HomeMy WebLinkAboutCardinal Constructin Inc. - Amendment to Dev Agreement - 1/9/2006 AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement(the "Amendment") is entered into as of
January �I , 2006 by and between Cardinal Construction Inc. ("CC") and the City of Waterloo,
Iowa ("City").
WHEREAS, CC and City are parties to a Development Agreement dated March 22, 1999
(the "Agreement");
WHEREAS, pursuant to the Agreement CC has constructed a building on property
described in the Agreement; and
WHEREAS, CC has not built a 30,000 square foot expansion pursuant to the Agreement
but desires to sell the property to a third party free from the City's right of reversion as set forth
in the Agreement; and
WHEREAS, CC is willing and able to pay the purchase price of$63,450 due pursuant to
the Agreement to eliminate the City's right of reversion.
NOW, THEREFORE, in consideration of the mutual promises exchanged herein,the
parties agree as follows:
1. CC shall pay to City the sum of$63,450.00 within thirty(30) days of the date that
this Amendment is approved by the Waterloo City Council. Following receipt of said sum and
confirmation that funds are good, City shall file a document in the land records of Black Hawk
County confirming receipt of said sum and extinguishment of the right of reversion.
2. This Amendment is subject to approval by the Waterloo City Council, and it shall
not be legally binding without such approval. Upon such approval,this Amendment and the
Agreement shall inure to the benefit of and be binding upon the parties and their successors and
assigns.
3. Time is of the essence in the performance of this Amendment and the Agreement.
Except as modified by this Amendment,the Agreement shall continue unmodified in full force
and effect.
CARDINAL CONSTRUCTION INC. CITY OF WATERLOO, IOWA
By. By:
Gene Leonhart, President Timothy J. IV"y, Mayo/
Attest:
Nancy Eckert, C' Clerk
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Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50704. 319-234-5701
After recording, return to Donald Temeyer, City of Waterloo, 715 Mulberry Street, Waterloo, IA, 50703.
RELEASE AND TERMINATION OF REVERSION RIGHTS
Reference is made to a Development Agreement (the "Agreement") dated March 22,
1999 by and between Cardinal Construction Inc. and the City of Waterloo, Iowa("City"), filed
April 30, 1999 in 334 Misc. 155 and refiled October 21, 1999 in 75 Aff. 427. The Agreement set
forth the rights and duties of the parties with respect to real property described as: Lot No. 1,
Tower Technology Park Plat No. 1, City of Waterloo, Iowa (the "Property").
For consideration received, the receipt and sufficiency of which is hereby acknowledged,
City does hereby release the Property from the reversion rights in favor of City as set forth in the
Agreement, and City does hereby terminate said reversion rights.
IN WITNESS WHEREOF, the undersigned have executed this Release and Termination
of Reversion Rights as of the date set forth below.
Dated �ahc. ur�_ 2006
CITY OF WATERLOO, IOWA
Br
Timothy J. Mayor
Attest:
Nancy ckert, I Clerk
[acknowledgment on next page]
STATE OF IOWA )
ss.
BLACK HAWK COUNTY )
This instrument was acknowledged before me ond 2006, by
Timothy J. Hurley and Nancy Eckert, as Mayor and City C erk,respectively, of the City of
Waterloo, Iowa.
Not ry Public 10g
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