HomeMy WebLinkAboutCentral Property Holdings, LLC - Amendment No. 4 - All In Grocers 11.23.2020DocuSign Envelope ID: 3CEB6AA1-75A2-4F07-BEC6-CB204B6B846E
Preparer
Information: Christopher S. Wendland, PO Box 596, Waterloo, Iowa 50704 (319) 234.5701
Name Address City
Phone
SPACE ABOVE THIS LINE
FOR RECORDER
AMENDMENT NO. 4 TO DEVELOPMENT AGREEMENT
This Amendment No. 4 to Development Agreement (the "Amendment") is
entered into as of November 23 , 2020, by and between Central Property Holdings,
LLC (the "Company") and the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated August 7, 2017, as later amended on February 19, 2018,
September 24, 2018 and November 5, 2018 (collectively, the "DA"),
concerning the development of land (the "Property") described on Exhibit
"A" to the DA. The DA has been filed in the land records of Black Hawk
County, Iowa, as Doc. No. 2018-7765, Doc. No. 2019-2747, Doc. No.
2019-13537 and Doc. No. 2019-13538.
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. Section 3 of the DA is hereby stricken from the Agreement in its entirety,
and a new Section 3 is substituted in its place, as follows:
3. Timeliness of Construction. The parties agree that Company's
commitment to cause the Project to be undertaken and the Improvements to be
constructed in a timely manner constitutes a material inducement for the City to
extend the development incentives provided for in this Agreement, and that without
said commitment City would not have done so. Company must begin construction
of Improvements on the Property no later than November 30, 2020, and
construction of Improvements must be completed within twelve (12) months
thereafter (the "Project Completion Date"). If Company has not obtained a building
permit and begun in good faith the construction of the Improvements on the
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schedule set forth above, this Agreement may be cancelled at the sole option of
City. If development has commenced but is stopped and/or delayed as a result of
an act of God, war, civil disturbance, court order, labor dispute, fire, or other cause
beyond the reasonable control of Company, the requirement that construction is to
be completed by the Project Completion Date shall be tolled for a period of time
equal to the period of such stoppage or delay, and thereafter if construction is not
completed within the allowed period of extension the City may terminate this
Agreement following the failure of Company to diligently undertake construction
within thirty (30) days following written notice of default from City to Company. If at
any time Company fails to diligently undertake construction and other activities
necessary for completion of the Project, then City may terminate this Agreement
following the failure of Company to resume and diligently carry on construction
within thirty (30) days following written notice of default from City to Company.
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 No. 4 to
Development Agreement by their duly authorized representatives as of the date first set
forth above.
CITY OF WATERLOO, IOWA
By:
CENTRAL PROPERTY HOLDINGS,
LLC DocuSigned b
By: E5
Quentin Hart, Mayor Ro Anderson
Managing Member
Attest: Kelley �e%hle
Kelley Felchle, City Clerk