R2010-116 AUTHORIZING AGREEMENT SOUTH WATER STREET, LLC

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LEASE THIS LEASE, made and entered into by and between the CITY OF DECATUR, ILLINOIS, a municipal corporation (hereinafter referred to as "Citv"), and SOUTH WATER STREET, LLC. ("Developer"), an Illinois limited liability company licensed to conduct business in the State of Illinois. WITNESSETH: 1. Premises. The City does hereby demise and lease to Developer the following described premises: a. A maximum of 100 Parking Spaces in Parking Garage C located at the northeast corner of Franklin and Wood Streets, City of Decatur, Illinois. The City acknowledges and agrees that Developer will initially lease a minimum of 50 Parking Spaces and will have the option to lease additional Parking Spaces up to a maximum number of 100 (the "Option"). In order to exercise all or part of its Option, Developer may from time to time deliver written notice to the City indicating Developer's exercise of all or a portion of its Option to lease additional Parking Spaces specifying the effective date for the lease for such additional Parking Spaces to become effective, and the City shall make such additional Parking Spaces available on such date. Developer may restrict access to the Parking Spaces leased pursuant hereto as set forth in Section 1 la below, within such Parking Garage C identified on Exhibit A attached hereto an incorporated herein by this reference. 2. Term. The term of this lease shall commence on July 1, 2010 ("Commencement Date") and shall terminate on June 30, 2020, except as may be earlier terminated by the provisions of this Lease, 3. Rent. The Rent shall vary based on the number of Parking Spaces leased by Developer pursuant to its Option at any time period at a rate of Ten Dollars ($10.00) per leased Upper Level Parking Space per month and Fifteen Dollars ($15.00) per leased Lower Level Parking Space. Developer shall pay to the City the calculated rent based on the number of Parking spaces leased pursuant hereto. Rent shall be paid on an annual basis in advance, with the first annual payment due on the Commencement Date and on each yearly anniversary of the Commencement Date thereafter for the duration of the Lease. Additional rent will be due and payable on a pro rata basis if additional Parking Spaces are leased pursuant to Developer's Option after an annual rent payment has already been made for a particular calendar year. Developer shall pay such additional rent for such additional Parking Spaces on or before the effective date specified in Developer's notice of exercise of its Option pursuant to Section l.a above. AT1 32371889.8/37574-000001 1