Document:

exv10w30

 

Exhibit 10.30

Executive Officer Compensation Summary

Alseres Pharmaceuticals, Inc.’s (the “Company’s”) executive officers consist of: (i) Peter G.
Savas, Chairman and Chief Executive Officer; (ii) Mark J. Pykett, President and Chief Operating
Officer; (iii) Kenneth L. Rice, Jr., Executive Vice President, Finance and Administration, Chief
Financial Officer and Secretary; and (iv) Frank Bobe, Executive Vice President, Chief Business
Officer.

On March 31, 2006, the Company entered into employment agreements with each of Messrs. Savas,
Pykett and Rice effective January 1, 2006 as follows:

Mr. Savas. On September 8, 2004, Mr. Savas joined the Company as Chairman and Chief Executive
Officer. Mr. Savas’ employment agreement provides for an initial base salary of $400,000 in 2006,
incentive payments, other benefits and includes confidentiality and non-competition provisions.
Subject to certain contingencies, Mr. Savas is entitled to a one-year severance allowance in the
event that he is terminated in certain circumstances. The one year Agreement automatically renews
for an additional 12 month period, unless either party notifies the other party in writing not less
than 90 days prior to expiration.

Mr. Pykett. On November 1, 2004, Mr. Pykett joined the Company as Executive Vice President and
Chief Operating Officer and on February 3, 2005 was appointed President and remained Chief
Operating Officer. Mr. Pykett’s employment agreement provides for an initial base salary of
$300,000 in 2006, incentive payments, other benefits and includes confidentiality and
non-competition provisions. Subject to certain contingencies, Mr. Pykett will be entitled to a
nine-month severance allowance in the event that he is terminated in certain circumstances. The one
year Agreement automatically renews for an additional 12 month period, unless either party notifies
the other party in writing not less than 90 days prior to expiration.

Mr. Rice. On July 8, 2005, Mr. Rice joined the Company as Executive Vice President, Finance and
Administration and Chief Financial Officer. Mr. Rice’s employment agreement provides for an initial
base salary of $300,000 in 2006, incentive payments, other benefits and includes confidentiality
and non-competition provisions. Subject to certain contingencies, Mr. Rice will be entitled to a
nine-month severance allowance in the event that he is terminated in certain circumstances. The one
year Agreement automatically renews for an additional 12 month period, unless either party notifies
the other party in writing not less than 90 days prior to expiration.

On April 16, 2007, Mr. Bobe joined the Company as Executive Vice President, Chief Business Officer
and entered into an employment agreement with the Company. Mr. Bobe’s employment agreement provides
for an initial base salary of $300,000 in 2007, incentive payments, other benefits and includes
confidentiality and non-competition provisions. Subject to certain contingencies, Mr. Bobe will be
entitled to a nine-month severance allowance in the event that he is terminated in certain
circumstances. The initial term of the employment agreement was through December 31, 2007, with
automatic renewal for additional 12 month periods, unless either party notifies the other party in
writing not less than 90 days prior to expiration.

2007 Option Grants: On June 7, 2007, options to purchase shares of the Company’s common stock at an
exercise price of $2.87 per share, vesting in equal monthly installments over three years were
granted to the following executive officers:

	 	 	 	 	 
	Mr. Savas
	 	 	200,000	 
	Mr. Pykett
	 	 	100,000	 
	Mr. Rice
	 	 	100,000	 

In addition, in connection with joining the Company, Mr. Bobe, received an option to purchase
300,000 shares of the Company’s common stock at an exercise price of $2.94 per share. The stock
option will vest as to 1/3 of the shares with the remaining 2/3 of the shares vesting in equal
monthly installments over 36 months.

2007 Incentive Compensation and 2008 Annual Base Salary: In December 2007, the compensation
committee of the board of directors approved the following 2007 incentive compensation amounts for
the executive officers, of which

 

 

15% was to be paid in stock on January 2, 2008 and 85% was to be paid in cash. In December
2007, the compensation committee of the board of directors approved the following new base salaries
for 2008, effective January 1, 2008:

	 	 	 	 	 	 	 	 	 
	 	 	2007 Incentive	 	2008 Annual
	 	 	Compensation	 	Base Salary
	Mr. Savas
	 	$	225,000	 	 	$	472,500	 
	Mr. Pykett
	 	$	136,000	 	 	$	357,000	 
	Mr. Rice
	 	$	90,000	 	 	$	315,000	 
	Mr. Bobe
	 	$	67,500	 	 	$	315,000exv10w64

 

STONEWOOD VILLAGE

FULTON COUNTY, GEORGIA

STONEWOOD PARTNERS, LLC

as Landlord

DOVER SADDLERY, INC. D/B/A DOVER SADDLERY

as Tenant

LEASE AND AGREEMENT

STONEWOOD VILLAGE SHOPPING CENTER

ALPHARETTA, GEORGIA

STORE # ____________

Dated: December ____________, 2007

 

 

STONEWOOD VILLAGE

LEASE

     
THIS LEASE is made as of the ___ day of December, 2007, by and between STONEWOOD
PARTNERS, LLC, a Georgia limited liability company whose address is 3801 Parian Ridge
Rd, N.W., ATLANTA, GEORGIA 30327 (hereinafter referred to as “Landlord”) and DOVER
SADDLERY RETAIL, INC. D/B/A DOVER SADDLERY, a Massachusetts corporation, with its
address at 525 Great Road, Littleton, Massachusetts 01460 (hereinafter referred to as
“Tenant”).

SECTION 1

DEFINITIONS

     1.1 Shopping Center. The term “Shopping Center” or the “Center” means all
that certain land
and all buildings, improvements, equipment and facilities erected thereon, located
at Highway 9 and
Cogburn Road, in Fulton County, Alpharetta, Georgia 30004, as more particularly
described in the legal
description of Exhibit “A” attached hereto and by this reference made a
part hereof, as same may be
altered, expanded or reduced from time to time, subject to the provisions hereof.

     1.2 Common Areas. The term “Common Areas” means those areas, facilities, utilities,
improvements, equipment and installations in the Shopping Center which are from
time to time designated
by Landlord for the nonexclusive use or benefit of Landlord and tenants of the
Shopping Center, their
employees, agents, customers, licensees and invitees. Landlord hereby grants to
Tenant: (i) the non-exclusive right to use, in common with other tenants and occupants of the Shopping
Center, their
subtenants, licensees and invitees, the Common Areas, including but not limited to
parking areas, roads,
streets, drives, cart corrals, truck and delivery passages and areas, customer
loading zones, landscaped and
planted areas, service areas, shared trash enclosures and facilities, parking lot
lighting, exterior ramps,
entrances to and exits from the Shopping Center, sidewalks, pylon or monument sign
structures, and
shared utility facilities now or hereafter made available or maintained by
Landlord in the Shopping Center
and (ii) all easements or other rights under any instrument creating covenants,
conditions, easements,
restrictions or other rights with respect to any portion of the Shopping Center.

SECTION 2

DEMISE OF PREMISES AND TERM

     2.1 (a) Premises. Landlord hereby leases and demises to Tenant those
certain premises slant-hatched in red on the site plan (“Site Plan”) attached hereto
as Exhibit “A-1” and by this reference made a part hereof, which premises
contains approximately ten thousand (10,000) square feet of floor area with
dimensions of approximately 60 feet in width and approximately 171.3 feet in depth
(hereinafter referred to as the “Premises”) in the Shopping Center together with the
nonexclusive right to use the Common Areas subject to such rules and regulations
attached hereto as Exhibit “B” and incorporated herein.

          (b) Remeasurement. Tenant shall have the right to measure the Premises
and to inspect the Premises within ninety (90) days of Landlord’s delivery of
possession of the Premises, in order to ensure that the “as built” leasable square
feet of the Premises differs from the floor area of the Premises set forth in the
Lease. A common factor will not be added to the leaseable square footage when
determining such square footage. The leasable square footage of the Premises shall
be calculated by measuring to the mid-point of demising walls and to the outside of
exterior walls with no deductions for columns or chases within the Premises. In the
event that the square footage of the Premises, as determined by Tenant’s licensed
architect or space planner shall be more or less than the square footage specified
in Section 2.1 (a) hereof, then Tenant shall provide Landlord with written notice of
such dispute within ten (10) days of the date of Tenant’s architect’s or space
planner’s measurement. If the dispute over the leaseable square

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footage is not resolved by the parties within thirty (30) days of such written notice
then the parties shall submit the issue for binding arbitration with a mutually
acceptable, independent architect. In the event that the square footage of the
Premises is less than ten thousand (10,000) square feet then the square footage of
the Premises as specified in this Lease shall be adjusted to reflect the actual size
of the Premises, otherwise there shall be no adjustment. In accordance with the
preceding sentence, the Minimum Rent and as a result the Tenant’s proportionate share
specified herein, Landlord’s Cash Allowance specified in Exhibit E hereof, and any
other calculation based upon the floor area of the Premises shall be adjusted based
upon such actual size of the Premises as measured and the per square foot rental rate
provided herein but in no event shall Minimum Rent increase per the adjusted actual
size..

     2.2 (a) Commencement and Expiration Dates of Term. The term of this
Lease (herein “Term”) and Tenant’s obligation to pay Minimum Rent, additional rent
and any charges hereunder shall commence the earlier of: (i) the date Tenant opens
for business in the Premises, or (ii) ninety (90) days following Landlord’s Delivery
Date (as hereinafter defined) of the Premises to Tenant (the “Commencement Date”).
Notwithstanding anything to the contrary set forth herein, in no event shall the
Commencement Date be deemed to occur until the parking areas of the Shopping Center
shall be in good condition, properly lighted, properly paved and line painted and
with curbs, curb cuts and roadways of the Shopping Center, as designated on Exhibit
A-1 in good repair and properly marked. In addition, notwithstanding anything to the
contrary set forth herein, in no event shall Tenant be required to accept possession
of the Premises nor shall Landlord’s Delivery Date be deemed to occur until Tenant
has obtained any and all permits necessary for Tenant to commence performance of
Tenant’s Work in the Premises. Tenant agrees that Tenant shall use due diligence to
apply for all such permits within ten (10) days of Landlord’s approval of Tenant’s
Plans (as defined in Section 2.3(b) hereof) and Tenant shall thereafter utilize its
commercially reasonable efforts to obtain such permits as expeditiously as possible.
The Term shall end, unless sooner terminated as hereinafter provided, on the last
day of the ten (10) consecutive Lease Years following the Commencement Date. As used
in this Lease, “Term,” “Lease Term,” and “Term of this Lease” include the Renewal
Periods of the Term of the Lease.

          (b) Lease Year. The first lease year shall commence on the Commencement
Date as
defined in Section 2.2(a) hereof and end on the January 31st following
twelve (12) consecutive full
calendar months (“First Lease Year”). Landlord and Tenant acknowledge the First
Lease Year shall be
more than twelve (12) calendar months. Each subsequent lease year shall commence
on February 1st and
end on the following January 31st (herein “Lease Year”).

          (c) Renewal Periods. Provided Tenant shall not then be in default under
this Lease beyond
applicable grace periods, Tenant shall have the option to extend the Term hereof
for two (2) additional
periods of five (5) years each (the “Renewal Periods”), upon the same terms and
conditions as set forth in
the Lease, taking into account increases in Minimum Rent set forth in this
paragraph. Tenant may exercise
a Renewal Period by notifying Landlord in writing not less than one hundred eighty
(180) days prior to the
expiration of the Term. In the event that Tenant shall fail to notify Landlord in
writing within such one
hundred eighty (180) period, the Renewal Period shall be deemed to have been
waived and shall be null
and void, and Tenant shall have no further right or privilege to exercise any such
Renewal Period.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Lease Years	 	Rent Per Sq. Foot	 	Annual Minimum Rent	 	Monthly Minimum Rent
	 
	11-15
	 	$	19.97	 	 	$	199,650.00	 	 	$	16,637.50	 
	16-20
	 	$	21.96	 	 	$	219,615.00	 	 	$	18,301.25	 

     Based upon a floor area of Premises of 10,000
square feet

     2.3 Acceptance of Premises by Tenant.

          (a) Except for Landlord’s Work and any delivery requirements specifically
provided herein, Tenant agrees to otherwise accept possession of the Premises in an
“as is” condition as tendered by Landlord. Tenant agrees that no representations
with respect to the conditions of the Premises and no

2

 

promises to decorate, alter, repair or improve the Premises have been made by
Landlord, except as may be otherwise expressly set forth in this Lease and/or on
Exhibit “D” hereto.

          (b) Landlord’s Delivery Date. Landlord shall construct the Premises in
accordance with Landlord’s scope of work, specifications and conditions entitled
“Stonewood Village — Landlord’s Work” annexed hereto and made a part hereof as
Exhibit “D” (“Landlord’s Work”). Landlord shall perform all Landlord’s Work
as identified on Exhibit “D” at Landlord’s sole cost and expense prior to
delivery of possession of the Premises to Tenant. Landlord and Tenant hereby agree
that in the event of an ambiguity between this Lease and Exhibit “D” attached
hereto, Exhibit “D” shall supercede and take precedence over such ambiguity.
Notwithstanding any provision contained within this Lease to the contrary, Landlord
and Tenant represent, covenant and agree that “Landlord’s Delivery Date” shall not be
deemed to occur unless and provided that at the time of delivery of possession of the
Premises to Tenant, the Premises shall be:

(i) constructed with Landlord’s Work substantially completed;

(ii) vacant, free of occupants, fixtures and merchandise and broom clean;

(ii) free of mold and Hazardous Materials (as defined in Section 14.30
hereof) including but not limited to asbestos containing materials;

(iii) the plumbing, electrical, and all other necessary utility services
shall be brought up to the Premises, including the hook-up and
energizing of all utilities, and that the plumbing, electrical, heating
and air conditioning systems will all be in good working order;

(iv) the roof of the Building will be in good repair and free of all leaks;

(v) Landlord shall provide Tenant with no less than thirty (30) days prior
written notice that the Premises is available and delivery of possession,
as provided herein has been made to Tenant.

     (c) Outside Delivery Date. Landlord represents, covenants and agrees
that Landlord shall use due diligence and commercially reasonable efforts so that
Landlord’s Delivery Date shall occur and be satisfied prior to July 1, 2008 (the
“Estimated Turnover Date”). If Landlord nonetheless fails to deliver possession of
the Premises to Tenant by August 1, 2008 for reasons other than casualty or force
majeure, then notwithstanding any contrary Lease provision, Tenant shall receive a
two (2) day for one (1) day Minimum Rent abatement for each day Landlord delays said
delivery beyond the Estimated Turnover Date. In the event Landlord fails to deliver
possession of the Premises to Tenant by February 1, 2009 (regardless of such delay
being caused by a casualty or force majeure event), then Tenant shall have the right
following such date to terminate this Lease by providing thirty (30) days written
notice to Landlord and if said notice shall be provided then this Lease shall
terminate as provided in said notice and neither party shall be further obligated
hereunder; provided, however, Landlord may void Tenant’s termination by achieving
Landlord’s Delivery Date prior to the expiration of such thirty (30) day notice
period.

     2.4 Conditions Precedent.

     (a) Landlord represents, covenants and agrees that Landlord shall comply with
the following provisions (i) through (iv) (herein referred to as “Conditions”) within
thirty (30) days of the Effective Date (as defined in Section 14.22 hereof) as a
condition of this Lease:

          (i) Landlord shall deliver to Tenant a copy of its most recent title insurance
policy covering the Shopping Center (the “Title Report”) together with
legible copies of all documents listed as exceptions in the Title Report;

          (ii) Landlord shall deliver to Tenant a copy of the Phase I environmental
assessment of the Shopping Center which it obtained upon acquisition of the property
(the “Environmental Report”).

3

 

Landlord shall, at Landlord’s sole cost and expense, remove any Hazardous Substances
within the Shopping Center identified in the Environmental Report and which are
objectionable to Tenant prior to delivery of possession of the Premises to Tenant;

          (iii) Landlord shall deliver to Tenant a Subordination, Nondisturbance and
Attornment Agreement in recordable form as provided in Exhibit “G” attached
hereto, executed by the holders of any deeds of trust, liens, encumbrances or
mortgages upon or affecting the Shopping Center, or any part thereof, which is prior
or superior to the rights of Tenant herein;

          (iv) if Landlord is a corporation, limited liability company, partnership or
trust, Landlord shall furnish Tenant prior to the execution hereof evidence of: (a)
the legal existence of the entity or trust, and (b) the authority of the officer,
member, manager, partner or trustee to bind the entity or trust as contemplated
herein.

     (b) Contingency Notice Notwithstanding any provision contained herein to
the contrary, within fifteen (15) days following receipt of the documents provided in
paragraph 2.4 (a) (i) through (iv) hereof Tenant shall notify Landlord by written
notice whether the Conditions as set forth in (i) through (iv) above are satisfied,
unsatisfied, or waived (the “Contingency Notice”). In the event Tenant fails
to deliver the Contingency Notice as required herein, the Conditions shall be deemed
to be satisfied.

     2.4 Tenant’s Opening and Operation.

     (a) Tenant agrees following its receipt of its use and occupancy permit which
Tenant agrees to use
due diligence to obtain, to open the Premises for business on the Commencement
Date, fully fixtured,
stocked and staffed. Anything contained in this Lease, express or implied, to the
contrary notwithstanding, it
is agreed that following the first thirty-six (36) months of the Term of the Lease
(herein “Operating Period”)
Tenant shall be under no duty or obligation thereafter, either express or implied,
to continuously conduct, its
business in the Premises. Further, Tenant’s failure following the Operating Period
to continuously conduct its
business in the Premises, shall not, in any way, be deemed an event of default
under this Lease, nor shall such
a failure otherwise entitle Landlord to commence or to maintain any action, suit,
or proceeding, whether at law
or in equity, relating in any way to Tenant’s failure to continuously conduct its
business in the Premises,
provided that Tenant shall otherwise perform and obey the other covenants and
agreements contained in this
Lease on the part of Tenant to be performed, including the payment of all Minimum
Rent and other charges
due hereunder.

     (b) In the event Tenant shall cease to operate its business in the Premises for
more than ninety (90)
consecutive days, Landlord shall have the right, at any time thereafter, for as
long as Tenant’s cessation to
operate is still in effect, to terminate this Lease by giving Tenant Thirty (30)
days’ written notice of such
election, and this Lease shall terminate Thirty (30) days after receipt by Tenant
of Landlord’s written notice
unless Tenant has reopened the Premises for business during such Thirty (30) day
period. For the purpose of
this paragraph, Tenant shall not be deemed to have ceased operating its business
in the Premises if Tenant is
closed temporarily for remodeling or due to any force majeure, fire or casualty,
or if Tenant is closed due to
strike, lockout, inability to obtain merchandise or any other cause beyond the
reasonable control of Tenant.

     2.5 Tenant Estoppel Certificate. The parties agree that promptly upon the
establishment of the
Commencement Date, they will execute a stipulation acknowledging said date, the
expiration of the Term
date, and other relevant Lease data which shall be attached to this Lease and made
a part hereof. In
addition, at any time during the Term hereof, within fifteen (15) days after
written request by either
Landlord or Tenant, the non-requesting party shall execute, acknowledge and
deliver to the other a
certificate stating that this Lease is in full force and effect and has not been
modified, supplemented or
amended in any way, except as indicated in such certificate; that all conditions
and agreements hereunder
to be performed by Landlord have been satisfied or performed, except as set forth
in said certificate; that
Tenant is not in default in the payment of rent or any of the other obligations
required of Tenant hereunder;
that Tenant has paid Minimum Rent, Percentage Rent and any Additional Rent set
forth hereunder as of the
date set forth in the certificate; and such other statements as Landlord may
reasonably request.

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SECTION 3

RENT

     3.1 Minimum Rent. Commencing on the Commencement Date and subject to the
provisions
of this Lease, Tenant shall pay to Landlord the following sums, without demand,
deduction or set off,
except as otherwise specifically provided herein, as Minimum Rent in advance on
the first day of each
month during each Lease Year:

SEE EXHIBIT “E” FOR MINIMUM RENT

     Minimum Rent for any partial calendar month during the Term hereof shall be
prorated on a per diem basis.

     3.2 Percentage Rent. Landlord and Tenant hereby acknowledge and agree
that Tenant shall
have no obligation to pay Landlord Percentage Rent or a percentage of sale as
percentage rent hereunder
nor shall Tenant have the obligation to report its sales to Landlord unless
specifically provided hereunder.

