HomeMy WebLinkAboutLockard Development, Inc.- Assignment and Assumption Agmnt - 9/25/2006 Prepared by: David R. Mason Attorney 415 Clay Street Cedar Falls, Iowa 50613 (319)277-6830
ASSIGNMENT AND ASSUMPTION AGREEMENT
This Assignment and Assumption Agreement is entered as of Scp4tm(ref 2 5
2006 by and between the City of Waterloo, Iowa (the "City"), Lockard Development, Inc. (the
"Developer") and Cedar Valley HQ, L.C. (the "Company").
In consideration of the mutual covenants stated herein, the parties agree as follows:
1. Development Agreement. Developer, the City and the Company entered into a
certain Development Agreement dated as of February 21, 2005 and filed for record August 17,
2006 as Document No. 2007004109 in the office of the Black Hawk County Recorder(the
"Development Agreement"). The real estate which is the subject of the Development
Agreement is:
Lot 2, Tower Park No. 3, City of Waterloo, Black Hawk County, Iowa (the
"Property").
The Development Agreement provides for an economic development grant to the Company to
be paid on the Company's behalf to the Developer and for the Company's purchase of the
Property all as provided for in the Development Agreement.
2. Assignment of Obligation to Convey. Paragraph 1 of the Development
Agreement allows the City to assign to the Company the City's rights to purchase the Property
so that the Company shall be allowed to acquire the Property directly from the owner of the
Property under the terms and conditions stated in the Development Agreement.
3. Assignment and Assumption of Rights and Obligations. The City hereby assigns
to the Company all of its rights and obligations to purchase the Property under the terms of the
Development Agreement and the Company hereby agrees to purchase the Property directly
from the owner in accordance with the terms of the Development Agreement.
4. Correction. Reference to the Company in the Development Agreement and
related documents as Cedar Valley HQ, L.L.C. is a scrivener's error. The correct name of the
Company is Cedar Valley HQ, L.C.
5. Reaffirmation. The parties reaffirm all terms of the Development Agreement,
except for the correction stated in paragraph 4 herein.
IN WITNESS WHEREOF, the parties have executed this Assignment and Assumption
Agreement as of the date first above written.
CITY OF WATERLOO, IOWA CEDAR VALLEY HQ, L.C.
By: Lockard-Behn, L.C., Manager
By: Lockard Development, Inc., Manager
By:
Timothy J. ey, May By:
Robert L. mith ., President
Company
ATTEST: LOCKARD DEVELOPMENT, INC
By:
Nancy ckG , 'ty Clerk Rob L. Smit , Jr esident
City Developer
STATE OF IOWA )
ss.
COUNTY OF BLACK HAWK )
On this day of 2006, before me, a Notary Public in and
for the State of Iowa, personally appe red Timothy J. Hurley and Nancy Eckert, to me
personally known, who being duly sworn, did say that they are the Mayor and City Clerk,
respectively, of the City of Waterloo, Iowa, a municipal corporation, created and existing under
the laws of the State of Iowa, and that the seal affixed to the foregoing instrument is the seal of
said municipal corporation, and that said instrument was signed and sealed on behalf of said
municipal corporation by authority and resolution of its City Council, and said Mayor and City
Clerk acknowledged said instrument to be the free act and deed of said ml.cipal corporation
by it and by them voluntarily executed.
G A
\ Notary
My Commission Expires:
STATE OF IOWA, BLACK HAWK COUNTY, ss.
This instrument was acknowledged before me on the,.V ke Jday of 006,
by Robert L. Smith, Jr. as President of Lockard Development, Inc., an lower corporation, the
manager of Lockard-Behn, L.C., an Iowa limited liability company, the manager of Cedar Valley
HQ, L.C., an Iowa limited liability company.
�dcL,
Notary Public
SUS ;HA My Commission Expires: ! / S Oho
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STATE OF IOWA )
ss.
COUNTY OF BLACK HAWK )
This instrument was acknowledged before me on a �- , 2006 by
Robert L. Smith, Jr., as President of Lockard Development, Irfc., an Iowa corporation.
Notary Public
My Commission Expires:
SUSAN M. BLECHA
+ o
COMMISSION SsION
'o w NOVEMBER 25,2006
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