Housing Commission

Public Notice Housing Commission Regular Meeting In accordance with the Statutes of the State of Illinois and the Ordinances of the City of Highland Park, the next regular meeting of the City of Highland Park Housing Commission, the Peers Housing Association, Ravinia Housing Association, and Sunset Woods Association is scheduled to be held at the hour of 6:30 P.M. on Wednesday, June 6, 2026 and will take place at City Hall, 1707 St Johns Avenue, Highland Park, Illinois inside the Council Chambers. Individuals with questions or feedback about an agenda item can address the Commission in the following ways: 1. EMAILS FOR THE RECORD. Email the Housing Commission staff liaison, Planner Zubin Coleman at zcoleman@cityhpil.com. If you wish to have your comments read into the record, limit your communication to 200 words or less. Public comments received by 4:30 PM the day of the meeting will be read under Business from the Public. Public comments should contain the following information:  In the subject line, identify, “Housing Commission Meeting – Read into the Record”  Name  City  Address (optional)  Phone (optional)  Organization, agency representing, if applicable.  Topic or agenda item number of interest 2. EMAILS WITH UNLIMITED INFORMATION. Individuals who do not wish to have their comments read into the record can email Senior Planner, Zubin Coleman an unlimited number of words. Emails will be forwarded to the Housing Commission if requested. 3. TELEPHONE. Individuals with no access to email may leave a message with Senior Planner Zubin Coleman at 847.926.1853. 4. LIVE COMMENTS. Individuals are able to address the Commission during the meeting. Questions/comments are limited to written testimony into the record or spoken comments, not both. Business from the Public is only listed on the Housing Commission Meeting Agenda. Comments should be limited to three minutes or less. All emails received will be acknowledged at the meeting. Individuals may also leave a voice message with Senior Planner, Zubin Coleman at 847.926.1853 or at zcoleman@cityhpil.com with any questions. The City encourages individuals to sign-up for its enews for important information from the City and its government partners. The City updates its website daily and also posts on social media daily. To sign-up for the enews, visit www.cityhpil.com. The City, in compliance with the Americans with Disabilities Act, requests that persons with disabilities who require certain accommodations to allow them to observe and/or participate in this hearing, or who have questions about the accessibility of the meeting facilities, contact the City’s ADA coordinator Emily Taub at etaub@cityhpil.com or 847.926.1005. Page 1 of 181  AGENDA City of Highland Park Housing Commission Regular Meeting June 3, 2026 - 6:30 pm I. Call to order II. Roll Call III. Business from the Public IV. Approval of Regular Meeting Minutes – May 6, 2026 V. Scheduled Business 1. Items for Omnibus Vote Consideration  Payment of Invoices  Ratification of Payments o Attorney General 990 Filings for Housing Associations 2. Peers, Ravinia, Sunset Woods Associations, and HTF  Consideration of ERES Management Report and Financials  Sunset Woods Financials  Housing Trust Fund (HTF) Financials  Other Association Business o Peers Pipe Replacement Update o IHDA-Peers Housing Association Loan Maturation Update VI. Old Business 1. Consideration of an Amendment to the Final Inclusionary Plan Approval for the Townhome Development at 1700 Old Deerfield Road – The Bowery VII. New Business 1. Consideration of a Preliminary Housing Application for a Condominium Development at 1696 McGovern Avenue and 793 Laurel Avenue 2. Payment-In-Lieu Fee Analysis VIII. Other Business 1. Next Housing Commission Meeting, Wednesday, July 1, 2026 IX. Adjournment 2 Page 2 of 181  MINUTES OF A REGULAR MEETING OF HOUSING COMMISSION OF THE CITY OF HIGHLAND PARK, ILLINOIS MEETING DATE: Wednesday, May 6, 2026 MEETING LOCATION: Council Chambers, City Hall, 1707 St. Johns Avenue, Highland Park, IL CALL TO ORDER At 6:32 p.m., Chairperson Fernandez Sykes called an on-site meeting of the Highland Park Housing Commission, Peers Housing Association, Ravinia Housing Association, and the Sunset Woods Association to order. Each of the Commissioners also serves as Directors of each of the Housing Associations. Public comments may be emailed to city@hpil.com or phoned into at 847.432.0867. The City web site is www.cityhpil.com. Staff was asked to call the roll. ROLL CALL Commissioners Present: Chairperson Fernandez Sykes; Commissioners Farris, Rachman, & Shapiro Kopin Commissioners Absent: Commissioners Adland, Beasley, & Rosen Councilmember Present: Tapia Student Council Present: Sydney Jones & Rylee Sullivan Student Council Absent: Mitchell Posner Staff declared that a quorum was present. Staff Present: Coleman Guests Present: Irina Leykin, Regional Property Manager/ERES Amy Kaufman, Vice President/CPAH Others Present: Gale Cerabona, Recorder BUSINESS FROM THE PUBLIC There was no Business from the Public. APPROVAL OF MINUTES Regular Meeting of the Housing Commission – April 6, 2026 Commissioner Shapiro Kopin moved to approve the April 6, 2026, regular meeting minutes. Commissioner Farris seconded the motion. On a voice vote: Voting Yea: Chairperson Fernandez Sykes; Commissioners Farris, Rachman, & Shapiro Kopin Voting Nay: None Page 1 Housing Commission May 6, 2026 Page 3 of 181  MINUTES OF A REGULAR MEETING OF HOUSING COMMISSION OF THE CITY OF HIGHLAND PARK, ILLINOIS Chairperson Fernandez Sykes declared that the motion passed unanimously. SCHEDULED BUSINESS 1. Items for Omnibus Vote Consideration • Payment of Invoices • Ratification of Payments Senior Planner Coleman advised there is nothing outstanding. 2. Peers, Ravinia, Sunset Woods Associations, & Housing Trust Fund • Consideration of ERES Management Report and Financials Peers Ms. Leykin advised the City inspection took place. Regarding repairs on electrical wires, quotes are being sought. She explained how this happened when the concrete was broken. Wire and piping will be secured. Ms. Leykin is working on budgets which are due June 1, 2026. Ms. Leykin will be away for 3 months. Mr. Harold Eich, Regional Director, will step in while she is gone.  Sunset Woods Financials Senior Planner Coleman advised there is nothing outstanding.  Housing Trust Fund (HTF) Financials Senior Planner Coleman advised there is nothing outstanding. • Other Association Business o ERES House Rule Change – No-Smoking Policy (continued) Senior Planner Coleman provided background. He referred to notes on this as well as additional information and an Addendum. Commissioner Farris moved to implement the recommended House Rules for Peers in the entire building. Commissioner Shapiro Kopin seconded the motion. On a voice vote: Voting Yea: Chairperson Fernandez Sykes; Commissioners Farris, Rachman, & Shapiro Kopin Voting Nay: None Chairperson Fernandez Sykes declared that the motion passed unanimously. Page 2 Housing Commission May 6, 2026 Page 4 of 181  MINUTES OF A REGULAR MEETING OF HOUSING COMMISSION OF THE CITY OF HIGHLAND PARK, ILLINOIS OLD BUSINESS There was no Old Business. NEW BUSINESS 1. Resolution Approving CPAH’s 2026 Operating Grant Drawdown Request – Quarter 1 Ms. Amy Kaufman, Vice President with CPAH, provided updates. She shared 1 house sold, another renovation began on Central Avenue, and 2 more are anticipated. Commissioner Farris moved to approve CPAH’s 2026 Operating Grant Drawdown Request – Quarter 1. Commissioner Shapiro Kopin seconded the motion. On a voice vote: Voting Yea: Chairperson Fernandez Sykes; Commissioners Farris, Rachman, & Shapiro Kopin Voting Nay: None Senior Planner Coleman declared that the motion passed unanimously. OTHER BUSINESS 1. Next Housing Commission Meeting, Wednesday, June 3, 2026 The next HC Meeting is scheduled for Wednesday, June 3, 2026. ADJOURNMENT Commissioner Shapiro Kopin moved to adjourn at 6:43 p.m. Chairperson Fernandez Sykes seconded the motion. On a roll call vote Voting Yea: Chairperson Fernandez Sykes; Commissioners Farris, Rachman, & Shapiro Kopin Voting Nay: None Chairperson Fernandez Sykes declared that the motion passed unanimously. Respectfully Submitted, Gale Cerabona Recorder MINUTES OF A REGULAR MEETING ON APRIL 6, 2026, WERE APPROVED WITHOUT CORRECTIONS. Page 3 Housing Commission May 6, 2026 Page 5 of 181  Sunset Woods Housing 12 Balance Sheet April 30, 2026 ASSETS Current Assets Assn FBHP Checking $ 10,377.00 FBHP General Checking X3522 19,581.24 FBHP Sec Dep. Savings x5723 10,966.64 Assn FBHP Savings 109,626.00 FBHP Savings x5731 9,519.26 Tax Reserve (2.80) Accounts Receivable (4,491.33) Subsidy Accounts Receivable 8.00 Total Current Assets 155,584.01 Property and Equipment Building 1,552,988.40 Building Improvements 20,532.96 Appliances 422.64 Accum Dep Furn & Fixtures (399.37) Accum Dep Equipment (403.85) Accum Dep Building (869,413.47) Debt issuance costs - accum am (2,582.00) Total Property and Equipment 701,145.31 Other Assets Total Other Assets 0.00 Total Assets $ 856,729.32 LIABILITIES AND CAPITAL Current Liabilities Accounts Payable $ 2,589.67 Accrued Management Fee 662.94 Security Deposits 10,051.00 Accrued Expenses (1,667.50) Total Current Liabilities 11,636.11 Long-Term Liabilities Notes Payable, Lake Co 116,760.18 Notes Payable, FBHP (45,373.92) Current Portion of FBHP Mortga 359,388.00 Current Portion of IHDA Mortga 1,200.00 Debt issuance costs (4,842.00) Notes Payable, IHDA 205,162.60 Total Long-Term Liabilities 632,294.86 Total Liabilities 643,930.97 Capital Beginning Balance Equity (85,000.00) Equity-Retained Earnings 299,979.81 Net Income (2,181.46) Total Capital 212,798.35 Total Liabilities & Capita $ 856,729.32 5/28/2026 at 1:30 PM Unaudited - For Management Purposes Only Page 6 of 181  Sunset Woods Housing 12 Income Statement Compared with Budget For the Four Months Ending April 30, 2026 Current Current Current Year to Year to Year to Month Month Month Date Date Date Revenues Rents $ 8,676.40 $ 8,414.00 262.40 $ 34,644.40 $ 33,656.00 988.40 Subsidy Income 1,543.00 1,796.00 (253.00) 6,205.00 7,184.00 (979.00) Interest Income 0.00 0.00 0.00 15.13 0.00 15.13 Vacancy 0.00 (511.00) 511.00 0.00 (2,044.00) 2,044.00 Total Revenues 10,219.40 9,699.00 520.40 40,864.53 38,796.00 2,068.53 Cost of Sales Total Cost of Sales 0.00 0.00 0.00 0.00 0.00 0.00 Gross Profit 10,219.40 9,699.00 520.40 40,864.53 38,796.00 2,068.53 Expenses Office Supplies 0.00 25.00 (25.00) 0.00 100.00 (100.00) Management Fee 690.66 630.00 60.66 2,594.20 2,520.00 74.20 Audit Expense 0.00 667.00 (667.00) 12,342.86 2,668.00 9,674.86 Exterminating 0.00 75.00 (75.00) 0.00 300.00 (300.00) Credit Ck Fees 0.00 4.00 (4.00) 0.00 16.00 (16.00) Government Fees 0.00 96.00 (96.00) 0.00 384.00 (384.00) Software/Data Processing 42.34 32.00 10.34 169.36 128.00 41.36 Carpet Cleaning 0.00 83.00 (83.00) 0.00 332.00 (332.00) Heating & Air 0.00 42.00 (42.00) 0.00 168.00 (168.00) Electrical & Plumbing Maint 0.00 42.00 (42.00) 0.00 168.00 (168.00) Painting & Decorating 0.00 108.00 (108.00) 0.00 432.00 (432.00) Appliance Repairs/Replace 360.00 83.00 277.00 510.00 332.00 178.00 Supplies 0.00 125.00 (125.00) 0.00 500.00 (500.00) Maintenance 0.00 167.00 (167.00) 17.99 668.00 (650.01) Condo Assessment Rental Units 5,197.74 3,356.00 1,841.74 20,468.46 13,424.00 7,044.46 Cable TV 0.00 800.00 (800.00) 851.16 3,200.00 (2,348.84) Real Estate tax expense 463.33 3.00 460.33 463.33 12.00 451.33 5/28/2026 at 1:30 PM For Management Purposes Only Page: 2 Page 7 of 181  Current Current Current Year to Year to Year to Month Month Month Date Date Date Loan Interest 1,434.68 2,349.00 (914.32) 5,628.63 9,396.00 (3,767.37) Bldg Insurance 0.00 250.00 (250.00) 0.00 1,000.00 (1,000.00) Total Expenses 8,188.75 8,937.00 (748.25) 43,045.99 35,748.00 7,297.99 Net Income $ 2,030.65 $ 762.00 1,268.65 ($ 2,181.46) $ 3,048.00 (5,229.46) 5/28/2026 at 1:30 PM For Management Purposes Only Page: 3 Page 8 of 181  Sunset Woods Housing 12 Statement of Cash Flow For the four Months Ended April 30, 2026 Current Month Year to Date Cash Flows from operating activities Net Income $ 2,030.65 ($ 2,181.46) Adjustments to reconcile net income to net cash provided by operating activities Tax Reserve (2.23) (8.92) Accounts Receivable 2,593.83 3,265.33 Subsidy Accounts Receivable 0.00 (67.00) Accounts Payable (6.67) (8,294.77) Accrued Management Fee 0.00 (224.21) Accrued Expenses 0.00 3,576.86 Total Adjustments 2,584.93 (1,752.71) Net Cash provided by Operations 4,615.58 (3,934.17) Cash Flows from investing activities Used For Net cash used in investing 0.00 0.00 Cash Flows from financing activities Proceeds From Used For Notes Payable, FBHP (1,017.09) (6,632.45) Notes Payable, IHDA (100.00) (400.00) Net cash used in financing (1,117.09) (7,032.45) Net increase <decrease> in cash $ 3,498.49 ($ 10,966.62) 5/28/2026 at 1:30 PM Unaudited - For Internal Use Only. Page: 4 Page 9 of 181  Current Month Year to Date Summary Cash Balance at End of Period $ 160,070.14 $ 160,070.14 Cash Balance at Beg of Period (156,571.65) (171,036.76) Net Increase <Decrease> in Cash $ 3,498.49 ($ 10,966.62) 5/28/2026 at 1:30 PM Unaudited - For Internal Use Only. Page: 5 Page 10 of 181  Sunset Woods Housing 12 Account Register For the Period From Apr 1, 2026 to Apr 30, 2026 1103M13 - FBHP General Checking X3522 Filter Criteria includes: Report order is by Date. Date Trans No Type Trans Desc Deposit Amt Withdrawal Amt Balance Beginning Balance 16,082.75 4/1/26 Autopay 2604 Withdrawal Illinois Housing Development A 100.00 15,982.75 4/2/26 HAP_4.2.26 Other HAP_4.2.26 1,543.00 17,525.75 4/3/26 RP_4.3.26 Other RP_4.3.26 950.00 18,475.75 4/6/26 RP_4.6.26 Other RP_4.6.26 680.00 19,155.75 4/10/26 2281 Withdrawal Good Guys Appliance Repair Inc 360.00 18,795.75 4/10/26 DEP_4.10.26 Other DEP_4.10.26 5,377.00 24,172.75 4/18/26 Autopay 2604 Withdrawal Real Page, Inc. 42.34 24,130.41 4/21/26 2282 Withdrawal Housing Opportunity Dev. Corp. 690.66 23,439.75 4/24/26 2283 Withdrawal Westward360 5,093.79 18,345.96 4/24/26 2283V Withdrawal Westward360 -5,093.79 23,439.75 4/24/26 2284 Withdrawal LCHA c/o HODC 460.60 22,979.15 4/24/26 2285 Withdrawal Westward360 5,197.74 17,781.41 4/26/26 Autopay 2604 Withdrawal First Bank Chicago 2,454.00 15,327.41 4/27/26 DEP_12.31.25 Other DEP_12.31.25 (wasn_t xferd unt 1,100.00 16,427.41 4/27/26 DEP_12.31.25 Other DEP_12.31.25 (wasn_t xferd unt 1,500.00 17,927.41 4/27/26 RP_4.27.26 Other RP_4.27.26 910.50 18,837.91 4/28/26 RP_4.28.26 Other RP_4.28.26 (Tenant paid wrong 463.33 19,301.24 4/30/26 2286 Withdrawal LCHA c/o HODC 470.00 18,831.24 4/30/26 DEP_4.30.26 Other DEP_4.30.26 750.00 19,581.24 Total 13,273.83 9,775.34 5/28/2026 at 1:30 PM Page: 6 Page 11 of 181  SWA 2 Rental Balance Sheet April 30, 2026 ASSETS Current Assets FBHP Checking x3530 $ 112,138.90 FBHP Sec Dep Savings x0207 2,282.87 Prepaid Insurance 1,080.00 Accounts Receivable (1,100.00) Total Current Assets 114,401.77 Property and Equipment Furniture and Fixtures 3,041.60 Building Unit 231 135,000.32 Building Unit 319 134,999.62 Accum Dep Building (83,685.86) Total Property and Equipment 189,355.68 Other Assets Total Other Assets 0.00 Total Assets $ 303,757.45 LIABILITIES AND CAPITAL Current Liabilities Accounts Payable $ 100.00 Security Deposits 1,358.94 Accrued Expenses 305.50 Total Current Liabilities 1,764.44 Long-Term Liabilities Total Long-Term Liabilities 0.00 Total Liabilities 1,764.44 Capital Beginning Balance Equity 246,832.40 Equity-Retained Earnings 54,221.58 Net Income 939.03 Total Capital 301,993.01 Total Liabilities & Capital $ 303,757.45 5/28/2026 at 1:32 PM Unaudited - For Management Purposes Only Page 12 of 181  SWA 2 Rental Income Statement Compared with Budget For the Four Months Ending April 30, 2026 Current Current Current Year to Year to Month Month Month Date Date Revenues Rents $ 2,300.00 $ 2,300.00 0.00 $ 9,200.00 $ 9,200.00 Interest Income 0.66 0.00 0.66 2.63 0.00 Vacancy 0.00 (115.00) 115.00 0.00 (460.00) Total Revenues 2,300.66 2,185.00 115.66 9,202.63 8,740.00 Cost of Sales Total Cost of Sales 0.00 0.00 0.00 0.00 0.00 Gross Profit 2,300.66 2,185.00 115.66 9,202.63 8,740.00 Expenses Office Supplies 0.00 25.00 (25.00) 0.00 100.00 Management Fee 305.50 142.00 163.50 1,124.50 568.00 Audit Expense 0.00 125.00 (125.00) 2,057.14 500.00 Software/Data Processing 0.00 5.00 (5.00) 21.18 20.00 Painting & Decorating 0.00 125.00 (125.00) 0.00 500.00 Appliance Repairs/replace 0.00 25.00 (25.00) 0.00 100.00 Supplies 0.00 8.00 (8.00) 0.00 32.00 Maintenance 0.00 42.00 (42.00) 0.00 168.00 Condo Asst Rental Units 1,202.70 819.00 383.70 4,777.06 3,276.00 Cable TV 0.00 133.00 (133.00) 283.72 532.00 Bldg Insurance 0.00 42.00 (42.00) 0.00 168.00 Total Expenses 1,508.20 1,491.00 17.20 8,263.60 5,964.00 Net Income $ 792.46 $ 694.00 98.46 $ 939.03 $ 2,776.00 5/28/2026 at 1:32 PM For Management Purposes Only Page: 2 Page 13 of 181  Year to Date 0.00 2.63 460.00 462.63 0.00 462.63 (100.00) 556.50 1,557.14 1.18 (500.00) (100.00) (32.00) (168.00) 1,501.06 (248.28) (168.00) 2,299.60 (1,836.97) 5/28/2026 at 1:32 PM For Management Purposes Only Page: 3 Page 14 of 181  SWA 2 Rental Statement of Cash Flow For the four Months Ended April 30, 2026 Current Month Year to Date Cash Flows from operating activities Net Income $ 792.46 $ 939.03 Adjustments to reconcile net income to net cash provided by operating activities Accounts Payable (7.06) (781.12) Accrued Expenses 0.00 305.50 Total Adjustments (7.06) (475.62) Net Cash provided by Operations 785.40 463.41 Cash Flows from investing activities Used For Net cash used in investing 0.00 0.00 Cash Flows from financing activities Proceeds From Used For Net cash used in financing 0.00 0.00 Net increase <decrease> in cash $ 785.40 $ 463.41 Summary Cash Balance at End of Period $ 114,421.77 $ 114,421.77 5/28/2026 at 1:32 PM Unaudited - For Internal Use Only. Page: 4 Page 15 of 181  Current Month Year to Date Cash Balance at Beg of Period (113,636.37) (113,958.36) Net Increase <Decrease> in Cash $ 785.40 $ 463.41 5/28/2026 at 1:32 PM Unaudited - For Internal Use Only. Page: 5 Page 16 of 181 5/28/2026 at 1:32 PM Unaudited - For Internal Use Only. Page: 6 Page 17 of 181 5/28/2026 at 1:32 PM Unaudited - For Internal Use Only. Page: 7 Page 18 of 181  SWA 2 Rental Account Register For the Period From Apr 1, 2026 to Apr 30, 2026 1103M14 - FBHP Checking x3530 Filter Criteria includes: Report order is by Date. Date Trans No Type Trans Desc Deposit Amt Withdrawal Amt Balance Beginning Balance 111,354.16 4/9/26 RP_4.9.26 Other RP_4.9.26 1,200.00 112,554.16 4/18/26 Autopay 2604 Withdrawal Real Page, Inc. 7.06 112,547.10 4/21/26 1495 Withdrawal Housing Opportunity Developmen 305.50 112,241.60 4/24/26 1496 Withdrawal Sunset Woods c/o Westward360 1,202.70 111,038.90 4/30/26 DEP_4.30.26 Other DEP_4.30.26 1,100.00 112,138.90 Total 2,300.00 1,515.26 5/28/2026 at 1:32 PM Page: 8 Page 19 of 181 5/28/2026 at 1:32 PM Page: 9 Page 20 of 181 HOUSING TRUST FUND Schedule of Changes in Fund Balance Actual Estimated Total3 Through Apr - Dec 2026 Mar 2026 2026 Budget Beginning Fund Balance (Audited) 1,933,509 1,956,834 1,956,834 Demolition Tax 15,000 65,000 80,000 Demolition Permits 3,000 9,000 12,000 Reimbursements and Grants - - Interest Revenue 15,459 68,241 83,700 4 Contributions/Donations/Transfers - - - 1 Payment in lieu of Affordable Housing - 407,880 407,880 Proceeds of Ceding Volume Cap - - Total Revenue 33,459 550,121 583,580 2 Contractual Services (Obligations) - 1,093,850 1,093,850 Employment Expenses 2,921 9,674 12,595 Salaries 7,213 29,145 36,358 Personnel Expenditures 10,135 38,818 48,953 Total Expenditures 10,135 1,132,668 1,142,803 Ending Fund Balance 1,956,834 1,374,286 1,397,611 Fund Balance at 150% target 1,714,205 1,714,205 Fund Balance less Obligations and Target (339,918) (316,594) Notes: 1. Anticipated Revenue: 2026 Payment in lieu 407,880 2026 Demolition Tax 300,000 2026 Demolition Permits 15,000 Total 722,880 2. Obligations: Scattered Site Grant Budgeted for 2026 1,175,000 Operating Grant Budgeted for 2026 111,000 Temporary Housing Assistance 10,000 Total 1,296,000 3. Adopted Budget Page 21 of 181  Housing Trust Fund Balance Sheet and Schedule of Revenues, Expenditures, and Changes in Fund Balance Per City General Ledger Adopted Estimated Actual Annual Apr - Dec Mar YTD 2026 2026 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Balance Sheet Cash & Investments 1,397,611 1,374,286 1,956,834 1,933,509 1,968,422 1,908,458 1,634,854 2,386,240 1,522,923 1,329,104 709,596 555,762 634,659 808,800 866,008 834,576 1,001,264 1,091,569 1,254,767 1,282,048 1,517,934 1,873,748 245,714 1,148,435 704,498 229,405 Accounts Receivable 250,000 (10,500) Due from Other Funds 1,700,000 Other Assets (169) 378 539 Total Assets 1,397,611 1,374,286 1,956,834 1,933,509 1,968,422 1,908,458 1,634,854 2,386,240 1,522,923 1,329,104 709,596 555,762 884,659 808,800 866,008 834,576 1,001,264 1,091,569 1,254,767 1,281,879 1,517,934 1,863,625 1,946,254 1,148,435 704,498 229,405 Accounts Payable 67,500 1,000 Accrued Salaries Payable 1,011 1,009 627 789 720 175 308 233 395 596 218 Refundable Deposits 61,000 Total Liabilities - - - - - - 67,500 1,011 - 1,009 61,627 789 720 175 308 233 - 1,395 596 218 - - - Fund Balance Actual 1,397,611 1,374,286 1,956,834 1,933,509 1,968,422 1,908,458 1,634,854 2,386,240 1,522,923 1,261,604 708,584 555,762 883,651 747,173 865,220 833,856 1,001,088 1,091,261 1,254,534 1,281,879 1,516,540 1,863,029 1,946,036 1,148,435 704,498 229,405 Fund Balance Reported1 N/A N/A 1,956,834 1,933,509 TRUE 1,908,458 1,634,854 2,445,490 1,522,923 1,262,614 709,595 556,762 884,658 808,800 866,008 833,856 1,001,088 1,091,261 1,254,535 1,281,879 1,516,539 1,863,030 1,946,036 1,148,435 704,498 229,405 3 Actual Over/(Under) Rptd N/A N/A - - (59,250) - (1,010) (1,011) (1,000) (1,007) (61,627) (788) 0 0 (0) (1) (0) 1 (1) (0) 0 0 - Changes in Fund Balance Revenues4 583,580 550,121 33,459 465,611 324,094 471,340 644,681 1,179,417 485,162 749,266 260,096 240,152 458,750 453,650 365,518 170,586 129,890 60,828 107,181 265,857 584,267 1,557,629 942,598 798,678 645,094 229,405 5 Expenditures 1,142,803 1,132,668 10,135 500,523 307,256 197,735 1,396,067 316,100 223,842 196,246 107,273 568,041 322,273 571,697 334,155 337,818 220,063 224,101 134,526 500,518 930,757 1,640,635 144,997 354,742 170,000 Change in Fund Balance (559,223) (582,548) 23,325 (34,912) 16,838 273,605 (751,386) 863,317 261,319 553,019 152,822 (327,889) 136,478 (118,047) 31,363 (167,232) (90,172) (163,273) (27,344) (234,661) (346,489) (83,007) 797,600 443,937 475,094 229,405 Beginning Fund Balance (Audited) 1,956,834 1,956,834 1,933,509 1,968,422 1,951,583 1,634,854 2,386,240 1,522,923 1,261,604 708,584 555,762 883,651 747,173 865,220 833,856 1,001,088 1,091,261 1,254,534 1,281,879 1,516,540 1,863,029 1,946,036 1,148,435 704,498 229,405 - Ending Fund Balance 1,397,611 1,374,286 1,956,834 1,933,509 1,968,422 1,908,458 1,634,854 2,386,240 1,522,923 1,261,604 708,584 555,762 883,651 747,173 865,220 833,856 1,001,088 1,091,261 1,254,534 1,281,879 1,516,540 1,863,029 1,946,036 1,148,435 704,498 229,405 2 Due to Others per City Accounts - - - - - - - 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 Fund Balance per City Accounts 1,397,611 1,374,286 1,956,834 1,933,509 1,968,422 1,908,458 1,634,854 2,386,240 1,522,923 1,032,199 479,180 326,357 654,246 517,768 635,815 604,452 771,684 861,856 1,025,130 1,052,474 1,287,135 1,633,624 1,716,631 919,031 475,094 - Fund Balance Actual 1,397,611 1,374,286 1,956,834 1,933,509 1,968,422 1,908,458 1,634,854 2,386,240 1,522,923 1,261,604 708,584 555,762 883,651 747,173 865,220 833,856 1,001,088 1,091,261 1,254,534 1,281,879 1,516,540 1,863,029 1,946,036 1,148,435 704,498 229,405 Notes: 1. Reported to the Housing Commission. 2. Equals the 2003 Fund Balance which was incorrectly recorded in 2003 to the account Due to Others. Since there were no expenditures in 2003, it is equal to 100% of 2003 Demolition Tax Revenue recorded to HTF in 2003. 3. Reporting errors. 4. Anticipated Revenue: 2026 Payment in lieu 407,880 2026 Demolition Tax 300,000 2026 Demolition Permits 15,000 Total 722,880 5. Obligations: Scattered Site Grant Budgeted for 2026 1,175,000 Operating Grant Budgeted for 2026 111,000 Temporary Housing Assistance 10,000 Total 1,296,000 \\sweepea\Dept_FAS\_Finance Director\HTF, Peers, Sunset Woods, Ravinia, 1974 Green Bay\Housing Trust Fund\Housing Trust Fund - Fund Balance 2003 - 2026 Page 22 of 181 HOUSING TRUST FUND Schedule of Changes in Fund Balance Actual Estimated Total3 Through May - Dec 2026 Apr 2026 2026 Budget Beginning Fund Balance (Audited) 1,933,509 1,534,762 1,534,762 Demolition Tax 15,000 65,000 80,000 Demolition Permits 3,750 8,250 12,000 Reimbursements and Grants - - Interest Revenue 21,888 61,812 83,700 4 Contributions/Donations/Transfers - - - 1 Payment in lieu of Affordable Housing 74,160 333,720 407,880 Proceeds of Ceding Volume Cap - - Total Revenue 114,798 468,782 583,580 2 Contractual Services (Obligations) 500,000 593,850 1,093,850 Employment Expenses 3,598 8,997 12,595 Salaries 9,947 26,411 36,358 Personnel Expenditures 13,545 35,408 48,953 Total Expenditures 513,545 629,258 1,142,803 Ending Fund Balance 1,534,762 1,374,286 975,539 Fund Balance at 150% target 1,714,205 1,714,205 Fund Balance less Obligations and Target (339,918) (738,665) Notes: 1. Anticipated Revenue: 2026 Payment in lieu 407,880 2026 Demolition Tax 300,000 2026 Demolition Permits 15,000 Total 722,880 2. Obligations: Scattered Site Grant Budgeted for 2026 1,175,000 Operating Grant Budgeted for 2026 111,000 Temporary Housing Assistance 10,000 Total 1,296,000 3. Adopted Budget Page 23 of 181  Housing Trust Fund Balance Sheet and Schedule of Revenues, Expenditures, and Changes in Fund Balance Per City General Ledger Adopted Estimated Actual Annual May - Dec Apr YTD 2026 2026 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Balance Sheet Cash & Investments 975,539 1,374,286 1,534,762 1,933,509 1,968,422 1,908,458 1,634,854 2,386,240 1,522,923 1,329,104 709,596 555,762 634,659 808,800 866,008 834,576 1,001,264 1,091,569 1,254,767 1,282,048 1,517,934 1,873,748 245,714 1,148,435 704,498 229,405 Accounts Receivable 250,000 (10,500) Due from Other Funds 1,700,000 Other Assets (169) 378 539 Total Assets 975,539 1,374,286 1,534,762 1,933,509 1,968,422 1,908,458 1,634,854 2,386,240 1,522,923 1,329,104 709,596 555,762 884,659 808,800 866,008 834,576 1,001,264 1,091,569 1,254,767 1,281,879 1,517,934 1,863,625 1,946,254 1,148,435 704,498 229,405 Accounts Payable 67,500 1,000 Accrued Salaries Payable 1,011 1,009 627 789 720 175 308 233 395 596 218 Refundable Deposits 61,000 Total Liabilities - - - - - - 67,500 1,011 - 1,009 61,627 789 720 175 308 233 - 1,395 596 218 - - - Fund Balance Actual 975,539 1,374,286 1,534,762 1,933,509 1,968,422 1,908,458 1,634,854 2,386,240 1,522,923 1,261,604 708,584 555,762 883,651 747,173 865,220 833,856 1,001,088 1,091,261 1,254,534 1,281,879 1,516,540 1,863,029 1,946,036 1,148,435 704,498 229,405 Fund Balance Reported1 N/A N/A 1,534,762 1,933,509 TRUE 1,908,458 1,634,854 2,445,490 1,522,923 1,262,614 709,595 556,762 884,658 808,800 866,008 833,856 1,001,088 1,091,261 1,254,535 1,281,879 1,516,539 1,863,030 1,946,036 1,148,435 704,498 229,405 3 Actual Over/(Under) Rptd N/A N/A - - (59,250) - (1,010) (1,011) (1,000) (1,007) (61,627) (788) 0 0 (0) (1) (0) 1 (1) (0) 0 0 - Changes in Fund Balance Revenues4 583,580 468,782 114,798 465,611 324,094 471,340 644,681 1,179,417 485,162 749,266 260,096 240,152 458,750 453,650 365,518 170,586 129,890 60,828 107,181 265,857 584,267 1,557,629 942,598 798,678 645,094 229,405 5 Expenditures 1,142,803 629,258 513,545 500,523 307,256 197,735 1,396,067 316,100 223,842 196,246 107,273 568,041 322,273 571,697 334,155 337,818 220,063 224,101 134,526 500,518 930,757 1,640,635 144,997 354,742 170,000 Change in Fund Balance (559,223) (160,476) (398,747) (34,912) 16,838 273,605 (751,386) 863,317 261,319 553,019 152,822 (327,889) 136,478 (118,047) 31,363 (167,232) (90,172) (163,273) (27,344) (234,661) (346,489) (83,007) 797,600 443,937 475,094 229,405 Beginning Fund Balance (Audited) 1,534,762 1,534,762 1,933,509 1,968,422 1,951,583 1,634,854 2,386,240 1,522,923 1,261,604 708,584 555,762 883,651 747,173 865,220 833,856 1,001,088 1,091,261 1,254,534 1,281,879 1,516,540 1,863,029 1,946,036 1,148,435 704,498 229,405 - Ending Fund Balance 975,539 1,374,286 1,534,762 1,933,509 1,968,422 1,908,458 1,634,854 2,386,240 1,522,923 1,261,604 708,584 555,762 883,651 747,173 865,220 833,856 1,001,088 1,091,261 1,254,534 1,281,879 1,516,540 1,863,029 1,946,036 1,148,435 704,498 229,405 2 Due to Others per City Accounts - - - - - - - 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 229,405 Fund Balance per City Accounts 975,539 1,374,286 1,534,762 1,933,509 1,968,422 1,908,458 1,634,854 2,386,240 1,522,923 1,032,199 479,180 326,357 654,246 517,768 635,815 604,452 771,684 861,856 1,025,130 1,052,474 1,287,135 1,633,624 1,716,631 919,031 475,094 - Fund Balance Actual 975,539 1,374,286 1,534,762 1,933,509 1,968,422 1,908,458 1,634,854 2,386,240 1,522,923 1,261,604 708,584 555,762 883,651 747,173 865,220 833,856 1,001,088 1,091,261 1,254,534 1,281,879 1,516,540 1,863,029 1,946,036 1,148,435 704,498 229,405 Notes: 1. Reported to the Housing Commission. 2. Equals the 2003 Fund Balance which was incorrectly recorded in 2003 to the account Due to Others. Since there were no expenditures in 2003, it is equal to 100% of 2003 Demolition Tax Revenue recorded to HTF in 2003. 3. Reporting errors. 4. Anticipated Revenue: 2026 Payment in lieu 407,880 2026 Demolition Tax 300,000 2026 Demolition Permits 15,000 Total 722,880 5. Obligations: Scattered Site Grant Budgeted for 2026 1,175,000 Operating Grant Budgeted for 2026 111,000 Temporary Housing Assistance 10,000 Total 1,296,000 \\sweepea\Dept_FAS\_Finance Director\HTF, Peers, Sunset Woods, Ravinia, 1974 Green Bay\Housing Trust Fund\Housing Trust Fund - Fund Balance 2003 - 2026 Page 24 of 181  Memorandum Date: June 3, 2026 To: Chair Fernandez Sykes & Housing Commission From: Zubin Coleman, Senior Planner Subject: Maturity Frank B. Peers 12-2269-02 Loan Maturation & 12-2269-01 Loan Recommendation Staff recommends that the Commission consider the item of a loan that has matured for the Frank B. Peers building at 400 Central Avenue and provide feedback to Staff. No action needs to be taken for this matter. Background On May 14, 2026, the Illinois Housing Development Authority reached out to the City to inform them of a refund check. The Frank B. Peers building at 400 Central Avenue has a loan on it with IHDA (loan #12-2269-02) that matured on April 1, 2026. The loan between the City and IHDA was originally approved in 1976 (see Attachment 1), to assist with the financing for the construction of Peers, which was built in 1978. IHDA received the final payment to pay off the fully amortizing loan. However, there was an amount left of $14,949.32) that was overpaid and required IHDA to notify the City of mailing a refunded check. IHDA confirmed that the check will be sent to the City within the next 3 weeks. Although loan #12-2269-02 has now fully amortized, loan #12-2269-01 payments are now set to begin. IHDA shared the payment history and remaining amortization schedule for loan #12-2269-01 (see Attachment 2). This loan will fully amortize in November 2035 with monthly payments of $25,971.36. Next Steps There are no next steps needed for this matter. Staff shared this with the Commission as an informative item. If you have any additional questions, please let Staff know. 1 Page 25 of 181  M- 9 3 UMA Loan `,,. REGULATORY AGREENIENT Limited - Profit Rental) 25th THIS REGULATORY AGREEMENT, dated as of the day of 76 1,,, .,.,, i c. P.... ,.,.., Hicrhland Park IT/" 11151 r1CT Ac it corporz tion i41UT- L ti--[ 3l-' aS; a. Y.'z: Ywv-, wwlr . s. rl.c.. Uresn. tirc: 3-viii.T:'kJ" hereinafter referred to as " Owner"), and the ILLINOIS HOUSING DEVELOPMENT AUTHORITY ( hereinafter referred to as " Authority"), a body politic and corF.3rate established pursuant to the Illinois Housing Development Act, Laws 1967, p. 1931, constituting Chapter 67- 1i, Section 301, et seq., Illinois Revised Statutes, as amended and supplemented hereinafter referred to as the " Act"); WITNESSETH: WHEREAS, Ydi> dpapr is the holder of legal title, of certain real property Illinois, Highland Park , upon which is to be erected a housing development, located in which real property is Iegally described in the schedule attached hereto as Schedule A and by this reference made a part hereof ( hereinafter referred to as the " Real Estate"), ti' tS2 44; and Owner a mortgage loan commitment ( herein- WHEREAS, Authority has heretofore issued to 0 One Million referred to as the " Commitment'? to make a loan to l j n the sum of ven Hundred Twenty Thousand and 00/] 00-- ------- ------- —_______- Dollars ( S1, 720, 000. 00) ( he einafter referred to as the " Mortgage - Loan") to be used with such other monies, if any, paid by;= enc for the acquisition, construction or rehabilitation, development and/ or permanent financing of the Real Estate ( which acquisition, construc- tion or rehabilitation, development and/ or permanent financing of the Real Estate is hereinafter referred to as the " Development"), which Mortgage Loan is to be secured by a certain mortgage note ( herein- after referred to as the " Mortgage Note") and mortgage ( hereinafter referred to as the " Mortgage") of even date herewith on the Development; and S WHEREAS, as an inducement to Authority to make the Mortgage Loan, Owner haecagreed to enter into this FKxlatory Agreement in accordance with the terms, condition's and covenants set forth below and X= mconsented thereby to be regulated and restricted by Authority as herein provided and as provided for in the Act and the rules, regulations, policies, and procedures of Authority promulgated thereunder; and WHEREAS, contemporaneously with the execution and delivery hereof, Z has executed and delivered to Authority a building loan agreement in accordance with the terms of the Commitment hereinafter referred to as the " Building Loan Agreement"); and WHEREAS, contemporaneously with the execution and delivery hereof, Owner has executed and delivered to Authority the Agreement to Enter into Housing Assistance Payments Contract ( hereinafter referred to as the " Agreement"), which Agreement is attached hereto as Exhibit " A" and by this reference made a part hereof, and the Agreement to Enter into Pledge Agreement ( hereinafter referred to as the " Agreement to Pledge"), which Agreement to Pledge is attached hereto as Exhibit ` B" and by tris reference made a part hereof; and WHEREAS upon completion of the Development, Owner is obligated to execute and deliver to Authority the Housin- Assistance Payments Contract ( hereinafter referred to as the " Contract") referreb to in the Agreement, the form of which Contract is attached hereto as Exhibit " C" and by this referenet made a part hereof, and the Pledge Agreement ( hereinafter referred to as the " Pledge Agreement") referred to in the Agrcement to Pledge, the form of which Pledge Agreement is attached hereto a Exhibit " D" and by this reference made a part hereof; Now, THEREFORE, the parties hereto agree hereby as follows: I. The foregoing recitals are made a part of this Regulatory Agreement. 2. Act and Regulations. Owner c agreessthat at all times 6Qtx acts regarding tht Development shall be in conformance with the Act and the rules, regulations, policies and procedures cf Authority, as amended from time to time and in conformance with the applicable statutes and rules and regulations of the United States Gov tprfit, and any agreements entered into with federal agencis concerriag the Development, which to execute if Authority so requests. 3. Term o/ Regulatory Agrcement. 11c parties hereto agree that this Regulatory Agreement shm continue in full force and effect so long as the Mortgage Note and Mortgage arc outstanding on tie Development, 4. Liability of MoupZamacot Owner. 7ttnrrr;rn; ar.-- irRrts}etcxy- Agr t-;c. ccutrd._hy. rlD, 1sQL. i_1,Lti c and io penUffJ1- iMsttTtq- snaU be -crit cd -orae -enforce e- afiair3st- Mcrrsgz& ot, . hctalL t. ilZss & Lm Mortgagor / 9 ek Owner Revised 8n5 7 Authority Page 26 of 181  lilDA Fogs No. LWS( A) mTt?r1Zrp13tory Agrectncur, all -*SU r-lt3btltty-- 1t`- my, - being- rxFrczslY° atyed bY' Avdrartty7 a) mortgagor Owner. Owner assumes and agrees to perform all of the obligations of ) dg0.Wr under the Mortgage except those regarding repayment of the Mortgage Note. Owner further assumes liability for: 1) Funds or property of the Development coming into its hands which, by the provisions hereof, it is not entitled to retain; and 2) Its own acts and deeds or acts and deeds of others which it has authorized in violation of the provisions of this ftgulatory Agreement. 5. HUD Housing Assistance Payments. Owner agrees and covenants to exercise all of its rights and to perform all obligations and observe all terms, provisions and covenants on its part as Owner to be performed or observed under the Agreement and Agreement to Pledge, and, when executed, under the Contract and the Pledge Agreement, so as at all times to be and remain eligible to receive the optimum benefits under the HUD Housing Assistance Payments Program as set forth in Section 8 of the United States Housing Act of 1937, 42 U.S. C. 1437, et seq., and the regulations promulgated thereunder. 6. Funds. a) Reserve for Replacements and Reserve Fund for Replacements. Commencing on the first day of the month following the Initial' Closing Date, as defined in Paragraph 27 of the Mortgage, or such other date as Authority designates in writing and on the first day of each month thereafter, _ Five i andred Seventy TPao Dollars arra 50/ 100 Mi&j (S 572. 50 ), or such other sum is Authority shall specify, of the gross rats of the Development shall be set aside for replacements. Said sums and the income, if any, earned thereon shall be used to pay the cost of replacing structural elements or equipment of the Development or to pay any other expense of operating the Development; provided, however, such use may be made only after the Authority gives its written approval. Said sums shall be deposited in an accoubt designated by and under the control of Authority, which account shall be known as the " Reserve Fund for Replacements." b) Residual Receipts. Commencing within sixty ( 60) days after termination of each fiscal year of the Dev,: lopment, Owner shall disburse the Rer. idual Receipts, as defined in paragraph 20( h) hereof, as directed by an authorized officer of Authcrity and in the absence of such direction shall cause the same to be deposited into the Reserve Fund for Replacements. c) Development Cost Escrow Fund. Upon the direction of an authorized officer of Authority, Owner shall establish a fund to be called the " Development Cost Escrow Fund" in the amount of Fifty Three Thousand Four Hundred Eiqht dollars and no/ 100 n, 408 n ), to be funded by disbursement of said amount from the proceeds of the Mortgage Loan. The Development Cost Escrow Fund shall be deposited in an account designated by and under the control of Authority. The interest earned on the Development Cost Escrow Fund shall be used. ekM to provide social services incidental to the Development and, subject to the approval of Authority, to provide for other purposes benefitting the Development as proposed from time to time by Owner. Use of the principal amount of the Development Cost Escrow Fund shall be at the sole discretion of Authority for purposes benefitting the Development, as determined by Authority. The Development Cost Escrow Fund shall remain in existence for the entire period during which Authority is the Mortgagee of the Development. 7. Affirmative Fair Housing Marketing Plan. In the advertising, marketing and rental of units in the Development and the selection of tenants for such units, Owner agrees to abide by the terms and Aoril 12, 9, 197, conditions of its Affirmative Fair Housing Marketing Plan, dated April 19 , 19-7-6 subject to such changes and modifica- and approved by Authority on tions as Authority and/ or HUD may make from time to time. 8. Additional Owner Covenants. Subject to and to the extent consistent with the obligations of Owner under the Agreement or Contract, Owner further covenants and agrees that: a) With the prior written approval of Authority, Owner shall establish and maintain for each dwelling unit a market rental charge determined on the basis of operating the Development with payments of principal, interest and fees and charges to Authority due under the Mortgage and Mortgage Note on the Development; provided that, where a tenant' s family income exceeds levels established by Authority for initial or continued occupancy, Owner shall charge such tenant, with the prior written approval of Authority, in addition to the market rental charge such rent surcharges as may be provided for pursuant to the Act or the rules and regulation promulgated thereunder: b) Unless otherwise approved in writing by Authority, the market rental charges actually collected by Owner shall include all utilities except telephone; provided, however, where Authority approves direct payment of utilities in addition to telephone by the tenants, market rental charges shall be calculated as if the estimated expense of such utilities were to be paid by Owner, but the 2 Mortgagor 73 OwncT Page 27 of 181 evised 8 5 Authority -  amounts actually collected from tenants by Owner sball be decreased 6y the iintatcd expense of such utilities approved by Authority. c) It shall limit admission to the Development to those persons and families whose incomes do not exceed the limits prescribed from time to time by Authority. d) Preference for occupancy in the Development shall be given to those persons and families displaced by urban renewal, slum clearance or other governmental action who have not obtained other suitable housin-, as determined by Authority,. and to those whose incomes are within the lowest practicable limits for obtaining units in the Development. e) On forms approved by Authority, it shall obtain from each prospective tenant, prior to admission to the Development, a certification of income, and at intervals required by Authority, a recertification of income from all tenants on forms approved by Authority. f) In a manner prescribed by Authority, it shall obtain written evidence substantiating ttte information given on the tenants' certifications and recertifications of income and shall retain the evidence in its files for three ( 3) years after the year to which such evidence of income pertains. g) It shall require all tenants to execute a lease in the form prescribed by Authority, and shall not rent any unit in the Development for less than thirty ( 30) days nor more than two ( 2) years. h) It shall not restrict occupancy by reason of the fact that there are children in the family. i) No changes shall be made in the market or gross rental charges unless approved by Authority. j) It shall rent commercial facilities, if any, to a tenant approved by Authority at not Iess than a rental approved by Authority. k) It shall not permit a tenant to rent more than one ( 1) unit at any given time without the prior written approval of Authority. 1)It shall obtain prior written approval of Authority for: ( i) all documents used in renting the dwelling units and any commercial facilities, including but not limited to leases, applications and personal histories; ( ii) all. advertising and other pubic information regarding the Development; and ( iii) all procedures and standards to be utilized regarding approval or rejection of prospective tenants. 9. Additional Tenant Charges. Subject to and to the extent consistent with the obligations of Owner under the Agreement or Contract, Owner, upon prior written approval of Authority, may charge to and receive from any tenant such amounts as from time to time may be mutually agreed upon between the tenant and Owner for any facilities and/ or services which may be furuished by Owner or others to such tenant upon his request, in addition to the facilities and services included in the approved rental charges. 10. Acts Requiring Authority App -oval. Owner x=&ck5cctZMr shall sot without the prior written approval of Authority: Convey, transfer or encumber any of the Development, or permit the conveyance, a) transfer or encumbrance of any part of the Development; b)Assign, transfer, dispose of or encumber any personal property of the Development, includ- ing rents, or pay out any funds, except for reasonable operatin expenses and necessaryrepairs; the csund• lease At} gust 25, lc Convey, assign or transfer at y -8 c) interest iA= 6bzb otod1teg eve p- went, or any right to manage or receive the rents and profits from the Development; d) Remodel, add to, reconstruct or demolish any part of the Development or subtract from any real or personal property of the Development; e) Engage, except for natural persons, in any other business or activity, including the opera- tion of any other housing development, or incur any liability or obligation not in connection with the Development; f) Require, as a condition of the occupancy or leasing of any unit in the Development, any consideration or deposit other than the prepayment of the first month' s. rent plus a security deposit in an amount not in excess of one ( 1) months' rent to guarantee the performance of the covenants of the lease. Any funds collected as' security deposits shall be kept separate and apart from all other funds of the Development in a trust account with a federally insured depository, approved in writing by Authority, the amount of which shall at all times equal or exceed the a create of all outstanding obligations under said account; if interest is earned on said tust account, it shall be . transferred, as earned, into the Development Bank Account, as hereinafter defined, unless otherwise required by law. g) Permit the use of the dwelling accommodations of the Development for any' purpose except the use which was originally intended, or permit commercial use greater than that originally approved by Authority; h) Incur any liability, direct or contingent, other than for current operating expenses, exclu- sive of the Mortgage Debt as defined in the Mortgage; 3 Mortgagor % 3 Owner % 3 Revised 8/ 75 Authority - z1 _ Page 28 of 181 A J". 111DA I Fm No. LD-S( A) i) Pay any co n+ ( gip, including wages or salaries, or incur any obligations, to staff or any officers, %-&" r to any of their nominees; j) Enter into any contract or contracts for supervisory or managerial s rvices, k) Invest or deposit any funds from the Development in any property. real, personal or mixed, except obligations of, or, fully guaranteed or secured as to principal by, the United States of America or an agency thereof, the State of Illinois, or obligations thereof, or deposit such funds in a depository not approved by Authority. 1) Make, receive, and retain any distribution of assets or any income of any kind of the Development, except on the following conditions; provided, however, no such distributicn shall occur without the prior. written approval of an authorized officer of Authority; 1) All distributions shall be made only after the end of each fiscal year pursuant to audited financial statements approved by Authority; 2) No distribution shall be made from borrowed funds ( except as authorized in writing by Authority) prior to the completion of the Development in accordance with the Construction Contract or when there is any default under this Regulatory Agreement or under the Mortgage Note, Mortgage or Building Loan Agreement; 3) Any distribution of any funds of the Development, which the party receiving such funds is not entitled to retain hereunder, shall be held in trust separate and apart from any other funds; and 4) There shall have been compliance with all outstanding notices of requiremen. s for proper maintenance and operations of the Development. 