HomeMy WebLinkAboutSunnyside South Addition, LLC-4/22/2013SECOND AMENDMENT TO DEVELOPMENT AGREEMENT
This Second Amendment to Development Agreement (the "Amendment") is entered into
as of April ✓ , 2013, by and between the City of Waterloo, Iowa ("City") and Sunnyside South
Addition, LLC ("Company").
RECITALS
A. Company and City are parties to that certain Project Development Agreement
dated as of January 7, 2013 (the "Agreement") concerning the development of land
(the "Property") described on Exhibit "A" to the Agreement.
B. The parties desire that Company be permitted to finalize a subdivision plat for the
project area and for that purpose to effectuate a transfer of the Property to
Company. At the same time, City desires to keep W. San Marnan Drive open for
the benefit of the public until Company is ready to begin project activities.
C. To achieve the foregoing objectives, the parties desire to revise the Agreement as
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. The parties acknowledge that Section 1 of the Agreement requires that
"[c]onstruction of the new street shall be completed within ninety (90) days of conveyance,
unless extended by mutual agreement of the parties." In order to allow Company to file a
subdivision plat with respect to the Property, the parties hereby agree to extend the date for
completion of construction to November 15, 2013.
2. The Agreement is amended to add the following new paragraph 2(e):
Beginning with the date of the special warranty deed and continuing until
Company closes W. San Marnan Drive (the "Road") in order to undertake the
Project, City shall lease from Company that portion of the Property described as
an area extending 35 feet on either side of the center line of the Road as now
located (the "Leased Roadway"), for continued use as a public street in the same
manner that the Road is in use at the time of this Amendment. During the term of
said lease, City will have all responsibilities of maintenance and repair of the
Leased Roadway, City will maintain insurance in effect to cover all liabilities
arising from the public's use of the Road, and City will indemnify Company and
hold it harmless from and against all claims, demands, actions, damages, costs,
expenses and liabilities of any type or nature whatsoever, including but not
limited to reasonable attorney's fees, arising from injury or death to persons or
damage to or loss of property that occurs in connection with the City's or the
public's use of the Leased Roadway, except to the extent caused by the
negligence of Company. Company shall obtain additional insurance for its own
benefit and to protect its interests and will name the City as additional insured.
Company agrees that it will not interfere with the public's right of passage on the
Road during the term of the lease, other than temporary interruptions that will not
close the Road and that may be necessary for planning or staging the Project
work.
3. Except as modified herein, the Agreement shall continue unmodified in full force
and effect. Capitalized terms used but not defined herein shall have the same meaning
attributed to them in the Agreement. The Agreement and this Amendment shall inure to the
benefit of and be binding upon the parties and their respective successors and assigns.
IN WITNESS WHEREOF, the parties have executed this Second Amendment to Project
Development Agreement by their duly authorized representatives as of the date first set forth
above.
SUNNYSIDE SOUTH ADDITION, LLC
By:
ick ort, Manager
2
CITY OF WATERLOO, IOWA
By: L-k2L4 of
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By:
Suzy Sch - res, City Clerk