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TERMS AND CONDITIONS OF LEASE <br />WITH PURCHASE OPTION FOR PARKING GARAGE <br />1. Use of the parking garage must be directly connected with <br />a development project located on the Courthouse Square <br />block, bounded on the North by West Washington Street, on <br />the East by South Michigan Street, on the South by West <br />Jefferson Boulevard, and on the West by South Main Street. <br />2. The term of the lease shall be Forty (40) years. <br />3. The annual rental amount shall be not less than Twenty Eight <br />Thousand Seven Hundred Forty ($28,740.00) Dollars. <br />4. An option to purchase may be exercised any time within or at <br />the end of the lease term. The purchase price shall be not <br />less than Nine Hundred Twelve Thousand ($912,000.00) Dollars <br />with any payments made under the lease to be credited toward <br />the purchase price. <br />5. The upper level of the parking facility shall be left open <br />and available for public parking use, during times when not <br />required for parking use by the Lessee, and under terms and <br />conditions mutually approved by the Lessor and Lessee. <br />6. The garage will contain approximately one hundred nine (109) <br />parking spaces total, with about half of the spaces on each <br />of two levels. <br />7. All operation, repair, and maintenance responsibilities <br />shall be borne by the Lessee. <br />8. Construction of the garage will begin as soon as reasonably <br />possible after plans and specifications have been agreed <br />upon by the Commission and the Lessee. See Addendum II for <br />preliminary general specifications of the garage. <br />ADDENDUM I <br />