HomeMy WebLinkAboutOkanovic - Release of Reversionary Rights - 2/11/19(RECORDED)Prepared by Timothy E. Andera, 715 Mulberry Street, Waterloo, IA 50703.
Return to preparer after recording.
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Doc ID 009492330001 Type GEN
Recorded: 02/22/2019 at 03:58:50 PM
Fee Amt: $7.00 Pale 1 of 1
Black Hawk County Iowa
SANDIE L. SMIITH RECORDER�% % (� Q
File2019--00012 168
Phone (319) 291-4366
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 terns 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 /1 I .
STATE OF IOWA
BLACK HAWK COUNTY
This record was acknowledged before me on /) `d i , by Quentin Hart and
Kelley Felchle. Mayor and City Clerk, respectively, of the City of Waterloo, Iowa.
) ss.
CITY OF WATERLOO, IOWA
By:
Attest:
Quentin Hart, Mayor
AdA.L/
elley Felchle, ity Clerk
NANCY HIOBY
COMMISSION NO.788229
nny cc r ssi >'2 WI
Notary Publi
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Doc ID: 009492320001 Type GEN
Recorded: 02/22/2019 at 03:58:26 PM
Fee Amt: $7.00 Paqe 1 of 1
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
Fi1e20 19-00012 76 l
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2019-88
RESOLUTION APPROVING REQUEST FOR RELEASE OF
REVERSIONARY RIGHTS PERTAINING TO A DEVELOPMENT
AGREEMENT WITH NERMIN AND MANULEA OKANOVIC, FOR
THE CONSTRUCTION OF A RESIDENTIAL BUILDING ADDITION
AND CONVEYANCE OF A PORTION OF A PUBLIC ALLEY,
LOCATED AT 1409 WEST 11TH STREET, AND AUTHORIZE THE
MAYOR AND CITY CLERK TO EXECUTE SAID DOCUMENT.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA that
the Release of Reversionary Rights, dated February 11, 2019, releasing and relinquishing all
rights of reversion, or similar rights, arising from or in connection with a certain Development
Agreement, dated October 10, 2009, filed as Doc. No. 2015-00019567, as such rights relate to
real property now legally described as follows:
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), IN THE CITY OF
WATERLOO, BLACK HAWK COUNTY, IOWA
By and between Nermin and Manulea Okanovic and the City of Waterloo, Iowa, is hereby
approved, and the Mayor and City Clerk are authorized and directed to execute the same on
behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 11th day of February 2019.
Kelley, Felchl
City Clerk
Quentin Hart, Mayor