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Home My WebLink About6.6 A RESOLUTION AUTHORIZING PAYMENT TO THE MOUNT PROSPECT LIBRARY UNDER THE TERMS OF A GROUND LEASE AGREEMENTSubject Meeting Fiscal Impact (Y/N) Dollar Amount Budget Source Category Type Information Item Cover Page A RESOLUTION AUTHORIZING PAYMENT TO THE MOUNT PROSPECT LIBRARY UNDER THE TERMS OF A GROUND LEASE AGREEMENT December 16, 2025 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD CONSENT AGENDA Action Item In December 2002, the Village entered into a ground lease with the Mount Prospect Public Library to facilitate construction of the Emerson Street Parking Deck multi -level parking structure. The parking structure was built partially on library property and partially on Village property. The structure benefits both the Library and the Village, as well as the downtown business district. On March 5, 2023, the Village exercised the option to renew the Ground Lease Agreement for a second, twenty-year term to expire in December 2042. This resolution authorizes the payment to the Mount Prospect Public Library for the annual lease amount pursuant to the agreement and reports on compliance of both the Village and Library with all material terms of the lease. The annual lease payment is $1.00. Discussion Alternatives 1. Pass a resolution authorizing the annual lease payment of $1.00 to the Mount Prospect Public Library for property used for the Municipal Parking Garage (Emerson Street Parking Deck). 2. Action at the discretion of the Village Board. Staff Recommendation Pass the accompanying resolution authorizing the annual lease payment to the Mount Prospect Public Library. Attachments 1. Library Ground Lease Agreement 2. Ground Lease Agreement with Library 2025 THE BOARD OF TRUSTEES OF THE MOUNT PROSPECT PUBLIC LIBRARY r��G I ARTICLE X -----~-~~—_,______~_~____.,__~__~..~__~___~~~_~~.~~______~~^~~_______.__~ � (�K�AI�T ------~~ ~^.---~^---------~-~--^-- ~-~~ -~~^-~---~ --'~^-~~~-~^~-'~-~---'-~-~~~~-~~~--- � 1.01 Grant __--_~-__.__~.~~~~~~.___~__^.__,_______~.~~____~~~~_~~____~_,_~~~~_ 5 ARTICLE 10 ----___-~_-~_-_____--..~__.'_~~_~~-~--.-__-.-^.~^~---_-_~.^~~.~~--~~-.—_.~_- � CONDITION—...-,..__,....... _~_-.-~____~---~~~~_-- I'm __.__~—_--_~~-~~~~~-~~--~--^^-~^^--- 5 2.03 Condition of Land and Improvements ..... -~~~~~___ RIM ~_~~~~~~---- WWII _~'~~----~~~ 5 2.02 Condition of Title and Survey .................. ___~~~~~~~,.-~,~_—___-~.~~-~~~__-.___-~_~_ 5 ARTICLEIII .................................................................... ~'~-~_._.~~~~~~~~~'~-_---~~^~~,.~~~~-~--___ 6 TED��--------------------------~~~^~ '~------^~~~~~^~~~~------~~~~~~-~--- � 3.01 Initial Term ................................................ 6 3'02 Option to Extend ............................................... ~~~~~__~______ MR. ~,__~.,_~~.,~,~,,~~___ 6 3.03 Lease Commencement Date .................... ~.__._ WIN— ~~~ MR, _______~~,~~_._______,~~_ 6 �� ---------------~~ ~--~--- -^'~~~~^-~-'----~-~~^~~—~~~---~-R. ~~~~~----- 6ARTICLE RENT ---.----------''~~^--~^---~^----------~~~~~--`—~--~-~~~~^-----'~^~~~~~^-^~- � 4.01 Annual Base Rent ......... 6 4.02 Net Lease ................... .......... -~~`~--- awl* PRIM* ----~^'-~~--'^~-~'~~--~-^~~^-~~------ 6 � 7ARTICLE��------------~'~~------~-~~~~~~~'-~----^--~~~--------~~~^^---~�-~-~^~~-~~ USE AND OCCUPANCY ................. 7 5.01 Quiet Enjoyment _________~_~___~_-_,.~.~~~_~..____~~.^~^~~^.~_~^___~_~~~~~~~~__ / 5]02 Use ---------.~.~~.~~~~~___..-~~-________~-~-~-~~-~___~~~~.~~~-~--~__^-~~-^.~-~~ � ARTICLE VI .................................... 7 IMPROVEMENTS;PERFORMANCE S; LIENS;MAINTENANCE: COMPLIANCE: SLJl�l�ENl�ER ---------------------------''---^'~~~-- � 6.01 eo1s------------_------_--__—___—_..~,_-,____ � 6.02 Performance Standards ................................................................................. _____8 . 6.04 ��auz�naoce--------_--__—_________________..~____~.,_ � 6.85 Compliance with Legal ' --__—__—___—__—___..~_~~_~~~~_9 6.06 Surrender ........................................................................................................................ 9 ARTICLEVII.................................................................................................................................. 9 IMPOSITIONSAND UTILITIES .............................................................................................. 9 7.0I Impositions Defined ................................................................................... -~---- 9 7.02 Payment ofImpositions ............................................. -~_~~~~~~_-_-,-.~... IN, ~~'~-_—.I0 7.D.3 Landlord's Right to Pay Taxes ..................... ....... ~-^__^-~~_____........... _.'~—.. IO 7.84 Utility Payments .............................................. ~~~~~~_-.--.II 7.85 InterruptionofUtilities ................... .......... ~_. AT, ___ I'm ~~~~~~-~____-_........ ]l ARTICLEVIZ8.......................................................................... .~.^~-^~~~-~~~_,~____~.~_,.~~~.~__--Il INSURANCE AND DAMAGE AND DESTRUCTION ..................... 11 8.0I Public Liability And Worker's Compensation Dnmurauce—_____-~-~-.~~~~~_-- 11 8/02 Property Insurance ------.._--____~~,-~-.-'-,-_~.~_.~,~~~~.~-~__~~-^.__~^..-~~—.. 11 8.03 Form and Amount ofKnsorance-.-~.~.~~_~__-_MR, ..~-~~~-~~-~_______WT. ~~.,,,-_—. 11 8.04 Damage or Destruction ................. ._-_..~_~~~~~~~-~~,-,~___~.^_~~~,~~~~.~_.__.-~~_... 12 8.05 Indemnification by Tenant ....... .-._-~..__.__..~~...~.-._...~--__~..~^.-~~~~~~._-___—.. 12 ARTICLEIX ................ ........... .............. ... '--~-------'--~~~~~~~~~-~-~---~~—~-~~~~~~~~-^---- 12 C....................................... -_.__~~_~~~~~~~~-',__'~_~^~~_~__-_-___~~~~—.. 12 9.0I Definitiounm------.-------__~~,,~~___________~_~~,.---_~.~_~~.~~~~-~,-~—.. 12 9.02 Notice of : ' _,_____._,~~~,~.~__,_,___,___~~~~~~~~~______—.. 13 9.83 Total Taking ................................. ~~~.~-___-~~-^^~~.~~—~~._____.~~~.~~~_.~~~__.^...... 14 9.04 Substantial Taking' ....................... 14 9.05 Partial Taking ............................... ~~~_~-~-~_^.-~-_____-'--.~-~_~~~~~_.~-,-_-~—.. 14 9.06 Temporary Taking ........................ ___~~__~,____~,_~~~ ON, ~~~,~.~_~~_~_~~_~~_~~____—.. 14 9.07 Separate Claims .................................... -~~~~~~.__________~~___~-_..~_~~~~~,~..... 14 ARTICLEX.................................................................... .......... ~~,~,-~_~_-__-~_.~_~~-~^~~__-- IN. —.. 14 ASSIGNMENT AND SUBLETTING ............... ~.~~..~~-~,___..~~-~_~~~~~.~-~___~.~_~-~~~~~~-~__.. 14 I0.01 Binding Effect .......................................... _... ..... -.~~_'-~____~.~~~~~^~~~~-'___..__... 14 I0.02 Assignments and Subleases ........... ~~-.~..~_~_-~_~__.~..-~-~_______-_~~_~~~-~__-. 14 ARTICLEX1 ..................................................... 15 MORTGAGES............................................... 15 11.01 Leasehold Mortgage ............. ..____~~~_,.-~~~_~_____-'_~~~'~-~_~_— Woo .-~~_~-~. 15 ARTICLEX]y .................................................... -_~.~~_-___-~.~.~,~ IN, ~^~_____~ IN, ~,.-~~'-~-__ 15 DEFAULT............................................................... -_____- WIN .__--~~_,,~___-_~-~~~~__ 15 ARTICLEXI]Z................................................................... .......... ~~~_-.-~_,__.~..-.._—__-__. 17 MISCELLANEOUS PROVISIONS ........................... __-~________—.~__,-____~.~-~...... 17 ]3.0] Access by LandIord--------~.--______~-~________,__~~~~_~_~_____. 17 13.02 Brokers Fees .......... _-__~~_-~~_,__.—___._-__________^~,~_,_.___-^,~.~~~,I8 13.03 —~.~-_-__—_--.. 18 ARTICLEXIV ............ .._---_-~-~-~--------~-~~~~-~-----------'~-^-~~---~~--~~-^~~-^-~~-~--^ 18 ENVIRONMENTAL CONDITIONS ............................... 21 I4.03 Indemnification By Tenant ------__....... 22 14.04 Landlord's Right To Receive Reports .-22 55034811-1 THIS �RENEWED GROUND LEASE (the "Ground Lease") is made as of the day of January 2023 (the "Effective Date') by and between the Board of Trustees ofthe Mount Prospect Public Library (the "Landlord"), having a principal business address at 10 South Emerson Street, Mount Prospect, Illinois 60056, and the Village of Mount Prospect (the "Tenant"), having a principal business address at 50 South Emerson Street, Mount Prospect, Illinois 60056. RECITALS A Landlord is the owner of fee title to certain land and improvements commonly known as 30 South Emerson Street, Mount Prospect, Illinois ["Emerson Street Parking Deck"] and legally described in Exhibit A attached hereto (the "Land"); and B. The parties hereto desire to enter into a ground lease pursuant to which Landlord will lease the Land to Tenant and Tenant will acce. pt the same from Landlord. In consideration of the Recitals and the mutual covenants hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, Landlord and Tenant hereby agree as �follows: [#I LUA k'j I 1.01 Grant. Landlord hereby leases to Tenant the Land and all easements and appurtenances belonging to or in any way pertaining to the Land, and Tenant hereby accepts the same, in accordance with the terms and conditions hereinafter set forth. ARTICLE 11. 2.01 Condition of Land and Improyernents. The Land is leased to Tenant in its "as �is" "where is" condition. Landlord shall have no obligation to perform any improvements, alterations, aWitions I repairs or replacements thereto or to obtain any other licenses or permits. - 2.02 Co(ti,d1tion of Title and Landlord shall furnish to Tenant upon or before execution and delivery of this Agreement by Tenant copies of any surveys, title policies or other title evidence in its possession covering the Land. Tenant may in its sole discretion, order a title I interest in commitment for an ALTA leasehold title insurance policy insuri�ng Tenant's leaseho d * the Land with extended coverage over the printed general exceptions and an endorsernent insuring any access easement that may be necessary to use the Land as contemplated by this Agreement. The title commitment and policy shall be subject only to normal and customary exceptions, and 550349.111.1111 such other exceptions as Tenant may approve in writing (all of which are herein referred to as the "Permitted Exceptions"). Tenant shall pay the cost of such title commitment and policy. ARTICLE III 3.01 Term. The term of this Ground Lease shall commence on the Lease Commencement Date set forth in Section 3 ).02, and shall continue for a term of twenty (20ears (the "Term"), unless sooner terminated as provided herein. 3.02 Option to Extend. Provided that no Material Event of Default has occurred and is continuing, Tenant shall have the option to extend the Term for up to five (5) additional if at all consecutive periods of twenty (20) years each. Tenant shall exercise the option. to extend, in Tenant's sole and absolute discretion, by sending written notice to Landlord not less than 90 i.ays prior to the then -current expiration date. 3.03 Lease Commencement Date. The Ground Lease shall commence on the Effective Date (the "Lease Commencement Date"). ARTICLE IV 4.01 Annual Base Rent. Commencing on the Lease Commencement Date, and on each anniversary thereafter throughout the Term, Tenant shall pay to Landlord, in cash or cash equivalents, at the address provided for notice to Landlord, or at such other place as Landlord may from time to time hereinafter designate to Tenant in writing, annual base rent of One Dollar and No/100 ($1.00) ("Rent"), it being understood and agreed that Tenant shall not charge any of Landlord's patrons and staff for the use of the Parking Facility. Payment of Rent shall be in the form of a resolution and shall appear on the agendas of both Landlord and Tenant annually. Notwithstanding the foregoing, in the event that Tenant shall institute any charge, fee or other required payment to patrons using the Parking Facility on a pay per park basis, Tenant shall pay to Landlord, on a quarterly basis, fifty percent (50%) of the net receipts (as hereinafter defined) with respect to the portion of the Parking Facility located on the Land as measured by square -footage. Net Receipts shall be defined as the dollar amount of actual receipts, whether by cash, check, credit card, charge account for access to or services rendered with respect to the Parking Facty on a pay per park basis, less annual life cycle and maintenance costs ("Life Cycle Costs") set forth on Exhibit B attached hereto and made a part hereof. 4.02 Ne t I ease. Rent payable hereunder shall be net to Landlord, so as to yield to Landlord the Rent specified herein during the Term and all costs expenses and obligations of every kind and nature whatsoever relating to the Land (including, without limitation, Life Cycle Costs and Impositions as defined in Section 7.01) or are imposed upon or are to be performed by Tenant as provided hereunder shall be paid by Tenant. Tenant shall also pay, WithOLIt notice or demand, and Wit]IOLIt abaternent_ deduction or set-off. in addition to Rent. all sums, taxes, assessments, Utility expenses,, costs and other payments which Tenant in any of the provisions of this Ground Lease agrees to pay, and in the event of any non-payment thereof, such non-payment shall be deemed a non-payment of 5 503481 6 Rent due herein der, and Landlord shall have all the rights and remedies provided for herein or by law in the case of non-payment, of Rent. ........... U An M 1� ...... ...... - 5.01, E Q L! i 1 e, t JQYP�i,etlt. Sub ect to Se,cfi(.,),,.n,, 13.01'. Landlord agrees that, so long as this Ground Lease remains in effect and Tenant is not in default of its obligations hereunder, Tenant shall quietly hold, occupy and enjoy the Land throughout the Term without any hindrance, ejection or molestation by Landlord or anyone claiming by, under or through Landlord. ARTICLE VI 'IMPROVEMENTS: PERFORMANCE S,J-ANDARD�j: L I �EN S -._M,A IN "FEN A"N`(."E1 COMPLIANCE.