R-57-08 09/22/2008RESOLUTION
RESOLUTION APPROVING SUBORDINATION AND RECOGNITION AGREEMENT
BETWEEN VILLAGE OF LEMONT, FRONT STREET LOFTS CONDOMINIUM
ASSOCIATION, MP LEMONT, LLC, AND PNC BANK, NATIONAL ASSOCIATION
WHEREAS, the Village of Lemont seeks to enter into a Subordination and Recognition
Agreement with Front Street Lofts Condominium Association, MP Lemont, LLC, and PNC
Bank, National Association; and
WHEREAS, the terms and conditions of the Subordination and Recognition Agreement
are set forth in the document attached hereto as Exhibit A.
NOW THEREFORE, BE IT RESOLVED by the President and Board of Trustees of
the Village of Lemont, that the Subordination and Recognition Agreement attached hereto as
Exhibit A is hereby approved.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL AND DU PAGE,
ILLINOIS, on this 22nd day of September , 2008.
Debby Blatzer
Peter Coules
Clifford Miklos
Brian Reaves
Ronald Stapleton
Jeanette Virgilio
AYES NAYS PASSED ABSENT
JOHN F AZZA, Vill : ge Pr s d nt
CHARLENE SMOLLEN, Village Clerk
SUBORDINATION AND RECOGNITION AGREEMENT
THIS SUBORDINATION AND RECOGNITION AGREEMENT (this
"Agreement") is entered into as of the _ day of , 2008, among the
VILLAGE OF LEMONT, an Illinois municipal corporation (the "Village "), FRONT
STREET LOFTS CONDOMINIUM ASSOCIATION, an Illinois not - for - profit corporation
(the "Association "), MP LEMONT, LLC, an Illinois limited liability company
( "Borrower"), and PNC BANK, NATIONAL ASSOCIATION ( "Trustee "), in its capacity
as Trustee of the AFL -CIO Building Investment Trust, a trust existing under the laws of
Maryland (the "Trust ").
RECITALS
A. Borrower is the owner of certain property located in the Village of Lemont,
Cook County, Illinois, as more particularly described in Exhibit A attached hereto (the
"Front Street Lofts Property").
B. The Village is the owner of a public parking facility (the "Parking Facility ")
located on the real property adjoining the Front Street Lofts Property, as more
particularly described in Exhibit B attached hereto (the "Village Property").
C. Marquette Property Investments, Inc. ( "MPI ") and the Village entered into
that certain Redevelopment Agreement dated as of May 15, 2006, as assigned by MPI
to Borrower pursuant to that certain Assignment and Assumption of Redevelopment
Agreement dated as of August 22, 2006 by and between MPI, Borrower and the Village
(hereinafter called the "Redevelopment Agreement "), with respect to the development
of, inter alia, the Front Street Lofts Property and the Parking Facility.
D. Mercantile -Safe Deposit and Trust Company ("Predecessor Trustee "),
the predecessor of Trustee as trustee of the Trust, made a loan (the "Loan ") to
Borrower to construct a condominium project and related improvements on the Front
Street Lofts Property (the "Project").
E. Trustee succeeded Predecessor Trustee as trustee of the Trust as of
September 14, 2007.
F. Borrower's obligations with respect to the Loan are secured, in part, by
that certain Amended and Restated Mortgage, Security Agreement and Fixture Filing
with Assignment of Leases and Rents dated as of August 22, 2006 and recorded on
August 29, 2006 with the office of the Recorder of Deeds of Cook County, Illinois (the
"Recorder of Deeds ") as Instrument No. 0624133045, from Borrower to Predecessor
Trustee, encumbering the Front Street Lofts Property, as amended by a First
Amendment to Amended and Restated Mortgage, Security Agreement and Fixture
Filing with Assignment of Leases and Rents dated as of , 2008 and intended
to be recorded prior hereto with the Recorder of Deeds (the Amended and Restated
Mortgage, Security Agreement and Fixture Filing with Assignment of Leases and Rents,
as so amended and as the same may be extended, renewed, replaced, amended,
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restated or otherwise modified, is hereinafter referred to as the "Front Street Lofts
Mortgage ").
