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Home My WebLink AboutA003 - Letter to Story County Board of Supervisors dated July 9, 2010 from Belin McCormick Law Offices - Platting Opinion LAW OFFICES Belin McCormick,P.C. 666 WALNUT STREET SU I FE 2000 DES MOINES, IA 50309-3989 Telephone: (515) 243-7100 Telec.opier(515)283-4678 Platting Opinion July 9, 2010 Story County Board of Supervisors Story County Administration Building 900 Sixth Street Nevada, lA 50201 RE: Rose Prairie Condominiums Dear Chairman and Members of the Board: This is to certify that I have examined the abstract of title last continued by Abstract and Title Services of Story County as Abstract No. 0904291326, continued to April 29, 2,009 at 8:12 a.m., as updated by txal update to July 6,2010 at 8:00 a.m.,covering the following-described real estate: See Exhibit A attached hereto. Which prolx rty is to be platted as Rose Prairie Final Plat in Story Count}, Iowa. and based upon (lie abstract I report merchantable title in the name of STORY COUNTY LAND,L.C. subject to the following matters: 1. MORTGAGE: Mortgage to Fidelity Bank in the original amount of $2,400,000.00 dated October 17, 2005 and recorded October 26, 2005 as Instrument No. 05-13428 of the Story County, Iowa records. This Mortgage covers ;property in addition to that under examination. 2. LEASEHOLD MORTGAGE: Mortgage granted upon the leasehold interest now held by Golden State Towers,LLC in a portion of Parcel C in Section 21-84-24 and Access and Utility Easements as described in the below-referenced Lease, granted to LaSalle Bank National Association, as Trustee for the Holders of Global Signal Trust II Commercial Mortgage Pass-Through Certificates Series 2004-2, dated December 7, 2004 and recorded January 5, 2005 as Instrument No. 05-00212 in the Story County, Iowa records. This Mortgage is not a lien on the fee title to the property under examination. 3. OPTION TO PURCHASE: Option to Purchase a portion of the property under examination described as the North 663.14 feet of the Northwest Quarter Northeast Quarter of Section 2 1-84-244 as shown in Plat of Survey recorded April 9, 1997 as Instrument No. 47-03330 in the Story County, Iowa records, which Option is referenced in a Collateral Assignment of Option to Purchase Real Estate from a prior titleholder of the property under examination to Community Ban;; of Boone dated October 22.2004 and recorded October22, 2004 as Instrument No. 04-14396 in the :Story County, Iowa records. Such Pg. � recorded document references the rights of Canterbrooke, LLC to acquire such parcel under an unrecorded Option to Purchase. 4. CELL TOWER LEASE: Lease originally between a prior titleholder and Telecorp Realty, LLC as evidenced by an Amended Memorandum dated December 12, 2002 and filed January 14, 2003 as Instrument No. 03-00717 in the Story County, Iowa records. The Lessor's interest in such Lease is now in the titleholder of the property under examination and the Lessee's interest is held by Golden State 'Powers, LLC. The Lease covers a 100-foot square area that is part of Parcel C in Section 21-84-24, as described and depicted in a Lease Assignment and Assumption Agreement recorded January 31, 2003 as Instrument No. 03-01912 in the Story County, Iowa records, and includes certain utility and access easement rights. 5. DECLARATION OF HORIZONTAL PROPERTY REGIME FOR ROSE PRAIRIE: The property under examination has been submitted to a Condominium Regime pursuant to a Declaration of Regime for Rosi: r"fair le ti1&:cu 27 2009 and *ecorded Anr0 29. 2009 as Horizon%ai ! i��petT;+�' g f Instrument No. 09-04556 of the Story County, Iowa records. A copy of the Site Plan of such Condominium Regime is attached hereto. The Subdivision of Rose Prairie Final Plat would re-describe the underlying real estate on which the Condominium Regime is located, and upon which the units and common elements are located, as Lots 1, 2 and Outlot X of Rose Prairie Final Plat. This examiner has knowledge that such Subdivision is for the purpose of allowing the conveyance of Lot 1 to Canterbrooke, LLC and remove such property from the Condominium Regime, and to allow the removal of Outlot X from the Condominium Regime and allow the remaining Lot 2 to be annexed by the City of Ames. 6. PLAT OPINION: This opinion is the Platting Opinion pursuant to Chapter 354 of the Iowa Code and therefore no utility easements are referenced herein since the same are not construed to be encumbrances to be referenced in the Platting Opinion under Section 354.11(3)of the Iowa Code. 7. SEARCHES: No searches have been made against any parties outside the chain of title to the property. No judgments appear against the titleholder as a result of such searches. 8. REAL ESTATE TAXES: All real estate taxes for fiscal years through fiscal year 2008-2009 have been paid. Real estate taxes for fiscal year 2009-2010 have become a lien on the property as of July 1, 2010 but have not yet been certified to the Story County Treasurer and cannot be paid at this time. 9. ZONING: the property under exaininaticrn i" suhiect to of Stnn,Colmt Iowa. Ve truly yours, J my C. ShZe ee for the Finn JCS_cl BELkN 119T\0002bpn Platting Rose Prairie(00780453).DOC EXHIBIT A PARCEL `C' IN THE SOUTHEAST QUARTER (SFI 4) OF SECTION TWENTY-ONE (21) TOWNSHIP EIGHTY-FOUR (84) NORTH, RANGE; TWENTY-FOUR (24) WEST OF THE 5TH P.M., STORY COUNTY, IOWA, AS SHOWN ON THE `AMENDED PLAT OF SURVEY' FILED IN THE OFFICE OF THE RECORDER, STORY COUNTY, IOWA, ON NOVEMBER 30, 1998, AND RECORDED AS INST. NO. 98-E6564, SLIDE 10, PAGE 3, EXCEPT THE SOUT14 HALF (SIi2) OF THE SOUTHEAST QUARTER (SE 1!4) OF SAID SECTION. AND PARCEL `E' IN THE NORTHEAST QUARTER (NEI!4) OF SECTION TWENTY-ONE (21), T(?�,�d�`S 1P E1GF?TY-Ft?C'R (84) ]NORTH, RANGE mAIENTY-FOUP (?4; x;ESr 01; TTTE 5 P.M., STORY COUNTY, IOWA, AS SI-IOVdN ON THE "PLAT OF SURVEY" FILED IN 1'HE OFFICE OF THE RECORDER, STORY COUNTY, IOWA, ON NOVEMBER 13, 1998, AS INST. NO. 98-15763, SLIDE 9, PAGE 1. 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