     3.3 Operating Costs, (a) Subject to the requirements of governmental
authorities having
jurisdiction over the Shopping Center, Landlord agrees to provide and maintain
during the Term of this
Lease, in reasonably good condition the Common Areas of the Shopping Center as
shown on the Site Plan
attached as Exhibit “A-1” hereto. Landlord shall maintain and repair the
Common Area in a reasonably
good manner including sweeping, striping, cleaning and repairing the parking area,
maintaining any
Shopping Center monument or pylon sign structure, removal of Common Area trash and
garbage, lighting
the Common Area and maintaining landscaping. All of the aforesaid obligations of
Landlord shall be
performed in accordance with good and accepted shopping center practices
throughout the Term, Landlord
recognizing that the Common Areas must be available, in good order and condition,
to serve Tenant’s
customers, employees and vendors. Landlord shall comply with all governmental laws
and regulations now
in force or which may hereafter be in force, affecting the Common Area and shall
indemnify Tenant
against any liability arising from Landlord’s failure to so comply. From the
Commencement Date, and
subject to the provisions hereof, Tenant shall pay to Landlord, as additional
rent, Tenant’s proportionate
share of all costs incurred by Landlord in maintaining, repairing, operating and
insuring the portions of the
Shopping Center which are the responsibility of Landlord hereunder, hereinafter
called “Operating Costs,”
including, without limitation, the total costs of operating, repairing, lighting,
cleaning, maintaining,
painting, securing, managing and insuring (including liability insurance for
personal injury, wrongful
arrest or detainer, death and property damage; insurance and extended coverage
against fire, theft, flood or
other casualty; rent insurance; Worker’s Compensation insurance; fidelity bonds
for personnel; and plate
glass insurance) the Shopping Center and paying all taxes, public charges and
assessments of whatsoever
nature directly or indirectly assessed or imposed upon the land, buildings,
equipment and improvements
constituting the Shopping Center and the rents therefrom, including but not
limited to all real property
taxes, rates, duties and assessments, local improvement taxes, import charges or
levies, whether general or
special, that are levied, charged or assessed against the Shopping Center by any
lawful taxing authority
whether federal, state, county, municipal, school or otherwise (other than income,
inheritance and
franchise taxes thereon); plus an administrative cost (herein “Administrative
Fee”) not to exceed ten (10%)
percent of Operating Costs excluding on such administrative cost calculation taxes
and assessments of any
kind.

     (b) Operating Costs Exclusions. In addition to any exclusions provided
in this Lease, the following shall not be included in Operating Costs charges to
Tenant:

(A) any dues, charges or promotional or advertising expenses for a
merchants’ or other
association of the tenants in the Shopping Center;

(B) maintenance, repairs or replacements (1) necessitated by the negligent
or wrongful act
of Landlord or any other tenant, made to correct any construction defect,
or to correct

5

 

damage caused by subsidence or adverse or substandard soil conditions,
or (2) of utility systems not part of the Common Area;

(C) amounts paid to entities related to Landlord in excess of the cost of
such services from
any competitive source;

(D) amounts actually reimbursed from insurance proceeds, repairs or
replacements of any
item under warranty or reimbursed or reimbursable by any other tenant in
the Shopping
Center (excluding tenant reimbursement of Operating Costs Charges);

(E) premiums for commercial general liability insurance on the Common Area
for coverage in excess of the limits established by this Lease;

(F) reserves for anticipated future expenses;

(G) interest, late charges or penalties incurred as a
result of Landlord’s failure to pay bills
in a timely manner;

(H) any amounts expended by Landlord as environmental
response costs for removal, encapsulation, enclosure, clean-up,
remediation or other activities regarding Landlord’s compliance
with federal, state, municipal or local hazardous waste and
environmental laws, regulations and ordinances;

(I) capital expenditures and replacements to Common Areas
including roof replacements and parking lot repaving (other than
pot hole resurfacing or a top coat) provided, however, Landlord
shall otherwise be entitled to include the annual amortization of
capital expenditures as a part of the Operating Costs provided
Landlord amortizes the same in accordance with generally accepted
accounting principles;

(J) expenditures made more than twelve (12) months prior to submission of demand;
or

(K) Any management, administrative or such other fees
added to Operating Costs other than the Administrative Fee
specified in the preceding Section 3.3 (a).

     (c) Tenant’s proportionate share of Operating Costs. Tenant’s
proportionate share of Operating
Costs is currently 9.43% based upon a gross leasable area of the Shopping Center
of 105,282 feet. Tenant
proportionate share shall be modified and changed upon increase or decrease of the
Shopping Center or
Premises in accordance with the following formula. Tenant’s proportionate share of
Operating Costs shall
be computed by multiplying Operating Costs by a fraction, the numerator of which
shall be the number of
square feet of gross leasable area of the Premises and the denominator of which
shall be the number of
square feet of gross leasable area of the Shopping Center. Tenant shall pay its
proportionate share of
Operating Costs in advance based on estimates made by Landlord from time to time
but not more
frequently than twice during any calendar year. Estimates shall be revised on or
before May 1 of each Lease
Year on the basis of actual Operating Costs for the preceding year of operations.
Should Operating Costs
be underestimated, Tenant shall pay any deficiency along with the payment of
Minimum Rent next due and
thereafter pay its adjusted proportionate share of Operating Costs in equal
monthly installments as herein
provided. Any excess payments shall be credited against the payments of Operating
Costs next due (or
refunded to Tenant if the Term has expired), less any amounts owed by Tenant to
Landlord.

     (d) Operating Costs Cap. The Operating Costs for the first year of the
Lease are estimated to be
$.75 per square foot for common area maintenance, plus an estimate of real estate
taxes of $1.25 per square
foot, plus an estimate of insurance costs of $.50 per square foot. In no event
shall the Operating Costs
(exclusive of real estate taxes and insurance costs) exceed $.75 per square foot
for 2008. The increases in
the Operating Costs for each Lease Year following 2007 shall not exceed the lesser
of: (i) the actual
increases in the cost comprising the Operating Costs or (ii) five percent (5%) of
the previous year’s

6

 

Operating Costs (herein “Operating Costs Cap”) excluding from such Operating Costs
Cap however real estate taxes, insurance costs, common area utilities and security
costs which shall not be subject to the Operating Costs Cap and shall increase at the
rate that such costs actually increase as applicable).

     (e) Audit Rights. Tenant shall have the right to audit Landlord’s
imposition of Operating Costs for the most recently ended Lease Year provided Tenant
shall be required to utilize the services of a certified public accountant who is not
compensated on a contingency basis to perform such audit. Tenant shall have the right
to audit and examine the books and records of Landlord with respect to any billing to
Tenant. Such audit shall be made at the sole cost and expense of Tenant and shall be
completed with all reasonable diligence. If such audit or examination discloses any
overcharge by Landlord, Landlord shall promptly reimburse Tenant for any such
overpayment and if such overpayment by Tenant is in excess of three percent (3%) of
Tenant’s proportionate share of Operating Costs charges, Landlord shall reimburse
Tenant for the reasonable cost of such audit or examination together with the
overpayment of such Operating Costs charges.

     3.4
Common Area Control. (a) Landlord shall have the right, subject to
the provisions of this Lease to change the size, location, elevation, nature and/or
use of any portion or all of the Common Areas, the Shopping Center or any part
thereof as Landlord may from time to time determine, including the right to change
the size thereof, to erect buildings thereon, to sell or lease part or parts thereof,
to change the location and size of the landscaping and buildings on the site, and to
make additions to, subtractions from or rearrangements of said buildings.

     (b) Notwithstanding the preceding paragraph 3.4 (a) to the contrary, Landlord
represents,
covenants and agrees that the Shopping Center layout shown on Exhibit
“A-1” will be adhered to during
the Term so as to maintain the position of the buildings, the parking areas, the
traffic patterns, and the
roadways and passageways, and the space of Tenant. Landlord further agrees
throughout the Term, to
maintain the curb-cuts as shown on Exhibit “A-1”. Landlord agrees that
there will be no additional
construction in the Shopping Center within the area outlined and identified on
Exhibit A-1 hereto as “No
Build Area”, nor any additional construction which would impair Tenant’s use of
the Premises and any
Construction Activities in the Shopping Center (as defined in Section 3.4 (d)
hereof) shall be subject to the
provisions of Section 3.4 (d) hereof. Landlord further represents, covenants and
agrees that there will be no
change in the location, shape, or dimensions of the Premises demised; and, that
there will be no change in
the Shopping Center layout which would adversely affect the accessibility to the
Premises from the parking
areas or from the public streets and roadways bordering the Shopping Center, or
the visibility of Tenant’s
signs or storefronts, without Tenant’s prior written consent in each instance.
Other than the No Build Area
as depicted on Exhibit “A-1” or as required by the Design Review Board of
the City of Alpharetta,
Landlord further agrees not to place any kiosks, planters, trees, shrubs, stairs,
or other obstructions in any
place in front of the Premises without Tenant’s prior written consent in each
instance.

     (c) In addition to the foregoing, Landlord covenants and agrees that it will not
permit any
projections, either vertical or horizontal, to be erected or maintained (other
than Tenant’s signs or
identifications) which will project along the front or rear of the Building in
which the Premises are situated
in such a manner as to obstruct the visibility of Tenant’s signs or its storefront
in any manner.

     (d) Changes
to Shopping Center Buildings. (i) Landlord may as Landlord may
reasonably
determine to be appropriate, perform such demolition, remodeling, reconstruction,
renovations or changes
(collectively, “Construction Activities”) to the buildings in the Shopping Center
and the Common Areas,
other than the Premises; the area outlined and identified on
Exhibit A-1 hereto as
“No Build Area”, and
further, only provided Landlord complies with the following provisions of Section
3.4 (d) (ii) hereof.

     (ii) Prior to commencing any Construction Activities, Landlord shall submit to
Tenant, for Tenant’s review and approval, which approval shall not be unreasonably
withheld (1) a construction schedule, (2) barricade plans and (3) a site plan
indicating a proposed construction staging area. Landlord agrees that any such
Construction Activities (i) shall be undertaken and completed in a manner that will
create compatibility of appearance and architectural harmony with the balance of the
Shopping Center, (ii)

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shall not interfere with or impede at any time full-sized truck access to the
Premises and (iii) shall not materially or adversely affect (A) pedestrian or
vehicular access to or from the Premises, or the internal circulation of vehicular
traffic within the Shopping Center, (B) visibility of the Premises or any permitted
Tenant signage, (C) the business conducted by Tenant in the Premises or (D) the
parking serving the Premises. Landlord agrees that it shall use commercially
reasonable efforts and due diligence to minimize the impact of Construction
Activities on Tenant’s business or the operation of the Shopping Center. Landlord,
during the performance of any Construction Activities, shall keep the areas subject
to such activities in an orderly condition and store all construction materials and
equipment from within or from an enclosed staging area approved by Tenant, The
foregoing provisions shall not be deemed to prohibit the use of debris boxes during
such remodeling by Landlord in a manner that is consistent with standard practices in
the state in which the Premises is located during such Construction Activities.

(e) In the event that Landlord shall violate or permit a violation of any of the
provisions or covenants of this Section 3.4, then Tenant, at any time thereafter
shall have the right to seek injunctive relief in law and equity and if permitted by
law, Tenant shall have no obligation to prove damages or economic harm in seeking
such injunctive relief.

     3.5 Security Deposit. Intentionally Deleted.

     3.6 Taxes.

     (a) Landlord shall pay to the local tax authorities and other governmental
agencies, all real estate
taxes, and all assessments which may be levied against the Shopping Center and the
land and buildings
comprising the same. Tenant agrees to pay to the local tax authorities and other
governmental agencies all
personal property taxes which may be levied against Tenant’s merchandise, trade
fixtures, and other personal
property in and about the Premises. It is the intention of Tenant and Landlord that
all taxes and increased
taxes, assessments, fees, levies and charges for such services, including any
future levies which are a
substitution or in addition to taxes currently levied (such as, for example, taxes
levied based on the rents
received by Landlord) shall be included within the definition of Taxes for the
purposes of this Lease.

     (b) Commencing as of the Commencement Date, included within Operating Costs as
specified in
Section 3.3 hereof, Tenant agrees to reimburse Landlord for Tenant’s proportionate
share of any such real
estate taxes and assessments levied against the Shopping Center land and buildings
for each tax fiscal year of
the Term, with the exception of any assessment penalty added to the taxes as a
result of Landlord’s failure to
timely file, with the applicable governmental authority, any annual notification of
income and expenses for
which Landlord shall be solely responsible. At least Thirty (30) days prior to the
commencement of the Term,
Landlord shall submit to Tenant Landlord’s informed estimate of said taxes and
assessments for the first full
tax fiscal year to occur during the Term.

     (c) Upon request Landlord shall forthwith provide tenant with a copy of the
receipted tax bill for
which Tenant is being charged taxes under this Lease and a computation of Tenant’s proportionate share.

     3.7 Rent. As used herein, the term “Rent”, “rent” or “rental” shall include Minimum Rent,
Percentage Rent, Tenant’s share of Operating Costs and all other Additional Rent
payable to Landlord
hereunder. As used herein, “Additional Rent” or “additional rent” may be used to
refer to all amounts
payable by Tenant to Landlord hereunder other than Minimum Rent, and Landlord’s
remedies with respect
to failure to pay of Additional Rent shall be the same as those for Minimum Rent.
“Additional Rent” shall
mean Tenant’s share of Operating Costs and all other amounts due from Tenant
hereunder in addition to
Minimum Rent and Percentage Rent.

SECTION 4

USAGE

     4.1Use. During the time that Tenant shall operate in the Premises
Tenant shall only use, occupy and operate in the Premises for the purpose
of the operation of sales and display of saddles and

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tack; specialized apparel; horse care and stable products; and such merchandise and
related products as are sold from time to time in any of Tenant’s other stores or
catalogs, or via internet or other electronic commerce or technologies offered by
Tenant, and related items as the same are currently operated by Tenant and for no
other purpose whatsoever.

     4.2 Trade Name. Tenant shall operate in the Premises under the trade
name “Dover Saddlery” or such other name used and adopted by Tenant in a majority of its stores or as used by any
approved or permitted assignee or sublessee hereunder.

     4.3
Rules and Regulations. Tenant shall observe faithfully and comply with the Rules and
Regulations attached hereto as Exhibit “B” and made a part hereof by this
reference, provided such rules shall be uniformly and nondiscriminatorily enforced and applied. In addition,
Landlord may adopt and
Tenant shall comply with other reasonable Rules and Regulations from time to time
reasonably adopted by
Landlord and uniformly and nondiscriminatorily enforced and applied for the
safety, operation, care and
cleanliness of the Shopping Center or the preservation of good order therein,
provided that Tenant is
notified of same. Landlord shall not be liable to Tenant for any violation of the
Rules and Regulations, or
for the breach of any covenant or condition in any lease, by any other tenant in
the Shopping Center.
Landlord shall not adopt any additional rule or regulation from those Rules and
Regulations attached
hereto as Exhibit “B” which impose any additional financial or economic
consequence, fine or penalty on
Tenant or abrogate any of the provisions hereunder.

     4.4
Exclusive Use. Landlord covenants, represents and agrees that Tenant shall be the only
tenant in the Shopping Center with the right to sell saddles and tack; specialized
apparel; horse care and
stable products of any type (herein “Exclusive Use”) except such Exclusive Use
shall not apply to: (i)
existing tenants with signed leases in the Shopping Center where the permitted use
of such lease at the time
of execution hereof permits the sale of saddles and tack; specialized apparel;
horse care and stable
products. In the event Tenant’s Exclusive Use is violated, the same shall be a
Landlord default and Tenant
shall have the right at such time to pay 3% of gross sales in lieu of Minimum
Rent, additional rent and all
extra charges as otherwise provided hereunder, until the violation is corrected.
Should the violation of
Tenant’s Exclusive Use not be cured within 30 days of Tenant’s notice of such
violation, Tenant shall have
the right thereafter, until such default is cured, to terminate the Lease upon
written notice to Landlord. If
Tenant shall provide such notice that it is terminating this Lease then this Lease
shall cease and terminate on
the date specified in such notice. Notwithstanding the foregoing, in the event of
a violation of Tenant’s
Exclusive Use by another tenant who does not have a right to change use, provided
Landlord shall use due
diligence and commercially reasonable efforts, including seeking judicial relief
to prevent such violation,
Landlord shall have twelve (12) months to pursue cessation of such violation,
during which time Tenant
shall continue to pay the rental required under the Lease and Tenant shall have no
right to terminate.

SECTION 5

ALTERATION, REPAIR AND MAINTENANCE

     5.1 Alterations by Tenant.

     (a) Alterations Requiring Consent. Other than Tenant’s Work as defined
herein for which Tenant has Landlord’s approval, Tenant shall not make any structural
alterations to (including but not limited to alterations to the exterior, the
storefront, signs building systems) nor alterations exceeding $50,000.00 for such
work at such period of time, without Landlord’s prior written approval which approval
Landlord agrees not to unreasonably withhold or delay. All alterations, fixtures,
betterments and improvements made to or installed upon the Premises shall remain upon
the Premises, and shall become Landlord’s property upon the expiration or earlier
termination of this Lease at no cost to Landlord. Notwithstanding anything herein to
the contrary, Tenant agrees to perform the work, if any, described on Exhibit
“C” hereto (“Tenant’s Work”) pursuant to the provisions therein set forth and as
set forth in this Lease, following receipt of applicable permits for the performance
of such work.

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     (b) Nonconsent Alterations. Tenant shall be permitted to perform
nonstructural alterations to the
Premises and to revise the interior layout of the Premises without Landlord’s
prior written consent. Tenant
shall obtain Landlord’s written consent to any alterations or construction which
affect the structural nature
of the Premises or shared building systems, which consent shall not be
unreasonably withheld or delayed.

     (c) Changes Required by Law. Any structural changes, alterations or
additions in or to the
Premises or the Common Area which may be necessary or required by reason of any
law, rule, regulation
or order promulgated by competent governmental authority shall be made at the sole
cost and expense of
Landlord, including but not limited to asbestos removal and disposal and interior
and exterior compliance
with the Americans with Disabilities Act (ADA) etc. Notwithstanding the foregoing,
if any such changes,
alterations or additions are required as a result of improvements made by Tenant
during the Term hereof,
such changes, alterations or additions shall be made at the sole cost and expense
of Tenant. Tenant may
contest the validity of any such law, rule, regulation or order, but shall
indemnify and save Landlord
harmless against the consequences of continued violation thereof by Tenant pending
such contest.

     5.2 Repairs.

     (a) Landlord Repairs. Landlord shall make, at its own cost and expense,
all necessary repairs,
maintenance (including painting and cleaning) or replacements to, the exterior
(excluding Tenant’s storefront
as set forth below) and the structural portions of the Premises and the Building,
including, without limitation,
the roof and roof supports, flashings, gutters, downspouts, footings, foundations,
structural supports, columns,
exterior walls, bearing walls, retaining walls, floor slab, chimney (if any), and
loading docks, so as to keep the
same in good condition and repair; and Landlord shall further maintain in good
working order and repair, and
shall maintain and replace as necessary, all plumbing, pipes, tubes and all other
conduits and utility lines
leading to or from the Premises and any fire sprinkler system which may be located
in or outside of the
Premises. Landlord shall also be responsible, at its sole cost, for any required
inspections, testing and/or
monitoring of any fire sprinkler and/or alarm systems in the Building. Landlord
agrees, during the first full
year of Tenant’s occupancy, to make all repairs required because of building
settlement or faulty materials or
workmanship in Landlord’s construction and to furnish Tenant with all guaranties
and warranties relating to the
HVAC system. In addition to Landlord’s obligations hereunder, Landlord shall be
responsible for the proper
remediation of any mold or similar condition at the Premises of affecting the
Premises. Landlord’s costs under
this Section 20 if any shall not in any way be included within Operating Costs.
Any such repairs to the
Premises shall be made so as not to adversely affect the appearance of Tenant’s
finished Premises design
upon Landlord’s completion of such repairs. Tenant shall give Landlord immediate
written notice of the
necessity for such repair as same affects the Premises.

