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HomeMy WebLinkAboutDeer Acres, LLC - 2nd Amendment to DA - (RECORDED) 6.16.2025 2025-15331 RECORDED:10/17/2025 03:46:25 PM RECORDING FEE:$12.00 REVENUE TAX:$ COMBINED FEE:$12.00 SANDIE L.SMITH,RECORDER BLACK HAWK COUNTY,IOWA C i•N d I— co 4c'F t4oJ Prepared bv: Lexi Schneider 715 Mulberry Street Waterloo,Iowa (3 1 912 91-436 6 SECOND AMENDMENT TO DEVELOPMENT AGREEMENT This Amendment to Development Agreement(the"Amendment")is entered into as of wne I b ,2025,by and between the City of Waterloo,Iowa("City")and Deer Acres, LLC.("Company"). RECITALS A. Company and City are parties to that certain Development Agreement dated January 13,2020(the"Agreement")concerning the development of property as described in the Agreement. The Agreement was filed in the records of the Black Hawk County Recorder on April 30,2020 as Doc.No.2020-18889. B. The parties desire to amend the Agreement 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 2 of the Agreement is amended to strike the first unnumbered paragraph thereof in its entirety and to substitute a new paragraph in its place,as follows: a. Construction. Developer must begin construction of the Improvements within six(6)months(the"Start Deadline")after the date of this Agreement and must substantially complete the Improvements by December 2, 2026(the"Completion Deadline"). If Developer has not obtained a building permit and in good faith begun construction of the Improvements by the Start Deadline,then at City's option this agreement will be voided,but if construction is imminent the City Council may,but shall not be required to,consent to an extension of time to begin construction or,if appropriate,to complete construction,and if an extension is granted but construction has not been commenced or substantially completed,as applicable,within such extended period,then the agreement shall be voided after the end of said extended period. B. Except as amended herein, the Agreement 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 Second Amendment to Development Agreement as of the date first set forth above. DEER ACRES, LLC CITY OF WATERLOO, IOWA By: By; l �� L_ Rebecca Curran Quentin M. Hart, Mayor By 1 /il Kelley Felchle City Clerk a 2 Prepared by: Lexi Schneider 715 Mulberry Street Waterloo,Iowa (319)291-4366 SECOND AMENDMENT TO DEVELOPMENT AGREEMENT This Amendment to Development Agreement(the"Amendment") is entered into as of Lines I L. , 2025, by and between the City of Waterloo, Iowa ("City")and Deer Acres, LLC. ("Company"). RECITALS A. Company and City are parties to that certain Development Agreement dated January 13, 2020(the"Agreement")concerning the development of property as _ described in the Agreement. The Agreement was filed in the records of the Black Hawk County Recorder on April 30, 2020 as Doc. No. 2020-18889. B. The parties desire to amend the Agreement 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 2 of the Agreement is amended to strike the first unnumbered paragraph thereof in its entirety and to substitute a new paragraph in its place, as follows: a. Construction. Developer must begin construction of the Improvements within six (6) months (the "Start Deadline") after the date of this Agreement and must substantially complete the Improvements by December 2, 2026 (the "Completion Deadline"). If Developer has not obtained a building permit and in good faith begun construction of the Improvements by the Start Deadline, then at City's option this agreement will be voided, but if construction is imminent the City Council may, but shall not be required to, consent to an extension of time to begin construction or, if appropriate, to complete construction, and if an extension is granted but construction has not been commenced or substantially completed, as applicable, within such extended period, then the agreement shall be voided after the end of said extended period. B. Except as amended herein, the Agreement 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 Second Amendment to Development Agreement as of the date first set forth above. DEER ACRES, LLC CITY OF WATERLOO, IOWA By: e''\Q),,N,7t,tc,t1,.. _ BY: 41, Rebecca Curran Quentin M. Hart, Mayor By. Kell y Felchle City Clerk 2