HomeMy WebLinkAboutRESOLUTION - 59-24 - 9/10/2024 - 3, 29, 35, 39, 45 S. ARLINGTON HEIGHTS RD LEASE AGREEMENTRESOLUTION NO. 59-24
A RESOLUTION AUTHORIZING THE MAYOR AND VILLAGE CLERK TO EXECUTE
LEASE AGREEMENT AMENDMENTS CONCERNING PROPERTIES LOCATED AT 3,
29, 35, 39, AND 45 S. ARLINGTON HEIGHTS ROAD, ELK GROVE VILLAGE
WHEREAS, On or about January 23, 2024, the Village approved a Redevelopment
Agreement with Wingspan Development Group, LLC ("Developer"), which agreement is
recorded with the Cook County Clerk, Recordings Division, as Document No. 2408007012
("RDA"); and
WHEREAS, among other things, the RDA contemplates the Developer acquiring from the
Village and redeveloping the property commonly known as 1 E. Higgins Road, Elk Grove Village,
Illinois and legally described in Exhibit A ("Retail Property"), with a retail redevelopment and
relocating to the Retail Property certain tenants (collectively, "Tenants"), that currently occupy
space on nearby village -owned property, all as set forth in the RDA; and
WHEREAS, the Village wishes to amend its lease agreements with the Tenants to
memorialize the Tenants' relocation to the Retail Property.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of the
Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois, in exercise of its
home rule powers, as follows:
Section 1: The foregoing recitals are incorporated as though fully set forth in this Section.
Section 2: That the Mayor and Village Manager are each authorized to sign the attached
documents marked:
AMENDMENT TO EXISTING LEASE — LIEN MY VAN
AMENDMENT TO EXISTING LEASE — PEYCON VELD, INC.
AMENDMENT TO EXISTING LEASE — MAGALY FOODS, INC.
AMENDMENT TO EXISTING LEASE — KLIKOW, INC.
AMENDMENT TO EXISTING LEASE — GOLDEN FOREST, LLC
a copy of which is attached hereto and made a part hereof as if fully set forth and the Village Clerk
is authorized to attest said documents upon the signature of the Mayor or Village Manager.
Section 3: That this Resolution shall be in full force and effect from and after its passage
and approval according to law.
VOTE: AYES: 5 NAYS: 0 ABSTAIN: 1 ABSENT: 0
PASSED this loth day of September 2024
APPROVED this loth day of September 2024
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Loretta M. Murphy, Village Clerk
a+ rasaat tatiAa€ 293 .:
FIRST AMENDMENT TO LEASE
THIS FIRST AMENDMENT TO LEASE, dated 2 9 , 2024 is entered into by and
between LIEN MY VAN dba VV Nails ("Tenant") and the VILLAGE OF ELK GROVE as successor -in -interest
to the Chicago Title Land Trust Company, an Illinois Corporation, as trustee under Trust Agreement
dated July 1, 1974, known as Trust Number 64465 ("Landlord"), and who has leased 1847 SF in
Landlord's plaza located at 29 S Arlington Heights Road, Elk Grove Village, IL 60007 (the "Premises").
WHEREAS, Landlord and Tenant are parties to that certain Lease Agreement (the "Lease") dated March
22, 2019 with respect to the Premises; and the current Term of the Lease is set to expire on May 31,
2024.
WHEREAS, Landlord and Tenant desire to amend the Lease as set forth herein.
NOW, THEREFORE, for good and valuable consideration, the sufficiency of which is hereby
acknowledged and agreed, it is hereby mutually covenanted and agreed between Landlord and Tenant
as follows:
1. Renewal Term. The Term set forth in the Lease is hereby extended for a period (the
"Renewal Term") beginning June 1, 2024 (the "Renewal Term Commencement Date") and
ending on June 30, 2024, (the "Renewal Term Termination Date").
This term shall be now be month -to -month and automatically renews without further action
by the Landlord or the Tenant. In no event shall the month -to -month lease term expire prior
to the Delivery of the future Premises to be constructed by Wingspan and the Village of Elk
Grove. In the event that Wingspan does not deliver the future Premises by the Delivery
Date, as it may be extended, then Tenant shall have the right to lease the existing Premises
through May 31, 2029.
When Wingspan delivers the future Premises to the Tenant, this Lease Amendment and
Agreement shall be considered terminated in its entirety.
