HomeMy WebLinkAboutSuperior Properties, LLC -(RECORDED) Amendment to DA and MA Agreement - 3/18/2024 ^' 2024-16415
RECORDED:06/26/2024 03:06:35 PM
RECORDING FEE:$12.00
REVENUE TAX:$
COMBINED FEE:$12.00
SANDIE L.SMITH,RECORDER
BLACK HAWK COUNTY,IOWA
Prepared by Christopher S.Wendland, P.O. Box 596,Waterloo, IA 50703. 319-234-5701
AMENDMENT TO DEVELOPMENT AGREEMENT and
AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Amendment to Development Agreement and Amendment to Minimum Assessment
Agreement (the "Amendment") is entered into as of Marc l S3 , 2024 by and between the
City of Waterloo, Iowa ("City") and Superior Properties, LLC ("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement dated June
20, 2022 (the "Agreement") concerning the development of property as described
in the Agreement and also parties to that certain Minimum Assessment Agreement
of the same date (the "MAA"). The Agreement and MAA were filed together in the
records of the Black Hawk County Recorder on July 27, 2022 as Doc. No. 2023-
1561.
B. The parties desire to amend the DA and MAA on the terms set forth herein.
NOW, THEREFORE, in consideration of the premises and of other consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereby agree to amend the
Agreement as follows:
1. Section 4 of the DA is amended to state that the Completion Deadline is April 30,
2024.
2. Section 1 of the MAA is amended to strike "December 31, 2023" therefrom and to
substitute "December 31, 2024" in its place.
3. Section 2 of the MAA is amended to strike "December 31, 2043" therefrom and to
substitute "December 31, 2044" in its place.
4. Except as amended herein, the DA and the MAA shall continue unmodified in full
force and effect. Terms capitalized in this Amendment but not defined herein shall have the
meaning ascribed to them in the Agreement. This Amendment is binding on the parties and the
respective successors, assigns, transferees and legal representatives of each. This
Amendment may be executed in counterparts, each of which shall be deemed an original and
all of which, when taken together, shall constitute a single instrument.
IN WITNESS WHEREOF, the parties have executed this Amendment to Development
Agreement and Amendment to Minimum Assessment Agreement as of the date first set forth
above.
SUPERIOR PROPERTIES, LLC CITY OF WATERLOO, IOWA
4
By: By: C eILI
Nicholas Bonewitz, M nager Quentin M. Hart, Mayor
By: WJ
Kelley Felch , CI y Clerk
STATE OF IOWA )
) ss.
BLACK HAWK COUNTY )
Acknowledged before me on MC,&xd11 3-- , 2024 by Nicholas Bonewitz as Manager of
Superior Properties, LLC.
EMILY SELIGA
z Commission Number 849716
My Commission Expires Notary Public
IiI July 27,2026
STATE OF IOWA )
) ss.
BLACK HAWK COUNTY )
Acknowledged before me on MCXC.h 2 a , 2024 by Quentin M. Hart and Kelley
Felchle, as Mayor and City Clerk, respectively, of the City of Waterloo, Iowa.
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`. NANCY ANNE HIGBY N ary Pu is
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Prepared by Christopher S.Wendland, P.O. Box 596,Waterloo, IA 50703. 319-234-5701
AMENDMENT TO DEVELOPMENT AGREEMENT and
AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Amendment to Development Agreement and Amendment to Minimum Assessment
Agreement (the "Amendment") is entered into as of Marc t 8 , 2024 by and between the
City of Waterloo, Iowa ("City") and Superior Properties, LLC ("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement dated June
20, 2022 (the "Agreement") concerning the development of property as described
in the Agreement and also parties to that certain Minimum Assessment Agreement
of the same date (the "MAA"). The Agreement and MAA were filed together in the
records of the Black Hawk County Recorder on July 27, 2022 as Doc. No. 2023-
1561.
B. The parties desire to amend the DA and MAA on the terms set forth herein.
NOW, THEREFORE, in consideration of the premises and of other consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereby agree to amend the
Agreement as follows:
1. Section 4 of the DA is amended to state that the Completion Deadline is April 30,
2024.
2. Section 1 of the MAA is amended to strike "December 31, 2023" therefrom and to
substitute "December 31, 2024" in its place.
3. Section 2 of the MAA is amended to strike "December 31, 2043" therefrom and to
substitute "December 31, 2044" in its place.
4. Except as amended herein, the DA and the MAA shall continue unmodified in full
force and effect. Terms capitalized in this Amendment but not defined herein shall have the
meaning ascribed to them in the Agreement. This Amendment is binding on the parties and the
respective successors, assigns, transferees and legal representatives of each. This
Amendment may be executed in counterparts, each of which shall be deemed an original and
all of which, when taken together, shall constitute a single instrument.
IN WITNESS WHEREOF, the parties have executed this Amendment to Development
Agreement and Amendment to Minimum Assessment Agreement as of the date first set forth
above.
SUPERIOR PROPERTIES, LLC CITY OF WATERLOO, IOWA
By: By:
Nicholas Bonewitz, Manager Quentin M. Hart, Mayor
By:
Kelley Felch , CI y Clerk
STATE OF IOWA
) ss.
BLACK HAWK COUNTY )
Acknowledged before me on , 2024 by Nicholas Bonewitz as Manager of
Superior Properties, LLC.
Notary Public
STATE OF IOWA
) ss.
BLACK HAWK COUNTY )
Acknowledged before me on Maid , 2024 by Quentin M. Hart and Kelley
Felchle, as Mayor and City Clerk, respectively, of the City of Waterloo, Iowa.
riNANCY
ANNE HIGBY N ary Pu isM SSMISSIONONRES t - 20 -j_
2