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, , <br /> STAGING AREA AGREEMENT <br /> THIS STAGING AREA AGREEMENT (this "AGREEMENT") is entered into as <br /> of August 27, 2003 by and between the CITY OF DECATUR, ILLINOIS ("CITY"), an <br /> Illinois municipal corporation, and EAST LAKE/DECATUR, LLC (`BAST LAKE"), an <br /> Illinois limited liability company. <br /> WHEREAS, EAST LAKE MANAGEMENT & DEVELOPMENT CORP. <br /> (`BLMD") has entered into a Development Agreement (the "DEVELOPMENT <br /> AGREEMENT") with the CITY and the DECATUR HOUSING AUTHORITY (the <br /> "AUTHORITY"), an Illinois unit of local government, for the development of the Near <br /> North area of the City of Decatur, commonly known as "Wabash Crossing" (the <br /> "DEVELOPMENT SITE"), which development shall be performed by certain contractors <br /> to be hired and supervised by ELMD; EAST LAKE has entered into an infrastructure <br /> agreement with the CITY to perform certain infrastructure improvements to the <br /> DEVELOPMENT SITE; and EAST LAKE/DECATUR RENTAL, L.P., an Illinois <br /> limited partnership ("EAST LAKE LP"),has entered into that certain Construction Loan <br /> Agreement of even date herewith pertaining to constructing 206 rental housing units on <br /> the DEVELOPMENT SITE, which construction shall be performed by certain <br /> contractors; <br /> WHEREAS, in order to accomplish its duties and responsibilities under the <br /> DEVELOPMENT AGREEMENT, it will be necessary for ELMD, EAST LAKE LP and <br /> EAST LAKE, including their respective contractors and agents (collectively, <br /> "PERMITTEES"), to use certain land adjacent or in close proximity to the <br /> DEVELOPMENT SITE as a construction staging area; and <br /> WHEREAS, the CITY is willing to permit the PERMITTEES and their respective <br /> contractors and agents to use certain property owned by the CITY for such purposes, but <br /> only on the terms and conditions set out herein. <br /> NOW, THEREFORE, for good and valuable consideration, the receipt and <br /> sufficiency of which are hereby acknowledged, and the premises hereof, the CITY and <br /> EAST LAKE hereby agree as follows: <br /> 1. The CITY hereby grants to the PERMITTEES and their respective contractors <br /> and agents the right and authority to enter and use the following-described premises for <br /> the purposes of a construction staging area: <br /> Lots Three (3), Four(4), Five (5), Six (6), Seven (7), Eight (8), Nine (9), <br /> Ten(10), Eleven(11), Twelve (12) and Thirteen(13) in Block One (1) of <br /> Durfee, Warren and Co.'s Second Addition, as per Plat recorded in Book <br /> 50, Page 371 of the Records in the Recorder's Office of Macon County, <br /> Illinois, (the"premises"); <br /> Page 1 of 4 <br />