoning ordinances of the City of
Ames, Iowa. To ascertain the permitted uses for the property under examination, you should
consult the City of Ames, Iowa.
3. Entry 21 of the abstract shows the plat of Oakwood Second Addition to the City of
Ames, Iowa.
Page 2
February 21, 2008
4. Entry 23 of the abstract shows an Electric Line Easement in favor of the City of Ames,
Iowa, its successors and assigns, across the East 10 feet of Lots 5 and 7,the East 10 feet and
the South 10 feet of Lot 6 lying adjacent to Lot 7, the South 10 feet of Lots 5, 6, and 7 and the
West 5 feet of Lot 6 all in Oakwood Second Addition to the City of Ames, Iowa, a portion of
which comprises the property to be known as Woodbridge Subdivision.
5. Entry 48 of the abstract shows a Cross Easement Agreement dated May 12, 2000
between owners of adjacent land,the City of Ames and the title owners regarding Lots 5, 6
and 7 of Oakwood Second Addition to the City of Ames, a portion of which is included in the
final plat of Woodbridge Subdivision. The Cross Easement Agreement grants respective
rights of ingress and egress along a portion of Lot 4 in Oakwood Addition and across Lots 5,
6 and 7 of Oakwood Second Addition to the City of Ames and the adjoining property owners
from the frontage road to Elwood Drive, now known as University Blvd. The Cross
Easement Agreement requires the titleholders to maintain the entrance to the party's
respective easement areas at the titleholders' sole expense and to establish an interest-bearing
account for the purpose of maintaining the easement area. Attached to the easement are
surveys locating the easement areas owned by the respective parties. Entry 54 of the abstract
shows a re-recording of the Cross Easement Agreement on March 13, 2001, as Inst.No. 01-
02820.
6. Entry 49 of the abstract shows an unsatisfied mortgage in the amount of$266,000.00
dated May 10, 2000, recorded May 22, 2000 as Instr.No. 00-053444 in the Office of the
Recorder of Story County, Iowa and executed by Marguerite Sevde, Trustee of the Richard H.
Sevde Residuary Trust under the Will of Richard H. Sevde, dated August 31, 1989, a/k/a The
Richard Sevde Trust. and Marguerite Sevde, Trustee and Karin Sevde, Co-Trustee and Randy
Sevde, Co-Trustee of the Marguerite Sevde Irrevocable Trust dated December 4, 1997 to First
National Bank,Ames, Iowa.
7. Entry 50 of the abstract shows an unsatisfied mortgage in the amount of$50,000.00
dated May 31, 2000, recorded June 1, 2000 as Inst.No. 00-05826 in the Office of the
Recorder of Story County, Iowa and executed by Marguerite Sevde, Trustee of the Richard H.
Sevde Residuary Trust under the Will of Richard H. Sevde, dated August 31, 1989, a/k/a The
Richard Sevde Trust; and Marguerite Sevde, Trustee and Karin Sevde, Co-Trustee and Randy
Sevde, Co-Trustee of the Marguerite Sevde Irrevocable Trust dated December 4, 1997 to First
National Bank, Ames, Iowa.
8. Entry 51 of the abstract shows a City of Ames Bikeway Easement in favor of the City
of Ames, Iowa across the East 10 feet of Lot 5, Oakwood Second Addition, Ames, Story
County, Iowa.
fig. 7
Page 3
February21, 2008
9. Entry 52 of the abstract shows an unsatisfied mortgage in the amount of$100,000.00
dated June 15, 2000, recorded June 22, 2000 as Inst.No. 00-06722 in the Office of the
Recorder of Story County, Iowa, and executed by Marguerite Sevde, Trustee of the Richard
H. Sevde Residuary Trust under the Will of Richard H. Sevde, dated August 31, 1989, a/k/a
The Richard Sevde Trust; and Marguerite Sevde, Trustee and Karin Sevde, Co-Trustee and
Randy Sevde, Co-Trustee of the Marguerite Sevde Irrevocable Trust dated December 4, 1997
to First National Bank, Ames, Iowa
10. Entry 55 of the abstract shows an Ingress and Egress Easement Agreement between
the titleholders and Cy Lodging, LLC. The area comprising the land lease was subsequently
acquired by.Harms Family Corporation and the titleholders and Harms entered into a
subsequent Ingress and Egress Easement Agreement, which is shown at Entry 57 of the
abstract. The Ingress and Egress Easement Agreement was re-recorded to correct an error in
the legal description of the property acquired/owned by Harms Family Corporation, and the
re-recording is shown at Entry 67 of the abstract.
11. Entry 56 of the abstract shows Declaration of Restrictions between the titleholders and
Harms Family Corporation. The Declarations were re-recorded at Entry 63 of the abstract to
correct an error in the legal description of the property owned by Harms Family Corporation.
12. Entry 58 of the abstract shows a Sign Easement Agreement between the titleholders
and Harms Family Corporation permitting the construction and maintenance of signage across
the easement area. The Sign Easement Agreement was re-recorded to correct an error in the
legal description of the property owned by Harms Family Corporation and is shown at Entry
66 of the abstract.
13. Entry 59 of the abstract shows a Utility Easement Agreement between the titleholders
and Harms Family Corporation, granting a utility easement across a portion of the property
owned by the titleholders. The Utility Easement Agreement was re-recorded to correct an
error in the legal description in the property owned by Harms Family Corporation and is
shown at Entry 65 of the abstract.
