Sturgis Bank & Trust entered lease agreement for parking lot

Sturgis Bank & Trust has developed a long-term lease for the 32-space parking lot behind its property, between South Nottawa and south Monroe streets, in Sturgis.
The lease with the city of Sturgis has an initial term of 20 years that began Oct. 1, with the option to renew for three succeeding periods of 20 years. Rent will be $1 per year.
In addition, the bank recently acquired the remainder of the south side of the 100 block of East Chicago Road in Sturgis, and has begun to restore several buildings.
According to terms of the lease, the bank agrees to improve the surface of the lot and maintain it to a level equal to its parking facilities. The bank is responsible for all snow removal, signage and other necessary upkeep.