HomeMy WebLinkAboutBecker-Chapman Post No. 138 of the American Legion-3/28/2016SECOND AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT
This Second Amendment to Real Estate Purchase Agreement (the "Amendment") is
entered into as of Lc�rc_Y� - -$ , 2016, by and among the City of Waterloo, Iowa ("Buyer")
and Becker -Chapman Post No. 138 of the American Legion ("Seller").
RECITALS
A. Buyer and Seller are parties to a certain Real Estate Purchase Agreement (the
"Agreement") dated as of April 6, 2015, concerning the acquisition of 619
Franklin Street, and amended by amendment dated August 24, 2015 (the "First
Amendment").
B. Seller has closed and conveyed said property to Buyer and is requesting payment
of up to $50,000 in an incentive payment provided by Subsection F of Section 22
of the amended Agreement, but does not meet all provisions to qualify for the
incentive payment as provided for in the amended Agreement. Seller has
purchased a replacement building and has begun renovation of the building to
provide suitable meeting space for itself with assembly area and commercial -
grade kitchen, but has not substantially completed the renovation or provided
adequate written evidence of project costs. To keep the renovation project
moving forward, the parties desire to further amend the Agreement on the terms
set forth herein.
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 as follows:
1. The Agreement is amended to strike Subsection F. of Section 22 therefrom in its
entirety and to substitute the following new Subsection F. of Section 22 in lieu thereof, as
follows:
F. Seller acknowledges that it has previously received an incentive
payment of $50,000 from Buyer in accordance with the First Amendment. Buyer
hereby agrees to make an additional incentive payment of $50,000 to Seller,
which Seller hereby directs be made and delivered to Farmers State Bank for the
account of and on behalf of Seller. Buyer hereby removes all remaining
provisions and restrictions of this Subsection as previously provided by the
original Agreement and the First Amendment. Seller hereby acknowledges and
agrees that, upon the bank's receipt of the additional incentive payment of -
$50,000 authorized by this Amendment, no additional payments of any sort are
owed to or expected by the Seller related to the amended Agreement and that
Buyer has fully performed all obligations of payment to Seller under the amended
Agreement.
2. This Amendment shall not affect Subsection H. of Section 22 granting Buyer a
right of first refusal to purchase the property at 728 Commercial Street.
3. Except as amended by the First Amendment and as amended herein, the
Agreement shall continue unmodified in full force and effect. Capitalized terms used in this
Amendment but not defined herein shall have the meaning attributed to them in the Agreement.
This Amendment is binding on the parties and the respective successors, assigns, transferees and
legal representatives of each. This Amendment may be executed in counterparts, each of which
shall be deemed an original and all of which, when taken together, shall constitute a single
instrument.
IN WITNESS WHEREOF, the parties have executed this Second Amendment to Real
Estate Purchase Agreement by their duly authorized representatives as of the date first written
above.
BECKER-CHAPMAN POST 138 OF THE
AMERI LEGION
By:
Gary Steen ommander
By:
Dale Hixson, Adjiftant
`a
CITY OF WATERLOO, IOWA
By:
Quentin Hart, Mayor
Attest:
Suzy S cares, City Clerk