ORDINANCE FOR RELEASE OF USE RESTRICTION COVENANT
WHEREAS, on September 29, 2004, the City Council of the City of Chicago ("City Council") passed a certain ordinance (C.J.P. pp. 32268 through 33373), (referred to herein as the "Vacation Ordinance"), which Vacation Ordinance provided for an industrial program ("Industrial Program") alley vacation ("Vacation") of all the east-west 12-foot public alley in the block bounded by N. Morgan Street, N. Carpenter Street, W. Hubbard Street and W. Kinzie Street ("Subject Property"), known previously as CDOT File Number 08-27-04-2777 for LaSalle Bank National Association, formerly known as LaSalle National Bank, as trustee, Trust Number 111789 (the beneficiary of such trust was Ansley Management Company, Inc.); and
WHEREAS, the Vacation Ordinance provided that the Vacation of the Subject Property was conditioned upon the recording of a restrictive use covenant running with the land ("Restrictive Use Covenant"), that required the Subject Property be used only for "manufacturing (including production, processing, cleaning, servicing, testing and repair) of materials, goods or products only, and for those structures and additional uses which are reasonably necessary to permit such manufacturing use including the location of necessary facilities, storage, employee and customer parking, and other similar uses and facilities"; and
WHEREAS, the Restrictive Use Covenant was recorded on March 23, 2005, with the Office of the Cook County Recorder of Deeds as Document Number 0508227137, and is attached hereto as Exhibit A; and
WHEREAS, the Vacation Ordinance was recorded on March 23. 2005 with the Office of the Cook County Recorder of Deeds as Document Number 0508227136, and is attached hereto as Exhibit B: and
WHEREAS, Section 5 of the Vacation Ordinance sets forth that the Restrictive Use Covenant "may be released or abandoned by the City only upon approval of the City Council which may condition its approval upon the payment of suc...
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