HomeMy WebLinkAboutVillage Creek Rentals, LLC - Termination of Developmen Agreement - 6.7.2021 Prepared by Christopher S. Wendland P.O. Box 596 Waterloo IA 50704 Phone(319)234 5701
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TERMINATION OF DEVELOPMENT AGREEMENT
WHEREAS,the City of Waterloo, Iowa("City")and Village Creek Rentals, LLC
("Developer")entered into a certain Development Agreement(the"Agreement')and Minimum
Assessment Agreement(the"MAA"),each dated November 20,2017 and filed March 13,2018 as Doc.
No.2018-14847,as later amended by document dated April 13,2020 and filed May 12, 2020 as Doc.
No. 2020-19656,concerning real property legally described in said documents;and
WHEREAS,the parties desire to terminate the Agreement and the MAA on the terms set forth
herein.
NOW,THEREFORE,the parties agree as follows:
1. The Agreement and MAA are hereby terminated. Within thirty(30)days, Developer
shall convey the Chalmers Lots to City by special warranty deed, free and clear of any lien,claim,or
encumbrance arising by or through Developer,and shall concurrently deliver to City any abstracts of
title for the Chalmers Lots,and upon receipt of said deed and abstract City shall pay$10,000.00 to
Developer in refund of the Purchase Price for the Chalmers Lots. Upon completion of such actions,
neither party shall have further obligation to the other party under the Agreement or the MAA,except to
fully carry out the purposes and intent of this instrument.
2. Terms in this instrument that are capitalized but not defined will have the same
meanings that are ascribed to them in the Agreement. This instrument 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 Termination of Development
Agreement by their duly authorized representatives as of the date first set forth above.
CITY OF WATERLOO, IOWA VILLAGE CREEK RENTALS, LLC
By: . ,
Quentin Hart, Mayor J son R. Strelow, anager
Attest:
Kelley lchle, City Clerk
STATE OF IOWA )
) ss.
BLACK HAWK COUNTY )
Acknowledged before me on 2021 by Jason R. Strelow as Manager of
Village Creek Rentals, LLC.
• ANDREA WESTER Notary Public
asCOMMISSION NO.764042
MY I PIKES
�.
S TATE OF IOWA )
) ss.
BLACK HAWK COUNTY )
Acknowledged before me on , 2021 by Quentin Hart and Kelley Felchle, as
Mayor and City Clerk, respectively, of the City of Waterloo, Iowa.
Notary Pub c
4�w,. .. NANCY HIGBY
COMMISSION NO.788229
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