HomeMy WebLinkAboutCentral Property Holdings, LLC - Amendment No. 2 to Development Agmnt - 9/24/2018 Preparer
Information: Christopher S. Wendland, PO Box 596, Waterloo, Iowa 50704 (319) 234.5701
Name Address City Phone
SPACE ABOVE THIS LINE
FOR RECORDER
AMENDMENT NO. 2 TO DEVELOPMENT AGREEMENT
This Amendment No. 2 to Development Agreement (the "Amendment") is
entered into as of �- 2-�j , 2018, by and between Central Property
Holdings, LLC (the "Company") and the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated August 7, 2017, as later amended on February 19, 2018
(collectively, the "DA"), concerning the development of land (the
"Property") described on Exhibit "A" to the DA. The DA has been filed in
the land records of Black Hawk County, Iowa, as Doc. No. 2018-7765 and
as Doc. No. 2019-2747.
B. The parties desire to amend the DA to modify the terms thereof as set
forth in this Amendment.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. City agrees to make to Company an additional development grant in the
amount of $500,000.00, payable within 30 days after the date hereof. The contingent
repayment provisions stated in Section 4 of the DA shall apply to the additional grant.
2. Except as modified herein, the DA shall continue unmodified in full force
and effect. Terms in this Amendment that are capitalized but not defined will have the
same meanings herein that are ascribed to them in the DA. The DA and this
Amendment shall inure to the benefit of and be binding upon the parties and their
respective successors and assigns.
Page 2
IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 to
Development Agreement by their duly authorized representatives as of the date first set
forth above.
CITY OF WATERLOO, IOWA CENTRAL PROPERTY HOLDINGS,
LLC
By: nk "ztQArLA4— BT
Quentin Hart, Mayor Rodney A. nders
Managing Member
Attest: k4&k VdA=
Kelley F Ichle, City Clerk
PERSONAL GUARANTY. The undersigned members and/or managers of
Company hereby agree for themselves and their heirs, personal representatives, and
assigns, to unconditionally guarantee to City, its successors and assigns, the full and
prompt performance by Company, its successors and assigns, of all promises and
covenants on the part of Company to be performed pursuant to the Agreement, as
amended above, including but not limited to the duties of indemnity set forth therein, if
any. Liability of guarantors hereunder is joint and several.
Rodney A.LAnderson Daniel E. Levi