G. Trustee is also the holder of certain Taxable Tax Increment
Redevelopment Revenue Notes issued to Borrower by the Village in connection with the
construction of the Parking Facility (collectively, the "TIF Notes ").
H. The TIF Notes are secured, in part, by that certain Mortgage and Security
Agreement dated as of August 22, 2006 and recorded on August 29, 2006 with the
Recorder of Deeds as Instrument No. 0624133041 from Borrower to Predecessor
Trustee encumbering the Village Property (the Mortgage and Security Agreement, as
the same may be extended, renewed, replaced, amended, restated or otherwise
modified, is hereinafter referred to as the "Parking Facility Mortgage"; the Front Street
Lofts Mortgage and the Parking Facility Mortgage are hereinafter collectively referred to
as the "Mortgages ").
I. Borrower intends to record with the Recorder of Deeds that certain
Declaration of Condominium Ownership for the Front Street Lofts Condominium (the
"Declaration ") with respect to all or a portion of the Front Street Lofts Property, and
Association will administer the property which is made subject to the Declaration.
J. The Village and the Association have entered into that certain Parking
Facility License Agreement dated , 2008, covering, inter alia, the
allocation of the Reserved Parking Spaces (as defined in the Parking Agreement) and
the use of the Parking Facility, which shall be recorded with the Recorder of Deeds
contemporaneously with the Declaration (the "Parking Agreement ").
K. The Village, Borrower and the Association have entered into that certain
Easement Agreement dated , 2008, in which the Village grants to the
Association and each owner of a Unit (as defined in the Easement Agreement) certain
easements over and across the Parking Facility or existing on or extending into the
Village Property, which shall be recorded with the Recorder of Deeds
contemporaneously with the Declaration (the "Easement Agreement"; the Parking
Agreement and the Easement Agreement are hereinafter collectively referred to as the
"Agreements ").
L. The Village, the Association and Borrower have requested that Trustee
consent to the recordation of the Agreements and the subjection of the liens of the
Mortgages to the Agreements, and Trustee is willing to agree to such request, subject to
the terms and conditions of this Agreement.
AGREEMENT
For mutual consideration, including the mutual covenants and agreements set
forth below, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:
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1. Subordination. Trustee agrees that the lien, operation and effect of
Mortgages are and shall be subject and subordinate in all respects to the Agreements.
2. Assignment of Rights. Notwithstanding anything to the contrary in the
Agreements, the Village, the Association and Borrower acknowledge that Trustee has
the benefit of the assignment of rights under the Agreements, as holder of the
Mortgages.
3. Trustee's Right to Cure; Termination of Parking Agreement. The
Village shall send to Trustee copies of all notices of default sent by the Village to the
Association and /or Borrower with respect to the Parking Agreement as provided in
Section 4 of this Agreement and all other notices that may be issued with respect to the
Agreements. Upon any default by the Association under the Agreements, and during
the continuation of such default, Trustee shall have the right (but not the obligation),
upon notice to the Village, the Association, and Borrower, and until such default is
cured, to cure any default and take any action under the Agreements to preserve the
same, and for such purpose the Village hereby grants Trustee no less than thirty (30)
days from the date of Trustee's receipt of the default notice to remedy, or cause to be
remedied, any such default. However, if a non - monetary default is not reasonably
capable of being cured within such thirty (30) day period, the cure period for Trustee
shall be extended for such additional period of time as may be reasonably necessary to
cure such default, but in no event greater than ninety (90) days without the written
consent of the Village; provided, however, that if the ability to effect such cure is subject
to Trustee having possession and control of the Front Street Lofts Property, such cure
period shall be extended and shall commence only upon the date Trustee obtains such
possession and control. Trustee shall have no obligation to cure any default or other
event or obligation of Borrower or the Association not reasonably susceptible to being
cured by Trustee and all of such defaults shall be deemed waived by the Village. The
Village, the Association and Borrower hereby grant to the Trustee the right of access to
the Village Property and the Front Street Lofts Property for this purpose, if such action is
necessary. The Village shall accept performance by Trustee of any term, covenant,
condition or agreement to be performed by the Association or Borrower under the
Agreements with the same force and effect as though performed by the Association or
Borrower, as the case may be. Borrower and the Association hereby authorize the
Village to accept the performance of Trustee in such event, without further notice or
inquiry. So long as Trustee has commenced the cure within thirty (30) days of the date
of receipt of the default notice and diligently proceeds to complete it, the Village shall
not terminate the applicable Agreement. Upon any termination of either Agreement by
reason of any default or for any other reason, the Village shall give notice thereof to
Trustee within three (3) business days following such termination and the Village, on
written request by Trustee, shall enter into a new parking facility license agreement or a
new easement agreement, as the case may be, with Trustee or its designee or nominee
upon all the covenants, conditions, limitations and agreements contained in the
applicable Agreement if, as and when Trustee requires control and possession of the
Front Street Lofts Property.
