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HomeMy WebLinkAboutJ&R Real Estate Holdings-Mutual Termination Release-(RECORDED) 2.2.2026 2 Docusig Envelope ID:A4BA5D6C-95F3-4E74-BB18-5511053EE0B3 2026-01739 RECORDED:02/10/2026 02:45:34 PM RECORDING FEE:$12.00 REVENUE TAX:$ COMBINED FEE:$12.00 SANDIE L.SMITH,RECORDER BLACK HAWK COUNTY,IOWA ►' (_1)41 of ts�a -too Prepared by:Austin J.McMahon,Lange&McMahon,222 I"St. E.,Independence,IA 50644 (319)334-4488 MUTUAL TERMINATION AND RESCISSION OF DEVELOPMENT AGREEMENT This Mutual Termination and Rescission of Development Agreement ("Agreement") is hereby entered into as of February 2 , 2026, by and between J & R Real Estate Holdings, LLC ("Company") and the City of Waterloo, Iowa ("City"), collectively referred to as the "Parties." RECITALS A. The Company and the City entered into a Development Agreement ("Development Agreement"), dated June 3, 2024, and recorded with the Black Hawk County Recorder as Doc. No. 2024-16425, concerning real property locally known as 1721-1729 Mulberry Street, Waterloo, Iowa, and also known as Tax Parcel ID No. 8913- 25-277-025 (the "Property"). B. The Company and the City desire to mutually terminate and rescind the Development Agreement as set forth in this Agreement. AGREEMENT NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the Parties agree as follows: 1. Termination and Rescission. The Parties mutually agree that the Development Agreement shall be and is hereby terminated and rescinded and rendered null and void as of the date of this Agreement. Neither Party shall have any further rights or obligations under the Development Agreement, neither Party shall have any legal or equitable obligation or other liability to reimburse the other for any costs or expenses expended in connection with the Development Agreement, and the City shall not have any legal or equitable obligation or other liability to compensate the Company for any value added to the Property. Docusi,;i:Envelope ID:A4BA5D6C-95F3-4E74-BB18-B511053EE0B3 2. Waiver and Release. The Parties mutually waive and release any and all claims, rights, or obligations arising out of or relating to the Development Agreement, whether known or unknown, accrued or unaccrued. 3. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument. 4. Entire Agreement. This Agreement, together with the exhibits attached hereto, constitutes the entire agreement of the Parties and supersedes all prior or contemporaneous negotiations, discussions, understandings, or agreements, whether oral or written, with respect to the subject matter hereof. 5. Attorney's Fees. In the event that any proceeding or action is commenced by either of the Parties that arises out of, relates to, or is in connection with this instant Agreement or the Development Agreement, then the prevailing Party shall be entitled to recover reasonable attorney's fees and related expenses. IN WITNESS WHEREOF, the Parties have executed this Mutual Termination and Rescission of Development Agreement by their duly authorized representatives as of the date first set forth above. J & R REAL ESTATE HOLDINGS, LLC CITY OF WATERLOO, IOWA Signed by: By: /2e,5lierz 8 By: _cum•�. _ocswA., ReShonda Yong --515g.illalfgieen, Mayor Managing Member Signed by: Atte t: f`/ i& ebb BPhle, City Clerk 2 Docusign Envelope ID: A4BA5D6C-95F3-4E74-BB18-B511053EE0B3 Prepared by: Austin J. McMahon, Lange & McMahon, 222 1st St. E., Independence, IA 50644 (319) 334-4488 MUTUAL TERMINATION AND RESCISSION OF DEVELOPMENT AGREEMENT This Mutual Termination and Rescission of Development Agreement ("Agreement") is hereby entered into as of February 2 , 2026, by and between J & R Real Estate Holdings, LLC ("Company") and the City of Waterloo, Iowa ("City"), collectively referred to as the "Parties." RECITALS A. The Company and the City entered into a Development Agreement ("Development Agreement"), dated June 3, 2024, and recorded with the Black Hawk County Recorder as Doc. No. 2024-16425, concerning real property locally known as 1721-1729 Mulberry Street, Waterloo, Iowa, and also known as Tax Parcel ID No. 8913- 25-277-025 (the "Property"). B. The Company and the City desire to mutually terminate and rescind the Development Agreement as set forth in this Agreement. AGREEMENT NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the Parties agree as follows: 1. Termination and Rescission. The Parties mutually agree that the Development Agreement shall be and is hereby terminated and rescinded and rendered null and void as of the date of this Agreement. Neither Party shall have any further rights or obligations under the Development Agreement, neither Party shall have any legal or equitable obligation or other liability to reimburse the other for any costs or expenses expended in connection with the Development Agreement, and the City shall not have any legal or equitable obligation or other liability to compensate the Company for any value added to the Property. Docusign Envelope ID: A4BA5D6C-95F3-4E74-BB18-B511053EE0B3 2. Waiver and Release. The Parties mutually waive and release any and all claims, rights, or obligations arising out of or relating to the Development Agreement, whether known or unknown, accrued or unaccrued. 3. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument. 4. Entire Agreement. This Agreement, together with the exhibits attached hereto, constitutes the entire agreement of the Parties and supersedes all prior or contemporaneous negotiations, discussions, understandings, or agreements, whether oral or written, with respect to the subject matter hereof. 5. Attorney's Fees. In the event that any proceeding or action is commenced by either of the Parties that arises out of, relates to, or is in connection with this instant Agreement or the Development Agreement, then the prevailing Party shall be entitled to recover reasonable attorney's fees and related expenses. IN WITNESS WHEREOF, the Parties have executed this Mutual Termination and Rescission of Development Agreement by their duly authorized representatives as of the date first set forth above. J & R REAL ESTATE HOLDINGS, LLC CITY OF WATERLOO, IOWA ,-Signed by: By: ¢ era By: GiVka _°_O_SGIA, _ ReShonda Yong a__vi oesen, Mayor Managing Member Atte; 2 Signed by: :Kelley, f tUcf & F�` i Pachle, City Clerk