HomeMy WebLinkAboutLee Enterprises-10/24/2011Prepared by and return to: Michael A. Koury, Esq. 5505 Victoria Avenue, Suite 100, Davenport, Iowa
52807
ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT AGREEMENT
THIS ASSIGNMENT AND ASSUMPTION OF D LOPMENT
AGREEMENT (this "Assignment") is entered into this y of Othbbor , 2011, by
and between LEE ENTERPRISES, INCORPORATED, a Delaware corporation
("Assignor"), FDP OC, L.L.C., an Iowa limited liability company ("Assignee"), and the
CITY OF WATERLOO, IOWA, an Iowa municipal corporation ("City").
WHEREAS, Assignor is a party with the City to that certain Development
Agreement dated August 18, 2005 and recorded with the Black Hawk County, Iowa
Recorder on June 8, 2006 as Document No. 2006-29331 (the "Development
Agreement").
WHEREAS, Assignor has or will in the near future transfer the property subject
to the Development Agreement to Assignee, and in connection therewith, Assignor
desires to assign to Assignee and Assignee desires to assume from the Assignor all of the
Assignor's interest in the Development Agreement.
WHEREAS, Assignee desires that the City consent to this Assignment.
NOW, THEREFORE, for good and valuable consideration paid by Assignee to
Assignor and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged by all parties hereto, the parties hereto agree and contract as
follows:
1. Assignor does hereby ASSIGN, TRANSFER, CONVEY, SET OVER and
DELIVER unto Assignee all of the Assignor's right, title and interest in and to the
Development Agreement, and Assignee hereby assumes same.
2. The City hereby consents to this Assignment and the terms and provisions set
forth herein. The City agrees and certifies to Assignor and Assignee that Assignor is not
currently in default under the Development Agreement in any respect. The City further
agrees and certifies to Assignor and Assignee that any and all improvements and
development of real estate and buildings referenced in the Development Agreement (and
the exhibits thereto) that were required to be performed before the date hereof have been
performed in full by Assignor. Except as set forth in this paragraph, the Development
Agreement remains in full force and effect.
3. All of the covenants, terms and conditions set forth herein shall be binding
upon and shall inure to benefit of the parties hereto and their respective successors and
assigns.
4. This Assignment may be executed in one or more counterparts, each of which
shall be deemed an original and all of which together shall constitute one and the same
instrument, and counterparts may be combined as and shall constitute a single document
for recording purposes.
IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be
executed as of the day and year first above written.
LEE ENTERPRISES, INCORPORAI`ED
By:
Print Name:
Its:
FDP OC, L.L.C.
By:
Print Name: Rodney A. Blackwell
Its: Manager
CITY ATERLOO, IO
By
est G.
Its: Mayor
Attest:
By: _AL, ,..
Suzy Scharks
Its: City Clerk
STATE OF
) ss.
COUNTY)
Acknowledged before me on , 2011 by Rodney A. Blackwell as
Manager of FDP OC, L.L.C.
Notary Public
STATE OF )
) ss.
COUNTY)
Acknowledged before me on , 2011 by
as of Lee Enterprises, Incorporated.
Notary Public
STATE OF IOWA )
) ss.
BLACK HAWK COUNTY )
Acknowledged before me on October , 2011 by Ernest G. Clark and Suzy
Schares, the Mayor and City Clerk, respectively, of the City of aterloo, Iowa.