HomeMy WebLinkAboutHotel President Partners, LP-1/5/2015Please return this copy to:
City Clerk & Finance Dept.
715 Mulberry St.
Waterloo, IA 50703
Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50704. Phone (319) 234-5701
SECOND AMENDMENT TO DEVELOPMENT AGREEMENT and
FIRST AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Second Amendment to Development Agreement and Fist Amendment to Minimum
Assessment Agreement (the "Amendment") is entered into as of J i asr-‘ u,c� \\ S , 2015
by and between the City of Waterloo, Iowa ("City") and Hotel President Partners, -LP
("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement dated
, 2014 (the "DA"), concerning the development of land (the
"Property") described on Exhibit "A" to the DA. Company and City are also parties
to that certain Minimum Assessment Agreement (the "MAA") pertaining to the
Property. The DA has been amended pursuant to a first amendment dated as of
)c- - be," �c , ► �.
B. The parties desire to amend the DA and MAA on the terms set forth herein.
NOW, THEREFORE, in consideration of the premises and of other consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereby agree to amend the
Agreement as follows:
1. Section 3 of the DA is hereby stricken in its entirety, and a new Section 3 is
substituted therefor, as follows:
3. Timeliness of Construction. `Company must substantially
complete construction of the Improvements by December 31, 2015. If Company
has not obtained a building permit and begun in good faith the construction of the
Improvements upon the Property by March 31, 2015, this Agreement may be
cancelled at the sole option of City. If construction has not begun by March 31,
2015, but the development of the project is still imminent, the City Council may,
but shall not be required to, grant an extension of time for the construction of the
Improvements. It construction has commenced by March 31, 2015 and is
stopped and/or delayed as a result of an act of God, war, civil disturbance, court
order, labor dispute, fire, or other cause beyond the reasonable control of
Company, the requirement that construction is to be substantially completed by
December 31, 2015 shall be tolled for a period of time equal to the period of such
• stoppage or delay, and thereafter if construction is not completed within the
allowed period of extension, this Agreement shall be voided.
2. Section 1 of the MA is amended to strike "July 1, 2015" therefrom and to
substitute "December 31, 2015" in its place.
3. Except as amended herein, the DA and the MAA shall continue unmodified in full
force and effect. 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 Second Amendment to
Development Agreement and First Amendment to Minimum Assessment Agreement by their
duly authorized representatives as of the date first set forth above.
HOTEL PRESIDENT PARTNERS, LP
CITY OF WATERLOO, IOWA
By: By:/>i11
Titl fI T;J4f-"tc-- 4ti-CLee
Tem �.
rnest G. Clark, Mayor
By:ZA._...„Th
Suzy Sch res, City Clerk
STATE OF Cf,\vro)
ss.
Los e, COUNTY )
This record was acknowledged before me on ¶CO 1 Lam , 2015 by
7czS\n1/4)e). S L\- as of Hotel..President Partners,
LP.
ROSA HIDALGO
Commission 2065131
Notary Public - California
-
Los Angeles County
M Comm. fres r 20, 2018
2
Notary Public
STATE OF IOWA
) ss.
BLACK HAWK COUNTY )
This record was acknowledged before me on ; LEI 5 94,1114, by Ernest G. Clark
and Suzy Schares, as Mayor and City Clerk, respect' ely, of the ity of Waterloo, Iowa.
3
/4/,1,61
NotaT Public