2. Base Rent. Landlord and Tenant agree that the Base Rent schedule for the Renewal Term(s)
shall be:
June 1, 2024 —May 31, 2025:
$3170.00 per month
June 1, 2025
— May 31, 2026:
$3265.00 per month
June 1, 2026
— May 31, 2027:
$3363.00 per month
June 1, 2027
— May 31, 2028:
$3464.00 per month
June 1, 2028
— May 31, 2029:
$3568.00 per month
3. Renewal Option. Landlord and Tenant waived their 5-year option provided in the Lease
Agreement and agree that Tenant does not have any options available.
5
6684279/ ] / 17668 021
4. Security Deposit. Landlord and Tenant agree that Tenant maintains a security deposit of
$1162.00.
5. Amendments. No amendment or variation of the terms of this Amendment to Lease
shall be valid unless made in writing and signed by the parties hereto.
6. Reaffirmation of Lease. Except as amended or modified herein, all terms, conditions and
covenants of the Lease shall remain in full force and effect and are incorporated herein by
reference and made a part hereof as though copied herein in full.
IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed by their duly
authorized officers, as of the day and year written.
LANDLORD:
VILLAGE OF ELK GROVE
By:
Name: Matthew Roan
Title: Village Manager
Date: I G oZ
TENANT:
Lien My Van dba VV Nails
By: Y V a
Name: Lien My Van
Title: d WA P (
Date: k/go 0L14
if-
6
6684279/1/17668 021
AMENDMENT TO EXISTING LEASE
THIS AMENDMENT TO EXISTING LEASE (this "Amendment") is made as of-6- day of
September 2024 (the "Effective Date") by and between the Village of Elk Grove Village, an
Illinois home rule municipal corporation located in Cook and DuPage counties ("Landlord") and
Golden Forest, LLC., a limited liability company d/b/a Tensuke Market ("Tenant"). Landlord
and Tenant arc collectively referred to as the "Parties."
RECITALS
A. Landlord and Tenant arc parties to that certain lease dated June 15, 2020 (the "Existing
Lease") with respect to its current business location located at 3 S. Arlington I leights
Road. Flk Grove Village, iL 60007 ("Premises") located within the Elk Grove Woods
Plana (the "Plaza"). The Existing Lease gives Tenant the right to conduct its business
activities therein.
B. The Village has entered into a Redevelopment Agreement with Wingspan DeN-clopment
Group, LLC (the "Developer") pursuant to which Developer will redc%clop the Plaza by
replacing the existing retail/commercial space with newly constructed buildings.
Tenant and Developer have entered into a new lease dated August 26, 2024 for a space in
the newly constructed buildings ("Replacement Lease").
D) Landlord and Tenant have agreed to terminate the Existing Lease and vacate the Premises
and the Plaza under the terns and conditions set forth herein.
AMENDMENTS
NOW THEREFORE, in consideration of the mutual promises and covenants set forth herein, and
for other good and valuable consideration, the sufficiency of which are hereby acknowledged,
Landlord and Tenant agree to amend the Existing Lease as follows:
1. ASSIGNMENT. Tenant authorizes Landlord to assign the Existing Lease to Developer, its
successors and/or assigns, upon which Developer shall assume all rights and obligations of
Landlord under the Existing Lease.
2. TERMINATION OF EXISTING LEASE. The Parties agree that the Existing Lease shall be
terminated in accordance with the time frame listed below:
• if the Landlord's Contractor is performing Tenant's Work, then the Existing Lease shall
terminate as of the Rent Commencement Date under the Replacement Lease.
• If Tenant's Contractor is performing the Tenant's Work, then the Existing Lease shall
terminate the earlier of (i) sixty (60) days after the Rent Commencement Date under the
Replacement Lease and (ii) the date Tenant opens for business to the public at the
Premises. Tcnant shall have the right, but not the obligation, to remove any personal
property prior to termination of the Existing lease in accordance with the time frame
noted herein.
3. CONSTRUCTION PHASING PLAN. For as long as the Existing Lease is in full force and
effect. Landlord shall restrict construction near the Premises in accordance with the plan attached
hereto as Exhibit A.
