HomeMy WebLinkAboutSecor Investments LLC-5/14/2012AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement (the "Amendment") is entered into as of
May l , 2012, by and between the City of Waterloo, Iowa ("City") and Secor Investments,
L.L.C. ("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement dated May
26, 2009 (the "Agreement") concerning the development of land (the "Property")
described on Exhibit "A" to the Agreement.
B. Company has not fulfilled the development objectives of the Agreement, and the
parties desire to terminate the Agreement 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. Company agrees to fulfill the requirements of Section 5(b) of the Agreement at its
sole cost and expense no later than May 18, 2012. If Company possesses an abstract of title
for the property to be conveyed that does not include Company's abutting property at 3215
Lafayette Road, Company further agrees to deliver same to City concurrently with the deed.
2. Except as set forth herein, each party is released from any further duty of
performance under the Agreement, and the Agreement and the related Minimum Assessment
Agreement are hereby terminated.
IN WITNESS WHEREOF, the parties have executed this Amendment to Development
Agreement as of the date first set forth above.
SECOR INVESTMENTS, L.L.C. CITY OF WATERLOO, IOWA
By:
W. Scott Secor, Manager
By:
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Emest G. Clark, Mayor
Suzy Schares, City Clerk