11. Bankruptcy. Neither Owner, M& Y-_- W nor any other owner of the Real Estate shall file any petition in bankruptcy or for the appointment of a receiver, or for insolvency, or for reorganization or composition, or make any assignment for the benefit of creditors or to a trustee for creditors, or permit an adjudication in bankruptcy, the taking of, possession of the Developme t or any part thereof. under judicial process pursuant to any power of sale; prov, ded, however; in the case of an involuu' ary petition, action or proceeding for an adjudication in bankruptcy, or for the appointment of a receiver or trustee of the property ofAWIU) c Owner or any other owner of the Real Estate, not initiated by k xgag= Owner or any other owner of the Real Estate, ? Ax= ZXXOwner or any other owner of the Real Estate shall have sixty ( 60) days after the service of such petition or the commencement of such action or proceeding, as the case may be, within which to obtain a dismissal of s ch petition, action or proceeding. r- 12. Maintenance and Insurance Proceeds. Owner shall maintain the Development, including the dwelling units and the grounds and equipment appurtenant thereto, in a decent, sae and sanitary condi- tion, as required by the Agreement and the Contract, and in a rentable and tenantable state of repair, as required by the Mortgage. In the event all or any of the buildings covered by the Mortgage shall be destroyed or damaged by fire or other casualty, the money derived from any insurance on the property shall be applied in accordance with the terms of the Mortgage. 13. Owner' s Duties. In addition to, but not by way of limitation of, the ther duties of Owner Agreement, Owner set forth 'herein, including the duties set forth in paragraph 5 of this Regulato shall comply with the following: a) Management. Owner shall provide for the management of the Development in a manner satisfactory to Authority. Any management contract entered into by Owner involving the Develop- ment shall be in a form acceptable to Authority. b) Costs of Services, Etc. Payment for services, supplies or materials shall not exceed the amount ordinarily paid for such sorvices, supplies or materials in the area where the services are rendered or the supplies or materials are furnished. c) Audit. The Development, equipment, buildings, plans, offices, apparatus, devices, books, contracts, records, documents and other papers relating thereto shall at all times be maintained in reasonable condition for proper audit and shall be subject to examination, inspection and copying at any reasonable time by Authority, or the authorized agent or representative of Authority. d) Books and Records. The books and records of Owner and of the operations of the Development shall be kept in accordance with the requirements of Authority. e) Financial Report. Within sixty ( 60) days following the end of each fiscal year, Authority shall be furnished with a complete annual financial report based upon an examination of the books and records of Owner, prepared in accordance with the requirements of Authority, certified to by r Owner, and when required by Authority, certified at Owner's expense by an Illinois licensed certified public accountant, or other person acceptable to Authority. f) Furnishing Information. At the request of Authority, Owner shall furnish such reports, projections and analysis as required pursuant to the rules and regulations of Authority, as amended 4 Mortgagor 1 Owner 13 Page 29 of 181  11113/ i 3 vlA- .. V. -- - i %--., 7' t' from time to time, and shall give specific answers to questions upon which infgi—ation is desired from time to time relative to Owner' s income, assets, liabilities, contracts and operation and the condition of the Devciopment. g) Funds. All rents and other receipts of the Development shall be deposited in the name of Owner in a bank account ( hereinafter referred to as the " Development Bank Account") whose deposit, are insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Association Corporation, in accordance with the requirements for deposits and investments of para- graph 10( k) above. Such funds shall be withdrawn only in accordance with the provisions of this Regulatory Agreement for expenses of the Development, or for distributions of Surplus Cash as limited by paragraph 10( 1) hereof. Owner or any person receiving funds of the Development other than by such distribution of Surplus Cash shall immediately deposif such funds in the Development Bank Account and failin- so to do in violation of this Regulatory Agreement shall hold such fund in trust. Owner or any person receiving property of the Development in violation of this Regulatory Agreement shall immediately deliver such property to Authority and failing so to do shall hold such property in trust. 14. Suits. OwnerXx%1<23M3jJ Ur agree-sto promptly notify Authority in writing of any suits by or against Owner, N4r; o`f or the Development. No litigation seeking the recovery of a sum in excess of Ten Thousand Dollars ($ 10, 000. 00), nor any action for specific performance or other equitable relief shall be instituted, nor shall any claim for a sum in excess of Ten Thousand Dollars ($ 10, 000. 00) be settled or compromised by Owner unless prior written consent thereto has been obtained from Authority. Such consent may be subject to such terms and conditions as Authority may, in its sole discretion, prescribe. 15. Non -Discrimination in Housing. a) Owner shall not in the selection of tenants, in the provision of services or in any other manner discriminate against any person on the grounds of race, color, creed, religion, sex or national origin. No person shall be automatically excluded from participation in, or be denied the. benefits of, the Housing Assistance Payments Program because of membership in a class such as unmarried mothers, recipients of public assistance, etc. b) Owner shall comply with all requirements imposed by Title VIII of the Civil Rights Act of 1968, and any rules and regulations pursuant thereto. Owner shall comply with all requirements imposed by Title VI of the Civil Rights Act c) of 1964, Public Law 88- 352, 78 Stat. 241; the regulations of the Department of Housing and Urban Development issued thereunder, 24 CFR, Subtitle A, Part 1, Section 1. 1, et seq.; the requirements of said Department pursuant to said regulations; and Executive Order 11063 to the end that, in accordance with that Act, the regulations and requirements of said Department thereunder and said Executive Order, no person in the United States shall, on the grounds of race, color, creed, religion, sex or national origin, be exclaled from participation in, or be denied the benefits of, the Housing Assistance Payments Program, or be otherwise subjected to discrimination. This pro- vision is included pursuant to the regulations of the Department of Housing and Urban Develop- ment, 24 CFR, Subtitle A, Part 1, Section 1. 1, et seq.; issued under Title VI of the said Civil Rights Act of 1964, and the requirements of said Department pursuant to said regulations; and the obligation of Owner to comply therewith inures to the benefit of the Government, the said Depart- ment and Authority, any of which shall be entitled to invoke any remedies available by law to e redress any breach thereof or to compel : ompliance therewith by Owner. d) Owner shall comply with the provisions of Section 13 of the Act. 16. Violation of Regulatory Agreement by Owner>mxVoaijxm. Upon violation of any of the provisions of this Regulatory Agreement by Owner K%)[% six Authority ma give written notice thereof to Owner orxMm' 9 gtx, by registered or certified mail, addressed to th addresses stated in this. Regulatory Agreement, or such other addresses as may subsequ 1y, upo appropriate written notice thereto to Authority, be designated by Owner oc>N gcx ask It legal business address. If such violation is not corrected to the satisfaction of Authority within thirty ( 30 days after the date: such notice is mailed or within such further time as Authority in its sole discretion permits, without further notice Authority may declare a default under this Regulatory Agreement a ective on the date of such declaration of default and upon such default Authority may: a) Declare the whole of the indebtedness under the MortgageNote immediately due and payable and then proceed with the rights and remedies set forth in the Mo age; b) Collect all rents and charges in connection with the operation of the Development and use such collections to pay Iy wim"; 1AR(AOwner' s obligations under this egulatory Agreement and under the Mortgage Note and i` fortgage and the necessary expenses of pr serving and operating the Development; c) Take possession of the Development, bring any action necessary to enforce any rids of Owncrstroc growing out of the operation of the Development an operate the Dcve3cQ= ment its accordance with the terms of this Regulatory Agreement until suc time as Authority, in its sole discretion, determines that Owner is again in a position to opera the Development in 5 Mortgagor Owner Revised 8/ 75 Authority Page 30 of 181  IIIDA Form No. LD- S( A) accordance with the terms of this Regulatory Agreement and in compliance with the requirements of the Mortgage Note and Mortgage; d) Apply to any court. state or federal, for specific performance of this Regulatory Agree ment, for an injunction against any violation of this Regulatory Agreement, for the appointment of a receiver to take over and operate the Development in accordance with the terms of this Regula- tory Agreement, or for such other relief as ma; be appropriate, since the injury to Authority. arising from a default under any of the terms of this Regulatory Agreement would be irreparable and the amount of damage would be difficult to ascertain. 17. Assignment of Rents for Security. As security for the payments due under this Regulatory Agreement for the Reserve Fund for Replacements, and as security for the other obligations under this Regulatory Agreement, Owncrs'aA634dP ipMm3upoeibai} t assigns pledecs and mortgages to Authority t}tiehts to the rents, profits, income and charges of whatever sort which A may receive or be entitled to receive from the operation of the Development, subject, however, to any assignments of rents to further secure the Mortgage Note. Until a default is declared under this Regulatory Agreement, how- ever, permission is granted to Owner to collect and retain under the provisions of this Regulatory Agree- ment such rents, profits, income and charges, but upon default this permission is terminated as to all such funds due or collected thereafter. 18. Applications of Income Earned Prior to the Issuance of a Completion Certificate. The rents and any other receipts accrued or received by the Development prior to the issuance of a Completion Certificate, as defined in the Construction Contract referred to in the Building Loan Agreement ( here- inafter referred to as " Interim Income") may be applied by kklgg m Owner for purposes approved in writing by an authorized officer of Authority. 19. Order of . 4 pplication of Funds and Other Proceeds. Fire and extended coverage insurance proceeds shall be applied in the manner specified in the Mortgage. Proceeds from any taking by or :.ale to ( under threat of condemnation) any entity having the power of condemnation shall be applied in the manner specified in the Mortgage. Except where otherwise expressly provided in this Regulatory Agreement or the Mortgage, all costs pertaining to the Development ( except the costs paid out of the Mortgage Loan) shall be paid out of the following sources in the following order. a) The rests and other operating income of the Development; . b) The sum deposited pursuant to paragraph 6( b) in the Residual Receipts ( for approprh to purposes as approved by Authority); c) The appropriate irrevocable letters of credit; d) The sum deposited pursuant to paragraph 6( a) in the Reserve Fund for Replacements for appropriate purposes as approved by Authority); e) The sum. deposited pursuant to paragraph 6( c) in the Development Cost Escrow Fund subsequent to Final Closing Date ( for appropriate purposes as approved by Authority). 20. Definitions. As used in this Regulatory Agreement, the term: a) " Construction Loan Period" means the period which commences- oa the date of this Regulatory Agreement and terminates on the Final Closing Date; b) " Cost of the Development" means costs and expenses of the Development recommended and approved by Authority, including construction or rehabilitation costs, including job overhead, builder' s and sponsor' s profit and risk fee, architectural, engineering, legal and accounting costs, organizational expenses, the Construction Loan fee, the Authority monthly service fee, land value, interest and financing charges paid during construction, the cost of landscaping and off-site improvements, and the Development Cost Escrow Fund, whether or not such costs have been paid in cash or in a form other than cash. c) " Distribution" means any withdrawal or taking of cash or any assets of the Development, including the segregation of cash or assets for subsequent withdrawal within the limitations of paragraph 10( l) hereof, and excluding payment for reasonable expenses incident to the operation and maintenance of the Development. d) " Equity is the Development" means the difference between the amount of the Mortgage Loan and the estimated Cost of the Development, as recognized and approved by Authority in the Commitment, as such estimated Cost of the Development may be altered from time to time pursuant to changes in the Plans and Specifications or orders for extra work approved by an authorized officer of Authority; provided, however, Equity in the Development shall not be increased in the case of an approved change or order resulting from negligence, as determined by Authority, on the part of Owner, or Owner's design architect, supervising architect, ^ i alccQ} tr_' tQr or any other professional. or consultant eT--, aged by or on behalf of Owncr,/ On a na osing Date, Authority/ p sr a ti lrcuiKobnss' adopted by it, establish the Equity in the Development and, for purposes of paragraph 10( l) - of this Regulatory Agreement, that figure shall remain constant until the Mortgage is satisfied. e) " Final Closing Date" means the date the requirements of Paragraph 23 of the Building Loan Agreement have been satisfied. 6' Mortgagor Owner Page 31 of 181 Revised 11 - 75 Authority ?  KMA a .® No. LD -5( A) L ( f) " HUD" means the United States Department of Housing and Urban Development. g) " Initial Closing Date" means the date when all initial closing documents, as required by Authority, have been submitted to Authority in form approved by Authority and Authority' s counsel. h) " Residual Receipts" means any cash remaining at the end of an annual fiscal period after t deducting from Surplus Cash the amount of all Distributions, as that term is defined in paragraph 20( c) and as limited by paragraph..10( 1) hereof. i) " Surplus Cash" means the part of the gross operating income ( including rent insurance proceeds, but not including fire or other insurance proceeds, condemnation proceeds, and loan proceeds) of the Development ( a security deposit shall not be deemed part of the gross operating income unless and until it unequivocally becomes the property of McKXmg§= r Owner, free of any claim of any person claiming as or through the tenant who had deposited such security) remaining as of the end of each fiscal year of the Development after payment of or the reservation of funds for the payment of ( in the following order) the following: 1) All sums due or currently required to be paid during such fiscal year under the terms of the Mortgage Note or Mortgage; 2) All sums required to be deposited during such fiscal year pursuant to paragraph 6( a) in the Reserve Fund for Replacements; ' 3) All other costs pertaining to the operation of the Development during such fiscal year including, specifically, but not exclusively, reasonable costs of renting, managing, repair- ing and maintaining the Development; Promissory notes executed and delivered by Owner in consideration of funds 4) loaned to Owner during such fiscal year or prior fiscal years for the payment of costs described in items ( 1), ( 2) and ( 3) above; provided, however, no such promissory note or interest thereon shall be paid without the prior written approval of an authorized officer of Authority; all as reflected on audited financial statements for the Development for each such fiscal year. 21. Covenants Running with Land. The covenants and agreements herein set forth shall be deemed to run with the land herein described so long as the Mortgage on the Development is in effect and shall be deemed to bind any future purchasers of the Development or any part thereof. 22. Amendment of Regulatory Agreement. This Regulatory Agreement shall not be altered or amended without the prior written approval of all of the parties hereto. It 23. Execution of Conflicting Documents. Owner a d3dodg warrant_4hat 16 ire not, and shall not, execute any other agreement with provisions contradictory, or in opposidon, to the provisions hrreof, and that, in any event, the requirements of this Regulatory Agreemen'.. are paramount and coutrolling as to the rights and obligations set forth and supersede any other requirements in conflict therewith; except that to the extent this Regulatory Agreement conflicts with any provisions or require- ments set forth in the Mortgage, or Mortgage Note, or with respect to the Owner' s obligations under the Agreement or the Contract, the Mortgage, Mortgage Note, Agreement and the Contract shall prevail and control. 24. Partial Invalidity. The invalidity of any clause, part of provision of this Regulatory Agree - meat shall not affect the validity of the remaining portions thereof. 25. Binding Successors. This Regulatory Agreement shall bind, and the benefits shall inure to, the respective parties hereto, their legal representatives, executors, administrators, successors in office or interest, an assigns, provided that Owner may not assign this Regulatory Agreement or any of th6mobligations hereunder without the prior written approval of Authority. 26. Gender. The use of the plural in this Regulatory Agreement shall include the singular; the singular the plural; and the use of any gender shall be deemed to include all genders. 27. Recording Agreement. Owner agrees and assumes the obligation' to have this Regulatory Agreement recordcdor registered, as the case may be, in the appropriate land records in the jurisdiction in which the Development herein described is situated and in the event of failure to do so, it is agreed that Authority may have the same recorded at the expense of Owner. 28. Election of Authority' s Remedies. Authority' s remedies are cumulative and the exercise of one shall not be deemed an election of remedies, nor foreclose the exercise of Authority' s other remedies. 29. Waiver by Authoriry. No waiver by Authority of any breach of this Regulatory Agreement shall be deemed to be a waiver of any other or subsequent. breach. 30. Captions. The captions used in this Agreement are inserted only as a matter of convenience and for reference and in no way define, limit or describe the scope of the intent of the Regulatory Agreement. 31. Disputes. Any disputes concerning the scope and effect of this Agreement shall be decided by Authority. Mortgagor Owner Revised 8/ 75 Page 32 of 181 Authority - '  officer, director or madber —_ • 32. Limitation on Liability. No * r of Owner shall be held to any personal liability, nor m= shall resort be had to his, her or its private property for satisfaction of any obligation or claim arising out of this Regulatory Agreement, it being understood and agreed that only the assets of Owner shall be liable and subject to lc iability of Owner arising hereunder. A utiiiron tacpu nt {{(, F r execution deficit capital account of in Owner 5 a7Pnot be decme to be an asset or property of Owner. 33. Notices. The following are addresses for notices hereunder: Mortgagor: Attention: Owner: Highland Park Housing Association c/ o Sonnenschein Carlin Nath & Rosenthal 8000 Sears Tower, Chicago, Illinois 60606 , Bernard Nath Attention: Authority: Illinois Housing Development Authority 201 North Wells Street Chicago, Illinois 60606 Director Attention: IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and attested ' on the day and year above first written. P.: la:. IrY./R• s1: P• I: A a• s.+ 1. i 1. J. rl• 1.• 1. Attest: Highland Park Housing Association Barbara 11itty, Secre By: Bernard Nath, President (" Owner") ILLINOIS HOUSING DEVELOPMENT AUTHORITY By 8 Revised 11/" Page 33 of 181  I1IDA Form. . o. LD -5( A) STATE OF ILLIN_OI COUNTY OF VK - ss: I, the undersi ned, a Notary Public in and for the County and State aforesaid, do hereby certify i3erna Nath President personally knoy n tp me t b€ the Par ao or pro i corporation Highlan Housing Association, an Illinois 1 ecretary sai corporation ypersonally known to me to be the of each of whom are personally known to me to be the same persons whose names are subscribed to the foregoing Regulatory Agreement, appeared before me this day in person and acknowledd that capacities as residen thy signed and delivered and the said Regulatory Are ment, in their respective Secretary of . s i corporation {}{ as and deed of corpora thL free and voluntary act and on as the free and voluntary act for the uses and purposes therein set forth. Given under my hand and official seal this day of 19 7t; - 0 Notary Public STATE OF ILLINOIS u. COUNTY OF I, the undersigned, a Notary Public in and for the County and State aforesaid, do hereby certify that personally known to me to be a General Partner of an Illinois Limited Partnership, and personally known to me to be the same person whose name is subscribed to the foregoing Regulatory Agreement, appeared before me *.his day in person and acknowledged that he signed and delivered the said Regulatory Agreement, in his capacity as General Partner of as his free and voluntary act and as the free and voluntary act and deed of for : he uses and purposes therein set forth. Given under my hand and official seal UK day of 19 Notary Public STATE OF ILLINOIS ss. COUNTY OF I, the undersigned, a Notary Public in and for the County and State aforesaid, do hereby certify that personally known to me to be the of Illinois Housing Development Authority, and personally known to me to be the of Illinois Housing Develop- ment Authority, each of whom are personally known to me to be the same persons whose names are subscribed to the foregoing Regulatory Agreement, appeared before me this day in person and acknowl- edged that they signed and delivered the said Regulatory Agreement, in their respective capacities as and of Illinois Housing Development Authority, as their free and voluntary act and as the free and voluntary act and deed of Illinois Housing Development Authority, for the uses and purposes therein set forth. Given under my hand and official seal this day of, 19 Notary Public E Revised 11/ 75 Page 34 of 181  Exhibits A through D are attached to the counterpart originals t held by Illinois Housing Development Authority and Highland Park Housing Association. 40h Page 35 of 181  SCHEDULE " A" That certain leasehold estate created under and by virtue of that certain indenture of lease dated August 25 , 1976 entered into by and between City of Highland Park, a municipal corporation, as Lessor, and Highland Park. Housing Association, an Illinois not for profit corporation, as Lessee, which indenture of lease was recorded in the Office of the Recorder of Deeds of Lake County, Illinois on , 1976 as document number under the terms of which indenture of lease the Lessor demised to the Lessee for a term of 45 years commencing August 25, 1976 August 24, 2021 and ending the following• described premises situated in the City of Highland Park, Lake County, Illinois, known by legal description as follows to wit: Lots 9, 10 and 11 in Block 23 in the City of Highland Park, being a Subdivision of fractional Sections 23 and 24 and part of fractional Section 14, Township 43 North, Range 12, East of the 3rd P. M., according to the plat thereof, recorded May 7, 1869, in Book " A" of Plats, page 2, in Lake County, Illinois. which said leasehold estate is referred to in the instrument to which this Schedule is attached as the " Real Estate." r Page 36 of 181  M- 93 r ( IMA Loan No. '- MORTGAGE here- inafter rrferred to as " Nfortgaror"), Io the lLLlNots HOUSING DEVELOPMENT AUTHORITY, a body politic and corporate established Pursuant to the Illinois Housing Development Act, Laws 1967, p. 1931, consti- tuting Chapter 67- 1,!, Section 301, et seq., Illinois Revised Statutes, as amended and supplemented ( here- having its principal ollice at 201 North Wells Street, City of Chicago, inafter referred to as the " Act") County of Cook and State of Illinois ( hereinafter referred to as " Mortgagee"); WITNESSETH: WHEREAS, Mortgagee has agreed to make a loan to Mortgagor ( hereinafter referred to as the Mortgage Loan") of a sum of money ( to be used with such other monies, if any, paid by Mortgagor) for the acquisition, construction or rehabilitation, development and/ or permanent financing of the real property legally described in the schedule attached hereto as Schedule " A" and by this reference made a part hereof ( hereinafter referred to as the " Real Estate"), ( which acquisition, construction or rehabili- tation, development and/ or p.-rmanent financing of the Real Estate is hereinafter referred to as the One ! Ail 1 ion gpvpn Hrnnrlrarl_ Development"), which sum of money shall not be in excess of Twenty Tnousand and 0/ 100- 00/ Dollars Dollars ($-- 1-, 000- 09 or ninety percent ( 90%) of the total Cost of the Develop- ment as determined by Mortgagee ( whichever is less); and WHEREAS, to provide for the issuance of Multi -Family Housing Bonds ( hereinafter referred to as the ` Bonds"), in order to obtain from time to time monies with which, among other things; to make mortgage loans, Mortgagee has adopted on February 26, 1975, its Multi -Family Housing Bond Resolution which resolution, as amended and supplemented from time to time, is hereinafter referred to as the Bond Resolution"),and proposes to adopt one or more resolutions authorizing the issuance of Multi - Family Housing Bond Anticipation Notes ( hereinafter referred to as the " Notes") for the same purpose; and WHEREAS, for the purposes of this Mortgage, the monies borrowed by Mortgagee through the issuance of Bonds for the purposes described in Section 202 ( 3) ( b) of the Bond Resolution and Notes issued in connection with the Development and the financing thereof, and the interest and the service fee set forth in the Mortgage Note and other costs and expenses of Mortgagor, attributable to Mortgagor as determined by Mortgagee, pursuant to the Mortgage Note and the Bond Resolution, shall constitute a part of, and be included in, the computation of the Mortgage Debt; and WHEREAS, contemporaneously with the execution and delivery hereof, Mortgagor has executed and delivered to Mortgagee its mortgage note (!,: rein referred to as the " Mortgage Note"), of even date herewith, as evidence of its indebtedness to >V: ortga" ee in the principal sum of ) rile " Zillion Seven Hundred Twenty Thousand and 00100 -- Dollars ( S 1, 720, 000. 00), or so much thereof as' may hereafter be advanced upon the Mortgage Loan to Mortgagor by Mortgagee and as may represent the principal of Bonds and Notes ( excluding Bonds and Notes funded or refunded by subsequent issues of Bonds or Notes) issued or to be issued by Mortgagee for the purpose of obtaining funds with which it will make this Mortgage Loan, with interest thereon at the rates and pr yable at the times and in the manner as specified in the Mortgage Note; and WHEREAS, contemporaneously with the execution and delivery hereof, Mortgagor XH'Er S xecuted and delivered to Mortgagee, among other things, the Building Loan Agreement ( hereinafter referred to as the " Building Loan Agreement") and the Regulatory Agreement ( hereinafter referred to as the " Regulatory Agreement") for the Develop- ment; and 11ortgagor WHEREAS, contemporaneously with the execution and delivery hereof/ fir has executed and delivered to Mortgagee the Agreement to Enter into Housing Assistance Payments Contract ( hereinafter referred to as the " Agreement") and the Agreement to Enter into Pledge Agreement (" Agreement to Pledge") for the Development; and WHEREAS, under the terms and provisions of the Agreement and the Agreement to Pledge, upon completion of the Development, Qtx `t REli ted to execute gaMortgageeb and deliver to the Housingg Assistance P3,vments Contract ( hereinafter referred to as the " Contract") referred to in the Agreement and the Pledge Agreement ( hereinafter referred to as " Pledge Agreement") referred to in the Agreement to Pledge for the Dcvcloprpcnt; NOW THEREFORE, THIS INDENTURE OF MORTGAGE WITNESSETH, that to secure the payment of One '• ii) ani ' c t ncss in the principal sum of lillion Seven Hundred it.enty ThousaDd and ib rJ-------- -------------------------_---_ Dollars ($ 1, 720, 000. 00) lawful money of the United States of America, or so. much thereof as may Mortgagor 3/_ Revised 11/ 75 Page 37 of 181  HIDA Fpm No. -LD -3 hereafter be advanced under the Mortgage Loan to Mortgagor by Mortgagee and a- --.., y represent me principal of Bonds and Notes ( excluding Bonds and Notes funded or rufw.-: . d by subsequent issues of Bonds and Notes) issued or to be issued by Mortgagee for ^ :. pose of obtaining funds with which it will make the Mortgage Loan, ( ii) Bonds issuc. 1 for the purposes described in Section 202( 3) ( b) of the Bond Resolution and Notes issued in connection with the Development and the financing thereof, and ( iii) the interest, additional interest and service fee set forth in the Mortgage Note and oth: r costs and expenses of Mortgagor, attributable to Mortgagor as determined by Afortgngce, pursuant to the Mortgage Note and the Bond Resolution ( all of which payments are set forth in greater particularity and detail in the Mortgage Note and as to which said Mortgage Note shall control and prevail), such pay- ments to be made all at the rates, times, manner and plate specified and set forth in the Mortgage Note said payments hereinafter collectively referred to as the " Mortgage Debt"); and to secure the perform- ance and observance of all of the provisions of this Mortgage, the Mortgage Note, the Building Loan Agreement, the Regulatory Agreement, the Agreement, the Agreement to Pledge, the Pledge Agreement and the Contract, Mortgagor mortgages to Mortgagee the Real Estate; Together with all right, title, equity and interest of Mortgagor, if any, of, in, and to beds of the streets, roads, avenues, lanes, alleys, passages and ways, and any easements, rights, liberties, heredita- ments and appurtenances whatsoever belonging to, on, over, below, or adjoining the Real Estate; Together also with any and all award and awards heretofore made and hereafter to be made by any municipal, federal, state entity, or any other entity having the power of eminent domain, to the present and all subsequent owners of the Real Estate, including any award or awards for any change or changes of grade of streets affecting said premises, which said award and awards are hereby assigned to Mort- gagee as additional security for the Mortgage Debt, and to the legal successors and assigns of Mortgagee; Together with any and all structures, buildings and i nprovements and replacements thereof and additions thereto, now or at any time hereafter constructed, erected, installed or placed in or upon the Real Estate and any and all fixtures, fittings, appliances, apparatus, equipment, machinery, chattels, and articles of personal property, including, but not limited to, steam and hot water boilers, pipes, radiators, bath tubs, water closets, refrigerators, gas and electrical fixtures, ranges and replacements thereof, now or at any time hereafter affixed to, attached to, placed upon, or used, or stored on or off the site, or in any way connected with the complete and comfortable use, enjoyment, occupancy or opers- tion of the physical plant of the Real Estate ( except only removable trade fixtures and personal eff. c's owned or possessed by tenants who occupy the Real Estate), all of which Mortgagor hereby deckres and agrees shall be and remain and constitute a portion of the security for the Mortgage Debt and. a part of the Real Estate covered by and subject to the lien of this Mortgage. If the lien of this Mortgage be subject at any time to a security instrument or security interest under the Illinois Uniform Commercial Code, Chapter 26, Section 1- 101, et seq., Illinois Revised Statutes ( hereinafter referred to as " UCC") covering any personal property, all the right, title, equity and interest of Mortgagor in and to any and all such personal property, together with the benefits of any deposits or payments made thereon by Mort- gagor or its successors or assigns, shall nevertheless be and are hereby assigned to Mortgagee, its o successors or assigns, and are covered by and subject to the lien of this Mortgage; and Mortgagor shall promptly on request of Mortgagee procure the discharge of any such security instruments or security interests under the UCC so that this Mortgage shall at all tunes constitute a first and superior lien on all of such personal property. This Mortgage, duly executed by the appropriate officers of Mortgagor, includes the following cove- nants, terms and provisions: 1. All of the foregoing recitals are made a part hereof. 2. Mortgagor shall pay the Mortgage Debt secured hereby, as hereinbefore provided, and accord— ing to the Mortgage Note bearing even date herewith, to -wit: a) From the time of the initial issuance of funds to Mortgagor, derived from Notes or Bonds issued by Mortgagee, until the Principal Payment Date, as defined herein, Mortgagor agrees to pay monthly to Mortgagee: ( i) interest on the principal sum of amounts advanced to Mortgagor from time to time at an annual percentage rate which shall be equal to the net interest cost Mortgagee is required to pay on the Notes or Bonds issued or refunded by Mortgagee to obtain the funds with which to make the aforesaid Mortgage Loan to Mortgagor, which annual percentage rate shall be the rate shown on the schedule attached to the Mortgage Note, which schedule may be amended from time to time by Mortgagee upon the issuance or refunding of Notes or Bonds by Mortgagee to obtain funds with which to make the Mortgage Loan ( said schedule, as amended from time to time, is hereinafter referred to as " Schedule 1"); and ( ii) as additional interest, the interest expense as Mortgagee is required to pay on Notes or Bonds issued or refunded by Mortgagee to obtain funds with which to make the Mortgage Loan and not yet advanced to Mortgagor from time to time, to the extent that investment earnings on such unadvanced amounts are not sufficient to cover such interest, which additional interest shall be computed at the end of each month by Mortgagee and billed periodically to Mortgagor, as follows: in the event interest expense ( as determined by Mort- gagee) which Mortgagee is required to pay on such Notes or Bonds then outstanding exceeds the net investment earnings ( as determined by Mortgagee) then in such case Mortgagor shall pay to Mortgagee the difference between such interest expense and net investment earnings. 2 Mortgagor 13 9 Page 38 of 181  b) At the time of the initial issuance of funds to Mortgagor, Mortgagor agrees to pay to Mortgagee a development loan fee at the percentage rate of the total principal sum of the Mortgage Note as set forth in Schedule 1 of the Mortgage Note, which fee shall be used for Mortgagee' s expenses in connection with the processing and application of the Mortgage Loan, certain costs and expenses of Mortgagee incurred in connection with the authorization, issuance, sale and delivery of its Notes and Bonds, and other operating and administrative expenses of Mortgagee. c) Unless Mortgagee has issued Bonds in connection with the Development, commencing on the Principal Payment Date, Mortgagor agrees to pay to Mortgagee sums which will represent a monthly principal amount determined by Mortgagee and a monthly interest payment on the Notes outstanding to obtain funds with which to make the Mortgage Loan. In the event that Mortgagee has issued Bonds in connection with the Development prior to the Principal Payment Date, the provisions of subparagraph ( f) hereof shall govern. a d) At the date of the issuance of Bonds, Mortgagee shall use any unapplied funds frordi payments made pursuant to subparagraph ( c) above to retire indebtedness owed under any of its Notes then outstanding which were issued in connection with the Development and shall apply to the remainder of the Notes outstanding the Bond proceeds. Upon issuance of Bonds, the principal balance of the Mortgage Loan shall be reduced by the amount of said unapplied funds from pay- ments made pursuant to subparagraph ( c) above. e) On the first day of the month after the initial issuance of funds to Mortgagor, and on the first day of each month thereafter as scheduled by Mortgagee, Mortgagor will pay to Mortgagee a service fee equal to one - twelfth ( 1/ 12) of the service fee annual percentage rate shown on Schedule 1 of the Mortgage Note of the total principal sum of the Mortgage Note and such other amounts, which when added to the aforesaid service fee shall not exceed the maximum percentage rate permitted by law or applicable federal regulations of the total principal sum of the Mortgage Note, as Mortgagee, in its sole discretion, shall determine to be sufficient, together with other funds available for such purposes under the provisions of the Bond Resolution, to pay the costs and expenses of Mortgagee attributable to Mortgagor as determined by Mortgagee pursuant to said Bond Resolution. f) Notwithstanding any other provision contained in the Mortgage Note, the Mortgage Note secures and Mortgagor agrees to pay the principal and interest due on Bonds, to the extent not collected pursuant to the foregoing subparagraphs ( a) through ( e) hereof, at such times and in such amounts as shall be required by Mortgagee to pay Mortgagor' s proportionate share of the Bonds issued or refunded by Mortgagee for the purposes described in Section 202( 3)( b) of the Bond Resolution, as such principal and interest becomes due and payable. g) Mortgagor shall collect rent surcharges in accordance with the rules and regulations of Mortgagee and schedules established from time to time by Mortgagee and shall use or transfer such rent surcharges in accordance with directions of Mortgagee. h) In the event Mortgagor shall fail to make any monthly, payment due hereunder to Mortgagee within fifteen (• 15) days after the due date thereof, Mortgagee mar, at its option and without limitation upon any other right or remedy which Mortgagee may have, impose a late charge upon Mortgagor in an amount not exceeding two percent ( 217o ) of said monthly payment; provided, however, so long as the Development shall be receiving the benefits of housing subsidy payments from the United States Department of Housing and Urban Development ( hereinafter referred to as " HUD"), such late charge shall be calculated on the amount of said monthly payment exclusive c f any portion thereof payable directly or indirectly by HUD. 3. Mortgagor agrees to pay all monies required to be paid hereunder at the principal office of Mortgagee, or at such other place or places as Mortgagee may designate to Mortgagor in writing, from time to time, in any coin or currency of the United States of America which, on the respective dates of payments thereof, shall be legal tender for the payment of public and private debts. 4. Mortgagor will not attach to or incorporate into the Development any personal property which is subject to a security interest of anyone other than Mortgagee under the UCC. S. That from and after the date on which Notes or Bonds are issued for the purpose of obtaining funds with which to make this Mortgage Loan, Mortgagor will not make any Mortgage prepayments or Mortgage repayments more than sixty ( 60) days in advance of the dates scheduled for redemption or repayment of the Notes or Bonds issued by Mortgagee for the purpose of obtaining funds with which to make this Mortgage Loan; provided, however, that Mortgagor, at any time after twenty 20 ) years from the Principal Payment Date, may make a 1` iortgage prepayment which shall be in an amount equal to the aggregate of: ( a) the principal amount of this Mort3age remaining unpaid, b) Mortgagor' s proportionate share remaining unpaid of the principal amount of the Bonds of the Series issued for the purpose of paying financing costs and making deposits in the Debt Service Reserve Fuad, Cost of Issuance Account or Capitalized Interest Account, pursuant to Section 917 of the Bond Resolution, ( c) the interesf to accrue on all Bonds and Notes of Mortgagee to be paid or redeemed by Mortgagee upon the making of such Mortgage prepayment to the date of redemption or payment not previously paid by Mortgagor, .( d) the redemption premium or proportionate share of Notcs issued for the purpose of paying financing costs and making deposits in funds or accounts required for the applicable note resolution and remaining unpaid, if any, on the Notes to be redeemed, and ( e) the costs 3 Mortgagor Revised 8/ 75 Page 39 of 181  111DA Form No. LD -3 and expenses of Mortgagee in effecting the redemption of the Bonds and Notes so to be redeemed, less the amount of monies available under the provisions of the Bund Rc>.olution for application to the redemption of the Bonds to be redeemed, as determined by Mortgagee. provided, however, that in the event the Bonds issued to provide the funds with which Mortgagee made this Mortgage Loan have been refunded and the refunding bonds issued for the purpose of refunding such original Bonds were issued in a principal amount of this Aiortgage remaining unpaid at the date of such refunding issue, the amount which Mortgagor shall be obligated to pay under item ( a) above shall be the principal amount of such refunding bonds then outstanding. 6. Mortgagor has heretofore provided, or will provide in a manner satisfactory to Mortgagee, paymCnt of a sum equal to the difference between the estimated Cost of the Development, as determined from time to time by Mortgagee, and the amount of this Mortgage Loan. 7. Mortgagor will not sell, lease or otherwise encumber the Development, except that: ( a) Mort- gagor, with approval of Mortgagee confirmed in writing by an authorized officer of Mortgagee, as defined in Section 103 of the Bond Resolution ( hereinafter referred to as " Authorized Officer"), may grant easements, licenses or rights- of-way over, under or upon the site of the Development, so long as such easements, licenses or rights- of- way do not destroy or diminish the value or usefulness of the Real Estate or the Development, as determined by Mortgagee and confirmed in writing by an Authorized Officer, b) when and to the extent authorized by law, Mortgagor, with approval of Mortgagee confirmed in writing by an Authorized officer, may lease the Development or a portion thereof to a third party for the purposes of operation, such lease to be subject to all of the terms, provisions and limitations of this Mortgage relating to the Development, ( c) Mortgagor, with approval of Mortgagee confirmed in writing by an Authorized Officer, may sell or exchange any portion of the Real Estate and the buildings, struc- tures, improvements and fixtures thereon, if any, not required for the Development, provided that the proceeds derived b-! Mortgagor from the sale of any such Real Estate and improvements shall be paid over to Mortgagee : or such use and application as Mortgagee, in its sole discretion, shall determine under the provisions of the Bond Resolution, and ( d) Mortgagor may be permitted to sell the Development, with approval. of Mortgagee confirmed in writing by an Authorized Officer, which successor mortgagor shall assume this Mortgage. Upon conveyance of the Development to, and assumption of this Mortgage by, a successor mortgagor, in accordance with the above provision relating thereto, Mortgagee may, in its sole discretion, release Mortgagor from its obligations under this Mortgage. 8. Mortgagor. beginning on the first day of the month following the Initial Closing Date, as hereinafter defined, - jr such other date as Mortgagee designates in writing, and on the first day of each _ month thereafter, shall make monthly deposits of the estimated annual charges, as determined by Mort- ga- ce, in its sole discretion, for real estate taxes, assessments, water rates, sewer, gas or electric charges, . insurance premiums, and such reserves as are required by Mortgagee, in an account designated by and under the control, direction and supervision of Mortgagee. 9. Mortgagor will cause the buildings, fixtures and articles of personal property on the Real Estate to be fully insured against Ioss by fire and against loss by other hazards as may be required by Mortgagee for the benefit of Mortgagee. Such insurance shall be written by companies, in amounts and in form satisfactory to Mortgagee, including a standard mortgagee loss payable clause or endorsement, and Mortgagor shall assign and deliver the policies to Mortgagee, and shall reimrburse Mortgagee for any premiums paid for insurance procured by Mortgagee or deemed necessary by Mortgagee. This provision, as to each type of insurance required by Mortgagee hereunder, shall be construed in accordance with the applicable provisions of Illinois law with the same force and effect as though the contents thereof were herein incorporated. a) If the Development is damaged or destroyed by any cause covered by the aforesaid insurance policies, and if the Development, when repaired or restored, will produce sufficient income to meet the then existing obligations of Mortgagor under this Mortgage and the Mort; age Note, said insurance proceeds shall be deposited by Mortgagor with Mortgagee in an account designated by and under the control, direction and supervision of Mortgagee and shall be applied first toward the cost of repairing or restoring the Development, and the balance, if any, of the insurance proceeds shall be applied for the benefit of the Development in a manner approved by Mortgagee. b) If the Development is damaged or destroyed by any cause covered by the aforesaid insur- ance policies, and if the Development, when repaired or restored, will not produce sufficient income to meet the then existing obligations of Mortgagor under this Mortgage and the Mortgage Note, said insurance proceeds shall be deposited by Mortgagor with Mortgagee in an account designated by and under the control, direction and supervision of ' Mortgagee and shall be applied, in the sole t discretion of Mortgagee, either toward the cost of repairing or restoring the Development, or toward satisfaction of the Mortgage Note. The balance, if any, of the insurance proceeds shall be applied for the benefit of the Development in a manner approved by Mortgagee. 10. Mortgagor shall maintain the building and improvements on the Real Estate upon completion in a rentable and tenantable state of repair, and after the completion thereof, no building on the Real Estate shall be removed, demolished or substantially altered, nor ( except where appropriate replacements free of superior title, liens and claims immediately are made of value at least equal to the value of the fixtures or equipment or articles of personal property removed) shrill any fixtures or equipment or 4 Mortgagor 13 7t Revised 8/ 75 Page 40 of 181 articles of personal property covered by this Mortgage be removed without approval of Mortgagee con- firmed in writing by an Authorized Officer, nor shall Mortgagor commit any waste on the Real Estate or make any change in the use of the Real Estate which will in any way increase any fire or other hazard arising out of construction or operation. 