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AMENDMENT TO DEVELOPMENT AGREEMENT
THIS AMENDMENT is made and entered into this V day of August, 2008 by and between the
City of Oshkosh, Wisconsin, a Wisconsin municipal corporation, and the Redevelopment Authority of
the City of Oshkosh, Wisconsin, and MK -1, LLC and MK -2, LLC, Wisconsin limited liability
companies, to amenjthe Devel pment Agreement (the "Development Agreement") entered into between
the parties on then day of kg) 2008 for the development of the "South Shore Redevelopment
Area." 1
RECITALS
NOW THEREFORE, in consideration of the mutual covenants contained herein and other good
and valuable consideration, the sufficiency and receipt of which is hereby acknowledged, the parties agree
to enter into this Agreement for the purposes of amending the Development Agreement and further
clarifying the rights and obligations of the parties, and agree as follows:
AGREEMENT
Amendment of Section 7 . Section 7 shall read as follows:
7. Closing Activities
(a) At closing Developer will:
(i) Close financing for the Phase I Development Site/Parcel.
(ii) Execute construction contract for the Phase I Development
Site/Parcel or provide assurance to the satisfaction of
City/RDA of the existence of a binding contract for the
construction of the Development.
(iii) Deliver appropriate representations and warranties.
(b) At closing RDA will:
(i) Convey by deed the Phase I Development Site/Parcel.
(ii) Conveyance will be by payment of $1.00.
Amendment of Section 9 . Section 9 shall read as follows:
9. Phase II Area Development Assistance
(a) For purposes of this Agreement, Phase I and Phase II shall be
considered independent projects. Upon closing for the Phase I
Development Site, City/RDA may consider issuance of a separate
taxable tax increment revenue bond ( "TIF" Bond) in support of the
renovation project proposed in the Phase II Area, based on a
determination of need and an appropriate financial gap analysis. It is
agreed upon by the parties that Developer may notify the Authority of
its intention not to commence construction on Phase II of the Project,
and such notification shall not be considered a default under this
Agreement.
(b) City/RDA will also seek funding support through the State Division of
Housing for funds to assist with renovation of the upper floor space for
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residential apartments in the four story building on the Phase II
Development Site/Parcel.
Amendment of Section 10 . Subsection (p) of Section 10 shall read as follows:
(p) Except for each Project Lender's loan(s), Developer will not mortgage
or otherwise place a lien or encumbrance on the Project Land or the
Project without first obtaining the City's and the Authority's consent,
which consent the City or the Authority may grant or withhold in their
respective sole reasonable discretions.
Amendment to Section 14 . The following language shall be added to the end of Section 14:
For purposes of this Agreement, Phase I and Phase II Development Site/Parcels
shall be considered independent of each other so that any defaults and remedies shall
apply only to that Development Site/Parcel on which the default arises.
Amendment to Section 15 . The second paragraph of Section 15 shall be stricken in its entirety
and replaced with the following:
If any Parcel Project is not commenced or completed within the time periods set
forth in Section 4(d) above, then in addition to all other remedies set forth herein, at the
request of the City or the Authority, the Developer shall reconvey the Parcel that is in
default (Phase I or Phase II) to the Authority by warranty deed, free and clear of all liens
and encumbrances, subject to any loans(s), interests, or mortgages of the Project Lender.
At the City's or the Authority's request, any construction on the subject Parcel, excepting
the existing 4 -story building located on the Phase II parcel, shall be removed and
demolished at the cost of Developer prior to reconveyance of the Parcel to the City or the
Authority.
Counterparts This Agreement may be executed simultaneously in one or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and the same
instrument.
Governing Law and Venue This Agreement shall be governed by and interpreted and construed
in accordance with the laws of the State of Wisconsin. In the event of any dispute, the venue for any
litigation shall be the Circuit Courts of Winnebago County, Wisconsin, which is the county of the principal
offices of the parties. .
Facsimile The parties agree that any signed document transmitted by facsimile machine ( "fax ")
shall be treated in all manners and respects as an original document and the signature of any party upon a
document transmitted by fax shall be considered an original signature. Any document transmitted by fax
shall have the binding legal effect of an original document.
[REMAINDER OF PAGE LEFT INTENTIONALLYBLANK;
SIGNATURE PAGE FOLLOWS)
This document drafted by:
Atty. John W. Schuster
Young, Schuster & Maslowski, LLP
P.O. Box 917
Oshkosh, WI 54903 -0917
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IN WITNESS THEREOF, the Parties have hereunto set their hands the day and year first above
written.
City of Oshkosh, Wisconsin Redevelopment Author
r
�..
Pamela P, Ubrig, City Clerk
Approved as to form:
STATE OF WISCONSIN )
of the Ci Oshkosh
By: I 1
Thomas Better,
Attest:
) SS
WINNEBAGO COUNTY )
Personally came before me this,,Y"` day of August, 2008, the above -named Mark -A. jZohloff, Pamela
R Ubrig, Thomas Better, Jackson K Kinney, and Lynn Lorenson, to me known to be the person who
executed the foregoing instrument and acknowledged the same.
Name:
Notary Public, State of Wisco��}
My commission expires: -7 s a ao to
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IN WITNESS THEREOF, the Parties have hereunto set their hands the day and year first above
written.
MK -1, LLC and MK -2, LLC,
Wisconsin limited liability companies
By:
Brian Burns, Member
STATE OF WISCONSIN )
SS
WINNEBAG.Q COUNT )
Personally came before me thisP"day of August, 2008, the above -named Brian Burns, to me
known to be the person who executed the foregoing instrument and acknowledged the same.
6t �_� d d qA*k
Name:®
Notary Pu lic, State of Wisconsin
My commission expires:
�i
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