3. MISCELLANEOUS.
a. Tenant acknowledges that as of the effective date of the Replacement Lease. Tenant shall
have no right to enter or occupN the Premises or the Plara other than as expressly stated in the
Existing Lease and Replacement Luse.
b. This Amendment contains all agreements and understandings between the Parties, who
agree that there are no other promises or representations between.
c. This Amendment may be executed in two or more counterparts, each of which shall be
deemed to be an original, but all of which shall constitute one and the same instrument.
d. All other portions of the terns and conditions of the f xisting Lease shall remain in full fierce
and effect.
(Signature Page to follosyl
IN WITNESS Will-REOF, the Parties have duly executed this Amendment to Existing Lease
pursuant to all requisite authorizations, as of the date first above written.
LANDLORD:
k"ILLAGF OF E , G OVE VILLAGE,
COOK AND `PA COUNTIES, ILLINOIS,
an Illinois unicip Co tion
By*
-
Mayo .Johnso
Village of Elk Grove illage
ATT
TENANT:
GOLDEN FOREST. LLC
an Illinois limited liability company &b/a Tensuke Market
B L
Its:
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LEASE MODIFICATION
ASSIGNMENT AND ASSUMPTION AGREEMENT
THIS LEASE MODIFICATION ASSIGNMENT AND ASSUMPTION
AGREEMENT (this "Agreement") is made as of the 30th day of April, 2024 (the "Effective
Date") by and between THE VILLAGE OF ELK GROVE, a municipal corporation
("Landlord"), JAROSCH BAKERY INC., an Illinois corporation D/B/A JAROSCH
BAKERY ("Tenant") and KLIKOW INC., an Illinois corporation ("Assignee"). The terms
of this Agreement shall only become effective if the Tenant closes on the sale of its business
to Assignee on or before May 31, 2024 as hereafter set forth.
RECITALS
A. Tenant and Chicago Title and Trust Company Trust No. 64465, Willis E.
Nieman and Leta L. Nieman, sole beneficiaries and authorized agents of said trus, jointly and
severally ("CTT No. 64465"), executed a lease with respect to its current business location at
35 S. Arlington Heights Road, Elk Grove Village, Illinois (the "Existing Premises");
B. Tenant and CTT No. 64465 executed an extension of the aforementioned lease
on April 28, 2016 (the "Lease Extension").
C. Tenant and CTT No. 64465 executed a First Amendment to the aforementioned
lease on December 29, 2020 (the "First Amendment").
D. The aforementioned lease, the Lease Extension and the First Amendment are
herein referred to as the ("Existing Lease").
E. An Assignment was executed whereby CTT NO. 64465 transferred its entire
interest in the Existing Lease to the Village of Elk Grove, a copy of such assignment being
attached hereto as Exhibit A.
F. The Village of Elk Grove is hereafter referred to as "Landlord".
G. Landlord and Tenant desire to modify the terms of the Existing Lease on the
terms herein set forth, and assign the Existing Lease to Assignee.
H. Landlord consents to the assignment of the Existing Lease from Tenant to
Assign and is releasing Tenant from all obligations after the Effective Date.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual promises and covenants set forth
herein and for other good and valuable consideration, the sufficiency of which are hereby
acknowledged, Landlord and Tenant agree as follows:
A. Incorporation of Recitals. The Recitals set forth above are hereby incorporated
into this Agreement.
B. Existing Lease Modifications. The Existing Lease is hereby modified as
follows:
(i) Tenant waives its right to the remaining five (5) year option.
(ii) The Fixed Minimum Rent and the percentage rent is abated for the entire
period commencing on June 1, 2024 and terminating on the later of (a)
September 30, 2025 or (b) the Delivery Date as defined in the Shopping
Center Lease referred to below.
(iii) Tenant is relived of any deferred maintenance obligations.
(iv) The Termination Date of the Existing Lease shall be the earlier of (a)
September 30, 2025 or (b) thirty (30) days after the Delivery Date as
defined in the Shopping Center Lease referred to below.
C. Assignment. As of the Effective Date, Tenant hereby assigns, conveys, transfers
and sets over unto Assignee, and Assignee hereby accepts, all of Tenant's right, title and
interest in and to any and all rights of Tenant (including the right to possession) under the
Existing Lease.
D. Landlord Approval and Release of Tenant. Landlord hereby approves of the
foregoing assignment of the Existing Lease and modifications thereto from Tenant to Assignee
and Landlord hereby releases Tenant from all obligations created under the Existing Lease
except for matters or obligations of Tenant which were incurred prior to the Effective Date.