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4. Notices. All notices permitted or required in this Agreement shall be in
writing and shall be deemed to have been properly given or served if and when
personally delivered, or on the next business day after being sent by overnight delivery
service, or on the third (3rd) business day after being deposited in United States Mail by
registered or certified mail, and return receipt requested, postage prepaid, or on the
next day if sent by Federal Express or other nationally recognized overnight courier,
addressed to the party to whom such notice is intended as set forth in this Section 4.
For the purposes of this Section 4:
notices to the Village
should be addressed:
Village of Lemont
418 Main Street
Lemont, Illinois 60439
Attn: Village Manager
or at such other place as the Village may from time to time specify by notice.
Notices to the Association
should be addressed:
Front Street Lofts Condominium
Association
c/o Lieberman Management Services
355 W. Dundee Road, Suite 110
Buffalo Grove, Illinois 60089
Attn: Tricia Shapton
or at such other place as the Association may from time to time specify by notice.
Notices to Borrower
should be addressed:
with a copy to:
MP Lemont, LLC
c/o Marquette Companies
15 West Jefferson Avenue, Suite 202
Naperville, Illinois 60540
Attn: Jeff Prosapio
Meltzer, Purtill & Stelle LLC
1515 East Woodfield Road
Second Floor
Schaumburg, Illinois 60173 -5431
Attn: Brian Meltzer, Esquire
or at such other place as Borrower may from time to time specify by notice.
Notices to Trustee
should be addressed:
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PNC Bank, National Association,
as Trustee of the AFL -CIO
Building Investment Trust
c/o PNC Realty Investors, Inc.
1601 K Street, N.W., Suite 1100
Washington, DC 20006
Attn: Asset Management
with a copy to:
Ballard Spahr Andrews & Ingersoll, LLP
300 East Lombard Street, 18th Floor
Baltimore, Maryland 21202
Attn: Raymond G. Truitt, Esquire
or at such other place as Trustee may from time to time specify by notice.
5. Successors and Assigns. All of the covenants and agreements
hereinabove contained on the part of the Village, the Association, Borrower and Trustee
shall inure to the benefit of and bind their successors and assigns, respectively,
including any purchaser at a foreclosure sale.
6. Severabilitv. If any provision of this Agreement is held to be invalid or
unenforceable by a court of competent jurisdiction, such provision shall be deemed
modified to the extent necessary to be enforceable, or if such modification is not
practicable such provision shall be deemed deleted from this Agreement, and the other
provisions of this Agreement shall remain in full force and effect.
7. Counterparts. This Agreement may be executed in any number of
counterparts, which together shall constitute a fully executed original instrument.
8. Amendment. Neither this Agreement nor any of the terms hereof may be
terminated, amended, supplemented, waived or modified orally, but only by an
instrument in writing executed by the party against which enforcement of the
termination, amendment, supplement, waiver or modification is sought.
9. Applicable Law. This Agreement shall be construed in accordance with
the laws of the State of Illinois.
