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Home My WebLink AboutA002 - Attorney's Opinion CAHILL LAW OFFICES 1015 STH STREET DONALD L.NELSON(1922-1994) POST OFFICE BOX 88 TELEPHONE (515) 382-6571 THOMAS J. CAHILL NEVADA,IOWA 50201 FAX (515) 382-4338 JOSEPH R. CAHILL August 15, 2011 Jay Armstrong, Jr. 1230 South K Avenue Nevada, Iowa 50201 Greetings: At your request we have examined the Abstract of Title to the following described real estate situated in STORY County, Iowa: Beginning at a point 484 Feet South of the NE Corner of the South Half(S 11/2) of the Southeast Quarter (SE 1/4) of Section Eight (8), along the East line of said Section Eight (8), Township Eighty-three (83) North, Range Twenty-three (23) West of the 51h PM, Story County, Iowa, thence West parallel with the North Line of the South Half(S 1/2) of said Section Eight (8), a distance of 450 Feet, thence South to the North line of Primary Road No. US 30, thence East along the said North line of Primary Road No. US 30 to the East Line of the Southeast Quarter (SE 1/4) of Section Eight (8) West of the 5th PM, Iowa, thence North along the East Line of said Section Eight (8) to the point of beginning, EXCEPT commencing at the Southeast Corner of Section Eight (8), along the East line of said Section Eight (8), Township Eighty-three (83) North, Range Twenty-three (23) West of the 51h PM, Story County, Iowa, thence N 0'00' W along the East Line of said Section Eight (8) and along the centerline of Story County secondary road 343.9 Feet, thence N 90*00' W 40 Feet to the intersection of the West right of way line of said Story County secondary road with the Northerly right of way of US Highway #30 and the point of beginning, thence S 40°30' W along the Northerly right of way of US Highway 430 154.3 Feet, thence S 89'50' W along the Northerly right of way US Highway #30 309.8 Feet, thence N 0'00' W 66 Feet, thence N 89*50' E 249.6 Feet to the point of curvature of a 67 Foot radius curve, thence Northeasterly along said 67 Foot radius curve, concave Northwesterly, 66.1 Feet, thence N 33°19' E 80.1 Feet to the point of curvature of a 79.33 Foot radius curve, thence Northeasterly along said 79.33 Foot radius curve, concave Southeasterly 78.48 Feet to the West right of way line of the Story County secondary road, thence S 0*00' E along said West right of way line, 72.1 Feet to the point of beginning, subject to roads. The Abstract submitted to us for examination consisting of 77 entries has been certified down to and including the 29th day of July, 2011, at 8:00 o'clock A.M., by Abstract& Title Services of Story County. P3 a ` 2 In giving this opinion we can only pass upon the title as shown in the above-described abstract. Based upon our examination we are of the opinion that good and merchantable title rests in the Jay David Armstrong, Jr. Subject to the following: (1) Entry No. 73 on the abstract shows a limited easement in favor of Central Iowa Water Association for rural water. (2) There is an easement for public highway in favor of Story County, Iowa under date of March 2, 2001 and shown at Entry No. 74 for the property shown on the exhibit. (3) As of the date of the continuation of the abstract the real estate taxes for the current fiscal year have not yet been certified to the Treasurer for collection. All previous taxes have been paid. (4) The property under examination is subject to the zoning ordinances of Story County. The abstract indicates that the property is in an Il zoning which is an Light Industrial. If there is any question concerning zoning you should consult the Zoning Administrator. (4) The Sellers are required to provide a declaration of value and an underground water affidavit. If the property contains a well and/or septic system, Story County requires the Seller provide you with an inspection and analysis report before transfer of the property takes place. You should be aware that if the system/systems fail to meet health standards and you proceed with the transaction you may subsequently be required to bring the system into compliance at your expense. CAUTIONS: An abstract of title is a multipage document typically prepared by a commercial abstracting firm. It consists of numbered entries containing information abstracted from the public records on file in the county courthouse that affect the title to the real estate described in the abstract of title. However, these public records do not Necessarily disclose all rights in, claims against or restrictions upon the real estate. Therefore, you should make a careful inspection of the real estate and make diligent inquiry to satisfy yourself as to the following additional matters: (1) The rights of any person in actual possession of the real estate, such as a tenant in possession under a lease agreement. (2) The rights under the Iowa Mechanic's Lien Law, of persons who have furnished labor or materials in the past 90 days for improvements to the real estate. Claims for labor and improvements made within that period could become liens without appearing on the abstract, and you should satisfy yourself that all such bills or claims have been paid. (3) The rights of creditors under the Iowa Uniform Commercial Code to a security interest in improvements to the real estate in the form of fixtures, such as a furnace or water heater, which have been installed so recently as to allow the creditor to file notice of such rights after the period of time covered by the abstract. T . 