HomeMy WebLinkAboutOFI Properties, LLC-6/18/2012AMENDMENT TO DEVELOPMENT AGREEMENT
This mendment to Development Agreement (the "Amendment") is entered into as of
, 2012, by and between the City of Waterloo, Iowa ("City") and OFI
Properties, LLC ("Company").
RECITALS
A. Company and City were parties to that certain Development Agreement dated
, 2011 (the "Agreement") concerning the development of land
(the "Property") described on Exhibit "A" to the Agreement.
B. Company and City desire to amend the Agreement to modify Company's option
purchase rights.
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 6 of the Agreement is amended to strike the first sentence thereof in its
entirety and to substitute the following sentence in its place: "Subject to the provisions of this
Section 6, Company shall have an option to purchase the real estate described on Exhibit "A-1"
attached hereto (the "Optioned Land"), which abuts the Property on the north, for the sum of
$1.00." Said Exhibit "A-1" is attached hereto and by this reference incorporated herein.
2. Except as modified herein, the Agreement shall continue unmodified in full force
and effect. 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 Amendment to Development
Agreement as of the date first set forth above.
OFI P
B
RTIES, LLC
nn R. Larson, Man ger/President
CITY OF WATERLOO, IOWA
By:
By
ar , a r � t
1
Suzy Scha,es, ity Clerk
EXHIBIT "A-1"
Optioned Land
Lot 11, except the North Two Hundred Forty -Five (245) feet of the East Ninety -Five (95) feet
thereof, in Northeast Industrial Park Plat No. 3, City of Waterloo, Black Hawk County, Iowa.