- SURRENDF.R. 6.01 Subject to Landlord's prior written consent, which consent shall not be unreasonably withheld conditioned or delayed, Tenant shall have the right, at any tirne and from tirne to time; to (i) erect, construct, and install oil the Land improvements and equipment; (6) make alterations, additions to any improvements, or any part thereof Hereafter erected, constructed or installed oil the Land; and (iii) repair, replace or remove improvements, equipment and structures, provided that none of the foregoing actions shall materially reduce the fair market value of the Land or have a material adverse effect oil Landlord's Facility. All costs Incurred by Landlord in employing Landlord's Consultants in connection with any review of the foregoing plans, specifications and permits with respect to .Integration With and impact oil Landlord's Facility (not Including scheduled, routine or emergency rnaiiitenaiice and repairs to the Parking Facility) shall be reimbursed to Landlord by Tenant promptly followinc), presentation of an invoice therefor. The cost of Landlord's Consultants' review shall not exceed Two 1-11OLisaiid Five Hundred and No/100 Dollars ($2,500.00), to be adjusted in accordance with the CPI for Chicago as annually published by the U. S. 5503481 7 6.02 Performance Standards. All improvements constructed by Tenant shall be constructed with materials approved for such use by industry standards, in a good and workmanlike manner,, and in accordance with all Legal Requirements. lop Iff a low pal was KTA:W-J MR 6.04 Maintenance. Tenant shall, throughoLit the 'Yerm, at no expense to Landlord, keep the Land in good repair • in • safe, clean, sightly and sanitary condition, in conformity with all 5503481 Legal Requn-ements including, without limitation, all landscaping, maintenance, groundskeeping and snow and ice removal. Landlord shall have no obliclation to maintain or repair the Land t whatsoever. Except as speccally set forth herein, Tenant shall have no obligation to perform landscaping, maintenance, groundskeeping and snow and ice removal on Landlord's Facility. 0 W W IMS1 MOVARK-0 WRIAMMMA LMMIgm 9 ILVJ 9 tv_ WWA 40M 0 6.06 Stit-render. Except as provided in Article IX or X111, Tenant shall, upon termination of this Ground Lease, following good faith discussions with Landlord at once surrender and deliver up the Land and the portion of the Parking Facility located on the Land to Landlord. Pursuant to any such surrender, Landlord and Tenant shall each be prohibited from taking any action that would adversely impact the other's interest in that portion of the Parking Facility located on such party's land. 7.01 Impositions- Defined. As used herein, "Impositions" shall mean real estate taxes, ad valorem property taxes, assessments, -rent taxes, transfer taxes, leasehold taxes, water and sewer rates and charges and other governmental charges.. general and special, ordinary and extraordinary, if any, which are assessed, levied, confirmed or imposed during the Term on the Land. The parties acknowledge that as of the date hereof, the Land is not subject to any impositions. However, if, at any time during the Term, the method of taxation prevailing at the commencement of the Term shall be altered so that any new tax, assessment, levy, imposition or charge, or any part thereof, shall be measured by or be based in whole or in part upon the Ground Lease, the Land, or the rent, additional rent or other incorne therefrom and shall be imposed upon the Landlord, then all such taxes, assessments levies impositions, or charges, or the part thereof. to the extent that they are 550348 1 so measured or based, shall be deemed to be included within the term "Impositions" for the purposes hereof to the extent that such Impositions would be payable if the Land were the only property of Landlord subject to such Impositions, and Tenant shall pay and discharge the same as herein provided with respect to the payment of Impositions. Commencing with the Lease Commencement Date all Qbligatl'.0,11 Ci Impositions which relate to the Land or Tenant's leasehold estate and which shall thereafter be made, levied', assessed or imposed by a governmental authority, if any (regardless of when same may be payable) shall be the responsibility of, and paid by, Tenant. Payment of Impositions shall be made directly to the taxing authority making such levy, and if Impositions may be paid in installments, Tenant may do so. Tenant shall deliver to Landlord copies of the official receipts of such taxing authorities and other proof evidencing -timely satisfaction of Tenant's obligation to pay Impositions, promptly after the receipt thereof by Tenant. Impositions attributable to the Land for the periods prior to the Lease Commencement Date and after the Term (regardless of when same may be payable) shall be the sole responsibility of Landlord. I I WALW 5 IM 9%7XtWAWWJ I MKIW61MM 6 0 5 9 H OLTM 94 M 9 P 7.03 Landlord's Riglit to Pay Taxes. If Tenant has not complied with the terms governing its right to contest set forth in Sect'ion 67.02JI2�, or if Tenant fails to comply'with any other provision of Section 7.02. Landlord may (a) pay any Impositions or other charges made a lien upon the Land after such Impositions or other charges become delinquent or (b) subject to applicable Legal Requirements. redeem the Land from any sale that may be made of the same for such Impositions. Landlord need not inquire into the validity of such Impositions or other charges or any tax sale before making payment as provided in this Section. In the event Landlord makes any payments in accordance with this Section. Landlord shall have the remedies set forth in Article XIII. 550348_1 10 7.04 Util,itv Payments. Commencing with the Lease Commencement Date and continuing throughout the Term, Tenant shall pay or cause to be paid all charges, assessments or truces for gas, electricity, water, sewer, telephone, rail and other utility services incurred in connection with Tenant's use and occupancy of the Land. 7.05 Inte-r ition of tAilit* es. Landlord shall have no liability or responsibility for any loss or damage occasioned 'by any interruption or failure in the supply of any -utility services to the Land or occasioned by any required termination of such. utility services necessary to effect repairs or improvements or occasioned by any other cessation of such utility services for any cause or reason other than any interruptions or failures wholly caused by the intentional acts of Landlord or its ernployees, agents and contractors. Landlord makes no representations or warranties with respect to the availability of electrical power to the Land provided, however, Landlord and Tenant shall work together in good faith to coordinate with respect to electrical power requirements. No such interruption,, termination or cessation of utility services shall relieve Tenant of any of its duties and obligations pursuant to this Lease, including, without limitation, its obligation to pay all. Rent ,2..s aid when the same shall be due. ARTICLE V111 8.01 Public Liability And Worker's Compensation Insurance'. Tenant shall maintain, at its cost, general liability insurance including contractual liability insurance insuring as "named insureds, Landlord and Landlord's trustees,, officers, directors, agents and employees (the "Landlord Protected Parties") and Tenant from all claims, demands or actions made by or on behalf of any person or persons, firm or corporation and arising from, related to or connected with the Land, for bodily injury to or personal injury to or death of any person or more than one person or for damage to property in an amount and in forms currently carried by Tenant or other similarly situated municipal corporations. Said insurance shall be written on an "occurrence" basis and not on a rtcla�ims made" basis. 8.02 Property Insurance. Tenant shall procure and maintain policies of insurance, at its *wn cost and expense, insuring the im - movements and the personal property at any time situated on the Land against loss or damage by fire, lightning, wind storm, hail storm, aircraft vehicles, smoke, explosion, riot or civil commotion as provided by the Standard Fire and Extended Coverage Policy and all other risks of direct physical loss as insured against under Special Form "all risk" coverage. The insurance coverage shall be for not less than 100% of the full replacement cost of the improvements and not less than 90% of the replacement cost of the personal property, all subject only to such deductibles as Tenant shall reasonably determine. Landlord and Tenant shall be jointly named as the insureds and loss payees with respect to any improvements located on the Land. 8.03 Form and Amount of Insurance. All of the aforesaid insurance shall be in companies or oroanizations customarily providinor insurance to municipal corporations. A copy of Tenant's :D � insurance or binder together with satisfactory evidence of payiiient of the prei-niums thereon shall 5 _5 0_34 tS I be deposited with Landlord prior to the Lease Commencement Date, and annually prior to each expiration of such insurance policies required to be maintained hereunder. Tenant and Landlord shall', at Landlord's written request, annually review in good faith the insurance maintained under Section 8.01 hereof as to its adequacy. In addition, but not more frequently than once every five years during the Term, Landlord may at its expense obtain the opinion of an insurance consultant as to whether or not the insurance being maintained is customary with respect to similar uses by municipal corporations and is adequate (when considered together with applicable deductibles) to protect the personal -oroperty and the Land. The Landlord and Tenant shall in good faith. discuss the need for any additional insurance recommended by such consultant. 8.04 " , La n If any part of the Improvements shall be damaged or destroyed by fire or any other casualty, Tenant shall, within a reasonable time after the date of the damage or destruction, which shall not exceed ninety (90) days, at its cost, commence necessary ition of the repair or restorations of the Improvements to a state equal to or better than the condi * same immediately prior to the damage or destruction. Net insurance proceeds received by Tenant, shall be disbursed to Tenant for such purpose. However, under no circumstances shall the occurrence of a fire or other casualty to any improvements or any personal property located on the Land ve either party the right to terminate this Ground Lease, and neither Rent nor other charge gis shall be reduced or abated following damage or destruction or during the period of repair, restoration or rebuilding. 8.05 Indeinnificatim, by, Ten,anl. Tenant shall, at all times during the Term, be in exclusive control and possession of the Land as provided herein, and Landlord shall not in any event whatsoever be liable for any injury or damage to any property or to any person happening on or about the Land, nor for any injury or damage to any property of Tenant, or of any other person contained or located thereon or therein except such injury or damage as may be caused by the intentional acts of Landlord or any of the Landlord Protected Parties. Subject to the preceding sentence, Tenant shall indemnify, defend and save harmless the Landlord Protected Parties frorn all claims, demands, actions, causes of action, suits, judgments, liabilities, losses, damages, costs, or expenses (including court costs and reasonable attorney's fees) incurred by or asserted against the Landlord Protected Parties, or any of them, whether for property damage, personal injury or otherwise, which arise out of Tenant's use and occupancy of the Land or out of any other act or ornission of Tenant or its agents, ernployees, or iiivitees,, at any tirne. All provisions of this Section 8.05 shall Survive the expiration or terrmnation of the Lease and Landlord's sale or other traiisfer of the Land. ARTICLE, IX 9.01 Definitions. The following definitions apply to a taking of or damage to all or any part of the Land or any interest therein or in the improvements located thereon by eminent domain or condernnation. (a) "Taking" means the taking or damaging, including severance damage, by eminent domain or by condemnation or for any public or quasi -public use under any statute, whether the transfer of title results from (i) the recording of a final order in condemnation or (ii) a voluntary transfer or conveyance to the condemning agency or entity under threat of 550348 1 12 condemnation, either (A) in avoidance of an exercise of eminent domain or (B) while condemnation proceedings are pending. The Taking shall be considered to occur as of the later of the date of recording of such final order or the date actual physical possession is taken by the condemnor. (b) 11,71"'otcal, means the Taking of the fee title to all the Land. "Substantial, Tack,, mir" means the Taking of the fee title to at lea st twenty- (C) 4_L five percent (25%) of the Land if in the reasonable opinion of the Tenant, such Taking prevents or impedes Tenant in the operation of the Land for its intended purpose on a feasible economic basis. (d) "Partial Taking" means any Taking of the fee title to the Land that is not either a Total Taking or a Substantial Taking. (e) "Nio'tice* Taki"'tig" means any notice or notificati11n. expressing an existing intention of Taking, as distinguished from a mere preliminary inquiry or proposal. It includes, but is not limited to, the service of a condemnation summons and complaint on a party to the Ground Lease. The Notice of Intended Taking is considered to have been received when a party to the Ground Lease receives from the condeagency or entity a notice of intent to take mning , in writing, containing a description or map of the Taking reasonably defining the extent of the Taking. 