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R2008-117 AUTHORIZING EXECUTION OF LEASE
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R2008-117 AUTHORIZING EXECUTION OF LEASE
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10/22/2015 9:09:37 AM
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10/22/2015 9:09:32 AM
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Resolution/Ordinance
Res Ord Num
R2008-117
Res Ord Title
AUTHORIZING EXECUTION OF LEASE REYNOLDS DEVELOPMENT, LLC
Approved Date
8/4/2008
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, , , ' Hoak : 3�23 �age : 964 <br /> � available to Developer, its anchor tenant Regions Bank, N.A., <br /> � Consociate, Inc., Dansig, Inc., and other tenants of the building <br /> constructed on the Premises, with the following payment terms: (i) <br /> during the term of the Anchor Tenant Lease (first 15 years), parking <br /> will be available at $10.00 per parking space per month, and thereafter <br /> (ii) during any renewal term of the Anchor Tenant Lease (not to <br /> exceed 4 additional 5 year renewal terms), parking will be at an <br /> amount not to exceed $12.00 per space per month, that which Regions <br /> Bank, N.A.'s employees currently pay for parking in Municipality's <br /> parking garage C. <br /> D. Developer and Municipality desire to enter into this Lease to <br /> effectuate the aforesaid parking lease provisions of the Amendment. <br /> AGREEMENT <br /> NOW THEREFORE, in consideration of the above Recitals, mutual <br /> promises, and terms set forth herein and in the Amendment which is <br /> expressly incorporated herein by reference, together with other good and <br /> valuable consideration the recei t and sufficienc of which are hereb <br /> � P Y Y <br /> acknowled ed the arties hereto re resent covenant warrant and a ree as <br /> g � P P > > g <br /> follows: <br /> 1. Municipality hereby leases to Developer one hundred forty <br /> (140) parking spaces on the second floor in the Municipality's parking deck <br /> located at the intersection of North Water Street and North Street in Decatur, <br /> Illinois (the "Leased Premises"), for use by Developer, its anchor tenant <br /> Regions Bank, N.A., Consociate, Inc., Dansig, Inc., and other tenants of the <br /> building constructed on the Premises, and their respective customers, <br /> patrons, invitees, visitors and employees, on the following payment terms: <br /> (i) for the duration of the initial fifteen (15) year term of the Anchor Tenant <br /> Lease (the "Lease Term"), parking will be available at no charge; and (ii) <br /> during any renewal term of the Anchor Tenant Lease (not to exceed 4 <br /> additional 5 year renewal terms) (the "Renewal Terms"), parking will be <br /> 2 <br />
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