11. Mortgagor shall pay when due all real estate taxes, assessments, water rates, sewer, gas or electric charges, insurance premiums and any imposition or lien on the Real Estate, and in default thereof Mortgagee may pay the same. The sum or sums so paid by Mortgagee shall be added to the Mortgage Debt and shall bear interest at the highest legal rate then in effect. Mortgagee shall have the right to declare immediately due and payable any amount paid by it for any such real estate tax, assess- ment, water rate, sewer, gas or electric charge, insurance premium or imposition or lien, whether or not the same shall have priority over this Mortgage, and to foreclose for such amount or for any unpaid installment of principal or interest, subject to the continuing lien of this Mortgage for the balance of th, s Mortgage Debt not then due, but Mortgagor shall continue to be liable for the payment of the entiie Mortgage Debt, or so much thereof as shall have been advanced until it has been paid in full. 12. Mortgagor, within three ( 3) days from the dateof verbal request in person of an Authorized Officer or a duly authorized representative, confirmed in writing, or within five ( 5) days from the post- mark of a written request by an Authorized Officer deposited in the. United States Mail, postage prepaid, and addressed to Morti! acor, shall furnish a written statement duly acknowledged of the amount advanced to it under this Mortgage, and/ or the amount due on this Mortgage, and whether any offsets or defenses exist against the Mortgage Debt. 13. If any action or proceeding be commenced, except an action to foreclose this Mortgage or to collect this Mortcage Debt, to which action or proceeding Mortgagee is made a party, or in which it becomes necessary to defend or uphold a lien of this Mortgage, all reasonable sums paid by Mortgagee in litigation expense to establish or defend the rights and lien of this Mortgage, including reasonable attorneys' fees and costs and allowances, shall be paid by Mortgagor, together with interest at the highest legal rate then in effect, and any such sum or sums and the interest thereon shall be a further lien on the Real Estate and secured by this Mortgage. Notwithstanding this paragraph 13, in any action or proceeding to foreclose this Mortgage, or to recover or collect the Mortgage Debt, the provisions of law and of paragraph 14 hereof respecting the recovery of costs, disbursements and allowances shall prevail over this paragraph 13. 14. In the event this Mortgage and the Mortgage Note which it secures shall be in default and are placed in the hands of an attorney for the collection of any such payment thereunder or for the enforcement of any of the terms, covenants and conditions thereof, Mortgagor agrees to pay all costs of collection, including reasonable attorneys' fees, incurred by Mortgagee, either with or without the institution of an action or proceeding, and in addition thereto all costs, disbursements and allowances provided by law. All such costs so incurred shall be deemed to be secured by this Mortgage and collect - We in any manner permitted by law or by this Mortgage. 15. Mortgagor will not, without first obtaining approval of Mortgagee confirmed in writing by an Authorized Officer, assign or attempt to assign the rents or any part thereof from the Development, nor consent to the cancellation or surrender of any lease of the Real Estate or of any part thereof, now existing or hereafter to be made, having an unexpired term of two ( 2) years or more; nor modify any such lease so as to shorten the unexpired term thereof, or so as to decrease the amount of the rent payable thereunder; nor in any other manner impair or threaten to impair the value of the Real Estate or th : Development or the security of Mortgagee for the payment of the Mortgage Debt. 16. From time to time whenever demand may be made therefor by Mortgagee, Mortgagor, within six ( 6) days from such demand, shall execute and deliver to Mortgagee in form and content satisfactory to it a security interest under the UCC covering the equipment, chattels, and personal property then or thereafter to be installed in, or used in connection with the operation of the physical plant of the Real Estate; and any delay, failure or refusal so to do shall constitute a default under this Mortgage; and all the equipment, chattels, and personal property aforesaid shall be and remain clear and unencumbered except by this Mortgage and such security interest under the UCC delivered to Mortgagee hereto are cumulative and given as additional security and shall not remove the equipment, chattels, or personal property from the lien of this Mortgage. 17. The whole of the Mortgage Debt shall immediately become due and payable at the option of Mortgagee, its successors and assigns, upon the happening of any one or more of the following events each of which are hereinafter called an " Event of Default"): a) A default in the payment of any installment of the Mortgage Note on its due date, or a default in the payment of any real estate tax, assessment, water rate, sewer, gas or electric charge, insurance premium, any reserve required by Morteagee, or any charge or imposition which may become a lien upon the Real Estate for ten ( 10) days after its due date; b) If after application for policies for the Development by Mortgagee to two ( 2) or more financially responsible casualty insurance companies lawfully doing business in the State of Illinois and issuing policies of tire or other hazard insurance in the place where the Real Estate is located, such companies refuse to issue such policies; s 73 19-t Revised 8/ 75 Page 41 of 181  IIIDA Form No. IA63 c) Failure. to exhibit to Mortgagee, within ten ( 10) days after demand made therefor, receipted bills, showing the payment of all real estate taxes, assessments, water rates, sewer, gas or electric charges, insurance premiums, or any charge or imposition which may have become a lien upon the Real Estate prior to the lien of this Mortgage; d) Failure to pay, within twenty ( 20) days after notice and demand, any real estate tax, assessment, water rate, sewer, gas or electric charge, or any charge or imposition heretofore or hereafter made, which is or may become a lien on the Real Estate prior to the lien of this Mortgage, • notwithstanding the fact that the same may not be due and payable at -the time of such notice and demand; e) Failure to pay the amounts secured by this Mortgage within thirty ( 30) days after notice and demand given by the holder hereof in the event of the passage after the date hereof or any law of the State of Illinois deducting from the value of the Real Estate for the purpose of taxation, any lien thereon, or changing in any way the laws for the taxation of mortgages, or of debts secured by mortgages, for state or local purposes, or the manner of the collection of any such taxes, so as to affect this Mortgage, the Mortgage Note secured by this Mortgage or the holder thereof, or the Building Loan Agreement or the Regulatory Agreement; f) Failure on the part of Mortgagor or any owner of the Real Estate to maintain the Development on the Real Estate in a rentable and tenantable state of repair, after notice of the condition of the Development is given to Mortgagor or any other owner by Mortgagee or by any municipal entity claiming jurisdiction and Mortgagor or any other owner fails to comply in a reasonably prompt and diligent manner with any order of any municipal entity claiming jurisdiction of the Real Estate after the making of any such order; or failure on the part of Mortgagor or any other owner of the Real Estate, or of any tenant holding under Mortgagor, or any other owner, to comply with all or any of the statutes, requirements, orders or decrees of any federal, state or municipal e. ttity relating to the use of the Real Estate, or of any part thereof; g) Failure to furnish Mortgagee, within sixty ( 60) days following the end of each fiscal year, a complete annual financial report based upon an examination of the books and records of Mortgagor, prepared in accordance with the requirements of Mortgagee, certified to by Mortgagor, and when required by Mortgagee, certified, at Mortgagor' s expense, by an Illinois licensed certified public accountant, or other person acceptable to Mortgagee; h) T_rnyfer of any funds from any operating or reserve account established for the Develop- ment for any purpose, which transfer or purpose has not been approved by Mortgagee in accord- ance with subparagraph ( g) hereof; i) Failure to permit Mortgagee, its agents or representatives, at any and all reasonable times to make inspection of the Development, or to examine and make copies of the books and records ofd Mortgagor; j)` If petition in bankruptcy be filed by or against Mortgagor, N;= or any other owner of the Real Estate, or a receiver or trustee of the property of I, Sortgagor,? or any other owner of the Real Estate be appointed, or if Mortgagor, EI)Kfi& or any other owner of the Real Estate makes an assignment for the benefit of creditors or be adjudged insolvent by any State or Federal court, except that in the case of an involuntary petition, action or proceeding for the adjudication as a bankrupt or for the appointment of a receiver or trustees of the property of Mortgagor, CIQW or any other owner of the Real Estate, not initiated by INIortgagor, ,tWrWr or any other owner of the Real Estate, Mortgagor, X0tOiX or any other owner of the Real Estate shall have sixty ( 60) days after the service of such petition or the commencement of such action or proceeding, as the ease may be, within which to obtain a dismissal of such petition, action or proceeding, provided that Mortgagor is not otherwise in default under the terms of this Mortgage, including, but not limited to, the payment of interest, principal and any other payments; k) A default of the performance or a breach of any of the other covenants or conditions contained in any of the provisions of this Mortgage for twenty ( 20) days; provided, however, in the event that such default or breach of such other covenants or conditions is not due to or caused by any act or failure to act of Mortgagor, i or any other owner of the Real Estate, and if Mortgagor, mor any other owner of the Real Estate has no knowledge, actual or constructive, of such default hereunder if any of them continues for twenty ( 20) days after notice thereof by Mortgagee to Mortgagor, QNzoCr or any other owner of the Real Estate; 1) Failure to comply with the Act and any rules and regulations duly promulgated from time to time by Mortgagee; m) Failure to comply with the Building Loan Agreement and the Regulatory Agreement; n) Failure to comply with the Agreement, or the Agreement to Pledge, or, when executed, the Contract, or the Pledge Agreement. t 18. To the extent hereinafter provided for in this paragraph, the rents, issues and profits of the Development are hereby specifically mortgaged, granted, pledged and assigned to Mortgagee as further security for the payment of the Mortgage Debt. Upon an Event of Default described in the preceding paragraph 17 hereof, the holder of the Mortgage Note and this Mortgage, as Attorney -in -Fact of s Mortgagor 13 T— Page 42 of 181  Moneagor or thi. en owner of the Real Estate, shall thereupon be clothed with anu shall possess all the powers, rights, remedies and authority of Mortgagor and of the then owner of the Real Estate, as the landlord of the said Real Estate, with power to institute mortgage foreclosure proceedings and power to eject or dispossess tenants and to rent or lease any portion or portions of the Real Estate, and the then owner of the Real Estate shall, on demand, surrender possession of the Real Estate to the holder of this Mortgage and the said holder may enter upon the Real Estate and rent or lease the same on any terms approved by it, and may collect all the rents therefrom which are due or become due, and may apply the same, after payment of all charges and expenses, including the making of repairs which in its judg- ment may be necessary, on account of the Mortgage Debt secured by this Mortgage; and said rents and all leases existin- at the time of such Event of Default are hereby assigned to the holder of this Mortgage as further security for the payment of the Mortgage Debt. In the case of such an Event of Default, the holder of this Mortgage, by virtue of such right to possession or as the agent of the then owner of the Real Estate, may dispossess by legal proceedings or other legally available means any tenant defaulting in the payment to the holder of this Mortgage of any rent, and Mortgagor hereby irrevocably appoints the holder of this Mortgage its agent for such purposes. In the event that the then owner of the Real Estate is the occupant of any part of the Real Estate, such occupant agrees to surrender possession of the Real Estate to the holder of this Mortgage immediately upon any such Event of Default hereunder and, ' if such occupant remains in possession, the possession shall be as tenant of the holder of this Mortgage, and such occupant agrees to pay monthly in advance to the holder of this Mortgage a reason- able rent for the portion of the Real Estate so occupied, and in default of so doing, such occupant may also be dispossessed by the usual summary proceedings. Mortgagor makes these covenants for itself and Wad and for any subsequent owner of the Real Estate, and these covenants shall become effective immediately after the happening of any such Event of Default solely on the determination of the then holder of this Mortgage, who shall give notice of such determination to the then owner of She Real Estate. In the case of foreclosure or the appointment of a receiver of rents, the covenants herein contained shall inure to the benefit of such receiver. 19. The holder of this Mortgage, in any action to foreclose it, shall be entitled without notice and without regard to the adequacy of the security, to the appointment of a receiver. 20. In case of sale under foreclosure, the Real Estate may be sold in one ( 1) or more parcels. 21. Any notice and demand or request required or permitted may be, unless expressly otherwise provided herein, in writing and may be served in person or by mail. 22.The failure or delay of Mortgagee or any subsequent holder of the Mortgage Note and this Mortgage to assert in any one or more instances any of its rights hereunder shall not be deemed or construed a waiver of any such rights. 23. All covenants and conditions of this Mortgage other than those required by Illinois law shall be construed as affording to Mortgagee rights additional to, and not exclusive of, the rights conferred under the provisions of the Illinois law, including, but not limited to, the Illinois Mortgage and Fore- closure Act ( Chapter 95, Section 23, et seq., 11inois Revised Statutes). 24. Mortgagor covenants- that it will rezeive the advances secured by this Mortgage and will hold the right to receive such advances as a trust fund to be applied only for the purpose of paying certified development costs, unless otherwise authorized in writing by Mortgagee. 25. If part of the Development is taken by or sold to any municipal, federal or state entity or any other entity having the power of eminent domain ( under eminent domain proceedings or under bona fide threat of eminent domain proceedings), and in the event the remaining portion of the Development can be restored, in whole or in part, and the E svelgpment as so restored will produce sufficient income to meet the then existing obligations ( after the reduction hereinafter described) of Mortgagor under this Mortgage and the Mortgage Note, all as determined by Mortgagee, the proceeds of such taking or sale, if sufficient for the purpose and to the extent necessary for the purpose, shall be made available to Mortgagor for such restoration. Such restoration shall be made in a manner approved by Mortgagee and such governmental entity as may then have jurisdiction. If as a result of such sale or taking, the rental income, thereafter receivable from the remaining portion of the Development, will be diminished, the r periodic Mortgage payment of principal and interest shall be reduced to that amount which will amortize the then remaining unpaid balance of the Mortgage Debt ( said unpaid balance reflecting the reduction resulting from the application of all or part of said proceeds toward prepayment of said Mortgage Debt) over the then remaining portion of the original term of the Mortgage Note in substantially equal payments. If the entire Development is taken by or sold to any municipal, federal or state entity or any other entity having the power of eminent domain ( under eminent domain proceedings or under bona fide threat of eminent domain proceedings), the proceeds of such taking or sale shall be applied as hereinafter set forth in this paragraph 25.Mortgagor shall not approve or accept the amount of any such award or sale price without approval by Mortgagee of such amount confirmed in writing by an Authorized Officer. If Mortgagor does not diligently pursue any such actual or threatened eminent domain proceed- ings and competently attempts to obtain a proper settlement or award, Mortgagee, at Mortgagee' s option, may take such steps, in the name of and in behalf of Mortgagor, as Mortgagee deems necessary to obtain such settlement or award, and Mortgicor shall execute such instruments as may be necessary to enable Mortgagee to represent hlrrtgagor in said proceedings. The proceeds of any such taking or We shall first be applied toward payment of appraisers' fees, reasonable attorneys' fees, court costs and Mortgagor / 9 Revised 8/ 75 Page 43 of 181  DIDA Forts Na 11163 other reasonable expenses incurred by Mortgagor or Mortgagee, as the case may be, in collecting such proceeds; next toward satisfaction of the Mortgage Debt; and the remainder, if any, to Mortgagor. 26. The term " Principal Payment Date" as used herein with respect to the Development shall mean the first day of the twentieth ( 20th) calendar month following the calendar month in which the Initial Cloy iw! Date on the ? Mortgage Loan occurs or such other date as approved by Murtcaece and approved in writing by an Authorized Office:: provided, however, such Principal Payment Date shall in no event be later than the first day of the thirty- sixth ( 36th) calendar month following the calendar month in which the Initial Closing Date on the Mortgage Loan occurs. 27. The: term " Initial Closing Date" as used herein with respect to the Development shall mean the date when all initial cloy; ng documents as required by ;. iortga- ee have been submiacd to Mortgagee in form approved by Mortgagee and Mortga;; ee' s counsel. 28. The Final Closing Date" as used herein with respect to the Development shall term " mean the date the requirements of Paragraph 23 of the Building Loan Agreement have been satisfied. 29. The term " Cost of the Development" as used herein with respect to the Development shall mean costs and expenses of the Development recommended and approved by Mortgagee, including construction or rehabilitation costs, including job overhead, builder' s and sponsor' s profit and risk fee, architectural, engineering, legal and accounting costs, organizational expenses, the Construction Loan fee, Mortgagee' s monthly service fee, land value, interest and financing charges paid during construction, the cost of landscaping and off- site improvements, and the Development Cost Escrow Fund, whether or not such costs have been paid in cash or in a form other than cash. 30. This Mortgage, to the extent inconsistent with the Act, shall be governed by the Act, and the rights and obligations of the parties shall at all times be in conformance with the Act. 31. Mortgagee shall be entitled to monies equal in amount to all net income and increment from the investment of the proceeds of Bonds and Notes issued by Mortgagee for the purpose of obta; ling funds with which to make this Mortgage. Loan, and to uss such monies in Mortgagee' s discretion for any of Mortgagee' s lawful purposes. 32. sxrin` tf: t is expressly understood and agreed that nothing here* 8 es bo cfau sll c t$ ied as creating any liability on Mortgagor ork personal y t, pay the said Mortgage Note or t innnest that may accrue thereon, or any indebtedness accruing het under, or to perform any covenant either express or implied herein contained, all such liability, if any, being expressly waived by Mortgagee and by every person now or hereafter claiming any right or security hereunder, and that so far as Mortgagor or as successors t?8' personally are concerned, the legal holder or holders of said Mortgaget cer d: Note and the owner or owners of any indebtedness accruing hereunder shall look solely to the Real Estate .. hereby mortgaged for the payment thereof, by the enforcement of the lien hereby created in the manner i' HtRg or herein attd in said Mortgage Note their he3- r! legal seentativpbs or Park Association Hig By r c7t. t. usi Presicient Nath, Barbara Witty, Secreta.Yy STATE OF 1 COUNTY ILLC$ k OF I, the undersigned, a Notary Public in and for the County and State aforesaid, do hereby certify that tAth known to the c h President of iig hland Park Housing Associati.on, an ersoMq is noprof P said coon personally known to me to be the Secretary of each of whom are personally known to me to be the same persons whose names are subscribed to the foregoing Mortgage, appeared before me this day in person and acknowledged that they signed and Aelivered the said Mortgage, in their respective capacities as President and Secretary said corporation_ of qtr dt as their free and voluntary said corporation act and as the free and voluntary act and deed of for the uses and purposes therein set forth. t Given under my hand and official seal this day of ?° 19_2 6 Notary Public 8 Page 44 of 181 Revised 11/ 75  SCHEDULE " A" That certain leasehold estate created under and by virtue of that certain indenture of lease dated August 25 , 1976 3 a municipal entered into by and between City of Highland Park, corporation, as Lessor, and Highland Park - Housing Association, an Illinois not for profit corporation, as Lessee, which indenture of lease was recorded in the Office of the Recorder of Deeds of Lake County, Illinois on r, 1976 as document number under the terms of which indenture of lease the Lessor demised to the Lessee for a term of 45 years August 25, 1976 and ending August 24, 2021 commencing the following - described premises situated in the City of Highland Park, Lake County, Illinois, known by legal description as follows to wit: Lots 9, 10 and 11 in Block 23 in the City of Highland Park, being a Subdivision of fractional Sections 23 and 24 and part of fractional Section 14, Township 43 North, Range 12, East of the 3rd P. M., according to the plat thereof, recorded May 7, 1869, in Book " A" of Plats, page 2, in Lake County, Illinois. which said leasehold estate is referred to in the instrument to which this Schedule is attached as the " Real Estate." Page 45 of 181  MA Form No.. D- 3, t 14Ir93 IHDA Loar % ASSIGNMENT OF RENDS High' s Park Housing Association, KKT? OW, ALL MEN BY THESE PRESENTS, that the undersigned, st 25, 1976 an Illinois not for profit corporation, lessee under groundlease hereina( te referred to as " Mortgagor") in order to secure an indebtedness in the principal sum of One : lil ion Seven Hundre3 Twenty Thousand and 00/ 100---- --- ---- --- DOLLARS t 1, 720, 000. 00 ), executed a mortgage of even date herewith, mortgaging to the Illinois Housing Development Authority, a body politic and corporate established pursuant to the Illinois Housing Develop- ment Act, Laws 1967, p. 1931, constituting chapter 67- 14, Section 301, et seq., Illinois Revised Statutes, as anicnded ( hereinafter referred to as " Mortgagee"), the real property described in the schedule attached hereto as Schedule " A" by this reference made a part hereof ( hereinafter referred to as " Real Estate"); and WHEREAS, Mortgagee is the holder of said mortgage and the note secured thereby, Now, THEREFORE, in order to further secure said indebtedness, and as a part of the consideration for the mortgage loan, Mortgagor does hereby sell, assign, transfer and set over onto Mortgagee, its successors and assigns, all the rents now due or which may hereafter become due under or by virtue of any lease, either oral or written, or any letting of or any agreement for the use or occupancy of any part of the Real Estate, which may have been heretofore or may be hereafter made or agreed to, or which may be made or agreed by Mortgagee under the power hereinafter granted, it being the intention hereby to establish an absolute transfer of assignment of all such leases and agreements and all the rents, avails, issues and profits thereunder unto Mortgagee, including any leases and agreements now existing upon the Real Estate. - Mortgagor does hereby irrevocably appoint Mortgagee, its agent for the management of the Real Estate, and does hereby authorize Mortgagee to let and re -let the Real Estate, or any part thereof, according to its own discretion, and to bring or defend any suits in connection with said Real Estate in its own name or in the name of Mortgagor as it may be necessary or expedient, and to make such repairs to the Real Estate as it may deem proper or advisable, and to do anything in or about the Real Estate that Mortgagor might do, hereby ratifying and confirming anything and everything that Mortgagee may do. Mortgagor does hereby irrevocably authorize Mortgagee in its own name to collect all of said rents, avails, issues and profits arising or accruing at any time hereinafter and all now due or that may hereafter become due and to use such measures, legal or equitable, as in its discretion may be deemed necessary or proper to enforce the payment or the security or such rents, avails, issues and profits, or to secure and maintain possession of the Real Estate or any portion thereof. It is understood and agreed that Mortgagee shall have the power to use and apply said rents, avails, issues and profits toward the payment of any present or future indebtedness, or liabii' ty of Mortgagor to Mortgagee, due or to become due, or that may hereafter be contracted, and also tow trd the payment of all expenses for the care and management of the Real Estate, including taxes, insetance, assessments, usual and customary commissions to a real estate broker for the leasing and/ or collecting of rents for said Real Estate or any part thereof, and for the expense of such attorneys, agents and sarvants as may be employed by the Mortgagee for such purposes. It is further understood and agreed that this Assignment of Rents shall be binding upon and inure to the benefit of the successors and assigns of Mortgagor and Mortgagee, respectively and shall be construed as a covenant running with the land and shall continue in full force and eff ct until all of the indebtedness or liability of Mortgagor to Mortgage shall have been paid in full, a; which time this Assignment of Rents and the rights and powers granted hereunder shall terminate. It is understood and agreed that Mortgagee shall not exercise its rights and powers under this Assignment of Rents until after default in the payment of principal and/ or interest on the indebtedness secured by the aforesaid mortgage or until after a breach of any of Mortgagor' s covenants set forth in said mortgage. Failure of Mortgagee to exercise any right which it may exercise hereunder shall not be deemed a waiver by Mortgagee of its right of exercise thereafter. IN WITNESS WHEREOF, Mortgagor, , has caused 2' August , 1976 these presents to be duly executed by its authorized ofEccrs this day of - p.• . ,• 0. a t, i• M. l • ilia • • a• 1• s :`. a• ra. Y ' asa• v y n: Highland Park Hous 4ssociation 1, By_ sAoV- Attest: Bernard President Barbara V7itty, Sec etary 3 ' Revised 11/ 75 Page 46 of 181  111DA111DA FormForm No.No. LD -LD - 3A3A NlIr93 NlIr93 1HDA 1HDA Loan Loan No.No. r i J STATE STATE OF OF ILLINOIS ILLINOIS COUNTY COUNTY OFOF COOK COOK I,I, theersi-theersi- chary chary Public Public inin and and forfor the the County County andand State State aforesaid,aforesaid, dodo hereby hereby certify certify that that necg,necg, llykn llykn hrhr AA 11 40iNtrDDL 40iNtrDDL President President of of ro ro ii co co ra ra on on and and ra;ra;aii'aii' tY ,tY , personallypersonally knownknown toto meme toto bebe the the Secretary Secretary ofof said said corporation corporation each each of of whom whom are are personally personally known known toto meme toto bebe thethe samesame personspersons whose whose names names areare subscribed'.subscribed'. toto-` -` IeIe foregoing foregoing Assignment Assignment ofof Rents,Rents, appeared appeared before before meme thisthis datedate andand acknowledged acknowledged thatthat theythey signedsigned andand delivered delivered thethe saidsaid Assignment Assignment ofof RentsRents isis their their respective respective capacities capacities as as President President and and SecretarySecretary of of said said corporation -corporation - 00 asas their their free free andand voluntary voluntary act act and and asas thethe freefree and and voluntary voluntary act act and and deed deed of of said said corporation corporation for for the the uses uses andand purposes purposes therein therein set set forth.forth. 66 GivenGiven underunder mm yy. '. '( (_ hand_ hand andand initial initial sealseal thisthis dayday ofof_ _ 19...19... NotaryNotary Public Public ss 00 22 Mortgagor Mortgagor aa tt Revised Revised 11/11/ 75 75 Page 47 of 181  SCHEDULE " A" i That certain leasehold estate created under and by virtue of that certain indenture of lease dated August 25 , 1976 entered into by and between - City of Highland Park, a municipal corporation, as Lessor, and Highland Park. Housing Association, an' Illinois not for profit corporation, as Lessee, which indenture of lease was recorded - in the Office -of the Recorder of Deeds of Lake County, Illinois on , 1976 as document number under the terms of which indenture of lease the Lessor demised to the Lessee for a term of 45 years commencing August 25, 1976 and ending August 24, 2021 the following described premises situated in the City of Highland Park, Lake County, Illinois, known by legal description as follows to wit: Lots 9, 10 and 11 in Block 23 in the City of Highland Park, being a Subdivision of fractional Sections 23 and 24 and part of fractional Section 14, Township 43 North, Range 12, East of the 3rd P. M., according to the plat thereof, recorded May 7, 1869, in Book " A" of Plats, page 2, in Lake County, Illinois. waich said leasehold estate is referred to in the instrument to which this Schedule is attached as the " Real Estate." 9t Page 48 of 181  H FRANK B. PEERS SENIOR HOUSING ML - 93 Residential Management Plan 1. Role and Sponsor in Relationship to Managing Agent: It is expected that the Agent will consult the Owner regarding the operation of the policy that will govern the day- to- day the Owner will play an active development. It is expected that of the role in the formulation of the day- to- day operation or alter the general review, approve development to suggest, policies formulated by the Agent which affect the development. development will be the operation of the The day- to- day policies in accordance with the of the Agent responsibility this project and the Agent. To end, established by the Owner selection, rent resident rental standards, personnel selection, projection, and expense analysis and collections, income and with all other policy preventative maintenance programs, along guidelines the Agent under the matters will be carried out by maintenance and the Owner. Project managerial determined by will the Agent and personnel will be hired and supervised by function as the Agent' s representatives with authority to carry out day- to- day decisions in accordance with the established policies. responsibility will be the training Included in the Agent' s and personnel. All management supervision of all on- site and the Federal, State, personnel must be familiar with management rental and all phases of IHDA regulations regarding Local and management of the development. The Chairman of the Highland Park designee, representing the Owner, Housing Commission or his or her will be the Agent' s contact when consultation is needed regarding decisions which an Agent is not authorized to make under the terms of the management agreement. 2. Procedure for Determining Applicant Eligibility It will be the Agent' s responsibility to see that project HUD familiar trained and with rental personnel are thoroughly income, asset but not limited to, regulations regarding, be the Agent' s limits. It will determination, and occupancy interview and inform prospective residents responsibility to show, requirements which will IHDA and HUD and familiarize them with with the This will be done in conjunction affect the property. 8 applicable HUD or Section as well as all management contract regulations affecting the property. Upon the determination that the applicant wishes to apply for the Agent will provide development, housing in the The necessary, assist applicants in fillingdout the application. reports, credit the application obtaining process Agent will The residence, etc. confirmations of employment and current n EXHIBIT ' Im Page 49 of 181 Resident Management Plan Page 2 decision concerning the acceptability of a resident will be determined by the following: 1. The applicant meeting or not meeting the applicable HUD requirements and IHDA requirements. 2. Any adverse or other information which the credit report may produce. The Agent duties will include showing apartments and - explaining to the applicant the various HUD and IHDA rules governing the development. As apartments become available, the Agent will refer to and utilize the wait list. Additional marketing efforts shall be established by IHDA and HUD, and also shall include contacting community groups and organizations and advertising in local papers. Arrangements may be made for appointments other than during normal business hours by phoning the rental office. The day- to- day operations and the rental office will be carried out from the project office. 3. Rent Collection Policies and Procedures: Rules governing rent payments will be outlined in the lease for the property and will be adhered to by the managing agent. The tenants will pay their rent at the project office. The project manager will be provided with a delinquency list on approximately the 10th day of the month which will show which residents have not paid their rent for the month in question. Upon notification of such delinquent accounts to the Resident Services Director, the manager will consult with the Owner and as appropriate will then issue notices to those residents who have not paid, stating that they have ten ( 10) days to pay their rent or legal action will be instituted. With regard to residents who have not paid their rent after a notice is forwarded to them, the manager and Resident Services Director will attempt to contact the resident and determine the cause for the non- payment. If it is the manager' s and Resident Services Director' s conclusion that the resident will successfully be able to make his payments current and keep them current, the Agent will, in compliance with the spirit of Hud and Section 8 programs, work with the resident while he attempts to clear his account. The Owner will be notified of each instance in which it is the Agent' s determination that legal action should be taken. 4. Plans for Tenant - Management Relations: Resident - management relations are to a great extent determined by the personality of the project personnel. This need be taken into consideration at the time that project personnel are hired. It will be the Agent' s policy to develop a relationship with the residents that will allow effective two- way communication. The Agent will make every effort to supply personnel who will be sensitive and sympathetic to the needs of the residents so that Page 50 of 181 19 Residential Management Plan Page 3 this communication can be fostered. Communication between resident and Agent will commence at the time that a prospective resident walks through the door. Pre- occupancy interviews with the resident will be the basis for the friendly communication which we hope to develop between the Agent and resident. The applicant will be instructed on the methods for obtaining management and janitorial services verbally, and by the Resident' s Handbook given when the resident signs for their key. This will include specific procedures for obtaining needed services. Requests for services or grievances will be acted upon as soon after their receipt as is possible. The Agent will make a determined effort to notify. residents when services will be performed, and the Agent will take all possible steps to see that once a service has been promised that the service is delivered on time. A Resident Services Director has been employed to: provide residents with information about community services and events, guide residents and their families in making arrangements to obtain services that meet particular needs, help resolve day- to- day problems which may affect the household and personal well- being, assist residents in coordinating and planning activities. 5. Preventative Maintenance and Repair Program: Not less than once a year each unit will be inspected by the manager and the engineer with particular attention being paid to the apartment applicances. A list of all items needing correction will be forwarded in writing to the Owner involved in order that a permanent record is made of the date of the request. Also at this time, maintenance plans for tests and servicing of mechanical equipment and appliances will be made so that the equipment will continue to meet all warranty obligations. In addition to the above preventative maintenance procedures, the Agent will take into consideration all necessary apartment and hall painting at the time that the next year' s budget is made. It is the intention of the Agent to presegve the property in the condition it was at the time of its initial occupancy. Prior to a resident in, the Agent will inspect the moving apartment with the resident and will have the resident sign the manager' s inspection sheet. In this way, any damage which may be Page 51 of 181 A Resident Management Plan Page 4 caused during the resident' s occupancy can be noted at the time the resident vacates. Prior to the resident' taking s occupancy, the resident will be made aware of the procedures for making maintenance requests. With regard to emergency situations the project will have a 24- hour answering service and pagers for maintenance staff. The answering service will be instructed on how to handle calls, what constitutes an emergency, and will be provided with a " call chain" to use depending on the nature of emergency. The Resident' s Handbook will provide emergency numbers for the hospital, the police department and fire department. The Handbook will also contain instructions for use of appliances. 6. Program for Maintaining Adequate Accounting Records and Handling Necessary Forms and Vouchers: The Agent is responsible to see that all certification and recertification procedures are carried out in accordance with IHDA and HUD regulations. To this end it will be the Agent' s responsibility to see that certification and recertification records are kept on an up- to- date basis for each resident and that duplicates of all coding forms, as well as HUD and IHDA vouchers and reports will be kept at the office from which the development will be managed or at the Agent' s branch office. The accounting which will be used by the development and purchasing procedures will be in a form approved by IHDA and HUD. A. Page 52 of 181  I REAL ESTATE SALE CONTRACT 1. The City of Highland Park, ( hereinafter referred to as Purchaser"), being a Home - Rule municipality, agrees to purchase at a price of $ 500, 000. 00 on the terms set forth herein the following property ( hereinafter referred to as " Subject Property"), located in the City of Highland Park, County of Lake, State of Illinois: The Easterly 50 feet of Lot 6 and all of Lots 7 and 8 in Block 23 in the City of Highland Park, in the North West quarter of the South East quarter of Section 23, Township 43 North, Range 12, East of the 3rd P. M., in Lake County, Illinois. consisting of approximately 40, 000 square feet, and with approximate dimensions of 200' by 200', with the understanding that the following personal property, presently located thereon was installed by and is owned by the Purchaser at this time: a) outdoor lighting; ( b) wheel stops; and ( c) parking meters. 2. First National Bank of Highland Park, as Trustee under a written trust agreement dated August 31, 1956, and known as Trust No. 633, ( hereinafter referred to as " Seller") and Trinity Protestant Episcopal Church of Highland Park, an Illinois religious corporation, sole beneficiary of the No. said Trust 633, having power of direction therein ( hereinafter referred to as Trinity Church"), agree to sell the Subject Property at the price and terms set forth herein, and to convey the same by a recordable Trustee' s Deed. It is understood that the Subject Property currently is not subject to real estate taxes and that the Purchaser has been leasing the Subject Property from the Seller as an off- street parking facility, which lease will expire on September 30, 1981, for the past 25 years. 3. Purchaser agrees to pay the purchase price at the time of closing, which shall occur on or before 30 days after such time as the Seller can show good and clear title, subject to no leases or tenancies other than the existing leases of the Purchaser -- but in no event later than October 31, 1981. 4. Purchaser will provide a current plat of survey of the above real estate made, and so certified by the surveyor as having been made, showing no encroachments, overlaps and/ or boundary line disputes. 5. Seller and Purchaser hereby state that no broker' s or brokerage commission is due and owing any such broker or agent; further stating that no broker or agent has been engaged by either Seller or Purchaser in connection with this transaction. 6. At closing Seller agrees to deliver possession of the real estate and to do so in the same condition it as is at the date of this contract, ordinary wear and tear excepted, and the existing lease to the Purchaser as Lessee shall be terminated, provided however: A. Seller shall deliver or cause to be delivered to Purchaser or Purchaser' s agent, not less than 5 days prior to Page 53 of 181  2— the time of closing, a title commitment for an owner' s title insurance policy issued by the Chicago Title Insurance title Company in the amount of the purchase price, covering to the' real estate on or after November 10, 1980, showing title in the intended grantor subject only to: ( a) the general exceptions contained in the policy, ( b) the title exceptions set forth above, and ( c) title exceptions pertaining to liens or encumbrances of a definite or ascertainable amount which may be removed by the payment of money at the time of closing and which the Seller may so remove at that time by using the funds to be paid upon the delivery of the deed ( all of which are herein referred to as Permitted Exceptions"). 1. The title commitment shall be conclusive evidence of good title as therein shown as to all matters insured by the policy, subject only to the exceptions as therein stated, 2. Seller also shall furnish Purchaser an affidavit of title in customary form covering the date of closing and showing title in Seller subject only to the Permitted Exceptions in foregoing items ( b) and ( c) and unpermitted exceptions, if any, as to which the title insurer commits - to extend insurance in the manner specified in paragraph B below. B. If the title commitment or plat of survey discloses either unpermitted exceptions or survey matters that render the title unmarketable (herein referred to as " Survey Defects"), Seller shall have 30 days from the date of delivery thereof - to have the exceptions removed from the commitment or to correct such Survey Defects or to have the title insurer commit to insure against loss or damage that may be occasioned by such exceptions or Survey Defects, and, in such event, the time of closing shall be 35 days after delivery of the commitment or the time expressly specified in paragraph 3 hereof, whichever is later. If Seller fails to have the exceptions removed or correct any Survey Defects, or in the alternative, to obtain the commitment for title insurance specified above as to such exceptions or survey defects within the specified time, Purchaser may terminate this contract or may elect, upon notice to Seller within 10 days after the expiration of the 30 - day period, to take title as it then is with the right to deduct from the purchase price liens or encumbrances of a definite or ascertainable amount. If Purchaser does not so elect, this contract shall become null and void without further action of the parties. 7. With respect to the existing lease between the Seller as Lessor and the Purchaser as Lessee, it is agreed that there shall be no additional rent payment for that period following September 30, 1981, notwithstanding any contrary provision in the lease ending September 30, 1981, providing for double rent upon holding over". Existing leases shall be terminated. Seller shall furnish a completed Real Estate Transfer Declaration signed by the Seller or the Seller' s agent in the form required pursuant to the Real Estate Transfer Tax Act of the State of Illinois. All costs of title insurance and release deed fees ( including the recording costs thereof) shall be paid by the Purchaser. 8. Time is of the essence of this contract. 9. Pursuant to the statutes of the State of Illinois, made and Page 54 of 181 to - - 3- provided, as well as the ordinances of the City of Highland Park, the Seller has attached hereto as Exhibit " A", a certified copy of the land trust agreement under which the Seller exercises its which land trust agreement trusteeship over the Subject Property -- fully discloses all beneficial interests in the Subject Property. 10. It is agreed by and between the Purchaser and Trinity Church that for so long as the Purchaser owns, uses, and does not lease the ground floor of the Subject Property, and the said ground floor is used in whole or in part, as a parking facility, the Purchaser will provide the general public with a means of pedestrian access to and egress from the said parking facility at some point ( within the discretion of the Purchaser) upon the south property line of the Subject Property. 11. All of the terms, conditions, warranties and agreements contained in this contract shall survive the closing hereon. However, neither this contract nor any memoranda hereof shall be recorded against the Subject Property. 12. All notices herein required shall be in writing and small be served on the parties at - the addresses following their signatures. return The mailing of a notice by registered or certified mail, receipt requested, shall be sufficient service. Dated: September 28, 1981 PURCHASER: CITY OF HIGHLAND PARK, a municipal corporation 1707 St. Johns Avenue Highland Park, Illinois 60035 Seal.) 8y-------— —` — X.— MAYOR ATTEST: CITY CLERK 1 RIMR ATTACHED TO ANi: :' At\ L lit Cwilu\ moi. Dated g// Under Trust No. This contract is executed by THE FIRST NATLOIIAL BANK OF HIGHLAND PARK, not per- sonally but as Trustee under Trust No., aforesaid. In the exercise of the powers and authority conferred upon and vested in said Trustee as such, and. it, is expressly understood and agreed that nothing in said contract contained shall be cgnstrued as creating any liability on said Trustee to pay any indebted- ness accruing thereunder or to perform any covenants, either express or implied, in said contract ( all such liability, if any, being expressly waived by said purchaser and by every person now or hereafter claiming any right or security thereunder) in that so far as said Trustee the owner of any . indebted- is concerned, ness or right accruing under said contract look solely to the premises shall described therein for payment or enforcement thereof, it being understood that said Trustee merely holds legal title to the premises described therein and has no control over the management thereof or the income therefrom, and has no know- ledge respecting rentals, leases or other factual matter with respect to said premises, except as represented to it by the beneficiary or beneficiaries of said Trust. Page 55 of 181  V r la 3— provided, as well as the ordinances of the City of Highland Park, 1 the Seller has attached hereto as Exhibit " A", a certified copy of the land trust agreement under which the Seller exercises its trusteeship over the Subject Property -- which land trust agreement fully discloses all beneficial interests in the Subject Property. 