0 "Award" means compensation paid :for the Taking whether pursuant to judgment or by agreement or otherwise. 9.02 N()Iice of Takitrig: Representat l 0111. (a) Notice. The party receiving any notice of the kinds specified below shall promptly give the other party notice of the receipt, contents and date of the notice received: Notice of Intended Taking-, (ii) Service of any legal process relating to condemnation of the Land; (iii) Notice in connection with any proceedings or negotiations with respect to such a condemnation; or Div) Notice of intent or willingness to make or negotiate a private purchase, sale, or transfer in lieu of condemnation. (b) Re resentation. Landlord, and all persons and entities holding under Landlord, and Tenant, and all persons and entities holding under Tenant, shall each have the right to represent their respective interests in each proceeding or negotiation with respect to a Taking or intended Taking and to make full proof of such party's claims. No agreement, settlement, sale, or transfer to or with the condemning authority shall be made without the consent of Landlord and Tenant. Landlord and Tenant each agree to execute and deliver to the other any instruments that 550348-11 13 may be required to effectuate or facilitate the provisions of the Ground Lease relating to condemnation. 9.03 'rotal Ta�k t� Upon the occurrence of a Total Taking, the Ground Lease shall terminate as of the date Tenant is deprived of possession of the Leased Premises, and the Award, whether separately granted or as part of a unit award, shall be allocated between Landlord and tenant based upon the then fair market value of their relative interests in the Land. Subject to the terms and conditions set forth above, the valuation of Landlord's and Tenant's interests in this Ground Leasetherefore, in an Award, shall be mutually areed upon by Landlord and Te gnant. 9.04 Subistaritial T'ak!!ig. Upon the occurrence of a Substantial Taking, Tenant shall have the option to terminate the Ground Lease by giving written notice thereof to Landlord not later than sixty (60) days after the date of the Taking. If Tenant does not elect to terminate the Ground Lease, such Taking shall be deemed a Partial Taking. If Tenant elects to terininate the Ground Lease, the Award shall be allocated in the same manner as set forth in Section 9.05 ' Partial Takipg. In the event of a Partial Taking, the Ground Lease shall terminate only as to the part of the Land so taken and shall continue in full force and effect with respect to the part not taken, without abatement, reduction or other effect upon the Term or the obligation of Tenant to pay in full the Impositions and other sums to be paid by Tenant. Following any Taking, Tenant shall restore, repair, or rebuild any improvements on the Land to bring the remaining improvernents into compliance with Legal Requirements. 9.06 'Ternp) n. If all or any portion of the Land is taken for temporary use or *ccupancy, the"Ground Lease shall continue in full force and effect without reduction of any Rent or other charges payable to Landlord. Tenant shall be entitled to make claim for, recover and retain any Awards recoverable in respect to such Taking, except that if such Taking shall be for a period extending beyond the expiration of the Term of the Ground Lease, Landlord shall be entitled to receive such portion of the Award as shall. be attributable to the portion of such period occurring after expiration of the Term. 9.07 Separate Claims. Nothing contained in this article shall prevent Landlord or Tenant fi-on-i filing or prosecuting separately their respective claims for the taking of their personal property or for moving expenses. ARTICLE X ..... ........ ..................... 10.01 Bindio�a Effect. The Ground Lease shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigDS. 10.02 A, Except as expressly set forth below, Tenant shall not, without the prior written consent of Landlord, which consent -Landlord may withhold in its sole and absolute discretion, (i) assign, transfer, mortgage, pledge, hypothecate or encumber or sub' ect to or permit to exist upon or be ected to any lien or che, this Lease or any interest tinde argr it, 9 (ii) allow to exist or occur any transfer of or lien upon this Lease or the Tenant's interest herein by 14 .................. W W W IF ARTICLEXi MORTGAGES 11-01 Lx- aseliold Moqjja,. Tenant shall not at any time permit any leasehold mortgage to be placed upon the Land. ARTICLE X11 1.2.01 Events.of Default. The following shall constitute "Events of Default": (a) MatLaiy Tenant shall fail to pay.Rent at the time required, any Imposition or any other monetary obligation, payment or deposit required under this :'ground Lease when due, and such failure shall continue for a period often (1. 0) business days following written notice from Landlord to Tenant; or (b) Nori-1111. et-11 ril,'iance. Tenant shall fail to observe or perform ally of the other material covenants, terms or conditions contained in the Ground Lease, and such failure shall continue and not be cured for a period of thirty (30) days after written notice by Landlord to Tenant, provided that if the default is not reasonably capable of being cured within thirty (30) days, an Event of Default shall occur only if the Tenant fails promptly to commence such cure or fails thereafter diligently to pursue such efforts to completion.; or Bankruptcy; Receivership. (i) Tenant files a petition in bankruptcy or for reorganization, arrangement or other relief pursuant to any present or 'future f d era l or state bankruptcy law or under any similar present or future -federal or state law, or is adjudicated a bankrupt or insolvent, or an order for relief is entered against it, or makes all assignment for the benefit of its creditors, or admits in writing its inability to pay its debts generally as they become due, or if a petition or answer proposing the adjudication of Tenant as a bankrupt or a reorganization of Tenant under any present or ffiture -federal or state bankruptcy law or ally similar �503349-11 15 present or f uture federal or state law is filed in any court and such petition or answer is not discharged or denied within sixty (60) days after the filing thereof, or (ii) a custodian, receiver, trustee or liquidator of Tenant or all or substantially all of the assets of Tenant is appointed in any proceeding brought by or against Tenant and is not discharged within sixty (60) days after such appointment or Tenant consents to or acquiesces in such appointri-lent, or (iii) all or a substantial part of the assets of Tenant are attached, seized,, subjected to a writ or distress warrant or are levied upon, unless such attachment, seizure, writ, warrant or levy is vacated within sixty (60) days. 12.02 U on an Event of Del.", ult. Subject to the provisions of Article 10 P_ X11, upon the occurrence of an Event of Default by Tenant, or at any time thereafter during the continuance of such Event of Default, Landlord may take any one or more of the following actions and shall have the following rights against Tenant: (a) Termination. Landlord may elect to terminate the Ground Lease by giving no less than thirty (30) days' prior written notice thereof to Tenant and UP011 the passage pecified in such notice, this Ground Lease, the estate hereby granted and all rights of Tenant hereunder shall terminate as ffilly and coi-npletely and with the same effect as if such date were the date herein fixed for expiration of the Term, except that Tenant shall remain liable as provided in Sectiot) 'I 2.,QL . (b) Curre'lit, DaiijgM, In the event of any termination of this Ground Lease by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord the Rent and other sums required to be paid by Tenant for the period to and including the date of such ten-nination or repossession. Thereafter, until the end of what would have been the Term in the. absence of such termination or repossession,, and whether or not the Land or any part thereof shall have been relet, Tenant shall pay to Landlord as liquidated and agreed current damages the Rent and other sums which would be payable to Landlord under this Ground Lease for the remainder of the Ten-n by Tenant in the absence of such termination or repossession, less the proceeds, if any, of any reletting, after deducting from such proceeds all of Landlord's expenses reasonably incurred in connection with such reletting (including, without firnitation, all repossession costs, brokerage commissions', legal expenses, attorney's fees, employee expenses, alteration costs and expenses of �y preparation for such reletting). Tenant will pay such current damages on ® days on which Rent would have been payable under this Ground Lease in the absence of such termination, and Landlord shall be entitled to recover the same from Tenant on each such day. (c) Rights Cumulative, Non -Waiver. No right or remedy herein conferred upon or reserved to either party hereto is intended to be exclusive of any other riht or rernedy, and each g and every right and remedy shall be cumulative and in addition. to any other right or remedy given hereunder or now or hereafter existing at law or in equity or by statute. In addition to the other remedies provided in this Ground Lease, each party shall be entitled, to the extent permitted by applicable law, to injunctive relief in case of the violation or attempted or threatened violation of any of the covenants, agreements, conditions or provisions of this Ground Lease, or to a decree compelling perfori-nance of this Ground Lease, or to any other remedy allowed at law or in equity. (d) Landlord's Ri,ght to Cure. If Tenant fails to pay any Impositions, Utilities charoes described in Article VII insurance premiums described in Article VIII. the cost of any of the repairs or maintenance required to be made by Tenant pursuant to the Ground Lease or any other charges, costs or expenses required to be paid under the Ground Lease, then after (living tl I ��031 4 8 1 16 Tenant notice and opportunity to cure as required by Sections, 12.01 or, 12.021, Landlord shall have the right, but not the obligation, to make all such payments or to perform such repairs or maintenance and to pay the cost thereof, and in addition to its other remedies under this Article X11,, Landlord shall have the option of requiring Tenant to repay to Landlord the arnount of such payments (which shall be deemed additional Rent hereunder) on demand with interest after demand at a rate per annum (the "Default Rate") equal to two percent (2%) plus the prime rate (also known as the base rate or reference rate), as published from time to time in , "I"he Wall S.Irpet Journal or such other reasonably equivalent index which may then be available, as liquidated damages. (e) Late Nayment D fault Rate. If Landlord does not receive payment of any installment of Rent,, any Imposition or any other sum required to be paid by Tenant to Landlord hereunder within ten (10) business days after notice to Tenant of the delinquency, such sum shall, in addition', bear interest at the Default Rate form the due date until the date paid. 0 shall (f) Maximum Rate. Nothing contained in Sections be construed to require Tenant to pay interest in excess of the maximum rate permitted by law. if the Default Rate or late charge is deemed usurious, then the rate specified in said Sections shall be reduced to the maximum lawful rate. (g) Landlord's Lien. Landlord shall have a lien against Tenant's leasehold estate, the improvements constructed by Tenant and all. property of Tenant located on the Land to secure any obligations of Tenant to Landlord arising pursuant to the provisions of this Ground Lease 12.03 ' Tenant's Rights Upon an Event of Default. In the event of a default by Landlar in its obligations pursuant to this Lease, Tenant's remedy and right of recovery with respect t I money damages shall be limited to Landlord's interest in the Land. I 12.04 No -1molted Walver. The failure of either party to insist upon strict perf*ormance of any of the covenants or conditions of the Ground Leas or to exercise any option herein conferred in any one or more instances shall not be construed as a waiver or relinquishment for the future of any such covenant, condition, or option, but the same shall be and remain in full force and effect. The receipt by Landlord of any Rent or any other sum payable hereunder with knowledge of the breach of any covenants or agreements contained herein shall not be deemed a waiver of such breach. A R "' T 11 C., LjL.,, MISC,El,,LANEOUS,f��IROV'IS�IONS, E-3. 0 1 Access, bvI,ellflcllorcl. Landlord or Landlord's agents, representatives or employees shall have the right at any time upon at least twenty-four (24) hours' verbal notice (except in eas emergencies or suspected emergencies, in which case only such noticeible any., as may be f' under the circurnstances shall be required) to enter upon the Land for the purposes ofinspecting the sa�me, determining whether Tenant is complying with this Ground Lease, curing (as permitted herein) any de -fault by Tenant (except in the case of an emergency or suspected emergencies threatenin,(,,) in.Jury to a person or Land, in which case no notice is necessary), and, during the last 5503491 17 two (2) years of the Term, showing the Land to prospective tenants. Landlord shall notify Tenant in writing in the event of any such non-compliance. 