CCR1998097COMMON COUNCIL - CITY OF MUSKEG0
RESOLUTION #97-98
APPROVAL OF AMENDMENT TO SUBDIVIDERS AGREEMENT
REGARDING ASSIGNMENT FOR DEER CREEK ADDITION NO. 1
WHEREAS, Premier Development, the developer of Deer Creek Addition No. 1, has
requested that Section XVI (Assignment) of the Subdivider's Agreement be amended to
allow assignment of the Agreement; and
WHEREAS, This request must be approved through written consent of the City; and
WHEREAS, The Finance Committee has reviewed and recommended approval to the
Common Council of a Letter of Understanding regarding future assignment of Premier
Development's rights and obligations pursuant to said Subdivider's Agreement.
NOW, THEREFORE, BE IT RESOLVED That the Common Council of the City of
Muskego, upon the recommendation of the Finance Committee, does hereby approve
the amendment to the Subdivider's Agreement for Deer Creek Addition No. 1 to
consent to the assignment of Premier Development's rights and obligations to M 8 I
Marshall & llsley Bank pursuant to said Subdivider's Agreement, when and if
necessary, according to the terms of the Letter of Understanding attached hereto and
made Exhibit "A of this Resolution.
DATED THIS 26Ih DAY OF MAY, 1998.
SPONSORED BY:
FINANCE COMMITTEE
Ald. Mark Slocomb
Ald. David Sanders
Ald. Nancy Salentine
Deferred 5/12/98
This is to certify that this is a true and accurate copy of Resolution #97-98 which was
adopted by the Common Council of the City of Muskego.
5/98jmb
148ILCB LORN DEPT ID:4143678974 MAY 08'08 ~:29 NO 002 P 02
EXHIBIT "A"
May 8. 1998
The City of Muskcgo
Wl02 SO200 Rncine Avenue
Muakego, WI 53150
RE: Subdivider's Agrrelnent. ("Agl:ee!nenL" i execulcd by ilrd bt.Lwee.ri
Premier Developmerrt, Inc: ("Premier") rcrlc? th? City ot Muskego
("City") on November 7, 1997
Dear
AB I believe you are aware, M&I Lake Country Bank liar agreed with
Creek Addition H1 Subdivision as set Tortti in the Agreement The
Premier to finance a portion of the cons::-uct.ioll cost for the Deer
purpose of this 1ett.e.r is to set forth the City's agreement that if
M&I Lake Country Bank ("Bank") exercis5s its rights pursuant. to a
real estate mortgage on the real property ("ProperLy": described it-,
the Agreement, the City will. consenL LC, !:he bssignmcnt of P?:enlier"s
aank taking title to thc Property and f&iir,bfji'jg a 90 tidy IlGLice to
rights and obligations pursuJnt to thc Ayrccnment tr, Bank, upon Lhe
the City
Very truly youra,
M&I Lake Country Bank
Mlchacal L Arcllls
Secior Vice President
Accepted and acJL-eed Lo Lllis __ day ot , 1998
City of Muskcgo
Atteet