     (b) Tenant Repairs. Except as provided in the preceding paragraph, Tenant
shall keep the interior
of the Premises, together with the storefront and all doors of the Premises, and
all electrical, plumbing,
heating, ventilating, air conditioning, sprinkler systems, and any other
mechanical installations within the
Premises and exclusively serving the Premises or located therein, whether or not
in or under the floor slab
or on the roof of the Premises, in good working order and repair (including the
replacement of same, if
necessary), at its expense. Landlord will provide to Tenant a one (1) year
warranty of all parts, wiring and
labor. After the warranty period, Tenant will be responsible for all HVAC repairs,
including any required
replacement thereof. Tenant agrees to employ a HVAC contractor approved by
Landlord to perform
Tenant’s obligations for maintenance of the heating, cooling and ventilating
system of the Premises,
including at least quarterly inspections and cleaning of the system together with
such servicing as each
such inspection discloses or as shall be required by Landlord. Tenant shall
promptly repair, at its expense,
any damage to the Premises caused by bringing into the Premises any property for
Tenant’s use, or by the
installation or removal of such property regardless of fault or by whom such
damage any be caused. In the
event Tenant fails to make such repairs, Landlord may, at its option, but need
not, following at least ten
(10) days notice to Tenant, make same and Tenant agrees to pay Landlord as
Additional Rent the cost
thereof promptly upon demand by Landlord. Tenant shall not overload the floor
slab, electric wiring or
utilities serving the Premises and shall install at Tenant’s sole expense, after
first obtaining Landlord’s
written approval, any additional electric wiring that may be required in
connection with Tenant’s apparatus,
equipment or fixtures.

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     (c) If Landlord fails to make any of the repairs required to be made by Landlord
under this Lease within thirty (30) days after receipt of written notice from Tenant
of the necessity therefore, Tenant, in addition to any other rights it may have
hereunder, shall have the right to make said repairs on behalf of Landlord and to
charge Landlord for the reasonable cost thereof. If, in an emergency, in Tenant’s
reasonable opinion, any such repairs are immediately necessary for the proper use and
enjoyment of the Premises or to avoid material damage to the Premises, no prior
thirty (30) days notice shall be required, but Tenant shall give Landlord whatever
notice is reasonable in the circumstances and may make said repairs on behalf of the
Landlord and charge Landlord for the reasonable cost thereof. In either event, if
Landlord shall fail to pay Tenant within thirty (30) days of receipt of an invoice
therefore with supporting documentation, Tenant may deduct the reasonable cost
thereof from up to fifty percent (50%) of Minimum Rent due or to become due
hereunder.

     5.3 Liens. Tenant hereby indemnifies Landlord against, and shall keep the
Premises and the
Shopping Center free from liens for any work performed, material furnished, or
obligations incurred by the
Tenant. Should liens or claims be filed against the Premises or the Shopping
Center by reason of Tenant’s
acts or omissions, Tenant shall cause same to be discharged by payment or bond
within thirty (30) days
after filing.

     5.4
Use of Roof. Landlord shall have the exclusive right to use the roof and Tenant shall not
affix any sign, aerial or other equipment or improvement on or to the roof of the
Premises.

SECTION 6

DAMAGE, DESTRUCTION OR CONDEMNATION

     6.1 Casualty. Except as otherwise provided herein, if the Premises are
damaged by fire or other insured casualty, the damage shall be promptly repaired by
Landlord to the extent of the insurance proceeds available therefor. Landlord shall
commence such repair and/or rebuilding within sixty (60) days after the date of such
damage or destruction provided Landlord has received insurance proceeds for the same
and further provided Landlord has obtained all necessary governmental approvals
therefore, and complete such repair and/or rebuilding within one hundred eighty
(180) days after the date of such damage or destruction. Tenant shall restore
Tenant’s improvements thereto immediately upon the completion of Landlord’s work or
simultaneously with such work to the extent practicable. Until repairs to the
Premises are completed by Landlord, Minimum Rent, additional rent and all charges
hereunder shall be abated in proportion to the part of the Premises, if any, which is
unusable by Tenant in the conduct of its business. If: (a) the Premises is damaged to
the extent of more than forty percent (40%) of the replacement cost thereof; or (b)
the Shopping Center or the building in which the Premises is located including at
least forty percent (40%) of the square footage of the Premises is damaged by fire or
other insured casualty to the extent of twenty five percent (25%) or more of the
replacement cost thereof, either Landlord or Tenant may at their option terminate
this Lease by written notice to the other given within sixty (60) days after the
occurrence of the damage or destruction.

     If Landlord should elect or be obligated pursuant to this Section 6.1 to repair
or rebuild because of any damage or destruction, Landlord’s obligation shall be
limited to the basic building and any other work or improvements which may have been
originally performed or installed at Landlord’s expense. If the cost of performing
Landlord’s obligation exceeds the actual proceeds of insurance paid or payable to
Landlord on account of such casualty, Landlord may terminate this Lease. Tenant shall
replace all work and improvements originally installed or performed by Tenant at its
expense (including from Tenant’s insurance proceeds).

     Upon the termination of this Lease pursuant to the provisions of this Section
6.1, the parties shall be released thereby without further obligations to the other
party coincident with the surrender of possession of the Premises to Landlord, except
for items which have theretofore accrued and be then unpaid and such other obligation
specified to survive the termination hereof (or which by their nature must survive
such termination). In the event of such termination, all of Tenant’s insurance
proceeds covering

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Tenant’s leasehold improvements, but excluding proceeds for trade fixtures,
merchandise, signs and other personal property, shall be disbursed and paid to
Landlord, and Tenant hereby assigns same to Landlord.

     Notwithstanding any contrary provision contained herein, in the event Landlord
fails to commence such repair and/or rebuilding within one hundred twenty (120) days
after the date of such damage or destruction or complete such repair and/or
rebuilding within two hundred seventy (270) days after the date of such damage or
destruction, then Tenant shall have the option to terminate this Lease by giving
written notice to Landlord within thirty (30) days after the expiration of either of
such periods.

     Either party hereto shall have the right to terminate this Lease if, during the
last two (2) years of the then existing Term of this Lease, the Premises is damaged
by a cause or casualty covered by the insurance required to be carried by Landlord,
in an amount exceeding sixty-six percent (66%) of the then reconstruction cost of
said building (which reconstruction cost for the purposes of this Section 6.1 shall
be limited to only the cost of actually reconstructing said Premises), provided that
in such event such termination of this Lease shall be effected by written notice
within ninety (90) days of the happening of the casualty causing such damage.
Notwithstanding anything to the contrary in this Section 6.1, in the event that
Tenant has an option to extend or renew this Lease, and the time within which said
option may be exercised has not yet expired, Tenant shall exercise such option, if it
is to be exercised at all, no later than twenty (20) days after the occurrence of any
such partial destruction or damage occurring within the last two (2) years of the
Lease Term. If Tenant duly exercises such option during said twenty (20) day period,
then the other provisions of this Section 8 shall apply as if the Lease Term at the
time of the damage had more than two years to run.

     6.2 Condemnation.

(a) Taking. An appropriation or taking under the power of eminent domain of all,
or a portion, of the
Shopping Center, are sometimes hereinafter called a “taking.”

(b) Total Taking of the Premises. If all of the Premises shall be taken this
Lease shall terminate and
expire as of the date of taking of actual physical possession of such portion of the
Premises by the
condemnor, and Landlord and Tenant shall thereupon be released from any and all further
liability
hereunder. In such event Tenant, shall be entitled to participate in any condemnation
award so as to be
compensated for the cost of relocation, removal and decrease in value, as a result of
such taking of
Tenant’s fixtures, equipment and stock-in-trade located in the Premises and any other
items to which
Tenant is entitled under applicable law, and, the value of the leasehold of which Tenant
is being deprived
for the remainder of the Term hereof. Nothing in this Section 6.2 shall be construed
as a waiver by
Landlord of any rights vested in it by law to recover damages from a condemnor for the
taking of its right,
title, or interest in the Shopping Center.

(c) Partial Taking.

     In the event of the taking of:

     (i) any portion of the Premises, or any portion of the Shopping Center, so that
the remainder thereof is not reasonably adapted to the continued leasing of the
Premises by Tenant; or

     (ii) any portion of the Common Area of the Shopping Center so that a portion of
said Common Area is so separated from the remainder thereof that in Tenant’s
reasonable opinion the Common Area available to customers of Tenant is so limited
that the continued leasing of the Premises by Tenant is impracticable or
unprofitable; or if such change would reduce the available number of parking spaces
to less than seventy percent (70%) of the existing parking spaces within two hundred
(200) feet of Tenant’s entrance, as such existing parking spaces are shown on the
Site Plan which is Exhibit “A-1” hereto; or

12

 

     (iii) access, whether by a taking or otherwise, of the Shopping Center or a
portion thereof to adjoining thoroughfares, so that accessibility is so limited and
reduced that in Tenant’s reasonable opinion the continued leasing of the Premises by
Tenant will become impracticable or unprofitable;

then Tenant shall have the right to cancel and terminate this Lease as hereinafter
provided. Within ninety (90) days after receipt by Tenant from Landlord of written
notice that a condemnation action has been commenced, Tenant may, by written notice
to Landlord, notify Landlord of its election to terminate this Lease, whereupon the
parties shall be released from any and all further obligations under this Lease and
Tenant shall share in any award or sale price as provided in Section 6.2(b) hereof.

(d) Repair. Unless terminated pursuant to Sections 6.2(b) or 6.2(c) above,
this Lease shall remain in full force and effect. Landlord shall promptly, at its
expense to the extent of the proceeds of the taking, make all repairs and alterations
to the Shopping Center and the improvements thereon (including, without limitation,
the Premises) necessitated by such taking so that the portions of the Shopping Center
not taken constitute a complete architectural unit. Tenant shall repair, alter,
remove or replace its equipment and trade fixtures in the Premises as necessitated by
such taking.

     (i) Tenant shall continue to utilize the Premises for the operation of its
business to the extent that it may be practicable to do so from the standpoint of
good business. Prior to the completion of repair and restoration work by Landlord,
Minimum Rent and other charges payable by Tenant shall be equitably abated in the
proportion that the unusable part of the Premises bears to the whole thereof
effective as the date of taking. When Tenant completely resumes business in the
Premises, Minimum Rent and other charges shall be reduced in the proportion which the
area taken or sold bears to the total area of the Premises.

     (ii) If it is impracticable for Tenant to continue to utilize the Premises, all
Minimum Rent and other charges shall equitably abate from the time of the actual
taking or any material and adverse disturbance of Tenant’s possession of the Premises
resulting from such taking and/or the enjoyment by Tenant of its rights in the
Shopping Center hereto resulting from such taking pursuant to this Lease, until
completion of such repair and restoration work by Landlord, arid the expiration of
such further reasonable time as shall be necessary to enable Tenant to resume doing
business in the Premises, such reconstruction period of Tenant not to exceed ninety
(90) days.

(e) Notice of Proceedings. Upon service on either party hereto of any
legal process in connection with
any condemnation proceedings, the party so served shall give immediate notice thereof
to the other party
hereto.

(f) Temporary Taking, In the event of a taking of the Premises, the Common
Areas and/or any other
area within the Shopping Center, or any portion thereof, for temporary use
(specifically one not exceeding
sixty (60) days in duration), without the taking of the fee simple title thereto, this
Lease shall remain in full
force and effect. All awards, damages, compensation and proceeds payable by the
condemnor by reason of
such taking relating to the Premises, or relating to the Common Areas but reasonably
attributable to the
Premises, for periods prior to the expiration of the Lease shall be payable to Tenant.
All such awards,
damages, compensation and proceeds for periods after the expiration of the Lease shall
be payable to
Landlord. Anything contained herein to the contrary notwithstanding, a temporary taking
for any period in
excess of sixty (60) days may, at Tenant’s option, be deemed a permanent taking and
shall be governed by
Sections 6.2(a) or 6.2(b), as applicable.

(g) Taking of Sign. In the event of the taking of any pylon or monument sign
on which Tenant has
installed or has the right to install identification panels Landlord shall provide a
substitute site reasonably
acceptable to Tenant for such sign with adequate electrical power, located so as to be
visible to vehicular
traffic or roadways adjacent to the Shopping Center (and Landlord shall replace and/or
rebuild any of such
signage so taken at its sole cost).

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(h) Lease Prevails. In the event of any taking, the rights and
obligations of the parties shall be determined by this Lease and Landlord and
Tenant waive any rights at law to the contrary.

SECTION 7

UTILITIES

     7.1 Payment. From the date of Tenant’s possession of the Premises,
Tenant shall promptly
pay all charges for utilities and other services furnished to the Premises
whether by Landlord or the
applicable utility company.

     7.2 Utilities, Landlord Installations, Repairs. Landlord shall have the
right to run utility lines,
pipes, roof drainage pipes, conduit, wire, ductwork or sprinkler systems where
necessary, above or beneath
the Premises and to maintain the same in a manner which does not unduly
interfere with Tenant’s use
thereof. Notwithstanding any contrary provision herein, Landlord agrees that in
no event shall any
Landlord installations, maintenance or repairs materially interfere with
Tenant’s use of the Premises. In the
event of substantial, material or unreasonable interference with Tenant’s use
of the Premises as a result of
Landlord’s work, repairs, alterations or modifications for more than
forty-eight (48) consecutive hours, the
Minimum Rent reserved hereunder shall be equitably abated during the duration
of such interference.
Landlord covenants and agrees that it shall use all commercially reasonable
efforts to not interrupt Tenant
within the Premises during the performance of any repairs, maintenance or
installation of materials or
systems in the Premises. Landlord agrees not to make any repair or alteration
to the Premises which would
require Tenant to perform any layout or cosmetic modifications (other than de
minimus changes) to the
Premises. Should Tenant be commercially unreasonably able to operate in the
Premises for the Permitted
Use for a period in excess of forty-eight (48) hours as a result of Landlord’s
interruption, Minimum Rent
shall abate until Tenant is so able to operate. Landlord shall not install,
erect or maintain any signs upon
the Premises during the Term except for safety, informational and directional
signs, except that, unless this
Lease shall have previously been extended or renewed, Landlord may erect a “To
Rent” sign during the last
one hundred twenty (120) days of the Primary Term and the Extended Term, if
any; provided, however,
that such sign shall not obstruct any sign of Tenant or interfere unreasonably
with the conduct of Tenant’s
business.

SECTION 8

INDEMNIFICATION

     8.1 Indemnification. Tenant hereby agrees to indemnify and hold
Landlord harmless from any and all claims, damages, liabilities or expenses
arising out of (a) Tenant’s use, possession, enjoyment, occupation or operation of
the Premises or the Shopping Center, (b) any and all claims arising from any
failure or refusal of Tenant to comply with or perform any obligation of Tenant
under this Lease, (c) any act, omission or negligence of Tenant, its agents or
employees, except for matters attributable to Landlord’s sole negligence or
willful misconduct. Tenant further releases Landlord from liability for any
damages sustained by Tenant or any other person claiming by, through or under
Tenant due to the Premises, the Shopping Center, or any part thereof or any
appurtenances thereto becoming out of repair, or due to the happening of any
accident, including but not limited to any damage caused by water, snow,
windstorm, tornado, gas, steam, electrical wiring, sprinkler system, plumbing,
heating and air conditioning apparatus and from any acts or omissions of
co-tenants or other occupants of the Shopping Center, except for matters arising
from Landlord’s sole negligence or willful misconduct. Landlord shall not be
liable for any damage to or loss of Tenant’s personal property, inventory,
fixtures or improvements, from any cause whatsoever except the willful misconduct
or sole negligence of
Landlord, and then only to the extent not covered by insurance to be obtained
by Tenant in accordance with Section 9 hereof. Landlord hereby agrees to indemnify
and hold Tenant harmless from any and all claims, damages, liabilities or expenses
arising out of (a) Landlord’s use, possession, enjoyment, occupation or operation
of any portion of the Shopping Center, (b) any and all claims arising from any
failure or refusal of Landlord to comply with or perform any obligation of
Landlord under this Lease, (c) any act, omission or gross negligence of Landlord,
its agents or employees, except for matters attributable to Tenant’s negligence or
willful misconduct.

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SECTION 9

INSURANCE

     9.1 Tenant Liability Insurance. Tenant shall maintain at its sole
expense during the Term
hereof, public liability insurance covering the Premises in an amount of
$1,000,000.00 for injury or death
to any one person and $3,000,000.00 for injury and/or death to any number of
persons in any one accident
and property damage insurance in an amount of $1,000,000.00 in companies licensed
to business in the
State where the Premises is located. Tenant shall also keep in force Special Form
(“all-risk”) insurance for
the full replacement value of Tenant’s improvements and Tenant’s personal
property, including, but not
limited to, inventory, trade fixtures, furnishings and other personal property.
Tenant will cause such
insurance policies to name Landlord (and at Landlord’s request, any mortgagee of
the premises or
Shopping Center) as an additional insured and to be written so as to provide that
the insurer waives all right
of recovery by way of subrogation against Landlord (and at Landlord’s request, any
mortgagee of the
Shopping Center) in connection with any loss or damage covered by the policy. In
addition, Tenant shall
keep in force workers compensation or similar insurance to the extent required by
law. Tenant shall
deliver said policies or certificates thereof to Landlord within ten (10) days of
the commencement of the
Term. Should Tenant fail to effect the insurance called for herein Landlord
may, at its sole option,
following twenty (20) days prior written notice to Tenant, procure said insurance
and pay the requisite
premiums, in which event, Tenant shall pay all sums so expended to Landlord, as
Additional Rent
following invoice. Each insurer under the policies required hereunder shall agree
by endorsement on the
policy issued by it or by independent instrument furnished to Landlord that it
will give Landlord no less
than thirty (30) days prior written notice before the policy or policies in question shall be altered or
canceled. Tenant’s policy shall cover the Premises and the business operated by Tenant and shall name
Landlord as an additional insured.

     9.2 Landlord Coverage. (a) Landlord shall keep in full force and effect during the Term upon the
buildings and appurtenances in the Shopping Center, property insurance with
coverage at least as broad as
Special Form Causes of Loss (ISO Form 1030 or the equivalent) with an ordinance or
law coverage
endorsement (ISO Form CP 0405).

     (i) Said property insurance shall name as insured Landlord, Tenant (as a loss
payee to the extent of its insurable interest in the Shopping Center) and the
beneficiary or mortgagee of any first deed of trust or first mortgage affecting the
Premises.

     (ii) Said insurance shall be written by a company or companies licensed to do
business in the state in which the Premises is located and rated Class A:VII or
better in Bests Key Rating Guide of Property-Casualty Insurance Companies.

     (iii) Said insurance shall be in an amount of the full replacement value with a
commercially reasonable deductible for which Landlord shall be fully responsible.

     (iv) Other than the collateral assignment to Landlord’s mortgagee, Landlord
agrees that it shall not assign, transfer or convey to any party its right in or
right to receive all or any portion of the proceeds of said insurance without the
prior written consent of Tenant.

     (b) Landlord agrees that it shall maintain in force a policy or policies of
commercial general liability insurance written by one or more responsible insurance
carriers licensed to do business in the state in which the Premises is located which
shall insure against liability for injury to and/or death of and/or damage to
property of any person of persons, with policy limits of not less than $3,000,000.00
combined single limit for injury to or death of any number of persons or for damage
to property of others not arising out of any one occurrence. Said policy or policies
shall provide, among other things, blanket contractual liability insurance
recognizing and insuring the assumption of liability assumed by the purchaser
thereof pursuant to the terms of this Lease as applicable. Landlord’s policy shall
cover the Common Area of the Shopping Center.

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     (c) Each of the parties hereto agrees to maintain and keep in force, during the
Term hereof, all
Workers’ Compensation and Employers’ Liability Insurance required under
applicable Workers’
Compensation Acts.

     (d) Within thirty (30) days after written request, each of the parties hereto
agrees to deliver to the
other an ACORD Form 27 as evidence that the policies of insurance required by this
Section have been
issued and are in effect. Each of such forms shall provide that the insurer shall
give the party named as an
“additional interest” thirty (30) days written notice of termination and written
notice of changes to the
policy.

     (f) Notwithstanding anything to the contrary contained within this Section 9,
Landlord’s or
Tenant’s obligations to carry the insurance provided for herein may be brought
within the coverage of a so-
called blanket policy or policies of insurance carried and maintained by the
insuring party, provided,
however, the non-insuring party shall be named as an additional insured thereunder
as its interest may
appear and that the coverage afforded such party will not be reduced or diminished
by reason of the use of
such blanket policy of insurance, and provided further that the requirements set
forth herein are otherwise
satisfied. Each party agrees to permit the other at all reasonable times to
inspect the policies of insurance
of the other which apply to the Premises.