13.02 "' Brokcrs' Fees. T enant represents that Tenant has dealt with no brokers in connection with this Lease and Tenant agrees to indemnify and hold Landlord harmless from all damages, liability and expense (including reasonable attorneys'fees) arising from. any claims or demands of any other broker or brokers or finders for any commission alleged to be due such broker or brokers or finders in connection with its having introduced Tenant to the Land or participating in the negofiation with Tenant of this Lease. Landlord represents that Landlord has dealt with no brokers rom in connection with this Lease and Landlord agrees to indemnify and hold Tenant harmless f all damages, liability and expense (including reasonable attorneys' fees) arising from any claims or demands of any other broker or brokers or finders for any commission alleged to be due such broker or brokers or finders in connection with its having introduced Landlord to the Land or participating in the negotiation with Landlord of this Lease. 13.03 Gender and Number. Words of any gender used in the Ground Lease shall be held to include any other gender, and words in the singular shall be held to include the plural, when the sense requires. 13.04 Notices. Notices, statements and other communications to be given under the terms of the Ground Lease shall be in writing and sent by fax, certified or registered mail, or by commercial courier, return receipt �requested, and addressed as follows: Mount Prospect Public Library 10 South Emerson Street Mount Prospect, IL 60056 Attn.- Executive Director Su Reynders, Fax: 847-253-0642 Voice: 847-253-5675 12P 0�= Mark Ritzman c/o Peregrine, ,time, Newman, Ritzman & Bruckner 221 E. Illinois Street P.O. Box 564 Wheaton,, IL 60187 Attn: Mark Ritzi-nan, Esq. and Roger Ritzman, Esq. Fax: 630-665-1900 Voice: 630-665-0407 )nr.com, Email: mr i tznLan Lct) X,sni-b.com and rritzri"u,"tn sb 550349_1 18 Village of Mount Prospect 50 South Emerson Street Mount Prospect, IL 60056 Attn: Village Manager Michael Cassady s, tp, _Lic,c rul 847-392-6000 wit n cQlly , o, --I— Klein, Thorpe & Jenkins, Ltd. 20N. Wacker Drive Suite 1660 Chicago, IL 60606 Attn: Lance Malina lemal'ini(ii),,,ktlaw.cot-n 3 12-984-6420 or at such other address or by such other acceptable means as from time to time designated by the party receiving the notice in accordance Frith the procedures set forth herein. The effective date of such notices shall be the date such notices are received or refused by the party to whom the notice is given. Proof of successful delivery or transmissi.on shall be provided upon request. 13.05 A p- J,)Iete,w. The iflbann laws of the State of Illinois applicable to agreements fii e a,, , , , ,a %..�AAA made or to be performed in Illinois or to Land located in that state shall governthe validity, performance and enforcement of the Ground Lease. 13.06 flartial lnya��,id' n I _�itr- r- If any provision of the Ground Lease shall be invalid or unenforceable it shall not affect the validity of any other provisions of the Ground Lease so long as the enforcement of such other provisions is not materially inconsistent with the parties' intent as expressed in this Ground Lease. 13.07 Rec rdin . Landlord and Tenant will execute for purposes of recordation in the appropriate recording off -ice a memorandum or short form of the Ground Lease containing the names of the parties, a description of the Land, the Term, and such other provisions as either party may reasonably require. Each party agrees that it will not record the Ground Lease in its entirety. 13.08 1 n ter r an. Headings as to the contents of particular sections herein are inserted 2 X " � only for convenience and are in no way to be construed as a part of the Ground Lease or as a limitation on the scope of the particular section to which they refer. The parties hereto acknowledge that each has been represented by competent counsel in the review and negotiation of this Lease and that the theory of construction construing the Lease against the drafter thereof shall be disregarded. 13.10 :Binding Effect. The covenants, conditions and agreements contained in the Ground Lease shall bind-7 apply to and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 13.11 No Part tierstv'ip. It is expressly understood that Landlord shall not be construed or held to be a partner of Tenant and that the relationship between the parties hereto is and shall at all times remain that of landlord and tenant. 13.12 Est elwwwwww Certificates. At any time and from time to time within fifteen 0 5) days 5 5 0 34 1 19 after the request of the other party, but not more frequently than twice per year, Landlord or Tenai acknowledcre and deliver to the other party, a certificate certifying: will execute, t) I I (a) That the Ground Lease is unmodified and in full force and effect (or, if there have been modifications, that the same is in full force and effect as modified and stating such modifications); (b) Whether there are any existing defaults by the other party, to the knowledge of the party making such certification, specifying the nature of such defaults, if any; (c) Whether the Lease Commencement Date has occurred and, if so, the dat I" (d) Such other matters as may be reasonably requested. 0 13-13 HoldLm,,, 0,ver. The Ground Lease shall terminate without further notice at expiration of the Term. Any holding over by Tenant or any party claiming by, through or under Tenant after expiration shall not constitute a renewal or extension or give Tenant any rights in or to the Land. In the event of any holding over, Landlord may exercise any and all remedies available to it at law or in equity to recover possession of the Land and for damages. If the holding over occurs at the expiration of the Term or by reason of a termination by mutual agreement of the parties, and continues in excess of thirty (30) days, Landlord may, as an alternative remedy, elect that such holding over shall constitute a renewal of this Ground Lease for one (1) year, and upon all of the other covenants and agreements contained in this Ground Lease. 13.14 Time is ofthe Essence. Time is of the essence in this Ground Lease,, 1 -3. 15 Transfer and Leasehold Taxes. Tenant shall pay any transfer or leasehold taxes imposed by any governmental authority in connection with this Ground Lease or the recordation of the memorandum provided hereinabove. 13.16 E enses and Fees. if legal action be brought in a court of competent jurisdiction by either party hereto arising out of or conceming the Ground Lease or the rights of any party hereto, the prevailing party in said action shall be awarded reasonable attorneys' fees and court costs from the non -prevailing party. Tenant agrees to pay on demand Landlord's expenses, including reasonable attorneys' fees, expenses and administrative hearing and court costs incurred either directly or indirectly, in curing any default by Tenant, in terminating this Ground Lease or repossessing the Land, in connection with appearing, defending or otherwise participatiffi-T in any t) action of action or proceedinor arising from the filing, imposition, contesting, discharging or satisf any lien or claim for lien, in defending or otherwise participating in any legal proceedings initiated by or on behalf of Tenant wherein Landlord is not adjudicated to be in default under this Ground Lease, or in connection with. any investigation or review of any conditions or documents in the event Tenant requests Landlord's approval or consent to any action of Tenant which may be desired by Tenant or required of Tenant hereunder. 1-3.17 Covenants to Rt,in with the Land. All the covenants'. agreements, conditions anu undertakings contained in tills "round Lease shall extend and inure to and be binding upon the 53 4 20 successors and assigns of the respective parties hereto the same as if they were in every case name . 111"I and shall be construed as covenants running with the land, and wherever in this Uround Leas rderence is made to either of the parties hereto, it shall be held to include and apply to, whereve and whenever applicable, the successors and permitted grantees and assigns of such party the sam as if in each and every case so expressed. 1.3.18 Entire Agre r , The Ground Lease contains all the agreements and conditions made between the parties hereto with respect to the matters contained herein and may not be modified orally or in any other manner than by an agreement in writing signed by all the parties hereto or their respective successors. All prior written and oral understandings and agreements shall be deemed tohave merged into ® Ground Lease and have no further force and effect. 13.19 Coutiterparts. This Ground Lease may be executed in counterparts,, each of which shall be deemed to be an original and all of which shall, when taken together, constitute but one and the same instrument. The parties hereto have duly executed the Ground Lease as of the date and year first hereinabove written pursuant to proper authority duly granted. ARTICLE XIV ENVJROINMI�NTAJ, CONDITIONS 14.01 Definitions. As used in this Ground Lease, the following definitions shall apply: (a) "Environmental Claims" shall. mean all notice letters, inquiry letters. investigations, notices of violation, orders, claims, demands, suits or judicial or administrative actions under any Environmental Requirements. (b) "Environmental Requirements" shall mean. all present and future laws rules, regulations, ordinances, codes, policies, guidance documents, approvals, plans, authorizations, licenses or permits relating to human health, pollution or protection of the environment issued by any government authority. (c) "Environmental Expenses" shall mean any liability (including; strict liability), loss') cost, penalty, fine, punitive damages, encumbrance or expense relating to any Environmental Claim or Environmental Conditions or incurred in compliance with any Environmental Requirements, including, without limitation the costs of investigation, cleanup, rernediation, monitoring, corrective removal or other responsive- action; compliance costs, settlement costs and related legal and consulting fees and expenses. (d) "Hazardous Materials" shall mean any substance that is defined as a "hazardous substance", "hazardous waste", or "hazardous material" or term of similar meaning under any Environmental Requirements. including petroleum, heating oil, crude oil. and any fraction thereof" and any natural or synthetic oas. L- (e) "Environmental Conditions" shalt mean the state of the environment, 5503481 21 including natural resources (e-cy. flora and fauna), soil, surface water!, ground water, any present or ising out of potthe use ential drinking water supply, subsurface strata or ambient air, relating to or ar' handling, storage, treatment, recycling, generation, transportation, spilling, leaking, pumping, pouring, injecting, emptying, discharging, emitting, escaping, leaching, dumping, disposal, release or threatened release of Hazardous Materials, including, but not limited to, the exposure of persons to Hazardous Materials at the work place or the exposure of persons or property to Hazardous Materials migrating or otherwise emanating from, to or located at, under or A the Land. 14.02 Tenant' s Construction. Tenant acknowledges that there is an underground storage tank currently located on the Land and that Tenant has received copies of all documentation in Landlord's possession with respect thereto. Tenant shall, at Tenant's sole cost and expense, remove the UST in accordance with all Environmental Requirements. In the event that all or part of the Land requires �remediation or other activities pursuant to Environmental Requirements as a result of or in furtherance of Tenant's removal of the UST, demolition or alteration of existing improvements or construction of new improvements on the Land, Tenant, at its sole cost and expense, shall undertake and complete such required remediation or other activities. Notwithstanding the foregoing Landlord shall be responsible for any remediation costs incurred as result of the gross negligence or willful misconduct of Landlord. In addition, Landlord shall cooperate with Tenant with. respect to the removal of the UST, provided same shall be at no cost to Landl.ord. MU F011"WHINIOR 14.04 Landlords; R`)Iij 0 Receive R orts. Correspondence and Studies, Tenant shall forward to Landlord, at the address provided for notices herein, a copy of all reports, studies, data, and communications to or from Tenant or any other person concerning the UST or any Environmental Claims or Environmental Conditions pertaining to the Land within two (2) business days of the date 5 5 0 3 /18 1 22 that such report, study, data or communication was received or prepared by Tenant. Tenant shall make no application with or send any communication to any governmental body or agency concerning the UST or any Environmental Condition pertaining to the Land without Landlord and Tenant first discussing in good faith such proposed application or communication. Landlord shall give Tenant notice and copies of any communications received by Landlord. 14.05 Survival. All provisions of this Article XIV shall survive the expiration or termination *f the Lease and Landlord's sale or other transfer of the Land. 5503481 23 MOUNitI ROSIP't TUBLIC LIBRARY By'e�l . ....... .. .. . .... Title: FeAvolm Title. L Date: Li 5503481 24 10 4 �49�eO, a 1 �' " 6e Date: 31,2Z Z,03 1 1 FORT09n lim-TW Za L A K f,, a 'D E f 0 F L, A N. L) PROSPECT BEGINNING AT THE SOUTHEAST CORNER OF SAID LOT "A",- THENCE NORTH 88 DEGREE,S 59 MINUTES 27 SECONDS WEST ALONG THE SOUTH LINE OF SAID LOT 294.78 FEET TO THE SOUTHWEST CORNER THEREOF; THENCE NORTH 00 DEGREES1 SECONDS WEST ALONG SECONDS89.54 FEET; THENCE SOUTH 89 DEGREES 47 MINUTES 36 ' ' TO A POINT ON THE EAST LINE OF SAID LOT"A"'; THENCE SOUTH 00 DEGREES 12 MINUTES 57 SECOND WEST ALONG SAID EAST LINE 93.66 FEET TO THE POINT OF BEGINNING, ALL IN COOK COUNTY, ILLINOIS. 