Document:

Exhibit
10.25

 

LEASE
AGREEMENT

 

This
LEASE AGREEMENT (“Lease”), effective as of May 15, 2020 is by and between Lemon City Group, LLC, a Florida
limited liability company, having its principal office at 5972 NE 4th Avenue, Miami, Florida 33137 (“Landlord”)
and 704Games, LLC, a Florida limited liability company, having its principal office at 5972 NE 4th Avenue, Miami, Florida
33137 (“Tenant”).

 

WITNESSETH
THAT, in consideration of the rents, covenants and agreements hereinafter set forth, Landlord and Tenant covenant, warrant and
agree as follows:

 

1.
Definitions. For purposes of this Lease, the following terms shall have the following meanings:

 

“Alterations”
shall have the meaning set forth in Section 8(a) hereof.

 

“Building”
shall mean the building located at 5952 NE 4 Avenue, Miami, Florida 33137.

 

“Building
Systems” shall mean the HVAC Systems, mechanical, electrical, plumbing and life safety systems of the Building.

 

“Default
Rate” shall have the meaning set forth in Section 4(d) hereof.

 

“Extension
Conditions” shall mean, as a condition to Tenant exercising

each
Extension Option: (a) Tenant gives Landlord written notice no less than six (6) months prior to the commencement of the First
Extension Term or Second Extension Term, as applicable, that Tenant is exercising the Extension Option; (b) at the date the applicable
Extension Option is exercised, and at the commencement of the First Extension Term or the Second Extension Term, as applicable,
no Event of Default has occurred and is continuing; and (c) Tenant has not been more than thirty (30) days late in the payment
of any or all Rent more than a total of six (6) times for all periods prior to the commencement of the applicable Extension Term.

 

“Extension
Option” shall have the meaning set forth in Section 3(b) hereof.

 

“First
Extension Term” shall have the meaning set forth in Section 3(b) hereof.

 

“Hazardous
Materials” shall mean any chemical, compound, material, substance or other matter that: (a) is defined as a hazardous
substance, hazardous material or waste, or toxic substance under any Hazardous Materials Law; (b) is regulated, controlled or
governed by any Hazardous Materials Law or other laws; (c) is petroleum or a petroleum product; or (d) is asbestos, formaldehyde,
radioactive material, drug, bacteria, virus, or other injurious or potentially injurious material (by itself or in combination
with other materials).

 

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“Hazardous
Materials Laws” shall mean any and all federal, state or local laws, ordinances, rules, decrees, orders, regulations
or court decisions relating to hazardous substances, hazardous materials, hazardous waste, toxic substances, environmental conditions
on, under or about the Premises, the Building or the Property, or soil and ground water conditions, including, but not limited
to, the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA), the Resource Conservation and Recovery
Act (RCRA), the Hazardous Materials Transportation Act, any other law or legal requirement concerning hazardous or toxic substances,
and any amendments to the foregoing.

 

“HVAC
Systems” shall mean the plumbing, heating, air conditioning, and ventilating systems of the Building.

 

“Landlord’s
Address for Notices” shall mean 355 NE 59th Terrace, Miami, Florida 33137.

 

“Lease
Commencement Date” shall mean the date the Premises is delivered to Tenant in broom clean condition.

 

“Lease
Expiration Date” shall mean the last day of the month in which occurs the fifth (5th) anniversary of the Lease Commencement
Date, as same may be extended pursuant to Section 3 hereof, or such earlier date on which the Term shall sooner end pursuant
to any of the terms, covenants or conditions of this Lease or pursuant to law.

 

“Permitted
Use” shall mean using the Building as office space.

 

“Premises”
shall have the same meaning as Building.

 

“Property”
shall mean the Building together with the parking lot and all appurtenances thereto on which the Building is located, together
with all other improvements which may hereafter be constructed on such parcel of land.

 

“Rent”
shall have the meaning set forth in Section 4 hereof.

 

“Security
Deposit” shall mean a security deposit in the amount of $6,000.00.

 

“Second
Extension Term” shall have the meaning set forth in Section 3(c) hereof.

 

“Tenant
Owned Property” shall have the meaning set forth in Section 8(c) hereof.

 

“Tenant
Parties” shall have the meaning set forth in Section 6(b) hereof.

 

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“Tenant’s
Address for Notices” shall mean 5972 NE 4 Avenue, Miami, Florida 33137.

 

“Term”
shall mean a term of ten (10) years commencing on the Lease Commencement Date and ending on the Lease Expiration Date.

 

2.
Premises.

 

(a)
Landlord hereby leases to Tenant, and Tenant hereby rents from Landlord, the Premises for the Term.

