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HomeMy WebLinkAbout75-1104 Home Federal Savings Lease y -45 1104• y . • LEASE 111 This lease agreement made this day of IvoUEIM 1975, between the City of Elgin, a municipal corporation, (hereinafter referred to as Lessor) and Home Federal Savings and Loan Association, (hereinafter referred to as Lessee) . WITNESSETH WHEREAS, Lessor is causing a portion of Grove Avenue in the City •of Elgin, Illinois, to be reconstructed as a pedestrian shopping mall; and WHEREAS, vehicular traffic will not be permitted in the principle area of the pedestrian shopping mall; and WHEREAS, a portion of Grove Avenue within said pedestrian shopping mall is no longer necessary for the exclusive use of the public; and WHEREAS, the City Council of the City of Elgin has determined that it is necessary and desirable to provide a service facility in the mall for use by pedestrians. which is also suitable for commercial activities; and WHEREAS, Lessor has advertised for bids for the lease of space in the mall upon certain terms and conditions; and WHEREAS, Lessee has submitted its written bid in accordance with the terms and conditions of the advertisement for bids; and WHEREAS, Lessor deems it to be in the public interest to accept Lessee's bid. NOW, THEREFORE, Lessor and Lessee agree as follows:- 1. ollows:1. Lessor, in consideration of the compensation and covenants and . agreements set forth herein to be kept and performed by Lessee, does hereby demise and lease unto Lessee, upon the conditions hereinafter set forth, the following described premises: 300 square feet of public property in Grove Avenue in the City of Elgin located at the end of.the-pedestrian- walkway between the commercial establishment commonly known as Scotty's Shoe Store and the commercial establishment commonly known as the Joseph Spiess Company, which property is currently devoted to use as a public street. 2. Lessee shall improve the site herein demised by the construc- tion of a building substantially in accord with the architectural rendering and sketch attached hereto as Exhibit "A" and incorporated herein by reference. Page 1 of 3 • • 3. Lessee shall pay all costs of construction and maintenance of the building described in Section 1 of this agreement, shall bear all costs of utilities and any and all other expenses incident to the operation of the facility as herein provided. 4. The structure herein described shall be completed and fully operational prior to July 1, 1976. 5.. The structure herein provided shall be designed and operated to provide the following services: • a. Banking and other financial services for the surrounding central business district. b. Collect utility payments and parking tickets. c. Sell tickets to events held at Henunen's Auditorium. d. Provide personnel to assist pedestrians with directions and provide pedestrians with information concerning the location • of shopping, parking lots and other places of interest. e. Provide and maintain postal drops, central business district directory, public telephone and drinking fountain. f. Provide normal teller services for Lessee's customers including check cashing, deposit and withdrawal actions, loan ° payments and the sale of money orders. g. Otherwise use the facility for promotions in accordance with accepted financial institution practices. h. To operate said facility during normal business hours of the central business district. 6. No name or identification sign, window advertising or other display shall be maintained unless written approval is received by Lessor. 7. Within ten (10) days of the execution of this agreement, Lessee shall pay to Lessor the sum of $5,593.89 representing the equivalent cost of participation in the local improvement made by the City of Elgin to construct a pedestrian shopping mall in the area of the leased premises. 8. In addition to the consideration described in the preceding paragraph, Lessee shall pay to Lessor the sum of $100.00 per month on the first day of each month, commencing with occupancy of the completed facility. Page 2 of 3 Lessee may revise and adjust said amount every five (5) years upon written . notice to Lessee; however no increase shall exceed the percentage change in the U.S. Department of Labor Consumer Price Index for the item entitled "Rent" for the previous five (5) year period. 9. Upon termination of this agreement all improvements including the structure described herein shall become the property of Lessee: . 10: During the term of this agreement, Lessee shall pay real estate taxes on the value of the building to be erected on the basis of a lease-hold estate on exempt land. 11. The term of this agreement shall be for twenty (20) years following the execution of this agreement. 12. Lessee shall indemnify and hold harmless Lessor for any and all claims for damages arising out of Lessee's performance of this agreement for use of the demised premises. 13. Lessee shall obtain all permits required by law prior to commencement of construction no later than fourteen (14) days from the date of this agreement. Construction shall commence within thirty (30) days .of the date of this agreement and shall be completed within 195 days of the date of this agreement. • 14. In the event of default by Lessee, all sums held for Lessor shall be forfeited and become property of .the Lessee; Lessor shall be liable for the cost of removal of any uncompleted structure and such costs as may be incurred by Lessor in restoring the demised premises to its present condition. CIS OF ELGIN Attest: - • • By 1 I /1 • h - . le son, City i'Ian.ger City Clerk • • HOME FEDERAL SAVINGS AND LOAN ASSOCIATION • Attest: By esi•ent Secretary Page 3 of 3