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Home My WebLink AboutTermination of Lease US Bank & RDA , 1ILIIII1IIt IIII TERMINATION OF ASSIGNMENT OFLEASE AND RENTS AGREEMENT Tx:4361326 2 y 3409 DOC# 1786781 Document Number Document Title NATALIE STROHMEYER REGISTER OF DEEDS WINNEBAGO COUNTY,WI RECORDED ON: 04/08/2019 01:08 PM RECORDING FEE: PAGES: 6 Recording Area Name and Return Address / City Attorney's Office P.O.Box 1130 � ' Oshkosh,WI 54903-1130 90102020000, 90102000200, 90102220300 Property Identification Number TERMINATION OF ASSIGNMENT OF LEASE AND RENTS AGREEMENT This document drafted by: David J. Praska Deputy City Attorney Oshkosh, Wisconsin 54903 1 March 29, 2019 TERMINATION OF ASSIGNMENT OF LEASE AND RENTS AGREEMENT This TERMINATION OF ASSIGNMENT OF LEASE AND RENTS AGREEMENT (the "Termination Agreement"),effective this / day of , ri I ,2019,by and between U.S. BANK NATIONAL ASSOCIATION, a national banking association, as assignee, and the REDEVELOPMENT AUTHORITY OF THE CITY OF OSHKOSH,WISCONSIN,a separate pubic body and a body corporate and politic, as assignor. WHEREAS, the Redevelopment Authority of the City of Oshkosh, Wisconsin("RDA") is the owner of real property within the City of Oshkosh that comprises the Marion Road/Pearl Avenue Redevelopment Area. The property was purchased by the RDA for redevelopment purposes; and, WHEREAS, the RDA leased the redevelopment property to the City of Oshkosh, Wisconsin ("City")to allow the City the opportunity to undertake redevelopment actions. The RDA's purpose was and remains the promotion of redevelopment of the property within the redevelopment area. The real property subject to the lease is identified and described in Exhibit A attached hereto, with the lease including all redevelopment property, some of which has already been redeveloped and subsequently removed from the lease, while three (3)remaining parcels remain undeveloped and subject to the lease, and therefore subject to this Termination Agreement. The lease was recorded with the Winnebago County Register of Deeds on June 30, 2006 as document number 1403049; and, WHEREAS, for the purpose of furthering redevelopment, the City caused to be issued Taxable Redevelopment Lease Revenue Bonds, Series 2006 (the `Bonds"), with the Assignee acting in the role of Trustee of the Bonds; and, WHEREAS, as part of the bonding process, the RDA assigned its rights in its lease with the City as described in an Assignment of Lease and Rents ("Assignment"), and which Assignment was recorded with the Winnebago County Register of Deeds on June 30, 2006, as document number 1403050; and, WHEREAS, subsequent to the issuance of the Bonds, the City, upon receiving the consent of the Assignee,proceeded with redevelopment activities and at various times sold certain redevelopment parcels to private entities for the purpose of completing the redevelopment in a manner which is consistent with the terms of all applicable agreements; and, WHEREAS, the City redeemed the Bonds pertaining to this Marion Road / Pearl Avenue Redevelopment Area in full on or around August 1,2016,and by doing so satisfied the underlying purpose which caused the Assignor and Assignee to enter into the Assignment. WHEREAS,as of the date of this Termination Agreement,the RDA retains ownership of three (3)parcels which have not yet been redeveloped or conveyed to private parties and,therefore,remain subject to the lease and Assignment of Lease and Rents. These remaining parcels subject to the lease and the Assignment are more particularly described as: 2 March 29, 2019 Lot 2 of Certified Survey Map Number 6553, recorded with the Winnebago County Register of Deeds on August 5, 2011, as Document Number 1577796, being part of the Southeast '/4 of the Northeast 1/4 and part of the Northeast 1/4 of the Southeast 1/4, in the First Ward, Section 23, Township 18 North, Range 16 East, City of Oshkosh, Winnebago County, Wisconsin. and Lot 2 of Certified Survey Map Number 7150, recorded with the