HomeMy WebLinkAboutRes 02-26 02/17/2026 Execution Of A Fifth Amendment To The Lease Agreement Between The Village Of Mount Prospect And Parkway Bank And Trust For Property Located At 1709-1713 West Algonquin Road, Mount Prospect, IllinoisRESOLUTION NO. 2-26
A RESOLUTION AUTHORIZING THE EXECUTION OF A FIFTH AMENDMENTTO THE LEASE
AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT
AND PARKWAY BANK AND TRUST FOR PROPERTY LOCATED AT
1-7._ 1.71. E T
WHEREAS, the Village of Mount Prospect is desirous of entering into an amended Lease
Agreement for one year with Parkway Bank and Trust for three (3) units located in the Crystal
Court Shopping Center at 1709 - 1713 West Algonquin Road; and
WHEREAS, the President and Board of Trustees of the Village of Mount Prospect find that it is
in the best interests of the residents of the Village to enter into an amended lease agreement
for the operation of the Village's Community Connections Center (CCC).
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF MOUNT PROSPECT, COOKCOUNTY, ILLINOIS, ACTING IN THE EXERCISE
OF ITS HOME RULE POWERS:
SECTION ONE: That the Board of Trustees of the Village of Mount Prospect do hereby
authorize and direct the President to execute and the Village Clerk to attest the signature on
the Agreement between the Village of Mount Prospect and Parkway Bank and Trust for the
purpose of leasing three (3) units within the Crystal Court Shopping Center; 1709-1713 West
Algonquin Road, Mount Prospect, Illinois, for the Village's Community Connections Center.
Said Lease shall be for a period of two (2), one (1) year options from June 1, 2025, through May
31, 2027, as set forth in the Lease and Fifth Amendment, a copy of which is attached and
made a part of this Resolution as Exhibit "A."
SECTION TWO: That this Resolution shall be in full force and effect from and after its
passage and approval in the manner provided by law.
AYES: Dante, DiPrima, Gens, Grossi, Matuszak, Saccotelli
NAYS: None
ABSENT: None
PASSED and APPROVED this 17th day of FebruaM 2026
Paul Wm. Hoeferf, M
ATTEST:
Karen M. Agoran6s, Village Clerk
Fifth Amendment To
Commercial Lease
THIS FIFTH AMENDMENT TO COMMERCIAL LEASE ("Amendment") is made this _day of February—, 2026 (the "Effective Date",
which shall be the date of full execution by both parties), by and between, Parkway Bank and Trust Company, as Trustee under Trust
Agreement dated November 02, 1998 and known as Trust No. 12122 ("Landlord") and Village of Mount Prospect ("Tenant").
Landlord and Tenant are sometimes hereinafter referred to individually as the "Party" or collectively as the "Parties".
RECITALS
This Amendment is made with reference to the following facts:
A. Landlord and Tenant entered into that certain Commercial Lease dated April 26, 2012 (the "Lease"), for certain
premises in a building located in the Crystal Court Shopping Center, known as Retail Space 1709-1713 containing
approximately 3,600 square feet of floor area (the Premises").
B. The Parties wish to amend the Lease upon the terms, covenants, and conditions hereinafter set force.
NOW THEREFORE, in consideration of the mutual covenants, promises and conditions hereinafter set forth, the receipt
and sufficiency of which are acknowledged, as of the Effective Date, the Parties agree as follows:
AGREEMENT
1. Fixed Minimum 'Base Rent. Section 1.1 Fixed Minimum Base Rent of the Lease is hereby amended by deleting it in
its entirety and replacing it with the following:
Option 1 Lease TermMonths Base Rent RE Taxes CAM' lnsurance
Option 2 Montl Base Rent R?E Taxes CAM insurance
O6/O1/2026-05/31/2027 $4,697.21 Full Amount
2. Miscellaneous.
2.1 Continuing Effect. Except as specifically provided in this Amendment, the provisions of the Lease
shall remain unchanged and in full force and effect. In the event of a conflict between the Lease and this
Amendment, this Amendment shall control. Capitalized terms used but not defined herein shall have the meanings
attributed to them in the lease.
2.2 Authority. Each person executing this Amendment on behalf of a Party represents and
warrants that it has the full power, authority, and legal right to execute and deliver this Amendment on behalf of
such Party and that this Amendment constitutes the legal, valid and binding obligations of such Party, its heirs,
representatives, successors and assigns, enforceable against such Parry or Parties in accordance with its terms.
2.3 Coun��,,,er arks. This Amendment may be signed in two or more counterpart copies with the
same effect as if the signature to each counterpart copy were on a single instrument. Each counterpart shall be
deemed an original as to any party whose signature it bears and all such counterparts shall constitute one
document Facsimile or electronically scanned copies shall be deemed originals.
Tenant Initial 1�44 Attest Initial
Page 1 of 2
IN WITNESS WHEREOF, the Parties have duly executed this Amendment effective as of the day and year set forth above.
Tenant: Village of Mount Prospect Landlord: Parkway Bank,
and Trust not personally, but as Trustee under
Trust Agreement dated November 2,1998, and
known as Trust No. 12122
Mlchaei assa Date Albert Bruno as Beneficiary Date
Village Mama r
Attest:
Z-Zy Z 4
Karen Agoranos Date
Village Clerk
Page 2 of 2