4 l DES,MA,IN A 9 6 0 C I A T S 8 LIFE CYCLE COSTS LIFE -CYCLE REPAIR/MAINTENANCE COSTS (50 YR) Mt Prospect W11age Hall Parking Dock Item UnIt Cost Units Interval Annual Cost Cyclas Inflation Mutt (4) Total C*st Concrete Sealer $.SO/SF 128000 8 Yrs $8,000 6 3.8 $Im4,690200 Sealants 0111) $5.001LF IWOO 10 Yrs $90000 6 Concrete & Nlazovy $2,001SF 128000 Life $5,120 Veew $9720,000 Elevator Rebuild $100,0001 1 20 yrs $6,000 2 Total Repair Costs $270120 I'S jo 0112LO, Llobtino Fixtures $.04/SF 128000 1 Yr $5,120 so $972,000 Elevator Maint. (1) $5,0001 1 1 Yr $5,000 50 $9150tow Gen Wntenanoe (2) $.06/SF 128000 1 Yr $7,680 50 $1 w4 68'o,000, Opereflorial (3) $.25/SF 128000 1 Yr $32W000 50 ";'408104'0010 Total Opora,ling Costs $%4601,000 Notes (1) Annual sormice contract plus non-c-overed kems (2) Indudes: sweeping.washdowns,resWpIng & misc paInIng, ex0guisher replacement Ian dacape/sIte repa1r. (3) lndudw. willtles,, Insurance. admin costs, snowplowing, landscape maint, spdnklertestmt taxes (excludes security) (4), Based on 4'Yo/Yr inflaUon 5503481 26 THE BOARD OF TRUSTEES OF THE MOUNT PROSPECT PUBLIC LIBRARY r��G I ARTICLE X -----~-~~—_,______~_~____.,__~__~..~__~___~~~_~~.~~______~~^~~_______.__~ � (�K�AI�T ------~~ ~^.---~^---------~-~--^-- ~-~~ -~~^-~---~ --'~^-~~~-~^~-'~-~---'-~-~~~~-~~~--- � 1.01 Grant __--_~-__.__~.~~~~~~.___~__^.__,_______~.~~____~~~~_~~____~_,_~~~~_ 5 ARTICLE 10 ----___-~_-~_-_____--..~__.'_~~_~~-~--.-__-.-^.~^~---_-_~.^~~.~~--~~-.—_.~_- � CONDITION—...-,..__,....... _~_-.-~____~---~~~~_-- I'm __.__~—_--_~~-~~~~~-~~--~--^^-~^^--- 5 2.03 Condition of Land and Improvements ..... -~~~~~___ RIM ~_~~~~~~---- WWII _~'~~----~~~ 5 2.02 Condition of Title and Survey .................. ___~~~~~~~,.-~,~_—___-~.~~-~~~__-.___-~_~_ 5 ARTICLEIII .................................................................... ~'~-~_._.~~~~~~~~~'~-_---~~^~~,.~~~~-~--___ 6 TED��--------------------------~~~^~ '~------^~~~~~^~~~~------~~~~~~-~--- � 3.01 Initial Term ................................................ 6 3'02 Option to Extend ............................................... ~~~~~__~______ MR. ~,__~.,_~~.,~,~,,~~___ 6 3.03 Lease Commencement Date .................... ~.__._ WIN— ~~~ MR, _______~~,~~_._______,~~_ 6 �� ---------------~~ ~--~--- -^'~~~~^-~-'----~-~~^~~—~~~---~-R. ~~~~~----- 6ARTICLE RENT ---.----------''~~^--~^---~^----------~~~~~--`—~--~-~~~~^-----'~^~~~~~^-^~- � 4.01 Annual Base Rent ......... 6 4.02 Net Lease ................... .......... -~~`~--- awl* PRIM* ----~^'-~~--'^~-~'~~--~-^~~^-~~------ 6 � 7ARTICLE��------------~'~~------~-~~~~~~~'-~----^--~~~--------~~~^^---~�-~-~^~~-~~ USE AND OCCUPANCY ................. 7 5.01 Quiet Enjoyment _________~_~___~_-_,.~.~~~_~..____~~.^~^~~^.~_~^___~_~~~~~~~~__ / 5]02 Use ---------.~.~~.~~~~~___..-~~-________~-~-~-~~-~___~~~~.~~~-~--~__^-~~-^.~-~~ � ARTICLE VI .................................... 7 IMPROVEMENTS;PERFORMANCE S; LIENS;MAINTENANCE: COMPLIANCE: SLJl�l�ENl�ER ---------------------------''---^'~~~-- � 6.01 eo1s------------_------_--__—___—_..~,_-,____ � 6.02 Performance Standards ................................................................................. _____8 . 6.04 ��auz�naoce--------_--__—_________________..~____~.,_ � 6.85 Compliance with Legal ' --__—__—___—__—___..~_~~_~~~~_9 6.06 Surrender ........................................................................................................................ 9 ARTICLEVII.................................................................................................................................. 9 IMPOSITIONSAND UTILITIES .............................................................................................. 9 7.0I Impositions Defined ................................................................................... -~---- 9 7.02 Payment ofImpositions ............................................. -~_~~~~~~_-_-,-.~... IN, ~~'~-_—.I0 7.D.3 Landlord's Right to Pay Taxes ..................... ....... ~-^__^-~~_____........... _.'~—.. IO 7.84 Utility Payments .............................................. ~~~~~~_-.--.II 7.85 InterruptionofUtilities ................... .......... ~_. AT, ___ I'm ~~~~~~-~____-_........ ]l ARTICLEVIZ8.......................................................................... .~.^~-^~~~-~~~_,~____~.~_,.~~~.~__--Il INSURANCE AND DAMAGE AND DESTRUCTION ..................... 11 8.0I Public Liability And Worker's Compensation Dnmurauce—_____-~-~-.~~~~~_-- 11 8/02 Property Insurance ------.._--____~~,-~-.-'-,-_~.~_.~,~~~~.~-~__~~-^.__~^..-~~—.. 11 8.03 Form and Amount ofKnsorance-.-~.~.~~_~__-_MR, ..~-~~~-~~-~_______WT. ~~.,,,-_—. 11 8.04 Damage or Destruction ................. ._-_..~_~~~~~~~-~~,-,~___~.^_~~~,~~~~.~_.__.-~~_... 12 8.05 Indemnification by Tenant ....... .-._-~..__.__..~~...~.-._...~--__~..~^.-~~~~~~._-___—.. 12 ARTICLEIX ................ ........... .............. ... '--~-------'--~~~~~~~~~-~-~---~~—~-~~~~~~~~-^---- 12 C....................................... -_.__~~_~~~~~~~~-',__'~_~^~~_~__-_-___~~~~—.. 12 9.0I Definitiounm------.-------__~~,,~~___________~_~~,.---_~.~_~~.~~~~-~,-~—.. 12 9.02 Notice of : ' _,_____._,~~~,~.~__,_,___,___~~~~~~~~~______—.. 13 9.83 Total Taking ................................. ~~~.~-___-~~-^^~~.~~—~~._____.~~~.~~~_.~~~__.^...... 14 9.04 Substantial Taking' ....................... 14 9.05 Partial Taking ............................... ~~~_~-~-~_^.-~-_____-'--.~-~_~~~~~_.~-,-_-~—.. 14 9.06 Temporary Taking ........................ ___~~__~,____~,_~~~ ON, ~~~,~.~_~~_~_~~_~~_~~____—.. 14 9.07 Separate Claims .................................... -~~~~~~.__________~~___~-_..~_~~~~~,~..... 14 ARTICLEX.................................................................... .......... ~~,~,-~_~_-__-~_.~_~~-~^~~__-- IN. —.. 14 ASSIGNMENT AND SUBLETTING ............... ~.~~..~~-~,___..~~-~_~~~~~.~-~___~.~_~-~~~~~~-~__.. 14 I0.01 Binding Effect .......................................... _... ..... -.~~_'-~____~.~~~~~^~~~~-'___..__... 14 I0.02 Assignments and Subleases ........... ~~-.~..~_~_-~_~__.~..-~-~_______-_~~_~~~-~__-. 14 ARTICLEX1 ..................................................... 15 MORTGAGES............................................... 15 11.01 Leasehold Mortgage ............. ..____~~~_,.-~~~_~_____-'_~~~'~-~_~_— Woo .-~~_~-~. 15 ARTICLEX]y .................................................... -_~.~~_-___-~.~.~,~ IN, ~^~_____~ IN, ~,.-~~'-~-__ 15 DEFAULT............................................................... -_____- WIN .__--~~_,,~___-_~-~~~~__ 15 ARTICLEXI]Z................................................................... .......... ~~~_-.-~_,__.~..-.._—__-__. 17 MISCELLANEOUS PROVISIONS ........................... __-~________—.~__,-____~.~-~...... 17 ]3.0] Access by LandIord--------~.--______~-~________,__~~~~_~_~_____. 17 13.02 Brokers Fees .......... _-__~~_-~~_,__.—___._-__________^~,~_,_.___-^,~.~~~,I8 13.03 —~.~-_-__—_--.. 18 ARTICLEXIV ............ .._---_-~-~-~--------~-~~~~-~-----------'~-^-~~---~~--~~-^~~-^-~~-~--^ 18 ENVIRONMENTAL CONDITIONS ............................... 21 I4.03 Indemnification By Tenant ------__....... 22 14.04 Landlord's Right To Receive Reports .-22 55034811-1 THIS �RENEWED GROUND LEASE (the "Ground Lease") is made as of the day of January 2023 (the "Effective Date') by and between the Board of Trustees ofthe Mount Prospect Public Library (the "Landlord"), having a principal business address at 10 South Emerson Street, Mount Prospect, Illinois 60056, and the Village of Mount Prospect (the "Tenant"), having a principal business address at 50 South Emerson Street, Mount Prospect, Illinois 60056. RECITALS A Landlord is the owner of fee title to certain land and improvements commonly known as 30 South Emerson Street, Mount Prospect, Illinois ["Emerson Street Parking Deck"] and legally described in Exhibit A attached hereto (the "Land"); and B. The parties hereto desire to enter into a ground lease pursuant to which Landlord will lease the Land to Tenant and Tenant will acce. pt the same from Landlord. In consideration of the Recitals and the mutual covenants hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, Landlord and Tenant hereby agree as �follows: [#I LUA k'j I 1.01 Grant. Landlord hereby leases to Tenant the Land and all easements and appurtenances belonging to or in any way pertaining to the Land, and Tenant hereby accepts the same, in accordance with the terms and conditions hereinafter set forth. ARTICLE 11. 2.01 Condition of Land and Improyernents. The Land is leased to Tenant in its "as �is" "where is" condition. Landlord shall have no obligation to perform any improvements, alterations, aWitions I repairs or replacements thereto or to obtain any other licenses or permits. - 2.02 Co(ti,d1tion of Title and Landlord shall furnish to Tenant upon or before execution and delivery of this Agreement by Tenant copies of any surveys, title policies or other title evidence in its possession covering the Land. Tenant may in its sole discretion, order a title I interest in commitment for an ALTA leasehold title insurance policy insuri�ng Tenant's leaseho d * the Land with extended coverage over the printed general exceptions and an endorsernent insuring any access easement that may be necessary to use the Land as contemplated by this Agreement. The title commitment and policy shall be subject only to normal and customary exceptions, and 550349.111.1111 such other exceptions as Tenant may approve in writing (all of which are herein referred to as the "Permitted Exceptions"). Tenant shall pay the cost of such title commitment and policy. ARTICLE III 3.01 Term. The term of this Ground Lease shall commence on the Lease Commencement Date set forth in Section 3 ).02, and shall continue for a term of twenty (20ears (the "Term"), unless sooner terminated as provided herein. 3.02 Option to Extend. Provided that no Material Event of Default has occurred and is continuing, Tenant shall have the option to extend the Term for up to five (5) additional if at all consecutive periods of twenty (20) years each. Tenant shall exercise the option. to extend, in Tenant's sole and absolute discretion, by sending written notice to Landlord not less than 90 i.ays prior to the then -current expiration date. 3.03 Lease Commencement Date. The Ground Lease shall commence on the Effective Date (the "Lease Commencement Date"). ARTICLE IV 4.01 Annual Base Rent. Commencing on the Lease Commencement Date, and on each anniversary thereafter throughout the Term, Tenant shall pay to Landlord, in cash or cash equivalents, at the address provided for notice to Landlord, or at such other place as Landlord may from time to time hereinafter designate to Tenant in writing, annual base rent of One Dollar and No/100 ($1.00) ("Rent"), it being understood and agreed that Tenant shall not charge any of Landlord's patrons and staff for the use of the Parking Facility. Payment of Rent shall be in the form of a resolution and shall appear on the agendas of both Landlord and Tenant annually. Notwithstanding the foregoing, in the event that Tenant shall institute any charge, fee or other required payment to patrons using the Parking Facility on a pay per park basis, Tenant shall pay to Landlord, on a quarterly basis, fifty percent (50%) of the net receipts (as hereinafter defined) with respect to the portion of the Parking Facility located on the Land as measured by square -footage. Net Receipts shall be defined as the dollar amount of actual receipts, whether by cash, check, credit card, charge account for access to or services rendered with respect to the Parking Facty on a pay per park basis, less annual life cycle and maintenance costs ("Life Cycle Costs") set forth on Exhibit B attached hereto and made a part hereof. 4.02 Ne t I ease. Rent payable hereunder shall be net to Landlord, so as to yield to Landlord the Rent specified herein during the Term and all costs expenses and obligations of every kind and nature whatsoever relating to the Land (including, without limitation, Life Cycle Costs and Impositions as defined in Section 7.01) or are imposed upon or are to be performed by Tenant as provided hereunder shall be paid by Tenant. Tenant shall also pay, WithOLIt notice or demand, and Wit]IOLIt abaternent_ deduction or set-off. in addition to Rent. all sums, taxes, assessments, Utility expenses,, costs and other payments which Tenant in any of the provisions of this Ground Lease agrees to pay, and in the event of any non-payment thereof, such non-payment shall be deemed a non-payment of 5 503481 6 Rent due herein der, and Landlord shall have all the rights and remedies provided for herein or by law in the case of non-payment, of Rent. ........... U An M 1� ...... ...... - 5.01, E Q L! i 1 e, t JQYP�i,etlt. Sub ect to Se,cfi(.,),,.n,, 13.01'. Landlord agrees that, so long as this Ground Lease remains in effect and Tenant is not in default of its obligations hereunder, Tenant shall quietly hold, occupy and enjoy the Land throughout the Term without any hindrance, ejection or molestation by Landlord or anyone claiming by, under or through Landlord. ARTICLE VI 'IMPROVEMENTS: PERFORMANCE S,J-ANDARD�j: L I �EN S -._M,A IN "FEN A"N`(."E1 COMPLIANCE.