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HomeMy WebLinkAboutMcDonald's Corporation - Acquisition Contract - 12.15.2025 ACQUISITION CONTRACT Parcel No.: 8913-36-479-001-McDonald's Corporation PROJECT: La Porte Road Reconstruction Protect(HDP-8155(787)--71-07) THIS ACQUISITION CONTRACT(the"Contract")is made and entered into as of t'C. t , 2025 by and between McDonald's Corporation ("Seller"),and Cily of Waterloo,Iowa,("Buyer"). 1. Seller agrees to sell to Buyer, and Buyer agrees to buy, the following real estate interests(the "Property"),described as:See attached Exhibit"A",in the City of Waterloo,Black Hawk County, Iowa. The Property also includes, if applicable, all estates, rights, title and interests, including all easements, and all advertising devices and the right to erect such devices as are located thereon. 2. Possession of the Property is the essence of this Contract,and Buyer may enter and assume full use and enjoyment of the premises per the terms of this Contract.Seller may surrender possession of the Property or any part thereof prior to the time at which it has hereinafter agreed to do so, and agrees to give Buyer ten(10)days notice of Seller's intention to do so by calling Buyer at(319) 291-4366. 3. The Purchase Price shall be$35,653.00(See Attached Exhibit"B"). The Purchase Price shall be due and payable in full at closing,to be delivered to the Seller upon performance of Seller's obligations and satisfaction of Buyer's contingencies,if any. 4. Possession of the Property shall be delivered to Buyer at closing,which shall occur at a mutually agreeable date and time within sixty(60)days after the date this Contract is approved by the city council,but in any event after the approval of title by Buyer and satisfaction or waiver of contingencies,if any. No later than the closing date,Seller shall remove from the Property all of its personal property,trash,and debris of any type that is not a structure or a fixture. Within said time Seller shall also remove all hazardous materials and/or substances from the Property on or above the ground surface,including but not limited to barrels,cans,or bottles of any kind. Costs incurred by Buyer to remove any items left behind by Seller shall be set off against any expenses that Buyer agrees to reimburse to Seller under this Contract. 5. Seller warrants that there are no tenants on the Property except: Scott Soifer,Franchisee 6. This Contract shall apply to and bind the legal successors in interest of the Seller,and Seller agrees to pay all encumbrances,claims,liens and assessments against the Properly,including all taxes and special assessments payable until surrender of possession as required by Section 427.2 of the Code of Iowa,and agrees to warrant merchantable title. Names and addresses of lienholders are: (a) Black Hawk County. Iowa, for taxes. (bl Unknown until completion of abstract continuation 7. Buyer may include mortgagees,lienholders,encumbrances and taxing authorities as payees on warrants as contract payment. Seller will furnish and deliver to Buyer an abstract of title, continued by the Buyer, to a date within thirty (30) days before the closing date, showing merchantable title to the Property in Seller in conformity with this Contract,Iowa law,and title standards of the Iowa State Bar Association. Buyer agrees to pay costs of abstract continuation, or creation,as necessary. Buyer agrees to obtain court approval of this Contract,if requested by the Buyer, if title to the Property becomes an asset of any estate, trust, conservatorship or guardianship. Seller agrees to pay court approval costs and all other costs necessary to transfer the Property to the Buyer. Seller shall convey the Property to Buyer by warranty deed,free and clear of all liens,restrictions,and encumbrances except as provided in this Contract. 