10. It is agreed by and between the Purchaser and Trinity Church that for so long as the Purchaser owns, uses, and does not lease the ground floor of the Subject Property, and the said ground floor is used in whole or in part, as a parking facility, the Purchaser will provide the general public with a means of pedestrian access to and egress from the said parking facility at some point ( within the discrretion of the Purchaser) upon the south property line of the Subject Property. 11. All of the terms, conditions, warranties and agreements contained in this contract shall survive the closing hereon. However, neither this contract nor any memoranda hereof shall be recorded against the Subject Property. SELLER: FIRST NATIONAL BANK OF Seal) HIGHLAND PARK AS TRUSTEE UNDER TRUST NO. 633 513 Central Avenue A• ttes•t:', Highland Park, Illinois 60035 TRINITY P.R' OTESTANT EPISCOPAL ttest' II1' CHURCH OF HIGHLAND PARK BY Its Senior karden / i Seal Page 56 of 181 r 12: 12S4 AN ORDINANCE PROVIDING FOR BORROWING MONEY AND ISSUING BONDS OF THE CITY OF HIGHLAND PARK, LAKE COUNTY, ILLINOIS, TO THE AMOUNT OF $ 750, 000 FOR THE PURPOSE OF PAYING THE COST OF ACQUIRING LAND IN SAID CITY FOR SENIOR CITIZEN HOUSING, DOWNTOWN REDEVELOPMENT AND LAKE FRONT PUBLIC LAND AREA, AND PROVIDING FOR THE LEVY AND COLLECTION OF A DIRECT ANNUAL TAX FOR THE PAYMENT OF THE PRINCI- PAL AND INTEREST OF SAID BONDS. WHEREAS, the City of Highland Park has a population in excess of 25, 000 and therefore, under the provisions of Section 6( a) of Article VII of the 1970 Constitution of the State of Illinois, is a home rule unit, pursuant to the pro- and may, visions of Sections 6( d) and ( k) of said Article VII, incur debt payable from ad valorem property tax receipts maturing within 40 years from the time it is incurred and without prior referendum approval of the electors of the City of Highland Park; and WHEREAS, on the 14th day of April, 1975, the Council of said City did adopt an ordinance establishing - the procedures to be followed in the borrowing of money for public corporate pur- poses of said City and the issuing of full faith and credit bonds of said City without referendum approval, such ordinance being entitled: AN ORDINANCE AMENDING ' THE HIGHLAND PARK CODE OF 1968', AS AMENDED, ESTABLISHING PROCEDURES TO BE FOLLOWED IN INCURRING INDEBTEDNESS FOR CORPORATE PURPOSES, ISSUING NON - REFERENDUM BONDS TO EVIDENCE SUCH INDEBTEDNESS AND AUTHORIZING AND DIRECTING THE LEVYING OF A TAX FOR THE PURPOSE OF PAYING PRINCIPAL OF SUCH BONDS AND• INTEREST THEREON AS THE SAME BECOME DUE." and which said ordinance is now in full force and effect; and WHEREAS, it is deemed to be for a proper public purpose, is necessary for the welfare of the government and affairs of the City of Highland Park and is in the public interest that the City of Highland Park acquire lands for senior. citizen housing, a lake- front public property area, and for downtown redevelopment; and a Page 57 of 181  VySL`! 12: 12SS WHEREAS, it is it will hereby estimated and determined that require not less than $ 750, 000 to for said acquire said lands purposes; and WHEREAS, acquiring said funds are not available for the purpose of land and for that purpose it will to be necessary borrow money and in City. evidence thereof issue bonds of said NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF HIGHLAND PARK, LAKE COUNTY, ILLINOIS, AS FOLLOWS: SECTION I. That it be and is hereby found and de- termined to be for the welfare of the government and affairs of the City of Highland Park, for a is proper public purpose and in the public interest to acquire lands for senior citi- zen housing, for a lakefront public property area, and for down - town redevelopment, and for that purpose there be bor- rowed the sum of $ 750, 000 and in evidence thereof, bonds of the City be issued. Said bonds to be each designated " Land Acquisition Bond" and bear one- quarter ( 54%) interest at the rate of five and percent per annum, payable semi- annually. SECTION II. That in order to raise the sum of $ 750, 000 needed for the purpose aforesaid, there be borrowed by, for and on behalf of the City of Highland Park, Illinois, Lake County, the sum of $ 750, 000 and to evidence said loan ne- gotiable coupon bonds of said City be - issued. Said bonds shall each be designated " Land Acquisition Bond" be dated May 15, 1975, be of the denomination of $ 5, 000 each, be one hundred fifty in number, be numbered consecutively from 1 to 150, inclusive, and become due serially on the years and February 1 of each of in the amounts and bear interest per annum at the rate as follows: 2- A Page 58 of 181  12. 1256 YEAR AMOUNT RATE OF INTEREST 1977 $ 150, 000 5. 25% 1978 150, 000 5. 25% 1979 150, 000 5. 25% 1980 150, 000 5. 25% 1981 150, 000 5. 25% That the interest on said bonds shall be payable on August 1, 1976 and semi- annually thereafter on the first day of February and August in each year, which said interest payments to date of maturity of principal shall be evidenced by proper in- terest coupons attached to each bond and maturing on the dates herein provided, and both principal and interest on said bonds shall be pay- able in lawful money of the United States of America at the First National Bank of Highland Park in the City of Highland Park, Ill- inois. The seal of said City shall be affixed to each of said bonds and said bonds shall be signed by the Mayor and be attested by the City Clerk of said City, and said coupons shall be signed and at- tested by said officials, respectively, by their respective fac- simile signatures, and said officials, by the execution of said bonds, shall adopt as and for their own proper signatures their respective facsimile signatures appearing on said coupons. SECTION III. That the bonds hereby authorized shall be payable to bearer, provided, however, that such bonds may be subject to registration as to principal in the name of the holder on the books of the Treasurer of said City, such registration to be evi- denced by notation of said Treasurer upon the back of such bonds so registered. No bond so registered shall be subject to transfer except upon such books and similarly noted on the back thereof un- less the last registration shall have been to bearer. Such regis- tration of any of said bonds shall not, however, affect the negotia- bility of the coupons attached to said bonds,' but such coupons shall continue transferable by delivery merely. SECTION IV. That each of said bonds and the interest coupons to be thereto attached shall be in substantially the follow- ing form: 3- k' 4• J Page 59 of 181  12: 1257 Form of Bond) UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF LAKE CITY OF HIGHLAND PARK LAND ACQUISITION BOND Number KNOW ALL MEN BY THESE PRESENTS, that the City of Highland Park, Lake County, Illinois, hereby acknowledges itself to owe and for value received, promises to pay to bearer, or, if this bond be registered, then to the registered holder hereof, the sum of FIVE THOUSAND DOLLARS ($ 5, 000) on the First day of Febru- ary, 19 together with interest of said sum from the date hereof until paid at the rate of five and one- quarter percent 54x) per annum, payable on August 1, 1976, and semi- annually thereafter on the first days of February and August in each year, and until maturity, upon presentation and surrender of the respect- ive interest coupons hereto attached as they severally become due and payable. ' Both principal and interest are hereby made payable in law- ful money of the United States of America at the First National Bank of Highland Park, in the City of Highland Park, Illinois For the prompt payment of this bond, both principal and interest, as aforesaid, at maturity, and the levy of taxes suf- ficient for that purpose, the full faith, credit and resources of said City are hereby irrevocably pledged. This bond is issued by said City for the purpose of paying the cost of acquiring land necessary for the welfare of the gov- ernment and affairs of the City, pursuant to and in all respects in compliance with the provisions of the 1970 Constitution of the State of Illinois, and in compliance with an ordinance duly passed by the Council of said City amending the Highland Park Code of 1962 and establishing the procedures for issuing full faith and credit non - referendum bonds, and an ordinance author- 1: f f Page 60 of 181  12: 1258 forms a part, signed by the Mayor of said City and published, in all respects as by law required. It is hereby certified and recited that all acts, condi- tions and things required by the Constitution and laws of the State of Illinois, and including the procedures established by the City Code for the exercise of its home rule powers con- ferred by Section 6 of Article VII of the Constitution of the State of Illinois in issuing its full faith and credit bonds payable from ad valorem property tax receipts without prior referendum approval, to exist or to be done, precedent to and in the issuance of this bond, have existed and have been properly done, happened and been performed in regular and due form and time as required by law; that the indebtedness of said City of Highland Park, represented by this bond and the issue of which it forms a part, and including all other indebtedness of said City, howsoever evidenced and incurred, does not. exceed any constitutional or statutory limitation, and that provision has been made for the collection of a direct annual tax, in addition to all other taxes, on all of the taxable property in said City sufficient to pay the interest hereon as the same falls due and also to pay and, discharge the principal hereof at maturity. This bond is subject to registration as to principal in the name of the holder on the books of the City Treasurer, such registration to be evidenced by notation of such Treasurer on the back hereof, and after such registration, no transfer hereof, except upon such books and similarly noted hereon, shall be valid unless the last registration shall have been to bearer. Regis- tration hereof shall_ not affect . he negotiability of the coupons hereto attached which shall continue negotiable by delivery mere- ly, notwithstanding registration hereof. IN WITNESS WHEREOF, said City of Highland Park, Lake County, Illinois, by its Council, has caused its corporate seal to be 5- s Page 61 of 181  12: 1259 hereunto affixed and this bond to be signed by the Mayor of said City and attested by the City Clerk, and the coupons here- to attached to be signed and attested by said officials, re- spectively, by their facsimile signatures, and said officials do, by the execution hereof, adopt as and for their own proper signatures their respective facsimile signatures appearing on said coupons, all as of the fifteenth day of May, 1975. CITY OF HIGHLAND PARK By Mayor ATTEST: City Clerk Page 62 of 181  12: 1260 Form of Coupon) Number $ On the first day of ' 19—, the City of Highland Park, Lake County, Illinois, will pay to bearer Dollars in lawful money of the United States of America at the First National Bank of Highland Park, in the City of Highland Park, for interest due that day on its " Land Acquisition Bonds" dated flay 15, 1975, Number ayor ATTEST: City Clerk Form of Registration as to Principal) Date of Registration Signature of Name of Registered Owner City Treasurer SECTION V. That for the purpose of providing the funds re- quired to pay the interest on said bonds promptly when and as the same falls due, and to pay and discharge the principal there- of at maturity, there be and there is hereby levied upon all the taxable property within said City, in each year while any of said bonds are outstanding, a direct annual tax sufficient for that purpose, and that there be and there is hereby levied on all of the taxable property in said City, in addition to all other taxes, the following direct annual tax for each of the years and in the amount for each of said years as. follows: 7- Page 63 of 181  12: 1 A direct annual tax sufficient For the Year to produce the sum of: 1975 $ 217, 639 For interest and principal matur- ing up to and including February 1, 1977; 1976 $ 181, 500 For interest and principal; 1977 $ 173, 625 For interest and principal; 1978 $ 165, 750 For interest and principal; 1979 $ 157, 875 For interest and principal. That interest or principal becoming due at any time when there are insufficient funds on hand from said taxes to pay the same be paid promptly when due from current funds on hand in ad- vancement of the collection of said taxes herein levied, and when said taxes shall have been collected, reimbursement shall be made to the said funds in the amounts thus advanced. SECTION VI. That forthwith as soon as this ordinance becomes effective, a copy hereof certified by the Clerk of said City, which certificate shall recite that this ordinance has been passed by the Council of said City, signed by the Mayor and pub- lished,, shall be filed with the County Clerk of Lake County, Illinois, who shall in and for each of the years 1975 to 1979, inclusive, ascertain the rate per cent required to produce the aggregate tax hereinbefore provided to be levied in each of said years, respectively, and extend the same for collection on the tax books in connection with other taxes levied in each of said years, respectively, in and by said City for general corporate purposes of said City, and in each - of said years such annual tax shall be collected by said City in like manner as taxes for general corporate purposes for each of sai.d years are levied and collected, and when collected such taxes shall be used solely for the purpose of paying principal and interest upon the bonds herein authorized when same mature. Page 64 of 181  12: 1262 SECTION VII. That the funds derived from the taxes herein levied be and the same are hereby appropriated and set aside for the sole and only purpose of paying principal of and interest on said bonds when and as the same become due. That the funds derived from the sale of said bonds be and they are hereby appropriated and set aside for the purpose hereinbefore set out. The proceeds of sale of the bonds will be used and de- voted with due diligence for the purposes as provided herein, and said City covenants and agrees with the purchasers and holders of the bonds herein authorized as follows: a) That within six months after the delivery of said bonds said City expects to incur substantial bind- ing obligations in connection with the land acqui- sition program herein authorized, said obligations being in an aggregate amount not less than 2- 1/ 2°, of the estimated cost thereof; b) That the Council expects more than 85% of the spendable proceeds of the bonds, including in- vestment proceeds, will be expended on or be- fore April 15, 1978, said date being within three years following the date of issue of said bonds; c) That the land acquisition program is expected to proceed with due diligence to completion; d) That the property ultimately to be acquired with bond proceeds is not expected to be sold or otherwise disposed of, in whole or in part, prior to the last maturity of said bonds; Page 65 of 181  M A 12: 1203 e) That all of the principal proceeds of the bonds are needed for the purpose of the land acqui- sition program herein authorized, including expenses incidental to such purpose and to the issuance of the bonds; and f) That to the best of the knowledge and belief of the Council there are no facts, estimates or circumstances that would materially change the conclusions and representations set out in this section. The Council also certifies and further covenants with the purchasers and holders of said bonds from time to time out- standing that, so long as any of said bonds remain ourstanding, moneys on deposit in any fund or account in connection with said bonds, whether or not such moneys were derived from the proceeds of the sale of said bonds or from any other source, will not be used in a manner which will cause such bonds to be " arbitrage bonds" within the meaning of Section 103( d) of the Internal Revenue Code of 1954, as amended, and any lawful regulations promulgated or proposed thereunder, including Sections 1. 103- 13 and 1. 103- 14 of the Income Tax Regulations ( 26 CFR Part 1), as the same presently exist, or may from time to time hereafter be amended, supplemented or revised. The Council reserves the right, however, to make any investment of such moneys permitted by state law if, when and to the extent that said Section 103( d) or regulations promulgated tfiereunder shall be repealed o•r' re- laxed or shall be held void by final decision of a court of competent jurisdiction, but only if any investment made by virtue of such repeal, relaxation or decision would not, in the opinion of counsel of recognized competence in such matters, result in making the interest on said bonds subject to federal income taxation. 1n Page 66 of 181 t ry l2:l2: 126!126! SECTION SECTION VIII.VIII. That That forthwith forthwith after after this this ordinance ordinance hashas becomebecome effective effective asas providedprovided byby law,law, thethe bonds bonds herein herein au-au- thorized thorized shall shall bebe executexecut eded andand delivered delivered to to the the Treasurer Treasurer of of said said CityCity andand bebe byby him him delivered delivered to to the.the. First First National National Bank Bank of of Highland Highland Park,Park, ofof thethe CityCity ofof HighlandHighland Park,Park, Illinois,Illinois, the the purchasers purchasers thereof, thereof, uponupon receiptreceipt ofof thethe purchasepurchase priceprice therefor,therefor, the the same same toto be be not not less less than than thethe parpar value value ofof said said bonds bonds plus plus accrued accrued interest interest toto datedate ofof delivery,delivery, thethe contratcontrat forfor thethe salesale ofof said said bonds bonds toto saidsaid purchaser,purchaser, heretofore heretofore entered entered into,into, bebe andand thethe same same isis hereby hereby inin all all respects respects ratified, ratified, approved approved andand con-con- firmed.firmed. SECTION SECTION IX.IX. That That all all ordinances, ordinances, resolutions resolutions andand orders orders oror parts parts thereof,thereof, in in conflict conflict herewith,herewith, bebe andand thethe same same are are toto thethe extent extent ofof such such conflict, conflict, hereby hereby repealed repealed andand thisthis ordinance ordinance shall shall bebe inin fullfull force force andand effect effect upon upon its its passage passage and and publication, publication, asas provided provided byby law.law. Signed:Signed: II ayor ayor ATTEST:ATTEST: CityCity Clerk Clerk 39-39- 75 75 Passed:Passed: April April 28,28, 1975 1975 Approved: Approved: April April 28,28, 1975 1975 Published:Published: May May 1,1, 19751975 Page 67 of 181  1. 2: 1265 STATE OF ILLINOIS ) SS COUNTY OF LAKE ) I, the udersigned, do hereby certify that I am the duly qualified and acting Clerk of the City of Highland Park, in the County and State aforesaid, and as such Clerk, I am the keeper of the records and files of the Council of said City. I do further certify that the attached and foregoing is. a full, true and correct copy of an ordinance providing for the borrowing of money and the issuance of $ 750, 000 Land Acquisition Bonds of the City of Highland Park, Lake County, Illinois, and providing for the levy and collection of a direct annual tax for the payment of the principal of and interest on the same as it matures, as adopted by the Council of said City of Highland Park, at its legally convened meeting held on April 28, 1975, and as signed by the Mayor of said City on said day, all as appears from the official records of said City, in my care and custody. I do further certify that said ordinance was duly and properly published by publication thereof on the First day of May, 1975, in the Highland Park Life, the same being a news- paper published in and of general circulation within said City. IN WITNESS WHEREOF, I have hereunto affixed my official signature and the corporate seal of said City at Highland Park, Illinois, this 28th day of . APRIL , 1975. City Clerk CITY SEAL) Page 68 of 181  HIGHLAND PARK HOUSING ASSOCIATIC A GLTRANTY For value received and in further consideration of the the undersigned facts set forth in the Recital contained herein, hereinafter the CITY OF HIGHLAND PARK., a municipal corporation ( the City") enters into this Guaranty. RECITALS an Illinois not The Highland Park Housing Association, Association") desires hereinafter " for profit corporation ( to enter into certain agreements with the Illinois Housing Authority") for the Development Authority ( hereinafter " construction of a certain senior citizen housing within the Illinois. City of Highland Park, 2. As a condition to any agreement between the Authority and the Association, the Authority has required that the Association procure certain letters of credit issued by The hereinafter " the Bank") First National Bank of Highland Park ( in the amount of $ 223, 600. 00. 3. The Bank has indicated its willingness to issue and its letters of credit, in the amount set forth above, Exhibits " A" and " B" ( which in the forms attached hereto as provided that Exhibits are incorporated herein by reference) the City guarantees the payment of any amounts which the Bank is required to pay as a result of its issuance of the aforesaid letters of credit. 4. The City acknowledges as follows: a) The City is authorized by law to enter into this Guaranty. b) The City is the fee simple owner of the occur. premises upon which the construction is to Page 69 of 181  c) The City and the Association have entered grounA lease for the use of the into a long term Association for senior citizen prem by the housing. entered into the lease d) The City has because of the benefits the City will derive housing. senior citizen from additional which are Recitals, consideration of the THEREFORE, in b incorporated into and shall be deemed a material part hereby consideration valuable and of other good and of this Guaranty, acknowledged of which is hereby the re cel P t and sufficiency by the City, the City does agree as follows: a ent A. The City does guarantee the full and prompt payment, to the Bank of the amount of any and all payments made by the in the form attached Bank pursuant to its letters of credit, however and wherever made, A" and " B", hereto as Exhibits " legal and a all expenses, further agrees to pay and the City fees, p aid attorneys' costs and otherwise, including court ents a to collect said p ym Bank in endeavoring or 1 ncurred by the to the All amounts Payable this Guaranty. and in enforcing from within a period shall be paid Guaranty Bank under this between the otiated years, such time to be neg 90 days to 2 after payment is made under the letters the Bank, City and f credit and shall bear interest at the rate of not more on the date payor per annum than prime plus 1% credit. the letters of is made under absolute and B. This Guaranty shall be a continuing, unconditional onal guaranty and shall remain in full force and interest and costs, p aid amounts, including effect until all aforesaid letters of credit shall be by the Bank under the repaid in full to the Bank- 2- Page 70 of 181  C. The liability hereunder shall in no wise be affected or impaired by ( and said Bank is hereby expressly authorized without notice to anyone), any to make from time to time, settlement, release, compromise, surrender, sale, pledge, substitution, alteration, extension, indulgence, renewal, exchange, change in, modification or other disposition of either indebtedness, obligations and liabilities, any of said express or implied, or of any contract or contracts evidencing collateral therefor. The any thereof, or of any security or liability hereunder shall in no wise be affected or impaired by any acceptance by said Bank of any security for or other obligations or indebtedness, guarantors upon any of said neglect or omission on the liabilities, or by any failure, part of said Bank to realize upon or protect any of said obligations or liabilities, or any collateral indebtedness, or security therefor, or to exercise any lien upon or right moneys, credits or property of said of appropriation of any toward the liquidation Association, possessed by said Bank, obligations or liabilities, or by any of said indebtedness, thereon. Said . Bank shall application of payments or credits determine how, when and what have the exclusive right to if any, shall be made application of payments and credits, obligations and liabilities, or any on said indebtedness, undersigned liable hereunder, part of them. In order to hold the at the part of said Bank, there shall be no obligation on or other said Association, any time, to resort for payment to or their properties or estates, persons or corporations, liens or other security, property, resort to any collateral, rights or remedies whatsoever. demand, protest and/ or notice, D. All presentment, of dishonor and of default and of as to any and everyone, non- payment and of the creation and existence of any and 3- Page 71 of 181  and of indebtedness, obligations and liabilities, all of said therefor, and of the acceptance and collateral any security of this Guaranty, anc any and all extensions of credit hereunder, are hereby expressly waived. and indulgence kind, or, or omission of any E, No act of commission at any time, upon the part of. said Bank in respect to any matter whatsoever, shall in any way affect or impair this Guaranty. F. Said Bank may, without any notice whatsoever to anyone, sell, assign or transfer all of said indebtedness, thereof, and in or any part obligations and liabilities, immediate and successive assignee, that event each and every transferee, or holder o f all or any part of said indebtedness, ties, shall have the right to enforce obligations and liabili for the benefit of such this Guaranty, by suit or otherwise, transferee or holder, as fully as if such assignee, assignee, specifically given transferee or holder were herein by name s P powers and benefits; but the said Bank shall have such rights, right, prior and superior to that of any said an unimpaired for transferee or holder, to enforce this Guaranty assignee, said Bank, as to so much of said indebtedness, the benefit of assigned sold, liabilities as it has not obligations and or transferred. G. This Guaranty shall be construed according to the Illinois, in which State it shall be laws of the State of performed by the undersigned. shall be binding part thereof, H. This Guaranty and every and upon the jointly and severally, upon the undersigned, of all successors and assign ntatives, heirs, legal respectively. and each of them, the undersigned, 4- Page 72 of 181  at SIGNED, SEALED AND DELIVERED by the undersigned, Highland Park, Illinois , this, day of 1976 THE CITY OF HIGHLAND PARK, a municipal corporation y„ Mayor j ATTEST:}.' i -({, \ k lilr`'!G - City Clerk 5- Page 73 of 181  SONNENSCHEIN CARLIN NATH & ROSENTHAL 8000 SEARS TOWER CHICAGO, ILLINOIS 60608 312) 878- 8000 TELEX 25- 3528 WRITERS DIRECT LINE 876- 8013 August 29, 1978 Mr. Larry Rice City of Highland Park 1707 St. Johns Avenue Highland Park, Illinois 60035 Dear Larry: In accordance with your telephone request yesterday, I am enclosing the title policy guaranteeing the leasehold estate of Highland Park Housing Association. Sincerely, 1/f Bernard Nath BN : ml t Enclosure Page 74 of 181  C4 01t Iftt Fd `` r4ft-Q:4 dftb AMERICAN LAND TITLE ASSOCIATION LEASEHOLD OWNER' S POLICY - 1975 4. CHICAGO TITLE INSURANCE COMPANY SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS CONTAINED IN SCHEDULE B AND THE PROVISIONS OF THE CONDITIONS AND STIPULATIONS HEREOF, CHICAGO TITLE INSURANCE COMPANY, a Missouri corporation, herein called the Company. insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the amount of 0 insurance stated in Schedule A, and costs, attorneys' fees and expenses which the Company may become obligated to pay hereunder, sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested otherwise than as M stated therein; 2. Any defect in or lien or encumbrance on such title; 0 3. Lack of a right of access to and from the land; or 4. Unmarketability of such title; n. In Witness Whereof, CHICAGO TITLE INSURANCE COMPANY has caused this policy to be signed and sealed as of the date of policy shown in Schedule A, the policy to become valid when countersigned by an authorized signatory. ra CHICAGO TITLE INSURANCE COMPANY By: Issued by: LAKE COUNTY OFFICE 15 South County Street A... ltsu.. .A . President. Waukegan, Illinois 60085 .. 312) 662- 8000 ` io ATTEST: 0, Secretary. IMPORTANT This policy necessarily relates solely to the title as of the date of the policy. In order that a purchaser of the leasehold estate described herein may be insured against defects, liens or encumbrances, this policy should be reissued in the name of such purchaser. CopyrightCopyright 19751975 AmericanAmerican LandLand TitleTitle AssociationAssociation Page 75 of 181  EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy: 1. Any law, ordinance or governmental regulation ( including but not limited to building and zoning ordinances) restricting or regulating or prohibiting the occupancy, use or enjoyment of the land, . or regulating the character, dimensions or location of any improvement now or hereafter erected on the land, or prohibiting a separation in ownership or a reduction in the dimensions or area of the land, or the effect of any violation of any such law, ordinance or governmental regulation. 2. Rights of eminent domain or governmental rights of police power unless notice of the exercise of such rights appears in the public records at Date of Policy. 3. Defects, liens, encumbrances, adverse claims, or other matters ( a) created, suffered, assumed or agreed to by the insured claimant; ( b) not known to the Company and not shown by the public records but known to the insured claimant either at Date of Policy or at the date such claimant acquired an estate or interest insured by this policy and not disclosed in writing by the insured claimant to the Company prior to the date such insured claimant became an insured hereunder; ( c) resulting in no loss or damage to the insured claimant; ( d) attaching or created subsequent to Date of Policy; or ( e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. r Page 76 of 181  F. 2879 R. ins SCHEDULE A Number Date of Policy Amount of Insurance LAKE - 390509 JULY 28, 1978 1, 720, 000. 00 1. Name of Insured: HIGHLAND PARK HOUSING ASSOCIATION, a not- for- profit corporation of Illinois ** 2. The estate or interest in the land described herein and which is covered by this policy is: The leasehold estate, as leasehold estate is defined in Paragraph 1( g) of the Conditions and Stipulations of this policy, created by the instrument herein referred to as the Lease, executed by: City of Highland Park, a municipal corporation, to Highland Park Housing Association, an Illinois not- for- profit corporation, as Lessee, dated August 25, 1976 and recorded September 15, 1976 as Document 1792216, demising and leasing for a term of years 1976 and ending August 24, 2021, the beginning August 25, land herein described. 3. The estate or interest referred to herein is at Date of Policy vested in the Insured. HIGHLAND PARK HOUSING ASSOCIATION, a not- for- profit corporation of Illinois 4. The estate or interest described in Paragraph 2 above is encumbered by the following mortgage or trust deed, and assignments: Mortgage dated August 25, 1976 and recorded - September 15, 1976, as Document 1792217, made by Highland Park Housing Association, an Illinois not for profit corporation, to Illinois Housing Development Authority, a body politic and corporate established pursuant - to the Illinois Housing Development Act, Laws 1967, page 1931, constituting Chapter 67- 1/ 2, Section 301, et seq., Illinois Revised Statutes, as amended, to secure a note for 1, 720, 000. 00. and the mortgages or trust deeds, if any, shown in Schedule B hereof. S. The land referred to in this policy is described as follows: Lots 9, 10 and 11 in Block 23 in the City of Highland Park, in the South East quarter of Section 23, Township 43 North, Range 12, East of the 3rd P. M., according to the plat there- in -Book " A" of Plats, page 2, in of, recorded May 7, 1869, Lake County, Illinois. ** This policy valid only if Schedule B is attached. Page 77 of 181  LAKE - 390509 ALTA 1970 OWNERS FORM Form 1823 R- 8ao SCHEDULE B This policy does not insure against loss or damage by reason of the following exceptions: General Exceptions: 1) Rights or claims of parties in possession not shown by the public records. 2) Encroachments, overlaps, boundary. line disputes, and any matters which would be disclosed by an accurate survey and inspec- tion of the premises. 3) Easements, or claims of easements, not shown by the public records. 4) Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the public records. 5) Taxes or special assessments which are not shown as existing liens by the public records. Special Exceptions: The mortgage, if any, referred to in Schedule A. 1. Condition contained in the Deed from Highland Park Building Hurd, dated May 26, 1868 and recorded Company, to Harvey B. 1871, page 604, in Volume 43 of Deeds. May 22, NOTE: The reverter provision contained in said Instrument is therefore, violations at any invalid by operation of law and, time are ineffective to cause a forfeiture or reversion of title. 1976 and recorded 2. Regulatory Agreement dated August 25, September 15, 1976 as Document 1792219 and all conditions contained therein. 3. Assignment of rents from Highland Park Housing Association, an Illinois not for profit corporation, to Illinois Housing Development Authority, a body politic and corporate established Laws 1967, pursuant to the Illinois Housing Development Act, Section 301, et seq., page 1931, constituting chapter 67- 1/ 2, as amended, dated August 25, 1976 Illinois Revised Statutes, and recorded September 15, 1976, as Document 1792218, given as additional security to the Mortgage herein noted as Docu- ment 1792217. 4. Rights of the City of Highland Park to the improvements on the land at the termination of the Lease recorded September 15, 1976 as Document 1792216. Terms, agreements, provisions, conditions and limitations 5-. contained in the aforementioned Lease, and all rights thereunder executors, administrators and of said lessors, their heirs, assigns, including rents and all other charges reserved. 6. Financing statement made by the Highland Park Housing to Association, an Illinois not for profit corporation, filed November 5, 1976 the Illinois Housing Development Authority, as 76 U 6658 on fixtures and other materials attached to the land herein. continued) Countersigned Authorized Si atory lie consists of 2 a es Page 78 of 181 BAKE - 390509 OWNERS ADDED PAGE Form 1835 Schedule B continued) continued) 7. Taxes for the year 1978. Page 79 of 181  CONDITIONS AND STIPULATIONS 1. Definition of Terms nation by a court of competent jurisdiction and expressly reserves the The following terms when used in this policy mean: right, in its sole discretion, to appeal from any adverse judgment or order. a) " insured": the insured named in Schedule A, and, subject to any rights or defenses the Company may have had against the named in- e) In all cases where this policy permits or requires the Company sured, those who succeed to the interest of such insured by operation to prosecute or provide for the defense of any action or proceeding, of law as distinguished from purchase including, but not limited to, the insured hereunder shall secure to the Company the right to so heirs, distributees, devisees, survivors, personal representatives, next of prosecute or provide defense in such action or proceeding, and all kin, or corporate or fiduciary successors. appeals therein, and permit the Company to use, at its option, the name b) " insured claimant": of such insured for such purpose. Whenever requested by the Com- an insured claiming loss or damage here- under. pany, such insured shall give the Company all reasonable aid in any such action or proceeding, in effecting settlement, securing evidence, c) " knowledge": actual knowledge, not constructive knowledge or obtaining witnesses, or prosecuting or defending such action or pro- notice which may be imputed to an insured by reason of any public ceeding, and the Company shall reimburse such insured for any records. expense so incurred. d) " land": the land described, specifically or by reference in 4. Notice of Loss— Limitation of Action Schedule A, and improvements affixed thereto which by law constitute In addition to the notices required under paragraph 3( b) of these real property; provided, however, the term " land" does not include Conditions and Stipulations, a statement in writing of any loss or dam- any property beyond the lines of the area specifically described or age for which it is claimed the Company is liable tinder this policy referred to in Schedule A, nor any right, title, interest, estate or ease- shall be furnished to the Company within 90 days after such loss or ment in abutting streets, roads, avenues, alleys, lanes, ways or water- damage shall have been determined and no right of action shall accrue ways, but nothing herein shall modify or limit the extent to which a to an insured claimant until- 30 days after such statement shall have right of access to and from the land is insured by this policy. been furnished. Failure to furnish such statement of loss or damage e) " mortgage": mortgage, deed of trust, trust deed, or other shall terminate any liability of the Company under this policy as to security instrument. such loss or damage. f) " public records": those records which by law impart constructive 5. Options to Pay or Otherwise Settle Claims notice of matters relating to said land. The Company shall have the option to pay or otherwise settle for g) " leasehold estate": the right of possession for the term or terms or in the name of an insured claimant any claim insured against or to described in Schedule A hereof subject to any provisions contained in terminate all liability and obligations of the Company hereunder by the Lease which limit such right of possession. paying or tendering payment of the amount of insurance under this policy together with any costs, attorneys' fees and expenses incurred 2. Continuation of Insurance after Conveyance of Title up to the time of such payment or tender of payment, by the insured The coverage of this policy shall continue in force as of Date of claimant and authorized by the Company. Policy in favor of an insured so long as such insured retains an estate 6. Determination and Payment of Loss or interest in the land, or holds an indebtedness secured by a purchase a) The liability of the Company under this policy shall in no case money mortgage given by a purchaser from such insured, or so long exceed the least of: as such insured shall have liability by reason of covenants of warranty i) the actual loss of the insured claimant; or made by such insured in any transfer or conveyance of such estate or ii) the amount of insurance stated in Schedule A. interest; provided, however, this policy shall not continue in force in favor of any purchaser from such insured of either said estate or b) The Company will pay, in addition to any loss insured against interest or the indebtedness secured by a purchase money mortgage by this policy, all costs imposed upon an insured in litigation carried given to such insured. on by the Company for such insured, and all costs, attorneys' fees and expenses in litigation carried on by such insured with the written 3. Defense and Prosecution of Actions— Notice of Claim authorization of the Company. to be given by an Insured Claimant c) When liability has been definitely fixed in accordance with the a) The Company, at its own cost and without undue delay, shall conditions of this policy, the loss or damage shall be payable within provide for the defense of an insured in all litigation consisting of 30 days thereafter. actions or proceedings commenced against such insured, or a defense 7. Limitation of Liability interposed against an insured in an action to enforce a contract for a No claim shall arise or be maintainable under this policy ( a) if the sale of the estate or interest in said land, to the extent that such litiga- Company, after having received notice of an alleged defect, lien or tion is founded upon an alleged defect, lien, encumbrance, or other encumbrance insured against hereunder, by litigation or otherwise, matter insured against by this policy. removes such defect, lien or encumbrance or establishes the title, as b) The insured shall notify the Company promptly in writing ( i) in insured, within a reasonable time after receipt of such notice; ( b) in case any action or proceeding is begun or defense is interposed as set the event of litigation until there has been a final determination by a forth in ( a) above, ( ii) in case knowledge shall come to an insured court of competent jurisdiction, and disposition of all appeals there- hereunder of any claim of title or interest which is adverse to the from, adverse to the title, as insured, as provided in paragraph 3 title to the estate or interest, as insured, and which might cause loss hereof; or ( c) for liability voluntarily assumed by an insured in settling or damage for which the Company may be liable by virtue of this any claim or suit without prior written consent of the Company. policy, or ( iii) if title to the estate or interest, as insured, is rejected as unmarketable. If such prompt notice shall not be given to the Com- 8. Reduction of Liability pany, then as to such insured all liability of the Company shall cease All payments under this policy, except payments made for costs, and terminate in regard to the matter or matters for which such attorney' s fees and expenses, shall reduce the amount of the insurance prompt notice is required; provided, however, that failure to notify pro tanto. No payment shall be made without producing this policy shall in no case prejudice the rights of any such insured under this for endorsement of such payment unless the policy be lost or destroyed, policy unless the Company shall be prejudiced by such failure and in which case proof of such loss or destruction shall be furnished to then only to the extent of such prejudice. the satisfaction of the Company. c) The Company shall have the right at its own cost to institute 9. Liability Noncumulative and without undue delay prosecute any action or proceeding or to do It is expressly understood that the amount of insurance under this any other act which in its opinion may be necessary or desirable to policy shall be reduced by any amount the Company may pay under establish the title to the estate or interest as insured, and the Company any policy insuring either ( a) a mortgage shown or referred to in may take any appropriate action under the terms of this policy, whether Schedule B hereof which is a lien on the estate or interest covered by or not it shall be liable thereunder, and shall not thereby concede this policy, or ( b) a mortgage hereafter executed by an insured which liability or waive any provision of this policy. is a charge or lien on the estate or interest described or referred to in d) Whenever the Company shall have brought any action or inter- Schedule A, and the amount so paid shall be deemed a payment under posed a defense as required or permitted by the provisions of this this policy. The Company shall have the option to apply to the pay- policy, the Company may pursue any such litigation to final determi- ment of any such mortgages any amount that otherwise would be pay - CONDITIONS AND STIPULATIONS ( Continued on Reverse Side) Page 80 of 181  CONDITIONS AND STIPULATIONS ( Continued) able hereunder to the insured owner of the estate or interest covered this this policy, policy, such such value value shall shall consist consist of of the the then then present present worth worth of of th th by this policy and the amount so paid shall • be deemed a payment excess,excess, ifif any,any, ofof thethe fairfair marketmarket rentalrental valuevalue ofof suchsuch estateestate oo under this policy to said insured owner. interest,interest, undiminished undiminished by by any any matters matters forfor which which claim claim isis made,made, fofo 10. Apportionment thatthat part part ofof the the term term stated stated inin Schedule Schedule AA herein herein then then remainin remainin plusplus anyany renewal renewal oror extended extended termterm forfor whichwhich aa validvalid optionoption toto renerene If the land described in Schedule A consists of two or more parcels or or extend extend isis contained contained inin the the Lease, Lease, over over the the value value ofof the the rent rent an an which are not used as a single site, and a loss is established affecting other other consideration consideration required required to to bebe paid paid under under the the Lease Lease for for thth one or more of said parcels but not all, the loss shall be computed samesame period.period. and settled on a pro rata basis as if the amount of insurance under this policy was divided pro rata as to the value on Date of Policy of 14.14. Miscellaneous Miscellaneous Items Items ofof Loss Loss each separate parcel to the whole, exclusive of any improvements made InIn the the event event the the insured insured isis evicted evicted from from possession possession ofof allall oror aa papa subsequent to Date of Policy, unless a liability or value has otherwise been agreed upon as to each such parcel by the Company and the ofof thethe land land byby reason reason ofof anyany matters matters insuredinsured againstagainst byby thisthis policy policy the the following, following, if if applicable, applicable, shall shall bebe included included in in computing computing loss loss oo insured at the time of the issuance of this policy and shown by an damagedamage incurred incurred byby thethe insured,insured, butbut notnot toto thethe extentextent thatthat thethe samsam express statement herein or by an endorsement attached hereto. areare included included inin thethe valuation valuation ofof thethe estateestate oror interest interest insured insured bb 11. Subrogatlon Upon Payment or Settlement this this policy.policy. Whenever the Company shall have settled a claim under this policy, a)a) TheThe reasonablereasonable costcost ofof removing removing andand relocatingrelocating anyany personal personal all right of subrogation shall vest in the Company unaffected by any property property which which the the insured insured hashas the the right right toto remove remove and and relocate relocate act of the insured claimant. The Company shall be subrogated to and situated situated onon thethe land land atat the the time time ofof eviction,eviction, the the costcost ofof transportatio transportatio be entitled to all rights and remedies which such insured claimant of of such such personal personal property property for for thethe initial initial twenty-twenty- fivefive miles miles incurre incurre would have had against any person or property in respect to such inin connection connection with with such such relocation,relocation, and and the the reasonable reasonable cost cost ofof repair repair claim had this policy not been issued, and if requested by the Com- inging suchsuch personal personal property property damaged damaged byby reason reason ofof said said removal removal anan pany, such insured claimant shall transfer to the Company all rights relocation.relocation. TheThe costs costs referred referred toto above above shall shall notnot exceed exceed inin the the agag and remedies against any person or property necessary in order to gregategregate thethe valuevalue ofof thethe personalpersonal property property prior prior toto its .its . removal removal anan relocation.relocation. perfect such right of subrogation and shall permit the Company to use the name of such insured claimant in any transaction or litigation Personal Personal property",property", above above referred referred to,to, shallshall meanmean chattels chattels anan involving such rights or remedies. If the payment does not cover the property property whichwhich because because ofof itsits character character andand manner manner ofof affixatio affixatio loss of such insured claimant, the Company shall be subrogated to toto thethe land,land, cancan bebe severed severed therefrom therefrom withoutwithout causing causing appreciablappreciabl such rights and remedies in the proportion which said payment bears damage damage toto the the property property severed severed or or to to the the land land to to which which such such propert propert to the amount of said loss. If loss should result from any act of such isis affixed.affixed. insured claimant, such act shall not void this policy, but the Com- b)b) RentRent oror damages damages forfor useuse andand occupancyoccupancy ofof thethe land.land. prioprio pany, in that event, shall be required to pay only that part of any losses to to such such eviction eviction which which the the insured insured as as owner owner of of the the leasehold leasehold estat estat insured against hereunder which shall exceed the amount, if any, lost maymay bebe obligated obligated toto paypay toto anyany person person having having paramount paramount titletitle tt to the Company by reason of the impairment of the right of subrogation. that that of of the the lessor lessor inin the the Lease.Lease. 