2015-55 APPROVING LEASE AND BUY-BACK AGREEMENT 1221 E. Condit Street

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� � ' -2- monthly installments. If paid annually,the rent sha11 be due on or before December 1 and proportionately if the payment is for less than a full year. If paid monthly,the monthly rent sha11 be due on or before the first day of each month and proportionately if the payment is for less than a full month. During the Lease period the Board and County shall pay additional rent to buy back the Leased premises. The buy-back price is the mortgage payoff amount paid by the Commission, $564,386. This buy-back amount shall be paid by 20 equal annual payments of$28,219. Annual interest payments shall be made on the unpaid principal balance of$564,386 until the full amount of principal has been paid. The annual interest rate for the five year period, October 15, 2015 through October 15, 2020, shall be 2%. The interest rate is adjustable and shall be changed for the second,third and fourth five year periods,with the changes made on October 15 of 2020, 2025, and 2030. These dates are "change dates". The adjustable rate will be based on an Index. The Index is the weekly average yield on United States Treasury Securities, adjusted to a constant maturity of one year, as made available by the Federal Reserve Board. The interest rate will be the Index on October 15 of the last year of the expiring Lease. The rate determined on the change date will be the interest rate for that five year period subject to the following: On each change date the Commission may, in addition to any Index increase or decrease, increase the interest rate by one-half of one percent. However,the interest rate shall not increase by more than 4%for any one five year period. Upon execution of this Lease,the Commission agrees to pay the outstanding debt on this property currently held by Busey Bank, An Illinois Banking Corporation, for account number 611883.