HomeMy WebLinkAboutWaterloo Development Corporation-10/7/2013EQUIPMENT PURCHASE AGREEMENT
This Equipment Purchase Agreement (the "Agreement") is entered into as of
j e `,tet-er , 2013, by and between the City of Waterloo, Iowa ("City"), and Waterloo
Development Corporation ("Developer").
WHEREAS, City and Developer are parties to a certain Lease Purchase Agreement (the
"LPA") providing, among other things, for Developer's purchase of "Furnishings" as described
in Section 5.02 thereof; and
WHEREAS, the parties desire to alter the arrangement set forth in Section 5.02 on the
terms set forth herein.
NOW, THEREFORE, in consideration of the mutual promises exchanged herein, the
parties agree as follows:
1. City shall purchase such Furnishings as the parties shall mutually agree in advance
of the purchase, using funds disbursed to the City from the Thelma Winter Estate. Said purchase
will be regarded by the parties as being done in fulfillment of Developer's duties under Section
5.02 of the LPA, to the extent of purchases made. All Furnishings purchased pursuant to this
Agreement will be specifically identified and adequately documented.
2. Furnishings purchased by City will be assets owned by City. In the event that
City fails to exercise the Purchase Right provided for in Section 13.01 of the LPA, then within 30
days following the Lease Termination Date, City shall transfer and assign to Developer by bill of
sale, effective as of the Lease Termination Date, all of City's right, title and interest in and to the
purchased Furnishings, free and clear of all liens, claims and encumbrances arising by or through
City.
3. This Agreement is the entire agreement of the parties concerning the subject
matter hereof. Capitalized terms that are not defined herein shall have the meaning ascribed to
them in the LPA. This Agreement may be executed in one or more counterparts, each of which,
including signed counterparts transmitted by facsimile or other electronic means, shall be deemed
an original and all of which together shall constitute one instrument.
IN WITNESS WHEREOF, the parties hereto have executed this Equipment Purchase
Agreement by their duly authorized representatives as of the date first set forth above.
CITY OF WA 1hRLOO, IOWA WA 1'ERLOO DEVELOPMENT
CORPORATION
By:By:
Emest G. Clark, ayor `Daniel B. Watters, (resident