8. If the Seller holds title to the Property in joint tenancy with full rights of survivorship and not as tenants in common at the time of this Contract,Buyer will pay any remaining proceeds to the survivor of that joint tenancy and will accept title solely from that survivor, provided the joint tenancy has not been destroyed by operation of law or acts of the Seller. 9. Seller agrees to keep property hazard insurance coverage in force in a minimum amount equal to the Purchase Price,payable to all parties as their interests may appear,from the date of this Contract until delivery of the deed and possession. Buyer shall notify all insurance companies of this Contract. In case of loss or destruction of part or all of the Property from causes covered by the insurance,Seller agrees to accept the lump sum payment and to endorse the proceeds of any such insurance recovery to the Buyer. Seller hereby assigns the proceeds of any such insurance recovery to the Buyer,and Seller hereby assigns to Buyer any and all of Seller's rights under such insurance contract. 10. The Seller has agreed to sell the Property to the Buyer. Seller acknowledges if it fails to complete its duties of performance under this Contract,Buyer may exercise its power of eminent domain to acquire the Property,provided that the Property is deemed essential by the City Council to keep the project moving forward, or Buyer may exercise other remedies available under applicable law. Buyer agrees to cooperate with Seller,at Seller's request and at no additional cost to Buyer,to have this transaction qualify as an involuntary conversion pursuant to§1033 of • the Internal Revenue Code. 11. This Contract shall become effective only upon the occurrence of each of the following two events: (a) acceptance and approval of the Contract by the City Council of the City of Waterloo,and(b)the environmental clearance of the Property in accordance with Phase I site assessment and recommended subsequent activities. Within 30 days after Seller's execution of this Contract.Seller shall disclose to Buyer all contamination of the Property by hazardous wastes and/or substances of which Seller has knowledge. 12.This Contract,together with the exhibits and attachments attached hereto,constitutes the entire agreement between Buyer and Seller,and there is no agreement to do or not to do any act or deed except as specifically provided herein. This Contract may be modified only in a writing signed by both parties. Time is of the essence of this Contract. 13. Buyer is willing to allow the encroachment of one private underground storm water detention pipe as depicted in attached Exhibit"C"into the fee title acquisition area located on project parcel LPR 302 at Seller's sole risk,upon and over the encroachment area depicted on Exhibit"C"hereto,subject to the rights of the Buyer and/or any agency which the Grantee has granted a utility franchise or license agreement to and for access over,under and upon said easement area. Buyer and/or any agency which the Buyer has granted a utility franchise or license agreement to and for access over,under and upon said easement area shall not be liable for damage caused to the encroachments arising from exercising of their rights under this agreement, except for damage caused by gross negligence or willful misconduct by the Buyer and/or any agency which the Buyer has granted a utility franchise or license agreement to and for access over,under and upon said easement area. WHEREFO' ,the parties have entered this