HomeMy WebLinkAboutFirst Amendment to Lease Agreement for Property Located at 629 Howard StreetTHIS FIRST AMENDMENT TO COMMERCIAL LEASE AGREEMENT
("Commercial Lease Amendment"), is made and entered into as of _ v 3 , 2013, by and
between the City of Evanston, an Illinois municipal corporation (the "Lan lord"), and Ward
Eight, L.L.C., an Illinois limited liability company ("Tenant").
RECITALS
A. The Landlord and Tenant entered into a lease agreement dated March 15, 2012 to
lease certain commercial property located at 629 Howard Street (the "Commercial Lease
Agreement"), which is attached hereto as Exhibit "A" and incorporated herein by reference.
B. The Landlord and Tenant executed that certain Commercial Lease Agreement to
provide written detail of the rental terms and the option to purchase of the subject commercial
property.
C. The Landlord and Tenant desire to clarify certain matters set forth in the
Commercial Lease Agreement pursuant to this Commercial Lease Amendment with respect to the
basement of the Premises and the loan repayment terms to the Tenant.
NOW THEREFORE, in consideration of the premises set forth above, and the mutual
agreements hereinafter set forth below, it is hereby agreed by and between the parties hereto as
follows:
INCORPORATION OF RECITALS
The representations set forth in the foregoing recitals are material to this Commercial
Lease Amendment and are hereby incorporated into and made a part of this Commercial Lease
Amendment as though they were fully set forth in this Article 1.
2. MODIFICATIONS TO THE AGREEMENT
(i) Section 7(C): Use of Premises — Storage of Merchandise
The City will not provide a storage locker to Tenant in the basement area of the Property,
nor will it permit the storage of food from the commercial business in the basement. The parties
acknowledge and agree that the following language will fully replace the existing language in the
Commercial Lease Agreement.
"Tenant agrees to store on the Premises only goods, wares and merchandise Tenant intends
to offer for retail sale from the Premises or use in connection with the service offered by
Tenant in regular course of the named Tenant's business. Tenant agrees to use for office or
clerical purposes only that space as is reasonably required for Tenant's business. Tenant
acknowledges that it cannot store food in the basement of the Property. Lastly, Tenant
certifies that the Landlord will not be undertaking any major renovations in the basement
or provide a storage locker during the term of this Commercial Lease Agreement. Landlord
is not responsible for any lost or stolen items anywhere in the Property."
(ii) Section 9: CDBG Loan to Tenant:
The City agreed to loan certain funds to the Tenant in connection with the renovations to
the commercial property that is subject to this Commercial Lease Agreement. The original loan
documents, project agreement and the Commercial Lease Agreement referenced that the loan was
to commence on August 15, 2012. However, the parties seek to amend the loan to reflect a
commencement date of January 1, 2013. The parties acknowledge and agree that the following
language will fully replace the existing language in the first sentence of Section 9, all remaining
language in the Section 9 shall remain unchanged.
"The City shall provide a 10-year loan to the Tenant in the principal amount of up to
$130,000.00 (One Hundred Thirty Thousand and no/100 Dollars), together with interest on
the unpaid principal balance, for a term of 10 years (120 months), commencing on January
1, 2013 and ending on December 31, 2023."
3. MISCELLANEOUS PROVISIONS
a. Except as specifically amended herein, all of the terms, covenants,
representations, warranties, conditions and stipulations contained in the Commercial Lease
Agreement are ratified and confirmed in all respects and shall continue to apply with full
force and effect.
b. Capitalized terms used but not defined herein shall have the meanings
ascribed thereto in the Commercial Lease Agreement.
C. This Commercial Lease Amendment may be executed in several
counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same instrument.
d. A facsimile signature shall be deemed an original signature.
e. This Commercial Lease Amendment shall inure to the benefit of and be
binding upon the parties hereto and their respective successors and assigns.
IN WITNESS WHEREOF, this Commercial Lease Amendment approved and executed
by the parties as of the date and year first above set forth above.
TENANT:
Ward Eight, L.L.C., an
IllinoisnI*jted liabilityspmpany
� � By: A_�
Print Name: AnnA,
Its: Managing Member
LANDLORD:
City of Evanston, an Illinois municipal
corporation
By: WAWt
Print Name: 4tl�i
Its: (,i) 'A"•
Approved as,to=f4
EXHIBIT A
Commercial Lease Agreement
In