HomeMy WebLinkAboutAssignment of offer to buy real estate and acceptance-12/12/2011ASSIGNMENT OF OFFER TO BUY REAL ESTATE AND ACCEPTANCE
THIS ASSIGNMENT is made and entered into this 7`2"e day of December, 2011, by
and between Hollis Farms, Inc., an Iowa corporation, and the City of Waterloo, a municipal
corporation ("City").
1. Assignment. Hollis Farms, Inc. hereby assigns all of its right, title and interest in
the Offer to Buy Real Estate and Acceptance attached hereto as Exhibit "A."
2. Acceptance of Assignment. City hereby accepts assignment of the Offer to Buy
Real Estate and Acceptance attached hereto as Exhibit "A" subject to City not having any
obligation to purchase the adjacent real estate pursuant to the separate Offer to Buy Real Estate
and Acceptance referenced in paragraph 23(1)) of the Addendum to the Offer to Buy Real Estate
and Acceptance. John E. Sturtz and Paula Sturtz, the owners of the subject real estate, must
confirm by their approval of this Assignment that they will hold City harmless from having to
perform on the second contract and will look solely to the party to the second contract, Hollis
Farms, Inc. for performance of said contract.
3. Indemnification. Hollis Farms, Inc. hereby agrees to indemnify the City of
Waterloo and hold it harmless from and against any claims by John E. Sturtz and Paula Sturtz,
the owners of the subject real estate and adjacent real estate, that by virtue of this Assignment,
the City of Waterloo is obligated to purchase the adjacent 21.5 acres which is the subject of a
separate Offer to Buy Real Estate and Acceptance between John E. Sturtz and Paula Sturtz and
Hollis Farms, Inc.
HOLLIS FARMS, INC.
By:
,dee-L
Blake G. Hollis, President
THE CITY OF WATERLOO,
A MUNI Ck L CORPORA;TI.ON
By:
By:
Ernest G. Clark, Mayor
Suzy Sc'ares, City Clerk
The undersigned, John E. Sturtz and Paula Sturtz, married persons, hereby consent to the .
Assignment set forth above and agree to hold the City of Waterloo harmless from and against any
claims by us that the City of Waterloo is obligated to purchase the adjacent 21.5 acres which is
the subject of a separate Offer to Buy Real Estate and Acceptance between the undersigned and
Hollis Farms, Inc. The undersigned hereby confirm that they will look solely and exclusively to
Hollis Farms, Inc. for performance of the contract to purchase the adjacent 21.5 acres.
John///E Sturtz
Paula Sturtz `- J