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IN WITNESS WHEREOF, each of the parties has caused this Subordination and
Recognition Agreement to be executed under seal and delivered by its duly authorized
officers or representatives as of the day and year first written above.
WITNESS /ATTEST: VILLAGE OF LEMONT, an
Illinois municipal corporation
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By:
Its i age Ifnager
ATTEST
(SEAL)
Its Village Clerk
FRONT STREET LOFTS CONDOMINIUM
ASSOCIATION, an
Illinois municipal corporation
By: (SEAL)
Name:
Title:
MP LEMONT, LLC, an Illinois
limited liability company
By: (SEAL)
Name:
Title:
PNC BANK, NATIONAL ASSOCIATION,
in its capacity as Trustee of the AFL -CIO
Building Investment Trust
By: (SEAL)
Name:
Title:
6
STATE OF ILLINOIS )
troui;
OF L00L. )
I, the undersigned, a not ry public in and for the county in the state aforesaid, do
hereby ce ify that , , .4 , , Village Manager, and
`VnA kin Q. j Lime\ , Village 1� S Jerk, personally known to me to be the same
persons whose names subscribed the foregoing instrument, appeared before me this
day in person and acknowledged, signed and delivered the said instrument as such
President and Village Clerk, respectively, as their free and voluntary act and as the free
and voluntary act of the Village of Lemont, for the purposes therein set forth.
Given under my hand and official se this ZZ day of
STATE OF ILLINOIS )
'STATE OF )
i rylPybi
, 2008.
OFFICIAL SEAL
ROSEMAY YATES
NOTARY PUBLIC, STATE OF ILLINOIS
MY COMMISSION EXPIRES 8.13.2012
I, the undersigned, a notary public in and for the county in the state aforesaid, do
hereby certify that , the of Front Street
Lofts Condominium Association, an Illinois not for profit corporation, personally known
to me to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person and acknowledged, signed and delivered the
foregoing instrument, as his free and voluntary act and as the free and voluntary act of
such not - for - profit corporation, for the purposes therein set forth.
Given under my hand and official seal this day of , 2008.
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Notary Public
STATE OF ILLINOIS
COUNTY OF
)
)
)
I, the undersigned, a notary public in and for the county in the state aforesaid, do
hereby certify that , personally known to me to be the same person
whose name is subscribed to the foregoing instrument, appeared before me this day in
person and acknowledged, signed and delivered the said instrument as the authorized
signatory for MP, Lemont, LLC, an Illinois limited liability company, as his free and
voluntary act and as the free and voluntary act of such limited liability company, for the
purposes therein set forth.
2008.
Given under my hand and official seal this day of
Notary Public
STATE OF )
) SS
CITY /COUNTY OF )
I, , a Notary Public in and for said County and State,
do hereby certify that the and
of PNC Bank, National Association, in its capacity as Trustee of the
AFL -CIO Building Investment Trust, appeared before me this day in person and
acknowledged that they signed, sealed and delivered the within instrument as their free
and voluntary act, and as the free and voluntary act of such trustee, for the uses and
purposes therein set forth.
GIVEN under my hand and Notarial Seal this day of
2008.
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8
Notary Public
EXHIBIT A
Front Street Lofts Property
That part of Lot 9 (except the West 400.50 feet as measured on the South line thereof) in County Clerk's
Division of Unsubdivided Lands in Section 20, Township 37 North, Range 11 East of the Third Principal
Meridian, lying South of the right -of -way of the Atchison Topeka and Santa Fe Railroad Company and
East of the East line of State Street produced Northerly across said Lot 9, in Cook County, Illinois;
Also, all of Block 5 in Singer and Talcott Stone Company's Subdivision of part of the West Half of the
Southeast Quarter of Section 20, Township 37 North, Range 11 East of the Third Principal Meridian,
lying North of Illinois Michigan Canal, and also Lot 10 in County Clerk's Division of Unsubdivided
Lands in said Section 20, taken as a tract, except the Easterly 180 feet thereof, all in Cook County,
Illinois.
