HomeMy WebLinkAboutCedar Valley Real Estate, LLC - Amendment to Dev Agmnt - 10/7/2019Preparer
Information: Christopher S. Wendland, PO Box 596, Waterloo, Iowa 50704 (319) 234-5701
Name Address City Phone
AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement (the "Amendment") is entered into
as of 6 , 2019, by and between Cedar Valley Real Estate, LLC (the
"Company") and the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated January 22, 2019 and filed February 22, 2019 as Doc. No. 2019-
12764 (the "DA"), concerning the development of land (the "Property")
described therein.
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. The last sentence of Section 2 is hereby stricken in its entirety, and the
following new sentence is substituted in its place: "Company shall commence
Improvements within nine (9) months after the date of this Agreement and shall
substantially complete the Project within twenty-four (24) months thereafter."
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.
IN WITNESS WHEREOF, the parties have executed this Amendment to
Development Agreement by their duly authorized representatives as of the date first set
forth above.
[signatures on next page]
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CITY OF WATERLOO, IOWA
CEDAR VALLEY REAL ESTATE, LLC
By. ,1,1 / i^�i.c By: If
Quentin Hart, Mayor Kade Hoppenworth
Managing Member
Attest:
Kelley Fe
hie, City Clerk