HomeMy WebLinkAboutWaterloo Development Corporation-10-22-2012CONSENT TO MORTGAGE
This Consent to Mortgage (the "Consent") is made as of OC% I9? r A9 2012, by the
City of Waterloo, Iowa ("City").
WHEREAS, City is a party to that certain Development and Property Transfer Agreement
(the "Agreement") dated as of December 19, 2011, in which Waterloo Development Corporation
is "Developer"; and
WHEREAS, section 12.1 of the Agreement provides that Developer may not create any
mortgage, encumbrance or lien on the Property without the prior written consent of City, not to
be unreasonably withheld; and
WHEREAS, Developer desires to grant a mortgage to US Bank, N.A. to secure funding
provided by said bank for the Project.
NOW, THEREFORE, City does hereby consent to Developer's grant of a mortgage to US
Bank, N.A. as set forth in Exhibit "A" attached hereto.
Capitalized terms in this Consent that are not defined herein shall have the meaning
attributed to them in the Agreement.
CITY OF ATERLOO, IOWA
By:
Ernest G. Clark, ayor
Attest:
Suzy Schlres, City Clerk