2026-25 Ordinance Rezoning Properties from R-3 Single Family Residence District and M-2 Heavy Industrial District - 271 South 26th Street and 601 South 27th Street and Lot to the Immediate West of 601 South 27th Street to a PD

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D. FINANCIAL TERMS 1. For the initial term of the lease the base rent o be paid by Tenant to District shall be at a rate of Five Thousand Seven Hundred Dollars($5,7011 annually,payable at Four Hundred Seventy-Five Dollars($475.00) per month. The first •nth's payment shall be due on August 15, 2026,and successive payments shall be due on the 15 day of each month thereafter until the termination: • Year One—July 1,2026—July 1,2027, $5,700 annually/$475.00 Monthly Year Two—July 1, 2027—July 1,2028, $6,04• annually/$503.50 Monthly Year Three—July 1, 2028—July 1, 2029,$6,41 annually/$534.00 Monthly Without limiting any other remedies available by law, i this lease is terminated in the middle of any such quarter, then Tenant shall be entitled pro-rata o a refund of any rental amount it has already paid for any period after such termination. 2. Tenant will pay water, gas, electricity and = .y other utility expenses which are attributable to said business operation on the Premiss and shall pay any taxes which may be charged, imposed, assessed or levied upon the Premi•es which is the subject of this agreement or upon the interest of Tenant under this :grcement. E. LIENS Tenant shall not allow any mechanics or othe lien for any labor, material or other cause to attach to or affect the Premises. If any such len shall have been filed against the Premises based upon an act of Tenant or of anyone c aiming through Tenant,upon notice by District, Tenant shall immediately take such action :•will remove the said lien or other encumbrance within fifteen (15) days after notice to enant by the District, the District may pay the amount of such lien or other encumbrance an. that amount shall be deemed additional compensation due under this agreement. F. INSURANCE AND INDEMNITY 1. Tenant shall keep the Premises insured thro :hout the term of this Agreement against claims for personal injury,death or property damage o dram shop liability under a policy of general public liability insurance with limits as may be casonably requested by the District from time.to time, but in no event shall the coverage . less than $1,000,000 combined single limit in an insurance company licensed in the State of I linois and acceptable to District. The District shall be named as an additional insured in the insurance policy, and a certificate of insurance showing compliance with all the requiremen s of this paragraph shall be deposited with the District prior to the commencement of the initi 1 term of this Agreement.2.