- SURRENDF.R. 6.01 Subject to Landlord's prior written consent, which consent shall not be unreasonably withheld conditioned or delayed, Tenant shall have the right, at any tirne and from tirne to time; to (i) erect, construct, and install oil the Land improvements and equipment; (6) make alterations, additions to any improvements, or any part thereof Hereafter erected, constructed or installed oil the Land; and (iii) repair, replace or remove improvements, equipment and structures, provided that none of the foregoing actions shall materially reduce the fair market value of the Land or have a material adverse effect oil Landlord's Facility. All costs Incurred by Landlord in employing Landlord's Consultants in connection with any review of the foregoing plans, specifications and permits with respect to .Integration With and impact oil Landlord's Facility (not Including scheduled, routine or emergency rnaiiitenaiice and repairs to the Parking Facility) shall be reimbursed to Landlord by Tenant promptly followinc), presentation of an invoice therefor. The cost of Landlord's Consultants' review shall not exceed Two 1-11OLisaiid Five Hundred and No/100 Dollars ($2,500.00), to be adjusted in accordance with the CPI for Chicago as annually published by the U. S. 5503481 7 6.02 Performance Standards. All improvements constructed by Tenant shall be constructed with materials approved for such use by industry standards, in a good and workmanlike manner,, and in accordance with all Legal Requirements. lop Iff a low pal was KTA:W-J MR 6.04 Maintenance. Tenant shall, throughoLit the 'Yerm, at no expense to Landlord, keep the Land in good repair • in • safe, clean, sightly and sanitary condition, in conformity with all 5503481 Legal Requn-ements including, without limitation, all landscaping, maintenance, groundskeeping and snow and ice removal. Landlord shall have no obliclation to maintain or repair the Land t whatsoever. Except as speccally set forth herein, Tenant shall have no obligation to perform landscaping, maintenance, groundskeeping and snow and ice removal on Landlord's Facility. 0 W W IMS1 MOVARK-0 WRIAMMMA LMMIgm 9 ILVJ 9 tv_ WWA 40M 0 6.06 Stit-render. Except as provided in Article IX or X111, Tenant shall, upon termination of this Ground Lease, following good faith discussions with Landlord at once surrender and deliver up the Land and the portion of the Parking Facility located on the Land to Landlord. Pursuant to any such surrender, Landlord and Tenant shall each be prohibited from taking any action that would adversely impact the other's interest in that portion of the Parking Facility located on such party's land. 7.01 Impositions- Defined. As used herein, "Impositions" shall mean real estate taxes, ad valorem property taxes, assessments, -rent taxes, transfer taxes, leasehold taxes, water and sewer rates and charges and other governmental charges.. general and special, ordinary and extraordinary, if any, which are assessed, levied, confirmed or imposed during the Term on the Land. The parties acknowledge that as of the date hereof, the Land is not subject to any impositions. However, if, at any time during the Term, the method of taxation prevailing at the commencement of the Term shall be altered so that any new tax, assessment, levy, imposition or charge, or any part thereof, shall be measured by or be based in whole or in part upon the Ground Lease, the Land, or the rent, additional rent or other incorne therefrom and shall be imposed upon the Landlord, then all such taxes, assessments levies impositions, or charges, or the part thereof. to the extent that they are 550348 1 so measured or based, shall be deemed to be included within the term "Impositions" for the purposes hereof to the extent that such Impositions would be payable if the Land were the only property of Landlord subject to such Impositions, and Tenant shall pay and discharge the same as herein provided with respect to the payment of Impositions. Commencing with the Lease Commencement Date all Qbligatl'.0,11 Ci Impositions which relate to the Land or Tenant's leasehold estate and which shall thereafter be made, levied', assessed or imposed by a governmental authority, if any (regardless of when same may be payable) shall be the responsibility of, and paid by, Tenant. Payment of Impositions shall be made directly to the taxing authority making such levy, and if Impositions may be paid in installments, Tenant may do so. Tenant shall deliver to Landlord copies of the official receipts of such taxing authorities and other proof evidencing -timely satisfaction of Tenant's obligation to pay Impositions, promptly after the receipt thereof by Tenant. Impositions attributable to the Land for the periods prior to the Lease Commencement Date and after the Term (regardless of when same may be payable) shall be the sole responsibility of Landlord. I I WALW 5 IM 9%7XtWAWWJ I MKIW61MM 6 0 5 9 H OLTM 94 M 9 P 7.03 Landlord's Riglit to Pay Taxes. If Tenant has not complied with the terms governing its right to contest set forth in Sect'ion 67.02JI2�, or if Tenant fails to comply'with any other provision of Section 7.02. Landlord may (a) pay any Impositions or other charges made a lien upon the Land after such Impositions or other charges become delinquent or (b) subject to applicable Legal Requirements. redeem the Land from any sale that may be made of the same for such Impositions. Landlord need not inquire into the validity of such Impositions or other charges or any tax sale before making payment as provided in this Section. In the event Landlord makes any payments in accordance with this Section. Landlord shall have the remedies set forth in Article XIII. 550348_1 10 7.04 Util,itv Payments. Commencing with the Lease Commencement Date and continuing throughout the Term, Tenant shall pay or cause to be paid all charges, assessments or truces for gas, electricity, water, sewer, telephone, rail and other utility services incurred in connection with Tenant's use and occupancy of the Land. 7.05 Inte-r ition of tAilit* es. Landlord shall have no liability or responsibility for any loss or damage occasioned 'by any interruption or failure in the supply of any -utility services to the Land or occasioned by any required termination of such. utility services necessary to effect repairs or improvements or occasioned by any other cessation of such utility services for any cause or reason other than any interruptions or failures wholly caused by the intentional acts of Landlord or its ernployees, agents and contractors. Landlord makes no representations or warranties with respect to the availability of electrical power to the Land provided, however, Landlord and Tenant shall work together in good faith to coordinate with respect to electrical power requirements. No such interruption,, termination or cessation of utility services shall relieve Tenant of any of its duties and obligations pursuant to this Lease, including, without limitation, its obligation to pay all. Rent ,2..s aid when the same shall be due. ARTICLE V111 8.01 Public Liability And Worker's Compensation Insurance'. Tenant shall maintain, at its cost, general liability insurance including contractual liability insurance insuring as "named insureds, Landlord and Landlord's trustees,, officers, directors, agents and employees (the "Landlord Protected Parties") and Tenant from all claims, demands or actions made by or on behalf of any person or persons, firm or corporation and arising from, related to or connected with the Land, for bodily injury to or personal injury to or death of any person or more than one person or for damage to property in an amount and in forms currently carried by Tenant or other similarly situated municipal corporations. Said insurance shall be written on an "occurrence" basis and not on a rtcla�ims made" basis. 8.02 Property Insurance. Tenant shall procure and maintain policies of insurance, at its *wn cost and expense, insuring the im - movements and the personal property at any time situated on the Land against loss or damage by fire, lightning, wind storm, hail storm, aircraft vehicles, smoke, explosion, riot or civil commotion as provided by the Standard Fire and Extended Coverage Policy and all other risks of direct physical loss as insured against under Special Form "all risk" coverage. The insurance coverage shall be for not less than 100% of the full replacement cost of the improvements and not less than 90% of the replacement cost of the personal property, all subject only to such deductibles as Tenant shall reasonably determine. Landlord and Tenant shall be jointly named as the insureds and loss payees with respect to any improvements located on the Land. 8.03 Form and Amount of Insurance. All of the aforesaid insurance shall be in companies or oroanizations customarily providinor insurance to municipal corporations. A copy of Tenant's :D � insurance or binder together with satisfactory evidence of payiiient of the prei-niums thereon shall 5 _5 0_34 tS I be deposited with Landlord prior to the Lease Commencement Date, and annually prior to each expiration of such insurance policies required to be maintained hereunder. Tenant and Landlord shall', at Landlord's written request, annually review in good faith the insurance maintained under Section 8.01 hereof as to its adequacy. In addition, but not more frequently than once every five years during the Term, Landlord may at its expense obtain the opinion of an insurance consultant as to whether or not the insurance being maintained is customary with respect to similar uses by municipal corporations and is adequate (when considered together with applicable deductibles) to protect the personal -oroperty and the Land. The Landlord and Tenant shall in good faith. discuss the need for any additional insurance recommended by such consultant. 8.04 " , La n If any part of the Improvements shall be damaged or destroyed by fire or any other casualty, Tenant shall, within a reasonable time after the date of the damage or destruction, which shall not exceed ninety (90) days, at its cost, commence necessary ition of the repair or restorations of the Improvements to a state equal to or better than the condi * same immediately prior to the damage or destruction. Net insurance proceeds received by Tenant, shall be disbursed to Tenant for such purpose. However, under no circumstances shall the occurrence of a fire or other casualty to any improvements or any personal property located on the Land ve either party the right to terminate this Ground Lease, and neither Rent nor other charge gis shall be reduced or abated following damage or destruction or during the period of repair, restoration or rebuilding. 8.05 Indeinnificatim, by, Ten,anl. Tenant shall, at all times during the Term, be in exclusive control and possession of the Land as provided herein, and Landlord shall not in any event whatsoever be liable for any injury or damage to any property or to any person happening on or about the Land, nor for any injury or damage to any property of Tenant, or of any other person contained or located thereon or therein except such injury or damage as may be caused by the intentional acts of Landlord or any of the Landlord Protected Parties. Subject to the preceding sentence, Tenant shall indemnify, defend and save harmless the Landlord Protected Parties frorn all claims, demands, actions, causes of action, suits, judgments, liabilities, losses, damages, costs, or expenses (including court costs and reasonable attorney's fees) incurred by or asserted against the Landlord Protected Parties, or any of them, whether for property damage, personal injury or otherwise, which arise out of Tenant's use and occupancy of the Land or out of any other act or ornission of Tenant or its agents, ernployees, or iiivitees,, at any tirne. All provisions of this Section 8.05 shall Survive the expiration or terrmnation of the Lease and Landlord's sale or other traiisfer of the Land. ARTICLE, IX 9.01 Definitions. The following definitions apply to a taking of or damage to all or any part of the Land or any interest therein or in the improvements located thereon by eminent domain or condernnation. (a) "Taking" means the taking or damaging, including severance damage, by eminent domain or by condemnation or for any public or quasi -public use under any statute, whether the transfer of title results from (i) the recording of a final order in condemnation or (ii) a voluntary transfer or conveyance to the condemning agency or entity under threat of 550348 1 12 condemnation, either (A) in avoidance of an exercise of eminent domain or (B) while condemnation proceedings are pending. The Taking shall be considered to occur as of the later of the date of recording of such final order or the date actual physical possession is taken by the condemnor. (b) 11,71"'otcal, means the Taking of the fee title to all the Land. "Substantial, Tack,, mir" means the Taking of the fee title to at lea st twenty- (C) 4_L five percent (25%) of the Land if in the reasonable opinion of the Tenant, such Taking prevents or impedes Tenant in the operation of the Land for its intended purpose on a feasible economic basis. (d) "Partial Taking" means any Taking of the fee title to the Land that is not either a Total Taking or a Substantial Taking. (e) "Nio'tice* Taki"'tig" means any notice or notificati11n. expressing an existing intention of Taking, as distinguished from a mere preliminary inquiry or proposal. It includes, but is not limited to, the service of a condemnation summons and complaint on a party to the Ground Lease. The Notice of Intended Taking is considered to have been received when a party to the Ground Lease receives from the condeagency or entity a notice of intent to take mning , in writing, containing a description or map of the Taking reasonably defining the extent of the Taking. 0 "Award" means compensation paid :for the Taking whether pursuant to judgment or by agreement or otherwise. 9.02 N()Iice of Takitrig: Representat l 0111. (a) Notice. The party receiving any notice of the kinds specified below shall promptly give the other party notice of the receipt, contents and date of the notice received: Notice of Intended Taking-, (ii) Service of any legal process relating to condemnation of the Land; (iii) Notice in connection with any proceedings or negotiations with respect to such a condemnation; or Div) Notice of intent or willingness to make or negotiate a private purchase, sale, or transfer in lieu of condemnation. (b) Re resentation. Landlord, and all persons and entities holding under Landlord, and Tenant, and all persons and entities holding under Tenant, shall each have the right to represent their respective interests in each proceeding or negotiation with respect to a Taking or intended Taking and to make full proof of such party's claims. No agreement, settlement, sale, or transfer to or with the condemning authority shall be made without the consent of Landlord and Tenant. Landlord and Tenant each agree to execute and deliver to the other any instruments that 550348-11 13 may be required to effectuate or facilitate the provisions of the Ground Lease relating to condemnation. 