HomeMy WebLinkAboutL&H Farms, Ltd.-12/21/20154
MEMORANDUM OF AGREEMENT
REGARDING PRORATING OF REAL ESTATE TAXES
This Agreement is entered into as of December 23, 2015, by and between L & H Farms, Ltd.
("L&H") and the City of Waterloo, Iowa ("City").
RECITALS
A. L&H and City are parties to a certain Exchange Agreement by which L&H will convey
to City, as part of an exchange of like -kind real estate, certain real property described as: The South
203.8 feet of the North 749.35 feet of the North Half of the Southwest Quarter (N 1/2 SW ''A) in Section
No, 9, Township No. 88 North, Range No. 13 West of the Fifth Principal Meridian, Black Hawk County,
Iowa, EXCEPT that part thereof conveyed to the City of Waterloo in a deed filed March 14, 2012 as Doc.
No. 2012-16922 in the Office of the Black Hawk County Recorder (the "Real Estate").
B. The purpose of this Agreement is to confirm the parties' agreement regarding the manner
in which real estate taxes will be prorated. The parties acknowledge that the Exchange Agreement
requires that taxes for the Real Estate are to be prorated to the closing date for the sale and purchase of the
Real Estate, i.e., December 31, 2015.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual promises exchanged herein, and for other
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree that L&H
will pay the full tax bills for the Real Estate that are due on or before September 30, 2015 and March 31,
2016. Concurrently with said payment, L&H will also deliver a check in the amount of $193.10, payable
to the Black Hawk County Treasurer, to the office of City's legal counsel, namely, Clark Butler Walsh &
Hamann, 315 E. 5t'' Street, Waterloo, Iowa, 50703, Attn: Chris Wendland. City's legal counsel will be
responsible for remittance of said check to the treasurer's office as a prepayment of L&H's prorated share
of the September 2016 tax installment. The parties acknowledge that the sum of $193.10 is a good -faith
estimate based on currently available information. The parties also acknowledge that, when tax bills are
issued in August 2016, the Real Estate will not be taxed as a separate parcel from the larger parcels of
which it is a portion, but that the treasurer's office has indicated that taxes otherwise attributable to the
Real Estate will not be included in said tax bills for the larger parcels. The August 2016 tax bills for the
larger parcels will be the full and sole responsibility of L&H. The parties agree to cooperate reasonably
and in good faith, and to take such further steps as inay be reasonably necessary or advisable, to carry out
the purpose and intent of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement by their duly authorized
representatives as of the date first set forth above.
L & H FARMS, LTD. CITY OF WATERLOO, IOWA
By:(1
/ ` t i'✓ B �t� Z
Curtis G. Hollis, President Ernest G. Clark, Mayor
Attest:
Suzy Se ares, City Clerk