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R2003-39 AUTHORIZING AGREEMENT
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R2003-39 AUTHORIZING AGREEMENT
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Last modified
1/14/2016 10:53:34 AM
Creation date
1/14/2016 10:53:33 AM
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Resolution/Ordinance
Res Ord Num
R2003-39
Res Ord Title
AUTHORIZING AGREEMENT - BLACKSTONE GROUP - MOUND CENTER
Approved Date
4/7/2003
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If to Developer to: Mr. ]oseph Hurwitz <br /> Blackstone Group <br /> One Lawrence Square <br /> Sprin�eld, IL 62704 <br /> If to Owner to: Mr. Steve Garman <br /> City of Decawr <br /> #1 Gary K. Anderson Plaza <br /> Decatur, IL 62623 <br /> Article 15 <br /> Outlot Development <br /> Developer shall have the exclusive authorization to seek offers for the sale or <br /> lease of a portion of the Developer Tract (the "Outlots") to retailers. Developer shall use <br /> its good faith diligent efforts to obtain offers for the sale or lease of the Outlou, and <br /> present such offers to Owner. The acceptance by Owner of any of such offers shall be in <br /> Owner's sole and absolute discretion. <br /> If any of the Outlots are sold during the term of this Agreement, then <br /> Owner shall pay to Developer a commission equal to six percent (6%) of the sale price, <br /> such payment to be made at the time of the closing of such sale. If any of the offers for <br /> any of the Outlots are for a ground lease or build-to-suit lease which Owner accepts, then <br /> at Developer's election, Owner shall sell such Outlot(s) to Developer at a price to be <br /> agreed upon, with no commission due to Owner as a result of such sale(s). If any of the <br /> Outlots are leased pursuant to a ground lease with any party other than Developer, then <br /> Owner shall pay to Developer a commission equal to six percent (6%) of the present <br /> value of the rent owed during the primary term of such ground lease, such payment to be <br /> made when all contingencies in such ground lease have been satisfied or waived. <br /> If within 180 days after the expiration of this Agreement Owner executes , <br /> 11 <br />
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