12. Liability Limited to this Policy c)c) The The amount amount of of rent rent which,which, by by the the terms terms of of the the Lease,Lease, th th This instrument together with all endorsements and other instru- insured insured must must continue continue toto pay pay toto thethe lessor lessor afterafter eviction eviction for for the the landland ments, if any, attached hereto by the Company is the entire policy and or or part part thereof, thereof, from from which which the the insured insured has has been been evicted. evicted. contract between the insured and the Company. d)d) TheThe fairfair marketmarket value,value, atat thethe time time ofof suchsuch eviction,eviction, ofof thth Any claim of loss or damage, whether or not based on negligence, estate estate or or interest interest of of the the insured insured inin any any sublease sublease of of all all or or part part of of th th and which arises out of the status of the title to the estate or interest land land existing existing atat the the date date of of such such eviction.eviction. covered hereby or any action asserting such claim, shall be restricted to the provisions and conditions and stipulations of this policy. e)e) Damages Damages whichwhich thethe insured insured maymay bebe obligatedobligated toto paypay toto anyany sublessee sublessee on on account account of of the the breach breach of of any any sublease sublease of of all all or or part part No amendment of or endorsement to this policy can be made except of of the the land *land * caused caused byby such such eviction.eviction. by writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or 15.15. Notices,Notices, WhereWhere SentSent validating officer or authorized signatory of the Company. All All notices notices required required to to be be given given the the Company Company and and any any statement statement inin 13. Valuation of Estate or Interest Insured writing writing required required toto bebe furnished furnished thethe Company Company shallshall bebe addressed addressed toto itsits If, in computing loss or damage incurred by the insured, it becomes principal principal office office at ]at ] ll 11 West West Washington Washington Street,Street, Chicago,Chicago, Illinois Illinois 606021 606021 necessary to determine the value of the estate or interest insured by oror atat anyany branch branch office office of of the the Company.Company. O y t) C' c DT. m y 00 xx n c C-)C-) O s 00 x nn o zz OO rr C II nn 11 rr VV 0' nn oo 00 o zz OO N cn o; OO TT z oCD 00n — mm Page 81 of 181  AMERICAN LAND TITLE ASSOCIATION LEASEHOLD OWNER' S POLICY - 1975 TITLE INSURANCE COMPANY r; SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS CONTAINED IN SCHEDULE B AND THE PROVISIONS OF THE CONDITIONS AND STIPULATIONS HEREOF, CHICAGO TITLE INSURANCE COMPANY, a Missouri corporation, herein called the Company.. insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the amount of insurance stated in Schedule A, and costs, attorneys' fees and expenses which the Company may become obligated to pay hereunder, sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested otherwise than as stated therein; 2. Any defect in or lien or encumbrance on such title; 3. Lack of a right of access to and from the land; or 4. Unmarketability of such title; In Witness Whereof, CHICAGO TITLE INSURANCE COMPANY has caused this policy to be signed and sealed as of the date of policy shown in Schedule A, the policy to become valid when countersigned by an authorized signatory. CHICAGO TITLE INSURANCE COMPANY By: Issued by: LAKE COUNTY OFFICE 15 South County Waukegan, 312) Illinois 662- 8000 StreetrtiSURc 60085 . . ............. President. 4 rZRPORA TE ATTEST: Secretary. is IMPORTANT This policy necessarily relates solely to the title as of the date of the policy. In order that a purchaser of the leasehold estate described herein may be insured against defects, liens or encumbrances, this policy should be reissued in the name of such purchaser. i. Copyright Copyright 1975 1975 American American Land Land Title Title Association Association Page 82 of 181  f r' EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy: 1. Any law, ordinance or governmental regulation ( including but not limited to building and zoning ordinances) restricting or regulating or prohibiting the occupancy, use or enjoyment of the land, or regulating the character, dimensions or location of any improvement now or hereafter erected on the land, or prohibiting a separation in ownership or a reduction in the dimensions or area of the land, or the effect of any violation of any such law, ordinance or governmental regulation. 2. Rights of eminent domain or governmental rights of police power unless notice of the exercise of such rights appears in the public records at Date of Policy. 3. Defects, liens, encumbrances, adverse claims, or other matters ( a) created, suffered, assumed or agreed to by the insured claimant; ( not known to the Company and not shown by the b) public records but known to the insured claimant either at Date of Policy or at the date such claimant acquired an estate or interest insured by this policy and not disclosed in writing by the insured claimant to the Company prior to the date such insured claimant became an insured hereunder; ( c) resulting in no loss or damage to the insured claimant; ( d) attaching or created subsequent to Date of Policy; or ( e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. r Page 83 of 181  d. xa ix i` i",. T •?' F. 2879 R. 2/ 76 SCHEDULE A Number Date of Policy Amount of Insurance LAKE - 390509 JULY 28, 1978 1, 720, 000. 00 1. Name of Insured: HIGHLAND PARK HOUSING ASSOCIATION, a not- for- profit corporation of Illinois ** 2. The estate or interest in the land described herein and which is covered by this policy is: The leasehold estate, as leasehold estate is defined in Paragraph 1( g) of the Conditions and Stipulations of this policy, created by the instrument herein referred to as the Lease, executed by: a municipal corporation, to Highland Park City of Highland Park, Housing Association, an Illinois not- for- profit corporation, as Lessee, dated August 25, 1976 and recorded September 15, 1976 as Document 1792216, demising and leasing for a term of years 1976 and ending August 24, 2021, the beginning August 25, land herein described. 3. The estate or interest referred to herein is at Date of Policy vested in the Insured. HIGHLAND PARK HOUSING ASSOCIATION, a not—for— profit corporation of Illinois 4. The estate or interest described in Paragraph 2 above is encumbered by the following mortgage or trust deed, and assignments: Mortgage dated August 25, 1976 and recorded -September 15, 1976, as Document 1792217, made by Highland Park Housing Association, an Illinois not for profit corporation, to Illinois Housing Development Authority, a body politic and corporate established Laws 1967, pursuant - to the Illinois Housing Development Act, page 1931, - constituting Chapter 67- 1/ 2, Section 301, et seq., Illinois Revised Statutes, as amended, to secure a note for 1, 720, 000. 00. and the mortgages or trust deeds, if any, shown in Schedule B hereof. S. The land referred to i-n this policy is described as follows: Lots 9, 10 and 11 in Block 23 in the City of Highland Park, in the South East quarter of Section 23, Township 43 North, Range 12, East of the 3rd P. M., according to the plat there- 1869, in -Book " A" of Plats, page 2, in of, recorded May 7, Lake County, Illinois. ** This policy valid only if Schedule B is attached. Page 84 of 181  LAKE - 390509 ALTA 1970 OWNERS FORM Form 1823 R- 8- 70 SCHEDULE B This policy does not insure against loss or damage by reason of the following exceptions: General Exceptions: 1) Rights or claims of parties in possession not shown by the public records. 2) Encroachments, overlaps, boundary. line disputes, and any matters which would be disclosed by an accurate survey and inspec- tion of the premises. 3) Easements, or claims of easements, not shown by the public records. 4) Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the public records. 5) Taxes or special assessments which are not shown as existing liens by the public records. Special Exceptions: The mortgage, if any, referred to in Schedule A. 1. Condition contained in the Deed from Highland Park Building Hurd, dated May 26, 1868 and recorded Company, to Harvey B. May 22, 1871, page 604, in Volume 43 of Deeds. NOTE: The reverter provision contained in said Instrument is therefore, violations at any invalid by operation of law and, time are ineffective to cause a forfeiture or reversion of title. 1976 and recorded 2. Regulatory Agreement dated August 25, September 15, 1976 as Document 1792219 and all conditions contained therein. 3. Assignment of rents from Highland Park Housing Association, an Illinois not for profit corporation, to Illinois Housing Development Authority, a body politic and corporate established Laws 1967, pursuant to the Illinois Housing Development Act, Section 301, et seq., page 1931, constituting chapter 67- 1/ 2, as amended, dated August 25, 1976 Illinois Revised Statutes, and recorded September 15, 1976, as Document 1792218, given as additional security to the Mortgage herein noted as Docu- ment 1792217. 4. Rights of the City of Highland Park to the improvements on the land at the termination of the Lease recorded September 15, 1976 as Document 1792216. agreements, provisions, conditions and limitations 5.. Terms, contained in the aforementioned Lease, and all rights thereunder executors, administrators and of said lessors, their heirs, assigns, including rents and all other charges reserved. 6. Financing statement made by the Highland Park Housing to Association, an Illinois not for profit corporation, filed November 5, 1976 the Illinois Housing Development Authority, as 76 U 6658 on fixtures and other materials attached to the land herein. continued) Countersigned Authorized Si atory Schedule B of this Policy consists of 2 pages Page 85 of 181  SONNENSCHEIN CARLIN NATH & ROSENTHAL 8000 SEARS TOWER CHICAGO, ILLINOIS 60606 312) 876- 8000 TELEX 25- 3526 WRITER' S DIRECT LINE 876- 8013 August 29, 1978 Mr. Larry Rice City of Highland Park 1707 St. Johns Avenue Highland Park, Illinois 60035 Dear Larry: In accordance with your telephone request yesterday, I am enclosing the title policy guaranteeing the leasehold estate of Highland Park Housing Association. Sincerely, Bernard Nath BN: mlt Enclosure Page 86 of 181  OWNERS ADDED PAGE BARE - 390509 Form 1635 e. a• eo Schedule B continued) continued) 7. Taxes for the year 1978. Page 87 of 181  y CONDITIONS AND STIPULATIONS 1. Definition of Terms nation by a court of competent jurisdiction and expressly reserves the The following terms when used in this policy mean: right, in its sole discretion, to ' appeal from any adverse judgment or order. insured": the insured named in Schedule A, and, subject to any a) " rights or defenses the Company may have had against the named in- e) In all cases where this policy permits or requires the Company sured, those who succeed to the interest of such insured by operation to prosecute or provide for the defense of any action or proceeding, of law as distinguished from purchase including, but not limited to, the insured hereunder shall secure to the Company the right to so heirs, distributees, devisees, survivors, personal representatives, next of prosecute or provide defense in such action or proceeding, and all kin, or corporate or fiduciary successors. appeals therein, and permit the Company to use, at its option, the name b) " insured claimant": of such insured for such purpose. Whenever requested by the Com- an insured claiming loss or damage here- pany, such insured shall give the Company all reasonable aid in any under. such action or proceeding, in effecting settlement, securing evidence, c) " knowledge": actual knowledge, not constructive knowledge or obtaining witnesses, or prosecuting or defending such action or pro- notice which may be imputed to an insured by reason of any public ceeding, and the Company shall reimburse such insured for any records. expense so incurred. d) " land": the land described, specifically or by reference in 4. Notice of Loss— Limitation of Action Schedule A, and improvements affixed thereto which by law constitute In addition to the notices required under paragraph 3( b) of these real property; provided, however, the term " land" does not include Conditions and Stipulations, a statement in writing of any loss or dam- any property beyond the lines of the area specifically described or age for which it is claimed the Company is liable under this policy referred to in Schedule A, nor any right, title, interest, estate or ease- shall be furnished to the Company within 90 days after such loss or ment in abutting streets, roads, avenues, alleys, lanes, ways or water- damage shall have been determined and no right of action shall accrue ways, but nothing herein shall modify or limit the extent to which a to an insured claimant until- 30 days after such statement shall have right of access to and from the land is insured by this policy. been furnished. Failure to furnish such statement of loss or damage e) " mortgage": mortgage, deed of trust, trust deed, or other shall terminate any liability of the Company under this policy as to security instrument. such loss or damage. f) " public records": those records which by law impart constructive 5. Options to Pay or Otherwise Settle Claims notice of matters relating to said land. The Company shall have the option to pay or otherwise settle for g) " leasehold estate": the right of possession for the term or terms or in the name of an insured claimant any claim insured against or to described in Schedule A hereof subject to any provisions contained in terminate all liability and obligations of the Company hereunder by the Lease which limit such right of possession. paying or tendering payment of the amount of insurance under this policy together with any costs, attorneys' fees and expenses incurred 4. Continuation of Insurance after Conveyance of Title up to the time of such payment or tender of payment, by the insured The coverage of this policy shall continue in force as of Date of claimant and authorized by the Company. Policy in favor of an insured so long as such insured retains an estate 6. Determination and Payment of Loss or interest in the land, or holds an indebtedness secured by a purchase a) The liability of the Company under this policy shall in no case money mortgage given by a purchaser from such insured, or so long exceed the least of: as such insured shall have liability by reason of covenants of warranty i) the actual loss of the insured claimant; or made by such insured in any transfer or conveyance of such estate or ii) the amount of insurance stated in Schedule A. interest; provided, however, this policy shall not continue in force in favor of any purchaser from such insured of either said estate or b) The Company will pay, in addition to any loss insured against interest or the indebtedness secured by a purchase money mortgage by this policy, all costs imposed upon an insured in litigation carried given to such insured. on by the Company for such insured, and all costs, attorneys' fees and expenses in litigation carried on by such insured with the written 3. Defense and Prosecution of Actions— Notice of Claim authorization of the Company. to be given by an insured Claimant c) When liability has been definitely fixed in accordance with the a) The Company, at its own cost and without undue delay, shall conditions of this policy, the loss or damage shall be payable within provide for the defense of an insured in all litigation consisting of 30 days thereafter. actions or proceedings commenced against such insured, or a defense 7. Limitation of Liability interposed against an insured in an action to enforce a contract for a No claim shall arise or be maintainable under this policy ( a) if the sale of the estate or interest in said land, to the extent that such litiga- tion is founded upon an alleged defect, lien, encumbrance, or other Company, after having received notice of an alleged defect, lien or encumbrance insured against hereunder, by litigation or otherwise, matter insured against by this policy. removes such defect, lien or encumbrance or establishes the title, as b) The insured shall notify the Company promptly in writing ( i) in insured, within a reasonable time after receipt of such notice; ( b) in case any action or proceeding is begun or defense is interposed as set the event of litigation until there has been a final determination by a forth in ( a) above, ( ii) in case knowledge shall come to an insured court of competent jurisdiction, and disposition of all appeals there- hereunder of any claim of title or interest which is adverse to the from, adverse to the title, as insured, as provided in paragraph 3 title to the estate or interest, as insured, and which might cause loss hereof; or ( c) for liability voluntarily assumed by an insured in settling or damage for which the Company may be liable by virtue of this any claim or suit without prior written consent of the Company. policy, or ( iii) if title to the estate or interest, as insured, is rejected as unmarketable. If such prompt notice shall not be given to the Com- 8. Reduction of Liability pany, then as to such insured all liability of the Company shall cease All payments under this policy, except payments made for costs, and terminate in regard to the matter or matters for which such attorney' s fees and expenses, shall reduce the amount of the insurance prompt notice is required; provided, however, that failure to notify pro tanto. No payment shall be made without producing this policy shall in . no case prejudice the rights of any such insured under this for endorsement of such payment unless the policy be lost or destroyed, policy unless the Company shall be prejudiced by such failure and in which case proof of such loss or destruction shall be furnished to then only to the extent of such prejudice. the satisfaction of the Company. c) The Company shall have the right at its own cost to institute 9. Liability Noncumulative and without undue delay prosecute any action or proceeding or to do It is expressly understood that the amount of insurance under this any other act which in its opinion may be necessary or desirable to policy shall be reduced by any amount the Company may pay under establish the title to the estate or interest as insured, and the Company any policy insuring either ( a) a mortgage shown or referred to in may take any appropriate action under the terms of this policy, whether Schedule B hereof which is a lien on the estate or interest covered by or not it shall be liable thereunder, and shall not thereby concede this policy, or ( b) a mortgage hereafter executed by an insured which liability or waive any provision of this policy. is a charge or lien on the estate or interest described or referred to in d) Whenever the Company shall have brought any action or inter- Schedule A, and the amount so paid shall be deemed a payment under posed a defense as required or permitted by the provisions of this this policy. The Company shall have the option to apply to the pay- policy, the Company may pursue any such litigation to final determi- ment of any such mortgages any amount that otherwise would be pay - CONDITIONS AND STIPULATIONS ( Continued on Reverse Side) Page 88 of 181  CONDITIONS AND STIPUI ATIrW- C, fC' nn+inivcar• Il able hereunder to the insured owner of the estate or interest covered this policy, such value shall consist of the then present worth of the by this policy and the amount so paid shall • be deemed a payment excess, if any, of the fair market rental value of such estate or under this policy to said insured owner. interest, undiminished by' any matters for which claim is made, for 10. Apportionment that part of the term stated in Schedule A herein then remaining plus any -renewal or extended term for which a valid option to renew If the land described in Schedule A consists of two or more parcels or extend is contained in the Lease, over the value of the rent and which are not used as a single site, and a loss is established affecting other consideration required to be paid under the Lease for the one or more of said parcels but not all, the loss shall be computed same period. and settled on a pro rata basis as if the amount of insurance under this policy was divided pro rata as to the value on Date of Policy of 14. Miscellaneous Items of Loss each separate parcel to the whole, exclusive of any improvements made In the event the insured is evicted from possession of all or a part subsequent to Date of Policy, unless a liability or value has otherwise of the land by reason of any matters insured against by this policy, been agreed upon as to each such parcel by the Company and the the following, if applicable, shall be included in computing loss or insured at the time of the issuance of this policy and shown by an damage incurred by the insured, but not to the extent that the same express statement herein or by an endorsement attached hereto. are included in the valuation of the estate or interest insured by 11. Subrogation Upon Payment or Settlement this policy. Whenever the Company shall have settled a claim under this policy, a) The reasonable cost of removing and relocating any personal all right of subrogation shall vest in the Company unaffected by any property which the insured has the right to remove and relocate, act of the insured claimant. The Company shall be subrogated to and situated on the land at the time of eviction, the cost of transportation be entitled to all rights and remedies which such insured claimant of such personal property for the initial twenty- five miles incurred would have had against any person or property in respect to such in connection with such relocation, and the reasonable cost of repair- claim had this policy not been issued, and if requested by the Com- ing such personal property damaged by reason of said removal and pany, such insured claimant shall transfer to the Company all rights relocation. The costs referred to above shall not exceed in the ag- and remedies against any person or property necessary in order to gregate the value of the personal property prior to its . removal and relocation. perfect such right of subrogation and shall permit the Company to use the name of such insured claimant in any transaction or litigation Personal property", above referred to, shall mean chattels and involving such rights or remedies. If the payment does not cover the property which because of its character and manner of affixation loss of such insured claimant, the Company shall be subrogated to to the land, can be severed therefrom without causing appreciable such rights and remedies in the proportion which said payment bears damage to the property severed or to the land to which such property to the amount of said loss. If loss should result from any act of such is affixed. insured claimant, such act shall not void this policy, but the Com- b) Rent or damages for use and occupancy of the land. prior pany, in that event, shall be required to pay only that part of any losses to such eviction which the insured as owner of the leasehold estate insured against hereunder which shall exceed the amount, if any, lost may be obligated to pay to any person having paramount title to to the Company by reason of the impairment of the right of subrogation. that of the lessor in the Lease. 12. Liability Limited to this Policy c) The amount of rent which, by the terms of the Lease, the This instrument together with all endorsements and other instru- insured must continue to pay to the lessor after eviction for the land, ments, if any, attached hereto by the Company is the entire policy and or part thereof, from which the insured has been evicted. contract between the insured and the Company. d) The fair market value, at the time of such eviction, of the Any claim of loss or damage, whether or not based on negligence, estate or interest of the insured in any sublease of all or part of the and which arises out of the status of the title to the estate or interest land existing at the date of such eviction. covered hereby or any action asserting such claim, shall be restricted to the provisions and conditions and stipulations of this policy. e) Damages which the insured may be obligated to pay to any sublessee on account of the breach of any sublease of all or part No amendment of or endorsement to this policy can be made except of the land caused by such eviction. by writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or 15. Notices, Where Sent validating officer or authorized signatory of the Company. All notices required to be given the Company and any statement in 13. Valuation of Estate or Interest Insured writing required to be furnished the Company shall be addressed to its If, in computing loss or damage incurred by the insured, it becomes principal office at 111 West Washington Street, Chicago, Illinois 606021 necessary to determine the value of the estate or interest insured by or at any branch office of the Company. r-. I• om r 5 y9 U c OO x n h r" r7 o z tsi O l l i Z 9 9 y• n y ty r o wh o z v m o Z D o O CO m 0 h° A NY U7 m F -d I. t f Page 89 of 181  SONNENSCHEIN CARLIN NATH & ROSENTHAL 8000 SEARS TOWER CHICAGO, ILLINOIS 80808 312) 876- 8000 TELEX 25- 3526 WRITERS DIRECT LINE 876- 8013 October 10, 1978 Pyr. Larry Rice City of Highland Park 1707 St. Johns Avenue Highland Park, Illinois 60035 Re: Highland Central Dear Larry: I am enclosing title policy of Chicago Title Insurance Company insuring the leasehold estate of Highland, Park Housing< - Association in the property, in the amount of 11720, 000. Will you please see that this is filed with the original documents relating to the property. Sincerely, a'V' n' v /" Bernard Nath BN: mlt Enclosure A) D Page 90 of 181  CONDITIONS AND STIPULATIONS 1. DeAnitlon of Terms nation by a court of competent jurisdiction and expressly reserves the The following terms when used in this policy mean: right, in its sole discretion, to appeal from any adverse judgment or a) " insured": the insured named in Schedule A, and, subject to any order. rights or defenses the Company may have had against the named in- e) In all cases where this policy permits or requires the Company sured, those who succeed to the interest of such insured by operation to prosecute or provide for the defense of any action or proceeding, of law as distinguished from purchase including, but not limited to, the insured hereunder shall secure to the Company the right to so heirs, distributees, devisees, survivors, personal representatives, next of prosecute or provide defense in such action or proceeding, and all kin, or corporate or fiduciary successors. appeals therein, and permit the Company to use, at its option, the name b) " insured claimant": an insured claiming loss or damage here- of such insured for such purpose. Whenever requested by the Com- under. pany, such insured shall give the Company all reasonable aid in any c) " knowledge": actual knowledge, not constructive knowledge or such action or proceeding, in effecting settlement, securing evidence, obtaining witnesses, or prosecuting or defending such action or pro- notice which may be imputed to an insured by reason of any public records. ceeding, and the Company shall reimburse such insured for any expense so incurred. d) " land": the land described, specifically or by reference in 4. Notice of Loss— Limitation of Action Schedule A, and improvements affixed thereto which by law constitute real property; provided, however, the term " land" does not include In addition to the notices required under paragraph 3( b) of these any property beyond the lines of the area specifically described or Conditions and Stipulations, a statement in writing of any loss or dam- referred to in Schedule A, nor any right, title, interest, estate or ease- age for which it is claimed the Company is liable under this policy ment in abutting streets, roads, avenues, alleys, lanes, ways or water- shall be furnished to the Company within 90 days after such loss or ways, but nothing herein shall modify or limit the extent to which a damage shall have been determined and no right of action shall accrue right of access to and from the land is insured by this policy. to an insured claimant until 30 days after such statement shall have e) " mortgage": been furnished. Failure to furnish such statement of loss or damage mortgage, deed of trust, trust deed, or other security instrument. shall terminate any liability of the Company under this policy as to such loss or damage. f) " public records": those records which by law impart constructive 5. Options to Pay or Otherwise Settle Claims notice of matters relating to said land. g) " The Company shall have the option to pay or otherwise settle for leasehold estate": the right of possession for the term or terms or in the name of an insured claimant any claim insured against or to described in Schedule A hereof subject to any provisions contained in terminate all liability and obligations of the Company hereunder by the Lease which limit such right of possession. paying or tendering payment of the amount of insurance under this 2. Continuation of insurance after Conveyance of Title policy together with any costs, attorneys' fees and expenses incurred up to the time of such payment or tender of payment, by the insured The coverage of this policy shall continue in force as of Date of claimant and authorized by the Company. Policy in favor of an insured so long as such insured retains an estate 6. Determination and Payment of Loss or interest in the land, or holds an indebtedness secured by a purchase money mortgage given by a purchaser from such insured, or so long a) The liability of the Company under this policy shall in no case as such insured shall have liability by reason of covenants of warranty exceed the least of: made by such insured in any transfer or conveyance of such estate or i) the actual loss of the insured claimant; or interest; provided, however, this policy shall not continue in force in ii) the amount of insurance stated in Schedule A. favor of any purchaser from such insured of either said estate or b) The Company will pay, in addition to any loss insured against interest or the indebtedness secured by a purchase money mortgage given to such insured. by this policy, all costs imposed upon an insured in litigation carried on by the Company for such insured, and all costs, attorneys' fees and 3. expenses in litigation carried on by such insured with the written Defense and Prosecution of Actions— Notice of Claim authorization of the Company. to be given by an Insured Claimant c) When liability has been definitely fixed in accordance with the a) The Company, at its own cost and without undue delay, shall conditions of this policy, the loss or damage shall be payable within provide for the defense of an insured in all litigation consisting of 30 days thereafter. actions or proceedings commenced against such insured, or a defense interposed against an insured in an action to enforce a contract for a 7. Limitation of Liability sale of the estate or interest in said land, to the extent that such litiga- No claim shall arise or be maintainable under this policy ( a) if the tion is founded upon an alleged defect, lien, encumbrance, or other Company, after having received notice of an alleged defect, lien or matter insured against by this policy. encumbrance insured against hereunder, by litigation or otherwise, removes such defect, lien or encumbrance or establishes the title, as b) The insured shall notify the Company promptly in writing ( i) in insured, within a reasonable time after receipt of such notice; ( b) in case any action or proceeding is begun or defense is interposed as set forth in ( a) above, ( ii) in case knowledge shall come to an insured the event of litigation until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals there- hereunder of any claim of title or interest which is adverse to the from, adverse to the title, as insured, as provided in paragraph 3 title to the estate or interest, as insured, and which might cause loss or damage for which the Company may be liable by virtue of this hereof; or ( c) for liability voluntarily assumed by an insured in settling policy, or ( iii) if title to the estate or interest, as insured, is rejected as any claim or suit without prior written consent of the Company. unmarketable. If such prompt notice shall not be given to the Com- 8. Reduction of Liability pany, then as to such insured all liability of the Company shall cease All payments under this policy, except payments made for costs, and terminate in regard to the matter or matters for which such attorney' s fees and expenses, shall reduce the amount of the insurance prompt notice is required; provided, however, that failure to notify pro tanto. No payment shall be made without producing this policy shall in no case prejudice the rights of any such insured under this for endorsement of such payment unless the policy be lost or destroyed, policy unless the Company shall be prejudiced by such failure and in which case proof of such loss or destruction shall be furnished to then only to the extent of such prejudice. the satisfaction of the Company. c) The -Company shall have the right at its own cost to institute 9. Liability Noncumulative and without undue delay prosecute any action or proceeding or to do It is expressly understood that the amount of insurance under this any other act which in its opinion may be necessary or desirable to policy shall be reduced by any amount the Company may pay under establish the title to the estate or interest as insured, and the Company any policy insuring either ( a) a mortgage shown or referred to in may take any appropriate action under the terms of this policy, whether Schedule B hereof which is a lien on the estate or interest covered by or not it shall be liable thereunder, and shall not thereby concede this policy, or ( b) a mortgage hereafter executed by an insured which liability or waive any provision of this policy. is a charge or lien on the estate or interest described or referred to in d) Whenever the Company shall have brought any action or inter- Schedule A, and the amount so paid shall be deemed a payment under posed a defense as required or permitted by the provisions of this this policy. The Company shall have the option to apply to the pay- policy, the Company may pursue any such litigation to final determi- ment of any such mortgages any amount that otherwise would be pay - CONDITIONS AND STIPULATIONS ( Continued on Reverse Side) Page 91 of 181  PAIC2- 390509 ALTA 1970 OWNERS FORM Form 1823 R - 8- i0 SCHEDULE B This policy does not insure against loss or damage by reason of the following exceptions: General Exceptions: 1) Rights or claims of parties in possession not shown by the public records. 2) tion of Encroachments, overlaps. boundary line disputes, and any matters which would be disclosed by an accurate survey and inspec- the premises. 3) Easements, or claims of easements, not shown by the public records. 4) the Anypublic lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by records. S) Taxes or special assessments which are not shown as existing liens by the public records. Special Exceptions: The mortgage, if any, referred to in Schedule A. 1. Condition contained Hurd, in the Deed from Iiighland Park Building Company, to Harvey B. dated May 26, 1868 and recorded May 22, 1871, page 604, in Volume 43 of Deeds. NOTE: The reverter provision contained in said Instrument is invalid by operation of law and, therefore, violations at any time are ineffective to cause a forfeiture or reversion of title. 2. Assignment of rents from Highland Park Housing Association, an Illinois not for profit corporation, to Illinois Housing Development Authority, a body politic and corporate established pursuant to the Illinois Housing Development Act, Laws 1967, page 1931, constituting chapter 67- 1/ 2, Section 301, et seq., Illinois Revised Statutes, as amended, dated August 25, 1976 and recorded September 15, 1976, as Document 1792218, given as additional security to the Mortgage herein noted as Docu- ment 1792217. 3. Regulatory Agreement dated August 25, 1976 and recorded September 15, 1976, as Document 1792219, and all conditions contained therein. 4. Rights of the City of Highland Park to the improvements on the land at the termination of the Lease recorded September 15, 1976, as Document 1792216. 5. Terms, agreements, provisions, conditions and limitations contained in the aforementioned Lease, and all rights thereunder of said lessors, their heirs, executors, administrators and assigns, including rents and all other charges reserved. 6. Finance Statement made by Highland Park Housing Association to Illinois Housing Development Authority filed November 5, 1976, No. 76 U 6658 on fixtures and other materials affixed to the land herein. 7. Taxes for the year 1978. Countersigned Authorized S' gSatory Schedule B of this Policy consists of 1 pages Page 92 of 181  f SCHEDULE A Referral No. F. 2879 R. 2/ 76 0005802 Number LAKE - 390509 Date of Policy Amount of Insurance AUGUST 28, 1978 1, 720, 000. 00 1. Name of Insured: HIGHLAND PARK HOUSING ASSOCIATION, a not- for- profit corporation of Illinois ** 2. The estate or interest in the land described herein and which is covered by this policy is: The leasehol created d estate, by the as leasehol instrument hereind referred estate is todefiasnedthe inLease, Paragraph 1( g) by:of the Conditions and Stipulations of this policy, executed City of Highland Park, a municipal corporation, to Highland Park Housing Association, as Lessee, dated August 25,an Illinois not- for- profit corporation, 1976, as Document 1792216, 1976 and recorded September 15, demising and leasing the land for a2021. term of years beginning August 25, 1976 and ending August 24, 3. The estate or interest referred to herein is at Date of Policy vested in the Insured. HIGHLAND PARK HOUSING ASSOCIATION, a not- for- profit corporation of Illinois ** 4. The estate or interest described in Paragraph 2 above is encumbered by the following mortgage or trust deed, and assignments: Mortgage dated August 25, as Document 1792217, 1976 and recorded September 15, 1976, an Illinois made by Highland Park Housing Association, not for profit corporation, Development Authority, to Illinois Housing a body politic and corporate established pursuant page 1931, to the Illinois Housing Development Act, Laws 1967, constituting Chapter 67- 1/ 2, Section 301, Illinois Revised Statutes, et seq., as amended, 1, 720, 000. 00. to secure a note for and the mortgages or trust deeds, if any, shown in Schedule B hereof. S. The land referred to in this policy is described as follows: Lots 9, 10 and 11 in Block 23 in the City of Highland Park, being a Subdivision of fractional Sections 23 and 24 and part of fractional Section 14, Township 43 North, Range 12, East of the 3rd P. M., according to the plat thereof, recorded May 7, 1869, in Book " A" of Plats, page 2, in Lake County, Illinois. ** This policy valid only if Schedule B is attached. Page 93 of 181 ll AMERICAN LAND TITLE ASSOCIATION LEASEHOLD OWNER' S POLICY - 1975 CHICAGO TITLE INSURANCE COMPANY SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS CONTAINED IN SCHEDULE B AND THE PROVISIONS OF THE CONDITIONS AND STIPULATIONS HEREOF, CHICAGO TITLE INSURANCE COMPANY, a Missouri corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the amount of insurance stated in Schedule A, and costs, attorneys' fees and expenses which the Company may become obligated to pay hereunder, sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested otherwise than as stated therein; 2. Any defect in or lien or encumbrance on such title; 3. Lack of a right of access to and from the land; or 4. Unmarketability of such title; In Witness Whereof, CHICAGO TITLE INSURANCE COMPANY has caused this policy to be signed and sealed as of the date of policy shown in Schedule A, the policy to become valid when countersigned by an authorized signatory. CHICAGO TITLE INSURANCE COMPANY By: Issued by: LAKE COUNTY OFFICE 15 South County Street Waukegan, Illinois 60085 President. 312) 662- 8000 ATTEST: Secretary. IMPORTANT This policy necessarily relates solely to the title as of the date of the policy. In order that a purchaser of the leasehold estate described herein may be insured against defects, liens or encumbrances, this policy should be reissued in the name of such purchaser. Copyright 1975 American Land Title Association Page 94 of 181  Payment History & Amortization Schedule Courtesy Of Page 1 Illinois Housing Development Authority --Run Date/Time-- 05/28/2026 14:06 Ordered By: For Loan Number: 12-2269-01 Borrower's Name: Peers Housing Association Curr Loan Balance: $2,275,041.60 Curr Interest Rt: 5.770720 Curr Payment Amt: $25,970.86 Payment Interval: MONTHLY Calculation Base: 30/360 First Payment Dt: 06/01/2026 Loan Term: 360 Paymt Date Date Total Fee Deferred No. Due Paid Payment Interest Principal Typ Fee Amount Deferred Amount Int Balance Balance ----- ---------- -------------- -------------- -------------- -------------- --- -------------- --------------- --------------- -------------- Payment History --------------- . 11/01/2005 2,290,000.00- 0.00 2,290,000.00- 0.00 0.00 0.00 2,290,000.00 1. 12/01/2005 11/17/2005 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 2. 01/01/2006 12/15/2005 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 3. 02/01/2006 01/12/2006 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 4. 03/01/2006 02/09/2006 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 5. 04/01/2006 03/09/2006 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 6. 05/01/2006 04/13/2006 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 7. 06/01/2006 05/11/2006 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 8. 07/01/2006 06/08/2006 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 9. 08/01/2006 07/13/2006 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 10. 09/01/2006 08/10/2006 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 11. 10/01/2006 09/14/2006 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 12. 11/01/2006 10/12/2006 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 13. 12/01/2006 11/09/2006 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 14. 01/01/2007 12/14/2006 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 15. 02/01/2007 01/11/2007 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 16. 03/01/2007 02/08/2007 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 17. 04/01/2007 03/08/2007 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 18. 05/01/2007 04/12/2007 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 19. 06/01/2007 05/10/2007 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 20. 07/01/2007 06/14/2007 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 21. 08/01/2007 07/12/2007 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 22. 09/01/2007 08/09/2007 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 23. 10/01/2007 09/13/2007 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 24. 11/01/2007 10/11/2007 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 Page 95 of 181  Payment History & Amortization Schedule Courtesy Of Page 2 Illinois Housing Development Authority --Run Date/Time-- 05/28/2026 14:06 Paymt Date Date Total Fee Deferred No. Due Paid Payment Interest Principal Typ Fee Amount Deferred Amount Int Balance Balance ----- ---------- -------------- -------------- -------------- -------------- --- -------------- --------------- --------------- -------------- 25. 12/01/2007 12/03/2007 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 26. 01/01/2008 12/13/2007 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 27. 02/01/2008 01/10/2008 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 28. 03/01/2008 02/14/2008 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 29. 04/01/2008 03/13/2008 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 30. 05/01/2008 04/09/2008 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 31. 06/01/2008 05/08/2008 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 32. 07/01/2008 06/12/2008 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 33. 08/01/2008 07/14/2008 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 34. 09/01/2008 08/14/2008 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 35. 10/01/2008 09/11/2008 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 36. 11/01/2008 10/09/2008 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 37. 12/01/2008 11/14/2008 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 38. 01/01/2009 12/02/2008 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 39. 02/01/2009 01/07/2009 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 40. 03/01/2009 02/05/2009 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 41. 04/01/2009 03/04/2009 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 42. 05/01/2009 04/03/2009 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 43. 06/01/2009 05/05/2009 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 44. 07/01/2009 06/04/2009 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 45. 08/01/2009 07/07/2009 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 46. 09/01/2009 08/06/2009 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 47. 10/01/2009 09/04/2009 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 48. 11/01/2009 10/06/2009 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 49. 12/01/2009 11/05/2009 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 50. 01/01/2010 12/04/2009 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 51. 02/01/2010 01/07/2010 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 52. 03/01/2010 02/04/2010 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 53. 04/01/2010 03/04/2010 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 54. 05/01/2010 04/05/2010 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 55. 06/01/2010 05/05/2010 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 56. 07/01/2010 06/04/2010 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 57. 08/01/2010 07/08/2010 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 58. 09/01/2010 08/04/2010 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 59. 10/01/2010 09/07/2010 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 60. 