     (g) Neither Landlord nor Tenant shall be liable to the other or to any insurance
company (by way
of subrogation or otherwise) insuring the other party for any loss or damage to
any building, structure or
other tangible property, or any resulting loss of income, or losses under worker’s
compensation laws and
benefits, even though such loss or damage might have been occasioned by the acts
or omissions of such
party, its agents, contractors or employees; provided the provisions of this
subparagraph shall apply only to
the extent of the
insurance Coverage maintained with respect to sueh loss or damage.

SECTION 10

DEFAULT AND REMEDIES

     10.1 Default and Remedies. In the event that Tenant (a) fails to pay all
or any portion of any Rent due from Tenant hereunder or pursuant to any exhibit
hereto within ten (10) days of the date such amount is due and Tenant’s receipt of
notice of such failure (provided such notice shall not be required any more than once
in any twelve (12) month period); (b) fails to comply with or perform any other
obligation of Tenant hereunder (i.e., any obligation not involving the payment of
money by Tenant) within thirty (30) days of the date the same is required to be
performed and Tenant’s receipt of notice of such failure (provided such notice shall
not be required any more than twice in any twelve (12) month period); (c) fails to
conduct business in the Premises during the Operating Period as herein required
except for closures not to exceed ninety (90) days due to casualty, remodeling or
renovation; (d) becomes bankrupt, insolvent or files any debtor proceeding, takes or
has taken against Tenant any petition of bankruptcy; takes action or has action taken
against Tenant for the appointment of a receiver for all or a portion of Tenant’s
assets, files a petition for a corporate reorganization; makes an assignment for the
benefit of creditors, or if in any other manner Tenant’s interest hereunder shall
pass to another by operation of law (any or all of the occurrences in this said
Section 10.1(d) shall be deemed a default on account of bankruptcy for the purposes
hereof and such default on account of bankruptcy shall apply to and include any
Guarantor of this Lease); (e) abandons the Premises, failing to continue to pay all
rent hereunder; or (f) commits waste to the Premises; then Tenant shall be in default
hereunder and Landlord may, at its option and without further notice to Tenant,
terminate Tenant’s right to possession of the Premises, with or without terminating
this Lease, and re-enter and resume possession of the Premises, and may thereupon
remove all persons and property from the Premises, with resort to process of a court
of competent jurisdiction. Landlord shall be obligated to use reasonable efforts to
mitigate damages hereunder provided the same shall not require Landlord to provide
preferential treatment to the leasing of the Premises as opposed to the leasing of
other available space in the Shopping Center. If Landlord terminates Tenant’s right
to possession of the Premises without terminating this Lease, Landlord may, at any
time thereafter, terminate this Lease. Tenant hereby waives all rights of redemption
and all other statutory or judicial rules at variance with the provisions of this
Lease.

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     Notwithstanding such re-entry by Landlord, Tenant hereby indemnifies and holds
Landlord harmless from any and all loss or damage which Tenant may incur by reason of
the termination of this Lease and/or Tenant’s right to possession hereunder pursuant
to this Section 10.1 or any other provision of this Lease. In no event shall
Landlord’s termination of this Lease and/or Tenant’s right to possession of the
Premises abrogate Tenant’s agreement to pay rent and additional charges due hereunder
for the full Term hereof. Following re-entry of the Premises by Landlord, Tenant shall
continue to pay all such rent and additional charges as same become due under the
terms of this Lease, together with all other reasonable expenses incurred by Landlord
in regaining possession until such time, if any, as Landlord relets same and the
Premises are occupied by such successor. Upon reletting, sums received from such new
lessee by Landlord shall be applied first to payment of costs incident to reletting;
any excess shall then be applied to any indebtedness to Landlord from Tenant other
than for Minimum and any excess shall then be applied to the payment of Minimum due
and unpaid. The balance, if any, shall be applied against the deficiency between all
amounts received hereunder and sums to be received by Landlord on reletting, which
deficiency Tenant shall pay to Landlord in full, within five (5) days of notice of
same from Landlord. Tenant shall have no right to any proceeds of reletting that
remain following application of same in the manner set forth herein.

     If Tenant fails to comply with its obligations hereunder, Landlord, without
waiver of or prejudice to any other right or remedy it may have, shall have the
right, to cure such default for the account of Tenant, and Tenant shall reimburse
Landlord upon invoice for any amount paid and any expense or contractual liability so
incurred. If Tenant fails to reimburse Landlord within fifteen (15) days after
invoice, then the amount paid for the cure shall bear interest from the date of
disbursement at the lesser of (i) two percentage points (200 Basis Points) in excess
of the prime rate of interest then promulgated by Bank of America or its successor in
Atlanta, Georgia or (ii) the highest rate allowed by law (“Lease Interest Rate”).
Landlord’s exercise of self-help hereunder shall be at Landlord’s election and
Landlord shall have no obligation to cure any of Tenant’s defaults hereunder.

     10.2 Rights and Remedies. The various rights and remedies herein granted
to Landlord shall be
cumulative and in addition to any others Landlord may be entitled to by law or in
equity, and the exercise
of one or more rights or remedies shall not impair Landlord’s right to exercise
any other right or remedy.

     10.3 Bankruptcy. If Landlord shall not be permitted to terminate this
Lease as hereinabove
provided because of the provisions of Title 11 of the United States Code relating
to Bankruptcy, as
amended (“Bankruptcy Code”), then Tenant as a debtor in possession or any trustee
for Tenant agrees
promptly, within no more than fifteen (15) days upon request by Landlord to the
Bankruptcy Court, to
assume or reject this Lease and Tenant on behalf of itself, and any trustee agrees
not to seek or request any
extension or adjournment of any application to assume or reject this Lease by
Landlord with such Court,
In such event, Tenant or any trustee for Tenant may only assume this Lease if (A)
it cures or provides
adequate assurance that the trustees will promptly cure any default hereunder, (B)
compensates or provides
Adequate assurance that Tenant will promptly compensate Landlord for any actual
pecuniary loss to
Landlord resulting from Tenant’s defaults, and (C) provides adequate assurance of
performance during the
fully stated Term hereof of all of the terms, covenants, and provisions of this
Lease to be performed by
Tenant. In no event after the assumption of this Lease shall any then-existing
default remain uncured for a
period in excess of the earlier often (10) days or the time period set forth
herein. Adequate assurance of
performance of this Lease as set forth hereinabove shall include, without
limitation, adequate assurance (1)
of the source of rent reserved hereunder, (2) that any Percentage Rent due
hereunder will not decline from
the levels anticipated, and (3) the assumption of this Lease will not breach any
provision hereunder. In the
event of a filing of a petition under the Bankruptcy Code, Landlord shall have no
obligation to provide
Tenant with any services or utilities as herein required, unless Tenant shall have
paid and be current in all
payments of Operating Costs, utilities or other charges therefor.

     10.4 Landlord’s Default. If Tenant alleges that Landlord is in default hereunder, Tenant
shall not be entitled to exercise any remedies with respect to such non-compliance
until Tenant has given
Landlord (and any mortgagee of which Tenant has received written notice) written
notice of the alleged

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breach or default and a reasonable period thereafter to cure same, such period not
being less than thirty (30) days. Notwithstanding any contrary provision contained
herein, in the event of any default by Landlord in the observance or performance of
any obligation on Landlord’s part to be observed or performed under this Lease (as
the case may be, a “Landlord Default”), Tenant may give Landlord written notice
specifying such Landlord Default and, if Tenant shall do so, then Landlord shall have
Thirty (30) days in which to cure any such Landlord Default; provided, however, that
if the nature of the Landlord Default is such that more than Thirty (30) days are
required for its cure, then Landlord shall not be in default if Landlord commences to
cure within said Thirty (30) days and thereafter diligently prosecutes the same to
completion. In the event that Landlord shall remain in default following its right to
cure as specified herein, then Tenant may, in addition to all other rights and
remedies available to Tenant at law and in equity, including, without limitation,
termination of this Lease, cure such Landlord Default on behalf of Landlord by doing
the necessary work and/or making the necessary payments, and billing Landlord for the
reasonable costs thereof, which Landlord agrees to pay to Tenant within Thirty (30)
days of receipt of Tenant’s demand therefore and reasonable evidence of the cost of
the same. If Landlord shall fail to pay within said Thirty (30) day period, Tenant
may deduct the entire cost from up to fifty percent (50%) of any Minimum Rent due or
to become due hereunder.

SECTION 11

TRANSFERS, ASSIGNMENT AND SUBLETTING

     11.1 Assignment and Subletting.

     (a) Tenant shall not, either voluntarily or by operation of law, sell, assign,
hypothecate or
otherwise transfer or encumber this Lease, or sublet the Premises or any part
thereof (all of the foregoing
collectively referred to as a “Transfer”), contrary to the provisions hereof. The
acceptance by Landlord of
payments of Rent or additional rent following any assignment or transfer
prohibited by this Section shall
not be deemed to be a consent by Landlord to any such assignment or other
transfer, nor shall the same be
deemed to be a waiver of any right or remedy of Landlord hereunder.

     (b) Tenant shall have the right to assign this Lease, or to sublet the whole or
any part of the Premises,
for use for any lawful retail purpose, subject to any then existing exclusive
rights of tenants in the Shopping
Center, provided the consent of Landlord is first obtained, which consent Landlord
agrees not to unreasonably
withhold, delay or condition beyond a period of thirty (30) days, and provided
that Tenant shall remain liable
for the obligations of Tenant hereunder.

     (c) Notwithstanding any provision contained within this Lease to the contrary,
Tenant shall have the
right, without Landlord’s consent, to assign this Lease, or to sublet the whole or
any part of the Premises, for
any lawful retail purpose, subject to any then existing exclusive rights of
tenants in the Shopping Center, to
any corporation of which, at the time, Tenant shall be a subsidiary, or to any
subsidiary of a corporation of
which, at the time, Tenant shall be a subsidiary. In addition, Tenant shall have
the right to assign or sublet the
whole Lease without Landlord’s consent to any person or corporation or other
entity acquiring ten (10) or more
store locations from Tenant or its parent or its affiliates, to be used for the
use permitted hereunder, whether
such assignment of the Premises is by purchase, merger, consolidation, or
otherwise, or a franchisee or
franchisor of Tenant or Tenant’s franchisor, but in the case of such assignment
and/or transfer, Tenant shall not
be released of all further liability for the obligations of Tenant hereunder.

     (d) Notwithstanding any provision contained in this Lease to the contrary, Tenant
may assign this
Lease or sublet all or any portion of the Premises for the use specifically
permitted hereunder: (i) to any
parent, subsidiary, affiliate or entity controlling, controlled by, or under
common control with Tenant, and
may assign this lease or sublet the Premises (ii) to any successor in interest,
franchisee, franchisor or
transferee for the Permitted Use, (iii) a successor in interest to Tenant as a
result of merger, consolidation,
reorganization or government action, (iv) successor in interest to Tenant as a
result of any initial public
offering by Tenant or an affiliate, the sale of Tenant’s or an affiliate’s stock
on a nationally recognized
exchange, or (v) to a purchaser of all or substantially all of the stock or assets
of Tenant (each, a
“Permitted Transfer”). Permitted Transfers also include any initial public
offering by Tenant or an
affiliate, the sale of Tenant’s or an affiliate’s stock on a nationally recognized
exchange, the change or

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transfer of ownership or similar event where the acquiring entity is or will be an
affiliate or successor licensee, including mergers and acquisitions, or the sale or
transfer of substantially all of Tenant’s stock or assets to another entity.
Landlord’s consent shall not be required to a Permitted Transfer and Landlord shall
have no right to delay, alter or impede any of the foregoing transactions or
combinations thereof.

     (e) In all events Tenant shall remain liable under this Lease.

     11.2 Voting Control. If Tenant is a corporation or other business entity
and if the person or
persons who own a majority of its voting shares at the time of execution hereof
cease to own a majority of
such shares at any time hereafter, except as a result of transfers by gift,
bequest or inheritance, same shall
be a Transfer hereunder. This Section 11.2 shall not apply to a public entity, the
stock of which is publicly
traded on a reputable national or regional exchange.

     11.3
Dissolution of Partnership. If Tenant is a partnership or if any partner and partners
withdraw from the partnership, or if the partnership is otherwise dissolved, or
control of the partnership
changes, same shall be a Transfer hereunder.

SECTION 12

SUCCESSION TO LANDLORD’S INTEREST

     12.1 Attornment. Tenant shall attorn and be bound to any of Landlord’s
successors under all
the terms, covenants and conditions of this Lease for the balance of the remaining Term.

     12.2 Subordination. This Lease shall be subordinate to the lien or security title of any
mortgage or security deed or the lien resulting from any other method of financing or
refinancing now or hereafter in
force against the Shopping Center, any portion thereof, or upon any buildings now or
hereafter placed upon the land of which the Premises are a part, and to any and all
advances to be made under such financing instruments, and all renewals,
modifications, extensions, consolidations and replacements thereof, provided however
that the holder of any such mortgage shall execute and deliver to Tenant an agreement
in the form attached hereto as Exhibit “G” that such holder will recognize
this Lease and not disturb Tenant’s possession of the Premises in the event of
foreclosure if Tenant is not then in default hereunder beyond any applicable cure
period. Landlord agrees that if any mortgages should be prior in time at the
execution of this Lease, then, upon the execution and delivery of this Lease,
Landlord will deliver to Tenant an agreement from any such mortgagee. If Landlord
shall hold a leasehold estate in all or part of the Shopping Center rather than a fee
interest, then, upon the execution and delivery of this Lease, Landlord also shall
deliver to Tenant such an agreement from the fee owner. Each such agreement shall be
in recordable form and shall provide that this Lease, and all rights of Tenant
hereunder, shall not be disturbed, except for a cause which would permit Landlord to
disturb the same.

     12.3 Landlord’s Exculpatory Clause. The term “Landlord” as used in this
Lease means only
the fee simple owner or ground lessee during the Term of either its ownership or
its leasing of the land
upon which the premises have been, or are to be constructed, so that in the event
of any sale or sales of
such land, or assignment, transfer, or other conveyance of its rights under this
Lease, the Landlord shall be
and hereby is entirely freed from relieved of all covenants and obligations of
Landlord hereunder and it
shall be deemed and construed, without further agreement between the parties or
their successors in
interests, or between the parties and the purchaser at any such sale, or the
successor to the Landlord by
reason of assignment, transfer or other conveyance of its rights under this Lease,
that such purchaser or
successor has assumed and agreed to carry out any and all covenants and
obligations of the Landlord
hereunder. Tenant acknowledges and agrees that liability of Landlord under this
Lease shall be limited
solely to Landlord’s interest in the Shopping Center, including any rents,
proceeds, insurance amounts due
Landlord and any judgments rendered against Landlord shall be satisfied solely out
of proceeds of sale of
its interest in the Shopping Center. No personal judgment shall be entered
against Landlord and any
judgment so rendered shall not give to any right of execution or levy against any
other assets of the
Landlord. The provisions hereof shall inure to Landlord’s successors and
assigns, including any
mortgagee.

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SECTION 13

SURRENDER OF PREMISES

     13.1 Surrender of Premises. At the expiration or earlier termination of
this Lease, Tenant shall surrender the Premises to Landlord broom clean, with
Tenant’s signs and other personal property removed and in the same condition as when
tendered by Landlord, reasonable wear and tear excepted. Any leasehold improvements
made by Tenant to the Premises (which shall only be made to the extent and pursuant
to the provisions set forth herein) shall vest in Landlord at no cost to Landlord
upon the expiration or other termination of this Lease; provided, however, that
Tenant shall removes any such leasehold improvements upon notice thereof from
Landlord to Tenant by Landlord. Tenant shall promptly remove Tenant’s signs,
furniture, trade Fixtures and other personal property within the Premises no later
than such expiration or termination and shall repair any damage or disturbance to the
Premises caused by such removal. Tenant’s failure to remove any of Tenant’s signs,
furniture, trade fixtures and other personal property (or any of Tenant’s leasehold
improvements required by Landlord to be removed) within ten (10) days after such
expiration or termination shall be deemed an abandonment to Landlord of same and, if
Landlord elects to remove all or any part of said signs, furniture, trade fixtures
and other real or personal property, such removal, including the cost of repairing
any damage caused by or resulting from such removal, shall be paid by Tenant. Any
property of Tenant left in or about the Premises or the Shopping Center after the
expiration or other termination of this Lease shall be deemed abandoned and Landlord
may retain or dispose of same and Tenant shall pay all costs of disposal upon demand.

SECTION 14

MISCELLANEOUS

     14.1 Attorney’s Fees. In the event of any suit, action, or proceeding
at law or in equity, by either
of the parties hereto against the other by reason of any matter or thing arising
out of this Lease, including
seeking and obtaining equitable remedies or injunctive relief, the prevailing
party shall recover, not only its
legal costs, but also reasonable attorneys’ fees (to be fixed by the Court) for
the maintenance or defense of said
action or suit, as the case may be.

     14.2
Late Charges. All sums not paid by the
10th of each month shall bear interest at the lesser
of (i) 12% per annum or (ii) the highest interest rate allowed by law highest
legal calculated from said due
date. Tenant shall, in addition, pay as additional rent a fee of $50.00 for processing of late payments.

     14.3 Accord and Satisfaction. No payment by either Landlord or Tenant or receipt by either
party of a lesser amount than the charges herein stipulated shall be deemed to be
other than on account of
the earliest stipulated charges, nor shall any endorsement or statement on any
check or letter accompanying
any check or payment be deemed an accord and satisfaction, and either party may
accept such check or
payment without prejudice to such parties right to recover the balance of any
amounts due hereunder or to
pursue any other remedy provided herein.

     14.4 Time of Essence. TIME IS OF THE ESSENCE OF ALL TENANT’S OBLIGATIONS
SET FORTH IN THIS LEASE.

     14.5 Holding Over. Should Tenant, with Landlord’s written consent, hold over at the end of the
Term, Tenant shall become a Tenant at will and any such holding over shall not
constitute an extension of
this Lease. During such holding over, Tenant shall pay rent and other charges at
150% of the rate in
existence at the expiration of the Term. If Tenant holds over at the end of the
Term without Landlord’s
written consent, Tenant shall be a tenant at sufferance and shall pay Landlord as
liquidated damages, a sum
equal to twice the rent and other charges to be paid by Tenant to Landlord for all
the time Tenant shall so
retain possession of the Premises; provided that the exercise of Landlord’s rights
under this clause shall not
be interpreted as a grant of permission to Tenant to continue in possession.

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     14.6 Severability. In the event any provision of this Lease to any
extent be invalid or
unenforceable, the remainder of this Lease shall not be affected thereby, and the
Lease and its provisions
shall be valid and enforceable to the full extent permitted by law.

     14.7 Brokers. Landlord and Tenant represent and warrant to each other that neither party has
dealt with any broker or finder entitled to any commission, fee or other
compensation by reason of the
execution of the Lease except The Greenberg Group and Capital Properties Group,
LLC (“Brokers”).
Landlord agrees to pay all Brokers their commission pursuant to t a separate
listing agreement. Landlord
and Tenant each agree to indemnify and hold the other harmless from any charge,
liability or expense
(including attorney’s fees) which each may suffer, sustain or incur in respect to
any claim for a
commission, fee or other compensation by a broker or finder claiming by, through
or under Landlord or
Tenant, other than Brokers. Landlord will satisfy any obligation to Brokers in
respect to this Lease. The
Greenberg Group has acted as agent for the Tenant in this transaction and is to be
paid a commission by
the Landlord. It is understood that Marvin S. Isenberg and W.E. Lee are licensed
real estate brokers in the
State of Georgia and are also Members in the ownership of Landlord.

     14.8 Waiver. No waiver by either Landlord or Tenant or of any provision of this Lease shall be
deemed to be a waiver of any other provision hereof or of any subsequent breach by
Landlord or Tenant of
the same provision. Landlord’s consent to or approval of any act by Tenant shall
not be deemed to render
unnecessary the obtaining of Landlord’s consent to or approval of any subsequent
act. No acceptance by
Landlord of Tenant’s surrender of the Premises shall be valid unless written.

     14.9 Right of Entry. Tenant agrees that on and after ninety (90) days next preceding the
expiration of the Term hereof, Landlord shall have access to the Premises at
reasonable times upon notice
to Tenant to show the Premises to prospective tenants, buyers or lenders, to inspect same however in no
event shall Landlord or its agents place notices on the Premises offering the Premises for lease or sale.

