HomeMy WebLinkAboutIV.C. Second Amendment to Development Agreement - 11-3-21 v2
SECOND AMENDMENT TO DEVELOPMENT AGREEMENT
THIS SECOND AMENDMENT TO DEVELOPMENT AGREEMENT (this “Second
Amendment”) is entered into as of , 2021 (the “Effective Date”),
by and between the Hastings Economic Development and Redevelopment Authority, a public body
corporate and politic organized under the laws of Minnesota (“HEDRA”), and River City
Investments L. L. C., a Minnesota limited liability company (“Developer”).
RECITALS
Recital No. 1. HEDRA and Developer entered into a Development Agreement dated
June 10, 2021, recorded as Document No. _______________ on ________________ in the Dakota
County Recorder’s Office and a First Amendment to Development Agreement dated July 29, 2021,
recorded as Document No. _______________ on ________________ in the Dakota County
Recorder’s Office (collectively “Development Agreement”), for the purchase and sale of real
property identified in the Development Agreement.
Recital No. 2. Developer has requested the Development Agreement be amended to
extend the Closing Date to allow additional time to secure financing for the Project.
Recital No. 3. HEDRA does not object to the extension.
NOW, THEREFORE, in consideration of the mutual promises and covenants of each to
the other contained in this Second Amendment and other good and valuable consideration, receipt
of which is hereby acknowledged, the parties hereto do covenant and agree as follows:
1. Section 1(E) of the Development Agreement shall be removed and replaced in its entirety
as follows:
1(E). “Closing Date” means on or before April 1, 2022, unless otherwise agreed to by the
parties.
2. Section 6.1(A)(11) of the Development Agreement shall be removed and replaced in its
entirety as follows:
2
6.1(A) (11) On or before Closing Date, Developer shall secure financing that is
satisfactory to Developer in Developer’s sole discretion for the purpose of acquiring and
constructing the Project for Developer’s intended use.
3. Except as provided for above, the terms and provisions of the Development Agreement
shall remain in full force and effect.
4. This Second Amendment and all disputes or controversies arising out of or relating to this
Second Amendment or the transactions contemplated hereby shall be governed by, and
construed in accordance with, the internal laws of the State of Minnesota, without regard
to the laws of any other jurisdiction that might be applied because of the conflicts of laws
principles of the State of Minnesota.
5. Nothing contained herein shall be deemed a waiver by HEDRA of any governmental
immunity defenses, statutory or otherwise. Further, any and all claims brought by
Developer or its successors or assigns, shall be subject to any governmental immunity
defenses of HEDRA and the maximum liability limits provided by Minnesota Statutes,
Chapter 466.
6. This Second Amendment may be executed in two or more counterparts, all of which shall
be considered one and the same instrument and shall become effective when one or more
counterparts have been signed by the parties and delivered to the other parties.
7. This Second Amendment shall not be amended, modified or supplemented, except by a
written instrument signed by an authorized representative of each party.
[remainder of page intentionally blank]
3
IN AGREEMENT, the parties hereto have hereunto set their hands as of the Effective
Date.
HEDRA:
HASTINGS ECONOMIC
DEVELOPMENT AND
REDEVELOPMENT AUTHORITY
By ________________________________
Dennis Peine
Its President
By ________________________________
Eric Maass
Its Secretary
STATE OF MINNESOTA )
) ss.
COUNTY OF DAKOTA )
The foregoing instrument was acknowledged before me this ____ day of ____________,
2021 by Dennis Peine and Eric Maass, the President and Secretary respectively, of the Hastings
Economic Development and Redevelopment Authority, a public body corporate and politic
organized and existing under the Constitution and laws of Minnesota, on behalf of HEDRA.
Notary Public
4
DEVELOPER:
RIVER CITY INVESTMENTS L. L. C.
By
Its:
STATE OF MINNESOTA )
) ss.
COUNTY OF )
The foregoing instrument was acknowledged before me this ____ day of
__________________, 2021 by ______________________, the ______________________ of
River City Investments L. L. C., a Minnesota limited liability company, on behalf of said limited
liability company.
Notary Public
This instrument was drafted by
and after recording return to:
Korine L. Land, #262432
LeVander, Gillen & Miller, P.A.
633 South Concord Street, Suite 400
South St. Paul, MN 55075
651-451-1831