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LEASE <br /> THIS LEASE AGREEMENT, made this Qcl day of �Ce.ryQbe!'2023 , by and' <br /> between the City of Decatur, Illinois, an Illinois municipal corporation, hereinafter referred to as' <br /> "City" and/or"Owner"and Thinkwell Makerspace Innovations NFP hereinafter referred to as <br /> "Lessee", for and in consideration of the covenants and agreements contained herein, Owner <br /> hereby agrees to lease to Lessee a portion of property located at 120 North Franklin Street, <br /> Decatur, Illinois., hereinafter referred to as "Premises." <br /> NOW, THEREFORE, it is further agreed as follows: <br /> 1. Term/Rent. The term of this Lease shall be for a three (3) year period, <br /> beginning April 1, 2023. So long as neither party is in default of any term of this Lease, and in <br /> the absence of written notice from either party to terminate this Lease,this Lease shall <br /> automatically renew annually unless terminated as provided for in this Lease. The monthly rent <br /> shall be $10.00, payable on the first day of each month. Following the initial three year lease <br /> period and at the City's sole discretion, rent may be adjusted annually in an amount not to exceed <br /> ten percent (10%)per year based on the previous years' rent amount. City will notify Lessee of <br /> the adjusted monthly rent amount due for subsequent annual terms prior to that first month's <br /> rent. <br /> 2. Premises. City agrees to rent to Lessee a portion of the space located at 120 <br /> North Franklin Street, Decatur, Illinois as more particularly set forth in Exhibit A and identified <br /> as Phase One, attached hereto and incorporated herein by reference. Lessee may also lease <br /> additional space, identified as Phase Two on Ex. A, upon providing a minimum of ninety(90) <br /> days' notice to the City with the term to run concurrent with the original lease term and the <br /> additional rent amount at the same rate as provided in this lease. All other terms and conditions' <br /> of this lease will apply to the Phase Two rental. As part of this Lease, Lessee shall be allowed to <br /> utilize parking in unreserved spaces and areas at the City Parking Garage located at 136 S. <br /> Franklin St. for use by employees and customers of Lessee. <br /> 3. Utilities/Taxes/Common Area Maintenance. During the lease of Phase One <br /> Premises, Lessee agrees to pay its share of charges for gas, electric, water and sewer, garbage <br /> service, common area maintenance, and all other utility services charges for Premises, in the <br /> amounts specified on and in accordance with Exhibit B. Upon Lessee leasing the Phase Two <br /> space, Lessee shall pay fifty percent(50%) of the cost incurred by City to install and create a <br /> separately billed electrical service for Premises within thirty (30) days of City's demand for <br /> payment. If the City is responsible for payment of real estate taxes for the term of this Lease, <br /> Lessee agrees to pay its pro rata share. All required payments shall be paid in a timely and <br /> prompt manner. <br /> 4. Use. Lessee agrees to use the Premises as a makerspace for small business <br /> training,product innovation and development, skills training, coworking and gathering space, <br /> use of specialized equipment, educational programs, ancillary offices, food service, research, and <br /> other similar related uses. Lessee shall not permit any other use without the express written <br /> consent of City. Lessee agrees to reserve one office in Premises for use by the City for <br /> Page 1 of 6 <br />