     14.10
Successors and Assigns. Except as otherwise provided herein, this Lease shall be binding
upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives,
executors, successors and assigns.

     14.11 Headings, Captions and References. The section captions contained in this Lease are for
convenience only and do not in any way limit or amplify any term or provision
hereof. The use of the
terms “hereof,” “hereunder” and “herein” shall refer to this Lease as a whole
except where noted otherwise.

     14.12 Survival of Obligations. The provisions of this Lease with respect
to any obligation of
Tenant to indemnify Landlord, to pay any sum owing or to perform any act after the expiration or other
termination of this Lease shall survive the expiration or other termination of this Lease.

     14.13 Landlord and Tenant Relationship. Nothing herein contained shall be deemed or
construed by the parties hereto, nor by any other party, as creating the
relationship of principal and agent or
of partnership or of joint venture between the parties hereto. No estate shall
pass from Landlord to Tenant,
and this Lease shall not be subject to levy and/or sale and shall not be assignable by Tenant.

     14.14 Counterclaim and Jury Trial. In the event that Landlord commences any summary
proceedings or action for nonpayment of rent or other charges provided for in this
lease, Tenant shall not
interpose any counterclaim of any nature or description in any such proceeding or action. Tenant and
Landlord both waive a trial by jury of any or all issues arising in any action or proceeding between the
parties hereto or their successors, under or connected with this Lease, or any of its provisions.

     14.15 Notices. Any notice required or permitted to be given hereunder shall be in writing and
given by personal delivery (including courier delivery) or by U.S. Certified Mail,
postage prepaid, return
receipt requested, addressed to Tenant, at the address listed below, or by posting
or delivering such notice
to the Premises, and to Landlord at the address set forth below. Notices and
demands shall be deemed to
have been given (i) upon the date of the executed return receipt if sent by
Certified Mail, provided that if

21

 

delivery cannot be made or if any party shall refuse delivery, notices shall be deemed
given when mailed, or (ii) upon delivery if personally delivered (including by
courier), and upon posting or delivery if posted or delivered to the Premises.

	 	 	 
	To Landlord:

	 	Stonewood Partners, LLC
	 

	 	Attention: 
Mr. Ed Lee
	 

	 	3801 Parian Ridge Rd NW
	 

	 	Atlanta, GA. 30327
	 

	 	404-233-8450
	 
	 	 
	To Tenant:

	 	Real Estate Department
	 

	 	Dover Saddlery
 525 Great Road
	 

	 	Littleton, Massachusetts 01460]
	 
	 	 
	 

	 	With a copy of any notices pertaining to a default to:
	 
	 	 
	 

	 	Eugene M. Magier, Esq.
	 

	 	Eugene M. Magier, PC
	 

	 	687 Highland Avenue
	 

	 	Suite 1
	 

	 	Needham, Massachusetts 02494

     14.16 Representations. Tenant acknowledges that neither Landlord nor Landlord’s agents,
employees or contractors have made any representations or promises with respect to the Premises, the
Shopping Center or this Lease except as expressly set forth herein.

     14.17 Jurisdiction. The laws of the State of Georgia shall govern the interpretation, validity,
performance and enforcement of this Lease.

     14.18 Entire Agreement. This Lease constitutes the entire agreement between the parties hereto
with respect to the subject matter hereof and no subsequent amendment or agreement
shall be binding upon
either party unless it is signed by each party. The submission of this Lease shall
not constitute an offer to
Lease by Landlord and this Lease shall not be binding unless and until it is
signed by Landlord and Tenant.

     14.19 Special Stipulations. Insofar as the following Special
Stipulations and/or Special
Provisions set forth on Exhibit “E” hereto conflict with any of the foregoing provisions, the Special
Stipulations shall apply and control.

     14.20 Tenant Work. Promptly upon the tender of possession of the Premises by Landlord to
Tenant, Tenant shall following receipt of its building permits commence and
thereafter diligently pursue to
completion all Tenant Work in the Premises in accordance with the requirements of
Exhibit “C” attached
hereto and by this reference made a part hereof and plans and specifications submitted to Landlord
pursuant to Exhibit “C”.

     14.21 Effective Date. This Lease shall become effective on the last day that this Lease shall be
executed by the parties herein and (except for the provisions contained in this Lease) delivered to each
other which date is specified in paragraph 1 hereof (herein “Effective Date”).

     14.22 Gross Sales. (a) “Gross Sales” for purposes of this Lease means the actual sales prices of all
goods, wares, and merchandise sold, all revenues and income derived from the
Premises and the actual
charges for all services performed by Tenant or by any subtenant, licensee, or
concessionaire or others in,
at, or from the Premises, whether for cash, credit, or otherwise, without reserve
for inability or failure to
collect (including interest, finance charges and service charges on time-payment
sales, credit sales or
layaways). Gross Sales shall include, subject to the following paragraph, sales,
rents, receipts, and services

22

 

(1) where the orders therefore originate in, at, or from the Premises, whether
delivery or performance is made from the Premises or from some other place, (2) made
or performed by mail, telephone, or telegraph orders received at the Premises, (3)
made or performed from the Premises or received at the Premises via e-mail, internet
or other electronic method or mode, performed or received via any website established
by Landlord for the Shopping Center containing a link to Tenant’s website, (4) made or
performed by means of mechanical and other vending devices in the Premises, whether
for the sale of goods, services, amusement, or otherwise, (5) which Tenant or any
subtenant, licensee, or concessionaire in the normal and customary course of its
business, would credit or attribute to its operations at the Premises or any part
thereof (including interest, time-price differential, finance charges and service
charges on-time payment sales, credit sales or layaways). Any deposit not refunded
shall be included in Gross Sales. Each installment or credit sale shall be treated as
a sale for the full price in the month during which such sale is made, irrespective of
the time when Tenant receives payment therefore.

     (b) Gross Sales Exclusions. The following shall be excluded from Gross
Sales: (1) any exchange of merchandise between stores of Tenant where such exchange is
made solely for the convenient operation of Tenant’s business and not for the purpose
of consummating a sale made in, at, or from the Premises, (2) returns to shippers or
manufacturers, (3) cash or credit refunds to customers on transactions, otherwise
included in Gross Sales, not in excess of the original selling price, (4) sales of
fixtures, machinery, or equipment after use by Tenant and which are not
stock-in-trade, (5) sales taxes, so-called luxury taxes, consumers’ excise taxes,
gross receipts taxes, and other similar taxes now or hereinafter imposed upon the sale
of merchandise or services, (6) the amount of returns to factories, bulk sales,
wholesale transfers of merchandise, (7) finance charges received from credit card
purchasers, (8) layaway, finance or service charges to customers, (9) workroom or
alteration charges, (10) gift certificates until treated as a sale at the Premises
pursuant to Tenant’s bookkeeping system, (11) insurance proceeds, (12) sales by vendor
machines in non-sales areas for employee use, (13) value added taxes, (14) the extent
of any employee discount, (15) uncollectible bad debts and charged off accounts, (16)
supplementary services provided at Tenant’s cost (such as special order fees, postage
and gift wrap fees), and (17) the extent of any discounts to senior citizens. No
franchise or capital stock tax and no income or similar tax based on income or profits
shall be deducted from Gross Sales. No deductions from Gross Sales shall be made for
any amounts not originally included in Tenant’s Gross Sales (including returns of
internet purchases).

     14.23 Use Restrictions. In addition to the restrictions in the preceding
paragraph, Landlord
represents, covenants and agrees that it shall not sell, operate or lease (or
permit to be sold, operated or
leased) within any portion of the Shopping Center any of the following uses: (i) a
flea market; (ii) a funeral
home; (iii) a facility for the sale of paraphernalia for use with illicit drugs;
(iv) a facility for the sale or
display of pornographic material (as determined by community standards for the
area in which the
Premises is located); (v) an off-track betting parlor; (vi) a carnival, amusement
park, circus, tent sale,
pumpkin patch, Christmas tree lot or “farmer’s market”; (vii) a facility for the
sale of new or used motor
vehicles, trailers or mobile homes; or (viii) a facility for any use which is
illegal or dangerous or constitutes
a nuisance.

     14.24 Representation by Landlord.

	 	a.	 	Landlord represents, warrants and covenants to Tenant the following:

	 	(i)	 	that all of the Shopping Center is zoned for
commercial purposes, and that the Premises and Shopping Center are
presently properly subdivided in conformity with all applicable
laws;
	 
	 	(ii)	 	that Landlord is the fee simple owner of the Shopping Center;
	 
	 	(iii)	 	that the Shopping Center is subject to no
restrictions or continuing regulations of any kind or nature
whatsoever incompatible with Tenant’s use as contemplated by Section
4.1 herein and that there are no restrictions or restrictions in any
operating

23

 

agreements by which Landlord is bound which would adversely affect
the uses described in Section 4.1 herein;

	 	(iv)	 	that as of Landlord’s Delivery Date, the Premises
are in good working order and condition, the roof is watertight and
all utility systems are functional as required;
	 
	 	(v)	 	that Landlord has no notice of any proposed
assessments other than as reflected on the current tax bill;
	 
	 	(vi)	 	that, to the best of Landlord’s actual knowledge,
Landlord has not used, discharged, dumped, spilled or stored any
“Hazardous Materials” (as defined herein) on or about the Shopping
Center, whether accidentally or intentionally, legally or illegally,
and has received no notice of such occurrence and has no knowledge
that any such condition exists at the Shopping Center;
	 
	 	(vii)	 	that Landlord has no knowledge of any condition that
would preclude Tenant from obtaining all permits and licenses in
form reasonably acceptable to Tenant necessary for it to carry on
its business on the Premises;
	 
	 	(viii)	 	that if Landlord is a corporation, limited liability company,
partnership or trust, Landlord covenants that it is duly constituted
under the laws of the state of its organization, and that its
officer, member, manager, partner or trustee who is acting as its
signatory in this Lease is duly authorized and empowered to act for
and on behalf of the entity or trust;
	 
	 	(ix)	 	that there are no known judicial, quasi-judicial,
administrative or other orders, injunctions, moratoria or pending
proceedings against Landlord or the Shopping Center which preclude
or interfere with, or would preclude or interfere with, the
construction contemplated herein or the occupancy and use of the
Premises by Tenant for the purposes herein contemplated;
	 
	 	(x)	 	that, to the best of Landlord’s knowledge, no third
party has the right to object to Tenant’s tenancy hereunder,
prohibit the selling of any products sold by Tenant or the uses
allowed herein or the right to consent to any feature of the
Premises or Tenant’s signage or cart corrals; and
	 
	 	(xi)	 	that none of the terms or provisions of this Lease
conflict with any of the terms or provisions contained in any
document or agreement, written or oral, affecting the Shopping
Center and that the terms and provisions of any document or
agreement, written or oral, affecting the Shopping Center do not
conflict with any of the terms or provisions of this Lease, the REA
or Ground Lease.

     If any of the foregoing representations are materially breached by Landlord,
Tenant shall have the right to terminate this Lease, in addition to all other
remedies provided by law, provided Landlord has had notice from Tenant of such
breach, has had adequate time to cure such breach and has failed to do so.

     (b) All representations, warranties, covenants and indemnities contained in this
Lease shall survive the expiration or earlier termination of the Lease.

     14.25 Force Majeure. If either party hereto shall be delayed or hindered
in or prevented from the performance of any act required hereunder by reason of
strikes, lockouts, labor troubles, inability to procure material, failure of power,
restrictive governmental laws or regulations, riots, insurrection, war, environmental
remediation work whether ordered by any governmental body or voluntarily initiated or
other reason of a like nature not the fault of the party delayed in performing work
or doing acts required under this Lease, the period for the performance of any such
act shall be extended for a period equivalent

24

 

to the period of such delay. Notwithstanding the foregoing, the provisions of this
Section 14.25 shall at no time operate to excuse Tenant from any obligations for
payment of Minimum Rent, additional rent or any other payments required by the terms
of this Lease when the same are due, and all such amounts shall be paid when due.
Notwithstanding the foregoing, the provisions of this Section 23.5 shall at no time
operate to excuse Landlord from performing and complying with all covenants hereunder
nor the provisions of Section 2.3 (b).

     14.26 Landlord’s Covenant. If Tenant pays the rents and other amounts
herein provided, observes and performs all the covenants, terms and conditions hereof, Tenant shall have quiet enjoyment to the
Premises and shall peaceably and quietly hold and enjoy the Premises for the Lease Term without
interruption by Landlord or any person or persons claiming by, through or under Landlord, subject,
nevertheless, to the terms and conditions of this Lease.

     14.27 Tenant’s Signs. (a) Landlord hereby approves the Tenant’s signs shown on Exhibit “F”
attached hereto. Tenant shall have the right, at its own cost, to install and
maintain, replace and relocate for the Premises and Building such signs, awnings, lighting effects, and fixtures as are,
or may be, from time to time
used or adopted by Tenant. Tenant shall have the right to place Tenant’s standard
paper signs in its windows in
accordance with Tenant’s regular advertising and promotional programs, including
“Coming Soon” or similar
advertising prior to Tenant’s opening for business. In addition to signage on the
front of the Premises, Tenant
shall be permitted signage to the full extent permitted by law, including signage
on the rear and side of the
Demised Premises if permitted by law. Tenant shall be permitted to make
application in Tenant’s name and
that of Landlord if same is required for such signage. Notwithstanding anything to
the contrary contained
herein, Tenant shall have the right, at its own cost, to install a rear or side
customer and/or delivery entrance to
its Premises, and/or place a sign on the rear or side of the Building or over such
entrance, provided Tenant
obtains all required governmental approvals.

          (b) Tenant shall have the right, if permitted by law, at its own cost, to install
its sign as shown on Exhibit “F-l” on any pylon sign structure located on the
Center or dedicated to the Center.

     14.28 Memorandum of Lease. A short form memorandum of lease, in
substantially the form of Exhibit “H” attached hereto, shall be executed and acknowledged by the parties for the purpose of
recording upon the Effective Date hereof. As a condition to this Lease, Landlord shall, at Tenant’s
expense, record the Memorandum of Lease as aforesaid.

     14.29 Merchant’s Association; Marketing Fund. Tenant shall not be obligated to join or make any
contribution to any merchants association or marketing fund.

     14.30 Hazardous Substances. (a) Tenant agrees that, except as herein set forth, it shall not
generate, use, store, handle or dispose of on or transport over the Premises any
“Hazardous Substances” (defined below) in violation of any “Environmental Laws” (defined below).
Tenant may sell and/or use household and automotive cleaning supplies, office supplies and other chemicals in
standard retail containers as are commonly sold by grocery stores, supermarkets, discount stores
and/or drugstores.

          (b) If, at any time during the Term, Hazardous Substances are found in the
Premises or in the Shopping Center, then, in such event:

     (i) with regard to any Hazardous Substances that Tenant shall not have caused,
Landlord shall remove same, in compliance with applicable Environmental Laws, at
Landlord’s sole cost and expense. Landlord shall defend, indemnify, and hold Tenant
harmless from and against any and all costs, damages, expenses and/or liabilities
(including reasonable attorneys’ fees) which Tenant may suffer as a result of any
claim, suit or action regarding any such Hazardous Substances (whether alleged or
real) and/or regarding the removal and clean-up of same or resulting from the
presence of such Hazardous Substances. The representation, warranty and indemnity of
Landlord described in this Section shall survive the termination or expiration of
this Lease.

25

 

     (ii) with regard to any Hazardous Substances caused by Tenant, Tenant shall remove same, in
compliance with applicable Environmental Laws, at Tenant’s sole cost and expense. Tenant shall
defend, indemnify, and hold Landlord harmless from and against any and all costs, damages, expenses
and/or liabilities (including reasonable attorneys’ fees) which Tenant may suffer as a result of
any claim, suit or action regarding any such Hazardous Substances (whether alleged or real) present
due to Tenant and/or regarding the removal and clean-up of same or resulting from the presence of
such Hazardous Substances. The representation, warranty and indemnity of Tenant described in this
Section shall survive the termination or expiration of this Lease.

(c) The term “Hazardous Substance” includes, without limitation, any material or
substance which is (i) defined or listed as a “hazardous, waste”, “extremely hazardous waste”,
“restrictive hazardous waste” or “hazardous substance” or considered a waste, condition of
pollution or nuisance under any Environmental Law (as defined below); (ii) petroleum or a
petroleum product or fraction thereof; (iii) asbestos containing materials; and/or (iv)
substances known to cause cancer and/or reproductive toxicity. The term “Environmental
Law” shall mean any federal, state or local law, statute, ordinance, rule, regulation, order,
consent, decree, judgment or common-law doctrine, interpretation thereof, and provisions and
conditions of permits, licenses, plans, approvals and other operating authorizations whether
currently in force or hereafter enacted relating to health, industrial hygiene or the
environmental conditions on, under or about the Premises or the Shopping Center, as such laws are
amended and the regulations and administrative codes applicable thereto. It is the intent of the
parties hereto to construe the terms “Hazardous Substance” and “Environmental Law” in their
broadest sense.

     14.29 Exhibits. The following exhibits are attached hereto and made a part hereof:

	 	 	 	 	 
	Exhibit “A”

	 	—
	 	Legal Description of the Shopping Center
	Exhibit “A-1”

	 	—
	 	Site Plan
	Exhibit “B”

	 	—
	 	Rules and Regulations
	Exhibit “C”

	 	—
	 	Tenant Work Requirements and Landlord’s Reimbursement
	Exhibit “D”

	 	—
	 	Landlord’s Work
	Exhibit “E”

	 	—
	 	Special Provisions
	Exhibit “F”

	 	—
	 	Signage
	Exhibit “F-1”

	 	—
	 	Pylon Sign
	Exhibit “G”

	 	—
	 	SNDA Agreement
	Exhibit “H”

	 	—
	 	Memorandum of Lease

[SIGNATURES ON FOLLOWING PAGE]

26

 

          IN WITNESS WHEREOF, the parties hereto have executed and sealed this Lease this
day and year first above written.

	 	 	 	 	 
	 	LANDLORD:

STONEWOOD PARTNERS, LLC

 	 
	 	By:  	/s/ Edward Lee
 	 
	 	 	Edward Lee 	 
	 	 	Its Managing Member 	 
	 
	 	TENANT:

DOVER SADDLERY RETAIL, INC. d/b/a DOVER SADDLERY

 	 
	 	By:  	/s/ Stephen L. Day
 	 
	 	 	Stephen L. Day 	 
	 	 	Its Chairman 	 
	 
	 	 	(CORPORATE SEAL)	 

27

 

EXHIBIT “A”

STONEWOOD VILLAGE

LEGAL DESCRIPTION

28

 

All that tract or parcel of land lying and being in Land Lots 1110 and 1123 of the 2nd
District, 2nd Section, Fulton County, Georgia, and being more particularly described as
follows:

BEGINNING at an iron pin located at the intersection of the Northerly right-of-way of Georgia
Highway 9 (80-foot right-of-way) and the Northwesterly right-of-way of Cogburn Road (60-foot
right-of-way); thence along the Northerly right-of-way of Georgia Highway 9 the following courses
and distances:

North 87° 29’ 29” West, a distance of 304.45 feet to a point;

North 89° 23’ 51” West, a distance of 123.81 feet to a point;

South 88° 03’ 29” West, a distance of 135.38 feet to an iron pin;

South 86° 08’ 10” West, a distance of 85.35 feet to a point;

South 83° 40’ 45” West, a distance of 122.32 feet to an iron pin;

South 81° 16’ 10” West, a distance of 149.76 feet to an iron pin;

South 78° 14’ 50” West, a distance of 150.00 feet to an iron pin;

South 77° 03’ 30” West, a distance of 96.38 feet to an iron pin;

Thence leaving said right-of-way and running North 03° 06’ 55” East a distance of 712.49 feet to
an iron pin; thence South 89° 02’ 07” East a distance of 964.78 feet to an iron pin; thence South
03° 40’ 26” West a distance of 170.00 feet to an iron pin; thence South 53° 17’ 45” East a
distance of 220.00 feet to an iron pin; thence South 86° 17’ 45” East a distance of 10.00 feet to
an iron pin located on the Northwesterly right-of-way of Cogburn
Road; thence along said right-of-way South 03° 42’ 15” West a distance of 310.00
feet to an iron pin located on the Northerly right-of-way of Georgia Highway 9 and the Point of
beginning, containing 15.6 acres and designated Tracts I, II and III, as shown by survey for Ingles
Markets, Inc. prepared by Quadra-Tech, Inc. and stamped by Wendell
Walls, Jr., Georgia Registered Land Surveyor No. 2176, dated
September 24, 1985, last revised October 2, 1985.

