Laserfiche WebLink
Tin's Memorandum of •("Memorandum") is made betweell the Countyof <br />i • entered Into <br />as of <br />WHERFAS, Kensington Development Partners, hic., all Illinois corporation <br />ii - r to bestateuy the realknown <br />Lexiligton Avenue, Arden` t l arcel"); and <br />WHEREAS, undivided <br />5090 percentn'iterest as tenant in common and Arden lUls 1031 LLC, all Illinois limited lability <br />company, as to • percent mterest as teiiant in common (collectively jr <br />have succeeded _ :,interesti and KDP Parcel accepting <br />assignmentof • <br />WHEREAS, •unty is perfornuilig certain roadway• + • <br />Avenue ' •construction <br />intersection/curband leading lilto <br />die i.. r Parcel locations shownplan attached hereto as Exhibit A (die "Site <br />r deceleration• • Plan)allow <br />riglit • die KDP Parcel; new curbs as shown oil the Site Plaii; mid such odier work as may be <br />necessary to cause that part of • i `adjacent' r Parcel to conform to <br />die Site Plan (wilich work is collectively # i • <br />i redevelop D' Parcel for t purposes <br />grocery tenaut is requiring that the ROW Workbe completedOctober 31, 2022 <br />the "Grocery Dead <br />WHEREAS,"• into ail intergovernmentalother <br />a-iid government entitiesto share the expensesProject• - die ROW <br />Work) w1li'chiitergovenimelital agreement provides that die ROW Work will be completed by <br />die GroceryDeadline; <br />WHEREAS, shouldi and the other <br />agreement (I) fail. to cause die Project # to be fully funded <br />to award a contract# • <br />matters ill [11 and [lil aforesai'd are hereinafter called die "Trigger rflienROW Wor <br />repercussionsmay not be completed by die Grocery Deadline 'ill w1uich event, KDP vVill suffer severe econo <br />under its agreement with the grocery <br />WHEREAS, .reed that if die Trigger Events occur,r <br />will assume die obligation, at KDP's coP ROW • and <br />complete • 00115223. <br />DOC / v. 4