Also that part of the East Half of the Southwest Quarter of Section 20, Township 37 North, Range 11 East
of the Third Principal Meridian, Cook County, Illinois, described as follows:
Beginning at the Northwest corner of Lot 10 in County Clerk's Division of Unsubdivided Lands in said
Section 20; thence North 00 °19'16" East 50.00 feet along the West line of said Lot 10 extended North;
thence South 88 °43'36" East 171.83 feet to a line located 180.00 feet West of and parallel with the West
line of Stephen Street; thence South 01 °18'56" West 50.00 feet along said parallel line to the North line
of Lot 10; thence North 88 °43'36" West 170.96 feet along said North line to the Point of Beginning.
Being also described as:
Commencing at the Southeast corner of said Block 5 being the intersection of the West line of Stephen
Street with the North line of the Reserve Strip for the Illinois and Michigan Canal; thence North
88 °43'12" West 180.00 feet along the South line of said Block 5 to the Point of Beginning; thence
continuing North 88 °4312" West 350.32 feet along the South line of said Block 5 and also along the
North line of the Reserve Strip for the Illinois and Michigan Canal; thence North 00 °34'56" East 140.00
feet; thence North 63°01'14" East 73.51 feet; thence North 79 °05'50" East 119.31 feet; thence North
00 °19'16" East 60.00 feet; thence South 88 °43'36" East 171.83 feet; thence South 01 °18'56" West
260.00 feet to the Point of Beginning.
EXCEPTING THEREFROM:
That part of the East '/2 of the Southwest 'A and the West 1/2 of the Southeast 'A of Section 20, Township
37 North, Range 11 East of the Third Principal Meridian, in Cook County, Illinois, bounded and
described as follows:
Beginning at the intersection of the south line of Lot 9 in County Clerk's Division of Unsubdivided lands
in said Section 20 with the east line of the west 400.5 feet of Lot 9 lying east of the east line of State
Street produced northerly across said Lot 9, in said County Clerk's Division (as measured along the south
line of Lot 9); thence on an assumed bearing of North 00 degrees 34 minutes 56 seconds East along the
east line of the west 400.5 feet of Lot 9 in said County Clerk's Division, 140.00 feet; thence North 63
degrees 01 minutes 14 seconds East, 17.83 feet; thence South 01 degree 16 minutes 48 seconds West,
116.76 feet; thence South 88 degrees 43 minutes 12 seconds East, 38.42 feet; thence South 01 degree 16
minutes 48 seconds West, 12.92 feet; thence South 88 degrees 43 minutes 12 seconds East, 19.24 feet;
thence South 01 degree 16 minutes 48 seconds West, 18.75 feet to the south line of said Lot 9; thence
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North 88 degrees 43 minutes 12 seconds West along the south line of said Lot 9 for a distance of 71.66
feet to the point of beginning.
Also
Commencing at the intersection of the south line of Lot 9 in County Clerk's Division of unsubdivided
lands in said Section 20 with the east line of the west 400.5 feet of Lot 9 in said County Clerk's Division
(as measured along the south line of Lot 9); thence on an assumed bearing of North 00 degrees 34
minutes 56 seconds East along the east line of the west 400.5 feet of Lot 9 in said County Clerk's
Division, 140.00 feet; thence North 63 degrees 01 minutes 14 seconds East, 71.19 feet to the point of
beginning; thence continuing North 63 degrees 01 minutes 14 seconds East, 2.32 feet; thence North 79
degrees 05 minutes 50 seconds East along the south line of River Street as dedicated by Document No.