AND:

All that tract or parcel of land lying and being in Land Lots 1110 and 1123 of the 2nd
District,
2nd
Section, Fulton County, Georgia, and being more particularly described as
follows:

To find the Point of Beginning, commence at an iron pin locate at the intersection of the Northerly
right-of-way of Georgia Highway 9 (80-foot right-of-way) and the
Northwesterly right-of-way of
Cogburn Road (60-foot right-of-way); thence along the Northerly
right-of-way of Georgia Highway 9
the following courses and distance:

North 87° 29’ 29” West, a distance of 304.45 feet to a point;

North 89° 23’ 51” West, a distance of 123.81 feet to a point;

South 88° 03’ 29” West, a distance of 135.38 feet to an iron pin;

South 86° 08’ 10” West, a distance of 85.35 feet to a point;

South 83° 40’ 45” West, a distance of 122.32 feet to an iron pin;

South 81° 16’ 10” West, a distance of 149.76 feet to an iron pin;

South 78° 14’ 50” West, a distance of 150.00 feet to an iron pin;

South 77° 03’ 30” West, a distance of 96.38 feet to an iron pin;

And the POINT OF BEGINNING; from the Point of Beginning as thus established, run along the
Northerly right-of-way of Georgia Highway 9 South 77° 03’ 3” West a distance of 176.72
feet to an iron pin; thence leaving said right-of-way and running North 02° 48’ 57”
East a distance of 509.75 feet to an iron pin; North 03° 40’ 26” East a distance of 245.25 feet to
an iron pin; thence South 89° 02’ 07” East a distance of 170.22 feet to an iron pin; thence South
03° 06’ 55” West a distance of 712.49 feet to an iron pin located on the Northerly right-of-way of Georgia Highway 9 and the Point
of Beginning, as shown on survey for Ingles Markets, Inc. prepared by Quadra-Tech, Inc. and stamped
by Wendell Walls, Jr., Georgia Registered Land surveyor No. 2176, dated September 24, 1985, last
revised October 2, 1985.

TOGETHER WITH the easements granted pursuant to that certain Reciprcoal Easement Agreement between
Harbin B. Kay, Irene Kay, Forrest Benson, Marie K. Benson, Ingles Markets, Incorporated and Lamar
Frazer, Inc., dated October 3, 1985, and recorded in Deed Book 9750, Page 327, Fulton county,
Georgia records, as modified by Amendment to Reciprocal Easement Agreement dated March 31, 1986,
and recorded in Deed book 10032, Page 474, aforesaid records.

EXHIBIT A

 

 

EXHIBIT “A-1”

SITE PLAN

 

 

 

 

 

 

EXHIBIT “B”

STONEWOOD VILLAGE

RULES AND REGULATIONS

     Tenant covenants and agrees to comply with the following rules and regulations during the
Term.

     1. No sign, advertisement, display, notice, or other lettering shall be exhibited,
inscribed,
painted, or affixed on any part of the outside of the Premises shall be used in
connection with the conduct
of tenants business in the Premises or elsewhere without, in each instance, the
prior written consent of
Landlord. All such signs, displays, advertisements, and notices of Tenant so
approved by Landlord shall
be maintained by Tenant in good and attractive condition at Tenant’s expense and
risk. Tenant shall not
use handbills for advertising at the Shopping Center.

     2. No awning or other projections shall be attached to the outside walls of the
Premises or the
building of which they form a part without, in each instance, the prior written
consent of Landlord.

     3. All loading and unloading of goods shall be done only at such times, in the
areas and
through entrances designated for such purpose by Landlord.

     4. All garbage and refuse shall be kept in the kind of container specified by
Landlord, and
shall be placed in the area specified by Landlord and prepared for collection in
the manner and at the times
and places specified by Landlord. If Landlord shall provide or designate a
service for picking up refuse
and garbage, Tenant shall use same at Tenant’s cost, provided such cost shall be
competitive to any similar
service available to Tenant. Tenant will not install or cause to be installed any
automatic garbage disposal
equipment without the prior written consent of Landlord.

     5. No radio or television or other similar device shall be installed without, in
each instance,
Landlord’s prior written consent. No aerial shall be erected on the roof or
exterior walls of the Premises, or
on the grounds without, in each instance, the prior written consent of the
Landlord. Any aerial so installed
without such written consent shall be subject to removal without notice at any
time.

     6. No loud speakers, television sets, phonographs, radios, or other devices shall
be used in a
manner so as to be heard or seen outside of the Premises without the prior written
consent of Landlord.

     7. No sales advertised as auction, fire, bankruptcy, or selling-out sales shall be
conducted on
or about the Premises.

     8. During the operating period, Tenant shall keep Tenant’s display windows
illuminated and
the signs and exterior lights lighted each day and every day of the Term hereof
during the hours designated
by Landlord.

     9. Tenant shall keep the Premises at a temperature sufficiently high to prevent
freezing of
water in pipes and fixtures.

     10. Tenant shall not place or maintain any merchandise, security devices, signs or
other
articles in any vestibule or entry of the Premises, or on the sidewalks or in any
other Common Areas of the
Shopping Center.

     11. Tenant shall not make or permit any noise or odor which Landlord deems
objectionable to
emanate from the Premises.

2

 

     12. Tenant shall not suffer, allow, or permit any vibration, light, or other
effect to emanate
from the Premises, or from any machine or other installation therein, or otherwise
suffer, allow, or permit
the same to constitute a nuisance or otherwise interfere with the safety, comfort,
or convenience of
Landlord or any of the other occupants of the Shopping Center or their customers,
agents or invitees or
any other lawfully in or upon the Shopping Center. Upon notice by Landlord to
Tenant that any of the
aforesaid is occurring Tenant agrees to forthwith remove or control the same.

     13. Tenant shall restrict parking by Tenant, its officers, employees and agents to
employee
parking areas designated by Landlord.

     14. Tenant shall at Tenant’s cost engage such pest extermination contractor as
Landlord may
approve and at such intervals as Landlord may require, but no less than monthly.

     15. Tenant at its expense shall participate in any reasonable window cleaning
program that
may be established by Landlord for all or substantially all other stores in the
Shopping Center and shall
not permit window cleaning or other exterior maintenance or janitorial services in
and for the Premises to
be performed, except during reasonable hours designated for such purposes by
Landlord.

     16. Tenant shall not operate any coin or token vending machine or video games,
pinball
machine or other entertainment devices or any coin operated device for the sale of
any goods, wares,
merchandise, food, beverages, or services.

     17. No inflammable, explosive or dangerous fluid or substance shall be used or
kept by
Tenant in the Premises or Building. Tenant shall not, without Landlord’s prior
written consent, use, store,
install, spill, remove, release or dispose of within or about the Premises or any
other portion of the
Property, any asbestos-containing materials or any solid, liquid or gaseous
material now or hereafter
considered toxic or hazardous under the provisions of 42 U.S.C. Section 9601 et
seq. or any other
applicable environmental law which may now or hereafter be in effect. If Landlord
does give written
consent to Tenant pursuant to the foregoing sentence, Tenant shall comply with all
applicable laws, rules
and regulations pertaining to and governing such use by Tenant, and shall remain
liable for all costs of
cleanup or removal in connection therewith.

3

 

EXHIBIT “C”

STONEWOOD VILLAGE

TENANT’S WORK

     1. Design of Tenant’s Work. Tenant shall, at Tenant’s expense, complete the
improvements to the Premises in accordance with final detailed plans and
specifications (hereinafter referred to as the “Plans”) of Tenant’s Work submitted to
and approved by Landlord in writing. All construction and installation, unless
Landlord otherwise consents in writing, shall be in accordance with the approved
Plans. The approval by Landlord of the Plans does not constitute such prior written
consent unless otherwise expressly provided in the Plans. Tenant shall submit its
plans and specifications to Landlord for its approval as soon as practicable after
the execution of this Lease by both parties.

     2. Construction of Tenant Work. Tenant shall, at Tenant’s expense, procure
all permits and
licenses and make all contracts necessary for the construction of Tenant Work.
All of Tenant’s Work
shall conform to all applicable statutes, ordinances, regulations, and codes,
shall be in accordance and
compliance with the Plans approved by Landlord.

     3. Completion of Tenant Work. Tenant shall use reasonable efforts and
due diligence to
complete Tenant Work following receipt of its permits.

     4. Insurance and Indemnity. Tenant shall require its contractors and
subcontractors to
furnish Landlord or Landlord’s contractor with evidence of insurance coverage as
may be required by
Landlord prior to the performance of any work by Tenant’s contractors or
subcontractors; including
without limitation a builder’s risk policy acceptable to Landlord, naming Landlord
and its mortgagee as
additional insureds and insuring Landlord and its mortgagee as their interests may
appear. Tenant also
agrees to indemnify and hold Landlord harmless from and against any claims,
actions, losses, costs, fees
(including reasonable attorneys’ fees) or damages resulting from the intentional
or negligent acts or
omissions of Tenant, its agents, employees, contractors, or subcontractors in the
performance of Tenant’s
Work, except for matters arising from Landlord’s sole negligence or willful
misconduct.

     5. Special Provisions Applicable to Tenant Work. Tenant Work shall be
performed in a
first-class and workmanlike manner and all improvements constructed pursuant
thereto shall be in good
and useable condition at the date of completion. Tenant and Tenant’s contractors
are limited to performing
their work, including any storage for construction purposes, within the Premises
only. Tenant shall be
responsible for removal from the Premises and the Shopping Center of all trash,
rubbish, and surplus
materials resulting from any work being performed in the Premises. Tenant shall
exercise due diligence
in removing such trash, rubbish, or surplus materials from the Premises to avoid
littering, marring, or
damaging the Common Areas or any of the other stores located in the Shopping
Center.

     6. Roof. Tenant shall not penetrate, puncture, or otherwise go upon or
work upon any
portion of the roof, including, but not limited to that portion of the roof over
the Premises, without
obtaining the prior written consent of Landlord.

     7. Lien Waivers, Etc. Upon completion of Tenant Work in accordance with
the Plans,
Tenant shall give Landlord written notice thereof and shall simultaneously with
such written notice
furnish Landlord with the following documents all in a form and substance
acceptable to Landlord:

	 	(a)	 	A certificate of occupancy or temporary certificate of
occupancy or equivalent document issued by the appropriate governmental
authority, if applicable;

1

 

	 	(b)	 	An Affidavit from Tenant’s general contractor, architects, engineers and
all other persons
performing work or supplying that all subcontractors have properly completed
the portion
of the Tenant Work for which they were responsible and the cost of all such
labor,
material, supplies, and services incorporated in Tenant Work has been paid in
full and
waiving all liens and claims arising as a result of such work;
	 
	 	(c)	 	An estoppel certificate from Tenant; and
	 
	 	(d)	 	Evidence that the Tenant Work has been substantially completed in accordance
with the
Plans.

2

 

EXHIBIT “D”

STONEWOOD VILLAGE

LANDLORD’S WORK

Notwithstanding any provision contained in the Lease to the contrary, Landlord shall
be required to provide Tenant a minimum of thirty (30) days prior written notice of
Landlord’s Delivery Date of possession of the Premises. Tenant may, but shall not be
required to accept Possession of the Premises prior to the expiration of such thirty
(30) day notice period. Landlord’s Work shall refer to the installation of the
following items in the Leased Premises at Landlord’s sole cost and expense pursuant
to Tenant’s drawing and prior to Tenant taking possession of the Leased Premises:

     Exterior

	1.	 	All Landlord Canopies or Fascias shall be at least 10’ above the ground to
provide a clear and
unobstructed view of the storefront.
	 
	2.	 	Tenant shall have the right at tenant’s option to install decorative awnings on
the exterior of
tenant’s store front, subject to Landlord approval.
	 
	3.	 	Landlord shall not permit or cause to be installed any obstruction to the
storefront area between
tenant’s lease lines. The obstructions are meant to include, but not be limited
to pay phones,
newspaper or other vending machines, waste receptacles or any signage not related
to tenant.
	 
	4.	 	Tenant shall be permitted to install its typical sign. Landlord shall also permit
Tenant to install
signage on the rear exterior of the demised premises at Tenants sole discretion
and per applicable
local ordinances and Landlord signage criteria.
	 
	5.	 	Tenant shall have the right to install signage on any current or future pylon or
monument signs at
Tenants sole discretion and expense.
	 
	6.	 	Tenant shall have the right to have a storefront pop-up element, for width of the
storefront, to be
used for Tenants purposes and signage, if pop-up element works in Landlord’s
design for new storefronts.

     Interior Finishes 

     Concrete floor slab

	1.	 	A minimum of 4” (inch) poured/reinforced slab throughout to accept Tenant’s finishes.
	 
	2.	 	Existing slabs are to be delivered to Tenant with all previous flooring finishes
removed and ready
to accept the proper application of new Tenant finishes.
	 
	3.	 	Slab to be smooth troweled and one even elevation throughout. Changes in slab
elevation will be
Landlord’s responsibility to correct to accommodate Tenant’s drawings/finishes.
	 
	4.	 	Slab elevation differences from mall to Lease Premises will be ramped to meet or
exceed ADA
requirements.

 

 

	5.	 	Expansion joints located within the Leased Premises will be Landlord’s responsibility to
properly
prepare for the installation of Tenant’s finishes, per Tenant’s plans.

     VCT Flooring

	1.	 	Landlord to provide VCT tile/vinyl base in toilet rooms and backroom area per Tenant’s
drawings. Unless otherwise agreed upon by Tenant and Landlord.

     Demising Walls

	1.	 	All demising walls at the perimeter of the Leased Premises are to be built on 3
5/8” (inch) or 6” if
deck height requires it, metal studs 16” o.c. — 5/8” (inch) sheetrock, taped,
spackled and sanded
to receive Tenant finishes and meet or exceed local building codes. All
perimeter walls to be built
to underside of the roof deck and sealed per code.
	 
	2.	 	Landlord to remove existing interior partition/demising walls to accommodate new
leased layout
and Tenant’s drawings.

     Partition Walls

	1.	 	Landlord shall provide Sales area / non-sales areas walls to be constructed in
accordance with
Tenant’s Plans, per code and local ordinances. Construction of all partition
walls shall be from the
floor to the drop ceiling if permitted by all applicable codes and governing
laws, otherwise such
partition walls shall be constructed up to the roof deck per
applicable codes.
	 
	2.	 	Landlord shall provide Stock /sales door specifications to be per Tenants
specifications and
located per tenants drawings and local ordinances.

     Insulation (new construction)

	1.	 	Landlord to provide a minimum of 3/4” (inch) Styrofoam insulation to be incorporated at all
exterior block walls. Unless otherwise agreed upon by Tenant and
Landlord.

     Storefront (Strip Centers)

	1.	 	In the event Landlord will construct new storefront, Tenant shall have input on
the style and
design of the storefront prior to signing the lease. This must be agreed on by
both Tenant and
Landlord with approved drawings.
	 
	2.	 	Storefront doors — Landlord shall give $1500 credit to Tenant for Tenant provided
double swing
wood doors with concealed hinge double acting doors. Standard 6’ opening.
	 
	3.	 	Storefront bulkhead must be no greater than 6” (inch) A.F.F.
	 
	4.	 	Landlord to provide doors to be installed as per Tenant’s drawings.
	 
	5.	 	Tenant to provide one (1) set of double doors, located per Tenant’s plans.
(Landlord Credit
$1500)
	 
	6.	 	Sign band to be smooth, clear, free of holes and old sign
outlines, etc.

     Restrooms

 

 

	1.	 	Landlord to provide toilet facilities in accordance with governmental and
local codes (including,
but not limited to, ADA requirements). Toilets shall consist of, but not
limited to, plumbing
fixtures (water closet, lavatories, etc.) and all of its associated piping
valves, fittings, etc. required
to meet or exceed standards established by all governing codes. The
facilities are also to be
equipped with privacy locks, paper towel holders, toilet tissue holder,
light fixtures and exhaust
fans and all of their associated controls. ADA Grab-bars to be installed to
support maximum of
250 lbs. (Landlord shall credit basic package if Tenant chooses to upgrade)
	 
	2.	 	Landlord to also provide one six (6) gallon hot water heater (per
lavatory) complete with gate and
check valve, unions, pressure and temperature relief devices and drain pan
in accordance with Tenant drawings.
	 
	3.	 	Landlord is required to provide a fully functional handicap toilet facility
(ies) in accordance with
all governing codes and ordinance relative to the construction and quality
of the facility required.
	 
	4.	 	Toilets to be located at rear of Leased Premises per Tenant’s drawings.
	 
	5.	 	If local code requires public access to toilet facilities the Landlord shall
be responsible to provide
accessible facilities per Tenant’s drawings.
	 
	6.	 	Ceiling in restroom (s) is (are) to be drywall at 8’ 0”, having a plywood
deck. Walls in Toilet
facilities to be to be Marlite (or equal) F.R.P.P — 140 Ivory with trim
provided by manufacturer.
Marlite (or equal) to be installed to a height of 42”minimum.
	 
	7.	 	Landlord to provide required Tenant’s slop sink and water cooler to meet or
exceed all latest local
codes and ADA requirements. Location to be as indicated on Tenant’s
drawings.

     Rear Door

	1.	 	Hollow core metal door and frame with crossed pin hinges for security,
peep-hole, Detex alarm,
door pull, kick plate, latch guard on exterior and any ramps or stairs
necessary to meet or exceed
local codes and ADA. Rear door to be located per Tenant’s plans.
	 
	2.	 	Landlord to weld shut and adequately seal off any additional rear
exits within the space.

     Sprinklers

	1.	 	Where required, Landlord, at its sole cost and expense, shall furnish and install a complete
hydraulically designed automatic wet sprinkler system in accordance with
all local codes, N.F.P.A. and Tenant’s insurance underwriter requirements.
System shall be coordinated and be in full compliance with Tenant’s plans
and specifications. If system is already in place, any modifications
required to meet Tenant’s design criteria shall also be done at Landlord’s
expense. System shall also include, but not limited to, supervisory valves,
water flow indicators, test connections, drains etc. as required. Heads
shall be semi-recess centered in ceiling tile.

 All Sprinkler mains and
branches shall be a minimum of 14’ 6”” clear A.F.F. (UNLESS CEILING IS
HIGHER THAN 15’ THEN BRANCHES SHALL BE MIN OF 2’ FROM TOP OF DECK)

     Ceiling

 

 

	1.	 	Landlord shall provide a credit to Tenant for a standard drop ceiling and Tenant shall provide
and install the required drop ceiling at Tenant expense. Landlord shall not deduct
the cost of the drop ceiling out of Landlord’s Cash Allowance or Tenant
Improvement Allowance.
	 
	 	 	H.V.A.C.
	 
	 	 	Landlord shall furnish and install a fully operational new H.V.A.C. system
complete with the following:
	 
	1.	 	New packaged air conditioning unit including integrated economizer, enthalpy
controls, smoke detectors, prefabricated roof curbs, structural support and condensate piping.
Units shall be of type and capacity, which provides the highest level of performance and efficiency
rating. Contractor shall restrict RTU unit manufacturers to available models of CARRIER,
LENNOX or YORK of equal quality and performance. Other manufactures will be subject to
Tenant approval.
	 
	2.	 	Supply and return (direct) distribution ductwork (low pressure; 2 in.wg; low
velocity 2400 FPM as defined by SMACNA standards) and accessories including diffusers,
registers, transfer grilles, louvers, balancing dampers, fire and smoke dampers and all required
supports and
hangers.
	 
	3.	 	Automatic temperature controls shall (BE PROVIDED BY TENANT, and landlord shall
credit basic thermostat cost) consist of individual thermostats for each unit with
remote sensors to be located near return air registers in served areas (approximately 90” above
finished floor). Each thermostat shall be provide by Tenant and located per Tenant’s drawings.
	 
	4.	 	Exhaust, fans and associated ductwork, dampers and controls.
	 
	5.	 	Separately controlled supplementary electric duct heater to serve the stock room area.
	 
	6.	 	Duct installation and/or lining as indicated on Tenant’s drawings.
	 
	7.	 	Smoke evacuation (purge) system complete with fans, controls, ductwork, dampers,
etc. if and when required by local codes and other authorities having jurisdiction.
	 
