HomeMy WebLinkAboutBeckerChapman Post No. 138 of the American Legion-8/24/2015AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT
This Amendment to Real Estate Purchase Agreement (the "Amendment") is entered into
as of g'/(2---4/ , 2015, by and among the City of Waterloo, Iowa ("Buyer") and Becker -
Chapman Post No. 138 of the American Legion ("Seller").
RECITALS
A. Buyer and Seller are parties to a certain Real Estate Purchase Agreement dated as
of April 6, 2015 (the "Agreement"), concerning the acquisition of 619 Franklin
Street.
B. Seller has closed and conveyed said property to Buyer and is requesting payment
of up to $100,000 in an incentive payment provided by Subsection F of Section 22
of the Agreement, but does not meet all provisions to qualify for the incentive
payment as provided for in the Agreement. Seller has purchased a replacement
building and has begun renovation of the building to provide suitable meeting
space for itself with assembly area and commercial -grade kitchen, but has not
substantially completed the renovation or provided adequate written evidence of
project costs. To keep the renovation project moving forward, the parties desire
to amend the Agreement on the terms set forth herein.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual promises exchanged herein and for
other consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
agree as follows:
1. The Agreement is amended to strike Subsection F. of Section 22 therefrom in its
entirety and to substitute the following new Subsection F. of Section 22 in lieu thereof, as
follows:
F. Buyer shall make an incentive payment of $50,000 to Seller.
Within twelve (12) months after the date of Buyer's approval of this Amendment
Seller shall obtain all necessary building permits and substantially complete
renovation of 728 Commercial Street to provide suitable meeting space for itself
with assembly area and equipped with a commercial -grade kitchen, including all
work for the two phases identified by Seller, including main bar/bathroom
remodel, and kitchen remodel, then Buyer will make an additional incentive
payment of up to $50,000. Seller shall hire a licensed contractor to act as the
general contractor for all aspects of the kitchen remodel. The total incentive
payments (up to $100,000) shall be limited to an amount that does not exceed
Seller's reasonable project cost as evidenced by written invoices with proof of
payment to professional contractors or detailed receipts for construction material
or kitchen equipment purchased.
2. The Agreement is amended to add Subsection H. of Section 22 as follows:
H. Seller hereby grants to Buyer a right of first refusal to purchase the
property at 728 Commercial Street (legally described as the Southeasterly 51.5 feet of Lot
1 of Block 9 of the Original Plat of Waterloo West, City of Waterloo, Black Hawk
County, Iowa), exercisable for period of fifteen (15) years after the date of Buyer's
approval of this Amendment. Said right shall be exercised, if at all, within sixty (60) days
following written notice from Seller of a pending sale from a bona fide third party
purchaser. This right of first refusal shall survive closing of the transaction that is the
subject of the Agreement.
3. Except as amended herein, the Agreement shall continue unmodified in full force
and effect. Capitalized terms used in this Amendment but not defined herein shall have the
meaning attributed to them in the Agreement. This Amendment is binding on the parties and the
respective successors, assigns, transferees and legal representatives of each. This Amendment
may be executed in counterparts, each of which shall be deemed an original and all of which,
when taken together, shall constitute a single instrument.
IN WITNESS WHEREOF, the parties have executed this Amendment to Real Estate
Purchase Agreement by their duly authorized representatives as of the date first written above.
BECKER CHAPMAN POST 138 OF THE CITY OF WATERLOO, IOWA
AMERICAN LEGION
By:
By:
Dale Hixson, Adj
2
By:
Ernest G. Clark, Mayor
Attest: