HomeMy WebLinkAboutSecurity State Bank-Foreclosure Agreement-05.21.2007 -ate 7
AGREEMENT
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This Agreement is made this .2 / day of May, 2007 by and
between Security State Bank, Waverly, Iowa ( "Bank" ) , and the City
of Waterloo, Iowa ( "City" ) .
WHEREAS, Security State Bank has foreclosed upon certain real
estate located in the City of Waterloo, Iowa, formally known as
the Freese Ag Service property; and
WHEREAS, the previous owners of the real estate had posted a
rubble bond with the City of Waterloo, Iowa, in the amount of
$10, 000 . 00 to guarantee compliance with City regulations regarding
use of the property as a rubble site; and
WHEREAS, there remains on the real estate tires that the
parties agree should be removed to comply with City requirements;
and
WHEREAS, the Bank has obtained a bid proposal from Quality
Auto & Tire for $13 , 800 . 00 for removal of the tires at the site;
Now, therefore, it is agreed as follows :
1 . The Bank will arrange for the removal and disposal of the
tires on the real estate, pursuant to the bid.
2 . Upon completion of the removal of the tires, the City
shall pay to the Bank the $10, 000, 00 proceeds from the rubble
bond, for the Bank to apply to the cost of tire removal .
3 . The City' s payment is conditioned on the removal of the
tires from the site, reasonably satisfactory to the City. The City
shall have the right and opportunity to inspect the property upon
completion of removal of the tires to confirm compliance with this
Agreement before making the payment provided for in paragraph 2 .
The City shall perform its obligations of making the inspection
and making payment under this agreement reasonably promptly upon
notification that the tire removal is complete .
THE CITY OF WATERLOO, IOWA
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Mayor
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SECU Y TATE BANK
By: l
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Duane Harms, Executive Vice-President
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