HomeMy WebLinkAboutOkanovic - Release of Reversionary Rights - 2/11/19Prepared by Timothy E. Andera, 715 Mulberry Street, Waterloo, IA 50703. Phone (319) 291-4366
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RELEASE OF REVERSIONARY RIGHTS
WHEREAS, on October 5, 2009, the City of Waterloo, Iowa ("City") and Nermin and Manulea
Okanovic ("Developer") entered into a certain Development Agreement (the "Agreement"), filed November
11, 2011 as Doc. No. 2012-8655, concerning real property legally described as referenced in the Agreement;
and
WHEREAS, the Agreement provided a right of reversion to the City if the Developer failed to take
timely action to develop the property on the terms set forth in the Agreement; and
WHEREAS, Developer has satisfied the conditions for extinguishment of the City's reversionary
rights as to certain portions of the property.
NOW, THEREFORE, City does hereby release and relinquish all rights of reversion, or similar rights, arising
from or in connection with the Agreement as such rights relate to real property now legally described as "The
North Eight (8) feet of the Sixteen (16) foot public alley as platted in Block Six (6), Russell Heights
Addition in the City of Waterloo, Iowa lying Easterly of the Northerly extension of the West line of Lot
Three (3) in said Block Six (6) and lying Westerly of the Northerly extension of the East line of Lot Three
(3) in said Block Six (6)."
Dated / II
STATE OF IOWA
) ss.
BLACK HAWK COUNTY
CITY OF WATERLOO, IOWA
By: 1.y
Quentin Hart, Mayor
Attest:
Ke
Felchl
This record was acknowledged before me on / 1 `f / ( C7
Clerk
, by Quentin Hart and
Kelley Felchle. Mayor and City Clerk, respectively, of the City of Waterloo, Iowa.
NANCY HIGBY
CC.JIPAISSION NO.788229
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