HomeMy WebLinkAboutL&H Farms Memorandum of Agmnt regarding R.E. Taxes - 2/26/2018MEMORANDUM OF AGREEMENT
REGARDING PRORATING OF REAL ESTATE TAXES
This Agreement is entered into as of , 2010 by and between L & H
Farms, Ltd. ("L&H") and the City of Waterloo, Iowa ("Ci " ).
RECITALS
A. L&H and City are parties to a certain Exchange Agreement by which L&H will
convey to City, as part of an exchange of like -kind real estate, certain real property described as:
The South 184 feet of the North 1122.85 feet of the North Half of the Southwest
Quarter (N '/2 SW 1/4) in Section No. 9, Township No. 88 North, Range No. 13
West of the Fifth Principal Meridian, Black Hawk County, Iowa, EXCEPT that
part thereof conveyed to the City of Waterloo in a deed filed March 14, 2012 as
Doc. No. 2012-16922 AND EXCEPT that part thereof described in a deed dated
April 29, 1996 and filed May 1, 1996, at Book 567 Land Deeds at Page 633 AND
EXCEPT that part thereof described in a deed dated April 4, 1997 and filed April
4, 1997 at Book 569 Land Deeds at Page 042, all filed in the Office of the Black
Hawk County Recorder.
Subject to easements, restrictions, covenants, ordinances and limited access
provisions of record and not of record.
(the "Real Estate").
B. The purpose of this Agreement is to confirm the parties' agreement regarding the
manner in which real estate taxes will be prorated. The parties acknowledge that the Exchange
Agreement requires that taxes for the Real Estate are to be prorated to the closing date for the
sale and purchase of the Real Estate, likely March 1, 2018.
ACTRF.F.MF.NT
NOW, THEREFORE, in consideration of the mutual promises exchanged herein, and for
other consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
agree that L&H will pay the full tax bill for the Real Estate that is due on or before September
30, 2018. Concurrently with said payment, L&H will also deliver a check in the amount of
$ 51.69 , payable to the Black Hawk County Treasurer, to the office of City's legal counsel,
namely, Clark Butler Walsh & Hamann, 315 E. 5ch Street, Waterloo, Iowa, 50703, Attn: Chris
Wendland. City's legal counsel will be responsible for remittance of said check to the treasurer's
office as a prepayment of L&H's prorated share of the March 2019 tax installment. The parties
acknowledge that the sum of $ 51.69 is a good -faith estimate based on currently available
information. The parties also acknowledge that, when tax bills are issued in August 2019, the
Real Estate will not be taxed as a separate parcel from the larger parcels of which it is a portion,
but that the treasurer's office has indicated that taxes otherwise attributable to the Real Estate
will not be included in said tax bills for the larger parcels. The August 2019 tax bills for the
larger parcels will be the full and sole responsibility of L&H. The parties agree to cooperate
reasonably and in good faith, and to take such further steps as may be reasonably necessary or
advisable, to carry out the purpose and intent of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement by their duly
authorized representatives as of the date first set forth above.
L & H FARMS, LTD.
By: mac/ `
Curtis G. Hollis, President
2
CITY OF WATERLOO, IOWA
By:
Quentin M. Hart, Mayor
Attest:
Kelley Fel e, ity Clerk