City Council Agenda Cover Memorandum..._.~-~..~

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Cory Wright
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1 City Council Agenda Cover Memorandum //..._.~-~..~ Meeting Date: November 2, 2009 Item Title: Action Requested: Second Amendment to Easement and Operating Agreement for Uptown Phase II [8J Approval D For discussion D Feedback requested D For your information Staff Contact: / Juliana A. Maller, Deputy City Mana~i Phone Number: 847/ Address: j maller@parkridge.us Background: PRC Partners has submitted a request to amend the Easement and Operating Agreement for Phase II (The loft building) of the Uptown Project. The Agreement.currently requires the Condominium Property Owner to perform maintenance, repair and replacement as needed ofthe roofofthe Loft building at its sole cost and expense. The amendment allows for the cost to be shared by the Condominium Property Owner (75%) and the Commercial Property Owner (25%). There will be no cost to the City. The City is required to sign off on this amendment, because it is a party to the Easement and Operating Agreement. Recommendation: Move approval of the Second Amendment to the Easement and Operating Agreement for Uptown Phase II regarding roof maintenance. Budget Implications: Does Action Require an Expenditure offunds: If Yes, Total Cost: If Yes, is this a Budgeted Item: DYes DYes [8J No DNo Attachments: Amendment

2 THIS INSTRUMENT PREPARED BY AND AFTER RECORDING RETURN TO: Adam T. Berkoff, Esq. DLA Piper LLP (US) 203 North LaSalle Street Suite 1900 Chicago, Illinois This space reserved/or Recorder's use only. SECOND AMENDMENf TO EASEMENT AND OPERATING AGREEMENT FOR UPTOWN PHASE II, PARK RIDGE, ILLINOIS TillS SECOND AMENDMENf ("Amendment") amends that certain Easement and Operating Agreement for Uptown Phase II, Park Ridge, Illinois recorded on October 19,2006 in the Office of the Recorder of Deeds of Cook County, Illinois (the "Recorder") as Document No (as amended by the undersigned pursuant to that certain First Amendment to Easement and Operating Agreement for Uptown Phase II, Park Ridge, Illinois dated as of December 5, 2008 and recorded with the Recorder on March 24, 2009 as Document No , the "REA"); and is executed as of this 1st day of September, 2009 by PRC PARTNERS, LLC, an Illinois limited liability company (the "Commercial Property Owner"), THE UPTOWN LOFT CONDOMINIUM HOMEOWNERS ASSOCIATION, an Illinois not-for-profit corporation (in its capacity as agent for all unit owners in the Condominium Property pursuant to the REA, the "Condominium Property Owner") and THE CITY OF PARK RIDGE, ILLINOIS, an Illinois municipal corporation located in Cook County, Illinois (the "Public Parking Area Property Owner"). The Commercial Property Owner, the Condominium Property Owner and the Public Parking Area Property Owner sometimes are.individually referred to as a "Party" and collectively referred to as the "Parties". A. The Parties entered into the REA in order to govern the operation of a mixed-use, mixedownership residential condominium, commercial and parking facility project located in Park Ridge, Illinois (the "Project") and legally described on Exhibit A hereto. B. The Parties desire to further amend the REA to address certain operational matters regarding the Project. NOW, THEREFORE, the Parties do hereby amend and supplement the REA as follows:

3 1. Cost Sharing for Roof Maintenance. The Parties desire to modify Section 6.1 (B) ofthe REA such that Section 6.1(B) is hereby deleted in its entirety and the following language is hereby inserted in its place: "Roof Maintenance, Repair and Replacement. The Condominium Property Owner shall perform Maintenance, repair and replacement as and when needed of the roof serving the Building, and shall keep the roof in good condition and repair and free of leaks. Except as it relates to the costs for Maintenance and Net Capitalized Cost of Replacement of the green roof area and the roof components located within the green roof area (100% of the cost ofwhich shall be borne solely by the Condominium Property Owner), the costs for the performance of all other roof Maintenance, repair and replacement shall be shared by the Condominium Property Owner and the Commercial Property Owner in accordance with the following percentages: Commercial Property Owner: 25% Condominium Property Owner: 75% Notwithstanding anything to the contrary contained herein, except as it relates to routine Maintenance of the roof not resulting in any capital expenditures, the Condominium Property Owner shall not perform any repair work on, or replacement of, the roof, or any portion thereof, or enter into any contract or agreement to perform any such repair or replacement work, without first providing to the Commercial Owner for its review and approval (such approval not to be unreasonably withheld, conditioned or delayed) the proposed form of roof repair or replacement contract (as the case may be). All such repair and replacement work shall be performed in a first class manner, on a lien free basis (the Condominium Property Owner having secured on a timely basis all requisite full and final lien waivers from all contractors and subcontractors performing any such work, and having promptly provided true, correct and complete copies of all such lien waivers to the Commercial Owner) and at all times in accordance with the requirements ofthis Agreement, applicable Laws and industry standards.". 2. Terms. Capitalized terms used in this Amendment shall have the same meanings as ascribed to them in the REA, except to the extent they are amended or otherwise defined in this Amendment. 3. Continuation. All terms, conditions and provisions of the REA, as expressly amended and supplemented by this Amendment, are hereby ratified, confirmed and shall continue to apply with full force and effect. In the event of any inconsistency between this Amendment and the REA, this Amendment shall control. (SIGNATURE PAGES FOLLOW) 2