Winnebago County Register of Deeds on October 7, 2016, as Document Number 1724920, being part of the Southeast VI of the Northeast '/4 and part of the Northeast 'A of the Southeast '/4, in the First Ward, Section 23, Township 18 North, Range 16 East, City of Oshkosh, Winnebago County, Wisconsin. and Lot 3 of Certified Survey Map Number 7068,recorded with the Winnebago County Register of Deeds on March 28, 2016, as Document Number 1709684, being part of the South V2 of the Northeast 1/4 and part of the North 1/2 of the Southeast 'A, in the First Ward, Section 23, Township 18 North, Range 16 East, City of Oshkosh, Winnebago County, Wisconsin. WHEREAS, with the City's payment in full of the Bonds the Assignee no longer retains an interest in the Marion Road / Pearl Avenue Redevelopment Area and the Assignor and Assignee desire to formally terminate the Assignment of Lease and Rents. THEREFORE, in consideration of the mutual promises contained herein, the Assignor and Assignee agree as follows: 1. The Assignment of Lease and Rents is terminated in its entirety and without reservation or exclusion as of the date of this Termination Agreement. 2. Notwithstanding any actual or implied provision of this Termination Agreement, it is not the intent of the Assignor or Assignee to alter, affect, change, or modify any other agreement, understanding, or obligation affecting either the Assignor or Assignee. 3. This Termination Agreement shall be for the benefit of, and shall be binding upon, the Assignor and Assignee and their respective heirs, executors, administrators, and assigns. 4. There shall be no termination payment or compensation owed by any party to this Termination Agreement. 5. This Termination Agreement may be executed in multiple counterparts. [SIGNATURE PAGES FOLLOW] 3 March 29, 2019 IN WITNESS WHEREOF,the parties hereto have executed this Termination Agreement as of the date first above written. ASSIGNEE: U.S. BANK NATIONAL ASSOCIATION, TRUSTEE By: 4--,M. Brennan, Vice President STATE OF WISCONSIN ) ) ss. COUNTY OF MILWAUKEE ) On the /S� day of141)rt I , 2019, before me, a Notary Public in and for said County, personally appeared Peter M. Brennan of the above named U.S. Bank National Association, to me known to be the person who executed the foregoing instrument and to me known to be an authorized employee and/or agent of U.S. Bank National Association, and acknowledged that he executed the foregoing instrument in his capacity as a representative of the Trustee for the Taxable Redevelopment Lease Revenue Bonds, Series 2006, of the Redevelopment Authority of the City of Oshkosh, Wisconsin; that said instrument was signed by him as such officer of and on behalf of the Trustee; and that said person acknowledged the execution of said instrument to be the free and voluntary act and deed of said Trustee by it being freely and voluntarily executed. IN WITNESS WHEREOF, I have hereunto set my hand and official seal. Signature: ;,--- Name Printed: Steven F. Posto Notary Public, Milwaukee Co ty, Wisconsin My Commission Expires: /O ap, �°�� ............................................, I STEVEN F POSTO I Notary Public State of Wisconsin 4 March 29, 2019 ASSIGNOR: REDEVELOPMENT AUTHORITY OF THE CITY OF OIS,H/ By: Ste en J. Crnings, airman By: #464‘ 1/� H. Allen Davis, III, Executive Director STATE OF WISCONSIN ) ) ss WINNEBAGO COUNTY ) st Personally came before me this I day of r%\ , 2019, 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. . IcuitAt (i! cadi OA( . . rte"e_ Notary Public, State of Wisconsin My Commission expires: toil4)aDa.ol 5 March 29, 2019 3 Lots still owned by Redevelopment Authority Lot 2, CSM 6553 Lot 2, CSM 7150 Lot 3, CSM 7068 Fli \ ‘6.4 rr f 411 �itt> \ its \ '.' 17,fiii=1::::::,74-.NNN. N 461 � at Ad': N,t# N .N "'),J r.le ' (.1'0U"elkti„.' 4 f Al"*iltfitiii1:7 ' _ G5 �g M 4 `//' Lot 2 . \ ."A, CSM 7150 \\ j ` 4) • "--„ „ frl I C' i , , -,. } Lot 3 \ \ „, „,,,„ i ‘ �\ CSM 706$ Y •,..,,,,, ...... ____., ...... ,. „_ , 4 ------- --....._ r _ ,.