HomeMy WebLinkAboutRESOLUTIONS-1987-083-R-87:
A RESOLUTION
+ A Non -Disturbance and Subordination Agreement
i Between the City of Evanston; Northwestern University and
• !Charles H. Shaw/Evanston Associates Related to the Development
of the Research Park
is
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WHEREAS, TOPCORP, INC.; and Illinois Corporation
P"Topcorp") ha-s entered into a certain Agreement for Purchase
and Sale of Real Estate dated as of October 3, 1986 (herein, as
the same may be amended, supplemented, modified or restated
from time to time, the "Purchase Agreement"), by and among the
City of Evanston ("City") and Northwestern University
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("University"), as Sellers, and TOPCORP, as Purchaser, whereby
IiTOPCORP has agreed to purchase certain real estate described
therein (the "Property") on the terms and conditions set forth
therein from the City and the Unviersity, which Property is
currently owned or is to be acquired by the City and the
University; and
WHEREAS, Research Park, Inc. ("RPI") is wholly -owned
subsidiary of TOPCORP; and
WHEREAS, Charles H. Shaw/Evasnton Associates, an
Illinois General Partnership (Developer) has entered into a
certain, Development and Purchase Option Agreement with RPI
dated as of November 17, 1987 which has been consented to by
iiTOPCORP (herein, as the same may be amended, supplemented,
;.modified or restated from time to time, the "Development
;!Agreement"), whereby Developer_ has undertaken the development
':of the Northwestern University/Evanston Research Park (the
;1"Park") on the Property, on the terms and conditions set forth
therein; and
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i WHEREAS, in accordance with the provisions of the
;Purchase Agreement, the City and the University, respectively,.
will be providing purchase money financing to RPI and/or
TOPCORP, as the respective purchasers of particular parcels of
the Property in the Park ("Parcel"), to enable RP.I or TOPCORP,
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�' as the case may be, to purchase the Parcel (the City'and the
f University being sometimes herein referred to as the "Purchase
I Money Mortgagee"); and
WHEREAS, Developer has the right to lease any Parcel
from TOPCORP or RPI, whichever may be the owner of the Parcel,
in accordance with the terms of the Development Agreement by
delivering written notice of its election to lease a certain
Parcel to RPI ("Lease Notice"); and
WHEREAS, as a condition to entering into the
Development Agreement, Developer has required that the City and
the University agree to the terms and conditions set forth
herein.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF EVANSTON, COOK COUNTY, ILLINOIS:
Section 1: That the City Manager is authorized and
i*direct.ed.to sign and the City Clerk is hereby authorized and
directed to attest on behalf of the City of Evanston, a
linon-disburance and subordination agreement.by and between the
(city of Evanston, Northwestern University and Charles H.
(Shaw/Evanston Associates, an Illinois General Partnership or
Il�I
lits affiliates. Said agreement shall be in substantial
;accordance with the.attached Exhibit A.
Section 2: This resolution shall be in full force
:and effect from and after its passage, approval, and
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jipublication in the manner provided by law.
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I
fIATTES °
City _Clerk
-ADOPTED:.
�I
i
Mayor
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