Laserfiche WebLink
LEASF AGREEMENT <br /> CITY OF DECATUK ("City") and BOARD OF I,II3RARY 1'RUS"IEES OF TI�E GITY OF <br /> nF.CATUR(''Librxry")make tlus Lease effective as of May l,2016{°`Effective Date'). <br /> SECTION 1. Lease Ternns; Renewal <br /> In consideration of the rents,cvvenants, agreements and other terms and condiiians herein <br /> provided to be kept,observc�d and performed by Library,the City does hereby lease to the Trustees <br /> that portion of the Decatur Public Library located at 130 North Franklin Street, Decatur, IIIIIIOIS, <br /> as shown on Exhibit A and hereinafter referred to as Leased Premises, for a term of tr�vent}� (20} <br /> vears commencing May 1,2016,and ending Apri130,2036(the"Initial Term"). The Library shall <br /> have the right to extend tbe lease term for up to six (6)renew�al terms of up to five(5) years each <br /> by no later than the date that is eighteen{18)yeazs from the Effective Date(the"Renewa] Term") <br /> or one(1) year prior ta the expiration of any Renewal T'enn. <br /> The Library shall have the right to non-�clusive use,in common with other tenants, of <br /> the Common Areas. This right extends to the Lihrary's agents and patrons of the Library. The <br /> Common Areas are shown on Exhibit B. The Library Building a��d the Library A.nnex Building <br /> are additionally shown on Elchibit B and are referred to herein collectively as the"Building",or <br /> singularly as the Annex Building or Library Building as the ease may be. <br /> SECTION 2: Rent�ts <br /> The annual rent amount for the Initial Term is Five Hundred Seventy-Five '!'housand <br /> Doilars($575,000.(�). After the first five(5) years of the Initial Term, the City may increase the <br /> annual rent amount for each successive five (5) year period of this I,ease, whether in the Initia) <br /> Term or a subsequent Rene�val T'erm; by up to two and one-half percent (2.5`;'0) from fhe annual <br /> rent amount for the five(5)year period then expiring. The City will notify the Trustees in v�rriiing <br /> uf any such inctease by September l of the year immediatel}�prececiing the u�mmencement af the <br />