HomeMy WebLinkAbout710-716 Main StreetLEASE
GTC MAIN STREET, INC.
710 - 716 MAIN STREET
EVANSTON, ILLINOIS
THIS INDENTURE made the Z day of .JAo"AC41 . 2010,
by and between GTC MAIN STREET, INC., hereinafter referred to as "Lessor,"
and CITY OF EVANSTON, ILLINOIS, a municipal corporation, hereafter referred
to as "Lessee,"
WITHESSSETH
Lessor, for and in consideration of the covenants and agreements
hereinafter mentioned to be kept and performed by Lessee, does hereby lease to
Lessee the premises hereinafter described, for a term commencing January 1,
2010, and expiring December 31, 2019. Said premises are to be used by Lessee
as a part of its off-street parking system, designated as City Lot 15, and are
legally described as:
SOUTH 94 FEET OF LOT 3 (EXCEPT THE EAST 23 FEET
THEREOF) AND THE SOUTH 94 FEET OF LOT 4 (EXCEPT THE
WEST 6 FEET OF THE SOUTH 82 FEET THEREOF) IN BLOCK
ONE (1) IN ADAMS AND BROWNS ADDITION TO EVANSTON IN
THE NORTH ONE-HALF (1/2) OF THE SOUTHWEST ONE
QUARTER (114) OF SECTION 19, TOWNSHIP 41 NORTH,
RANGE 14, EAST OF THE THIRD PRINCIPAL MERIDIAN IN
COOK COUNTY, ILLINOIS.
1. Lessee shall have the right to install and maintain at Lessee's expense
facilities for parking of automobiles by the public for a fee, and for that purpose
Lessee, at its expense, shall maintain lot surface and pavement markings,
bumpers, signs, parking meters, and lot lighting system. Lessee shall pay costs
for furnishing electricity for a lighting system installed by Lessee on the subject
premises. Lessee shall install and maintain a drainage system for City Lot 15 to
be connected directly into the City sewer lines. Lessee shall also provide snow
removal and parking enforcement for the subject premises. it is agreed that three
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(3) parking spaces in the facility shall be reserved at all times for the exclusive
use by Lessor or its designee. Lessee aggress to furnish Lessor decals for use in
identifying vehicles authorized to park in said reserved spaces.
2. Lessee agrees to hold Lessor harmless from any public liability for
property damage arising out of or in the course of its operation of said off-street
parking facility permitted under the terms of this lease.
3. Lessee agrees to pay as rental for the use of the aforesaid premises forty-
one percent (41%) of the annual Real Estate Tax Bill for Permanent Real Estate
Index Number 11-19-303-606-0000, thirty-nine percent (39%) of the Real Estate
Tax Bill for Permanent Real Estate Index Number 11-19-303-707-0000, and one
hundred percent (100%) of the annual Real Estate Tax Bill for Permanent Real
Estate Index Number 11-19-303-034-0000. Lessor agrees to furnish Lessee with
a copy of the Real Estate Tax Installment Bills for each parcel, and Lessee
agrees to make its payment by City of Evanston check to Lessor within thirty (30)
days of Lessee's receipt of copies of said tax bills, there being two (2) installment
bills per year for each Permanent Real Estate Index Number. Lessee shall not be
responsible for any penalty fees for late payments on behalf of Lessor, and any
penalty fees assessed shall be deducted prior to calculating amount to be paid
by Lessee to Lessor. in the event any one of the three aforesaid parcels is
subject to forfeiture or sale for non-payment of real estate taxes, Lessee may, at
its option, terminate this entire Lease upon sixty (60) days' notice, and all
obligations of Lessee hereunder shall be at an end.
4. It is agreed between the parties hereto that the rates to be charged for use
of said parking facility by the general public shall be determined solely by the City
of Evanston from time to time.
5. This Lease Agreement is contingent on the City having an Easement
Agreement with a third party for use of a portion of subject parking lot for a term
consistent with the lease period and any subsequent extensions.
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6, Either party hereto may terminate this Lease upon the service of written
notice no less than one hundred eighty (180) days prior to the termination date.
Upon termination, all obligations of both parties hereto are at an end. All notices
required shall be by registered mail. Notices to Lessor shall be addressed to:
Shaun Chinsky
GTC Main Street, Inc.
714 Main Street
Evanston, Illinois 60202
and notices to Lessee addressed to:
Parking Services Manager
2100 Ridge Avenue
Evanston, Illinois 60201
Upon termination of this lease, the Lessee shall remove from the area so leased
within a reasonable time all parking meters and signs which were installed, but all
remaining improvements shall become the property of the Lessor. Lessee agrees
to repair any damage to the surface resulting from the removal of parking meters
and signs to the level of quality of the surface which lies adjacent and contiguous
to the damaged area.
(Signature page follows)
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IN WITNESS WHEREOF, the parties hereto have executed this lease the
date first above written, each being duly authorized for the uses and purposes
herein stated.
GTC MAIN STREET, INC.
By:
Shaun Chinsky, esident
GTC Main Street, Inc.
CITY OF EVANSTON
By: W�WallyBwicz, City Mana
Approved as to form:
ay. A&fa4o �
W. Grant Farrar
Corporation Counsel
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