22695261 for a distance of 76.77 feet; thence South 01 degrees 16 minutes 48 seconds West, 22.41 feet;
thence South 88 degrees 43 minutes 12 seconds East, 77.75 feet; thence South 01 degrees 16 minutes 48
seconds West, 7.00 feet; thence South 88 degrees 43 minutes 12 seconds East, 17.33 feet; thence North
01 degrees 16 minutes 48 seconds East, 7.00 feet; thence South 88 degrees 43 minutes 12 seconds East,
52.00 feet; thence North 01 degrees 16 minutes 48 seconds East, 41.41 feet to the south line of said River
Street; thence South 88 degrees 43 minutes 36 seconds East along the south line of said River Street, 9.17
feet; thence South 01 degrees 16 minutes 48 seconds West, 68.24 feet; thence North 88 degrees 43
minutes 12 seconds West, 10.67 feet; thence South 01 degrees 16 minutes 48 seconds West, 17.33 feet;
thence South 88 degrees 43 minutes 12 seconds East, 10.67 feet; thence South 01 degrees 16 minutes 48
seconds West, 76.00 feet; thence South 88 degrees 43 minutes 12 seconds East, 42.00 feet; thence North
01 degrees 16 minutes 48 seconds East, 161.58 feet to the south line of River Street; thence South 88
degrees 43 minutes 36 seconds East along the south line of said River Street, 14.13 feet to the west line of
the east 180 feet of Block 5 in Singer and Talcott Stone Company's Subdivision; thence South 01 degrees
18 minutes 56 seconds West along the aforesaid line, 210.00 feet to the south line of Lot 10 in County
Clerk's Division; thence North 88 degrees 43 minutes 12 seconds West along said south line of Lot 10,
14.00 feet; thence North 01 degrees 16 minutes 48 seconds East, 41.33 feet; thence North 88 degrees 43
minutes 12 seconds West, 131.42 feet; thence North 01 degrees 16 minutes 48 seconds East, 7.00 feet;
thence North 88 degrees 43 minutes 12 seconds West, 18.83 feet; thence South 01 degrees 16 minutes 48
seconds West, 7.00 feet; thence North 88 degrees 43 minutes 12 seconds West, 130.08 feet; thence North
01 degrees 16 minutes 48 seconds East, 50.42 feet; thence South 88 degrees 43 minutes 12 seconds East,
10.67 feet; thence North 01 degrees 16 minutes 48 seconds East, 17.33 feet; thence North 88 degrees 43
minutes 12 seconds West, 10.67 feet; thence North 01 degrees 16 minutes 48 seconds East, 30.00 feet;
thence South 88 degrees 43 minutes 12 seconds East, 5.00 feet; thence North 01 degrees 16 minutes 48
seconds East, 34.61 feet to the point of beginning, all in the Village of Lemont, Cook County, Illinois.
Also
That part of the East Half of the Southwest Quarter of Section 20, Township 37 North, Range 11 East of
the Third Principal Meridian, Cook County, Illinois, described as follows:
Beginning at the Northwest corner of Lot 10 in County Clerk's Division of Unsubdivided Lands in said
Section 20; thence North 00 °19'16" East 50.00 feet along the West line of said Lot 10 extended North;
thence South 88 °43'36" East 171.83 feet to a line located 180.00 feet West of and parallel with the West
line of Stephen Street; thence South 01 °18'56" West 50.00 feet along said parallel line to the North line
of Lot 10; thence North 88 °43'36" West 170.96 feet along said North line to the Point of Beginning.
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EXHIBIT B
Village Property
That part of the East 1/2 of the Southwest 1/4 and the West 1/2 of the Southeast 'A of Section 20,
Township 37 North, Range 11 East of the Third Principal Meridian, in Cook County, Illinois,
bounded and described as follows:
Beginning at the intersection of the south line of Lot 9 in County Clerk's Division of
unsubdivided lands in said Section 20 with the east line of the west 400.5 feet of Lot 9 lying east
of the east line of State Street produced northerly across said Lot 9, in said County Clerk's
Division (as measured along the south line of Lot 9); thence on an assumed bearing of North 00
degrees 34 minutes 56 seconds East along the east line of the west 400.5 feet of Lot 9 in said
County Clerk's Division, 140.00 feet; thence North 63 degrees 01 minutes 14 seconds East,
17.83 feet; thence South 01 degree 16 minutes 48 seconds West, 116.76 feet; thence South 88
degrees 43 minutes 12 seconds East, 38.42 feet; thence South 01 degree 16 minutes 48 seconds
West, 12.92 feet; thence South 88 degrees 43 minutes 12 seconds East, 19.24 feet; thence South
01 degree 16 minutes 48 seconds West, 18.75 feet to the south line of said Lot 9; thence North
88 degrees 43 minutes 12 seconds West along the south line of said Lot 9 for a distance of 71.66
feet to the point of beginning.
