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HomeMy WebLinkAboutA004 - Attorney's Title Opinion dated November 30, 2009 GOOD WIN LA W OFFICE, A C. ATTORNEY AT LAW 311 W.LINCOLN WAY,SUITE 1 AMES,IOWA 50010-3317 ROBERT W.GOODWIN TELEPHONE 515-232-7390 FAX 515-232-7396 E-mail:goodwinlawoffice@fbx.com November 30, 2009 Story County, Iowa Attn: Story County Planning And Zoning Story County Administrative Building 900 6`h Street Nevada, IA 50201 Ladies and Gentlemen: TITLE OPINION I have examined the Abstract of Title No. 0804180737FI to the subject property legally described as: Lot Two.(2) of Speck Subdivision, Story County, Iowa, AND Outlots A and B of Speck Subdivision, Story County, Iowa EXCEPT that part of said Outlot A that lies West of and adjacent to Lot 1 of Speck Subdivision, Story County, Iowa. Locally known as: 5674 U.S. Highway 69, Ames, Story County, Iowa, certified by Sara M. Calvert of Abstract and Title Services of Story County, containing a total of 48 entries last certified at 8:00 o'clock A.M. on November 10, 2009. TITLE I have found record title to the above-described real estate (hereinafter called the property) to be in Corwin V. Stephan Trustee of Corwin V. Stephan Revocable Trust and Kay M. Stephan Trustee of Kay M. Stephan Revocable Trust, by virtue of a Trustee Warranty Deed dated May 20, 2008, and filed in the office of the Story County Recorder as Instrument No. 08-05627 on May 22, 2008, as shown in Entry 3 8 of the Abstract. Outlot A is the right-of-way area owned by the State of Iowa and maintained by Story County as shown in Entry 41 of the Abstract. The title to this property is subject to the following exceptions and also subject to the Standard Exceptions shown on Schedule A attached hereto. Story County, Iowa Attn: Story County Planning And Zoning Title Opinion November 30, 2009 Page 2 EXCEPTIONS Entry 38 of the Abstract shows the Trustee Warranty Deed dated May 20, 2008 filed in the office of the Story County Recorder on May 22, 2008, as instrument No. 08- 05627 which shows that the James H. Speck Revocable Living Trust dated December 11, 1998 or its heirs, successors and assigns have the right to purchase back the east approximately 21/2 acres of the property which includes Outlot B for One Dollar pursuant to the five (5)year covenant running with the land contained in Real Estate Contract dated the 20t' day of May, 2008, recorded as Instrument No. 08-05626 in the Story County Recorder's Office. Entry 42 of the Abstract shows an Open-End Mortgage in favor of Valley Bank against the property dated May 20, 2008, filed in the office of the Story County Recorder as Instrument No. 08-05631. Entry 46 of the Abstract shows an Access Easement And Covenants filed in the office of the Story County Recorder on September 18, 2009, as Instrument No. 09-11914, which provides public access over Outlot B to the east approximately 21/2 acres of the property. Entry 48 of the Abstract shows that the real estate taxes for the property are not delinquent and the taxes due September 30, 2009 have been paid. ACTIONS TO BE TAKEN It is anticipated that the James H. Speck Revocable Living Trust will exercise its right to purchase back the east approximately 21/2 acres of the property, and Valley Bank will make a partial release of its mortgage against said approximately 21/2 acres. LIMITATION OF USE OF TITLE OPINION This opinion is rendered solely for the benefit of the addressee or addressees named herein. No other persons shall be entitled to rely upon the contents of this opinion or the conclusions expressed herein without the prior written consent of the undersigned examining attorney. Sincerely, G ODWIN LAW OFF ACE, P.C. RRobeAoodwin Attorney at Law RWG:sld Attachment (Schedule A) cc: Corwin V. Stephan Revocable Trust and Kay M. Stephan Revocable Trust .Mark J. Speck, Trustee of James H. Sp.-c1C.Revocable Living Trust Valley Bank T" v SCHEDULE A--STANDARD EXCEPTIONS 1. The abstract does not show rights of access to and from the Real Estate. 2. Rights or claims of parties in possession are not shown in the abstract. 3. You should ascertain that no improvements either in the form of labor or materials, which have been placed on the premises in the last ninety days, still remain unpaid, as they would constitute liens without being shown of record. 4. The abstract does not disclose the existence of environmental deficiencies such as underground storage tanks, wells, solid waste, hazardous wastes, asbestos, or radon gas. Liability for removal and remediation may be imposed by virtue of ownership of the Real Estate even though one may not have been responsible for the deficiency. 5. Easements, or claims of easements, existing by virtue of usage, or which do not otherwise appear in the abstract. 6. The abstract does not show if there are any encroachments, overlaps, boundary lines, and any other matters which would be disclosed by an accurate survey and inspection of the Real Estate. 7. The abstract does not show the location of all public utility lines that service the property and the necessary easements therefor. a 8. Any other matter affecting the real estate which may have been filed as a part of the public records in the county courthouse after the period of time covered by this Title Opinion.