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POPHAM. HAIK, SCHNOBRICH, KAUFMAN 6 DOTY. LTD <br />Mr. Ralph Martin Page Two December 22, 1970 <br />1. A mortgage dated December 13, 1965, filed December 28, <br />1965, and recorded in Book 3584 of Mortgages, page 584, to <br />secure the original principal amount of $19,000.00 held by the <br />Small Business Administration. <br />2. A mortgage dated November 10, 1969, filed December 18, <br />1969, and recorded in Book 69 of Hennepin County Records, page <br />3810504 to secure the original principal amount of $97,000.00 <br />held by the State Bank of Mound. By a document dated November 6, <br />1969, filed January 2, 1970, and recorded in Book 70 of Hennepin <br />County Records, page 3813655. The Small Business Administration <br />has subordinated the mortgage in number 1 hereof to the mortgage <br />held by the State Bank of Mound. <br />3. An assignment of rent dated November 10, 1969, filed <br />January 2, 1970, and recorded in Book 70 of Hennepin County <br />Records, page 3813654 held by the State Bank of Mound. <br />4. A financing statement held by the State Bank of <br />Mound, filed January 27, 1970 and recorded in Book 70 of <br />Hennepin County Records, page 391626, evidencing a security <br />interest in certain personal pr:.,perty on the described premises. <br />5. A conveyance by Quit Claim Deed appears into the chain <br />of title from Rose Larson, a widow, dated May 19, 1956, filed <br />December 4, 1957, and recorded in Book 2151 of Deeds, page 639. <br />However, Rose Larson received title to the subject property by a <br />Decree of Distributi-n dated October 7, 1957 and filed April 25, <br />1962 in the office of the Register of Deeds. As the Larson <br />conveyance preceded the conveyance by which she took title to <br />an undivided interest in the property, the conveyance was not <br />effective to pass her interest in the property. <br />6. Those matters not of record appearing on the cover page <br />of this title opinion which are hereby incorporated by reference <br />and made a part of this title opinion. <br />At closing, the Village of Orono should receive releases <br />of the mortgages in numbers 1 and 2 above and the assignment in <br />number 3 above as to the portion of the described property it is <br />purchasing. <br />We will prepare the deed from K;alloergs to Orono. <br />Either the sum of $300.00 should be withheld from the Sellers <br />to cover the matter noted in number 5, as a title registration <br />