R2025-284 Resolution Authorizing Agreement between City of Decatur, Illinois and Love Learning and Laughter Daycare

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will deliver to City a Warranty Deed to the Property upon demand by the City. LLLD shall not record or allow to be recorded any mortgages,liens,or encumbrances against the Property until the City's rights under this paragraph have terminated. LLLD further agrees to satisfy and indemnify City for any and all liens placed on the Property following Closing Date. The parties acknowledge and agree that all equipment, furniture, and personal property located within the Property on and after the date of execution of this Agreement related to LLLD's daycare operation is the sole and exclusive property of LLLD. Thus,if the Property is conveyed to the City pursuant to this Section,the City shall have no right to retain said equipment, furniture, and personal property as part of the conveyance. Section 14. If LLLD sells the Property to any person or entity at an arm's length transaction within seven(7)years following the Opening Date, LLLD shall reimburse City up to $1,000,000.00 from the net proceeds of the sale.The term"net proceeds"for purposes of this paragraph shall be the remaining balance of the proceeds of the sale after all closing costs,real estate tax credits,liens against the Property, and LLLD's costs incurred in the performance of the work described in Exhibit B to this Agreement have been paid or reimbursed. If the transaction involves the sale of any other LLLD assets,only the portion allocated to the sale of the Property shall be subject to reimbursement. If the net proceeds are insufficient to reimburse$1,000,000.00 to the City,the City shall have no claim or cause of action against LLLD or any right to record a lien against the Property for any deficiency. Section 15. The Parties agree that the Property shall be transferred with the following deed restriction which shall be recorded on the deed with the Macon County Recorder of Deeds: "Grantor conveys the Property to Grantee, for the uses and purposes herein, so long as the Property is used in the manner provided in the following RESTRICTIONS: 1. Grantee, and its successors and assigns,("Grantee")understands, acknowledges,agrees and accepts the Property is subject to a deed restriction which requires that Grantee own and operate a State of Illinois licensed childcare facility as further described in a certain Agreement Between City Of Decatur,Illinois And Love Learning And Laughter Daycare previously executed by the parties hereto. A copy of said Agreement is attached hereto as Exhibit A." Section 16.LLLD agrees to carry property and liability insurance and any other insurance required by the City for the life of this agreement. Section 17. LLLD agrees to provide to the City or its duly authorized representatives, access to any books, documents,papers, and records of Sub-recipient which pertain to the CDBG or CDBG-CV funds provided for the purpose of monitoring,making audits,examinations, and photocopying. Section 18. LLLD shall be required to maintain all records for the period designated by the City as required by the terms of HUD and any other laws, statutes and other related regulations including,but not limited to, financial records setting forth all disbursements under this Agreement. 4