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('c(-Z-) <br />To: Redevelopment Commission <br />From: Debrah Jennings, Property Manag I)I i . <br />Subject: Carl Duncan to lease 121 S. Michigan St. <br />Date: November 8, 2011 <br />Attached, please find a lease between the South Bend Redevelopment Commission and Carl Duncan. <br />Carl Duncan would like to lease 121 S. Michigan Street to operate a licensed Notre Dame Apparel store. <br />The following are the lease terms: <br />• Six (6) months initial lease term with Two (2) six (6) months option to extend. <br />• Rent shall be abated for the first three (3) months. Thereafter Tenant shall pay One Thousand ($1,000) <br />per month or a total of $12,000 annually. <br />• $1,000.00 security deposit shall be due upon lease signing. <br />• Tenant shall pay for all utilities. <br />• Common Area Maintenance (CAM), Insurance and Real Estate Taxes shall be paid in one lump sum at <br />the time of lease execution. <br />Staff request approval. <br />H: \WPDATA \correct memo.doc <br />