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Prepared by: David H. Mason,415 Clay Street, PO Box 627, Cedar Falls, IA 50613
SUBORDINATION AGREEMENT
This Subordination Agreement is entered into this day of , 2024,by and between
the City of Waterloo,Iowa(the"City")and First Interstate Bank("Lender"),regarding real estate legally
described as follows,which is referred to herein as the"Property":
Parcel "I" of Plat of Survey attached to Doc. #2011-17669,being a part of Block 15,Hayes'
Addition to the Town of Waterloo,Iowa; except the Northwesterly 45.94 feet in even width thereof
as measured along the Northerly right-of-way line of Black Hawk Street,said part of Parcel "I"
also being described in Plat of Survey Doc. #2012-3404.
WHEREAS, City and 5 Bees, LLC (the"Borrower")entered into that certain Development agreement
dated July 13, 2020,recorded as File No. 2021-11025 in the Office of the Black Hawk County Recorder,
as amended by that certain Amendment to Development Agreement dated July 3, 2023, and recorded as
File No. 2024-7203 (collectively,the"Development Agreement"); and
WHEREAS,the Property is referred to in the Development Agreement as the"Phase 4 Lot"; and
WHEREAS, Section 4.B. of the Development Agreements grants certain rights of reverter in title to the
Property to the City in the event Borrower fails to abide by certain terms of the Development Agreement
(the"City's Reverter Rights"); and
WHEREAS,Borrower desires to obtain mortgage financing from Lender to enable Borrower to make
certain improvements to the Property; and
WHEREAS, in order to induce Lender to provide financing and to take a mortgage from Borrower on the
Property,the City is willing to subordinate the City's Reverter Rights with respect to the Property
mortgaged to Lender.
NOW, THEREFORE,the City does hereby agree that the City's Reverter Rights arising out of the
Development Agreement are hereby subordinated and declared to be subsequent and junior to the rights,
title, interest, and claim of lien of Lender arising pursuant to the mortgage dated , 2024 and
filed on ,2024,as Document No. , in the Office of the Black Hawk
County Recorder(the"Lender Mortgage").
The undersigned have executed this Subordination Agreement as of the date first set forth above.
City of Waterloo, Iowa
By `j2 . 1
Quentin Hart,Mayor
By4e Li
Kelley Feld e, City Clerk
First Interstate Bank
By
Its
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
On this 2 6 day of beCc+n--A,t't---" , 2024,before me, a Notary Public in and for the
State of Iowa,personally appeared Quentin Hart and Kelley Felchle,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 municipal
corporation by it and by them voluntarily executed.
NANCYANNE HIGBY b
ow COMMISSION N0.863884 Notary ublic
* ,k MY COMMISSION D�IREB
i 3 2 y 7
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
Acknowledged before me on ,2024 by as
of First Interstate Bank.
Notary Public
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