HomeMy WebLinkAbout08-10-1981 Memo, Title SearchMEMORANDUM
TO: Desyl Peterson
FROM: Nancy Husnik
DATE: Auguat 10, 1981
RE: Gladys Olson Property - Title Search
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On August 71 1981, I did a title search on the
following properties:
Part of Lot 21, all of Lots 22 - 33, Block 1,
Baldur Park, Hennepin County
Each of these lots is registered property. The lots are
split up into three separate certificates with Gladys Olson
being the fee owner on two out of the three certificates:
Certificate No. Fee Owner Lot(s)-
550464
ot a550464 Gladys L. Olson 30
561776 Gladys L. Olson 31 & 32
513551 Richfield Bank & Trust Part of Lot 21,
Lots 22 - 29 and
Lot 33
The lots owned by Gladys Olson, Loto 30 - 32, are
currently in a redemption period following a sheriff's sale
after a mortgage foreclosure. The sheriff's sale on Lot 30
occurred on March 12, 1981 and there is a six month redemption
period from the date of sale, therefore the redemption period
is up on September 12, 1981. On June 17, 1981, an Affidavit
for Additional Amount on Redemption was recorded by the mortgage
holder. Midwest Federal Savings and Loan, to include an easement
over Lot 31 for a private ewer system including a septic tank
and drain field and including the right of ingress and egress
to maintain and repair the system. Per the Examiner of Titles,
this Affidavit does not extend the redemption period.
Lots 30, 31 and 32 are also under a redemption period
due to a mortgage in favor of a party by the name of Burdick. The
Sheriff's Certificate of Sale is dated March 2, 1981 with a six-
month redemption period ending Septamber 2, 1981. Included as
mortgagors on the Burdick mortgage are Philip Gary Peterson and
Randine H. Peterson. It is possible that the Petersons have an
unrecorded contract for deed with Gladys Olson for Lots 30, 31
and 32.
Lots 30 - 32 have been most recently encumbered by
a judgment filed July 7, 1981 which, according to the Certificates
of Title, nos. 550464 and 561776 is worth approximately $64,000.
Part of Lot 21, all of Lots 22 through 29 and Lot 33
are in the name of Richfield Bank and Trust by an Order of Court
dated December 17, 1974. The bank obtained title as a result of
a foreclosure sale on these lots. There has been no change in the
title as of the date of my checking on these properties, and there
is no mention of a contract for deed with anyone for these lots.
These lots were lost to Richfield Bank and Trust by Can -Am Holdings.
Unless Can -Am Holdings has an unrecorded contract for deed with
Richfield Bank and Trust, or Gladys Olson, they do not appear
to have a current title interest in any of these lots.
Gordon Taylor, was deeded Lots 30, 31 and 32 by
Gladys Olson in July of 1977, but Taylor deeded these back
to her in January of 1978. Therefore, Gordon Taylor has no
recorded interest in these Iota as per the current certificates.