	8.	 	Testing, balancing, cleaning, adjusting and placing in operation all systems and
requirements specified under this section of the specification.

System design criteria shall be in accordance with the latest edition of the ASHRAE
FUNDAMENTALS GUIDE AND DATA BOOK. All applicable codes and requirements and shall
reflect good engineering practice. System design, drawings and specifications are to
be prepared and certified by an Architect or Professional Engineer registered in the
state where the project is located.

System total capacity is to be determined on the basis of one (1) ton per every 225
sq. ft. of Leased Premises leasable area.

All compressors shall include a five (5) year extended warranty, all heat exchangers
shall have a ten (10) year warranty and all heat strips shall have a five (5) year
warranty.

Electrical

Landlord shall provide a completely energized and separately metered electric service
to the Leased Premises consisting of, but not limited to, the following sizes and
capacities:

 

 

	1.	 	A minimum 400 amp (at 120/208v. 3ph. 4w) electrical service is required if
the Leased Premises has a gross leasable area of up to 5,000 sq. ft.
	 
	2.	 	A minimum 500 amp (at 120/208v. 3ph.4w) electrical service is required if the
Leases Premises has a gross leasable area from 5001 sq. ft. to 8,000 sq. ft.
	 
	3.	 	Dedicated IG circuits shall be provided by Tenant.

If 277/480v. 3ph 4w service is available; the required service capacities shall be
approximately one-half of those shown above. When Landlord is
supplying air cooled —
all electric heat pump type rooftop units an additional 150 amps (at 120/208v. 3ph.
4w) shall be added to the electrical service capacities shown to accommodate
simultaneous operation of the units compressors and electric heater during system’s
defrost cycle. (applicable only for locations subject to outdoor conditions lower
than 40 degrees Fahrenheit).

LANDLORD shall provide as part of his work all labor, material, equipment and
services required to render Tenant with a complete and workable electrical system
consisting of but not limited to the following:

	1.	 	Separately metered electric service to Leased Premises, including
service and metering equipment.
	 
	2.	 	Panel boards and safety switches.
	 
	3.	 	Dry type transformers (when required).
	 
	4.	 	Fire alarm and/or smoke detection system if and when required by local codes
and/or local Fire Dept.
	 
	5.	 	Wiring of equipment and/or devices provided by Landlord for other trades, (eg.
hot water heater motorized door grilles, space heaters, etc.).

Electrical panels are to be delivered “HOT” with a minimum of 42 circuits breakers
per panel and main disconnect. Multiple panels will only be accepted if required by
voltage characteristics and circuit quantity and must be located directly adjacent
to each other and fed though one (1) electrical meter. Multiple meters will not be
accepted. (UNLESS APPROVED BY TENANT).

Electrical panels are to have switchable type bolt -on — breakers (snap on or plug
on breakers are not acceptable) and copper bus bars.

Convenience duplex outlets shall be mounted as per Tenant’s drawings).

Landlord shall provide a single ceiling mounted receptacle outlet for every 12
linear ft. of glazed store front and any portion thereof (display or show window)
and wired in accordance with applicable provision of the NATIONAL ELECTRIC CODE
(N.C.E.)

Lighting

	1.	 	Back stock area and Bathroom: Landlord to provide as a minimum and where not subject to
stricter local codes and/or State Energy Conservation Code requirements. Use
electronic type ballast with “OCTRON T8” lamps where such requirement
applies. Fixture specification: 2x4 parabolic 9 cell 2u tube electronic
ballast premium finish /with T8 lamps. Provided and installed

 

 

	 	 	by Landlord. (1 fixture for every 65 square feet of space in the Leased
Premises back stock and bathroom only.)
	 
	2.	 	Retail Space area: Tenant to provide all lighting and installation for retail space including
emergency light and exit signs.

Non Structural Elements.

	1.	 	Only structural columns shall be allowed in the premises.
	 
	2.	 	Landlord at Landlord’s sole cost and expense shall remove and /or remedy per code
requirements any and all other structural elements pursuit to tenants plans. Such items shall
include but not be limited to shear walls, cross-bracing, utility chases, interior load bearing
walls, and roof drains.

XII-2 Performance of Landlord’s Work

	(a)	 	Landlord’s Work shall be performed in a first class and workmanlike manner and in
compliance with all applicable local, state and Federal laws, ordinances, rules and
regulations and shall be in good and usable condition on the date of delivery to Tenant.
	 
	(b)	 	Landlord shall provide within 30 days of receipt of working drawings, any
comments requiring tenant to materially change tenant’s drawings. If Landlord fails to return
drawings in such time period then drawings will be considered deemed approved. Within sixty (60) days
after delivery of possession of the Leased Premises to Tenant, Tenant shall furnish Landlord
with a punch list of remaining work or unfinished items and Landlord shall perform such work within
thirty (30) days after such punch list is delivered to Landlord.
	 
	(c)	 	Landlord warrants that Landlord’s Work shall be free of
defects in workmanship
and materials for a period of (1) year after the Commencement Date and if Tenant shall give notice
of any defect(s) to Landlord within such one (1) year period. Landlord shall, at Landlord’s
sole expense, promptly repair or replace such defective items. Any such work shall be done
expeditiously and without material interference to Tenant in its use and operation of the Leased
Premises.
	 
	(d)	 	Landlord shall be required to deliver to Tenant any warranties from equipment and
machinery located within the Leased Premises which Tenant is obligated to maintain.
	 
	(e)	 	Landlord to ensure that all hazardous materials have been removed from the site
and that all local state and federal certifications have been obtained and copies have been
forwarded to Tenant at lease execution.

 

 

EXHIBIT “E”

STONEWOOD VILLAGE

SPECIAL PROVISIONS

1. Minimum Rent. Minimum Rent shall be as follows (to be paid monthly in
advance, without demand, deduction or set off):

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Years	 	Rent Per Sq. Foot	 	Annual Rental	 	Monthly Rental
	1-5
	 	$	16.50	 	 	$	165,000.00	 	 	$	13,750.00	 
	6-10
	 	$	18.15	 	 	$	181,500.00	 	 	$	15,125.00	 

     Based upon a floor area of Premises of 10,000 square feet

2. Construction Allowance. Landlord shall reimburse Tenant up to Fifteen
Dollars ($15.00) per square foot of floor area of the Premises ($150,000 based upon a floor area of 10,000
square feet) for the cost of Tenant’s Work (“Landlord’s Cash Allowance”). Landlord shall pay fifty (50%)
percent of Landlord’s Cash Allowance to Tenant upon Tenant’s substantial completion of Tenant’s
Work and the balance upon Tenant’s opening for business in the
Premises and furnishing to Landlord
the following:

(i) Copies of paid invoices documenting the actual cost incurred by
Tenant to complete Tenant’s Work within the Premises;

(ii) Landlord’s receipt of an original notarized final lien waiver of
Tenant’s general contractor in form reasonably satisfactory to
Landlord stating that (i) Tenant’s Work has been fully completed in
accordance with the plans and specifications approved by Landlord,
subject, however, to Landlord’s verification thereof, and (ii) all
subcontractors, laborers and material suppliers have been paid in
full; and

(iii) A certificate of use and occupancy or temporary use and
occupancy or equivalent document for the Premises issued by the
appropriate governmental authority.

     Notwithstanding anything to the contrary contained herein, Landlord reserves the
right to offset against Landlord’s Cash Allowance any delinquent amounts due to
Landlord by Tenant accrued hereunder. In the event that Landlord fails to timely pay
the Landlord’s Cash Allowance and such failure continues for more than thirty (30)
days after receipt of notice thereof from Tenant and Tenant’s satisfaction of the
foregoing requirements, then Tenant shall have the right to deduct the amount of the
Landlord’s Cash Allowance due until paid in full, from installments of up to fifty
percent (50%) of Minimum Rent due or to become due hereunder, plus interest thereon
at the Lease Interest Rate (as defined in paragraph 10.1 of the Lease), until said
Landlord’s Cash Allowance is paid in full. Tenant agrees to pay and be responsible
for all costs and expenses in excess of the Landlord’s Cash Allowance that are
incurred in connection with the design, permitting, construction and completion of
Tenant’s Work. Tenant (including Tenant’s contractors and vendors) may enter the
Premises approximately thirty (30) days prior to the anticipated date of delivery of
the Premises to Tenant for the purposes listed herein, without such entry
constituting acceptance of the Premises. Such purposes are: taking measurements,
installation of carpeting, telephones, fixtures, equipment, and furniture and the
like.

3. Intentionally omitted.

4. Intentionally omitted.

 

 

4. Early
Termination. Notwithstanding any contrary provision contained within this
Lease, including the obligation of Tenant to pay Minimum Rent and additional rent hereunder, should the
total of Tenant’s Gross Sales (as that term is defined in Section 14.22 herein) for the fourth
(4th) Lease Year of the Lease Term hereunder, not equal or exceed the sum of $3,500,000.00, as evidenced by an
audited statement of Gross Sales, then Tenant may, upon thirty (30) days prior written notice to Landlord,
given by certified mail, return receipt requested, terminate this Lease; provided such notice is given
within ninety (90) days after the end of such fourth (4th) Lease Year of the Lease Term and if such
notice shall be given then this shall terminate 30 days following Tenant’s providing such notice and neither party
shall be further obligated hereunder. Despite any such election to terminate, Tenant shall remain
liable for the performance of all terms, covenants and conditions contained in this Lease which accrue
through the effective date of such termination. Tenant agrees that if Tenant terminates this Lease
after the end of the fourth (4th) Lease Year of the Lease Term as aforesaid, then in addition to
paying to Landlord any other amounts due and owing hereunder up to such effective termination date, Tenant shall pay
to Landlord by the termination date, a Termination Fee equal to the unamortized portion (using a
twelve (12) year straight line calculation) of both the Landlord’s Cash Allowance as set forth in Section 2 of
this Exhibit “E” and the Broker’s commission paid by Landlord as set forth in Section 14.7 of the Lease.

5. Notwithstanding anything to the contrary set forth herein, any increase in real
estate taxes which result from a reassessment occasioned by the sale or transfer of the Shopping Center,
or any part thereof, shall not be chargeable to Tenant except once each five (5) years.

6. Intentionally omitted.

7. Continuing Co-Tenancy. Notwithstanding anything to the contrary contained
herein, in the event less than sixty-five percent (65%) of the tenants in the Shopping Center, excluding the
Premises, are open and operating in the Shopping Center, and Landlord fails to cause replacement tenants as
the case may be, to reopen in such space (“Co-tenancy Requirement”) within one hundred eighty (180) days
after the closing of more than sixty-five percent (65%) of the tenants in the Shopping Center, Tenant’s
duty to pay Minimum Rent shall be suspended from the one hundred
eighty-first (181st)
day after such closing occurs until the Co-Tenancy Requirement is met and Tenant shall pay to Landlord, in lieu of
Minimum Rent and additional rent, by the twentieth (20th) day of each month thereafter, an amount equal
to four percent (4%) of Tenant’s Gross Sales for the preceding month, but not to exceed the amount due
as Minimum Rent under the terms of this Lease for such period, plus ancillaries due under the
Lease. If such closed store(s) fail to reopen by the end of the twelfth (12th) month after such store(s)
originally closed, Tenant may terminate this Lease upon sixty (60) days written notice delivered to Landlord
within the ninety (90) day period following the end of such twelfth (12th) month period, provided, however,
Tenant’s termination shall be void in the event of the curing of the Co-Tenancy Requirement
prior to the expiration of the Notice Period. If Tenant fails to terminate within such ninety (90) day period
(“Notice Period”), the Minimum Rent due hereunder shall once again become due and payable on the first day of
the month following the end of the Notice Period.

7. Landlord acknowledges that it is responsible for all repair, maintenance and
replacement ofthe roof and structural portions of the Premises, which costs shall not be billed in any manner
to Tenant as Operating Costs or additional rent. Landlord warrants the roof of the Premises will be
free of leaks upon delivery of Possession.

8. Landlord agrees to allow Tenant a panel on both sides of the pylon sign closest to
Tenant’s location. Said Tenant panels to be constructed and installed at Tenant’s expense.

9. Notwithstanding anything to the contrary set forth herein, no consent of Landlord
shall be required with respect to any intra-family assignments and sublettings, such as affiliate
transfers, parent-sub

 

 

transfers and the like as long as any assigns, transfers or sub-parents have equal or
greater net worth as Tenant and no consent required for assignment or subletting of
more than ten (10) store locations for the Permitted Use.

 

 

EXHIBIT “F”

SIGN CRITERIA

All signs will be with the approval of the Landlord, such approval not to be
unreasonably withheld. The location of the sign will be determined by the Landlord.

The construction and erection of the sign will be done at Tenant’s sole expense by a
sign company recommended by Landlord in order to assure conformity of design,
material and final appearance. Sign construction is to be completed in compliance
with code requirements and to be permitted by Tenant. The sign criteria as
established by the Landlord shall be in accordance with the following:

GENERAL

DESCRIPTION: individual channel letters (illuminated) on raceway mounted to
building fascia with transformers in raceway. All letters to be mounted to
fascia with non-corrosive hardware.

CONSTRUCTION: Letters to be fabricated from .063 aluminum backs, .063
aluminum returns. Returns to be 5” deep. Letters to be primed and painted
white inside letters, outside bronze.

FACES: Faces to be 3/16” plexiglas with 1” Jewelite trim.

ILLUMINATION: Letters to be illuminated with 13mm neon with transformers in
raceway.

RACEWAY:  Raceway to be fabricated from .063 aluminum and angle. Primed
and painted to match store front.

HEIGHT: Maximum letter height to be 24” and minimum letter height to be
12”, centered both vertically and horizontally.

LOGOS: Logos will be considered by the Landlord on an individual Tenant
basis and shall be subject to the Landlord’s approval at his sole
discretion.

WIDTH: The horizontal spread or width of the Tenant’s sign cannot exceed
70% of the Tenant’s overall storefront width.

Any and all Tenant signage is subject to the Landlord’s prior review and approval and
such approval must be obtained by the Tenant prior to fabrication of the sign.

The Landlord reserves the right to approve all sign companies or sign contractors and
it is recommended that the Tenant contact only reputable sign companies.

In order for the Tenant to secure the Landlord’s approval, please have your sign
company prepare four (4) blueprint drawings showing the proposed signage,
specifications and method of installation. The drawings should be submitted to the
Landlord’s Leasing Agent for transmittal to the Landlord accordingly.

 

 

EXHIBIT G

SNDA

 

 

SUBORDINATION, NONDISTURBANCE AND ATTORNMENT AGREEMENT

     THIS
SUBORDINATION, NONDISTURBANCE AND AGREEMENT (the “Agreement”), dated the ________ day of
____, by and between  ________, a ________ (hereinafter called “Lender”) and DOVER SADDLERY RETAIL,
INC. D/B/A DOVER SADDLERY, a Massachusetts corporation (hereinafter called
“Tenant”).

WITNESSETH:

     WHEREAS, Tenant and STONEWOOD PARTNERS, LLC, a Georgia limited liability
company (“Landlord”) have entered into that certain lease (the “Lease”) dated December ___,
2007 pertaining to certain premises within the real property described on
Exhibit “A” attached hereto and by this reference incorporated herein,
located at Highway 9 and Cogburn Road, in Fulton County, Alpharetta, Georgia
30004 (the “Shopping Center”); and

     WHEREAS, Tenant wishes to be assured of its continued use and occupancy of
the Shopping Center including the Common Area (as defined in the Lease) under
the terms of the Lease, notwithstanding any breach or default by Landlord or the
exercise of any remedies under the Deed of Trust; and

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, it is hereby agreed as follows:

     1. SUBORDINATION. The Lease is and shall be subject and subordinate
to the Deed of Trust referenced above, and to all renewals, modifications, consolidations,
replacements and extensions thereof (collectively, the “Deed of Trust”).
Notwithstanding the foregoing subordination or the terms and provisions contained in the Deed of Trust to
the contrary, Lender agrees that all condemnation awards and proceeds of insurance affecting the
Shopping Center or any of Tenant’s interests under the Lease shall be used, distributed and
applied in the manner provided in the Lease. In no event shall any of Tenant’s trade fixtures,
inventory, equipment, furniture and furnishings, accounts, books or records or other assets be or
become subject or subordinate to the lien in favor of Lender.

     2. NONDISTURBANCE. Tenant’s possession, use and enjoyment of the
Premises and the Shopping Center shall not be interfered with, disturbed or diminished, or
otherwise affected in any manner as a result of any act or omission of Landlord, or any exercise of any
remedies under the Deed of Trust, including a Foreclosure (as defined below) and all rights and
privileges of Tenant under the Lease, and any renewals, modifications, or extensions thereof,
shall be recognized by Lender and any Successor Landlord (as defined in paragraph 3 below). As used
in this Agreement, “Foreclosure” means any non-judicial or judicial foreclosure or other
enforcement of the remedies of the Deed of Trust, or any deed or other transfer in lieu thereof. Lender
will not join Tenant as a party in any Foreclosure unless such joinder shall be required by law and
Tenant shall not thereby be subjected or exposed to any liability, cost or expense, and such joinder
shall not result in the termination of the Lease or disturb Tenant’s possession or use and enjoyment
of the Premises.

     3. ATTORNMENT. In the event of Foreclosure or other conveyance under
the Deed of Trust, the Shopping Center shall be conveyed subject to the Lease and this
Agreement, and Tenant agrees that it shall attorn to and recognize any purchaser at a
foreclosure sale under the

1

 

Deed of Trust, any transferee who acquires the Shopping Center by deed in lieu of
foreclosure or any other realization proceeding, and the successors and assigns
of such purchasers and transferees (a “Successor Landlord”), as its
landlord under the Lease upon the same terms and conditions set forth in the
Lease, and, in such event, Successor Landlord shall be bound as landlord under
the Lease to Tenant under all the terms, covenants and conditions under the
Lease.

     4. PERFORMANCE BY TENANT. In the event that Tenant receives any
notice from Lender or any Successor Landlord to pay rent or other sums or render any
other performance under the Lease to such Lender or Successor Landlord, Tenant may render performance
in accordance with such notice without any duty of inquiry and despite any knowledge or notice
to the contrary with the same force and effect as if such payment or performance were rendered to
Landlord, and Landlord hereby releases and discharges Tenant of and from any liability to Landlord
resulting from Tenant’s payment of such rent to Lender or any Successor Landlord in accordance with
this Agreement or Lender’s or any Successor Landlord’s notice or instructions from Lender or
any Successor Landlord.

     5. SUCCESSOR LANDLORD LIABILITY. In the event of Foreclosure or
other conveyance under the Deed of Trust, Tenant shall have the same remedies
against Lender or Successor Landlord for the breach of any agreement contained in the Lease
that Tenant might have had under the Lease against Landlord, provided, however, Lender or any
Successor Landlord shall not be:

          (a) liable for any act or omission of any prior landlord (including
Landlord) except to the extent such act or omission is continuing at the time
Lender or the then-holder of the Deed of Trust acquires title to the Shopping
Center and such act or omission adversely affects Tenant’s quiet enjoyment of the
Shopping Center or its ability to conduct business as contemplated by the Lease
or unless Tenant shall have given notice of such act or omission to the party who
was the then-holder of the Deed of Trust (whether or not such holder elected to
cure or remedy such act or omission);

          (b) subject to any offsets or defenses which Tenant might have against any prior landlord (including Landlord) except to the extent the condition under
which such offset or defense arose is continuing at the time Lender or the then-holder of the Deed
of Trust acquires title to the Shopping Center and such condition adversely affects Tenant’s
quiet enjoyment of the Shopping Center or its ability to conduct business as contemplated by the
Lease or unless Tenant shall have given notice of the state of facts or circumstances under which
such offset or defense arose to the party who was the then-holder of the Deed of Trust (whether or
not such holder elected to cure or remedy such condition) (offsets that are expressly
permitted in the Lease shall be excluded from this Paragraph 5[b]);

          (c) bound by any rent or additional rent which Tenant might have paid for more than the current month to any prior landlord (including Landlord) except
to the extent required otherwise under the Lease;

          (d) bound by any security deposit which Tenant may have paid to any prior landlord (including Landlord), unless such deposit is available to the party
who was the holder of the Deed of Trust at the time of a Foreclosure or other conveyance under the
Deed of Trust; or

          (e) bound by any amendment or modification of the Lease made without the consent of the party who was the holder of the Deed of Trust at the time of
such amendment or modification, unless such amendment or modification was subsequently
affirmed by an intervening holder (amendments or modifications that are expressly provided
for in the Lease

2

 

shall be excluded from this Paragraph 5[e]). Lender’s consent to any amendment or
modification shall not be unreasonably withheld. Failure by Lender to approve or
disapprove any proposed amendment or modification within fifteen (15) days after
request by Tenant shall be deemed approval of such amendment or modification by
Lender.