11/01/2010 10/05/2010 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 61. 12/01/2010 11/05/2010 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 62. 01/01/2011 12/03/2010 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 63. 02/01/2011 01/06/2011 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 Page 96 of 181  Payment History & Amortization Schedule Courtesy Of Page 3 Illinois Housing Development Authority --Run Date/Time-- 05/28/2026 14:06 Paymt Date Date Total Fee Deferred No. Due Paid Payment Interest Principal Typ Fee Amount Deferred Amount Int Balance Balance ----- ---------- -------------- -------------- -------------- -------------- --- -------------- --------------- --------------- -------------- 64. 03/01/2011 02/07/2011 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 65. 04/01/2011 03/04/2011 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 66. 05/01/2011 04/05/2011 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 67. 06/01/2011 05/04/2011 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 68. 07/01/2011 06/06/2011 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 69. 08/01/2011 07/06/2011 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 70. 09/01/2011 08/04/2011 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 71. 10/01/2011 09/06/2011 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 72. 11/01/2011 10/05/2011 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 73. 12/01/2011 11/02/2011 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 74. 01/01/2012 12/07/2011 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 75. 02/01/2012 01/05/2012 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 76. 03/01/2012 02/06/2012 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 77. 04/01/2012 03/06/2012 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 78. 05/01/2012 04/04/2012 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 79. 06/01/2012 05/04/2012 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 80. 07/01/2012 06/07/2012 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 81. 08/01/2012 07/05/2012 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 82. 09/01/2012 08/06/2012 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 83. 10/01/2012 09/06/2012 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 84. 11/01/2012 10/03/2012 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 85. 12/01/2012 11/07/2012 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 86. 01/01/2013 12/05/2012 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 87. 02/01/2013 01/08/2013 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 88. 03/01/2013 02/06/2013 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 89. 04/01/2013 03/06/2013 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 90. 05/01/2013 04/04/2013 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 91. 06/01/2013 05/03/2013 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 92. 07/01/2013 06/06/2013 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 93. 08/01/2013 07/05/2013 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 94. 09/01/2013 08/06/2013 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 95. 10/01/2013 09/06/2013 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 96. 11/01/2013 10/04/2013 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 97. 12/01/2013 11/06/2013 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 98. 01/01/2014 12/04/2013 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 99. 02/01/2014 01/08/2014 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 100. 03/01/2014 02/06/2014 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 101. 04/01/2014 03/05/2014 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 102. 05/01/2014 04/04/2014 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 Page 97 of 181  Payment History & Amortization Schedule Courtesy Of Page 4 Illinois Housing Development Authority --Run Date/Time-- 05/28/2026 14:06 Paymt Date Date Total Fee Deferred No. Due Paid Payment Interest Principal Typ Fee Amount Deferred Amount Int Balance Balance ----- ---------- -------------- -------------- -------------- -------------- --- -------------- --------------- --------------- -------------- 103. 06/01/2014 05/23/2014 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 104. 07/01/2014 06/06/2014 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 105. 08/01/2014 07/07/2014 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 106. 09/01/2014 08/06/2014 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 107. 10/01/2014 09/05/2014 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 108. 11/01/2014 10/06/2014 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 109. 12/01/2014 11/07/2014 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 110. 01/01/2015 12/04/2014 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 111. 02/01/2015 01/07/2015 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 112. 03/01/2015 02/04/2015 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 113. 04/01/2015 03/05/2015 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 114. 05/01/2015 04/03/2015 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 115. 06/01/2015 05/05/2015 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 116. 07/01/2015 06/05/2015 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 117. 08/01/2015 07/07/2015 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 118. 09/01/2015 08/06/2015 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 119. 10/01/2015 09/08/2015 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 120. 11/01/2015 10/06/2015 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 121. 12/01/2015 11/05/2015 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 122. 01/01/2016 12/04/2015 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 123. 02/01/2016 01/07/2016 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 124. 03/01/2016 02/04/2016 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 125. 04/01/2016 03/04/2016 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 126. 05/01/2016 04/06/2016 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 127. 06/01/2016 05/05/2016 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 128. 07/01/2016 06/06/2016 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 129. 08/01/2016 07/07/2016 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 130. 09/01/2016 08/04/2016 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 131. 10/01/2016 09/07/2016 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 132. 11/01/2016 10/06/2016 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 133. 12/01/2016 11/04/2016 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 134. 01/01/2017 12/06/2016 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 135. 02/01/2017 01/06/2017 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 136. 03/01/2017 02/06/2017 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 137. 04/01/2017 03/06/2017 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 138. 05/01/2017 04/06/2017 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 139. 06/01/2017 05/04/2017 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 140. 07/01/2017 06/06/2017 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 141. 08/01/2017 07/07/2017 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 Page 98 of 181  Payment History & Amortization Schedule Courtesy Of Page 5 Illinois Housing Development Authority --Run Date/Time-- 05/28/2026 14:06 Paymt Date Date Total Fee Deferred No. Due Paid Payment Interest Principal Typ Fee Amount Deferred Amount Int Balance Balance ----- ---------- -------------- -------------- -------------- -------------- --- -------------- --------------- --------------- -------------- 142. 09/01/2017 08/04/2017 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 143. 10/01/2017 09/07/2017 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 144. 11/01/2017 10/05/2017 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 145. 12/01/2017 11/03/2017 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 146. 01/01/2018 12/21/2017 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 147. 02/01/2018 01/05/2018 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 148. 03/01/2018 02/05/2018 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 149. 04/01/2018 03/06/2018 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 150. 05/01/2018 04/05/2018 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 151. 06/01/2018 05/04/2018 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 152. 07/01/2018 07/05/2018 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 153. 08/01/2018 08/03/2018 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 154. 09/01/2018 09/10/2018 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 155. 10/01/2018 10/03/2018 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 156. 11/01/2018 11/07/2018 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 157. 12/01/2018 12/05/2018 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 158. 01/01/2019 01/08/2019 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 159. 02/01/2019 02/05/2019 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 160. 03/01/2019 03/08/2019 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 161. 04/01/2019 04/04/2019 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 162. 05/01/2019 05/06/2019 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 163. 06/01/2019 06/17/2019 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 164. 07/01/2019 07/08/2019 11,709.79 11,012.46 0.00 MLT 697.33 0.00 0.00 2,290,000.00 165. 08/01/2019 08/08/2019 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 166. 09/01/2019 09/06/2019 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 167. 10/01/2019 10/10/2019 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 168. 11/01/2019 11/08/2019 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 169. 12/01/2019 12/06/2019 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 170. 01/01/2020 01/07/2020 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 171. 02/01/2020 02/06/2020 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 172. 03/01/2020 03/10/2020 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 173. 04/01/2020 04/07/2020 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 174. 05/01/2020 05/08/2020 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 175. 06/01/2020 06/05/2020 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 176. 07/01/2020 07/07/2020 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 177. 08/01/2020 08/07/2020 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 178. 09/01/2020 09/08/2020 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 179. 10/01/2020 10/09/2020 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 179. 10/01/2020 10/14/2020 477.08 0.00 0.00 SF 477.08 0.00 0.00 2,290,000.00 Page 99 of 181  Payment History & Amortization Schedule Courtesy Of Page 6 Illinois Housing Development Authority --Run Date/Time-- 05/28/2026 14:06 Paymt Date Date Total Fee Deferred No. Due Paid Payment Interest Principal Typ Fee Amount Deferred Amount Int Balance Balance ----- ---------- -------------- -------------- -------------- -------------- --- -------------- --------------- --------------- -------------- 180. 11/01/2020 10/14/2020 2.23 2.23 0.00 0.00 0.00 0.00 2,290,000.00 180. 11/01/2020 11/05/2020 11,487.31 11,010.23 0.00 SF 477.08 0.00 0.00 2,290,000.00 181. 12/01/2020 12/08/2020 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 182. 01/01/2021 01/08/2021 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 183. 02/01/2021 01/08/2021 11,012.46 11,012.46 0.00 0.00 0.00 0.00 2,290,000.00 183. 02/01/2021 02/05/2021 477.08 0.00 0.00 SF 477.08 0.00 0.00 2,290,000.00 184. 03/01/2021 03/08/2021 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 185. 04/01/2021 04/07/2021 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 186. 05/01/2021 05/06/2021 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 187. 06/01/2021 06/09/2021 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 188. 07/01/2021 07/09/2021 11,487.21 11,012.46 0.00 SF 474.75 0.00 0.00 2,290,000.00 188. 07/01/2021 07/16/2021 2.33 0.00 0.00 SF 2.33 0.00 0.00 2,290,000.00 189. 08/01/2021 08/05/2021 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 190. 09/01/2021 09/08/2021 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 191. 10/01/2021 10/08/2021 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 192. 11/01/2021 11/08/2021 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 193. 12/01/2021 12/08/2021 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 194. 01/01/2022 01/07/2022 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 195. 02/01/2022 02/08/2022 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 196. 03/01/2022 03/08/2022 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 197. 04/01/2022 04/07/2022 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 198. 05/01/2022 05/06/2022 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 199. 06/01/2022 06/09/2022 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 200. 07/01/2022 07/07/2022 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 201. 08/01/2022 08/05/2022 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 202. 09/01/2022 09/09/2022 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 203. 10/01/2022 10/11/2022 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 204. 11/01/2022 11/09/2022 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 205. 12/01/2022 12/16/2022 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 206. 01/01/2023 01/11/2023 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 207. 02/01/2023 02/16/2023 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 208. 03/01/2023 03/07/2023 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 209. 04/01/2023 04/14/2023 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 210. 05/01/2023 05/09/2023 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 211. 06/01/2023 06/14/2023 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 212. 07/01/2023 07/11/2023 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 213. 08/01/2023 08/10/2023 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 214. 09/01/2023 09/11/2023 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 215. 10/01/2023 10/12/2023 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 Page 100 of 181  Payment History & Amortization Schedule Courtesy Of Page 7 Illinois Housing Development Authority --Run Date/Time-- 05/28/2026 14:06 Paymt Date Date Total Fee Deferred No. Due Paid Payment Interest Principal Typ Fee Amount Deferred Amount Int Balance Balance ----- ---------- -------------- -------------- -------------- -------------- --- -------------- --------------- --------------- -------------- 216. 11/01/2023 11/07/2023 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 217. 12/01/2023 12/07/2023 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 218. 01/01/2024 01/10/2024 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 219. 02/01/2024 02/08/2024 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 220. 03/01/2024 03/08/2024 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 221. 04/01/2024 04/04/2024 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 222. 05/01/2024 05/07/2024 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 223. 06/01/2024 06/07/2024 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 224. 07/01/2024 07/08/2024 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 225. 08/01/2024 08/07/2024 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 226. 09/01/2024 09/11/2024 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 227. 10/01/2024 10/07/2024 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 228. 11/01/2024 11/07/2024 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 229. 12/01/2024 12/06/2024 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 230. 01/01/2025 01/10/2025 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 231. 02/01/2025 02/13/2025 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 232. 03/01/2025 03/05/2025 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 233. 04/01/2025 04/09/2025 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 234. 05/01/2025 05/07/2025 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 235. 06/01/2025 06/10/2025 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 236. 07/01/2025 07/08/2025 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 237. 08/01/2025 08/08/2025 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 238. 09/01/2025 09/08/2025 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 239. 10/01/2025 10/08/2025 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 240. 11/01/2025 11/07/2025 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 241. 12/01/2025 12/09/2025 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 242. 01/01/2026 01/09/2026 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 243. 02/01/2026 02/06/2026 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 244. 03/01/2026 03/09/2026 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 245. 04/01/2026 04/07/2026 11,489.54 11,012.46 0.00 SF 477.08 0.00 0.00 2,290,000.00 246. 05/01/2026 05/12/2026 25,970.86 11,012.46 14,958.40 0.00 0.00 0.00 2,275,041.60 Remaining Amortization ---------------------- 247. 06/01/2026 / / 25,970.86 10,940.52 15,030.34 0.00 0.00 0.00 2,260,011.26 248. 07/01/2026 / / 25,970.86 10,868.24 15,102.62 0.00 0.00 0.00 2,244,908.64 249. 08/01/2026 / / 25,970.86 10,795.62 15,175.24 0.00 0.00 0.00 2,229,733.40 250. 09/01/2026 / / 25,970.86 10,722.64 15,248.22 0.00 0.00 0.00 2,214,485.18 251. 10/01/2026 / / 25,970.86 10,649.31 15,321.55 0.00 0.00 0.00 2,199,163.63 Page 101 of 181  Payment History & Amortization Schedule Courtesy Of Page 8 Illinois Housing Development Authority --Run Date/Time-- 05/28/2026 14:06 Paymt Date Date Total Fee Deferred No. Due Paid Payment Interest Principal Typ Fee Amount Deferred Amount Int Balance Balance ----- ---------- -------------- -------------- -------------- -------------- --- -------------- --------------- --------------- -------------- 252. 11/01/2026 / / 25,970.86 10,575.63 15,395.23 0.00 0.00 0.00 2,183,768.40 253. 12/01/2026 / / 25,970.86 10,501.60 15,469.26 0.00 0.00 0.00 2,168,299.14 -------------- -------------- -------------- -------------- --------------- -------------- * 2026 Totals 181,796.02 75,053.56 106,742.46 0.00 0.00 254. 01/01/2027 / / 25,970.86 10,427.21 15,543.65 0.00 0.00 0.00 2,152,755.49 255. 02/01/2027 / / 25,970.86 10,352.46 15,618.40 0.00 0.00 0.00 2,137,137.09 256. 03/01/2027 / / 25,970.86 10,277.35 15,693.51 0.00 0.00 0.00 2,121,443.58 257. 04/01/2027 / / 25,970.86 10,201.88 15,768.98 0.00 0.00 0.00 2,105,674.60 258. 05/01/2027 / / 25,970.86 10,126.05 15,844.81 0.00 0.00 0.00 2,089,829.79 259. 06/01/2027 / / 25,970.86 10,049.85 15,921.01 0.00 0.00 0.00 2,073,908.78 260. 07/01/2027 / / 25,970.86 9,973.29 15,997.57 0.00 0.00 0.00 2,057,911.21 261. 08/01/2027 / / 25,970.86 9,896.36 16,074.50 0.00 0.00 0.00 2,041,836.71 262. 09/01/2027 / / 25,970.86 9,819.06 16,151.80 0.00 0.00 0.00 2,025,684.91 263. 10/01/2027 / / 25,970.86 9,741.38 16,229.48 0.00 0.00 0.00 2,009,455.43 264. 11/01/2027 / / 25,970.86 9,663.34 16,307.52 0.00 0.00 0.00 1,993,147.91 265. 12/01/2027 / / 25,970.86 9,584.92 16,385.94 0.00 0.00 0.00 1,976,761.97 -------------- -------------- -------------- -------------- --------------- -------------- * 2027 Totals 311,650.32 120,113.15 191,537.17 0.00 0.00 266. 01/01/2028 / / 25,970.86 9,506.12 16,464.74 0.00 0.00 0.00 1,960,297.23 267. 02/01/2028 / / 25,970.86 9,426.94 16,543.92 0.00 0.00 0.00 1,943,753.31 268. 03/01/2028 / / 25,970.86 9,347.38 16,623.48 0.00 0.00 0.00 1,927,129.83 269. 04/01/2028 / / 25,970.86 9,267.44 16,703.42 0.00 0.00 0.00 1,910,426.41 270. 05/01/2028 / / 25,970.86 9,187.11 16,783.75 0.00 0.00 0.00 1,893,642.66 271. 06/01/2028 / / 25,970.86 9,106.40 16,864.46 0.00 0.00 0.00 1,876,778.20 272. 07/01/2028 / / 25,970.86 9,025.30 16,945.56 0.00 0.00 0.00 1,859,832.64 273. 08/01/2028 / / 25,970.86 8,943.81 17,027.05 0.00 0.00 0.00 1,842,805.59 274. 09/01/2028 / / 25,970.86 8,861.93 17,108.93 0.00 0.00 0.00 1,825,696.66 275. 10/01/2028 / / 25,970.86 8,779.65 17,191.21 0.00 0.00 0.00 1,808,505.45 276. 11/01/2028 / / 25,970.86 8,696.98 17,273.88 0.00 0.00 0.00 1,791,231.57 277. 12/01/2028 / / 25,970.86 8,613.91 17,356.95 0.00 0.00 0.00 1,773,874.62 -------------- -------------- -------------- -------------- --------------- -------------- * 2028 Totals 311,650.32 108,762.97 202,887.35 0.00 0.00 278. 01/01/2029 / / 25,970.86 8,530.44 17,440.42 0.00 0.00 0.00 1,756,434.20 279. 02/01/2029 / / 25,970.86 8,446.57 17,524.29 0.00 0.00 0.00 1,738,909.91 280. 03/01/2029 / / 25,970.86 8,362.30 17,608.56 0.00 0.00 0.00 1,721,301.35 Page 102 of 181  Payment History & Amortization Schedule Courtesy Of Page 9 Illinois Housing Development Authority --Run Date/Time-- 05/28/2026 14:06 Paymt Date Date Total Fee Deferred No. Due Paid Payment Interest Principal Typ Fee Amount Deferred Amount Int Balance Balance ----- ---------- -------------- -------------- -------------- -------------- --- -------------- --------------- --------------- -------------- 281. 04/01/2029 / / 25,970.86 8,277.62 17,693.24 0.00 0.00 0.00 1,703,608.11 282. 05/01/2029 / / 25,970.86 8,192.54 17,778.32 0.00 0.00 0.00 1,685,829.79 283. 06/01/2029 / / 25,970.86 8,107.04 17,863.82 0.00 0.00 0.00 1,667,965.97 284. 07/01/2029 / / 25,970.86 8,021.14 17,949.72 0.00 0.00 0.00 1,650,016.25 285. 08/01/2029 / / 25,970.86 7,934.82 18,036.04 0.00 0.00 0.00 1,631,980.21 286. 09/01/2029 / / 25,970.86 7,848.08 18,122.78 0.00 0.00 0.00 1,613,857.43 287. 10/01/2029 / / 25,970.86 7,760.93 18,209.93 0.00 0.00 0.00 1,595,647.50 288. 11/01/2029 / / 25,970.86 7,673.36 18,297.50 0.00 0.00 0.00 1,577,350.00 289. 12/01/2029 / / 25,970.86 7,585.37 18,385.49 0.00 0.00 0.00 1,558,964.51 -------------- -------------- -------------- -------------- --------------- -------------- * 2029 Totals 311,650.32 96,740.21 214,910.11 0.00 0.00 290. 01/01/2030 / / 25,970.86 7,496.96 18,473.90 0.00 0.00 0.00 1,540,490.61 291. 02/01/2030 / / 25,970.86 7,408.12 18,562.74 0.00 0.00 0.00 1,521,927.87 292. 03/01/2030 / / 25,970.86 7,318.85 18,652.01 0.00 0.00 0.00 1,503,275.86 293. 04/01/2030 / / 25,970.86 7,229.15 18,741.71 0.00 0.00 0.00 1,484,534.15 294. 05/01/2030 / / 25,970.86 7,139.03 18,831.83 0.00 0.00 0.00 1,465,702.32 295. 06/01/2030 / / 25,970.86 7,048.46 18,922.40 0.00 0.00 0.00 1,446,779.92 296. 07/01/2030 / / 25,970.86 6,957.47 19,013.39 0.00 0.00 0.00 1,427,766.53 297. 08/01/2030 / / 25,970.86 6,866.03 19,104.83 0.00 0.00 0.00 1,408,661.70 298. 09/01/2030 / / 25,970.86 6,774.16 19,196.70 0.00 0.00 0.00 1,389,465.00 299. 10/01/2030 / / 25,970.86 6,681.84 19,289.02 0.00 0.00 0.00 1,370,175.98 300. 11/01/2030 / / 25,970.86 6,589.08 19,381.78 0.00 0.00 0.00 1,350,794.20 301. 12/01/2030 / / 25,970.86 6,495.88 19,474.98 0.00 0.00 0.00 1,331,319.22 -------------- -------------- -------------- -------------- --------------- -------------- * 2030 Totals 311,650.32 84,005.03 227,645.29 0.00 0.00 302. 01/01/2031 / / 25,970.86 6,402.23 19,568.63 0.00 0.00 0.00 1,311,750.59 303. 02/01/2031 / / 25,970.86 6,308.12 19,662.74 0.00 0.00 0.00 1,292,087.85 304. 03/01/2031 / / 25,970.86 6,213.56 19,757.30 0.00 0.00 0.00 1,272,330.55 305. 04/01/2031 / / 25,970.86 6,118.55 19,852.31 0.00 0.00 0.00 1,252,478.24 306. 05/01/2031 / / 25,970.86 6,023.08 19,947.78 0.00 0.00 0.00 1,232,530.46 307. 06/01/2031 / / 25,970.86 5,927.16 20,043.70 0.00 0.00 0.00 1,212,486.76 308. 07/01/2031 / / 25,970.86 5,830.77 20,140.09 0.00 0.00 0.00 1,192,346.67 309. 08/01/2031 / / 25,970.86 5,733.92 20,236.94 0.00 0.00 0.00 1,172,109.73 310. 09/01/2031 / / 25,970.86 5,636.60 20,334.26 0.00 0.00 0.00 1,151,775.47 311. 10/01/2031 / / 25,970.86 5,538.81 20,432.05 0.00 0.00 0.00 1,131,343.42 312. 11/01/2031 / / 25,970.86 5,440.56 20,530.30 0.00 0.00 0.00 1,110,813.12 Page 103 of 181  Payment History & Amortization Schedule Courtesy Of Page 10 Illinois Housing Development Authority --Run Date/Time-- 05/28/2026 14:06 Paymt Date Date Total Fee Deferred No. Due Paid Payment Interest Principal Typ Fee Amount Deferred Amount Int Balance Balance ----- ---------- -------------- -------------- -------------- -------------- --- -------------- --------------- --------------- -------------- 313. 12/01/2031 / / 25,970.86 5,341.83 20,629.03 0.00 0.00 0.00 1,090,184.09 -------------- -------------- -------------- -------------- --------------- -------------- * 2031 Totals 311,650.32 70,515.19 241,135.13 0.00 0.00 314. 01/01/2032 / / 25,970.86 5,242.62 20,728.24 0.00 0.00 0.00 1,069,455.85 315. 02/01/2032 / / 25,970.86 5,142.94 20,827.92 0.00 0.00 0.00 1,048,627.93 316. 03/01/2032 / / 25,970.86 5,042.78 20,928.08 0.00 0.00 0.00 1,027,699.85 317. 04/01/2032 / / 25,970.86 4,942.14 21,028.72 0.00 0.00 0.00 1,006,671.13 318. 05/01/2032 / / 25,970.86 4,841.01 21,129.85 0.00 0.00 0.00 985,541.28 319. 06/01/2032 / / 25,970.86 4,739.40 21,231.46 0.00 0.00 0.00 964,309.82 320. 07/01/2032 / / 25,970.86 4,637.30 21,333.56 0.00 0.00 0.00 942,976.26 321. 08/01/2032 / / 25,970.86 4,534.71 21,436.15 0.00 0.00 0.00 921,540.11 322. 09/01/2032 / / 25,970.86 4,431.62 21,539.24 0.00 0.00 0.00 900,000.87 323. 10/01/2032 / / 25,970.86 4,328.04 21,642.82 0.00 0.00 0.00 878,358.05 324. 11/01/2032 / / 25,970.86 4,223.97 21,746.89 0.00 0.00 0.00 856,611.16 325. 12/01/2032 / / 25,970.86 4,119.39 21,851.47 0.00 0.00 0.00 834,759.69 -------------- -------------- -------------- -------------- --------------- -------------- * 2032 Totals 311,650.32 56,225.92 255,424.40 0.00 0.00 326. 01/01/2033 / / 25,970.86 4,014.30 21,956.56 0.00 0.00 0.00 812,803.13 327. 02/01/2033 / / 25,970.86 3,908.72 22,062.14 0.00 0.00 0.00 790,740.99 328. 03/01/2033 / / 25,970.86 3,802.62 22,168.24 0.00 0.00 0.00 768,572.75 329. 04/01/2033 / / 25,970.86 3,696.02 22,274.84 0.00 0.00 0.00 746,297.91 330. 05/01/2033 / / 25,970.86 3,588.90 22,381.96 0.00 0.00 0.00 723,915.95 331. 06/01/2033 / / 25,970.86 3,481.26 22,489.60 0.00 0.00 0.00 701,426.35 332. 07/01/2033 / / 25,970.86 3,373.11 22,597.75 0.00 0.00 0.00 678,828.60 333. 08/01/2033 / / 25,970.86 3,264.44 22,706.42 0.00 0.00 0.00 656,122.18 334. 09/01/2033 / / 25,970.86 3,155.25 22,815.61 0.00 0.00 0.00 633,306.57 335. 10/01/2033 / / 25,970.86 3,045.53 22,925.33 0.00 0.00 0.00 610,381.24 336. 11/01/2033 / / 25,970.86 2,935.28 23,035.58 0.00 0.00 0.00 587,345.66 337. 12/01/2033 / / 25,970.86 2,824.51 23,146.35 0.00 0.00 0.00 564,199.31 -------------- -------------- -------------- -------------- --------------- -------------- * 2033 Totals 311,650.32 41,089.94 270,560.38 0.00 0.00 338. 01/01/2034 / / 25,970.86 2,713.20 23,257.66 0.00 0.00 0.00 540,941.65 339. 02/01/2034 / / 25,970.86 2,601.35 23,369.51 0.00 0.00 0.00 517,572.14 340. 03/01/2034 / / 25,970.86 2,488.97 23,481.89 0.00 0.00 0.00 494,090.25 341. 04/01/2034 / / 25,970.86 2,376.05 23,594.81 0.00 0.00 0.00 470,495.44 Page 104 of 181  Payment History & Amortization Schedule Courtesy Of Page 11 Illinois Housing Development Authority --Run Date/Time-- 05/28/2026 14:07 Paymt Date Date Total Fee Deferred No. Due Paid Payment Interest Principal Typ Fee Amount Deferred Amount Int Balance Balance ----- ---------- -------------- -------------- -------------- -------------- --- -------------- --------------- --------------- -------------- 342. 05/01/2034 / / 25,970.86 2,262.58 23,708.28 0.00 0.00 0.00 446,787.16 343. 06/01/2034 / / 25,970.86 2,148.57 23,822.29 0.00 0.00 0.00 422,964.87 344. 07/01/2034 / / 25,970.86 2,034.01 23,936.85 0.00 0.00 0.00 399,028.02 345. 08/01/2034 / / 25,970.86 1,918.90 24,051.96 0.00 0.00 0.00 374,976.06 346. 09/01/2034 / / 25,970.86 1,803.23 24,167.63 0.00 0.00 0.00 350,808.43 347. 10/01/2034 / / 25,970.86 1,687.01 24,283.85 0.00 0.00 0.00 326,524.58 348. 11/01/2034 / / 25,970.86 1,570.23 24,400.63 0.00 0.00 0.00 302,123.95 349. 12/01/2034 / / 25,970.86 1,452.89 24,517.97 0.00 0.00 0.00 277,605.98 -------------- -------------- -------------- -------------- --------------- -------------- * 2034 Totals 311,650.32 25,056.99 286,593.33 0.00 0.00 350. 01/01/2035 / / 25,970.86 1,334.99 24,635.87 0.00 0.00 0.00 252,970.11 351. 02/01/2035 / / 25,970.86 1,216.52 24,754.34 0.00 0.00 0.00 228,215.77 352. 03/01/2035 / / 25,970.86 1,097.47 24,873.39 0.00 0.00 0.00 203,342.38 353. 04/01/2035 / / 25,970.86 977.86 24,993.00 0.00 0.00 0.00 178,349.38 354. 05/01/2035 / / 25,970.86 857.67 25,113.19 0.00 0.00 0.00 153,236.19 355. 06/01/2035 / / 25,970.86 736.90 25,233.96 0.00 0.00 0.00 128,002.23 356. 07/01/2035 / / 25,970.86 615.55 25,355.31 0.00 0.00 0.00 102,646.92 357. 08/01/2035 / / 25,970.86 493.62 25,477.24 0.00 0.00 0.00 77,169.68 358. 09/01/2035 / / 25,970.86 371.10 25,599.76 0.00 0.00 0.00 51,569.92 359. 10/01/2035 / / 25,970.86 248.00 25,722.86 0.00 0.00 0.00 25,847.06 360. 11/01/2035 / / 25,971.36 124.30 25,847.06 0.00 0.00 0.00 0.00 -------------- -------------- -------------- -------------- --------------- -------------- * 2035 Totals 285,679.96 8,073.98 277,605.98 0.00 0.00 Page 105 of 181 Application Review Third AMENDED Final Housing Plan The Bowery Townhomes 1700 Old Deerfield Rd. (former Solo Cup Site) Consideration by the Housing Commission June 3, 2026 City of Highland Park Department of Community Development 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 1 Page 106 of 181 Table of Contents Background ..................................................................................................................................... 3 Sec. 150.2105 - Covered Development Projects. ......................................................................... 3 Sec. 150.2135 - Application and Inclusionary Housing Plan ...................................................... 3 Sec. 150.2135 (B)(2)(a)(i) Inclusionary Housing Plan Review Procedure. ................................. 5 Summary of Consideration ............................................................................................................. 6 Recommendation ............................................................................................................................ 6 Analysis of Requirements & Standards .......................................................................................... 6 Sec. 150.2115 – Provision of Affordable Housing Units.............................................................. 6 Sec. 150.2125 - Cash Payment in-Lieu of Affordable Housing Units. ..........................................7 Sec. 150.2150 - Integration of Affordable Housing Units. .......................................................... 8 Sec. 150.2155 -Target Income Levels for Affordable Housing Units. ........................................ 12 Sec. 150.2165 - Marketing of the Affordable Housing Units...................................................... 17 Sec. 150.2170 - Period of Affordability....................................................................................... 17 Sec. 150.2175 - Affordability Controls. ....................................................................................... 17 Required Findings .........................................................................................................................18 Provision of Affordable Housing Units per Sec. 150.2115.(A)(2)............................................... 19 Regarding Overarching Inclusionary Housing Standards per Sec. 150.2135(B)(3). ................ 20 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 2 Page 107 of 181 Background The following provides staff’s review of the applicant’s final affordable housing plan for the proposed development at 1700 Old Deerfield Rd (the “Property”), which has long been referred to as the ‘Solo Cup’ site. The development is comprised of all townhomes and is approximately 28.6 acres and was originally zoned I Light Industry; though, the Applicant has requested rezoning to RM1 Medium to High Density Multiple-Family Zoning District where the townhome units are proposed. The Preliminary review occurred at the April 2nd Housing Commission meeting in 2025, where the commission voted to approve the preliminary inclusionary plan and directed Staff to draft Findings for a Final Inclusionary Plan, which was approved at the July 2nd Housing Commission meeting in 2025. The Final Inclusionary Plan was then amended at the August 6th Housing Commission meeting in 2025 when the applicant (Habitat Company, LLC) changed the development unit total from 240 to 232. In doing so, that reduced the inclusionary unit total from 36 to 35. The Final Inclusionary Plan was amended a second time at the October 8th Housing Commission meeting in 2025to decrease the unit total from 232 to 227 and the inclusionary total from 35 to 34. The applicant is before the Commission again to request a third amendment to the Final Inclusionary Plan. The Applicant, Habitat, who has recently partnered with HDC M/I HP Venture, LLC for this development, is now proposing all three-bedroom units instead of a mix of two- and three-bedroom units for this development. They’re also proposing this site offer exclusively for- sale units instead of a mix of for-sale and rental units. The Applicant also finalized the development’s official name: The Bowery. For ease of reference and consideration, this document is organized by section of the City’s Code related to inclusionary housing. It provides excerpts of that Code and staff’s review comments to aid the Commission in its deliberations.1 Throughout this document words in italics are excerpts from the City Code itself and those in blue represent staff’s comments from the their most recent Inclusionary Housing Final Plan approval at the October 2025 Housing Commission meetings while the comments in red signify the changes from the current submitted amendment2. Sec. 150.2105 - Covered Development Projects. 10/8/25: Pursuant to Section 150.2105, the proposed 227 unit3 multi-family residential development is a covered development subject to the provisions of Article 21. Current: No change to the unit count. Remaining 227 units. (A) General. The provisions of this Code shall apply to all developments that result in or contain five or more residential dwelling units. […] Sec. 150.2135 - Application and Inclusionary Housing Plan. 1 As most recently amended on October 28, 2019 by Ordinance O72-2019. 2 To see comments from the April and August 2025 Housing Commission meetings, please see the hyperlinks above. 3 Including market rate unit bonuses. 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 3 Page 108 of 181 The Applicant has provided a preliminary affordable housing application in accordance with Sec. 150.2135 as required (see attached Inclusionary Housing Plan). The following provides an excerpt of this Section for reference. (A) Application. For all covered development projects, the Applicant shall file an application for approval thereof on a form provided and required by the City. The application shall require, and the Applicant shall provide, among other things, general information about the nature and scope of the covered development, as well as such other documents and information as the Director of the City's Department of Community Development, or his or her designee ("Director"), may require. The Director shall also have the authority to require, as part of the application submittal, such portions of the inclusionary housing plan required under Section 150.2135(B) of this Code as the Director shall deem necessary to properly evaluate the proposed covered development under the requirements and provisions of this Code. (B) Inclusionary Housing Plan. As part of the approval of a covered development project, the Applicant shall present to the Housing Commission and the City Council an inclusionary housing plan that outlines and specifies the covered development's compliance with each of the applicable requirements of this Code, in accordance with the following: (1) Required Submittals for Inclusionary Housing Plan. The plan shall specifically contain, at a minimum, the following information regarding the covered development project; (1) Required Submittals for Inclusionary Housing Plan. The plan shall specifically contain, at a minimum, the following information regarding the covered development project; (a) Preliminary Plan. (i) A general description of the development, including whether the development will contain rental units or individually owned units, or both; (ii) The total number of market rate units and affordable units in the development; (iii) The total number of attached and detached residential units; (iv) The number of bedrooms in each market rate unit and each affordable unit; (v) The area of each market rate unit and each affordable unit; (vi) The location within any multiple-family residential structure and any single-family residential development of each market rate unit and each affordable unit. (vii) Floor plans for each affordable unit; 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 4 Page 109 of 181  (viii) The amenities that will be provided to and within each market rate unit and affordable unit; and (ix) The pricing for each market rate unit and each affordable housing unit. The Applicant has provided a complete final affordable housing plan and application in accordance with Sec. 150.2135 as required. (See attached Inclusionary Housing Plan.) The following provides an excerpt of the Section for reference. Sec. 150.2135 (B)(2)(a)(i) Inclusionary Housing Plan Review Procedure. The following provides the review procedure for the Commission’s consideration of a preliminary application and a final application as set forth by City Code. Amendments to final applications still follow the procedures set forth by City Code. (a) Preliminary Plan (i) Housing Commission Review. Within 60 days after the filing of a complete preliminary Inclusionary Housing Plan, the Housing Commission shall review the Inclusionary Housing Plan, and shall recommend either the approval (with or without modifications) or the rejection of the Inclusionary Housing Plan. The Housing Commission shall transmit its findings of fact and recommendation to the City Council. The failure of the Housing Commission to provide a recommendation within such 60 day period, or such further time to which the applicant may, in writing, agree, shall be deemed a recommendation against the approval of the Inclusionary Housing Plan. (b) Final Plan. (i) Housing Commission Review. Within 60 days after the filing of a complete final Inclusionary Housing Plan, the Housing Commission shall review the Inclusionary Housing Plan, and shall recommend either the approval (with or without modifications) or the rejection of the Inclusionary Housing Plan. The Housing Commission shall transmit its findings of fact and recommendation to the City Council. The failure of the Housing Commission to provide a recommendation within such 60 day period, or such further time to which the applicant may, in writing, agree, shall be deemed a recommendation against the approval of the Inclusionary Housing Plan. The following provides the review procedure for the Commission’s consideration of a final application as set forth by City Code. Should the Housing Commission recommend approval of the final application the 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 5 Page 110 of 181 recommendation and plan will be forwarded to the City Council for their consideration. The final plan amendment submittal proposes changes to the project scope for this development, the Bowery. Summary of Consideration 10/8/25: The total number of units were further reduced from 232 to 227. As a result, the inclusionary unit requirement was reduced from 36.2 to 35.2. The number of provided inclusionary units was reduced from 35 to 34. The number of units requested to be provided by cash payment-in-lieu will remain the same at 1.2. Current: The total number of units and inclusionary units remains the same. The Applicant intends to now propose only three-bedroom units and for-sale units. Their past inclusionary approvals included a mix of two- and three-bedroom units, as well as a mix of for-sale and rental units. Recommendation Current: Staff recommend that the Commission make a recommendation of approval of the third amended Final Inclusionary Housing Plan and amended findings of fact at the end of this report. Analysis of Requirements & Standards The following analyzes the proposal regarding the applicable aspects of the City Code. It begins with a review of the provision of affordable housing units Sec. 150.2115 – Provision of Affordable Housing Units. 10/8/2025: Non-Compliant. The second amended final plan maintained the same 1.2 inclusionary unit relief, which the Commission made a recommendation of approval to Council at the August 6th HC meeting. Current: Non-Compliant, Approved: At the Feb. 9th, 2026 City Council meeting, the Council adopted documents approving the development and its requests for relief. One of the requests was to omit 1.2 units from the required 35.2 inclusionary units on-site. The current amendment does not affect their requested, and approved, relief for 1.2 inclusionary units. (A) Calculation of Units Required. Unless an exception is approved pursuant to Sections 150.2120, 150.2125, or 150.2130 of this Code, the applicant for a covered development project must satisfy the requirements of this Article XXI by providing affordable housing units within the development, calculated as follows: 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 6 Page 111 of 181  (1) The applicant must identify the number of dwelling units proposed to be constructed as part of the covered development project, which quantity must comply with the applicable regulations set forth in Article VII of this Chapter 150 and the other applicable building and zoning regulations of this Code. (2) Of the quantity of dwelling units identified pursuant to Section 150.2115(A)(1) of this Code, 20 percent must be designated as affordable housing units. If the 20 percent calculation performed pursuant to this Section 150.2115(A)(2) yields a fractional number, the applicant must either: (a) provide a full affordable housing unit; or (b) pay a fee-in-lieu for that fractional unit, in the corresponding fractional amount of the per unit payment amount established pursuant to Section 150.2125(B) of this Code. (3) The applicant may then incorporate 1.5 additional dwelling units into the covered development project for each affordable unit provided pursuant to this Section 150.2115 (i.e. the applicant may incorporate the additional dwelling units, notwithstanding the number identified pursuant to Section 150.2115(A)(1) of this Code or any maximum density regulation set forth in another provision of this Code). Final Approval (10/8/25) and CURRENT 1700 Old Deerfield Rd. Calculation of Affordable Units Row Requirements Calc. Name Proposed Units before Mrkt Rate Unit Bonus 176 Given A On-Site Affordable units (included in base Above) 34 A+D B Market Rate Unit Bonus 51 Given C Total Units (Mrkt & Affordable w Mrkt Rate Bonus) 227 C*1.5 D Proportion of Units Required to be Affordable 20% Code E Total Affordable Housing Units Required 35.2 A*E H Units by Cash Payment In-Lieu 1.2 F-C I Total Cash Payment In-Lieu $222,480 G*$125K J Effective Rate of Affordable Units 15.5% F/B F Proportion of Total Units that are Affordable 15.0% C/B G Current: There are no proposed amended changes to the inclusionary requirement for this development. As seen the inclusionary calculator table immediately above, all numbers are highlighted in green, indicating no changes from the most recent final approval in October 2025. Any changes to the requirements approved from the final plan would have been highlighted in yellow. 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 7 Page 112 of 181 Sec. 150.2125 - Cash Payment in-Lieu of Affordable Housing Units. 10/8/25: The second amended final plan maintains the same cash payment-in-lieu request for 1.2 units included in the final inclusionary plan approval from the August 6th HC meeting. Current: The Applicant’s third amendment to the Final Inclusionary plan does not propose to change the cash payment-in-lieu amount of $222,480. To reiterate, this amount was recommended for approval by the Housing Commission and ultimately approved by City Council as part of their Planned Development (PUD) approval for this entire development. (A) General Applicability. The applicant may make a cash payment in lieu of constructing some or all of the required affordable housing units otherwise required pursuant to Section 150.2115 of this Code, but only if either: […] or (2) the City Council approves such payment, after consideration of a recommendation from the Housing Commission, and after making a determination that such a payment will further affordable housing opportunities in the City to an equal or greater extent than through provision of affordable units pursuant to Section 150.2115 of this Code. (B) Amount and Use of Cash in Lieu. […] For all other covered developments, the per unit payment amount shall be not less than the amount set forth in the City's Annual Fee Resolution. The minimum per unit amount shall be determined by the City Council, based upon an estimate of the cost of providing an affordable housing unit, and shall be reviewed and modified periodically by the City Council. All cash payments received pursuant to this Article shall be deposited directly into the Affordable Housing Trust Fund for purposes authorized under Section 33.1133 of this Code. (C) Calculation. The total in lieu payment amount shall be equal to the per unit amount established by the City pursuant to Section 150.2125(B) of this Code multiplied by 20 percent of the number of units proposed in the covered development, less the per unit amount multiplied by the number of affordable housing units actually provided by the applicant pursuant to Section 150.2115 of this Code. Sec. 150.2150 - Integration of Affordable Housing Units. (A) Location of Affordable Housing Units. Affordable housing units shall be dispersed among the market rate units throughout the covered development. 10/8/2025: Non-Compliant. The second amended final plan still requires a Departure from the code for this provision because there are still multiple 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 8 Page 113 of 181  building type assemblies that don’t have an inclusionary unit. The same building types (#3, 6, 7, & 8) do not have any inclusionary units. One building was removed due to the unit reduction and the number of residential buildings decreased from 49 to 48. Since there are now only 34 inclusionary units, there cannot be an equal distribution of one inclusionary unit per building, since no building has two or more inclusionary units located within the structure. Current: Non-Compliant, Approved. Consistent with their Oct. 8th HC approval, building type assemblies #3, 6, 7 & 8 do not have inclusionary units (see Attachment 2 Construction Phasing Plan) while building types #1, 2, 4 & 5 do have inclusionary units. A Departure from the Code for this provision is not required at this time, as it is not part of the Applicant’s emended scope. (B) Phasing of Construction. The inclusionary housing plan and the development agreement shall include a phasing plan that provides for the timely and integrated development of the affordable housing units as the covered development project is built out. The phasing plan shall provide for the development of the affordable housing units concurrently with the market rate units. […] The phasing plan shall also provide that the affordable housing units shall not be the last units to be built in any covered development. 10/8/25: The second amended Phasing plan includes the updated site design layout. Each of the 3 phases include multiple inclusionary units. Compliant. Current: Compliant. The Applicant amended their Construction Phasing plan to reduce the number of phases from 3 to 2. 