14. Entry 61 of the abstract shows an Agreement for Sidewalk and/or Bicycle Path(plat of
survey site) from the titleholders to the City of Ames,Iowa, but the recorder notes there is no
legal description or survey description on the agreement at the time of recording on August
13, 2004 as Instr. Nos. 04-11246, 04-11247, 04-11248 and 04-11249 in the office of the
Recorder of Story County, Iowa.
15. Entry 62 of the abstract shows a Plat of Survey dated August 17, 2004, filed August
19, 2004 as Inst. No. 04-11555, Slide 215, Page 6 in the office of the Story County Recorder
showing a proprietor's replat of Parcel A and B, formerly designated as Lots 5, 6 and 7 in
Oakwood Second Addition to the City of Ames, Iowa.
Page 4
February 21, 2008
16. Entry 69 of the abstract.shows an unsatisfied mortgage in the amount of
$6,750,000.00, dated October 15,2006, recorded November 1, 2006 as Inst.No. 06-13428, in
the Office of the Recorder of Story County, Iowa, and executed by Marguerite Sevde, Trustee
of the Richard H. Sevde Residuary Trust under the Will of Richard H. Sevde, dated August
31, 1989, a/k/a The Richard Sevde Trust; and Marguerite Sevde, Trustee and Karin Sevde,
Co-Trustee and Randy Sevde, Co-Trustee of the Marguerite Sevde Irrevocable Trust dated
December 4, 1997 to First National Bank, Ames, Iowa.
17. Entry 78 of Abstract 0705210924FI shows an unsatisfied mortgage in the amount of
$1,515,000.00 dated July 17, 2007,recorded July 19., 2007 as Inst.No. 07-08154 in the office
of the Recorder of Story County, Iowa and executed by Marguerite Sevde, Trustee of the
Richard H. Sevde Residuary Trust; Karin Sevde, a single person; and Randy Sevde and
Colleen K. Sevde, husband and wife,to Ames Community Bank. The legal description of the
mortgaged property comprises what is known as Parcel `B" of the proprietor's replat of Lots
5, 6 and 7 in Oakwood Second Addition, as shown on Slide 215, Page 6 of the records of the
Story County, Iowa Recorder and referred to at Paragraph 15 of this opinion.
18. The abstracter shows real estate taxes for fiscal year beginning July 1, 2006 and
ending June 30, 2007, payable in fiscal year 2007-2008, first half due 9/30/07 paid in the
amount of$21,368.00, second.half, delinquent after 3/31/08 unpaid in the amount of
$21,368.00.
19. Search for personal liens and judgments have been made against Marguerite Sevde as
Trustee of the Richard H. Sevde Trust; Marguerite Sevde; Randy Sevde as Co-Trustee of the
Marguerite Sevde Irrevocable Trust Dated December 4, 1997 and Karin Sevde as Co-Trustee
of the Marguerite Sevde Irrevocable Trust Dated December 4, 1997.
20. Personal property tax search has been made in Story County, Iowa, only.
21. Search under the Uniform Commercial Code affecting fixtures,timers and minerals
has been made subsequent to January 1, 1975, only.
22. General Exceptions: There are certain matters which cannot be ascertained from the
examination of the abstract and which may affect the use of, enjoyment of, and rights in and
to the real estate under examination. Accordingly, this title opinion is subject to and you must
take notice of the following:
(a) Matters which would be revealed by an accurate survey and inspection of the
premises such as encroachments, overlaps, and boundary line disputes.
Further, access to public streets and the correctness of lot area and the
boundary lines cannot be assured by this opinion.
Pal
Page 5
February 21, 2008
(b) You are charged with notice of the rights of persons in possession of the real
estate or any portion thereof.
(c) The real estate under examination is subject to the zoning ordinances of the
city or county stated above. You should determine whether the real estate
complies with the applicable zoning ordinances.
(d) Persons furnishing labor or materials for improvement of the real estate within
the last 90 days may be entitled to file a mechanic's lien if not paid. In such
event, your lien or title may be subject to such mechanic's lien.
(e) Special assessments,preliminary assessments and deficiency assessments are a
lien from certification by the city or county or other taxing jurisdiction to the
county treasurer. The lien for such assessments has priority equivalent to real
estate taxes. Such lien may not be shown in the abstract but may attach against
the real estate for work preliminarily approved by the city council.
(f) You should determine whether any solid wastes,hazardous substances,
pollutants, above or below ground storage tanks, drainage wells,water wells,
landfill sites; or other environmentally regulated conditions exist on the
property. Such conditions are not ordinarily shown in the abstract, but they
may result in injunctions, fines, required cleanup, or other remedial action
under federal, state or local laws. These laws may impose liens against the
property and personal liability against the owner, even though the owner did
nothing to create the condition, and acquired the property without knowing
about the condition.
Searches for judgments by the abstractor are limited to a ten-year period, however, certain
installment judgments such as child support and alimony rendered in a decree of dissolution
more than ten years ago are a lien on real estate of the obligor for ten years after the
installment becomes due.
Respectfully submitted, 1
k�
WRC/sw William R. Clark, Jr.
For the Firm