Also
Commencing at the intersection of the south line of Lot 9 in County Clerk's Division of
unsubdivided lands in said Section 20 with the east line of the west 400.5 feet of Lot 9 in said
County Clerk's Division (as measured along the south line of Lot 9); thence on an assumed
bearing of North 00 degrees 34 minutes 56 seconds East along the east line of the west 400.5 feet
of Lot 9 in said County Clerk's Division, 140.00 feet; thence North 63 degrees 01 minutes 14
seconds East, 71.19 feet to the point of beginning; thence continuing North 63 degrees 01
minutes 14 seconds East, 2.32 feet; thence North 79 degrees 05 minutes 50 seconds East along
the south line of River Street as dedicated by Document No. 22695261 for a distance of 76.77
feet; thence South 01 degrees 16 minutes 48 seconds West, 22.41 feet; thence South 88 degrees
43 minutes 12 seconds East, 77.75 feet; thence South 01 degrees 16 minutes 48 seconds West,
7.00 feet; thence South 88 degrees 43 minutes 12 seconds East, 17.33 feet; thence North 01
degrees 16 minutes 48 seconds East, 7.00 feet; thence South 88 degrees 43 minutes 12 seconds
East, 52.00 feet; thence North 01 degrees 16 minutes 48 seconds East, 41.41 feet to the south line
of said River Street; thence South 88 degrees 43 minutes 36 seconds East along the south line of
said River Street, 9.17 feet; thence South 01 degrees 16 minutes 48 seconds West, 68.24 feet;
thence North 88 degrees 43 minutes 12 seconds West, 10.67 feet; thence South 01 degrees 16
minutes 48 seconds West, 17.33 feet; thence South 88 degrees 43 minutes 12 seconds East, 10.67
feet; thence South 01 degrees 16 minutes 48 seconds West, 76.00 feet; thence South 88 degrees
43 minutes 12 seconds East, 42.00 feet; thence North 01 degrees 16 minutes 48 seconds East,
161.58 feet to the south line of River Street; thence South 88 degrees 43 minutes 36 seconds East
along the south line of said River Street, 14.13 feet to the west line of the east 180 feet of Block
5 in Singer and Talcott Stone Company's Subdivision; thence South 01 degrees 18 minutes 56
seconds West along the aforesaid line, 210.00 feet to the south line of Lot 10 in County Clerk's
Division; thence North 88 degrees 43 minutes 12 seconds West along said south line of Lot 10,
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14.00 feet; thence North 01 degrees 16 minutes 48 seconds East, 41.33 feet; thence North 88
degrees 43 minutes 12 seconds West, 131.42 feet; thence North 01 degrees 16 minutes 48
seconds East, 7.00 feet; thence North 88 degrees 43 minutes 12 seconds West, 18.83 feet; thence
South 01 degrees 16 minutes 48 seconds West, 7.00 feet; thence North 88 degrees 43 minutes 12
seconds West, 130.08 feet; thence North 01 degrees 16 minutes 48 seconds East, 50.42 feet;
thence South 88 degrees 43 minutes 12 seconds East, 10.67 feet; thence North 01 degrees 16
minutes 48 seconds East, 17.33 feet; thence North 88 degrees 43 minutes 12 seconds West, 10.67
feet; thence North 01 degrees 16 minutes 48 seconds East, 30.00 feet; thence South 88 degrees
43 minutes 12 seconds East, 5.00 feet; thence North 01 degrees 16 minutes 48 seconds East,
34.61 feet to the point of beginning, all in the Village of Lemont, Cook County, Illinois.
Also
That portion of the Reserve Strip for the Illinois and Michigan Canal located directly south of the
Front Street Lofts Property.
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