71 units (31%) will be built in Phase 1 while the remaining 156 units (69%) will be built in Phase 2. Only 11 inclusionary units (32% of incl. units) will be included in Phase 1. The remaining 23 (68%) inclusionary units are shown in Phase 2. Although Phase 2 contains double the amount of inclusionary units than Phase 1, it matches the ratio for the market-rate units.4 60 market-rate units of all market-rate units (31%) will be built in Phase 1 while 133 of the remaining market-rate units (69%) will be built in Phase 2. (C) Exterior Appearance. The exterior appearance of the affordable housing units in any covered development shall be visually compatible with the market rate units in the development. External building materials and finishes shall be substantially the same in type and quality for affordable housing units as for market rate units. 10/8/25: Compliant. The design has not changed since the last amended final inclusionary plan. Current: Compliant. The design has not changed since the Final Inclusionary plan approved Oct. 2025. (D) Unit Amenities. Amenities that are provided with a market rate unit shall also be provided with the affordable units. For purposes of this Section 150.2150(D), "amenities" 4 The Applicant indicated in their project narrative (see Exhibit 1) that the market will dictate whether the property is built in one, two or multiple phases. Right now, it is planned for 2 phases. 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 9 Page 114 of 181  shall include, without limitation, basements, front porches, storage lockers, balconies, roof decks, outdoor patios, off-street parking, enclosed parking, appliances, and similar unit features and additions. Specially, and without limitation of the foregoing, the development must comply with the following: 10/8/25: Compliant. The second amended final plan has not changed the proposed unit amenities in the inclusionary units. Current: Compliant: The Applicant proposes no changes to the unit amenities as part of their amended scope. (1) Parking Amenities. One parking space per affordable unit must be included in the rent and without any additional charge to the tenant. Additional parking spaces must be made available in the same manner and using the same method for allocation for the market rate units. Premium parking spaces, such as indoor parking, shall not be required to be allocated to the affordable units free of charge, provided that required parking is provided elsewhere on the site. 10/8/25: The second amended plan does not affect the parking amenities. Each market rate and inclusionary unit will include two parking spaces in attached garage. Compliant Current: Compliant. The Applicant is not proposing any changes to the parking amenities for the inclusionary units. (2) Storage Amenities. To the extent that storage is allocated to all market rate units within a development, similar storage space must be allocated to all affordable units and included in the rent without additional charge to the tenant. If storage space is not allocated to all units due to insufficient ratio of storage space to residential units, then the affordable units should have access to storage in the same manner as do the market rate units, at a cost discounted by the ratio of the affordable unit's rent to the equivalent size unit's market rent. 10/8/2025: No changes to storage amenities made in second amended plan. Market and inclusionary units will have storage space within units. Compliant. Current: Compliant. The Applicant does not propose any changes to the storage amenities. (E) Interior Appearance and Finishes. Affordable housing units may differ from market rate units with regard to interior finishes and gross floor area, provided that: 10/8/25: No changes to the interior appearance and finishes in second amended plan. Current: Compliant. The Applicant’s provided an attachment that includes the list of included features, amenities, and appliances (see Exhibit 3). All items listed will be included in both inclusionary and market-rate units. 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 10 Page 115 of 181  (1) The bedroom mix of affordable units shall be in equal proportion to the bedroom mix of the market rate units. 10/8/25: The applicant is providing 12 2-bedroom units and 22 3- bedroom units. The bedroom mix for the affordable units is equal in proportion to the bedroom mix of the market rate units as required by this Sec. 150.2150(E)(1) of the Code. Current: The Applicant is altering the bedroom mix. Instead of providing a mix of two- and three-bedroom units, the Applicant is now proposing all three- bedroom units on-site. This change applies to all units, not just inclusionary units. Distribution of Affordable Units by Type Proposed vs. Required – Second Amended Proposed by Applicant Required Proportion Proportion # of Total Sub-Total Sub-Total of Unit of Mkt Rate Affordable Proposed vs. # of Mkt Rate Affordable Affordable Type Units by Units Required Units Units Units Units Type Required Provided 2 bed 63 51 26% 12 35% 8.98 3.02 3 bed 164 142 74% 22 65% 25.02 -3.02 TOTAL 227 193 100% 34 100% 35 0.00 Distribution of Affordable Units by Type Proposed vs. Required – CURRENT Proposed by Applicant Required Proportion Proportion # of Total Sub-Total Sub-Total of Proposed Unit of Mkt Rate Affordable # of Mkt Rate Affordable Affordable vs. Type Units by Units Units Units Units Units Required Type Required Provided 3 bed 227 193 100% 34 100% 34 0.00 TOTAL 227 193 100% 34 100% 34 0.00 10/8/25: Non-Compliant: The second amended plan yields a higher distribution. This is due to the increase in affordable two-unit bedrooms (by 1 unit) and the decrease in 3-bedroom units (by 2). Although these differences are minor, they do not reflect an even distribution with the ratio of 2-bedrooms to 3-bedrooms for the market-rate units. However, due to the amount of inclusionary units this development will yield, Staff recommends that this departure be approved by the Commission. 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 11 Page 116 of 181 Current: Compliant. The Applicant’s proposed amendment to their Final Inclusionary Plan removes the bedroom mix proportion Departure previously approved. If all units provided on-site are three-bedroom units, then the bedroom mix proportion is automatically even between inclusionary and market-rate units. (2) The differences between the affordable housing units and the market rate units shall not include improvements related to energy efficiency, including mechanical equipment and plumbing, insulation, windows, and heating and cooling systems. 10/8/25: No changes in the second amended plan. Current: Compliant. No changes to Final Inclusionary plan approved Oct. 8th, 2025. (3) The interior gross floor area for the affordable housing units shall be no less than the lesser of (a) 75 percent of the gross floor area of market rate units with a comparable number of bedrooms, or (b) the minimum size requirements outlined in the table below; provided, however, that interior gross floor area shall not include areas devoted to vertical circulation, basements, off-street parking, lockers and similar storage areas, and mechanical rooms.” […] 10/8/25: Compliant. No changes to floor area for inclusionary or market rate units in second amended plan. Current: Compliant. The floor area requirement is still in compliance. APPROVED OCT. 8, 2025 Total 75% of Average Proposed Affordable Minimum Area Number Market rate unit Affordable of Unit AMI Unit Area Required per size per Unit Type Proposed Sec. 2150(E)(3)(b) Type Sec. 2150(E)(3)(a) 2-bed 12 TBD 2,184 1,000 1,638 3-bed 22 TBD 2,223 1,350 1,923 Source: Application. Note last column calculated by staff. Measurements above in square feet. Average Area (in SF) of Market Rate Units by Type, including Rent Range: 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 12 Page 117 of 181  Total # of Unit Type Mkt Rate Avg. Unit Proposed (bedrooms) Units Area Rent Range 2 51 2,184 See below 3 142 2,564 See below Source: Application. Average Unit Area calculated by staff with data from application and incorporates attached garage. CURRENT Total Proposed Affordable Minimum Area 75% of Average Number Affordable of Unit AMI Unit Area Required per Market rate unit Unit Type Proposed Sec. 2150(E)(3)(b) size per Type 65% or 3-bed 34 2,137 1,350 1,785 100% Source: Application. Note last column calculated by staff. Measurements above in square feet. Average Area (in SF) of Market Rate Units by Type, including Rent Range: Total # of Unit Type Mkt Rate Avg. Unit Proposed (bedrooms) Units Area Rent Range 3 193 2,381 See below Source: Application. Average Unit Area calculated by staff with data from application and incorporates attached garage. Sec. 150.2155 -Target Income Levels for Affordable Housing Units. See full breakdown of Target Income Levels from all prior Housing Commission meetings with approved inclusionary plans for this site:  4/2/25: To Be Determined. The Applicant will need to provide this information. Final Plan: 8/6/25: Non-Compliant for Rental units and Compliant for For-Sale units. The Applicant is proposing either all rental, all ownership, or a blend of inclusionary rental units and inclusionary for-sale units. There will still be 36 total inclusionary units provided, with 10 two-bedroom units and 26 three-bedroom units. However, the Applicant is requesting to not specify a number of rental vs. ownership at this time due to unknown market demands for either unit type. The Applicant is requesting flexibility to allow for the units to be sold or rented as the market allows. Staff met with the Applicant to agree on some sort of 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 13 Page 118 of 181  structure that would allow for this proposal to be approved with an unspecified number of rental vs. ownership units. Thus, the Applicant agreed on the following proportion breakdown for of rental units: o At least one-third (33%) of all 2-bedroom and 3-bedroom rental units will be rented at 45% AMI. o The remaining two-third (66%) of the rental 2-bedroom and 3- bedroom units will be rented at 60% AMI. Providing a majority of rental units at 60% AMI offers more affordability than what is required per code. The first unit to be rented will be rented at 45% AMI, and then the rest will follow the proposed proportion above. The Applicant is requesting 60% AMI, which is not permitted by-right in the Inclusionary code. The Commission does not have the authority to approve a different AMI request via a Departure from the code. This change is approved through a modification via the final Planned Development approval, which ultimately requires City Council approval and adoption. The submitted narrative identifies the 2025 rents to be charged for the rental units at 45% & 60% AMI (dependent on bedroom type). The rents will likely change when the units are ready to come online in 2026-27. The table below outlines the proposed breakdown. 8/6/25: Amended plan does not change plan for Rental AMI distributions. 10/8/25: Second Amended plan does not change plan for Rental AMI distributions, as seen below: Proposed Distribution of Units RENTAL by Income Tier w/Required Distribution by Unit Type Income Tier (AMI) Unit Type Distribution 45% 60% 100% (bed) by Unit Type 2/3 of 1/3 of 2BR 2BR Rental Rental 2 units units 0 TBD 2/3 of 1/3 of 3BR 3BR Rental Rental 3 units units 0 TBD Distribution TBD TBD 0 by Income (33%) (66%) (0%) 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 14 Page 119 of 181  Current: No Rental units proposed as part of amendment. The above rental unit distribution structure (approved as part of PUD by Council) is no longer applicable for this project. Compliant. For-Sale Distribution of Units Breakdown 7/2/25: With respect to the for-sale units, the Applicant is also proposing that the Commission consider and approve an unspecified number of for- sale units. However, the for-sale units will follow the Inclusionary Code requirement of for-sale units listed in Sec. 150.2155(A). No less than 50% of all for-sale units shall be sold to income-qualified households at 65% AMI and the remaining units shall be sold to households at 100% AMI. This proposal does not require a modification from the code, since it meets the AMI target requirement. The table below outlines the proportion that meets code, although the number of total for-sale 2-bedroom and 3-bedroom units remain unspecified at this time. 8/6/25: Amended plan does not change plan for For-Sale AMI distributions. 10/8/25: Second Amended plan does not change plan for For-Sale AMI distributions, as seen below: Approved Oct. 8, 2025 Distribution of Units FOR-SALE by Income Tier w/Required Distribution by Unit Type Income Tier (AMI) Unit Type Distribution 45% 65% 100% (bed) by Unit Type 1/2 of 2BR 1/2 of 2BR for-sale for-sale 2 None units units TBD 1/2 of 3BR 1/2 of 3BR for-sale for-sale 3 None units units TBD Distribution TBD TBD TBD (0%) by Income (50%) (50%) Current: Compliant. The only proposed changes to the for-sale unit distribution is the removal of two-bedroom units. The below table indicates an even 50-50 split between all inclusionary units being sold at either 65% AMI or 100% AMI. 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 15 Page 120 of 181  CURRENT Distribution of Units FOR-SALE by Income Tier w/Required Distribution by Unit Type Income Tier (AMI) Unit Type Distribution 45% 65% 100% (bed) by Unit Type 1/2 of 3BR 1/2 of 3BR for-sale for-sale 3 None units units TBD Distribution TBD TBD TBD (0%) by Income (50%) (50%) Sec. 150.2155(A) For-Sale Affordable Housing Units. In covered development projects that contain for-sale units, at least one affordable housing unit and no less than 50 percent of the affordable housing units shall be sold to low- income households at a price, as determined pursuant to Section 150.2155(C) of this Code, that, on average, is affordable to a household with an annual income that is 65 percent of area median income. Any remaining affordable units shall be sold to moderate-income households at a price, as determined pursuant to Section 150.2155(C) of this Code, that, on average, is affordable to a household with an annual income that is 100 percent of area median income. The owner shall execute and record any documents required by Section 150.2140 of this Code to ensure compliance with this Section 150.2155(A). Sec. 150.2155(B) Rental of Affordable Housing Units. In covered development projects that contain rental units: (i) no less than 33 percent of the affordable housing units shall be rented or leased to households with gross incomes from zero percent to 50 percent of the Chicago area median income at a price, as determined pursuant to Section 150.2155(0) of this Code, that, on average, is affordable to a household with an annual income that is 45 percent of area median income; (ii) no less than 33 percent of the affordable housing units shall be rented or leased to households with gross incomes between 51 percent and 80 percent of the Chicago area median income at a price, as determined pursuant to Section 150.2155(0) of this Code, that, on average, is affordable to a household with an annual income that is 65 percent of area median income; and (iii) no more than 33 percent of the affordable housing units shall be rented or leased to households with gross incomes between 81 percent and 120 percent of the Chicago area median income at a price, as determined pursuant to Section 150.2155(0) of this Code, that, on average, is affordable to a household with an annual income that is 100 percent of area median income. If fewer than three affordable units will be provided, such units shall be rented or leased to low-income households at a price, as determined pursuant to Section 150.2155(0) of this Code that does not exceed what is affordable to a household with an annual income that is 65 percent of area median income. 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 16 Page 121 of 181 Sec. 150.2165 - Marketing of the Affordable Housing Units. 10/8/2025: Second amended plan does not change marketing plan. Current: No proposed changes to marketing plan. (A) Good Faith Marketing Required. All sellers and lessors of affordable units are responsible for marketing the affordable units, and shall engage in good faith marketing efforts to inform members of the public who are qualified to purchase or rent affordable units of the availability of such units for sale or rent. Prior to the initiation of public marketing efforts to sell or lease an affordable housing unit, the seller or lessor thereof shall submit to the Director of Community Development a description of the marketing plan that the applicant proposes to utilize and implement to promote the sale or rental of the affordable units within the development to the appropriate income groups. (B) City Assistance with Marketing. At the applicant's request, the City or its designee shall assist the applicant in marketing the affordable housing units to eligible households, for an additional charge to be determined by the City. Sec. 150.2170 - Period of Affordability. 10/8/25: Second amended plan does not change units’ status of affordability in perpetuity. Current: Units will remain affordable in perpetuity. No changes. (A) Sale of Affordable Housing Units. In covered developments that contain for-sale units, affordable housing units shall be resold to low and moderate income households for so long as the units are used for residential purposes, in perpetuity or as long as permissible by law. The owner shall execute and record any documents required by Section 150.2140 of this Code to ensure compliance with this Section 150.2170(A). Sec. 150.2175 - Affordability Controls. The following section is provided for the Commission’s reference regarding affordability controls. The applicant will comply with these requirements. (A) For-Sale Affordable Housing Units. (1) Housing Commission Purchases. The Housing Commission, or a not-for-profit agency designated by the Housing Commission, shall have the pre-emptive option and right, but not an obligation, to purchase each of the for-sale affordable housing units prior to any sale of any such unit. If the City, or the designated not- for-profit, exercises the option and purchases the affordable housing unit, the affordable housing unit shall be subject to such documents deemed necessary by the City, including, without limitation, restrictive covenants and other related instruments, to ensure the continued affordability of the affordable housing units in accordance with this Article. Such documentation shall include the provisions of this Code and shall provide, at a minimum, each of the following: 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 17 Page 122 of 181  (a) The calculated maximum resale price is an upper limit, but shall not be construed as a guarantee that the unit will be resold at that price. (b) Market conditions, and characteristics of the affordable housing unit, may result in the sale of an affordable housing unit at a price lower than the calculated maximum resale price. (2) Private Party Purchases. In all other sales of for-sale affordable housing units, the parties to the transaction shall execute and record such documentation as required by Section 150.2140 of this Code to ensure the provision and continuous maintenance of the affordable housing units. Such documentation shall include the provisions of this Code and shall provide, at a minimum, each of the following: (a) The affordable housing unit shall be sold to and occupied by an eligible household. (b) The affordable housing unit shall be conveyed subject to restrictions that shall permanently maintain the affordability of such affordable housing units for eligible households. (c) Preference for the affordable housing units shall be given to eligible households pursuant to the priorities set forth in Section 150.2160 of this Code. (d) The calculated maximum resale price is an upper limit, but shall not be constructed as a guarantee that the unit will be resold at that price. (e) Market conditions, and characteristics of the affordable housing unit, may result in the sale of an affordable housing unit, may result in the sale of an affordable housing unit at a price lower than the calculated maximum resale price. (B) Subleasing Prohibited. Subleasing of affordable units shall not be permitted without the express written consent of the Director. (C) Subleasing Prohibited. Subleasing of affordable units shall not be permitted without the express written consent of the Director. Required Findings of Fact For ease of reference and consideration, all required findings are provided in this part of the report. The Commission must review and deliberate on these required findings as part of making its preliminary recommendation to the City Council. The below findings include a full breakdown of the prior Housing Commission meetings with approved Inclusionary Housing Plans for this site. After deliberation, the Commission should direct staff to draft the Commission’s recommendation in accordance with its findings as appropriate. 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 18 Page 123 of 181 7/2/25: Final Plan: The Commission must review and deliberate on these required findings as part of making its final recommendation to the City Council. After deliberation, the Commission should direct staff to draft the Commission’s recommendation in accordance with its findings as appropriate. Staff has prepared draft Preliminary and Final Findings of Fact for the Housing Commission comment and edits, or approval. 8/6/25: Amended Plan: The Commission must review the findings based on the revised layout and unit reduction from the previously-approved Final Plan. 10/8/2025: The Commission must review the findings based on the revised layout and unit reduction from the previously-amended plan, plus the addition of a new departure for Sec. 150.2150(E)(1) – unit proportional distribution mix. Current: The Commission must review the findings based on the revised unit distribution and change to solely for-sale units. The recently-amended departure for Sec. 150.2150(E)(1) – unit proportional distribution mix is no longer applicable for this inclusionary plan. Provision of Affordable Housing Units per Sec. 150.2115.(A)(2) This Section is applicable to this particular project as the applicant is proposing to provide 36 of the 37.2 required affordable units on site. The Applicant is providing $222,480 for the 1.2 fractional units. Final Plan: 7/2/25: The applicant is proposing to make a payment in lieu of $185,400 for the one inclusionary unit not provided. They will also make a by-right payment of $37,080 for the 0.2 fractional unit. Total payment in lieu would be $222,480. The Housing Commission finds this payment in-lieu amount acceptable for the one inclusionary unit not provided. 8/6/25: Amended Plan: The unit reduction and provided on-site inclusionary units yielded the exact same calculation of 1.2 inclusionary units not provided on-site’ result as what was approved in the Final inclusionary plan; 36.2 units are required, 35 units are provided on-site. 0.2 units can be paid via a $37,080 payment-in-lieu by-right and the Commission must reconsider the Applicant’s request of recommending approval of the $185,400 payment-in-lieu fee instead of providing the one remaining inclusionary unit on-site. 10/8/25: Second Amended Plan: The unit reduction and provided on-site inclusionary units yielded the exact same calculation of 1.2 inclusionary units not provided on-site’ result as what was approved in the Final inclusionary plan; 35.2 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 19 Page 124 of 181 units are required, 34 units are provided on-site. 0.2 units can be paid via a $37,080 payment-in-lieu by-right and the Commission must reconsider the Applicant’s request of recommending approval of the $185,400 payment-in-lieu fee instead of providing the one remaining inclusionary unit on-site. Current: No changes to the unit reduction and payment-in-lieu fee for not providing the remaining 1.2 inclusionary units. This was approved by City Council at the Feb. 9th meeting, but still requires consideration by the Commission. (A)(2) Of the quantity of dwelling units identified pursuant to Section 150.2115(A)(1) of this Code, 20 percent must be designated as affordable housing units. If the 20 percent calculation performed pursuant to the Section 150.2115(A)(2) yields a fractional number, the applicant must either: (a) provide a full affordable housing unit; or (b) pay a fee-in-lieu for that fractional unit, in the corresponding fractional amount of the per unit payment amount established pursuant to Section 150.2125(B) of this Code. Regarding Overarching Inclusionary Housing Standards per Sec. 150.2135(B)(3). The Housing Commission shall not recommend the approval of a preliminary or final Inclusionary Housing Plan, and the City Council shall not approve a preliminary or final Inclusionary Housing Plan, except upon making the following findings: (a) That the applicant has demonstrated that the proposed affordable housing units are designed to accommodate the needs of the target households; 7/2/25: The applicant proposes affordable units with similar finishes and amenities as the market rate units. However, the applicant is requesting consideration from the Commission for an undefined distribution of rental vs. ownership units. There will still be 36 total Inclusionary units, but the approval structure for an undefined rental vs. ownership distribution will read as follows: o At least one-third (33%) of all 2-bedroom and 3-bedroom rental units will be rented at 45% AMI. o The remaining two-third (66%) of the rental 2-bedroom and 3- bedroom units will be rented at 60% AMI. o No less than 50% of all 2-bedroom and 3-bedroom for-sale units shall be sold to income-qualified households at 65% AMI and o The remaining 2-bedroom and 3-bedroom for-sale units shall be sold to households at 100% AMI. 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 20 Page 125 of 181  Although this rental structure offers more affordability for the rental units, this proposed rental rate is not in accordance with the City’s Pricing Schedule distributed among the required income tiers 5. This different AMI request structure requires a modification approved as part of the Planned Development approval. The Commission finds the proposed plan is acceptable and makes a recommendation of approval. 8/6/25: Amended Plan: The undefined distribution of rental vs. ownership units will remain the same as what was presented and approved in the final inclusionary plan. 10/8/25: Second Amended Plan: The undefined distribution of rental vs. ownership units will remain the same as what was presented and approved in the previously-amended final inclusionary plan. Current: The Applicant intnends to offer only for-sale units. Rental units will no longer be proposed, thus eliminating the previously-approved rental structure of: o At least one-third (33%) of all 2-bedroom and 3-bedroom rental units will be rented at 45% AMI. o The remaining two-third (66%) of the rental 2-bedroom and 3- bedroom units will be rented at 60% AMI. The above rental structure was not approvable by the Housign Commission as a Departure from the Code, via the Inclusionary Housing Ordinance, and required approval from City Council. With the removal of rental units, the Applicant must follow the previsoulsy-approved standard for for-sale units’ distribution of: o No less than 50% of all for-sale units shall be sold to income- qualified households at 65% AMI and o The remaining for-sale units shall be sold to households at 100% AMI. (b) That the location, floor plan, fixtures and finishes, and amenities of each proposed affordable housing unit satisfy the applicable provisions of this Code and are suitable for the needs of the target households; Sec. 150.2150(A) – Location of Inclusionary Units 7/2/25: The applicant’s proposal exceeds minimum requirements for interior unit size and amenities and satisfies the applicable provisions of the Code. Market rate and affordable units will be built to the same specification and 5 0% to 50% AMI, 51% - 80% AMI, and 81% to 120% AMI see Sec. 150.2155. - Target Income Levels for Affordable Housing Units. 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 21 Page 126 of 181  quality on the exterior and the interior will have similar appliances and finishes. The affordable units will have a two-car garage space, the same as the market rate units. The layout was updated to disperse the units throughout the building. There are not inclusionary units in certain building types, meaning a departure from the code is still required. Yet, the Commission finds the proposed plan meets this standard. 8/6/25: Amended Plan: The site layout was altered and there are less buildings without inclusionary units and there are no buildings with two inclusionary units. This yields a better distribution of inclusionary units throughout the development. However, there are still some buildings without inclusionary units, meaning a departure from the code for the location of inclusionary units is still required. The Commission still finds the amended plan site layout acceptable. 10/8/25: Second Amended Plan: The site layout was altered and the total building count was further reduced by 1. There is no single building with multiple inclusionary units, meaning the units are well dispersed throughout the development. However, there are still some buildings without inclusionary units, meaning a departure from the code for the location of inclusionary units is still required. The Commission still finds the amended plan site layout acceptable. Current: The unit count remains unchanged. However, there are still building assemblies (#3, 6, 7 & 8) that do not have any inclusionary units within them. For that reason, a Departure for the code for Sec. 150.2150(A) is still required, as the inclusionary units are not truly dispersed throughout the development. Sec. 150.2150(E)(1) – Bedroom Unit Proportional Mix 10/8/25: Second Amended Plan: The amended bedroom proportional mix distribution yields a higher distribution between two- and three-bedroom units than what was previously approved in the final plan and first amended final plan. For that reason, the Commission must consider this departure from the code. The increase in the number of affordable 2-bedroom units (11 to 12) and the decrease in the number of affordable 3-bedroom units (24 to 22) does not yield a distribution ratio that matches the market-rate unit ratio. However, a higher yield is subject to large swings such as this when the number of market-rate units is this large. Since no other development in Highland Park matches this scale and coupled with the large number of inclusionary units expected to come online from this proposal, the Commission finds the second amended bedroom unit proportional mix departure acceptable. Current: The Applicant proposes to no longer offer 2-bedroom units in their market-rate or inclusionary units. Now that each unit on-site will be three- 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 22 Page 127 of 181  bedrooms, an even proportional mix between inclusionary and market rate unit bedroom distribution exists. A Departure from the code for Sec. 150.2150(E)(1) is no longer required. (c) That each affordable housing unit is designed to accommodate family living needs for common space and dining areas; and 7/2/25: The floor plans provided meet this standard as they depict adequate floor area, amenities and accommodations for expected household sizes. The plan proposes two-bedroom and three-bedroom units that are well over the minimum requirement size and has amenities that are suitable for a small and medium-sized families or households. This units will become extremely valuable commodities for the City’s inclusionary housing portfolio. The Commission finds the proposed plan meets this standard. 8/6/25: Amended Plan: The unit reduction in the amended plan is not altering the unit size, layout, or elements that would negatively impact the living needs to accommodate a family. 10/8/25: No change in the second amended plan’s unit layout that would negatively impact the living needs to accommodate a family. Current: No change to the proposed amendments that would negatively impact the living needs to accommodate a family. (d) That the proposed affordable housing units, and the development as a whole, conform to the applicable standards and requirements of this Chapter. 7/2/25: The Commission recommends Final approval of the Inclusionary Housing Plan for 1700 Old Deerfield Road and that the Plan conforms to the standards, requirements and goals of Article 21. A Departure from the code for the Location of units is required. Recommendations from the Commission to City Council are required for the cash payment-in-lieu and the rental proportion breakdown offering 2/3 of all rental units at 60% AMI. The Commission finds the proposed plan meets this standard. 8/6/25: Amended Plan: there are no additional departures from the code that are required by the unit total reduction. The ‘Location’ departure from the code is still required due to certain building types not having an inclusionary unit represented. The Commission must also still make a recommendation to City Council regarding the cash payment-in-lieu request and the rental proportion breakdown offering 2/3 of all rental units at 60% AMI. The Commission finds the amended plan acceptable. 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 23 Page 128 of 181  10/8/25: Second Amended Plan: There is one additional departures from the code that are required by the unit total reduction change in project scope. The additional departure is the ‘Unit Proportional Mix’ (Sec. 150.2150(E)(1)) departure from the code is required due to the unit change yielding a higher distribution that doesn’t reflect the proportional mix of market-rate two- and three-bedroom units. The same departure from the previously-amended final plan is the ‘Location’ (Sec. 150.2150(A)) departure from the code is still required due to certain building types not having an inclusionary unit represented. The Commission must also still make a recommendation to City Council regarding: 1. The cash payment-in-lieu request of $185,400 to omit 1 of required 1.2 units, and 2. Allowing the rental proportion breakdown offering 1/3 of all rental units at 45% AMI and the remaining 2/3 of all rental units at 60% AMI when the code requires 1/3 at 45% AMI, 1/3 at 65% AMI, and remaining 1/3 at 100% AMI. Current: Third Amended Plan: The following departure is no longer required based on the Applicant’s proposed amendments:  ‘Unit Proportional Mix’ Sec. 150.2150(E)(1) due to the removal of all proposed 2-bedroom units on-stie. Only 3-bedroom units (market-rate and inclusionary) will be offered. The following recommendation to City Council is no longer required based on the Applicant’s proposed amendments:  Allowing the rental proportion breakdown offering 1/3 of all rental units at 45% AMI and the remaining 2/3 of all rental units at 60% AMI when the code requires 1/3 at 45% AMI, 1/3 at 65% AMI, and remaining 1/3 at 100% AMI. o All units on-site are proposed to be sold, not rented. Thus, the approval and target income structure previously-approved for rental units is no longer applicable to this scope. The following items still require approval from the Commission or City Council:  Departure from the Code: Location of Inclusionary Units (Sec. 150.2150(A) – there are building assemblies that do not house inclusionary units. A departure from the code required to relieve the requirement of inclusionary units being offered in all building assemblies throughout the development.  No Change in recommendation to City Council – cash payment-in-lieu request of $185,400 to omit 1 of required 1.2 inclusionary units. By-right payment of $37,080 for the fractional 0.2 units. This request remains unchanged since the last approval in October 2025. 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 24 Page 129 of 181  The Commission finds the third amended plan acceptable and approves the above departure for the location of units while making no change in their recommendation of approval to City Council for the cash payment-in-lieu request to omit 1 of required 1.2 inclusionary units. The rest of the inclusionary plan is in compliance with the inclusionary ordinance. 1700 Old Deerfield Rd. THIRD AMENDED Final Inclusionary Housing Application Review June 3, 2026 pg. 25 Page 130 of 181  HDC M/I HP Venture, LLC 1700 Old Deerfield Road, Highland Park, Illinois Project Narrative Introduction HDC M/I HP Venture, LLC (the “Developer”) is requesting a minor amendment to the previously approved redevelopment of 1700 Old Deerfield Road in Highland Park, Illinois, the former Solo Cup property (the “Property”). On February 9, 2026 the City of Highland Park (the “City”) approved a package of documents regarding the redevelopment of the site. The Property is currently vacant. The approved redevelopment entails the construction of 227 for-sale residential townhomes. In addition to redeveloping this vacant land, the approved development will foster local economic development, reduce traffic congestion, improve roadway and pedestrian safety, conserve environmental resources, provide 34 affordable housing units and generate significant new tax revenue over the current taxes paid by the owner of the Property (less than ~$1,200 annually). Project Overview The approved development consists of 227 units oriented around a driving court with 270 on-site parking spaces in addition to two-car garages attached to every unit, a clubhouse, fitness center, locker room, outdoor recreation areas and resort style pool. Additionally, the approved development commits to significant improvements to Old Deerfield Road with a dedicated left turn lane from northbound Old Deerfield Road to Richfield Road, reducing traffic delays and improving roadway safety. Ownership and Approved Use As of May 11, 2026, the Developer will own the property. The Developer will sell the units for residential use. Objectives The approved development features 227 luxury residential units. In addition the approved development includes a clubhouse with outdoor garden, a Tot Lot and Dog Run. There are 227 two-car garages attached to every unit (total 454 spaces), 207 additional driveway surface parking spaces at the west townhomes, street parking and parking lot spaces for a total of 715 total parking spaces. The 227 units will be constructed within 49 buildings spread around a series of driving lanes and courts primarily orienting units to within the community to give surrounding neighbors privacy. The design also incorporates generous setbacks and expansive landscape buffers, both new and existing. The approved development will use best efforts to adhere to as many environmentally responsible design and construction guidelines as possible. The clustering, setbacks, and landscape buffers are intended to reduce the approved development’s visual impact on the neighborhood. The market will dictate whether the property is built in one phase or multiple phases. There are two approved vehicular access and exit points. One for the northeast corner of the Property along the Union Pacific Railroad at Old Deerfield Road (the “Access Road”). Currently this road is barricaded to public access off of Richfield Road but will be opened up for public ingress and egress Page 131 of 181 once the development is completed. The second access point is near the current entrance on Old Deerfield Road. Per the approvals, studies from experts identified deficiencies with local traffic ways and other public improvements. The approvals outlined certain public improvements that will be upgraded and modified. The Developer reiterates that it has not sought reimbursement for the cost of these improvements from the City of Highland Park nor through tax increment financing for the improvements on the Property. Inclusionary Zoning Unit Amenities Affordable Units will look the identical to Market rate units. Affordable Units will use the same materials, energy efficient windows, and have sound attenuating glass for units adjacent to the railroad. Balconies provided on the backside of the units will be of the same size and materials as the Market Rate Units. Two Car Garages are provided at the same approximate size and height as the Market Rate Units. Front Yards and entry sidewalks are the same size and landscape detail as the Market Rate Units. Base level specifications are the same for both affordable and market rate units. Again, approved Affordable Units are larger than the minimum required by the Highland Park code and have an identical size and bedroom count to market rate building interior units An included features list, provided with this submission, outlines all inclusions for all units of the property, not just the affordable units. Inclusionary Unit Mix: As previously approved, for all for-sale units, ½ of units will be sold at 65% AMI and ½ units sold at 100% AMI (meets inclusionary code requirement in Sec. 150.2155(A)) The average price of for-sale units are determined by the City’s 2025 pricing schedule seen here. While updated pricing based on 2026 HUD AMI is expected in the near future, pricing below is reflective of the 2025 HUD AMI. For-Sale • 3BR Units at 65% AMI – Sale Price is $216,000 • 3BR Units at 100% AMI – Sale Price is $407,000 Page 132 of 181  PHASE 1 PHASE 2 Page 133 of 181 The Bowery at Highland Park Unit Mix Tables Table 1. 1700 Old Deerfield Road – Approved Unit Mix Unit Type Market Rate Affordable Total 2 Bedroom Townhome 51 12 63 3 Bedroom Townhome 142 22 164 Total 193 34 227 Sources: HDC M/ HP Venture, LLC Table 2. 1700 Old Deerfield Road – Approved Unit Mix by Phase Unit Type Market Rate Affordable Total Phase I 63 12 75 Phase II 58 11 69 Phase III 72 11 83 Total 193 34 227 Sources: HDC M/ HP Venture, LLC Table 3. 1700 Old Deerfield Road – Proposed Unit Mix Unit Type Market Rate Affordable Total 2 Bedroom Townhome 0 0 0 3 Bedroom Townhome 193 34 227 Total 193 34 227 Sources: HDC M/ HP Venture, LLC. Table 4. 1700 Old Deerfield Road – Proposed Unit Mix by Phase Unit Type Market Rate Affordable Total Phase I 60 11 71 Phase II 133 23 156 Phase III 0 0 0 Total 193 34 227 Sources: HDC M/ HP Venture, LLC. Page 134 of 181 ARCHITECTURALLY DISTINCTIVE EXTERIORS DELUXE BATH FEATURES cont. • CertainTeed Asphalt Architectural Landmark Roof Shingles • Moen® double handle chrome faucet, EPA WaterSense compliant • Hardie® Plank low maintenance exterior siding • Moen® energy saving showerheads, EPA WaterSense compliant • Beau ful mix of siding and brick, per plan • Moen® Posi-Temp pressure balance valves on all • Maintenance-free vinyl soffits, aluminum fascia, and gu ers showers and bathtubs • Convenient 2-car a ached garage • Broan® ceiling ven la on fan in all baths • Insulated steel overhead garage door, per plan • A rac ve pedestal sink with double handle faucet in powder room • Fiberglass front door, per plan • Elongated toilet bowls • Schlage® keyless security deadbolt on front door • Double-bowl, raised height, vanity in Owner’s Bath • Two exterior frost-proof hose bibs • Two weatherproof GFI exterior outlets, per plan TECHCONNECT PACKAGE (Home Automation) • Stylish exterior ligh ng package • Prewired infrastructure for connec vity • Fully sodded lawn with decora ve shrubs and • 1 central wiring enclosure (located in basement) plan ngs • 1 CAT6 & RG6 combina on outlet (typically in family room) • Asphalt driveways, per plan • 1 wireless access point rough-in for future extended WiFi perfor- mance EXCLUSIVE INTERIOR FINISHES • Drama c 9’ main floor ceilings WHOLE HOME BUILDING STANDARDS • Sherwin-Williams® interior paint on walls and trim • Concrete founda on • A rac ve white 2-panel doors • Engineered roof trusses 24” on center • Painted wood tradi onal base & trim • Wall studs spaced 16” on center with double top plates • Schlage® sa n nickel interior door hardware with • Protec ve exterior home wrap for greater comfort and privacy locks improved energy efficiency • Energy efficient LED ligh ng • Seal all ductwork • Shaw® wall-to-wall carpet with carpet pad • 200 amp electrical panel • Shaw® luxury vinyl plank flooring in kitchen, powder room, laundry • Safety ground fault electric circuits in baths, garage, kitchen and exte- and foyer, per plan rior • Shaw® luxury vinyl les in all bathrooms, per plan • Quality brand manufacturer’s warran es • Coated ven lated wire shelving in closets and pantry • 1-Year Customer Care coverage program • Kidde electric smoke/carbon monoxide detectors with ba ery • 10-Year construc on defects warranty backup feature on each floor • Comprehensive 10-Year transferable structural • Garage door openers warranty • Rough in for Future EV charger ENERGY SAVING WHOLE HOME FEATURES KITCHEN DESIGN FEATURES • Double-pane, high performance, sound reducing, low-E glass vinyl • Kitchen island, per plan windows filled with argon gas • Quality® Brand Cabinetry • High efficiency tankless water heater • Kitchen pantry, per plan • Honeywell® T6 Pro Smart thermostat with geofencing • GE® Stainless Steel kitchen appliances including built-in GE® dish- • Return air filters washer and slide-in oven range and vented microwave • Carrier® 96% efficiency direct vent natural gas furnace • Double bowl stainless steel sink • Carrier® air condi oning with Puron • 1/3-HP Moen® garbage disposal • R-45 fiberglass ceiling insula on • Moen® single handle chrome faucet with separate • R-15 fiberglass exterior wall insula on sprayer • Foam sealant around all windows and • Granite countertops doors for dra -free comfort • HERS (3rd Party) ra ng DELUXE BATH FEATURES cer ficate provided • Vanity mirrors • Whole home energy recovery ven lator • Quality® Brand Cabinetry • Non-porous durable quartz vanity countertops • Sterling by Kohler® ensemble low maintenance, high quality fiber- glass showers and bathtubs M/I builds quality homes in Houston, Austin, San Antonio and Dallas/Fort Worth in Texas; Chicago, Illinois, Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Detroit, Michigan; Minneapolis/St. Paul, Minnesota; Tampa, Sarasota and Orlando, Florida; Charlotte and Raleigh, North Carolina. Pricing, floor- plans, included features, specifications and availability are subject to change without notice. Included and/or standard features may vary depending on community and floorplan. This brochure is a marketing piece and may not reflect the most current included features in the home. The buyer must refer to the included feature pages of the contract for home specifics included in the purchase. This brochure is not part of a legal contract. Special wall, window, flooring treatments, landscaping and other items featured in and around the model home are decorator features and are not included in the price. All community and area information is deemed reliable, but is not guaranteed. See New Home Consultant for details. Revised on 6/26/2024 Page 135 of 181  Option # 19912 FOUNDATION Collection 6 KITCHEN, FOYER & POWDER (if applicable) Swatch COUNTERTOPS CABINET LVP FLOOR Hyde Park Luxury Granite in Derby in Cotton Vinyl Plank in Luna Pearl Washed Oak BATHS (if applicable) ALL OTHER FLOORS COUNTERTOPS CABINET LVT FLOOR CARPET Quartz in Derby in Cotton Obelisk Luxury Vinyl Graceful Finesse in Frost White Tile in Beige Slate Charcoal 5/1/2025 Page 136 of 181 Highland Park Townhomes Habitat Company Date 25-Mar-26 Phase Schematic Design NRSF SF For Sale SF Unit Count Unit Description Notes: Unit (sf) Garage (sf) Total (sf) Unit (sf) Garage (sf) Total (sf) Total Percent Townhome Units Plan A 3 Bed / 2.5 Bath 1,826 397 2,223 1,747 390 2,137 51 22.47% Rear-Load Garage Plan A3 - Affordable 3 Bed / 2.5 Bath 1,826 397 2,223 1,747 390 2,137 34 14.98% Rear-Load Garage Plan B - Interior/End 3 Bed / 3.5 Bath 2,014 438 2,452 1,934 431 2,365 92 40.53% Rear-Load Garage Plan C - Interior 3 Bed / 3.5 Bath 2,209 404 2,613 2,098 405 2,503 30 13.22% Front-Load Garage Plan C - End 3 Bed / 3.5 Bath 2,224 404 2,628 2,112 405 2,517 20 8.81% Front-Load Garage Total Townhome Units 227 100.00% Totals 227 100.00% NRSF: (Net Rentable Square Footage) Measured to exterior face of stud at exterior and to centerline of demising wall; including all stair openings but excluding garage. For Sale SF: Measured to exterior face of stud at exterior wall and to outside face of stud at demising wall; excluding upper level stair opening and garage. Page 137 of 181 5/8/2026 Zubin Coleman Senior Planner City of Highland Park 1707 St Johns Avenue Highland Park, Illinois 60035 Dear Mr. Coleman HDC M/I HP Venture, LLC is in receipt of a memorandum dated April 15, 2026 regarding Inclusionary Comments for 1700 Old Deerfield Rd. Amendment (2026). Pursuant to that memo, below are comments and responses. • Housing Commission (HC) review is required to approve the proposed changes in the form of an amendment to the most recently-approved Inclusionary Housing plan. Comment Noted • Converting all units on-site to three bedroom units will remove the HC-approved departure to Sec. 150.2150(E)(1) – ‘Unit Proportional Mix’. Comment Noted • The bedroom mix of inclusionary units is equal to the bedroom mix of market-rate units. Comment Noted • Proposing all units as ‘for-sale’ removes the Council-approved relief of requesting rental inclusionary units to follow a different Area Median Income than what is permitted in Sec. 150.2155(B) – ‘Target Income Levels for Affordable Housing Units’. Comment Noted • The Applicant had already proposed that any for-sale units would follow the target income levels set forth in Sec. 150.2155(A), thus not triggering any relief. Comment Noted • The HC-approved departure for the Location of inclusionary units still applies, due to building assemblies not housing inclusionary units, per Sec. 150.2150(A). Comment Noted; No changes to locations of units has been made. • The HC-recommended and Council-approved cash payment-in-lieu request to omit 1 of the required 1.2 units not provided on-site, still applies. Comment Noted • Please provided an updated phasing plan depicting of the number of inclusionary units per construction phase. Comment Addressed. Please see the attached Ex. 2 – Construction Phasing Plan • Please provide an updated project narrative for the Inclusionary Housing amendment, detailing the changes. Comment Addressed. Please see the attached Ex. 1 – Project Narrative • Project narrative should confirm that interior finishes will be comparable (but not exactly the same) to market-rate units. Comment Addressed. Please see the attached Ex. 3 – Included Features. Please note that these are the Base Interior Finishes for ALL units – not just the affordable units. • Items will need to be submitted a minimum 24 days prior to the scheduled Housing Commission meeting date, in order to appear on that agenda. Comment Noted. Respectfully Zachary E. Kenitzer, PhD HDC M/I HP Venture, LLC c/o M/I Homes Page 138 of 181 Application Review Preliminary Housing Plans The Laurel McGovern Condominiums 1696-1704 McGovern Street and 793 Laurel Avenue Consideration by the Housing Commission June 3, 2026 City of Highland Park Department of Community Development 1696-1704 McGovern Street and 793 Laurel Avenue Preliminary Inclusionary Housing Application Review June 3, 2026 pg. 1 Page 139 of 181 Table of Contents Background ..................................................................................................................................... 