HomeMy WebLinkAbout401 Devonshire, LLC-Consent To Transfer and Assignment Agreement-10.19.2020Prepared by Christopher S. Wendland P.O Box 596 Waterloo IA 50704 319 234 5701
CONSENT TO TRANSFER AND ASSIGNMENT
This Consent to Transfer and Assignment (the "Consent") is entered into as of
October 19, 2020, by and among the City of Waterloo, Iowa ("City"), Bob C. Moore
("Assignee"), and 401 Devonshire LLC ("Assignor").
RECITALS
A. City and Assignor entered into a certain Development Agreement (the "DA")
dated August 19, 2019 and recorded October 7, 2019 as Doc. No. 2020-6444,
concerning the development and use of real property as described therein (the
"Property").
B. Assignor desires to convey the Property to Assignee, and Section 11 of the DA
permits Assignor to convey the Property and assign his rights under the DA to a
separate company that he owns or controls.
AGREEMENT
NOW, THEREFORE, the parties agree as follows:
1. Assignee does hereby agree to assume all duties of performance owed by
Assignor as "Developer" under the DA, including but not limited to the covenants and
obligations set forth in any agreement or instrument ancillary or collateral to the DA. Assignee
represents and warrants to City that he is the owner and managing member of Assignor and that
the assignment is necessary to facilitate financing for the project.
2. Assignor hereby assigns to Assignee all of Assignor's right, title and interest in
and to the DA, including but not limited to all claim or right to any development incentives
provided for therein.
3. City does hereby approve and consent to the transfer of ownership of the Property
from Assignor to Assignee and to Assignee's assumption of Assignor's responsibilities under the
DA, subject to no term, condition, or covenant other than those set forth in this Agreement.
4. This is the entire and integrated agreement of the parties with respect to the
subject matter hereof. It is binding upon and shall inure to the benefit of the parties and their
respective heirs, personal representatives, successors and assigns. This Agreement may not be
amended except in a written instrument signed by both parties. This Agreement may be signed
in any number of counterparts, each of which, including signatures transmitted by facsimile or
other electronic means, shall be deemed an original and all of which, when taken together, shall
constitute one and the same instrument.
IN WITNESS WHEREOF, the parties have executed this Consent to Transfer and
Assignment by their duly authorized representatives as of the date set forth above.
CITY OF WATERLOO, IOWA 401 DEVONSHIRE LLC
By: 0manfin Hart � By:
Quentin Hart, Mayor I ob C. Wore, Managing Member
Attest: Kelleff Y::::elchle $ -/
Kelley Felchle, City Clerk
BA C. Moore, individually as Assignee