HomeMy WebLinkAboutDeer Creek Development - Assignment of Payments - 6/3/2019JOINT NOTICE TO THE CITY OF WATERLOO OF ASSIGNMENT
OF AGREEMENT PAYMENTS
ACKNOWLEDGEMENT AND ACCEPTANCE BY THE CITY OF WATERLOO
1. The undersigned, Deer Creek Development, LLC, an Iowa limited liability company
("Deer Creek"), and Lincoln Savings Bank, an Iowa domestic bank ("LSB"), have this day agreed
to an assignment by Deer Creek to LSB of all payments payable to Deer Creek under that certain
Development Agreement entered into as of October 13, 2006, as amended by an Amendment to
Development Agreement entered into as of July 7, 2008, a Second Amendment to Development
Agreement entered into as of March 14, 2011, and a Third Amendment to Development
Agreement entered into as of August 15, 2016 (collectively, the "Development Agreement"). A
copy of the Assignment is attached hereto.
2. This is notice from Deer Creek and LSB of the Assignment Agreement and that all
monies under the Development Agreement are assigned to LSB. Commencing with the next
payment and for future payments, all payments should be made payable as follows: Deer Creek
Development, LLC, and Lincoln avings Bank. Payment sh uldbe sent or delivered to
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Dated:LI 3' 1g
DEER CREEK DEVELOPMENT, LLC:
LINCOLN SAVINGS BANK:
By: G�C.�'tGl �� By:
Name: ,414€ v S�,(,� Name: un Sha,,/ Q13dte
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The City of Waterloo acknowledges receipt of this Joint Notice and the attached
Assignment Agreement and acknowledges acceptance of the assignment of all payments under
the Development Agreement by Deer Creek and the instructions for payment thereof. The City of
Waterloo further acknowledges it entered into an Estoppel Agreement with Deer Creek on May
17, 2017, and since the date of said Agreement is not aware of any information which would
change its representations and statements therein.
Dated: `�.JuLVI._ 3 Z ' t
CITY OF WATERLOO:
By: F1-`"YLL
Name: {.AJC -4-ry _r+
Its: �,�ca�,,f