     6. GOVERNING LAW. The laws of the state in which the Shopping Center
is located shall govern the validity, performance and enforcement of this Agreement.

     7. SUCCESSORS AND ASSIGNS. The covenants, terms and conditions of
this Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective heirs, executors, administrators, personal representatives, successors, and
assigns.

     8. NOTICES. Any notice required or permitted to be given hereunder
shall be in writing and may be served personally, or by certified mail, return receipt requested,
or by reputable overnight delivery service (with proof of receipt available) addressed to the
parties at the following addresses:

			
	TENANT:	 	DOVER SADDLERY RETAIL, INC.
525 Great Road
Littleton, Massachusetts 01460

LENDER:

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

     Each party may designate a different address for the receipt of notices by
providing written notice thereof to the other party.

     9. ATTORNEYS FEES. If there is any litigation between either of the
parties to this Agreement to enforce or interpret any provisions hereof or rights
arising hereunder, the losing party in such litigation, as determined by the
court, shall pay to the prevailing party, as determined by the court, all costs
and expenses, including, without limitation, reasonable attorneys’ fees, incurred
by the prevailing party in connection with such litigation, with such attorneys’
fees to be determined by the court sitting without a jury.

[Signatures on Next Page]

3

 

     IN WITNESS WHEREOF,
the parties hereto have executed this Agreement on this ___ day of _________, 2007.

	 	 	 	 	 
	LENDER

 	 	 
	By:  	 	 	 
	Its:  	 	 	 
	 	 	 	 
	 

TENANT

DOVER SADDLERY RETAIL, INC. a

Massachusetts corporation

	 	 	 	 	 
	 	 	 
	By  	
 	 	 
	 	 	 	 
	 	 	 	 
	 

Date ____________

COMMONWEALTH OF MASSACHUSETTS

_________
ss.

     On
this ___ day of,
____________, 2007, before me, the undersigned Notary Public,
personally appeared _________, proved to me through satisfactory
evidence of identification, in the manner set forth immediately below, to be the person whose
name is signed on the preceding or attached document, and acknowledged to me that he signed it
voluntarily for its stated purpose as _________ of _________.

	 	 	 
	__________

	 	Identification based on at least one current document issued
by a federal or state government agency, bearing the photographic
image of the face and signature of the individual being acknowledged.

	 
	 	 
	__________

	 	Identification based on the oath or affirmation of a credible witness unaffected by the
document or transaction who is personally known to me and who
personally knows the individual being acknowledged.

	 
	 	 
	__________

	 	Identification based on my personal knowledge of the identity of said principal.

	 	 	 
	 
	 

	 	 
	Attach official seal here

	 	Notary Public
	 

	 	My commission expires:

4

 

	 	 	 	 	 	 	 
	STATE OF

	 	 	 	 	)	 
	 

	 	 	 	 	) ss.	 
	County of

	 	 	 	 	)	 

     On this ___day of ___, 2007 before me, a notary public, personally appeared
        , personally known to me or proved to me on the basis of satisfactory
evidence to be the person(s) whose name(s) is/are subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in
his/her/their authorized capacities, and that by his/her/their signature(s) on
the instrument the person(s) or the entity upon behalf of which the person(s)
acted, executed the instrument.

     WITNESS my hand and official seal.

	 	 	 	 	 
	 

	 	Signature of Notary Public	 	 

My Commission Expires: _____________

	 	 	 	 	 	 	 
	STATE OF

	 	 	 	 	)	 
	 

	 	 	 	 	) ss.	 
	COUNTRY OF

	 	 	 	 	)	 

     On this
_________ day of, ____________, 2007 before me, a notary public, personally
appeared _________, personally known to me or proved to me on the basis of satisfactory
evidence to be the person(s) whose name(s) is/are subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in
his/her/their authorized capacities, and that by his/her/their signature(s) on
the instrument the person(s) or the entity upon behalf of which the person(s)
acted, executed the instrument.

     WITNESS my hand and official seal.

	 	 	 	 	 
	 

	 	Signature of Notary Public	 	 

My Commission Expires: ______________________

5

 

EXHIBIT “A”

LEGAL DESCRIPTION OF THE SHOPPING CENTER

6

 

All that tract or parcel of land lying and
being in Land Lots 1110 and 1123 of the 2nd
District, 2nd Section, Fulton
Country, Georgia, and being more particularly described as
follows:

BEGINNING at an iron pin located at the intersection of
the Northerly right-of-way of Georgia Highway 9 (80-foot
right-of-way) and the Northwesterly right-of-way of
Cogburn Road (60-foot right-of-way); thence along the
Northerly right-of-way of Georgia Highway 9 the following
courses and distances:

North 87° 29’ 29” West, a distance of 304.45 feet to a point;

North 89° 23’ 51” West, a distance of 123.81 feet to a point;

South 88° 03’ 29” West, a distance of 135.38 feet to an iron pin;

South 86° 08’ 10” West, a distance of 85.35 feet to a point;

South 83° 40’ 45” West, a distance of 122.32 feet to an iron pin;

South 81° 16’ 10” West, a distance of 149.76 feet to an iron pin;

South 78° 14’ 50” West, a distance of 150.00 feet to an iron pin;

South 77° 03’ 30” West, a distance of 96.38 feet to an iron pin;

Thence leaving said right-of-way and running North 03° 06’
55” East a distance of 712.49 feet to an iron pin; thence
South 89° 02’ 07” East a distance of 964.78 feet to an
iron pin; thence South 03° 40” 26” west a distance of
170.00 feet to an iron pin; thence South 53° 17” 45” East
a distance of 220.00 feet to an iron pin; thence south 86°
17’ 45” East a distance of 10.00 feet to an iron pin
located on the Northwesterly right-of-way-of cogburn road;
thence along said right-of-way-south 03° 42’ 15” West
a distance of 310.00 feet to an iron pin located on the Northerly
right-of-way of Georgia Highway 9 and the point of
Beginning, containing 15.6 acres and designated Tracts I,
II AND III, as shown by survey for Ingles Markets, Inc.
prepared by Quadra-Tech, Inc. and stamped by wendell by
wendell walls, Jr., Georgia Registered Land Surveyor No.
2176, dated September 24, 1985, last revised October 2,
1985.

AND:

All that tract or parcel of land lying and being in Land lots 1110 and 1123 of the 2nd District,
2nd Districts, 2nd Section, Fulton County, Georgia, and being more perticularly described as
follows:

To find the point of Beginning, commence at an iron pin located at the intersection of the
Northerly right-of-way of Georgia Highway 9 (80-foot right-of-way) and the northwesterly
right-of-way of Cogburn Road (60-foot right-of-way); thence along the Northerly right-of-way of
Georgia Highway 9 the following courses and
distance:

North 87° 29’ 29” West, a distance of 304.45 feet to a point;

North 89° 23’ 51” West, a distance of 123.81 feet to a point;

South 88° 03’ 29” West, a distance of 135.38 feet to an iron pin;

South 86° 08’ 10” West, a distance of 85.35 feet to a point;

South 83° 40’ 45” West, a distance of 122.32 feet to an iron pin;

South 81° 16’ 10” West, a distance of 149.76 feet to an iron pin;;

South 78° 14’ 50” West, a distance of 150.00 feet to an iron pin;

South 77° 03’ 30” West, a distance of 96.38 feet to an iron pin;

And the POINT OF BEGINNING; from the point of Beginning as thus established, run along the
Northerly right-of-way of Georgia Highway 9 south 77° 03’ 30” West a distance of 176.72 feet to an
iron pin; thence leaving said right-of-way and running North 02° 48’ 57” East a distance of 509.75
feet to an iron pin; North 03° 40’ 26” East a distance of 245.25 feet to an iron pin; thence South
89° 02’ 07” East a distance of 712.49 feet to an iron
pin located on the Northerly right-of-way of Georgia Highway 9 and
the point of Beginning, as shown on survey for Ingles Markes, Inc.
prepared by Quadra-Tech, Inc. and stamped by wandell walls, Jr., Georgia Registered Land Surveyor
No. 2176, dated September 24, 1985, last revised October 2, 1985.

TOGETHER WITH the easements granted pursuant to that certain Receiprcoal Easement Agreement between
Harbin B. Kay, Irene Kay, Forrest Benson, Marie K. Benson, Ingles Markets, Incorporated and Lamer
Frezer, Inc., dated October 3, 1985, and recorded in deed book
9750, Page 327, Fulton County, Georgia records, as modified by Amendment to Reciprocol Easment
Agreement dated March 31, 1986, and recorded in Deed Book 10032, Page 474, aforesaid records.

EXHIBIT A

 

 

EXHIBIT H

MEMORANDUM OF LEASE

 

 

RECORDING REQUESTED BY: EUGENE M. MAGIER, ESQ.

AND WHEN RECORDED RETURN TO:

Eugene M. Magier, Esq.

Eugene M. Magier, P.C.

687 Highland Avenue

Suite 1

Needham, MA 02494

MEMORANDUM OF LEASE

THIS MEMORANDUM OF LEASE is made and given this ____ day of December, 2007, by and
between STONEWOOD PARTNERS, LLC, a Georgia limited liability company with its
primary address at 3801 Parian Ridge Rd, N.W., Atlanta, Georgia 30327
(“Landlord”), and DOVER SADDLERY RETAIL, INC. D/B/A DOVER SADDLERY, a
Massachusetts corporation, with its primary address at 525 Great Road, Littleton,
Massachusetts 01460 (“Tenant”).

WITNESSETH:

     1. Lease. Landlord leases to Tenant and Tenant leases from Landlord certain retail
space (the
“Premises”), pursuant to that certain Lease dated December         , 2007 (the “Lease”) which Premises are
approximately illustrated on the Site Plan attached as Exhibit “A-1” to the Lease.
Capitalized terms used in this Memorandum but not defined shall have the meaning given
in the Lease.

     2. Premises. The Premises contains approximately that certain retail
space containing
approximately Ten Thousand (10,000) square feet of floor leaseable area and is
part of the Shopping
Center legally described on Exhibit “A” attached hereto and by this reference
incorporated herein located
at Highway 9 and Cogburn Road, in Fulton County, Alpharetta, Georgia 30004 (the
“Shopping Center”).

     3. Legal Description of Shopping Center. That Shopping Center located at
Highway 9 and
Cogburn Road, in Fulton County, Alpharetta, Georgia 30004 and legally described on
Exhibit A attached
hereto and incorporated herein, recorded on        
             
             
        ____,      
              
  at             
             
              
              
       Registry
of Deeds, Book ______, Page ____.

     4. Term/Extension Periods. Subject to the terms and conditions of the
Lease, the Lease
provides for a Lease Term of approximately ten (10) years ending at 11:59 p.m. on
the last day of the
month immediately following the tenth (10th) anniversary of the
“Commencement Date” with options to
extend the Lease Tenn for two (2) additional consecutive periods of five (5) years
each.

     5. Use of Premises.

     (a) Permitted Use. Tenant shall have the right to use the Premises for
the operation of sales and display of saddles and tack; specialized apparel; horse
care and stable products; and such merchandise

 

 

and related products as are sold from time to time in any of Tenant’s other stores or
catalogs, or via internet or other electronic commerce or technologies offered by
Tenant, and related items as the same are currently operated by Tenant and for no
other purpose whatsoever.

     (b) Exclusive Use. Landlord covenants, represents and agrees that Tenant
shall be the only tenant
in the Shopping Center with the right to sell saddles and tack; specialized
apparel; horse care and stable
products of any type (“Exclusive Use”) except such Exclusive Use shall not apply
to: (i) existing tenants
with signed leases in the Shopping Center where the permitted use of such lease at
the time of execution
hereof permits the sale of saddles and tack; specialized apparel; horse care and
stable products.

     (c) Use Restrictions. Landlord represents, covenants and agrees that it
shall not sell, operate or
lease (or permit to be sold, operated or leased) within any portion of the
Shopping Center any of the
following uses: (i) a flea market; (ii) a funeral home; (iii) a facility for the
sale of paraphernalia for use
with illicit drugs; (iv) a facility for the sale or display of pornographic
material (as determined by
community standards for the area in which the Premises is located); (v) an
off-track betting parlor; (vi) a
carnival, amusement park, circus, tent sale, pumpkin patch, Christmas tree lot or
“farmer’s market”; (vii)
a facility for the sale of new or used motor vehicles, trailers or mobile homes;
or (viii) a facility for any
use which is illegal or dangerous or constitutes a nuisance.

     6. Other terms and conditions pertaining to the Lease are set forth in the Lease,
which is
incorporated herein by this reference.

     7. This Memorandum may be executed in any number of counterparts, each of which
shall be
deemed as original, but all of which together shall constitute one in the same
agreement.

     8. This Memorandum is a short form for recording purposes only, and is not a
complete
summary of the Lease, in the event of any inconsistency between the terms of
this Memorandum and
terms of the Lease, the terms of the Lease shall prevail.

[SIGNATURES ON FOLLOWING PAGE]

 

 

     IN WITNESS WHEREOF, the undersigned have executed this Memorandum as of the day
and year first above written.

	 	 	 	 	 	 	 	 	 
	Signed, sealed and delivered in the presence of:	 	LANDLORD:  	 	STONEWOOD PARTNERS, LLC
a Georgia Limited Liability Company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:  
	 	/s/ Edward Lee	 	 
	 

Unofficial Witness

	 	 	 	 	 	 

Edward Lee
	 	 
	 

	 	 	 	 	 	Its Managing Member	 	 
	 
	 	 	 	 	 	 	 	 
	 

Notary Public

	 	 	 	 	 	 	 	 
	My Commission Expires:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	  (notarial seal)
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Signed, sealed and delivered in the presence of:	 	TENANT:	 	DOVER SADDLERY RETAIL, INC.
D/B/A DOVER SADDLERY	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:  
	 	/s/ Stephen L. Day	 	 
	 

Unofficial Witness

	 	 	 	 	 	 

Stephen L. Day
	 	 
	 

	 	 	 	 	 	Its Chairman	 	 
	 
	 	 	 	 	 	 	 	 
	 

Notary Public

	 	 	 	 	 	 	 	 
	My Commission Expires:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	  (notarial seal)
	 	 	 	 	 	 	 	 

 

 

COMMONWEALTH OF MASSACHUSETTS

                                        , ss.

     On
this                      day of December, 2007, before me, the undersigned Notary Public, personally
appeared Stephen L. Day, proved to me through satisfactory evidence of
identification to be the person whose name is signed on the preceding or attached
document, and acknowledged to me that he signed it voluntarily for its stated
purpose as Memorandum of Lease.

Identification based on                                                             .

	 	 	 	 	 
	 	 	 
	 	                                                   /s/ Lyndell K. Stainbrook
 	 
	Attach official seal here 	                          Notary Public 	 
	 	My commission expires: Nov 29, 2013 	 
	 

STATE OF GEORGIA

                                        , ss.

     On this                      day of December, 2007, before me, the undersigned Notary Public, personally
appeared Edward Lee, proved to me through satisfactory evidence of identification to
be the person whose name is signed on the preceding or attached document, and
acknowledged to me that he signed it voluntarily for its stated purpose as
Memorandum of Lease.

Identification based on                     .

	 	 	 	 	 
	 	 	 
	 	
 	 
	Attach official seal here 	      Notary Public 	 
	 	My commission expires:                                          	 

 

 

	 	 	 	 	 

EXHIBIT A TO MEMORANDUM OF LEASE

Legal Description of the Shopping Center

 

 

All that tract or parcel of land lying and being in Land Lots 1110 and 1123 Of the 2nd District,
2nd Section, Fulton County, Georgia, and being more particularly described as follows:

BEGINNING at an iron pin located at the intersection of the Northerly right-of-way of Georgia
Highway 9 (80-foot right-of-way) and the Northwesterly right-of-way
of Cogburn Road (60-foot
right-of-way); thence along the Northerly right-of-way of Georgia Highway 9 the following courses
and distances:

North 87° 29’ 29” west, a distance of 304.45 feet to a point;

North 89° 23’ 51” West, a distance of 123,81 feet to a point;

South 88° 03’ 29” West, a distance of 135.38 feet to an iron pin;

South 86° 08’ 10” West, a distance of 85.35 feet to a point;

South 83° 40’ 45” West, a distance of 122.32 feet to an iron pin;

South 81° 16’ 10” west, a distance of 149.76 feet to an iron pin;

South 78° 14’ 50” West, a distance of 150.00 feet to an iron pin;

South 77° 03’ 30’ west, a distance of 96.38 feet to an iron pin;

Thence leaving said right-of-way and running North 03° 06’ 55” East a distance of 712.49 feet to an
iron pin; thence South 89° 02’ 07” East a distance of 964.78 feet to an iron pin; thence
South 03° 40’ 26” West a distance of 170.00 feet to an iron pin; thence South 53° 17’ 45” East, a
distance of 220.00 feet to an iron pin; thence South 86° 17’ 45” East a distance of 10.00 feet to an
iron pin located on the Northwesterly right-of-way of Cogburn Road; thence along said right-of-way
South 03° 42’ 15” West a distance of 310.00 feet to an iron, pin located on the Northerly
right-of-way of Georgia Highway 9 and the Point of Beginning, containing 15.6 acres and
designated Tracts I, II and III, as shown by survey for Ingles Markets, Inc. prepared by
Quadra-Tech, Inc. and stamped by- Wendell Walls, Jr., Georgia Registered Land Surveyor No. 2176,
dated September 24, 1985, last revised October 2, 1985.

AND:

All that tract or parcel of land lying and being in Land Lots 1110 and 1123 of the 2nd District,
2nd Section, Fulton County, Georgia, and being more particulrly described as follows;

To find the point of Beginning, commence at an iron pin, located at the intersection of the
Northerly right-of-way of Georgia Highway 9 (80-foot right-of-way) and the Northwesterly right-way-of
Cogburn Road (60-foot right-of-way); thence along the Northerly right-of-way of Georgia Highway 9
the following courses and distances:

North
87° 29’ 29” West, a distance of 304.45 feet to a point;

North 89° 23’ 51” West, a distance of 123,81 feet to a point;

South 88° 03’ 29” West, a distance of 135.38 feet to an iron pin;

South 86° 08’ 10” West, a distance of 85.35 feet to a point;

South 83° 40’ 45” West, a distance of 122.32 feet to an iron pin;

South 81° 16’ 10” West, a distance of 149.76 feet to an iron pin;;

South 78° 14’ 50” West, a distance of 150.00 feet to an iron pin;

South 77° 03’ 30” West, a distance of 96.38 feet to an iron pin;

And the POINT OF BEGINNING; from the Point of Beginning as thus established, run along the
Northerly right-of-way of Georgia Highway 9 South 77° 03’ 30” West a distance of 176.72 feet to an
iron pin; thence leaving said right-of-way and running North 02° 48’ 57” East a distance of
509.75 feet to an iron pin; North, 03° 40’ 26” last a distance of 245.25 feet to an iron pin;
thence South 89° 02’ 07” East a distance of 170.22 feet to an iron pin; thence South 03° 06’
55” West a distance of 712.99 feet to an iron pin located on the Northerly right-of-Way of Georgia
Highway 9 and the Point of Beginning, as shown on survey for Ingles Markets, Inc. prepared by Quadra-Tech, Inc. and
stamped by Wendell Walls, Jr., Georgia Registered Land Surveyor No. 2176, dated September 24, 1985, last revised October 2, 1985.

TOGETHER WITH the easements granted pursuant to that certain Reciprocal Easement Agreement between
Harbin B. Kay, Irene Kay, Forrest Benson, Marie K. Benson, Jngles Markets, Incorporated and
Lamar Frezer, inc., dated October 3, 1985, and recorded in Deed Book 9750, page 327,
Fulton County, Georgia records, as modified by Amendment to Reciprocal Easement Agreement dated
March 31, 1986, and recorded in Deed Book 10032, Page 474, aforesaid records.

EXHIBIT A

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