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Home My WebLink AboutA003 - Attorney's Title Opinion dated March 1, 2017 2017-03414- SURV 04/17/2017 12:20:38 PM Page 5 of 12 PASLEY AND SINGER" LAW F.1RM, L.L.P. ESTABLISHED 1905- - JANE M. MATHISON 323 SIXTH STREET C. H. PASLEY(1.876-1953) - FRANKLIN J. FEILMEYER P,Q; BOX 664 - R. 0. PASLEY(191 S-2007) JOHN.A.TILLD W.A. SINGER(191.7=201 1')_ AMANDA HASSID .AMES, I.OWA 500 1.0-0664 C.A. PASLEY(RETIRED) TELEPHONE: (51.5) 232-4732 S.-A._ HOLM(RETIRED) STACEY'G. ROGERS- - FAX' IS 1 5) 232-4756 JOHN L.TIMMONS (RETIRED) " - - - LARRY R: CURTIS-(.I946=2016) - - SCOTT L. HIPPEN(RETIRED)'_ SENDER'S EMAIL: - SROGERSQSINGERLAW.COM - - March-1,2017 City of Ames- 515 Clark.Ave. Ames,IA 50010 REc Outlot B, Aspen Business. Park Subdivision, First- Addition, Ames,Story County,Iowa To be known as: ASPEN BUSINESS PARK SUBDIVISION, THIRD ADDI- TION Ladies and Gentlemen: Pursuant to-Iowa Code.§354.11(1)(c)(2015),I have examined the abstract of title,Abstract' . No. 1702201379 as prepared by Abstract&Title Services Story County' showing record title from the government entry and the:root of title to and including February 17;2017 to 8:OOA.M., consisting of sixty-six (66) entries, for the real estate located in the City of Ames, Story County,Iowa,described above. As.of the date of the last continuation of the abstract,I certify that record_title is vested in:- Tailwind 1954 Madison,LLC by virtue of a Warranty Deed,dated January 16, 2017, and.filed of record on January 18, 2017;as Instrument-No..17-00454,.in:the records of the Recorder of Story County;subject -to the following, and pursuant to Iowa Code §354.1 l(1)(c)(2015), I certify that there are no mortgages, liens, or other encumbrances on the-real-estate hereinabove-described, ex cept as follows: 1'. Mortgage'.At Entry No. 61 of the Abstract,as prepared by Abstract&Title Services of Story County, there appears a mortgage executed by Tailwind 1854 Madison,LLC;by Chief Financial Officer,in favor of.American national Bank,in the principal amount of Two Million Two Hundred Forty Thousand and N6/100 'Title Guaranty Abstract Co.No.8650 WWW.SINGERLAW.COM _ - 2017-03414 SURV 04/17/2017 12:20:38 PM Page 6_of 12 PASLEY AND SINGER LAW FIRM, L.L.P. March 1,2017 _ ASPEN BUSINESS PARK SUBDIVISION,THIRD ADDITION Page.2 Dollars ($2,240,000.00), dated dated January 16, 2017,and filed of record on Jan- nary 18,2017,as Instrument No. 17-00456,in the records of the Recorder-of Story County,-Iowa. Note.The:above referenced Mortgage remains unsatisfied of. record. .. 2. Real Estate Taxes.The abstractor indicates all real estate taxes have been- paid,.except the taxes.for fiscal year 2015-2016,payable in.2016-2017,which are shown'as• Parcel No.09-14-105400 First Installment. $86.00 Paid Second Installment .$86:00 Due,delinquent after-March 30,2017 This property is assessed in-Story County, Iowa. 3. Restrictive Covenants.Entry 28 discloses that the Real Property is subject. to.certain restrictive covenants running with the land and binding upon the:owner_ . thereof,which in substance limit the use of the Real.Property:to residential purposes and set minimum standards for its development.The covenant was dated November 219.1.994 and filed December 16, 199.4, and recorded as Instrument No: 9443073: Amendments appear at Entry 36, dated.January 4, 1996,filed.January.9, 1996 and recorded as,Instrument No. 96-00231, and at Entry.44, dated September.30, 1998 and filed October 13, 1998,and recorded as Instrument No. 9814181: Note: You should carefully examine this document and satisfy yourself that the.intended use and occupancy of the Real'Property do not conflict with or violate.any of the.restrictive covenants. 