Reso 2014-2198 - Laserfiche WebLink

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Subtenant shall be entitled to use during the Sublease Term of this Sublease, five (5) dedicated public parking spaces which Landlord shall identify in writing, subject to all of the terms and conditions upon which such spaces arc made available. 6. Section I I of the Sublease shall be amended to provide that Subtenant shall be entitled to a tenant improvement allowance (the "Allowance ") in an amount of up to $375,000.00 provided by the Sublessor, so long as Subtenant is not in default under this Sublease beyond any applicable cure period. The Allowance shall be paid to Subtenant as reimbursement for 50% the out of pocket costs paid by Subtenant for the "hard costs" of construction of the Subtenant's improvements to the Sublease Premises. Said $375,000 shall be repaid to Sublessor when sales exceed $5,000,000.00 annually. Said $375,000.00 allowance shall be listed as a liability on Subtenant's balance sheet. 7. Section 16 of the Sublease shall be amended by adding the following sentence to the end of the paragraph: Notwithstanding anything herein to the contrary, Landlord agrees to waive Sublessor's obligations to provide insurance under Section 11 of the Prime Lease to the extent Subtenant obtains the same insurance (as required under Section 16 of the Sublease), as reasonably determined by the Landlord. Section 19 of the Sublease is hereby deleted in its entirety and replaced by the following: Subtenant shall not mortgage, encumber, transfer, or assign this Sublease in whole or in part, or further sublet or permit occupancy of the Sublease Premises, or any part thereof or interest therein or enter into any other arrangement which does or may require the consent of the Landlord, including any of the foregoing effected by operation of law (each a "Transfer "), without the prior written consent of Sublessor and Landlord, which consent of Sublessor shall not be unreasonably withheld. Sublessor and Landlord's consent to a Transfer from a potential third party (the "Transferee ") may, in their sole discretion, be conditioned on the following: (i) the net assets of the Transferee immediately prior to the transfer shall not be less than the greater of the net assets of Subtenant immediately prior to the transfer or the net assets of Subtenant at the time of the signing of this Sublease and in Sublessor's and Landlord's reasonable judgment, the transferee is financially capable of performing the obligations under this Sublease; (ii) such Transfer shall not adversely affect the quality and type of restaurant operation which Tenant has conducted theretofore; (iii) such transferee shall possess the reputation and qualifications for the operation of the restaurant substantially equivalent to those of Subtenant and shall have demonstrated recognized experience in successfully operating such a restaurant of similar Page 2 of 6