HomeMy WebLinkAboutL and H Farms, Ltd-3/30/2015Please return this copy to:
City Clerk & Finance Dept.
715 Mulberry St.
Waterloo, IA 50703
Prepared By: Mark S. Rolinger, 415 Clay Street, Cedar Falls, Iowa 50613, Phone: 319-277-6830
AMENDMENT TO OPTION EXCHANGE AGREEMENT
kk THIS AMENDMENT TO OPTVN EXCHANGE AGREEMENT is entered into this
day of t4J,. .rc)1r, , 20/,,y and between the City of Waterloo, a municipal
corporation (hereinafter "City"), and L and H Farms, Ltd., an Iowa general partnership
(hereinafter "LHF").
RECITALS:
WHEREAS, City and LHF entered into an Option Exchange Agreement dated March 8,
2010 and filed May 5, 2010, as Document No. 2010-00020574 in the Office of the Black Hawk
County Recorder; and
WHEREAS, LHF has acquired additional land contiguous to the real estate subject to the
Option Exchange Agreement; and
WHEREAS, City and LHF desire to amend the Option Exchange Agreement to include
the additional land acquired by LHF.
NOW, THEREFORE, in consideration of the mutual covenants herein contained and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
1. Additional Land. City and LI -IF hereby agree that the real estate subject to the
City's purchase option in Section 1 of the Option Exchange Agreement and included in LHF's
option to put is hereby amended to include the additional real estate described below:
That part of the East One -Half of the Northwest Quarter of Section No. 9,
Township No. 88 North, Range No. 13 West of the Fifth Principal Meridian in
Black Hawk County, Iowa, lying Southerly of Highway U.S. No. 520 as described
in 539 LD 996, except that part conveyed to the State of Iowa in Doc. #2006-
18278.
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All references throughout the Option Exchange Agreement to the "development land" are hereby
amended to include the above-described real estate. The development land subject to the
purchase option in favor of the City and the option to put in favor of LHF is legally described on
Exhibit "A" attached hereto. Said Exhibit "A" supersedes Exhibit "A" attached to the Option
Exchange Agreement. The development land, as amended, is also shaded in blue and depicted
on the aerial photograph attached hereto as Exhibit "B." Said Exhibit "B" supersedes Exhibit
"B" attached to the Option Exchange Agreement.
The time period for City to exercise its purchase option in Section 1.D is extended an
additional thirty-six (36) months from the date that is eight (8) years after the date the Option
Exchange Agreement was approved by the City Council to the date that is eleven (11) years after
the date the Option Exchange Agreement was approved by the City Council.
LHF's option to put the development land in Section 2 of the Option Exchange
Agreement will begin on the date City's option to purchase the development land lapses, as
amended above, and continue for a period of eleven (11) years thereafter.
2. Ratification of All Other Terms of the Option Exchange Agreement. The parties
hereby ratify and confirm all other terms and conditions of the Option Exchange Agreement
except to the extent expressly modified herein.
IN WITNESS WHEREOF, City and LHF have each caused this Agreement to be
executed, sealed and delivered as of the day and year first above written.
THE CITY OF WATERLOO, A MUNICIPAL CORPORATION
By.z0
Ernest G. irk, Mayor
By:
Suzy Shares, City Clerk
L AND H FARMS, LTD.
By: LANEHAVEN FARMS, INC., Partner
By:
Curtis G. Hollis, President
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STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
c; This instrument was acknowledged before me on the 0 day of i+J\ ,
2014, by Ernest G. Clark as Mayor and Suzy Schares as City Clerk of the City of
Waterloo, Iowa, an Iowa municipal corporation.
NANCY HIGBY
COMMISSION NO.788229
MY COMMISSION EXPIRES
STATE OF IOWA
Notary Public in andlack Haw 1 County, Iowa
) ss.
COUNTY OF BLACK HAWK )
This instrument was acknowledged before me on the 30 day of (,r, j,
201, by Curtis G. Hollis as President of Lanehaven Farms, Inc., an Iowa corporation,
General Partner of L and H Farms, Ltd., an Iowa general partnership.
ate. l�1�
ublic in and for Blackawk County, Iowa
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EXHIBIT "A"
The Southwest Quarter of the Northwest Quarter (SW'A NW'/a) of Section No. 9,
Township No. 88 North, Range No. 13 West of the Fifth Principal Meridian, City of
Waterloo, Black Hawk County, Iowa, EXCEPT Parcel "B" conveyed to the City of
Waterloo by deed dated March 16, 2010, and filed May 5, 2010, as Document No. 2010-
00020575; and EXCEPT Tract "A" in a right-of-way plat dated January 19, 1979, and
filed May 30, 1980, as 539 Lot Deed 982-991; and EXCEPT Tract "B" (Easement) in the
same right-of-way plat filed as 539 Lot Deed 982-991 (Tax Parcel No. 8813-09-151-003);
AND
The North Half of the Southwest Quarter (N'/2 SW'/4) and the North Half of the South
Half of the Southwest Quarter (N'/2 S1/2 SW'/4), all in Section No. 9, Township No. 88
North, Range No. 13 West of the Fifth Principal Meridian, EXCEPT the South 1,131.43
feet of the West 385 feet thereof (Tax Parcel Nos. 8813-09-301-001, 8813-09-326-001
and 8813-09-351-001);
AND
That part of the West Half of the Northeast Quarter of Section No. 9, Township No. 88
North, Range No. 13 West of the Fifth Principal Meridian, in the City of Waterloo, Black
Hawk County, Iowa, described as beginning at the Center of said Section; thence North 0
degrees 03 minutes West 1033.5 feet along the West line of said Northeast Quarter;
thence South 89 degrees, 19'/2 minutes East 920.5 feet; thence South 26 degrees 56
minutes West 508.5 feet; thence South 0 degrees 54%2 minutes West 561.8 feet to a point
on the South line of said Northeast Quarter; thence South 89 degrees 211/2 minutes West
680.4 feet along said South line to the point of beginning (Tax Parcel No. 8813-09-251-
004);
AND
That part of the East One -Half of the Northwest Quarter of Section No. 9, Township No. 88
North, Range No. 13 West of the Fifth Principal Meridian in Black Hawk County, Iowa, lying
Southerly of Highway U.S. No. 520 as described in 539 LD 996, except that part conveyed to the
State of Iowa in Doc. #2006-18278.
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