E. Authority. The parties hereto each have been duly authorized and have full
power and authority to execute this Agreement.
F. Definitions. As used herein, any defined terms which are not specifically
defined in this Agreement shall have the meaning ascribed to such terms in the Existing Lease
or the Shopping Center Lease between Wingspan Development Group, LLC and Assignee.
G. Successors and Assigns. This Assignment shall inure to the benefit of and shall
be binding upon the parties hereto and their respective successors and assigns.
LEASE TERMINATION AGREEMENT PAGE 2
H. Countemarts. The parties agree that this Assignment may be executed by the
parties in one or more counterparts and each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.
I. Effective Date. This Agreement is subject to the closing of the sale of
substantially all of the assets of Tenant to Assignee on or prior to May 31, 2024, and the date
that this Agreement becomes effective shall be the date of the Closing of such transaction
("Effective Date").
[Signature Page to Follow]
LEASE TERMINATION AGREEMENT PAGE 3
IN WITNESS WHEREOF, Tenant, Landlord and Assignee have executed this
Agreement as of the date set forth above.
TENANT:
.tarosch Bakery Inc., an Illinois corporation
By: i1
enneth arosch, Pr efit
ASSIGNEE:
Klikow, Inc., an Illinois corporation
Mb r' a Klimek, Pr dent
LANDLORD:
Elk Grove Village, a municipal corporation
SIGNATURE PAGE TO LEASE TERMINATION AGREEWNT
VOR. VAL .1 CE? M h1eq Tife retard Trust
D Title and Trust Company, .as truster tutder Tnist Agrerta
rr 64465 C,A '), does hezebY assip- and tra40
Alt
Qyi on, 111inois corp00ion, 7J/k/sa
aced July 014, imown
to Vf1LACiE GF``i� Ca`tOVL
;'title aid i K if any, iini and.',W
and, seauniy end other refundable
si ixy :this dice; N all service
A and, uicar- rafed herein bar this
l an lxl a#ached hereto and
Lid agrees to.- ta eiurid' by all of the
cliligatiapss, and r riri s, duties and: liabilities. under the ASSIPesl�R gh#
This Ass gitmertt xs plada w3llxa xeproseatiflon, vsrarra + or recourse b3! Assigriar. Assignee
accepts; tihe Assigned gbZ in its �iA- XS'� aoxiditlon wi' x all tits and subjs t to the terms, candi�o*
>i ttai%rmg PDXa re i#a sat Earth in ft.. aement of Sale between Assignor and Assignee for the
;pp fir, metxiber, ;partner, cic, director or shareholder of Assignor, nor any of their
espec r lre�aiei ciardes, ag®nts,• e�iplof yhesvorigs, 8W,fve any pernaW.I.oyees,
any kind -or net ure-for bit x easmi bf any matter or tliingwha saevexaiider, in rbnnectxan w i, arts ng out
ei' ar iu airy. way 1latec[ tc�tf>Assignmeni: issinee he�cebrvaiyei at anyone i310 mar clam
by, through or under Assignee any and all rights to sue: orxteeever an; account of MY such~0006*
liability.
This Assignment may be executed in one or more counterpa each of which shall. bn deemed an
original, and; all o which tAgether shah constitute 011e and the saiiie ins#ru rent. This Assignment may be
_ _ ecutetl; t►d delt e+rec ';b + a par tx by . 0s tloile or a -mail transmissiory which transmission copy shall be
considered z 1original. a�.d hall be brig and enfe eeal le against such party.
ASSIGNOR:
Chicago Title Land Trust Company, an Illinois
corporation, Ma Chicago Title and Trust Company, as
trustee under Trust Agreement dated July 1, 1974, known
as Trust Number 64465
TMesSC'E;
ASSIGNEE:
Village o lk Ga :.: q. Village, an Illinois municipality
Title: 'l.
Dated this � day of December 2021.
ASSIGNOR:
Chicago Title Land Trust Company, an Illinois
corporation, f/t/a Chicago Title and Trust Company,
as trustee under Trust Agreement dated July 1, 1974,
known as Trust Number 64-465
Eagle Falls, LLC, a Florida limited liability
company, beneficiary,
..