4 EXHIBIT A TO. SECOND AMENDMENT TO EASEMENT AND OPERATING AGREEMENT FOR UPTOWN PHASE II, PARK RIDGE, ILLINOIS PARCEL 1: LEGAL DESCRIPTION OF THE PROPERTY LOT 1 (EXCEPT THE SOUTHEASTERLY 70 FEET 10 INCHES) IN PENNY AND ROOT'S SUBDIVISION OF BLOCK 7 IN BRICKTON BEING PENNY AND MEACHAM SUBDIVISION OF PART OF THE SOUTH EAST 1/4 OF SECTION 26, TOWNSHIP 41 NORTH, RANGE 12 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS PARCEL 2: THAT PART OF LOT 1 LYING SOUTHEASTERLY OF A LINE DRAWN SOUTHWESTERLY ACROSS SAID LOT, PARALLEL WITH THE SOUTHEASTERLY LINE OF SAID LOT 1 FROM A POINT ON THE SOUTHWESTERLY LINE OF RAND ROAD 70 FEET 10 INCHES NORTHWESTERLY OF THE INTERSECTION OF SAID SOUTHEASTERLY LINE OF SAID LOT 1 AND THE SOUTHWESTERLY LINE OF RAND ROAD, IN BLOCK 7 IN PENNY AND ROOT'S SUBDIVISION OF BLOCKS 6 AND 7 IN PENNY AND MEACHAM'S SUBDIVISION OF THE SOUTHEAST 1/4 OF SECTION 26, TOWNSHIP 41 NORTH, RANGE 12, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. PARCEL 3: LOTS 2 AND 3 AND THE NORTH 55 FEET OF LOT 13 IN BLOCK 7 OF PENNY AND ROOT'S SUBDIVISION OF BLOCKS 6 AND 7 IN PENNY AND MEACHAM'S SUBDIVISION OF THE SOUTHEAST 1/4 OF SECTION 26, TOWNSHIP 41 NORTH, RANGE 12, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. PARCEL 4: THE NORTHWEST PARK LOT IN BLOCK 7IN PENNY AND ROOT'S SUBDIVISION OF BLOCKS 6 AND 7 IN PENNY AND MEACHAM'S SUBDIVISION OF THE SOUTHEAST 1/4 OF SECTION 26, TOWNSHIP 41 NORTH, RANGE 12, EAST OF THE THIRD.PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS

ALSO DESCRIBED BY METES AND BOUNDS AS FOLLOWS: THAT PART OF BLOCK 7 IN PENNY AND ROOT'S SUBDIVISION AFORESAID DESCRIBED AS BEGINNING AT THE NORTHERN MOST CORNER OF THE ORIGINAL LOT 1 IN SAID BLOCK 7

5 ALSO DESCRIBED BY METES AND BOUNDS AS FOLLOWS: THAT PART OF BLOCK 7 IN PENNY AND ROOT'S SUBDIVISION AFORESAID DESCRIBED AS BEGINNING AT THE NORTHERN MOST CORNER OF THE ORIGINAL LOT 1 IN SAID BLOCK 7 OF THE AFORESAID SUBDIVISION; THENCE SOUTH 39 DEGREES 44 MINUTES 16 SECONDS WEST ALONG THE NORTHWESTERLY LINE OF LOT 1 AFORESAID FEET TO THE NORTHWEST CORNER OF LOT 1; THENCE NORTH 00 DEGREES 24 MINUTES 51 SECONDS WEST ALONG THE NORTHERLY EXTENSION OF THE WEST LINE OF LOT 1 AFORESAID FEET TO THE NORTHWESTERLY EXTENSION OF THE NORTHEASTERLY LINE OF SAID LOT 1; THENCE SOUTH 49 DEGREES 56 MINUTES 55 SECONDS EAST ALONG SAID NORTHWESTERLY EXTENSION FEET TO THE POINT OF BEGINNING, IN COOK COUNTY, ILLINOIS EXCEPT THAT PART OF PARCELS 1 THROUGH 4 LYING SOUTHWEST AND SOUTH OF THE FOLLOWING DESCRIBED LINE: COMMENCING AT THE INTERSECTION OF THE SOUTHWESTERLY LINE OF NORTHWEST HIGHWAY AND THE WESTERLY LINE OF SUMMIT AVENUE, THENCE SOUTH 40 DEGREES 16 MINUTES 59 SECONDS WEST ALONG THE WESTERLY LINE OF SAID SUMMIT AVENUE, FEET TO THE POINT OF BEGINNING; THENCE NORTH 50 DEGREES 09 MINUTES 24 SECONDS WEST, FEET; THENCE SOUTH 76 DEGREES 15 MINUTES 53 SECONDS WEST, FEET; THENCE NORTH 89 DEGREES 58 MINUTES 02 SECONDS WEST FEET TO THE POINT OF ENDING, SAID POINT OF ENDING BEING ON THE EAST LINE OF MEACHAM AVENUE, SAID POINT ALSO BEING FEET SOUTH OF THE SOUTHWESTERLY LINE OF NORTHWEST HIGHWAY, ALL IN COOK COUNTY, ILLINOIS. Address ofproperty: 170 Northwest Highway, Park Ridge, Illinois PIN Numbers: , , , , , , , , 09~ , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , oi4-1049, and

AGENDA UPDATE ECONOMIC DEVELOPMENT & FINANCE STANDING COMMITTEE MEETING MONDAY, AUGUST 10, 2015 III. COMMITTEE AGENDA

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