HomeMy WebLinkAboutCedar Skyline Corporation-1/30/2012t•tL rt eY.t P
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AMENDMENT TO DEVELOPMENT AGREEMENT
Please return this copy to:
City Clerk & Finance Department
715 Mulberry Street
Waterloo, IA 50703
This Amendment �oDevelopment Agreement (the "Amendment") is entered into as of
xw by and between the City of Waterloo, Iowa ("City") and Cedar
Skyline Corporation ("Company").
RECITALS
A. Company and City were parties to that certain Development Agreement dated
September 23, 1999 (the "Agreement") conceming the development of land (the
"Property") described on Exhibit "B" to the Agreement.
B. Before entering into the Agreement, the City made a loan to Company in the
principal amount of $250,000 on or about April 30, 1996 (the "Loan"), and the Loan
was secured by a Real Estate Mortgage filed July 31, 1996 in 756 CLM 619 (the
"Mortgage") covering the Property. The purpose of the Loan was to assist
Company in undertaking certain demolition and rehabilitation activities on the
Property. Company has completed the intended activities.
C. The Agreement failed to state the parties' 'intention that the Loan would be forgivable
following completion of Company's faithful performance under the Agreement.
D. The Agreement failed to place a Minimum Assessment Agreement on an impacted
property, which will be set at the 2011 assessed value of $206,260.
NOW, THEREFORE, in consideration of the premises and of other consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:
1. The Agreement is hereby amended to provide that the Loan is forgiven as
of the date hereof and that the Mortgage is released and discharged. A
release of the Mortgage in the form attached hereto as Exhibit "A" will be
promptly filed in the county land records.
2. The Development Agreement with Minimum Assessment Agreement will
be approved with CDoyle Properties LLC to set the minimum vale at the
2011 assessed value of $206,260 for the period stated therein.
IN WITNESS WHEREOF, the parties have executed this Amendment to Development
Agreement as of the date first set forth above.
CEDAR SKYLINE CORPORATION
By:
Title:
To
CITY OF WATERLOO, IOWA
By: --e-f-f-d7i0ej
'Ernest G. Clark, Mayor
B C1�c
Suzy Schar s, City Clerk
EXHIBIT "A"
See attached mortgage release.
Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50704. 319-234-5701
RELEASE AND SATISFACTION OF REAL ESTATE MORTGAGE
The undersigned, the present owner(s) of the mortgage hereinafter described, do(es)
hereby acknowledge that a certain real estate mortgage dated April 30, 1996 made and executed
by Cedar Skyline Corporation, mortgagor, to the City of Waterloo, Iowa, mortgagee, and filed
July 31, 1996 in the records of the office of the Recorder of Black Hawk County, Iowa, in 756
CLM 619, is satisfied and discharged in full.
Words and phrases herein, including acknowledgement hereof, shall be construed as in
the singular or plural number, and as masculine, feminine, or neuter gender, according to the
context.
Dated 70y J& r9
STATE OF IOWA )
) ss.
BLACK HAWK COUNTY )
Acknowledged before me on (3-1U6015 IP-, by Ernest G. Clark and Suzy
Schares, as Mayor and City Clerk, respectively, of the City of Waterloo, Iowa.
CITY OF ATERLOO, IOWA
BY z�
Ernest G. Clark, Mayor
Attest:
Suzy Schare City Clerk