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HomeMy WebLinkAboutRNK Investments, LLC - Right of Entry Agreement - 12.1.2025 RIGHT OF ENTRY AGREEMENT This Right of Entry Agreement(the"Agreement") is entered into as of Dec.,. i , 2025,by and among the City of Waterloo, Iowa, an Iowa municipal corporation("City"), RNK Investments., LLC ("RNK"). RECITALS A. City is the owner of real property in the city of Waterloo, Black Hawk County, Iowa, identified as Lots 27, 28 and 29 of Waterloo Air and Rail Park 4th Addition (the "Project Site") and generally located northwest of the Waterloo Regional Airport. B. RNK is the contractor who will engage in a project(the"Project") for construction of a 12,000 square foot industrial building on the Property. C. City is willing to allow RNK to have access to the Project Site as set forth in this Agreement. AGREEMENT NOW,THEREFORE,in consideration of the mutual promises set forth herein and for other consideration,the receipt and sufficiency of which are hereby acknowledged,the parties agree as follows: 1. Project Site; Access. Subject to the terms and conditions of this Agreement, City hereby grants RNK, its contractors, agents, and employees, access to the Project Site to engage in the Permitted Uses described below. The City makes no representations or warranties as to the condition of the Project Site or its suitability for RNK's purposes. 2. Permitted Uses; Term. RNK shall enjoy access to the Project Site to commence and undertake the Project, consistent with any plans or specifications submitted to and approved by the City,including the"Concept Exhibit"that is attached to this Agreement as Exhibit A. RNK shall obtain any and all required or necessary permits, licenses, and approvals for the activities or work performed on the Project Site. The parties anticipate the execution of a formal Development Agreement that will set forth in greater detail the terms and conditions of the Project. Unless expressly stated otherwise in a subsequent written agreement or the Development Agreement,this Agreement shall terminate upon the effective date of the Development Agreement and the terms and conditions of the Development Agreement shall displace this Agreement. This Agreement shall terminate in the event that a Development Agreement concerning the Project and/or the Project Site is not approved by City Council after presentation to the same. 3. Project Costs. RNK shall bear all the costs and expenses of the Project. 4. Insurance. RNK shall maintain, as applicable,builder's risk,property damage,and liability insurance coverages with respect to the Project in such amounts as are customarily carried by like organizations engaged in activities of comparable size and liability exposure, and shall provide evidence of such insurance and coverages to the City upon request. 5. Indemnification. RNK agrees to be responsible for any liability which may arise out of its own acts or omissions and the acts or omission of its respective contractors, agents, and employees on or about the Project Site, and agrees to indemnify and hold harmless the City, its officials, officers, employees and agents, from and against any and all claims, demands, actions, causes of action, damages, losses, costs, fines, penalties, and liabilities of any type or nature whatsoever, including but not limited to reasonable attorneys' fees, whether sounding in law or equity,in tort,contract or otherwise,arising out of said acts or omissions.The duties of RNK under this Section shall survive the expiration or termination of this Agreement. 6. General Terms. This Agreement may be modified or amended only by a written instrument signed by the parties. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. This Agreement may be executed in multiple counterparts, each of which, including signed counterparts transmitted by facsimile or other electronic means, shall be deemed an original and all of which together shall constitute one and the same instrument. Time is of the essence of this Agreement. IN WITNESS WHEREOF, the parties have executed this Right of Entry Agreement by their duly authorized representatives as of the date first written above. CITY OF WATERLOO,IOWA RNK INVESTMENTS,LLC By: By: Quentin Hart, Mayor Title: OW17e/" Attest: el ey Felc , City Clerk 2