R2016-36 AUTHORIZING LEASE AGREEMENT Board of Library Trustees

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LEASE AGREEMENT CITY OF DECATUR ("City") and BOARD OF LIBRARY TRUSTEES OF THE CITY OF DECATUR("Library") make this Lease effective as of May 1, 2016("Effective Date"). SECTION 1. Lease Terms: Renewal In consideration of the rents, covenants, agreements and other terms and conditions herein provided to be kept, observed and performed by Library, the City does hereby lease to the Trustees that portion of the Decatur Public Library located at 130 North Franklin Street, Decatur, Illinois, as shown on Exhibit A and hereinafter referred to as Leased Premises, for a term of twenty (20) years commencing May 1, 2016, and ending April 30, 2036 (the "Initial Term"). The Library shall have the right to extend the lease term for up to six (6) renewal terms of up to five (5) years each by no later than the date that is eighteen (18) years from the Effective Date (the"Renewal Term") or one (1) year prior to the expiration of any Renewal Term. The Library shall have the right to non-exclusive use, in common with other tenants, of the Common Areas. This right extends to the Library's agents and patrons of the Library. The Common Areas are shown on Exhibit B. The Library Building and the Library Annex Building are additionally shown on Exhibit B and are referred to herein collectively as the "Building", or singularly as the Annex Building or Library Building as the case may be. SECTION 2: Rentals The annual rent amount for the Initial Term is Five Hundred Seventy-Five Thousand Dollars ($575,000.00). After the first five (5) years of the Initial Term, the City may increase the annual rent amount for each successive five (5) year period of this Lease, whether in the Initial Term or a subsequent Renewal Term, by up to two and one-half percent (2.5%) from the annual rent amount for the five (5) year period then expiring. The City will notify the Trustees in writing of any such increase by September 1 of the year immediately preceding the Page 1 of 15