Exhibit 10.55
POST-CLOSING OCCUPANCY AGREEMENT
THIS POST-CLOSING OCCUPANCY AGREEMENT
(the “Agreement”) is made and entered into as of
the 28th day of March, 2008 (the “Effective
Date”) by and between MIDWEST BANK AND TRUST COMPANY, an
Illinois banking corporation (“Seller”) and NMD
INVESTMENTS LLC, an Illinois limited liability company
(“Purchaser”) .
R E C I
T A L S
:
A. On the Effective Date Seller
sold to Purchaser and Purchaser acquired from Seller a certain
parcel of real estate improved with a bank building (the
“Building”) located at 1601 North Milwaukee
Avenue, Chicago, Illinois, together with a vacant lot located
immediately north of and adjacent to the Building.
B. Seller desires to retain
occupancy and possession of the Building after the Effective Date
for a period of not less than nine (9) months and not more
than eighteen (18) months (the “Post-Occupancy
Term” ).
C. Purchaser is willing to allow
Seller to retain occupancy and possession of the Building during
the Post-Occupancy Term, subject to the terms and provisions set
forth below.
NOW, THEREFORE, in consideration for
the mutual promises contained herein and for other good and
valuable consideration, the receipt and legal sufficiency of which
are hereby acknowledged, Seller and Purchaser agree as
follows:
1. Termination of
Post-Occupancy Term . Commencing as of the Effective Date,
Seller shall retain occupancy and possession of the Building during
the Post-Occupancy Term. Seller may terminate this Agreement
effective at any time on or after the date immediately preceding
the nine (9) month anniversary of the Effective Date by giving
Purchaser not less than thirty (30) days prior written notice
of Seller’s intention to terminate this Agreement. However,
if Seller fails to terminate this Agreement on or before the date
immediately preceding the eighteen (18) month anniversary of
the Effective Date (the “Outside Date” ), then
this Agreement will automatically terminate on the Outside Date and
Seller will vacate and surrender occupancy and possession of the
Building to Purchaser on the Outside Date.
2. Use and Occupancy Fee
. Beginning on the Effective Date and continuing on each monthly
anniversary of the Effective Date until the end of the
Post-Occupancy Term, Seller shall pay to Purchaser a monthly use
and occupancy fee in the amount of Seventy-Five Thousand and 00/100
Dollars ($75,000.00) in consideration for Seller’s occupancy
and possession of the Building during the Post-Occupancy Term. The
monthly use and occupancy fee for any partial month during the
Post-Occupancy Term will be prorated on a per diem basis based on
the number of days during said pa
