07-28-1982 Council Agenda - Laserfiche WebLink

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ROBERT P. LARSON JEFFREY W. LAMBERT KATHLEEN M. ROER PATRICIA YOEDICKE KAREN SANGER Tex -Sota Construction, Inc. P.O. Box 186 Wayzata, Mn. 55391 LARSON 8 LAMBERT ATTORNEYS AT LAW 330 501 1111 BROADWAY WAYZATA, MINNESOTA 55391 May 10, 1982 Re: That part of the West 1/2 of the Southeast 1/4 of Section 7, Township 29, Range 22, lying West of the Westerly line of the Minneapolis, St. Paul and Sault Ste. Marie Railway right -of -way as now established, and South of the Southerly line of State Highway No. 36 as now established. Gentlemen: TELEPHONE (6121 475- 3435 At your request, we have examined record title to the above - described property in Ramsey County, Minnesota, using for the purpose of that examination an Abstract of Title containing 125 entries, last certified to by Title Insurance Company of Minnesota - St. Paul Abstract & Title Division on the 21st day of April, 1982, at 8:00 a.m. Assuming said Abstract and the appended certificates relating to taxes, judgments, state and federal tax liens, and bankrutpcy proceedings to be true and correct, it is our opinion that on the date last mentioned, the fee title to said real estate was vested in NAEGELE, INC., a Delaware corporation. The title, however, is subject to the following: 1. An Agreement to Extend and Modify Mortgage and Mortgage Note dated December 28, 1977, to First National Bank of St. Paul, filed February 24, 1978 as Document No. 1995254, a copy of which is attached hereto as Exhibit A. This Agreement subjects the above - referenced property to the lien of a Mortgage in the amount of $900,000.00, originally executed December 31, 1973. This Mortgage is also secured by other property. The mortgagors are Naegele Outdoor Advertising Company of the Twin Cities, Inc. and Naegele Properties, Inc. A release of the above- described property from the lien of said Mortgage should be provided at closing. 2. An Easement for highway purposes over all that part of the above described property lying northwesterly of a line run parallel with a distant 175 feet southeasterly of the following described line: Beginning at a point on the West line of said Section 7, distant 508.2 feet North of the Southwest corner thereof; thence run Easterly at an angle of 89 °42' with said West section line (when measured from North to East) for 1,250.4 feet; thence deflect to the left at an angle of 21 °49' f2r 2,000 feet and there terminating; containing 3.00 acres, more or less; together with all right of access, being the right ingress to and egress from the above described tract to Trunk Highway No. 36, together with the right to erect temporary snow fences upon the lands herein 1 "3