1i iertit>Yr Pice o,
M-
B. Nim
ASSIGNEE:
Village of E Crrove village, an lllmois municipal
By:
T' wn
Title
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t,El:
Leases, %,aaacies and security and other refundable deposits
LeasesltvCWP-3 Tensuke L.easc.pdf
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LeaseslEGWP-31 Bright Light Radiology Leask-pdf
L.meMG WP-35 3amselt bakery - Lease-pdt=
Leames\EGWP-39 Vinis Pizza- Leass.pdf
LeaseslEGWP-41 B3 Performwec Training Lease.pdf
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L4 seslEGWp-! 11 Rose Garden Cafe -Lease 12_31_29.pdf
Lea.5m\Rose Q, 1 Amendment on 7-22-21.pdf
Lcases\Rose Garden FivA Amendment 2.doex
1,easeslEGWP :..Storage-7-A&le.Cycle Leasc,A -fi t.4.21.pdf _ _ _� _.. . _,�-. _._
1essaEGjViE': - Storage. Lease Tensuke A,usendmitt 6-21.pdf
l m1EGWP LOi Liq= SWM proposal 8-10-21.pdf
i,easesTG WP-1 BMO Lease.pdf
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Fitx$erafti Law Group
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Property
LOT 2 IN SCHNELL`S DIVISION, BEING A SUBDIVISION IN SECTION 21, TOWNSHIP 41 NORTH,
RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, TOGETHER WrM LOT 1 IN ELK GROVE VILLAGE
SECTION 1 NORTH., BEING A SUBDIVISION IN THE SOUTHEAST 114-OF SECTION 21 AFOREWL) BOTH TAKEN
AS A TRACT (EXCEPT FROM SAID TRACT THAT PART THEREOF LYING WESTERLY OF A LINE DRAWN
PARALLEL WITH AND 199.02 FEET EASTERLY, AS MEASRURED AT RIGHT ANGLES OF THE WESTERLY LINE
AND SAID WESTERLY UNE EXTFNDED SOUTHERLY OF SAID LOT 2 IN SCHNELL'S DIVISION AND LYING
NORTHERLY OF A LINE DRAWN PARALLEL WITH AND 149.04 FEET SOUTHERLY, AS MEASURED AT RIGHT
ANGLES OF THE MOST NORTHERLY LINE OF SAID LOT 1 IN ELK GROVE VILLAGE SECTION 1 NORTH
SUBDIVISION AFORESAID, EXTENDED WESTERLY AND EXCEPTING ALSO THAT PART OF LOT 1 LYING
SOUTHERLY OF A LINE DRAWN FROM A POINT IN THE MOST EASTERLY LINE OF SAID L[iT 1, 241.29 FEET
NORTHERLY, AS MEASURED ALONG SAID EASTERLY LINE OFTHE SOUTHEASTERLY CORNER OF SAID LOT 1
TO A POINT IN THE MOST WESTERRLY LINE OF SAID LOT 1, 191.54 FEET NORTHERLY OF THE
SOUTHWESTERLY CORNER OF SAID LOT 1, ALL IN COOK COUNTY, ILLINOIS, AND EXCEPT THAT PART LYING
IN SHELL OIL COMPANY CONSOLIDATED PLAT SUBDIVISION, ACCORDING TO THE PLAT THEREOF
RECORDED JUNE 30,1992 AS DOCUMENT NUMBER 92476264, IN COOK COUNTY, ILLINOIS, AND EXCEPT
THAT PART OF LOT 1 IN ELK GROVE VILLAGE S> C'nON i NORTH, BEING A SUBDIVISION IN THE SOUTHEAST
1/4 OF SECTION 21, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK
COUNTY, ILLINOIS, DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST 114 OF SAID LOT 1;
THENCE ON AN ASSUMED 13EARING OF NORTH 9 DEGREES 49 MINUTES 05 SECONDS EAST ALONG THE
WESTERLY LINE OF SAIO LOT 1, A DISTANCE OF 193-54 FEE? -TO THE POINT OF BEGINNING; THENCE
CONTINUING NORTH 9 DEGREES 49 MINUTES 05 SECONDS EAST 20.86 FEET TO AN ANGLE POINT ON THE
WESTERLY LINE OF WD LOT 1; THENCE NORTH 10 DEGREES 02 MINUTES 58 SECONDS EAST ALONG THE
WESTERLY LINE OF SAID LOT 1, A DISTANCE OF 479.69 FEETTO AN ANGLE POINT ON THE WESTERLY LINE
OF SAID LOT 1; THENCE NORTH 13 DEGREES 45 MINUTES 37 SECONDS EAST ALONG THE WESTERLY UNE
OF SAID LOT 1, A DISTANCE OF 7.35 FEET TO A P01NT 149.04 FEET NORMALLY DISTANT SO F
THE MOST NORTHERLY NORMALLY DISTANT SOUTHERLY AND PARALLEL WITH THE MOST NORTHERLY