9.03 'rotal Ta�k t� Upon the occurrence of a Total Taking, the Ground Lease shall terminate as of the date Tenant is deprived of possession of the Leased Premises, and the Award, whether separately granted or as part of a unit award, shall be allocated between Landlord and tenant based upon the then fair market value of their relative interests in the Land. Subject to the terms and conditions set forth above, the valuation of Landlord's and Tenant's interests in this Ground Leasetherefore, in an Award, shall be mutually areed upon by Landlord and Te gnant. 9.04 Subistaritial T'ak!!ig. Upon the occurrence of a Substantial Taking, Tenant shall have the option to terminate the Ground Lease by giving written notice thereof to Landlord not later than sixty (60) days after the date of the Taking. If Tenant does not elect to terminate the Ground Lease, such Taking shall be deemed a Partial Taking. If Tenant elects to terininate the Ground Lease, the Award shall be allocated in the same manner as set forth in Section 9.05 ' Partial Takipg. In the event of a Partial Taking, the Ground Lease shall terminate only as to the part of the Land so taken and shall continue in full force and effect with respect to the part not taken, without abatement, reduction or other effect upon the Term or the obligation of Tenant to pay in full the Impositions and other sums to be paid by Tenant. Following any Taking, Tenant shall restore, repair, or rebuild any improvements on the Land to bring the remaining improvernents into compliance with Legal Requirements. 9.06 'Ternp) n. If all or any portion of the Land is taken for temporary use or *ccupancy, the"Ground Lease shall continue in full force and effect without reduction of any Rent or other charges payable to Landlord. Tenant shall be entitled to make claim for, recover and retain any Awards recoverable in respect to such Taking, except that if such Taking shall be for a period extending beyond the expiration of the Term of the Ground Lease, Landlord shall be entitled to receive such portion of the Award as shall. be attributable to the portion of such period occurring after expiration of the Term. 9.07 Separate Claims. Nothing contained in this article shall prevent Landlord or Tenant fi-on-i filing or prosecuting separately their respective claims for the taking of their personal property or for moving expenses. ARTICLE X ..... ........ ..................... 10.01 Bindio�a Effect. The Ground Lease shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigDS. 10.02 A, Except as expressly set forth below, Tenant shall not, without the prior written consent of Landlord, which consent -Landlord may withhold in its sole and absolute discretion, (i) assign, transfer, mortgage, pledge, hypothecate or encumber or sub' ect to or permit to exist upon or be ected to any lien or che, this Lease or any interest tinde argr it, 9 (ii) allow to exist or occur any transfer of or lien upon this Lease or the Tenant's interest herein by 14 .................. W W W IF ARTICLEXi MORTGAGES 11-01 Lx- aseliold Moqjja,. Tenant shall not at any time permit any leasehold mortgage to be placed upon the Land. ARTICLE X11 1.2.01 Events.of Default. The following shall constitute "Events of Default": (a) MatLaiy Tenant shall fail to pay.Rent at the time required, any Imposition or any other monetary obligation, payment or deposit required under this :'ground Lease when due, and such failure shall continue for a period often (1. 0) business days following written notice from Landlord to Tenant; or (b) Nori-1111. et-11 ril,'iance. Tenant shall fail to observe or perform ally of the other material covenants, terms or conditions contained in the Ground Lease, and such failure shall continue and not be cured for a period of thirty (30) days after written notice by Landlord to Tenant, provided that if the default is not reasonably capable of being cured within thirty (30) days, an Event of Default shall occur only if the Tenant fails promptly to commence such cure or fails thereafter diligently to pursue such efforts to completion.; or Bankruptcy; Receivership. (i) Tenant files a petition in bankruptcy or for reorganization, arrangement or other relief pursuant to any present or 'future f d era l or state bankruptcy law or under any similar present or future -federal or state law, or is adjudicated a bankrupt or insolvent, or an order for relief is entered against it, or makes all assignment for the benefit of its creditors, or admits in writing its inability to pay its debts generally as they become due, or if a petition or answer proposing the adjudication of Tenant as a bankrupt or a reorganization of Tenant under any present or ffiture -federal or state bankruptcy law or ally similar �503349-11 15 present or f uture federal or state law is filed in any court and such petition or answer is not discharged or denied within sixty (60) days after the filing thereof, or (ii) a custodian, receiver, trustee or liquidator of Tenant or all or substantially all of the assets of Tenant is appointed in any proceeding brought by or against Tenant and is not discharged within sixty (60) days after such appointment or Tenant consents to or acquiesces in such appointri-lent, or (iii) all or a substantial part of the assets of Tenant are attached, seized,, subjected to a writ or distress warrant or are levied upon, unless such attachment, seizure, writ, warrant or levy is vacated within sixty (60) days. 12.02 U on an Event of Del.", ult. Subject to the provisions of Article 10 P_ X11, upon the occurrence of an Event of Default by Tenant, or at any time thereafter during the continuance of such Event of Default, Landlord may take any one or more of the following actions and shall have the following rights against Tenant: (a) Termination. Landlord may elect to terminate the Ground Lease by giving no less than thirty (30) days' prior written notice thereof to Tenant and UP011 the passage pecified in such notice, this Ground Lease, the estate hereby granted and all rights of Tenant hereunder shall terminate as ffilly and coi-npletely and with the same effect as if such date were the date herein fixed for expiration of the Term, except that Tenant shall remain liable as provided in Sectiot) 'I 2.,QL . (b) Curre'lit, DaiijgM, In the event of any termination of this Ground Lease by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord the Rent and other sums required to be paid by Tenant for the period to and including the date of such ten-nination or repossession. Thereafter, until the end of what would have been the Term in the. absence of such termination or repossession,, and whether or not the Land or any part thereof shall have been relet, Tenant shall pay to Landlord as liquidated and agreed current damages the Rent and other sums which would be payable to Landlord under this Ground Lease for the remainder of the Ten-n by Tenant in the absence of such termination or repossession, less the proceeds, if any, of any reletting, after deducting from such proceeds all of Landlord's expenses reasonably incurred in connection with such reletting (including, without firnitation, all repossession costs, brokerage commissions', legal expenses, attorney's fees, employee expenses, alteration costs and expenses of �y preparation for such reletting). Tenant will pay such current damages on ® days on which Rent would have been payable under this Ground Lease in the absence of such termination, and Landlord shall be entitled to recover the same from Tenant on each such day. (c) Rights Cumulative, Non -Waiver. No right or remedy herein conferred upon or reserved to either party hereto is intended to be exclusive of any other riht or rernedy, and each g and every right and remedy shall be cumulative and in addition. to any other right or remedy given hereunder or now or hereafter existing at law or in equity or by statute. In addition to the other remedies provided in this Ground Lease, each party shall be entitled, to the extent permitted by applicable law, to injunctive relief in case of the violation or attempted or threatened violation of any of the covenants, agreements, conditions or provisions of this Ground Lease, or to a decree compelling perfori-nance of this Ground Lease, or to any other remedy allowed at law or in equity. (d) Landlord's Ri,ght to Cure. If Tenant fails to pay any Impositions, Utilities charoes described in Article VII insurance premiums described in Article VIII. the cost of any of the repairs or maintenance required to be made by Tenant pursuant to the Ground Lease or any other charges, costs or expenses required to be paid under the Ground Lease, then after (living tl I ��031 4 8 1 16 Tenant notice and opportunity to cure as required by Sections, 12.01 or, 12.021, Landlord shall have the right, but not the obligation, to make all such payments or to perform such repairs or maintenance and to pay the cost thereof, and in addition to its other remedies under this Article X11,, Landlord shall have the option of requiring Tenant to repay to Landlord the arnount of such payments (which shall be deemed additional Rent hereunder) on demand with interest after demand at a rate per annum (the "Default Rate") equal to two percent (2%) plus the prime rate (also known as the base rate or reference rate), as published from time to time in , "I"he Wall S.Irpet Journal or such other reasonably equivalent index which may then be available, as liquidated damages. (e) Late Nayment D fault Rate. If Landlord does not receive payment of any installment of Rent,, any Imposition or any other sum required to be paid by Tenant to Landlord hereunder within ten (10) business days after notice to Tenant of the delinquency, such sum shall, in addition', bear interest at the Default Rate form the due date until the date paid. 0 shall (f) Maximum Rate. Nothing contained in Sections be construed to require Tenant to pay interest in excess of the maximum rate permitted by law. if the Default Rate or late charge is deemed usurious, then the rate specified in said Sections shall be reduced to the maximum lawful rate. (g) Landlord's Lien. Landlord shall have a lien against Tenant's leasehold estate, the improvements constructed by Tenant and all. property of Tenant located on the Land to secure any obligations of Tenant to Landlord arising pursuant to the provisions of this Ground Lease 12.03 ' Tenant's Rights Upon an Event of Default. In the event of a default by Landlar in its obligations pursuant to this Lease, Tenant's remedy and right of recovery with respect t I money damages shall be limited to Landlord's interest in the Land. I 12.04 No -1molted Walver. The failure of either party to insist upon strict perf*ormance of any of the covenants or conditions of the Ground Leas or to exercise any option herein conferred in any one or more instances shall not be construed as a waiver or relinquishment for the future of any such covenant, condition, or option, but the same shall be and remain in full force and effect. The receipt by Landlord of any Rent or any other sum payable hereunder with knowledge of the breach of any covenants or agreements contained herein shall not be deemed a waiver of such breach. A R "' T 11 C., LjL.,, MISC,El,,LANEOUS,f��IROV'IS�IONS, E-3. 0 1 Access, bvI,ellflcllorcl. Landlord or Landlord's agents, representatives or employees shall have the right at any time upon at least twenty-four (24) hours' verbal notice (except in eas emergencies or suspected emergencies, in which case only such noticeible any., as may be f' under the circurnstances shall be required) to enter upon the Land for the purposes ofinspecting the sa�me, determining whether Tenant is complying with this Ground Lease, curing (as permitted herein) any de -fault by Tenant (except in the case of an emergency or suspected emergencies threatenin,(,,) in.Jury to a person or Land, in which case no notice is necessary), and, during the last 5503491 17 two (2) years of the Term, showing the Land to prospective tenants. Landlord shall notify Tenant in writing in the event of any such non-compliance. 13.02 "' Brokcrs' Fees. T enant represents that Tenant has dealt with no brokers in connection with this Lease and Tenant agrees to indemnify and hold Landlord harmless from all damages, liability and expense (including reasonable attorneys'fees) arising from. any claims or demands of any other broker or brokers or finders for any commission alleged to be due such broker or brokers or finders in connection with its having introduced Tenant to the Land or participating in the negofiation with Tenant of this Lease. Landlord represents that Landlord has dealt with no brokers rom in connection with this Lease and Landlord agrees to indemnify and hold Tenant harmless f all damages, liability and expense (including reasonable attorneys' fees) arising from any claims or demands of any other broker or brokers or finders for any commission alleged to be due such broker or brokers or finders in connection with its having introduced Landlord to the Land or participating in the negotiation with Landlord of this Lease. 13.03 Gender and Number. Words of any gender used in the Ground Lease shall be held to include any other gender, and words in the singular shall be held to include the plural, when the sense requires. 