Document:

MODIFICATION OF THE TERMS OF THE AGREEMENT
FOR THE LEASE OF A COMPANY

 

DIVISION ENTERED INTO ON 24 FEBRUARY 2009

 

and recorded in the Roma 2 Inland Revenue
Agency under No. 7496, series IT

 

With this Private Agreement, having full
legal effect between:

 

between

 

		1.	RIPA HOTEL & RESORT
S.R.L., a company with registered office in Rome, Viale Bruno Buozzi 83, having tax code / VAT No. and registration No. in
Rome's Business Registry 09838171008, in the person of its legal representative Mr. Federico COLIZZI, born in Rome on 07/04/1957,
having tax code CLZFRC57D07H501O, and the same legal address as the company’s registered office, hereinafter also referred
to as the Lessor.

 

and

 

		2.	KU HOTELS S.R.L., a company with registered office in Rome, Via Luigi Gianniti 21, having
tax code / VAT No. and registration No. in Rome's Business Registry 10260231005, in the person of its legal representative Mrs.
Martina TARRONI, born in Rome on 19/07/1982, having tax code TRRMTN82L59H501T, and the same legal address as the company’s
registered office, hereinafter also referred to as the Tenant.

 

WHEREAS

 

		•	On 24/02/2009, by way of a private agreement registered by Notary
Ferdinando Misiti, with office in Rome – Inventory No.8905 Collection No 4740 as registered on 05/03/2009, with the Roma
2 Inland Revenue Agency under No. 7496 Series IT, such agreement being understood to be fully cited and approved herein, the Lessor
RIPA HOTEL & RESORT SRL leased to the Tenant KU HOTELS SRL the company division it holds title to, which runs the hotel complex
(including bar, restaurant and disco) known as "RIPA HOTEL" such business activity being carried out in the building
located in Rome, Via Luigi Gianniti 17, such building being the subject of a separate property lease agreement;

 

		•	The lease fee for the company division agreed at the time was 105,000.00 (one hundred and five
thousand /00) Euros plus VAT;

 

    	 

    	 

    

 

		•	The general financial crisis our Country is going through, particularly the difficulties encountered
by the hotel industry during the last 18/24 months, have made it hard and problematic for the Tenant to fulfill the commitment
initially undertaken with the Lessor;

 

		•	Therefore the Tenant has officially asked the Lessor to renegotiate a lease fee which is more adequate
to the current financial situation and the actual possibilities for the Tenant to bear this amount;

 

		•	The Lessor has acknowledged such request and the reasons put forward by the Tenant and has declared
it is willing to renegotiate the lease fee.

 

NOW, THEREFORE

 

The parties as represented above
agree as follows:

 

Art. 1

 

The preamble is an integral part
and a covenant of this agreement and a joint assumption of the parties.

 

Art. 2

 

As a partial modification to
Art. 4 of the aforementioned agreement for the lease of a company division, the Parties jointly agree that as of 01/01/2013 and
up until the 31/12/2017 expiry, the annual lease fee shall be as follows:

 

== For the
2013-2014 two-year period: 240,000.00 (two hundred and forty thousand/00) Euros plus VAT.

 

== For the 2015-2016 two-year
period: 360,000.00 (three hundred and sixty thousand/00) Euros plus VAT.

 

== As of 04/01/2017 480,000.00
(four hundred and eighty thousand/00) Euros plus VAT.

 

The aforementioned annual lease
fee is payable by equal monthly installments, paid in advance and credited via bank transfer to the following bank account in the
name of the Lessor:

 

BANCA POPOLARE EMILIA ROMAGNA
- Agenzia A Roma, IBAN IT69 X053 8703 2010

 

0000 1680 457

 

    	 

    	 

    

 

Art. 4

 

The reduction as agreed cannot
be put forward as a long lasting or permanent novation of the lease fee as agreed by the parties in the original lease agreement
mentioned in the preamble ;therefore the original lease agreement remains valid with regard to any other aspect not expressly modified
in this deed of integration that shall be recorded by Tenant and at the expense of the Tenant.

 

Read, approved and undersigned.

 

Rome, March 10, 2013

 

	RIPA HOTEL & RESORT SRL	KU HOTELS S.R.L.
	 	 
	Mr. Federico COLIZZI	Mrs. Martina TARRONI
	/s/ Federico Colizzi	/s/ Martina TarroniLEASE
AGREEMENT FOR
A COMMERCIAL
PROPERTY

 

SERVING
AS A
HOTEL FACILITY

 

WITH
APPLICATION OF
VAT

 

With this Private Agreement, having full legal effect between:

 

		1.	RIPA HOTEL & RESORT SRL, a company with registered office in Rome, Viale Bruno
Buozzi 83 (having tax code /VAT No. 09838171008 ) in the person of its legal representative, Mr. Federico Colizzi, hereinafter
also referred to as the “lessee”

 

AND

 

		2.	KU HOTELS SRL, a company with registered office in Rome, Via Luigi Gianniti 21 (having
tax code /VAT No. 10260231005) in the person of its legal representative, Mrs Martina Tarroni, hereinafter also referred to as
the “tenant”

 

Whereas

 

RIPA HOTEL & RESORT SRL holds possession
of the leased property with all the related rights, including the right to lease it, pursuant to the lease agreement No. IF/1003323
entered into on 18/04/2008 with former LOCAT SPA, now UNICREDIT LEASING SPA, which currently owns the property, such lease agreement
being understood to be cited in full and approved herein.

 

Now, therefore, the lessee company RIPA
HOTEL & RESORT SRL leases to the tenant company KU HOTELS SRL.

