Title
CVS/UCMC Sublease - Non-Disturbance and Attornment Agreement
History
A component of the new University of Chicago Medicine building located at 14290 South LaGrange Road is a first-floor commercial space measuring approximately 13,000 square feet. At this time, the University is finalizing negotiations with CVS Pharmacy to occupy the space under a separate sublease.
CVS has requested that the Village, as Master Landlord of the building, execute the attached Non-Disturbance and Attornment Agreement. This form of agreement obligates the Village to recognize the rights of CVS (as the University’s subtenant) for the 25 year term of the Ground Lease and sublease. The intent is to allow CVS to remain in operation even if the University defaults in its obligations to the Village under the terms of the Ground Lease, so long as CVS is not in default under the terms of its sublease.
This document has been reviewed and approved by the Village Attorney.
Recommended Action/Motion
I move to approve a Non-Disturbance and Attornment Agreement with HIGHLAND PARK CVS, L.L.C., for the commercial space located at 14290 South LaGrange Road;
And
Authorize the Interim Village Manager to execute the document.