LINE OF SAID LOT 1, EXTENDED WESTERLY, 26.69 FEET" TO A POINT ON A 2945.57 FOOT RADIUS CURVE,
THE CENTER OF CIRCLE OF SAID CURVE BEARS 5OUTH 76 DEGREES 04 MINUTES 35 SECONDS EAST FROM
SAID POINT; THENCE SOUTHERLY ALONG SAID CURVE 222.07 FEET, CENTRAL ANGLE 04 DEGREES 19
MINUTES 10SECONflS; THENCE SOUTH 13 DEGREES 02 MINUTES31SECONDS WEST287.44 F1EET;THEKS
NORTH 82 DEGREES 31 MINUTES 04 SECONDS WEST 5.41 FEET TO THE POINT OF BEGINNING, IN COOK
COUNTY, ILLINOIS.
Docusign Envelope ID: BA50D4AE-19DB-4BDF-A717-E86AF7833E82
FIRST AMENDMENT TO LEASE
9/5/2024 1 2:02 PM CDT
THIS FIRST AMENDMENT TO LEASE, dated , 2024 is entered into by and
between CARBAJAL FOODS INC. aka MAGALY FOODS INC. as operated by WENCESLAO CARBAJAL d/b/a
VINI'S PIZZA. ("Tenant") and the VILLAGE OF ELK GROVE as successor -in -interest to Eagle Falls, LLC,
("Landlord"), and who has leased 2000 SF in Landlord's Plaza located at 39 5 Arlington Heights Road, Elk
Grove Village, IL 60007 (the "Premises").
WHEREAS, Landlord and Tenant are parties to that certain Lease Agreement (the "Lease") dated June 19,
2019, with respect to the Premises; and the current Term of the Lease is set to expire on August 31, 2024.
WHEREAS, Landlord and Tenant desire to amend the Lease as set forth herein.
NOW, THEREFORE, for good and valuable consideration, the sufficiency of which is hereby
acknowledged and agreed, it is hereby mutually covenanted and agreed between Landlord and Tenant as
follows:
1. Renewal Term. The Term set forth in the Lease is hereby extended for a period (the "Renewal
Term") beginning September 1, 2024 (the "Renewal Term Commencement Date") and ending
on September 30, 2024, (the "Renewal Term Termination Date").
This term shall now be month -to -month and automatically renews without further action by
the Landlord or the Tenant. In no event shall the month -to -month lease term expire prior to
the Delivery of the future Premises to be constructed by Wingspan and the Village of Elk
Grove. In the event that Wingspan does not deliver the future Premises by the Delivery Date,
as it may be extended, then Tenant shall have the right to lease the existing Premises through
August 31, 2029.
When Wingspan delivers the future Premises to the Tenant, this Lease Amendment and
Agreement shall be considered terminated in its entirety. If Tenant does not have a Lease
Agreement in place at the time that all other Tenants have vacated the premises, this Lease
Agreement will be terminated.
2. Base Rent. Landlord and Tenant agree that the Base Rent schedule for the Renewal Term(s)
shall be:
$3,042.00 per month through 8/31/2025
$3,100.00 per month (9/1/2025-8/31/2026)
$3,150.00 per month (9/1/2026-8/31/2027)
$3,200.00 per month (9/1/2027-8/31/2028)
$3,250.00 per month (9/1/2028-8/31/2029)
Base Rents are for this Demised Premises and only applicable until Wingspan delivers future
Premises and/or Landlord issues termination notice of the Lease Agreement.
3. Renewal Option. There is no further option available.
Docusign Envelope ID: BA50D4AE-19DB-4BDF-A717-E86AF7833E82
4. Security Deposit. Landlord and Tenant agree that Tenant maintains a security deposit of
$1162.00. That security deposit will be applied to current rents and result in a zero security
deposit upon execution of this Amendment.
