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R98-166 AUTHORIZING EXECUTION OF LEASE
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R98-166 AUTHORIZING EXECUTION OF LEASE
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4/11/2016 11:50:15 AM
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Resolution/Ordinance
Res Ord Num
R98-166
Res Ord Title
AUTHORIZING EXECUTION OF LEASE - ILLINOIS POWER COMPANY
Approved Date
12/7/1998
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building is not conveyed to Iilinois Power on or before February 1, 1999. Any <br /> Agreement of Sale for the building is incorporated herein as if fully set forth. <br /> 2. The City does hereby demise and lease to Illinois Power, the following <br /> described premises: <br /> 100 parking spaces in Garage B. <br /> Such spaces we to be used by Illinois Power exclusively for the use of its employees, <br /> customers, and invitees located in or visiting the building. Such persons shall have the <br /> right to park vehicles in any marked spaces located in Garage B; provided that the City, <br /> through the City Manager, reserves the right to assign specific spaces to Illinois Power, <br /> and such persons would then be required to park in said spaces. <br /> 3. Illinois Power shall have the right to lease additional spaces in Garage B, <br /> to a maximum total number of 300 spaces (including those spaces described in <br /> Paragraph 2 hereofl, or to reduce the number of leased spaces all of such spaces <br /> subject to the terms and conditions of this Lease. Illinois Power must notify the City in <br /> writing of its exercise of the right to lease such additional spaces, or reduce the number <br /> thereof and the City Manager shall approve same without further action by the City <br /> Council; provided that Illinois Power must provide at least 30 days written notice prior to <br /> any change, and provided further that Illinois Power may only reduce the number of <br /> spaces if at least 6 months have elapsed since the last reduction <br /> 4. The term of this Lease shall commence on the date when Illinois Power <br /> � acquires legal title to the building, and shall expire on December 31, 2018. Illinois <br /> Power shall have the night to renew this Lease for two successive five-year terms on <br /> the same terms and conditions, effective upon giving notice at least 90 days before the <br />
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