 

(b)
Tenant shall have the exclusive right to use the Premises.

 

3.
Term.

 

(a)
The Term shall commence on the Lease Commencement Date and shall expire on the Lease Expiration Date.

 

(b)
Tenant is granted the option (“Extension Option”) to extend the initial Term of this Lease for an additional
term of five (5) years (“First Extension Term”) provided all of the Extension Conditions are met.

 

(c)
Tenant is granted an additional Extension Option to extend the Term of this Lease for an additional term of five (5) years (“Second
Extension Term”) provided all of the Extension Conditions are met.

 

4.
Rent.

 

(a)
Tenant covenants and agrees to pay Rent in advance on the first (1st) day of each calendar month during the Term and without notice,
demand, abatement, deduction, counterclaim, setoff, defense or otherwise, in lawful money of the United States, to Landlord throughout
the Term of this Lease as follows:

 

(i)
for the period commencing on the Lease Commencement Date and ending on April 15, 2025 an amount equal to Three Thousand and 00/100
Dollars ($3,000.00) per month;

 

(ii)
for the First Extension Term, an amount to be negotiated prior to First Extension Term; and

 

(iii)
for the Second Extension Term, an amount to be negotiated prior to Second Extension Term.

 

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(b)
Concurrently with Tenant’s execution of this Lease, Tenant shall pay to Landlord an amount equal to two (2) monthly installments
of Rent payable under this Lease wherein one installment shall be applied towards the payment of the first full calendar month
of the Lease Term.

 

(c)
If the Lease Commencement Date is a day other than the first day of a month, then the Rent from the Lease Commencement Date until
the first day of the following month shall be prorated on a per diem basis at the rate of one-thirtieth (1/30th) of the monthly
installment of Rent payable.

 

(d)
Any Rent payable by Tenant to Landlord under this Lease which is not paid within thirty (30) days after the same is due will be
automatically subject to a late payment charge of five percent (5%) of the monthly Rent.

 

5.
Preparation for Occupancy. Prior to the Lease Commencement Date, Landlord, at its sole cost and expense, shall prepare
the Premises for Tenant’s occupancy to Tenant’s reasonable satisfaction.

 

6.
Use of Premises; Compliance with Laws; Hazardous Materials.

 

(a)
The Premises shall be used only for the Permitted Use and for no other purpose.

 

(b)
Tenant, at Tenant’s sole cost and expense, shall comply with and shall cause all of Tenant Parties to comply with all applicable
laws, ordinances, rules and regulations of governmental and quasi-governmental authorities, including, without limitation, the
Americans with Disabilities Act of 1990, as amended by the Americans with Disabilities Act Amendments Act of 2008 (and the regulations
promulgated thereunder) applicable to the use or occupancy of the Premises.

 

(c)
Tenant shall not cause or permit any Hazardous Materials to be generated, used, released, stored or disposed of in or about the
Premises, the Building or the Property; provided, however, Tenant may use and store reasonable quantities of cleaning and office
supplies and other similar materials as may be reasonably necessary for Tenant to conduct normal business operations in the Premises.
Tenant shall indemnify and hold Landlord, its employees and agents, harmless from and against any damage, injury, loss, liability,
charge, demand or claim based on or arising out of the presence or removal of, of failure to remove, Hazardous Materials generated,
used, released, stored or disposed of by Tenant or any Tenant Party in or about the Premises, the Building or the Property, whether
before or after the Lease Commencement Date.

 

7.
Building and Equipment; Maintenance and Repairs. At its expense, Landlord shall keep the Premises, Building, Building Systems
and the Property in good repair and condition.

 

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8.
Alterations.

 

(a)
Tenant shall have the right to make or allow to be made any alterations, additions or improvements in or to the Premises (collectively,
“Alterations”) without obtaining Landlord’s consent.

 

(b)
Tenant agrees that all Alterations shall be done at Tenant’s sole cost and expense and in a good and workmanlike manner,
that the structural integrity of the Building shall not be impaired, and that no liens shall attach to all or any part of the
Premises, the Building, or the Property by reason thereof. Tenant shall obtain, at its sole expense, all permits required for
such work.

 

(c)
Unless otherwise elected by Landlord as hereinafter provided, all Alterations made by Tenant shall become the property of Landlord
and shall be surrendered to Landlord on or before the Lease Expiration Date, except as otherwise set forth in this Lease. Notwithstanding
the foregoing, movable equipment, trade fixtures, personal property, furniture, or any other items that can be removed without
material harm to the Premises will remain Tenant’s property (collectively, “Tenant Owned Property”) and
shall not become the property of Landlord but shall be removed by Tenant, at its sole cost and expense, not later than the Lease
Expiration Date.