3 (4) Unpaid charges for public utility services furnished to the real estate which may become a claim against the real estate. (5) The existence of any security interest in growing farm crops disclosed by financing statements filed in the office of the Iowa Secretary of State. (6) The existence of any easement over the real estate which is apparent from physical evidence of its use or the actual location of the boundary lines of the real estate. (7) Any encroachment upon the real estate from adjacent real estate by way of third party use or by building overlapping the boundary lines and any other facts that may be disclosed by a survey. The abstractor cannot certify in regards to physical boundaries of real estate, including a showing of the streets and alleys, fence lines, ditches, tile drains, easements not of record, and locations of improvements, which may be situated thereon. No survey of the property under examination has been furnished.* (8) Availability of reasonable and convenient access to the real estate from an existing public right of way. (9) Any law, ordinance or governmental regulation (including, but not limited to, zoning, subdivision and rental housing ordinances)restricting, regulating or prohibiting the occupancy, use or enjoyment of the real estate, or regulating the character, dimensions or location of any improvement now or hereafter erected on the real estate, or prohibiting a separation in ownership or a reduction in the dimensions or area of the real estate. For such information, you should consult the local building and zoning officials having jurisdiction. (10) The legal competency(as affected by age or mental disability) of each individual titleholder executing a deed, mortgage or other instrument affecting the real estate; the authority of each person executing a deed, mortgage or other instrument affecting the real estate in a representative or fiduciary capacity; and the authenticity of all signatures appearing on such instruments. (11)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. (12) The abstract does not disclose the existence of hazardous substances, pollutants, contaminants, hazardous wastes,underground storage tanks, drainage wells, active or abandoned water wells, and other environmentally regulated activities. You are cautioned that federal, state and local legislation may, in the event that there are environ- mental and/or public health violations, permit injunctive relief and require removal and remedial actions or other "clean up". The cost of such "clean up" may become a lien against the real estate, and you may have personal liability even though you may not have disposed of any hazardous substances, pollutants, contaminants, or hazardous wastes on the real estate or used any underground storage tanks or wells. 1 q' 4 (13) You are also cautioned that the abstract does not make showing of the presence of radioactive elements such as "radon" on the property. Radon, which is present to some extent virtually everywhere, may present a health threat if found in concentration levels deemed high and may require remedial measures. You may desire to make independent inquiry, including specialized testing before closing herein. *These are matters which can only be satisfactorily determined by a survey. The plat or survey shown in the abstract, if one is shown, normally does not show the location of improvements with respect to the boundary lines. Buyers are encouraged to have a site survey (sometimes referred to as an "as built" survey) done to locate any improvements with respect to the boundary lines. The site survey should be recorded to benefit both the buyer and the future buyers of the real estate. A site survey should reveal such problems as encroachments on the property, improvements built too close to or even over the boundary line and substandard lot size. Improvements not meeting zoning requirements may be considered nonconforming uses under applicable zoning and building codes. An owner may be prohibited from or restricted in rebuilding a nonconforming use under applicable zoning or building codes. A non- conforming use may also jeopardize the amount of recovery under the owner's insurance policy. A nonconforming use may also prevent a buyer from obtaining a mortgage on the property. No other matters appear on the face of the Abstract that which affect the merchantability of title. CAZas F CES BY19 . 'll Title Guar ty No. 2573 TJC:jj p� .�r