 

the
property described
below:

 

The entire building (category D/2) meant
for hotel use, located in Rome, Via degli Orti di Trastevere 3, comprised of 9 (nine) floors above ground for a total surface of
approximately 17,000 covered square meters, identified in Rome‘s Land Registry under sheet 449, parcel 204, sub. 200.

 

Under
the terms
and conditions
indicated below

 

1)          the lease has a duration of nine years as of 04/01/2013
and shall therefore end on 03/01/2022; the parties expressly agree:

 

a.          to forfeit the right to terminate the agreement upon the
first nine-year expiry date, therefore the agreement is hereby intended to be renewed for a further nine years.

 

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b.          Upon expiry of such renewal period,
the lease shall be deemed to be renewed for a further nine years and so on, unless termination is officially notified by the Lessee
to the Tenant by way of a registered letter at least 18 (eighteen) months prior to the expiry date.

 

c.          Upon expiry of the lease the Tenant
shall not be entitled to any compensation for any reason, in line with the provisions of Articles 34, 35, 37 and subsequent articles
of Law 392/78.

 

2)          the Tenant may withdraw from this
agreement after the first nine years have elapsed by notifying the Lessee by way of a registered letter with at least 12 (twelve)
months' notice.

 

3)          The Tenant may not sub-lease property
unit or grant use of the same, in whole or in part, without the express approval of the Lessee, under penalty of legal termination
of this agreement.

 

4)          The lease price is established as
follows :

 

		•	For the 2013-2014 two-year period: 1,800,000.00 (one million, eight hundred thousand/00) Euros plus VAT.
	 	 	 

		•	For the 2015-2016 two-year period: 2,000,000.00 (two million/00) Euros plus VAT.
	 	 	 

		•	As of 04/01/2017: 2,400,000.00 (two millions, four hundred thousand/00) Euros plus VAT.

 

The aforementioned annual lease fee is
payable by equal monthly installments paid in advance and credited via bank transfer to the following bank account in the name
of the Lessee:

 

		•	BANCA POPOLARE EMILIA ROMAGNA - Agenzia A Roma, IBAN IT69 X053 8703 2010 0000 1680 457

 

5)          Pursuant to Art. 32 of Law 392/78,
the parties agree that the lease fee shall be updated every year as of 04/01/2018 with no need for a prior request on the part
of the Lessee and adjusted according to 75% of the variations of the consumer price index for families of manual workers and employees,
according to ISTAT surveys.

 

6)          The Tenant may not delay payment
of the lease fee and accessory charges in any way beyond the terms as set by laws and provisions in force and may not undertake
legal action or file claims if installments are in arrears.

 

7)          The premises are only granted for
hotel use and related activities; sub-lease and transfer, in whole or in part, are prohibited, without prior written consent of
the Lessee.

 

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8)          The Tenant declares it fulfills the
necessary requirements to carry out the business activity at issue and that denial of any authorizations or licenses required by
the laws and regulations in force to the purposes of carrying out the business activity is not a reason for withdrawal. To this
purpose, the Lessee declares that the property fulfills the construction and town-planning regulations in force.

 

9)          The Tenant declares it knows the
premises subject of this agreement and considers them fit for use, in good state of repair and free from defects that may affect
the good conduct of business and the health of those working within the premises.

 

10)         The Tenant undertakes to return
the aforementioned premises upon expiry of the agreement in the same state of preservation they currently have, except for usual
wear and tear of time. Any addition that cannot be removed at any time without damaging the premises and any other innovation may
not be made by the Tenant without the Owner’s prior written consent. The Tenant shall bear the costs of minor maintenance
interventions, expressly those concerning water, gas and electricity systems and bathroom fixtures, keys and locks, hinges in fixtures,
wall, ceiling and fixture surfaces, floorings.

 

11)          The Tenant undertakes to pay the
Lessee 150,000.00 (one hundred and fifty thousand/00) Euros as a guarantee of the timely fulfillment of the obligations undertaken;
such amount shall be set aside as a deposit in compliance with the laws and regulations in force and shall be released after the
leased premises have been regularly returned. Upon request of either Party, the deposit may be increased or decreased in proportion
to the variation of the lease fee and shall be reconstituted in the event it is used.

 

12)         The Tenant releases and holds harmless
the Lessee of any liability from and against any direct or indirect damages deriving from actions or omissions of third parties;
as a further guarantee the Tenants undertakes to take out a suitable insurance policy in order to cover for any damage caused to
the leased property and to goods and persons.

 

13)         The Tenant undertakes to comply
and ensure its employees comply with the rules of good neighbourly and civil conduct.

 

14)         The Lessee is hereby released of
any responsibility in the event the services are interrupted for any reason beyond its control.

 

15)         The Tenant shall also bear the cost
of any and all accessory charges including, but not limited to, utilities, waste collection, heating, occupation of public spaces
and areas and signs.

 

16)         Any violation on the part of the
Tenant, of any covenant of this agreement shall result, ipso jure, in the termination of the agreement.

 

17)         This agreement is subject to VAT,
pursuant to Law 633/72.

 

18)         Any expenses related to this agreement
shall be equally borne by the Parties.

 

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Read, approved and undersigned.

 

Rome, 3-10-2013 (March 10, 2013)

 

	The Lessee	The Tenant
	 	 
	RIPA HOTEL & RESORT SRL	KU HOTELS SRL
	/s/ Federico Colizzi	/s/ Martina Tarroni

 

To the effects of Articles 1341 and 1342 of the Italian Civil
Code, points 1 (letters a, b and c) 3, 5 and 8 are specifically approved.

 

	The Lessee	The Tenant
	 	 
	RIPA HOTEL & RESORT SRL	KU HOTELS SRL
	/s/ Federico Colizzi	/s/Martina Tarroni

 

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