Resolution Zoning 08-Z-115 - Laserfiche WebLink

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LEASE AGREEMENT TInS LEASE AGREEMENT is made by and between JERRY'S FAMOUS DEll, INC., a California corporation ("Lessor") and NATIONAL DEll CORPORATION, a Florida corporation ("Lessee"). WITNESSETII: That in consideration of the mutual covenants and agreements herein contained, it is agreed by and between Lessor and Lessee as follows: I. BASIC LEASE PROVISIONS AND DEFINITIONS: This Section I is an integral part of this Lease and all of the terms hereof are incorporated into this Lease in all respects. In addition to the other provisions which are elsewhere defined in this Lease, the following, whenever used in this Lease, shall have the meanings set forth in this Section, unless such meanings are expressly contradicted, limited or expanded elsewhere herein: (a) DATE OF LEASE: Asof SEl>T'r1BkJ, 2008 (b) LESSOR'S MAILING ADDRESS: 12711 Ventura Boulevard, Suite # 400 Studio City, California 91604 Attn: Guy Starkman (c) LESSEE'S MAILING ADDRESS: 12711 Ventura Boulevard, Suite # 400 Studio City, California 91604 Attn: Guy Starkman (d) GUARANTORS: None (e) DEMISED PREMISES: That certain land, as described on Exlnllit A attached hereto and made a part hereof. (f) LEASE 1ERMIRENEW AL OPTIONS C'tenn" or "term of this lease") (par. 3): five (5) years. The Commencement Date of the term of this Lease shall be the date on which Lessee first opens for business to the public. Lessee shall have the right to extend the term of this Lease for five (5) additional five (5) year periods upon the terms and conditions herein set forth. If Lessee shall exercise its right to so extend the term for any such period, the Minimum Rent during such option periods shall be as provided in Subsection 1 (g)(2) hereof. Lessee shall exercise such rights, if at all, by written notice to Lessor prior to the expiration of the original term of this Lease or the then current option period, as the case may be. (g) MINIMUM RENT (par. 4): (1) During the first (1st) lease year, Minimum Rent shall be in the amount of1WO HUNDRED FORTI TIIOUSAND ($240,000.00) DOLLARS per annum, payable in twelve (12) equal monthly installments, in advance, at the rate of TWENTY TIIOUSAND ($20,000.00) DOLLARS per month, together with applicable Florida sales and! or rent taxes thereon. Notwithstanding the foregoing, Tenant sban not be required to pay Minimum Rent until the fust day of the fifth month foUowing the Commencement Date. (2) On the first day of the second (2nd) lease year and annually at the commencement of each lease year thereafter, the Minimum Rent shall be inereased for the ensuing lease year in the same proportion that the CPI as herein defined C'Consumer Price Index for Urban Wage Earners and Clerical Workers (Revised Series) (CPI-W) Miami, Florida Region, All Items (1982-84 = 100)" issued by the Bureau of Labor Statistics of the United States Department of Labor in the Current Labor Statistics Section of the Monthly Labor Review (final publication only)), for the last month of the just expired lease year shall have increased in the aggregate over the said index figure for the month of the Commencement Date (which month shall be the "Base''). The Base shall be subtracted from the index. for the last month of the just expired lease year and the difference shall be divided by the Base to determine the percent of increase and the Minimum Rent shall be multiplied by the p=ent of increase and thereupon, the increase shall be added to the Minimum Rent to determine the adjusted Minimum Rent. In no event shall the annual rent ever be decreased. In the event that the Index shall cease to use the 1982-84 average of 100 as the basis of calculation, or if a substantial change is made in the terms or number of items contained in the Index, then the Index shall be adjusted to the figure that would have been arrived at had the change in the manner of computing the Index on the date of Lease not been altered. In the event that the Index shall be discontinued in whole or in part, or no longer published, Lessor shall substitute a comparable price index or formula and such substitute price index or formula shall have the same effect as if originally designated herein as the Index. Notwithstanding the foregoing provisions of this Section, the Minimum Rent shall not increase in any lease year by more than two (2%) percent over the Minimum Rent of the prior lease year. (h) PERMrITED USE (par. 9): The Lessee may use the Demised Premises for any lawful purpose. 2. DEMISED PREMISES: C:\Dooumalls and SCl%iap\ChristinJFDEUILoeal SettinplTemporary Internet FitoolCoD.cut.IESI8l.MRKS6F\lQ2287.DOC