4. Agreement to Construct.:Entry 27 discloses an Agreement to Construct executed by Scott E. Randall and-Jane E. Randall in favor of the City of Ames, - Iowa imposing_certain.obligations and requiring a security bond,in the amount.of $211300.00. Note: You should carefully examine this.document and, satisfy yourself -that the intended use and occupancy,of the Real Property do not conflict- with or violate any of the restrictive covenants. 2017-03414 SURV 04/17/2017 12:20:38 PM Page 7 of 12 PASLEY AND SINGER. LAW FIRM, L:L.P. March 1 2017 ASPEN-BUSINESS PARK SUBDIVISION,THIRD ADDITION Page 3. 5. Contract Rezoning Agreement. Entry-49 discloses a Contract Rezoning Agreement executed by Scott E. Randall and Jane E. Randall in favor of the City of Ames,Iowa imposing certain obligations and not requiring a bond of record. . Note: You should carefully examine this_:document and satisfy yourself that the intended use and occupancy of the Real:Property do not:conflict- with or violate any of the restrictive covenants. 6. Personal Lien Searches. The abstractor-reports personal.lien searches against Randall Corporation.and Tailwind 1854 Madison, LLC-to February 17, 2017 and reports none,other-than those mentioned above. 7.. . The property under examination is subject to the zoning ordinances of the City of Ames, Story County, Iowa. Insofar as'this opinion is prepared pursuant to Iowa Code §354.1.1(1)(c) (2015), certain items such as utility easements have been omitted from this opinion.This.opinion.is given strictly for platting purposes,.and no opinion is expressed herein with.respect to utility. easements or similar matters that affect the property under examination herein. In issuing this opinion,:I pass only on the title as shown in the above-described description: I can give no-report on(a)location of all public utility-lines that service-the property and the necessary easements therefore;.(b) easements existing by virtue of usage, as the same = does not.appear on the abstract; (c) location of boundary lines; (d) stolen or forged_docu- ments;-(e)rights of undisclosed spouses;and.(f)rights of parties in possession. We express no opinion regarding any lien,or right.to a lien,imposed by law;for services, labor,or material furnished and not shown by the public records(e.g.,.the mechanic's lien law or uniform commercial code),-taxes; or assessments not yet_certified to the county treasurer for.collection;-in-eluding-special assessments for public improvements, unpaid utility services, and unpaid-homeowners association assessments that may in the future result in alien. One acquiring an interest in-real.property should inquire into the existence. of recent labor or materials that may be subject to-lien and,if any,-should obtain lien waiv ers onto.-take other appropriate.remedial action as.necessary. One-acquiring an interest in real property is advised .to check for notices of commencement or prelimi-nary notices posted on the:Iowa Mechanics Notice.and Lien.Registry (https:/%sds.iowa.gov/mnlr/in- dex.aspx).The abstract does noto include a search of commencement or preliminary no- tices that may mature into mechanics liens. You should determine whether any solid wastes, hazardous substances, pollutants, above or below ground storage tanks,drainage wells,_water wells,landfill sites,or other environ- mentally-regulated-conditions exist on the-property. Such conditions are not ordinarily i i 2017-03414: SURV 04/17/2017 12:20:38 PM Page 8 of 12 PASLEY AND SINGER LAW-FIRM, L.L.P. March I', 2017 ASPEN-BUSINESS PARK SUBDIVISION,THIRD.ADDITION - Page 4. " shown in the abstract,but they may result in injunctions,fines,required-cleanup,or-other remedial actions 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 conditions;and acquired the property without knowing it. 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 conclu- sibns expressed:herein without the prior written consent-of undersigned examining at torney. Since ey.. oge s Ti e G anty Divis' Me r No. 10327 .