 

9.
Insurance.

 

(a)
Tenant shall procure at its cost and expense, and keep in effect during the Term, insurance coverage for all risks of physical
loss or damage insuring the full replacement value of Alterations and all items of Tenant Owned Property. Landlord shall not be
liable for any damage or damages of any nature whatsoever to persons or property caused by explosion, fire, theft or breakage,
vandalism, falling plaster, by sprinkler, drainage or plumbing systems, or air conditioning equipment, by the interruption of
any public utility or service, by steam, gas, electricity, water, rain or other substances leaking, issuing or flowing into any
part of the Premises, by natural occurrence, acts of the public enemy, riot, strike, insurrection, war, court order, requisition
or order of governmental body or authority, or by anything done or omitted to be done by any tenant, occupant or person in the
Building, it being agreed that Tenant shall be responsible for obtaining appropriate insurance to protect its interests.

 

(b)
Tenant shall procure at its cost and expense, and maintain throughout the Term, at the minimum, a comprehensive commercial general
liability insurance applicable to the Premises.

 

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10. Indemnification.

 

(a) Tenant shall
indemnify, defend and hold Landlord harmless from and against any and all claims, losses, costs, liabilities, damages and expenses
including, without limitation, penalties, fines and reasonable attorneys’ fees, to the extent incurred in connection with
or arising from the use or occupancy or manner of use or occupancy of the Premises or any injury or damage caused by Tenant, Tenant
Parties or any person occupying the Premises through Tenant.

 

(b)
Landlord shall indemnify, defend and hold Tenant harmless from and against any and all claims, losses, costs, liabilities, damages
and expenses including, without limitation, penalties, fines and reasonable attorneys’ fees, to the extent incurred in connection
with or arising from: (i) any injury or damage caused by any negligent or willful acts of Landlord; (ii) the presence of Hazardous
Substances introduced in, on, under or about the Premises as a result of the actions of Landlord or its agents, employees, representatives
or contractors; or (iii) a default by Landlord under this Lease.

 

(c)
The terms of this Section 10 shall survive the expiration or sooner termination of this Lease.

 

11.
Damage and Destruction.

 

(a)
If the Premises are destroyed or damaged by fire or other casualty so that Tenant is unable to occupy the Premises for its Permitted
Use, Landlord may terminate this Lease effective as of the date of the damage or destruction by giving Tenant written notice within
ten (10) days of the date of the damage or destruction.

 

(b)
If Landlord does not terminate this Lease as provided in Section 11(a) above, Landlord shall promptly rebuild, repair and
restore the Premises and the Building to their former condition.

 

(c)
If the damage or destruction renders all or part of the Premises untenantable, Rent shall proportionately abate commencing on
the date of the damage or destruction and ending on the date the Premises are delivered to Tenant with Landlord’s restoration
obligation substantially complete. The extent of the abatement shall be based upon the portion of the Premises rendered untenantable,
inaccessible or unfit for the Permitted Use.

 

(d)
Notwithstanding anything to the contrary in this Lease, Landlord and Tenant mutually waive their respective rights of recovery
against each other and each other’s officers, directors, constituent partners, agents and employees, and Tenant waives such
rights against each lessor under any ground or underlying lease and each lender under any mortgage or deed of trust or other lien
encumbering the Property or any portion thereof or interest therein, to the extent any loss is or would be covered by fire, extended
coverage, or other property insurance policies required to be carried under this Lease or otherwise carried by the waiving party,
and the rights of the insurance carriers of such policy or policies are to be subrogated to the rights of the insured under the
applicable policy. Each party shall cause its insurance policy to be endorsed to evidence compliance with such waiver.

 

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12.
Condemnation.

 

(a)
If all of the Premises is condemned or taken in any permanent manner before or during the Term for any public or quasi−public
use, or any permanent transfer of the Premises is made in avoidance of an exercise of the power of eminent domain (each of which
events shall be referred to as a “taking”), this Lease shall automatically terminate as of the date of the
vesting of title due to such taking. If a part of the Premises is so taken, this Lease shall automatically terminate as to the
portion of the Premises so taken as of the date of the vesting of title as a result of such taking. If such portion of the Property
is taken as to render the balance of the Premises unusable by Tenant for the Permitted Use, as reasonably determined by either
Landlord or Tenant, this Lease may be terminated by Landlord or Tenant, as of the date of the vesting of title as a result of
such taking, by written notice to the other party given within ten (10) days following notice to Landlord of the date on which
said vesting will occur. If this Lease is not terminated as a result of any taking, Landlord shall restore the Building to an
architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the
amount of condemnation proceeds actually received by Landlord.

