HomeMy WebLinkAboutTermination of Lease & Development Agreement The Rivers Phase IITERMINATION OF ASSIGNMENT OF
kSE AND DEVELOPMENT AGREEMENT
Document Number I Document Title
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DOG# 1759536
NATALIE STROHMEYER
REGISTER OF DEEDS
WINNEBAGO COUNTY, WI
RECORDED ON:
02/02/2018 09:32 AM
RECORDING FEE 30.00
PAGES: 7
Area
City Attorney's Office
P.O. Box 1130
Oshkosh, WI 54903-1130
90102220101,
Property Identification Number
TERMINATION OF ASSIGNMENT OF LEASE AND DEVELOPMENT AGREEMENT
This document drafted by:
David J. Praska
Deputy City Attorney
Oshkosh, Wisconsin 54903
1
ber 12, 2017
TERMINATION OF ASSIGNMENT OF LEASE AND DEVELOPMENT AGREEMENT
This TERMINATION OF ASSIGNMENT OF LEASE AND DEVELOPMANT
AGREEMENT (Termination Agreement), effective this day of �.� , 201 , by
and between The Rivers Phase II — Oshkosh, LLC, a Wisconsin limited liability c96pany, whose
principal office is located at 230 Ohio Street, Suite 200, Oshkosh, Wisconsin 54902 (Borrower),
Choice Bank, a Bank Chartered by the State of Wisconsin, and whose principal office is located at
2450 Witzel Avenue, Oshkosh, Wisconsin 54904 (Lender), and the City of Oshkosh, a Wisconsin
Municipal Corporation, and the City of Oshkosh Redevelopment Authority, (collectively, City) by
virtue of being the Landlord of the Property (the aforementioned collectively, Parties, individually,
Party).
The Parties entered into an Assignment of Lease and Development Agreement effective
September 28, 2015, which was recorded with the Winnebago County Register of Deeds on October
5, 2015 as Document Number 1698642 (Assignment Agreement). The Assignment Agreement
encumbers the property commonly known as 455 Marion Road, Oshkosh, WI 54902 and is described
through a metes and bounds description within the Assignment Agreement, and through its
subsequent Certified Survey Map description identified within Exhibit A attached to this
Termination Agreement ("Property").
As of the date of this Termination Agreement, the City is conveying fee simple interest in the
Property to Borrower and as a result, the Parties desire to terminate the Assignment Agreement.
THEREFORE, in consideration of the mutual promises contained herein, the Parties agree as
follows:
1. The Assignment Agreement is terminated in its entirety and without reservation or exclusion as
of the date of this Termination Agreement.
2. The Assignment Agreement was entered into prior to the recording of CSM No. 7068 and
therefore describes the Property through a metes and bounds description. The parties intend to fully
terminate the Assignment Agreement, regardless of any discrepancies that may result from the
original use of a metes and bounds description and the new legal description as Lot 1 of Certified
Survey Map 7068.
3. Notwithstanding any actual or implied provision of this Termination Agreement, it is not the
intent of the Parties to alter, affect, change, or modify any other agreements, understandings, or
contracts between Lender, Borrower, and/or other entities.
4. Lender acknowledges that it has not exercised its contingent rights as outlined in the
Assignment Agreement and, therefore, any obligations to quit, surrender, or return the property to the
City do not apply.
5. This Termination Agreement shall be for the benefit of, and shall be binding upon, the Parties
and their respective heirs, executors, administrators, and assigns.
2
October 12, 2017
6. There shall be no termination payment or compensation owed by any Party to this Termination
Agreement.
7. This Termination Agreement may be executed in multiple counterparts.
[SIGNATURE PAGES FOLLOW]
October 12, 2017
BORROWER SIGNATURE PAGE TO TERMINATION OF ASSIGNMENT OF LEASE
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first above written.
I009V611191�
The Rivers Phase H - Oshkosh, LLC,
A Wisconsin Limited Liability Company
By: The Rivers Phase II — Oshkosh — MM, LLC
A Wisconsin Limited Liability Company, Its Manager
LO -A
Northpointe Development Corporation
A Wisconsin Corporation, Its Sole Member
By:
Callan L. Schultz, President
STATE OF WISCONSIN
) ss
WINNEBAGO COUNTY )
4019
Personally came before me this day of �„ 1� `, lf)44 the above-named Callan
L. Schultz, as the President of Northpointe Development Corporation, to me known to be the
per on who executed the foregoing instrument and acknowledged the same.
Notary Public, State of Wisconsin �, •.• '
My Commission expires: N O �.� • �-A
y SL E C
,•���o ....
�VISC�
4
October 12, 2017
LENDER SIGNATURE PAGE TO TERMINATION OF ASSIGNMENT OF LEASE:
LENDER:
Choice Bank , . • ' • • ' • • .
M. ABR,q •.
ByGARY
Stahl G. a le, Executive Vice PresidentPuev
�C
STATE OF WISCONSIN J' ••
TF 0F'"N
G '
) ss ••.
WINNEBAGO COUNTY )
Personally came before me this a 4 day of , 2018, the above-
named Stanley G. Leedle, as Executive Vice Presiders f Choice B , to me known to be the
person who executed the foregoing instrument and acknowledged the same.
Notary Public, State of Wisconsin
My Commission expires: ' /,/ V -I/ / 9
5
October 6, 2017
CITY SIGNATURE PAGE TO TERMINATION OF ASSIGNMENT OF LEASE:
CITY OF OSHKOSH CITY OF OSHKOSH REDEVELOPMENT
AUTHORITY
ate--�
By: By:
Mak A. Rohloff, City Manager Steven J. Cummings, Chairman
By: 1
Pamela R. Ubrig, City Clerk
STATE OF WISCONSIN )
ss
WINNEBAGO COUNTY )
By: c,, S
H. Allen Davis, III, Executive Director
Personally came before me this day of_��,> /, the above-named
Mark A. Rohloff and Pamela R. Ubrig, to me known to be the persons who executed the
foregoing instrument and acknowledged the same.
Noiary Public, State of Wisconsin
My Commission expires: 2
STATE OF WISCONSIN )
) ss
WINNEBAGO COUNTY )
Personally came before me this _t2CJ"' day of onuGr , the above-named
Steven J. Cummings and H. Allen Davis, III, to me known to be the persons who executed the
foregoing instrument and acknowledged the same.
Notary Public, State of Wisconsin
My Commission expires: q (p l
6
October 12, 2017
EXHIBIT A
LEGAL DESCRIPTION
Lot One (1) of CERTIFIED SURVEY MAP NO. 7068, recorded with the Winnebago County
Register of Deed son March 28, 2016 in Volume 1 of Certified Survey Maps on Page 7068 as
Document No. 1709684; being part of a redivision of Lot 2 of CSM 6408, which was recorded with
the Winnebago County Register of Deeds on October 5, 2009 as document number 1520619 in the
South 1/2 of the North East 1/4 and part of the North 1/2 of the South East 1/4 of Section 23,
Township 18 North, Range 16 East, First Ward, City of Oshkosh, Winnebago County, Wisconsin.
7
October 12, 2017