5. Amendments. No amendment or variation of the terms of this Amendment to Lease
shall be valid unless made in writing and signed by the parties hereto.
6. Reaffirmation of Lease. Except as amended or modified herein, all terms, conditions and
covenants of the Lease shall remain in full force and effect and are incorporated herein by
reference and made a part hereof as though copied herein in full.
IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed by their duly
authorized officers, as of the day and year written.
LANDLORD:
VILLAGE OF ELK GRQYgd by:
By:
L�±t." r6atA,
Name: Matthew Roan
Title: Village Manager
9/5/2024 1 2:02 PM CDT
Date:
TENANT:
CARBAJAL FOODS INC. aka MAGALY FOODS INC.
as operatedi VENCESLAO CARBAJAL d/b/a VINI'S PIZZA
gne by:
By:
Name: WENCESLAO CARBAJAL
owner
Title:
9/5/2024 1 10:35 AM CDT
Date:
AMENDMENT TO EXISTING LEASE
THIS AMENDMENT TO EXISTING LEASE (this "Amendment") is made as of day of
September 2024 (the "Effective Date") by and between the Village of Elk Grove Village, an
Illinois home rule municipal corporation located in Cook and DuPage counties ("Landlord") and
PEYCON VELO, INC., an Illinois corporation d/b/a 7 Mile Cycles ("Tenant"). Landlord and
Tenant are collectively referred to as the "Parties."
RECITALS
A. Landlord and Tenant are parties to that certain lease dated July 1, 2019 (the "Existing
Lease") with respect to its current business ("Premises") located within the Elk Grove
Woods Plaza (the "Plaza"). The Existing Lease gives Tenant the right to conduct its
business activities therein.
B. Landlord has entered into a Redevelopment Agreement with Wingspan Development
Group, LLC (the "Developer") pursuant to which Developer will redevelop the Plaza by
replacing the existing retail/commercial space with newly constructed buildings.
C. Tenant and Developer have entered into a new lease dated July 10, 2024 for a space in the
newly constructed buildings ("Replacement Lease").
D. Landlord has agreed to terminate the Existing Lease effective sixty (60) days after the
Delivery Date as defined in the Replacement Lease.
E. Landlord and Tenant have agreed to terminate the Existing Lease and vacate the Premises
and the Plaza under the terms and conditions set forth herein.
AMENDMENTS
NOW THEREFORE, in consideration of the mutual promises and covenants set forth herein, and
for other good and valuable consideration, the sufficiency of which are hereby acknowledged,
Landlord and Tenant agree to amend the Existing Lease as follows:
1. ASSIGNMENT. Tenant authorizes Landlord to assign the Existing Lease to Developer, its
successors and/or assigns, upon which Developer shall assume all rights and obligations of
Landlord under the Existing Lease.
2. WAIVER OF FIVE-YEAR OPTION. Tenant hereby agrees to waive its five-year option to
renew the Existing Lease.
3. TERMINATION OF EXISTING LEASE. The Parties agree that the Existing Lease shall be
terminated as of sixty (60) days after the Delivery Date, as defined in the Replacement Lease and
shall be of no further force or effect. Tenant shall have the right to remove any and all personal
property prior to termination of the Existing Lease on the same terms and conditions set forth in
the Existing Lease.
4. MISCELLANEOUS.
a. Tenant acknowledges that as of the effective date of the Replacement Lease, Tenant shall
have no right to enter or occupy the Premises or the Plaza other than as expressly stated in the
Replacement Lease.
b. This Amendment contains all agreements and understandings between the Parties, who agree
that there are no other promises or representations between.
c. This Amendment may be executed in two or more counterparts, each of which shall be
deemed to be an original, but all of which shall constitute one and the same instrument.
d. All other portions of the terms and conditions of the Existing Lease shall remain in full force
and effect.
[Signature Page to follow]
IN WITNESS WHEREOF, the Parties have duly executed this Amendment to Existing Lease
pursuant to all requisite authorizations, as of the date first above written.
LANDLORD:
VILLAGE OE El
COOK A DU:
an Illinoi Munici
By:
Mayor
Village of Elk
Loretta M.
TENANT:
TROVE VILLAGE,
E COUNTIES, ILLINOIS,
Village
PEYCON VE O, INC.,
an Illin is core ration Mile Cycles
By:
jo-
lts: O w 1 a`