 

(b)
Landlord shall be entitled to the entire award for any taking, including, without limitation, any award made for the value of
the leasehold estate created by this Lease. No award for any partial or entire taking shall be apportioned, and Tenant hereby
assigns to Landlord any award that may be made in any taking, together with any and all rights of Tenant now or hereafter arising
in or to such award or any part thereof; provided, however, that nothing contained herein shall be deemed to give Landlord any
interest in or to require Tenant to assign to Landlord any separate award made to Tenant for its relocation expenses, the taking
of personal property and fixtures belonging to Tenant, the unamortized value of improvements made or paid for by Tenant, or the
interruption of or damage to Tenant’s business.

 

(c)
In the event of a partial taking that does not result in a termination of this Lease as to the entire Premises, Rent shall be
equitably adjusted in relation to the portions of the Premises and Building taken or rendered unusable by such taking.

 

13.
Assignment and Subletting.

 

(a)
Neither Tenant nor any sublessee or assignee of Tenant, directly or indirectly, voluntarily or by operation of law, shall sell,
assign, encumber, mortgage, pledge or otherwise transfer or hypothecate all or any part of the Premises or Tenant’s leasehold
estate hereunder (each such act is referred to as an “Assignment”), or sublet the Premises or any portion thereof
or permit the Premises to be occupied by anyone other than Tenant (each such act is referred to as a “Sublease”),
without Landlord’s prior written consent in each instance, which consent will not be unreasonably withheld. Any Assignment
or Sublease that is not in compliance with this Section 13 shall be void. However, acceptance of Rent by Landlord from
a proposed assignee, sublessee or occupant of the Premises shall constitute consent to such Assignment or Sublease by Landlord.

 

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(b)
Any request by Tenant for Landlord’s consent to a specific Assignment or Sublease shall include: (i) the name of the proposed
assignee, sublessee or occupant; (ii) the nature of the proposed assignee’s sublessee’s or occupant’s business
to be carried on in the Premises; (iii) a copy of the proposed Assignment or Sublease; and such other information as Landlord
may reasonably request concerning the proposed assignee, sublessee or occupant or its business. Landlord shall respond in writing,
stating the reasons for any disapproval, within ten (10) days after receipt of all information reasonably necessary to evaluate
the proposed Assignment or Sublease.

 

(c)
No consent by Landlord to any Assignment or Sublease by Tenant, and no specification in this Lease of a right of Tenant to make
any Assignment or Sublease, shall relieve Tenant of any obligation to be performed by Tenant under this Lease, whether arising
before or after: (i) the Assignment or Sublease; or (ii) any extension of the Term (pursuant to exercise of an option granted
in this Lease). The consent by Landlord to any Assignment or Sublease shall not relieve Tenant or any successor of Tenant from
the obligation to obtain Landlord’s express written consent to any other Assignment or Sublease. No Assignment or Sublease
shall be valid or effective unless the assignee or sublessee or Tenant shall deliver to Landlord a fully executed counterpart
of the Assignment or Sublease and an instrument that contains a covenant of assumption by the assignee or agreement of the sublessee,
reasonably satisfactory in substance and form to Landlord.

 

(d)
Notwithstanding the foregoing, provided that: (i) Tenant is not in default under this Lease; and (ii) no such transaction is
undertaken with the intent of circumventing Tenant’s liability under this Lease, Tenant may assign this Lease to any
affiliate or subsidiary of Tenant or in connection with a merger or other consolidation of Tenant and may sublease all or
some portion of the Premises to an affiliate or subsidiary of Tenant without Landlord’s consent provided: (A) Tenant
shall remain liable hereunder; (B) Tenant provides reasonable prior written notice to Landlord of such Assignment or
Sublease; (C) after such transaction is effected, the tangible net worth (excluding goodwill) of the new tenant under this
Lease is equal to or greater than the tangible net worth of Tenant as of the date of this Lease; and (D) Landlord shall have
received an executed copy of all documentation effecting such transfer on or before its effective date.

 

14.
Tenant’s Default. Each of the following events shall be an “Event of Default” hereunder:

 

(a)
Tenant’s failure to pay when due any installment of Rent and such failure continues for a period of thirty (30) days after
the due date.

 

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(b)
Tenant’s failure to perform or observe any other covenant, condition or other obligation of Tenant and such failure continues
for a period of thirty (30) days after Landlord gives Tenant written notice thereof. Notwithstanding the foregoing, if a cure
cannot be effected within the 30-day period and Tenant begins the cure and is pursuing such cure in good faith and with diligence
and continuity during the 30-day period, then Tenant shall have such additional time as is reasonably necessary to effect such
cure.