Acquisition Contract as of the date first set forth above. lima41/ 51/45 McDonald's Corporation SELLER'S ACKNOWLEDGMENT: STATE OF ILLINOIS,COOK COUNTY, asl:Q ,�y► q( }� ,/� Ac Howled—ge�before me on V ele—r'vUi (d i o by as 'li O`f 1,1)L.LT 9 L o-Iv1 14 d's Corporation. OFFICIAL SEAL �Q L i2>( Tamara L Salinas NOTARY PUBLIC,STATE OF ILLINOIS Notary Public Commission No.747534 4 My Commission Expires April 4,2027 g APPROVA OMMENDED B r . / /2//5/2�s City anning a (Date) APPROVED BY: ATTEST: 1 (Mayor)F , (City erk) f DATE APPROVED: /i,S /2-15 Zc- BUYER'S ACKNOWLEDGMENT: STATE OF IOWA,BLACK HAWKCOUNTY,�Y,,,ss: Acknowledged before me orx�/Ye 4 y Quentin Hart and Kelley Felchle as Mayor and City Clerk,respectively,of the City of Waterloo,Iowa. o�Pa�nc s BRITNkP C PER '� * * CMY COIMSSIONOE INDEX LEGEND LOCATION: PART OF LOT 39 GARDEN PLACE Exhibit "A" REQUESTOR: CITY OF WATERLOO,IOWA PROPRIETOR: MC DONALDS CORPORATION SURVEYOR: MICHAEL R.FAGLE SURVEY PREPARED BY: AECOM RESPOND TO: 501 SYCAMORE STREET,SUITE 222 WATERLOO,IOWA 50703 PHONE 319-232-6531 MIKE.FAGLE@AECOM.COM ACQUISITION PLAT LA PORTE ROAD RECONSTRUCTION PROJECT HDP-8155(786)--71-07 WATERLOO, IOWA OWNER: MC DONALDS CORPORATION COUNTY PARCEL:891336479001 ONnefs Address +to N.carpenter St PROJECT PARCEL: 302 Ann:Director-US Legal(014-0002) Chicago.IL 60607 PROPERTY ADDRESS: 1709 LA PORTE RD WATERLOO,IA 50703 589°45.58'E PLYMOUTH AVENUE(60') 10.60' N'LY LINE LOT 39 POB (99') (92') o • of i (40') • ae AQUISITION / CONTAINS 3528 SF / PROJECf� ?g \\ PARCEL 302 W'LY LINE LOT 39-. o '~ iw Q GARDEN PLACE w a Ng / '7 ., N M W,rO Y O� Sm ;m FND.12'REBAR (55.7') (132') POB 587°48'36'W 10.01' SU'LINE LOT 39 FND.5/13"REBAR (11') 0.12'W.OF CORNER LEGEND: I hereby certify that tiff Lana Surveyb9 document was prepared by near under •'NUN���,,,.,y my direct personal sapeMslenaed • PARCEL OR LOT CORNER MONUMENT FOUND 0 .'p dunla claws ftMltaLicensed laed Survwa. G1 SFT 1/7"Y 2d'RFRAR w/YELLOW PLASTIC '••• ' •••,.$`\ udder Ere lees of the State of bes. I _. ....Ft a.••e; ID CAP#8505 ' es s .af MCH3EL R.FAGLE Wm 587°48'36°W 10.01' MEASURED DIMENSION ' ! license number 3505 (117 RECORD DIMENSION v low'''.*.d ley license renewal dote is December 31. 2026 SCALE IN FEET ""°"O Pews or sheets covered by me seal: SHEET 1 OF 2&SHEET 2 Of 2 0 50 100 REFERENCE DOCUMENT CLD-547-688 -MN== AcCOM 11'=50' SHEET 1 OF 2 Exhibit "A" Continued ACQUISITION PLAT LA PORTE ROAD RECONSTRUCTION PROJECT HDP-8155(786)--71-07 WATERLOO, IOWA OWNER: MC DONALDS CORPORATION COUNTY PARCEL:891336479001 Damara Address PROJECT N.Carpenter St. PARCEL: 302 Attn:Director-US Legal(014-0062) Chicago,IL 60607 PROPERTY ADDRESS: 1709 LA PORTE RD WATERLOO,IA 50703 DESCRIPTION:RIGHT-OF-WAY ACQUISITION PARCEL 302 PART OF LOT 39 IN GARDEN PLACE,CITY OF WATERLOO,COUNTY OF BLACK HAWK,STATE OF IOWA,MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING Al 1HE NUR HWESI ERLY CORNER OF SAID LOT 39;THENCE SOU I H 89'45'58"EAST(ASSUMED BEARING FOR THE PURPOSE OF THIS DESCRIPTION)ALONG THE NORTHERLY LINE OF SAID LOT 39,A DISTANCE OF 10.60 FEET;THENCE SOUTH 00°11'39"WEST,67.74 FEET;THENCE SOUTH 03°06'58"EAST,83.47 FEET;THENCE SOUTH 08°51'40"EAST.60.45 FEET;THENCE SOUTH 14°06'58"EAST,60.55 FEET TO THE SOUTHERLY LINE OF SAID LOT 39:THENCE SOUTH 87°48'36" WEST ALONG THE SOUTHERLY LINE OF SAID LOT 39,A DISTANCE OF 10.01 FEET(11.00 FEET RECORD)TO THE SOUTHERLY CORNER OF SAID LOT 39;THENCE NORTH 15°21'40"WEST ALONG THE WESTERLY LINE OF SAID LOT 39,A DISTANCE OF 121.13 FEET(121.10 FEET RECORD);THENCE NORTH 01°09'40"EAST ALONG THE WESTERLY LINE OF SAID LOT 39,A DISTANCE OF 153.20 FEET TO THE POINT OF BEGINNING. 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