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HomeMy WebLinkAboutIowa Community Credit Union-Demolition Agreement 2007- 9 9/ DEMOLITION AGREEMENT This Demolition Agreement (the "Agreement") is made and entered into as of November S , 2007, by and between Iowa Community Credit Union ("ICCU") and the City of Waterloo, Iowa, (the"City"). RECITALS A. City and ICCU are working cooperatively to redevelop certain property in accordance with a separate agreement between them. ICCU owns property that is legally described on Exhibit "A" attached hereto (the "ICCU Property") and City owns property that is legally described on Exhibit"B" attached hereto (the "City Property"). B. Presently located upon the ICCU Property and City Property are structures that the parties desire to demolish in furtherance of their respective development plans. The parties desire, on the terms set forth in this Agreement, to cooperate to accomplish clearing of the properties. AGREEMENT NOW, THEREFORE, in consideration of the mutual promises exchanged herein between the parties and for other consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. City Responsibilities. City agrees to remit to ICCU the sum of$15,350.00 within thirty (30) days after presentation of an invoice for completed demolition work. Said payment shall constitute full satisfaction and discharge of any payment obligation by City to ICCU for the work contemplated by this Agreement. 2. ICCU Responsibilities. ICCU shall contract with a qualified demolition contractor to properly remove asbestos from, and thereafter demolish, the structure located on the City Property. The contract must provide for proper removal and disposal of asbestos and all other hazardous substances, prompt removal of debris, and leveling of the site to grade, all to be completed no later than Trees and paved parking areas may remain in place, to the extent that removal of same is not required to accomplish required demolition activities. The parties acknowledge that said contract may also provide for similar services to be furnished to ICCU with respect to the ICCU Property. ICCU will be responsible for all aspects of supervising and administering the demolition contract and activities. 3. Costs and Expenses. Other than as expressly provided in this Agreement, each party shall bear all cost and expense of any type or nature whatsoever resulting from or arising in connection with any action that is necessary or expedient for such party to perform its duties as provided in this Agreement, and neither party shall have any claim or right of reimbursement or setoff against the other for any such cost or expense. 4. Cooperation. Each party agrees to cooperate in good faith with the other party in connection with the performance of the other parry's obligations hereunder or matters otherwise contemplated hereby. 5. Indemnity. ICCU hereby agrees to indemnify City and hold it harmless from and against any and all demands, claims, causes of action, liabilities, losses, damages, costs and expenses, including but not limited to reasonable attorney's fees, arising from or in connection with the acts or omissions of ICCU, its officers, employees, agents, and contractors, for activities on or about the City Property in connection with the purposes of this Agreement. 6. No Joint Venture. Nothing in this Agreement shall, or shall be deemed or construed to, create or constitute any joint venture, partnership, agency, employment, or any other relationship between the City and ICCU nor to create arty liability for one party with respect to the liabilities or obligations of the other party or any other person. 7. Amendment, Modification, and Waiver. No amendment, modification, or waiver of any condition, provision, or term of this Agreement shall be valid or of any effect unless made in writing, signed by the party or parties to be bound or by its duly authorized representative, and specifying with particularity the extent and nature of the amendment, modification, or waiver. Any waiver by any party of any default by another party shall not affect or impair any rights arising from any subsequent default. 8. Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors, assigns, and legal representatives. 9. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument. 10. Entire Agreement. This Agreement, together with the exhibits hereto, constitutes the entire agreement of the parties and supersedes all prior or contemporaneous negotiations, discussions, understandings, or agreements,whether oral or written, with respect to the subject matter hereof. 11. Time of Essence. Time is of the essence of this Agreement. IN WITNESS WHEREOF, the parties have executed this Demolition Agreement by their duly authorized representatives as of the date written above. IOWA COMMUNITY CREDIT UNION CITY OF WATERLOO, IOWA By: ,'1 / . By: Deborah R. Eln Timothy J. rley, May Mortgage Loan.Processer/Closer Attester �-� �C Nancy Eckert, City erk, 2 EXHIBIT "A" Legal Description of ICCU Property Lots Nos. Four(4) and Five (5) in Block No. Thirteen (13) in the Original Plat, on the West Side of the Cedar River, in the City of Waterloo, Black Hawk County, Iowa. EXHIBIT "B" Legal Description of City Property Lots Nos. One (1) and Two (2) in Block No. Thirteen (13) in the Original Plat, on the West Side of the Cedar River, in the City of Waterloo, Black Hawk County, Iowa.