13.04 Notices. Notices, statements and other communications to be given under the terms of the Ground Lease shall be in writing and sent by fax, certified or registered mail, or by commercial courier, return receipt �requested, and addressed as follows: Mount Prospect Public Library 10 South Emerson Street Mount Prospect, IL 60056 Attn.- Executive Director Su Reynders, Fax: 847-253-0642 Voice: 847-253-5675 12P 0�= Mark Ritzman c/o Peregrine, ,time, Newman, Ritzman & Bruckner 221 E. Illinois Street P.O. Box 564 Wheaton,, IL 60187 Attn: Mark Ritzi-nan, Esq. and Roger Ritzman, Esq. Fax: 630-665-1900 Voice: 630-665-0407 )nr.com, Email: mr i tznLan Lct) X,sni-b.com and rritzri"u,"tn sb 550349_1 18 Village of Mount Prospect 50 South Emerson Street Mount Prospect, IL 60056 Attn: Village Manager Michael Cassady s, tp, _Lic,c rul 847-392-6000 wit n cQlly , o, --I— Klein, Thorpe & Jenkins, Ltd. 20N. Wacker Drive Suite 1660 Chicago, IL 60606 Attn: Lance Malina lemal'ini(ii),,,ktlaw.cot-n 3 12-984-6420 or at such other address or by such other acceptable means as from time to time designated by the party receiving the notice in accordance Frith the procedures set forth herein. The effective date of such notices shall be the date such notices are received or refused by the party to whom the notice is given. Proof of successful delivery or transmissi.on shall be provided upon request. 13.05 A p- J,)Iete,w. The iflbann laws of the State of Illinois applicable to agreements fii e a,, , , , ,a %..�AAA made or to be performed in Illinois or to Land located in that state shall governthe validity, performance and enforcement of the Ground Lease. 13.06 flartial lnya��,id' n I _�itr- r- If any provision of the Ground Lease shall be invalid or unenforceable it shall not affect the validity of any other provisions of the Ground Lease so long as the enforcement of such other provisions is not materially inconsistent with the parties' intent as expressed in this Ground Lease. 13.07 Rec rdin . Landlord and Tenant will execute for purposes of recordation in the appropriate recording off -ice a memorandum or short form of the Ground Lease containing the names of the parties, a description of the Land, the Term, and such other provisions as either party may reasonably require. Each party agrees that it will not record the Ground Lease in its entirety. 13.08 1 n ter r an. Headings as to the contents of particular sections herein are inserted 2 X " � only for convenience and are in no way to be construed as a part of the Ground Lease or as a limitation on the scope of the particular section to which they refer. The parties hereto acknowledge that each has been represented by competent counsel in the review and negotiation of this Lease and that the theory of construction construing the Lease against the drafter thereof shall be disregarded. 13.10 :Binding Effect. The covenants, conditions and agreements contained in the Ground Lease shall bind-7 apply to and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 13.11 No Part tierstv'ip. It is expressly understood that Landlord shall not be construed or held to be a partner of Tenant and that the relationship between the parties hereto is and shall at all times remain that of landlord and tenant. 13.12 Est elwwwwww Certificates. At any time and from time to time within fifteen 0 5) days 5 5 0 34 1 19 after the request of the other party, but not more frequently than twice per year, Landlord or Tenai acknowledcre and deliver to the other party, a certificate certifying: will execute, t) I I (a) That the Ground Lease is unmodified and in full force and effect (or, if there have been modifications, that the same is in full force and effect as modified and stating such modifications); (b) Whether there are any existing defaults by the other party, to the knowledge of the party making such certification, specifying the nature of such defaults, if any; (c) Whether the Lease Commencement Date has occurred and, if so, the dat I" (d) Such other matters as may be reasonably requested. 0 13-13 HoldLm,,, 0,ver. The Ground Lease shall terminate without further notice at expiration of the Term. Any holding over by Tenant or any party claiming by, through or under Tenant after expiration shall not constitute a renewal or extension or give Tenant any rights in or to the Land. In the event of any holding over, Landlord may exercise any and all remedies available to it at law or in equity to recover possession of the Land and for damages. If the holding over occurs at the expiration of the Term or by reason of a termination by mutual agreement of the parties, and continues in excess of thirty (30) days, Landlord may, as an alternative remedy, elect that such holding over shall constitute a renewal of this Ground Lease for one (1) year, and upon all of the other covenants and agreements contained in this Ground Lease. 13.14 Time is ofthe Essence. Time is of the essence in this Ground Lease,, 1 -3. 15 Transfer and Leasehold Taxes. Tenant shall pay any transfer or leasehold taxes imposed by any governmental authority in connection with this Ground Lease or the recordation of the memorandum provided hereinabove. 13.16 E enses and Fees. if legal action be brought in a court of competent jurisdiction by either party hereto arising out of or conceming the Ground Lease or the rights of any party hereto, the prevailing party in said action shall be awarded reasonable attorneys' fees and court costs from the non -prevailing party. Tenant agrees to pay on demand Landlord's expenses, including reasonable attorneys' fees, expenses and administrative hearing and court costs incurred either directly or indirectly, in curing any default by Tenant, in terminating this Ground Lease or repossessing the Land, in connection with appearing, defending or otherwise participatiffi-T in any t) action of action or proceedinor arising from the filing, imposition, contesting, discharging or satisf any lien or claim for lien, in defending or otherwise participating in any legal proceedings initiated by or on behalf of Tenant wherein Landlord is not adjudicated to be in default under this Ground Lease, or in connection with. any investigation or review of any conditions or documents in the event Tenant requests Landlord's approval or consent to any action of Tenant which may be desired by Tenant or required of Tenant hereunder. 1-3.17 Covenants to Rt,in with the Land. All the covenants'. agreements, conditions anu undertakings contained in tills "round Lease shall extend and inure to and be binding upon the 53 4 20 successors and assigns of the respective parties hereto the same as if they were in every case name . 111"I and shall be construed as covenants running with the land, and wherever in this Uround Leas rderence is made to either of the parties hereto, it shall be held to include and apply to, whereve and whenever applicable, the successors and permitted grantees and assigns of such party the sam as if in each and every case so expressed. 1.3.18 Entire Agre r , The Ground Lease contains all the agreements and conditions made between the parties hereto with respect to the matters contained herein and may not be modified orally or in any other manner than by an agreement in writing signed by all the parties hereto or their respective successors. All prior written and oral understandings and agreements shall be deemed tohave merged into ® Ground Lease and have no further force and effect. 13.19 Coutiterparts. This Ground Lease may be executed in counterparts,, each of which shall be deemed to be an original and all of which shall, when taken together, constitute but one and the same instrument. The parties hereto have duly executed the Ground Lease as of the date and year first hereinabove written pursuant to proper authority duly granted. ARTICLE XIV ENVJROINMI�NTAJ, CONDITIONS 14.01 Definitions. As used in this Ground Lease, the following definitions shall apply: (a) "Environmental Claims" shall. mean all notice letters, inquiry letters. investigations, notices of violation, orders, claims, demands, suits or judicial or administrative actions under any Environmental Requirements. (b) "Environmental Requirements" shall mean. all present and future laws rules, regulations, ordinances, codes, policies, guidance documents, approvals, plans, authorizations, licenses or permits relating to human health, pollution or protection of the environment issued by any government authority. (c) "Environmental Expenses" shall mean any liability (including; strict liability), loss') cost, penalty, fine, punitive damages, encumbrance or expense relating to any Environmental Claim or Environmental Conditions or incurred in compliance with any Environmental Requirements, including, without limitation the costs of investigation, cleanup, rernediation, monitoring, corrective removal or other responsive- action; compliance costs, settlement costs and related legal and consulting fees and expenses. (d) "Hazardous Materials" shall mean any substance that is defined as a "hazardous substance", "hazardous waste", or "hazardous material" or term of similar meaning under any Environmental Requirements. including petroleum, heating oil, crude oil. and any fraction thereof" and any natural or synthetic oas. L- (e) "Environmental Conditions" shalt mean the state of the environment, 5503481 21 including natural resources (e-cy. flora and fauna), soil, surface water!, ground water, any present or ising out of potthe use ential drinking water supply, subsurface strata or ambient air, relating to or ar' handling, storage, treatment, recycling, generation, transportation, spilling, leaking, pumping, pouring, injecting, emptying, discharging, emitting, escaping, leaching, dumping, disposal, release or threatened release of Hazardous Materials, including, but not limited to, the exposure of persons to Hazardous Materials at the work place or the exposure of persons or property to Hazardous Materials migrating or otherwise emanating from, to or located at, under or A the Land. 14.02 Tenant' s Construction. Tenant acknowledges that there is an underground storage tank currently located on the Land and that Tenant has received copies of all documentation in Landlord's possession with respect thereto. Tenant shall, at Tenant's sole cost and expense, remove the UST in accordance with all Environmental Requirements. In the event that all or part of the Land requires �remediation or other activities pursuant to Environmental Requirements as a result of or in furtherance of Tenant's removal of the UST, demolition or alteration of existing improvements or construction of new improvements on the Land, Tenant, at its sole cost and expense, shall undertake and complete such required remediation or other activities. Notwithstanding the foregoing Landlord shall be responsible for any remediation costs incurred as result of the gross negligence or willful misconduct of Landlord. In addition, Landlord shall cooperate with Tenant with. respect to the removal of the UST, provided same shall be at no cost to Landl.ord. MU F011"WHINIOR 14.04 Landlords; R`)Iij 0 Receive R orts. Correspondence and Studies, Tenant shall forward to Landlord, at the address provided for notices herein, a copy of all reports, studies, data, and communications to or from Tenant or any other person concerning the UST or any Environmental Claims or Environmental Conditions pertaining to the Land within two (2) business days of the date 5 5 0 3 /18 1 22 that such report, study, data or communication was received or prepared by Tenant. Tenant shall make no application with or send any communication to any governmental body or agency concerning the UST or any Environmental Condition pertaining to the Land without Landlord and Tenant first discussing in good faith such proposed application or communication. Landlord shall give Tenant notice and copies of any communications received by Landlord. 14.05 Survival. All provisions of this Article XIV shall survive the expiration or termination *f the Lease and Landlord's sale or other transfer of the Land. 5503481 23 MOUNitI ROSIP't TUBLIC LIBRARY By'e�l . ....... .. .. . .... Title: FeAvolm Title. L Date: Li 5503481 24 10 4 �49�eO, a 1 �' " 6e Date: 31,2Z Z,03 1 1 FORT09n lim-TW Za L A K f,, a 'D E f 0 F L, A N. L) PROSPECT BEGINNING AT THE SOUTHEAST CORNER OF SAID LOT "A",- THENCE NORTH 88 DEGREE,S 59 MINUTES 27 SECONDS WEST ALONG THE SOUTH LINE OF SAID LOT 294.78 FEET TO THE SOUTHWEST CORNER THEREOF; THENCE NORTH 00 DEGREES1 SECONDS WEST ALONG SECONDS89.54 FEET; THENCE SOUTH 89 DEGREES 47 MINUTES 36 ' ' TO A POINT ON THE EAST LINE OF SAID LOT"A"'; THENCE SOUTH 00 DEGREES 12 MINUTES 57 SECOND WEST ALONG SAID EAST LINE 93.66 FEET TO THE POINT OF BEGINNING, ALL IN COOK COUNTY, ILLINOIS. 4 l DES,MA,IN A 9 6 0 C I A T S 8 LIFE CYCLE COSTS LIFE -CYCLE REPAIR/MAINTENANCE COSTS (50 YR) Mt Prospect W11age Hall Parking Dock Item UnIt Cost Units Interval Annual Cost Cyclas Inflation Mutt (4) Total C*st Concrete Sealer $.SO/SF 128000 8 Yrs $8,000 6 3.8 $Im4,690200 Sealants 0111) $5.001LF IWOO 10 Yrs $90000 6 Concrete & Nlazovy $2,001SF 128000 Life $5,120 Veew $9720,000 Elevator Rebuild $100,0001 1 20 yrs $6,000 2 Total Repair Costs $270120 I'S jo 0112LO, Llobtino Fixtures $.04/SF 128000 1 Yr $5,120 so $972,000 Elevator Maint. (1) $5,0001 1 1 Yr $5,000 50 $9150tow Gen Wntenanoe (2) $.06/SF 128000 1 Yr $7,680 50 $1 w4 68'o,000, Opereflorial (3) $.25/SF 128000 1 Yr $32W000 50 ";'408104'0010 Total Opora,ling Costs $%4601,000 Notes (1) Annual sormice contract plus non-c-overed kems (2) Indudes: sweeping.washdowns,resWpIng & misc paInIng, ex0guisher replacement Ian dacape/sIte repa1r. (3) lndudw. willtles,, Insurance. admin costs, snowplowing, landscape maint, spdnklertestmt taxes (excludes security) (4), Based on 4'Yo/Yr inflaUon 5503481 26