3 Sec. 150.2105 - Covered Development Projects. ......................................................................... 3 Sec. 150.2135 - Application and Inclusionary Housing Plan ...................................................... 3 Sec. 150.2135 (B)(2)(a)(i) Inclusionary Housing Plan Review Procedure. ................................. 5 Summary of Consideration ............................................................................................................. 5 Recommendation ............................................................................................................................ 5 Analysis of Requirements & Standards .......................................................................................... 6 Sec. 150.2115 – Provision of Affordable Housing Units.............................................................. 6 Sec. 150.2125 - Cash Payment in-Lieu of Affordable Housing Units. ..........................................7 Sec. 150.2150 - Integration of Affordable Housing Units. .......................................................... 8 Sec. 150.2155 -Target Income Levels for Affordable Housing Units. ........................................ 12 Sec. 150.2165 - Marketing of the Affordable Housing Units...................................................... 13 Sec. 150.2170 - Period of Affordability....................................................................................... 13 Sec. 150.2175 - Affordability Controls. ....................................................................................... 13 Required Findings ......................................................................................................................... 15 Cash Payment in-Lieu of Affordable Housing Units per Sec. 150.2125. .................................... 15 Departures from Requirements per Sec. 150.2180. ................................................................... 15 Regarding Overarching Inclusionary Housing Standards per Sec. 150.2135(B)(3). ................. 16 1696-1704 McGovern Street and 793 Laurel Avenue Preliminary Inclusionary Housing Application Review June 3, 2026 pg. 2 Page 140 of 181 Background The following provides staff’s review of the applicant’s preliminary affordable housing plans for the proposed developments, The Laurel McGovern Condos, at 1696-1704 McGovern Street and 793 Laurel Avenue. The applicant proposes a five-story, 20-unit for-sale luxury condominium development to be located at 1696-1704 McGovern Street and a five-story, 14 unit for-sale luxury condominium development at 793 Laurel Avenue. The Property at 1696 McGovern Avenue is 26,892 square feet and is currently zoned RM1A. The applicant seeks to rezone the property R0. The Property at 793 Laurel Avenue is 18,915 square feet and is currently zoned RM1A. The applicant seeks to rezone the property R0. The units are a mix of two, three and four bedroom condominiums. This project will have amenities such as on- site fitness center, resident lounge, working and meeting space, secure package and grocery delivery area, landscaped outdoor terraces, community gathering area, storage rooms, and bike storage. These amenities will be made available to all units. Each affordable unit will have one parking space. For ease of reference and consideration, this document is organized by section of the City’s Code related to inclusionary housing. It provides excerpts of that Code and staff’s review comments to aid the Commission in its deliberations. 1 Throughout this document, words in italics are excerpts from the City Code itself and those in brown represent staff’s comments. Applicant responses to some of staff’s initial inclusionary comments are represented in green. The Applicant also provided a narrative explaining aspects of the proposed development and it is attached as part of their application. Sec. 150.2105 - Covered Development Projects. Pursuant to Section 150.2105, the proposed 20 and 14 unit 2 multi-family residential buildings are covered developments subject to the provisions of Article 21. (A) General. The provisions of this Code shall apply to all developments that result in or contain five or more residential dwelling units. […] Sec. 150.2135 - Application and Inclusionary Housing Plan. The Applicant has provided a complete preliminary affordable housing application in accordance with Sec. 150.2135 as required (see attached Inclusionary Housing Plan). The following provides an excerpt of this Section for reference. (A) Application. For all covered development projects, the Applicant shall file an application for approval thereof on a form provided and required by the City. The application shall require, and the Applicant shall provide, among other things, general information about the nature and scope of the covered development, as well as such other documents and information as the Director of the City's Department of Community Development, or his or her designee ("Director"), may require. The Director shall also have the authority to require, as part of the application submittal, such portions of the inclusionary housing 1 As most recently amended on October 28, 2019 by Ordinance O72-2019. 2 Including market rate unit bonuses. 1696-1704 McGovern Street and 793 Laurel Avenue Preliminary Inclusionary Housing Application Review June 3, 2026 pg. 3 Page 141 of 181  plan required under Section 150.2135(B) of this Code as the Director shall deem necessary to properly evaluate the proposed covered development under the requirements and provisions of this Code. (B) Inclusionary Housing Plan. As part of the approval of a covered development project, the Applicant shall present to the Housing Commission and the City Council an inclusionary housing plan that outlines and specifies the covered development's compliance with each of the applicable requirements of this Code, in accordance with the following: (1) Required Submittals for Inclusionary Housing Plan. The plan shall specifically contain, at a minimum, the following information regarding the covered development project; (1) Required Submittals for Inclusionary Housing Plan. The plan shall specifically contain, at a minimum, the following information regarding the covered development project; (a) Preliminary Plan. (i) A general description of the development, including whether the development will contain rental units or individually owned units, or both; (ii) The total number of market rate units and affordable units in the development; (iii) The total number of attached and detached residential units; (iv) The number of bedrooms in each market rate unit and each affordable unit; (v) The area of each market rate unit and each affordable unit; (vi) The location within any multiple-family residential structure and any single-family residential development of each market rate unit and each affordable unit. (vii) Floor plans for each affordable unit; (viii) The amenities that will be provided to and within each market rate unit and affordable unit; and (ix) The pricing for each market rate unit and each affordable housing unit. 1696-1704 McGovern Street and 793 Laurel Avenue Preliminary Inclusionary Housing Application Review June 3, 2026 pg. 4 Page 142 of 181 Sec. 150.2135 (B)(2)(a)(i) Inclusionary Housing Plan Review Procedure. The following provides the review procedure for the Commission’s consideration of a preliminary application as set forth by City Code. Should this preliminary application be approved, a final application will be submitted and considered by the Commission at a later date. (a) Preliminary Plan (i) Housing Commission Review. Within 60 days after the filing of a complete preliminary Inclusionary Housing Plan, the Housing Commission shall review the Inclusionary Housing Plan, and shall recommend either the approval (with or without modifications) or the rejection of the Inclusionary Housing Plan. The Housing Commission shall transmit its findings of fact and recommendation to the City Council. The failure of the Housing Commission to provide a recommendation within such 60 day period, or such further time to which the applicant may, in writing, agree, shall be deemed a recommendation against the approval of the Inclusionary Housing Plan. Summary of Consideration The applicant’s proposed inclusionary housing plan proposes to provide 3 of the 5.8 required affordable units on-site while proposing a payment-in-lieu for the remaining 2.8 required units. This report provides an analysis of the applicant’s proposed inclusionary housing plan relative to the applicable Code standards and required findings that are needed for the Commission to develop its recommendation to the City Council. Recommendation Staff recommend the Commission consider the preliminary housing plan, deliberate, and direct staff to draft findings as appropriate for the Commission’s recommendation to City Council, or provide direction for the applicant to provide Commission with additional information for further review if needed. 1696-1704 McGovern Street and 793 Laurel Avenue Preliminary Inclusionary Housing Application Review June 3, 2026 pg. 5 Page 143 of 181 Analysis of Requirements & Standards The following analyzes the proposal regarding the applicable aspects of the City Code. It begins with a review of the provision of affordable housing units Sec. 150.2115 – Provision of Affordable Housing Units. Non-Compliant. The Applicant proposes providing 3 of the required 5.8 affordable housing units on-site, with a payment-in-lieu of $519,120 for the 2.8 units not provided. Recent housing developments that the Commission recommended allowing payment-in-lieu, such as Park Sheridan and the Walton resulted in higher effective rates of affordability than what is currently proposed at the Laurel and McGovern Condos. Albion I and Albion II used payment-in-lieu to omit more than 2.8 units, but was approved for fiduciary reasons and ultimately still yielding a higher effective rate of affordability than this proposal.  Albion I paid a $1.25 million payment-in-lieu fee to omit 10 of the required 27 on-site affordable units. The effective rate of affordability for this development, after market rate bonuses were applied is 16.8%  Albion II paid a $600,000 payment-in-lieu fee to omit 4.8 of the required 14.8 on-site affordable units. The effective rate of affordability for this development, after the market rate bonuses are applied is 16.6%. o Both Albion Development payment-in-lieus were outliers. The HTF had an extremely low balance at the time, jeopardizing the stability of the housing program. The City viewed the Albion payment-in-lieu amounts as a way to replenish the HTF and support future housing program endeavors.  Park Sheridan paid a $200,000 payment-in-lieu fee to omit 1.4 of the 3.4 on-site affordable units. The applicant paid $25,000 more than the $125,000 payment-in-lieu fee (which has since been increased to $185,400.) The old affordable housing calculator permitted $50,000 to be paid by right for the fractional 0.4 units, totaling $200,000. The effective rate of affordability for this development, after market rate bonuses are applied is 17.0%.  The Walton requested to pay a $222,480 payment-in-lieu fee to omit 1.2 of the required 3.2 on-site affordable units. The effective rate of affordability for this proposed development, after the market rate bonuses are applied is 16.8%.  The current applicant requests to pay a $519,120 payment-in-lieu fee to omit 2.8 of the required 5.8 on-site affordable units. The effective rate of affordability for this proposed development, after the market rate bonuses are applied is 8.8%. 1696-1704 McGovern Street and 793 Laurel Avenue Preliminary Inclusionary Housing Application Review June 3, 2026 pg. 6 Page 144 of 181  o The City would prefer to see an additional affordable unit provided on site to raise the effective rate of affordability. (A) Calculation of Units Required. Unless an exception is approved pursuant to Sections 150.2120, 150.2125, or 150.2130 of this Code, the applicant for a covered development project must satisfy the requirements of this Article XXI by providing affordable housing units within the development, calculated as follows: (1) The applicant must identify the number of dwelling units proposed to be constructed as part of the covered development project, which quantity must comply with the applicable regulations set forth in Article VII of this Chapter 150 and the other applicable building and zoning regulations of this Code. (2) Of the quantity of dwelling units identified pursuant to Section 150.2115(A)(1) of this Code, 20 percent must be designated as affordable housing units. If the 20 percent calculation performed pursuant to this Section 150.2115(A)(2) yields a fractional number, the applicant must either: (a) provide a full affordable housing unit; or (b) pay a fee­in-lieu for that fractional unit, in the corresponding fractional amount of the per unit payment amount established pursuant to Section 150.2125(B) of this Code. (3) The applicant may then incorporate 1.5 additional dwelling units into the covered development project for each affordable unit provided pursuant to this Section 150.2115 (i.e. the applicant may incorporate the additional dwelling units, notwithstanding the number identified pursuant to Section 150.2115(A)(1) of this Code or any maximum density regulation set forth in another provision of this Code). Sec. 150.2125 - Cash Payment in-Lieu of Affordable Housing Units. This Section is applicable to this particular project as the applicant is proposing 3 of the 5.8 required affordable units on site and to make a payment-in-lieu of $519,120 1696-1704 McGovern Street and 793 Laurel Avenue Preliminary Inclusionary Housing Application Review June 3, 2026 pg. 7 Page 145 of 181 for the 2.8 units not provided. The Housing Commission must make a recommendation to City Council by determining if the payment in lieu request is, “in keeping with the goal of advancing affordable housing opportunities in the City to a greater extent than the provision of the units on site”, per Sec. 150.2125(A) (see below). A departure from the code is NOT necessary here, as HC will make a recommendation to City Council as part of their consideration of this Planned Development proposal. (A) General Applicability. The applicant may make a cash payment in lieu of constructing some or all of the required affordable housing units otherwise required pursuant to Section 150.2115 of this Code, but only if either: […] or (2) the City Council approves such payment, after consideration of a recommendation from the Housing Commission, and after making a determination that such a payment will further affordable housing opportunities in the City to an equal or greater extent than through provision of affordable units pursuant to Section 150.2115 of this Code. (B) Amount and Use of Cash in Lieu. […] For all other covered developments, the per unit payment amount shall be not less than the amount set forth in the City's Annual Fee Resolution. The minimum per unit amount shall be determined by the City Council, based upon an estimate of the cost of providing an affordable housing unit, and shall be reviewed and modified periodically by the City Council. All cash payments received pursuant to this Article shall be deposited directly into the Affordable Housing Trust Fund for purposes authorized under Section 33.1133 of this Code. (C) Calculation. The total in lieu payment amount shall be equal to the per unit amount established by the City pursuant to Section 150.2125(B) of this Code multiplied by 20 percent of the number of units proposed in the covered development, less the per unit amount multiplied by the number of affordable housing units actually provided by the applicant pursuant to Section 150.2115 of this Code. Sec. 150.2150 - Integration of Affordable Housing Units. (A) Location of Affordable Housing Units. Affordable housing units shall be dispersed among the market rate units throughout the covered development. Non-Compliant. The two affordable units (units 103 and 203) at 1696 McGovern Avenue are located directly on top of each other on the first and second level. Section 150.2150 – Integration of Affordable Housing Units requires the affordable housing units shall be dispersed among the market rate units. In the past, the Housing Commission’s preference has been to interpret Section 150.2150 as a requirement to disperse affordable units among multiple floors in developments taller than three stories. The Housing Commission must determine if the placement of the inclusionary units is acceptable, as a Departure from the Code is required here. 1696-1704 McGovern Street and 793 Laurel Avenue Preliminary Inclusionary Housing Application Review June 3, 2026 pg. 8 Page 146 of 181  (B) Phasing of Construction. The inclusionary housing plan and the development agreement shall include a phasing plan that provides for the timely and integrated development of the affordable housing units as the covered development project is built out. The phasing plan shall provide for the development of the affordable housing units concurrently with the market rate units. […] The phasing plan shall also provide that the affordable housing units shall not be the last units to be built in any covered development. Compliant. The applicant has stated that the building at 1696 McGovern will be constructed before the building at 793 Laurel Avenue. Two inclusionary units are located in the first construction phase and one is included in the second construction phase. The inclusionary units will be built concurrently with their market rate counterparts. (C) Exterior Appearance. The exterior appearance of the affordable housing units in any covered development shall be visually compatible with the market rate units in the development. External building materials and finishes shall be substantially the same in type and quality for affordable housing units as for market rate units. Compliant. Although evidence of the exterior of the proposed units is not required in the Preliminary Inclusionary Housing Plan, the applicant has provided architectural renderings that show there will be no differences to the exterior materials or appearance between the market and affordable units. (D) Unit Amenities. Amenities that are provided with a market rate unit shall also be provided with the affordable units. For purposes of this Section 150.2150(D), "amenities" shall include, without limitation, basements, front porches, storage lockers, balconies, roof decks, outdoor patios, off-street parking, enclosed parking, appliances, and similar unit features and additions. Specially, and without limitation of the foregoing, the development must comply with the following: Compliant. The proposed amenities for the project include on-site fitness center, resident lounge, working and meeting space, secure package and grocery delivery areas and landscaped outdoor terraces and gathering areas for all residents. Each unit will include secure private storage rooms and secure bicycle storage. These amenities will be made available to all market rate and affordable unit residents. Each affordable unit will have 1 parking space included. The applicant states that affordable unit finishes will be similar to that of the market rate units. More details about unit finishes will be provided during the final inclusionary review. (1) Parking Amenities. One parking space per affordable unit must be included in the rent and without any additional charge to the tenant. Additional parking spaces must be made available in the same manner and using the same method for allocation for the market rate units. Premium parking spaces, such as indoor parking, shall not be required to be allocated to the affordable units free of charge, provided that required parking is provided elsewhere on the site. Compliant. Each inclusionary unit includes one parking space. The applicant should clarify if additional parking spaces will be made available 1696-1704 McGovern Street and 793 Laurel Avenue Preliminary Inclusionary Housing Application Review June 3, 2026 pg. 9 Page 147 of 181  to inclusionary owners in the same manner and using the same method for allocation for the market rate units. (2) Storage Amenities. To the extent that storage is allocated to all market rate units within a development, similar storage space must be allocated to all affordable units and included in the rent without additional charge to the tenant. If storage space is not allocated to all units due to insufficient ratio of storage space to residential units, then the affordable units should have access to storage in the same manner as do the market rate units, at a cost discounted by the ratio of the affordable unit's rent to the equivalent size unit's market rent. Compliant. The applicant indicates that every unit, including the inclusionary units, will have private storage rooms and bike storage. The applicant should detail how many private storage rooms are allocated to each market rate and inclusionary unit. (E) Interior Appearance and Finishes. Affordable housing units may differ from market rate units with regard to interior finishes and gross floor area, provided that:  Compliant. As mentioned earlier, interior finishes are proposed to be the same for market and inclusionary units. The applicant will provide more details during the final inclusionary review. (1) The bedroom mix of affordable units shall be in equal proportion to the bedroom mix of the market rate units. Non-Compliant. The applicant is providing two 3-bedroom and one 2- bedroom inclusionary units. The bedroom mix for the affordable units is similar but not equal proportion to the bedroom mix of the market rate units as required by Sec. 150.2150(E)(1) of the Code. The inclusionary unit mix would be slightly closer to that which is required by Code if all inclusionary units had 3-bedrooms. See below the actual proposed unit mix and a scenario in which all units have 3 bedrooms. Distribution of Affordable Units by Type Proposed vs. Required – As Proposed Proposed by Applicant Required Proportion Proportion # of Total Sub-Total Sub-Total of Proposed Unit of Mkt Rate Affordable # of Mkt Rate Affordable Affordable vs. Type Units by Units Units Units Units Units Required Type Required Provided 2 bed 4 3 10% 1 33% .29 .71 3 bed 28 26 84% 2 67% 2.52 -.052 4 bed 2 2 6% 0 0% .19 -.19 TOTAL 34 31 100% 3 100% 3 1696-1704 McGovern Street and 793 Laurel Avenue Preliminary Inclusionary Housing Application Review June 3, 2026 pg. 10 Page 148 of 181  Distribution of Affordable Units by Type Proposed vs. Required – Scenario 1 Proposed by Applicant Required Proportion Proportion # of Total # Sub-Total Sub-Total of Proposed Unit of Mkt Rate Affordable of Mkt Rate Affordable Affordable vs. Type Units by Units Units Units Units Units Required Type Required Provided 2 bed 3 3 10% 0 0% .29 -.29 3 bed 29 26 84% 3 100% 2.52 .48 4 bed 2 2 6% 0 0% .19 -.19 TOTAL 34 31 100% 3 100% 3 (2) The differences between the affordable housing units and the market rate units shall not include improvements related to energy efficiency, including mechanical equipment and plumbing, insulation, windows, and heating and cooling systems.  Compliant. As mentioned earlier, interior fits and finishes are proposed to be the same for market and inclusionary units. The applicant will provide more details during the final inclusionary review. (3) The interior gross floor area for the affordable housing units shall be no less than the lesser of (a) 75 percent of the gross floor area of market rate units with a comparable number of bedrooms, or (b) The minimum size requirements outlined in the table below; provided, however, that interior gross floor area shall not include areas devoted to vertical circulation, basements, off-street parking, lockers and similar storage areas, and mechanical rooms.” […]  Compliant. The proposed size of the affordable units meets the requirements of this sub-section 150.2150(E) (3) as shown in the tables below. The table below provides a comparison of affordable unit area proposed vs. required. Note that the last column of this table is derived using the average market rate unit area by unit type provided by the applicant. 1696-1704 McGovern Street and 793 Laurel Avenue Preliminary Inclusionary Housing Application Review June 3, 2026 pg. 11 Page 149 of 181  Proposed Unit Type AMI Affordable Minimum Area 75% of Average Affordable (Bedrooms) Unit Area Required per Market rate unit Unit Area Proposed Sec. 2150(E)(3)(b) size per (in sq.ft) Sec. 2150(E)(3)(a) UNIT# #103 (1696 3 bed 65% 1,600 1,175 1,899 McGovern) #203 (1696 3 bed 100% 1,600 1,175 1,899 McGovern) #102 (793 2 bed 65% 1,175 950 1,771 Laurel) Source: Application. Note last column calculated by staff. Average Area (in SF) of Market Rate Units by Type, including Price Range: Total # of Average Unit Type Mkt Rate Avg. Unit Estimated (bedrooms) Units Area Sales Price 2 3 2100 $1,312,500 3 26 2422.31 $1,513,786 4 2 3525 $2,837,500 Source: Application. Average Unit Area calculated by staff with data from application. Sec. 150.2155 -Target Income Levels for Affordable Housing Units.  Compliant. The applicant proposes two affordable units to be sold at the 65% AMI tier and the other unit to be sold at the 100% AMI tier. This meets the requirements of Section 150.2155(A). See highlighted section of the Code below that requires developments with for-sale units to have no less than 50% of the inclusionary units sold at the 65% AMI tier and the rest sold at 100% AMI. The below distribution unit table, based on the applicant’s proposal, satisfies this requirement. Proposed Distribution of Units by Income Tier w/Required Distribution by Unit Type Income Tier (AMI) Unit Type Distribution by 45% 65% 100% (bed) Unit Type 3 0 2 1 3 Distribution 0 (0%) 2 (67%) 1 (33%) by Income Sec. 150.2155(A) For-Sale Affordable Housing Units. In covered development projects that contain for-sale units, at least one affordable housing unit and no less than 50 percent of the affordable housing units shall be sold to low-income households at a price, as determined pursuant to Section 150.2155(C) of this Code, that, on average, is affordable to a household with an annual income that is 65 percent of area median income. Any remaining affordable units shall be sold to moderate-income households at a price, as determined pursuant to Section 150.2155(C) of this Code, that, on average, 1696-1704 McGovern Street and 793 Laurel Avenue Preliminary Inclusionary Housing Application Review June 3, 2026 pg. 12 Page 150 of 181  is affordable to a household with an annual income that is 100 percent of area median income. The owner shall execute and record any documents required by Section 150.2140 of this Code to ensure compliance with this Section 150.2155(A). Sec. 150.2165 - Marketing of the Affordable Housing Units. Compliant. The applicant intends to work closely with the City and Community Partners for Affordable Housing in identifying income qualified tenants and facilitating the marketing and sale of inclusionary units. (A) Good Faith Marketing Required. All sellers and lessors of affordable units are responsible for marketing the affordable units, and shall engage in good faith marketing efforts to inform members of the public who are qualified to purchase or rent affordable units of the availability of such units for sale or rent. Prior to the initiation of public marketing efforts to sell or lease an affordable housing unit, the seller or lessor thereof shall submit to the Director of Community Development a description of the marketing plan that the applicant proposes to utilize and implement to promote the sale or rental of the affordable units within the development to the appropriate income groups. (B) City Assistance with Marketing. At the applicant's request, the City or its designee shall assist the applicant in marketing the affordable housing units to eligible households, for an additional charge to be determined by the City. Sec. 150.2170 - Period of Affordability. Compliant. The proposed units are required to be made affordable in perpetuity per Code. (A) Sale of Affordable Housing Units. In covered developments that contain for-sale units, affordable housing units shall be resold to low and moderate income households for so long as the units are used for residential purposes, in perpetuity or as long as permissible by law. The owner shall execute and record any documents required by Section 150.2140 of this Code to ensure compliance with this Section 150.2170(A). Sec. 150.2175 - Affordability Controls. The following section is provided for the Commission’s reference regarding affordability controls. The applicant will comply with these requirements. (A) For-Sale Affordable Housing Units. (1) Housing Commission Purchases. The Housing Commission, or a not-for-profit agency designated by the Housing Commission, shall have the pre-emptive option and right, but not an obligation, to purchase each of the for-sale affordable housing units prior to any sale of any such unit. If the City, or the designated not- for-profit, exercises the option and purchases the affordable housing unit, the affordable housing unit shall be subject to such documents deemed necessary by the City, including, without limitation, restrictive covenants and other related instruments, to ensure the continued affordability of the affordable housing units in accordance with this Article. Such documentation shall include the provisions of this Code and shall provide, at a minimum, each of the following: 1696-1704 McGovern Street and 793 Laurel Avenue Preliminary Inclusionary Housing Application Review June 3, 2026 pg. 13 Page 151 of 181  (a) The calculated maximum resale price is an upper limit, but shall not be construed as a guarantee that the unit will be resold at that price. (b) Market conditions, and characteristics of the affordable housing unit, may result in the sale of an affordable housing unit at a price lower than the calculated maximum resale price. (2) Private Party Purchases. In all other sales of for-sale affordable housing units, the parties to the transaction shall execute and record such documentation as required by Section 150.2140 of this Code to ensure the provision and continuous maintenance of the affordable housing units. Such documentation shall include the provisions of this Code and shall provide, at a minimum, each of the following: (a) The affordable housing unit shall be sold to and occupied by an eligible household. (b) The affordable housing unit shall be conveyed subject to restrictions that shall permanently maintain the affordability of such affordable housing units for eligible households. (c) Preference for the affordable housing units shall be given to eligible households pursuant to the priorities set forth in Section 150.2160 of this Code. (d) The calculated maximum resale price is an upper limit, but shall not be constructed as a guarantee that the unit will be resold at that price. (e) Market conditions, and characteristics of the affordable housing unit, may result in the sale of an affordable housing unit, may result in the sale of an affordable housing unit at a price lower than the calculated maximum resale price. (B) Subleasing Prohibited. Subleasing of affordable units shall not be permitted without the express written consent of the Director. Sec. 150.2175 – Departures from Requirements. The Housing Commission may recommend, and the City Council may approve, departures from any of the standards set forth in this Article, upon making each of the following findings: (A). Due to specific and unique circumstances, undue hardship would be caused by the literal enforcement of the standards and requirements set forth in this Article: (B) By virtue of excellence in design, the proposed departure from the standards does not result in a diminished or lower quality of affordable dwelling unit, but provides a functionally equivalent dwelling unit: and. (C) The proposed affordable housing units otherwise meet the purpose and intent of this Code. 1696-1704 McGovern Street and 793 Laurel Avenue Preliminary Inclusionary Housing Application Review June 3, 2026 pg. 14 Page 152 of 181 Required Findings For ease of reference and consideration, all required findings are provided in this part of the report. The Commission must review and deliberate on these required findings as part of making its preliminary recommendation to the City Council. After deliberation, the Commission should direct staff to draft the Commission’s recommendation in accordance with its findings as appropriate. Cash Payment in-Lieu of Affordable Housing Units per Sec. 150.2125. This Section is applicable to this particular project as the applicant is proposing to provide 3 of the 5.8 required affordable units on site. A payment of $519,120 is requested in lieu of providing the remaining 2.8 units. No Departure from the Code is required for this section, as only City Council can approve this provision from the Inclusionary Ordinance, with a recommendation made by the Commission. (A) General Applicability. The applicant may make a cash payment in lieu of constructing some or all of the required affordable housing units otherwise required pursuant to Section 150.2115 of this Code, but only if either: […] or (2) the City Council approves such payment, after consideration of a recommendation from the Housing Commission, and after making a determination that such a payment will further affordable housing opportunities in the City to an equal or greater extent than through provision of affordable units pursuant to Section 150.2115 of this Code. Departures from Requirements per Sec. 150.2180 3. The applicant’s proposal requests two departures from the following provisions of the Code as further described and analyzed previously in this report: 1. The location of the units required in Sec. 150.2150(A). a. The applicant is proposing to locate the two affordable units at 1696 McGovern directly on top of one another on the first and second floor. The proposed development is five-stories. 2. The proportion of market unit bedroom types to inclusionary unit bedroom types as required in Sec. 150.2150(E)(1) a. The applicant proposes two 3-bedroom units and 1 2-bedroom unit. Three 3-bedroom units would be slightly closer to the bedroom mix of the market rate units. 3 The departures permitted by subsection 150.2180 do not extend beyond anything more than the physical attributes of the units themselves. Therefore, departures from the required total number of affordable units to be provided, the amount of a cash payment in-lieu, or any other discretionary consideration provided by Article 21 cannot be sought through use of subsection 150.2180 “Departures from Requirements” consideration. However, other departures can be considered by the Commission through the application of this Sec. 150.2180. 1696-1704 McGovern Street and 793 Laurel Avenue Preliminary Inclusionary Housing Application Review June 3, 2026 pg. 15 Page 153 of 181  The Housing Commission may recommend, and the City Council may approve, departures from any of the standards set forth in this Article, upon making each of the following findings: (A) Due to specific and unique circumstances, undue hardship would be caused by the literal enforcement of the standards and requirements set forth in this Article; (B) By virtue of excellence in design, the proposed departure from the standards does not result in a diminished or lower quality affordable dwelling unit, but provides a functionally equivalent dwelling unit; and (C) The proposed affordable housing units otherwise meet the purpose and intent of this Article. Regarding Overarching Inclusionary Housing Standards per Sec. 150.2135(B)(3). The Housing Commission shall not recommend the approval of a preliminary or final Inclusionary Housing Plan, and the City Council shall not approve a preliminary or final Inclusionary Housing Plan, except upon making the following findings: (a) That the applicant has demonstrated that the proposed affordable housing units are designed to accommodate the needs of the target households; The applicant proposes affordable units with the similar finishes and amenities as the market rate units provided with more details to follow at the time of the final inclusionary review. (b) That the location, floor plan, fixtures and finishes, and amenities of each proposed affordable housing unit satisfy the applicable provisions of this Code and are suitable for the needs of the target households; The applicant’s proposal for the affordable housing units somewhat meet the inclusionary standards. The location of the units are not completely dispersed throughout the site, which does not meet the code standards. The floor plans for the affordable units are smaller than the market-rate units, but do meet Code requirements. The inclusionary unit bedroom mix could be improved, but is not egregiously different from the market rate bedroom mix. (c) That each affordable housing unit is designed to accommodate family living needs for common space and dining areas; and The floor plans provided meet this standard as they provide adequate accommodations for expected household sizes. (d) That the proposed affordable housing units, and the development as a whole, conform to the applicable standards and requirements of this Chapter. 1696-1704 McGovern Street and 793 Laurel Avenue Preliminary Inclusionary Housing Application Review June 3, 2026 pg. 16 Page 154 of 181  The Commission must consider whether the following are an acceptable departure per the standards of Sec. 150.2180, if the proposed inclusionary plan conforms to the applicable standards and requirements of this Chapter, and consideration of a recommendation to City Council for a payment-in-lieu request: 1. Allowing the three proposed inclusionary units to be located directly on top of one another in a five-story building, not dispersed throughout the development. 2. Allowing an inclusionary unit bedroom mix that is not entirely proportional to that of the market rate units. 3. Omitting 2.8 of the required 5.8 affordable units via a $519,120 payment-in-lieu fee to the Housing Trust Fund, which required HC recommendation and City Council approval. 1696-1704 McGovern Street and 793 Laurel Avenue Preliminary Inclusionary Housing Application Review June 3, 2026 pg. 17 Page 155 of 181  Laurel McGovern Condominiums 1696 McGovern Street / 793 Laurel Avenue X X X 34 29 5 3 See Attached. X 1696 McGovern, consisting of 18 market rate units and 2 affordable units will be constructed first, and 793 Laurel, consisting of 13 market rate units and 1 affordable unit will be constructed second. See Attached. Page 156 of 181  See Attached. See Attached. Page 157 of 181  See Attached Bedroom and Size Distribution Matrix See Attached Bedroom and Size Distribution Matrix Page 158 of 181 EXHIBIT I Inclusionary Housing Plan 1 Page 159 of 181 Project: Laurel McGovern Condominiums 1696-1704 McGovern Street, and 793 Laurel Avenue Highland Park, IL 60035 Applicant: Structa LLC, Developer Project Description The Project is comprised of two parcels. The East parcel, at 1696 McGovern is a proposed five-story, multifamily, for-sale residential building comprising 18 market-rate units and 2 affordable units. The West parcel, at 793 Laurel is a proposed five-story, multifamily, for- sale residential building comprising 13 market-rate units and 1 affordable unit. Proposed amenities for the project include on-site fitness center, resident lounge, working and meeting space, secure package and grocery delivery areas and landscaped outdoor terraces and gathering areas for all residents. Each unit will include secure private storage rooms and the buildings will have secure bicycle storage. Inclusionary/Affordable Unit Calculations As outlined in the chart below, the proposed development includes 29 market-rate units, 3 on-site affordable units, and 4.5 bonus market-rate units, bringing the total unit count to 34 units. Based on the applicable inclusionary housing calculations, the Project is required to pay a fee in lieu for 2.8 affordable units, totaling $519,120. The chart below shows the calculation for Payment in lieu: Calculation of Affordable Units Row Requirements Calc. Name Proposed Units before Mkt Rate Unit Bonus 29 Enter A On-Site Affordable Units (included in base units above) 3 Enter B Mkt. Rate Unit Bonus 4.5 B*1.5 C Total Units (Mkt & Affordable w/Mkt Rate Bonus)* 34 A+C D Required Proportion of Units Affordable Before Bonuses 20% Code E Effective Proportion Affordable After Mkt. Rate Unit Bonus 17.1% H/D F Proportion of Total Units that are Affordable 8.8% B/D G Total Required Affordable Units 5.8 A*E H Required Affordable Units by Cash Payment In-Lieu 2.8 H-B I Required Cash Payment In-Lieu $519,120 I*$185.4K J 2 Page 160 of 181 Location of Affordable Housing Units 150.2150(A) The two inclusionary units at 1696 McGovern are located one each on the first and second floors of the building and will each contain 3 bedrooms and 2 bathrooms. The one affordable unit at 793 Laurel is located on the first floor of the building and will contain 2 bedrooms and 2 bathrooms. All of the affordable units will be similar in layout and features to other market rate units in the Project. Affordable Unit Amenities 150.2150(D) The proposed amenities for the project include on-site fitness center, resident lounge, working and meeting space, secure package and grocery delivery areas and landscaped outdoor terraces and gathering areas for all residents. Each unit will include secure private storage rooms and secure bicycle storage. These amenities will be made available to all market rate and affordable unit residents. Each affordable unit will have 1 parking space included. Interior Appearance and Finishes 150.2150(E) The market rate units will consist of 2, 3, and 4-bedroom layouts of varying sizes ranging from approximately 1,600-3,500 square feet. All units will have private outdoor terraces in addition to common building amenity spaces. The affordable units will consist of 3- bedroom layouts of approximately 1,600 square feet each with a private outdoor terrace. The affordable units will be similar in size and layout to equivalent market rate units in the building. Final finish selections will be provided when the specific product selections have been made. affordable unit finishes will be similar to the Project design offerings. Marketing of the Affordable Housing Units 150.2165 The Applicant commits to engage in good faith marketing of the affordable units, consistent with its marketing plans for the market rate units. The Applicant and its marketing and sales team will prepare materials for marketing similar to the market rate units. Copies of the marketing plan and materials will be made available when they are finalized for release. Detailed floor plans and specifications of construction and finish materials will be included. Applicant and its sales and marketing team will work with the City and CPAH to facilitate the marketing and sale of the inclusionary units. 3 Page 161 of 181 MARKET RATE UNIT MATRIX - 1696 McGOVERN Unit # of BR SQ FT Estimated Sale Price Estimated HOA $/MO 101 3 2,800 1,685,000 TBD 104 3 2,450 1,480,000 TBD 105 3 2,250 1,365,000 TBD 201 3 2,850 1,775,000 TBD 202 3 2,500 1,550,000 TBD 204 3 2,450 1,525,000 TBD 205 3 2,550 1,600,000 TBD 301 3 2,850 1,850,000 TBD 302 3 2,500 1,625,000 TBD 303 2 1,600 1,050,000 TBD 304 3 2,450 1,600,000 TBD 305 3 2,550 1,675,000 TBD 401 3 2,700 1,950,000 TBD 402 3 2,250 1,675,000 TBD 403 3 2,400 1,775,000 TBD 404 3 2,400 1,775,000 TBD 501 4 3,600 2,900,000 TBD 502 4 3,450 2,775,000 TBD INCLUSIONARY UNIT MATRIX - 1696 McGOVERN 103 3 1600 65% AMI TBD 203 3 1600 100% AMI TBD NOTE: ALL DATA INCLUDING SQUARE FOOTAGE AND PRICING ARE PRELIMINARY ESTIMATES AND MAY BE SUBJECT TO CHANGE BY THE DEVELOPER AT ANY TIME 4 4 Page 162 of 181 Market Rate Unit Matrix - 793 LAUREL Unit # of BR SQ FT Estimated Sale Price Estimated HOA $/MO 101 3 1,950 1,175,000 TBD 201 2 2,550 1,600,000 TBD 202 3 1,950 1,225,000 TBD 203 3 2,150 1,350,000 TBD 204 3 1,950 1,225,000 TBD 301 3 3,450 2,250,000 TBD 302 3 2,550 1,650,000 TBD 303 3 2,600 1,700,000 TBD 401 3 2,700 1,950,000 TBD 402 2 2,150 1,550,000 TBD 403 3 2,250 1,625,000 TBD 501 3 2,200 1,700,000 TBD 502 3 2,350 1,800,000 TBD Affordable Unit Matrix - 793 LAUREL Unit # of BR SQ FT Estimated Sale Price Estimated HOA $/MO 102 23 1,175 65% AMI TBD



  

 

  

  
 



 

  

 
 


 

5 Page 163 of 181 Page 164 of 181 Page 165 of 181 Page 166 of 181 Laurel McGovern Condominiums Plan & Design Commission Presentation April 21, 2026 Page 167 of 181 STREET LEVEL VIEW FROM CORNER OF LAUREL AVE & MCGOVERN AVE Page 168 of 181 VIEW LOOKING WEST DOWN LAUREL AVENUE Page 169 of 181 VIEW LOOKING EAST UP LAUREL AVENUE Page 170 of 181 VIEW OF BUILDING ENTRIES Page 171 of 181 VIEW LOOKING NORTH ACROSS LAUREL AVENUE Page 172 of 181 VIEW OF WEST BUILDING AND ALLEY FROM LAUREL AVE Page 173 of 181 AERIAL VIEW FROM SOUTHWEST Page 174 of 181 Page 175 of 181 Page 176 of 181 Page 177 of 181 Page 178 of 181  Metal Panel – Market Pearl White Mica Window Frame - Graphite Brick - Glen-Gery Stonington Gray Velour Samples in daylight BUILDING MATERIALS Page 179 of 181  52.47% 50.6% REVISIONS TO DESIGN Page 180 of 181 SITE PLAN Page 181 of 181