 

(c)
The Premises become vacant and abandoned for greater than two (2) months.

 

(d)
At Landlord’s option, the occurrence of any of the following:

 

(i)
the appointment of a receiver to take possession of all or substantially all of the assets of Tenant or the Premises;

 

(ii)
an assignment by Tenant for the benefit of creditors;

 

(iii)
the filing of any voluntary petition in bankruptcy by Tenant, or the filing of any involuntary petition by Tenant’s creditors;

 

(iv)
the attachment, execution or other judicial seizure of all or substantially all of Tenant’s assets or the Premises;

 

(v)
the admission of Tenant in writing of its inability to pay its debts as they become due;

 

(vi)
the filing by Tenant of any answer admitting or failing timely to contest a material allegation of a petition filed against Tenant
in any proceeding seeking reorganization, arrangement, composition, readjustment, liquidation or dissolution of Tenant or similar
relief;

 

15.
Landlord’s Remedies. Upon the occurrence of an Event of Default by Tenant that is not cured by Tenant within the
applicable grace periods specified in Section 14 above, Landlord shall have all of the following rights and remedies in
addition to all other rights and remedies available to Landlord at law or in equity:

 

(a)
The right to terminate Tenant’s right to possession of the Premises and to recover: (i) all Rent which shall have accrued
and remains unpaid through the date of termination; plus (ii) the amount necessary to compensate Landlord for all the damages
caused by Tenant’s failure to perform its obligations under this Lease (including, without limitation, reasonable attorneys’
and accountants’ fees, costs of alterations of the Premises, interest costs and brokers’ fees incurred upon any reletting
of the Premises).

 

(b)
The right to continue the Lease in effect after Tenant’s breach and recover Rent as it becomes due. Acts of maintenance
or preservation, efforts to relet the Premises or the appointment of a receiver upon Landlord’s initiative to protect its
interest under this Lease shall not of themselves constitute a termination of Tenant’s right to possession.

 

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(c)
The right and power to enter the Premises and remove therefrom all persons and property, to store such property in a public warehouse
or elsewhere at the cost of and for the account of Tenant, and to sell such property and apply the proceeds therefrom pursuant
to applicable law.

 

16.
Subordination; Estoppel Certificates.

 

(a)
This Lease shall be subject and subordinate at all times to: (i) all ground leases or underlying leases that may now exist or
hereafter be executed affecting the Property or any portion thereof; (ii) the lien of any mortgage, deed of trust or other security
instrument that may now exist or hereafter be executed in any amount for which the Property or any portion thereof, any ground
leases or underlying leases, or Landlord’s interest or estate therein is specified as security; and (iii) all modifications,
renewals, supplements, consolidations and replacements thereof. The provisions of this Section shall be self-operative and no
further instrument shall be required to effect the provisions of this Section.

 

(b)
Either party, at any time and from time to time, within fifteen (15) days after written request from the other, shall execute,
acknowledge and deliver to the other party, addressed to the other party and any prospective purchaser, ground or underlying lessor,
or mortgagee or beneficiary of any part of the Property, an estoppel certificate in form and substance reasonably designated by
the other party. It is intended that any such certificate may be relied upon by the party receiving same and any prospective purchaser,
investor, ground or underlying lessor, or mortgagee or deed of trust beneficiary of all or any part of the Property.

 

17.
End of Term; Holding Over.

 

(a)
No later than the Lease Expiration Date, Tenant shall remove its Tenant Owned Property (except as otherwise provided herein) and
will peaceably yield up the Premises in broom clean condition. Notwithstanding the foregoing, Tenant shall not be responsible:
(i) to repair the effects of normal wear and tear; (ii) for damage which is Landlord’s responsibility to repair; (iii) for
damage by fire, the elements or casualty; and

(iv)
for damage which is the result of the misconduct or negligence of Landlord, its contractors, agents, employees or invitees.

 

(b)
If Tenant shall hold over after the Lease Expiration Date, Tenant shall pay one hundred and twenty (120%) of the Rent payable
during the final full month of the Term (exclusive of abatements, if any) and Tenant’s occupancy shall otherwise be on the
terms and conditions herein specified so far as applicable (but expressly excluding all renewal or extension rights). No holding
over by Tenant after the Term shall operate to extend the Term. Any holding over with Landlord’s written consent shall be
construed as a tenancy at sufferance or from month to month, at Landlord’s option. Any holding over without Landlord’s
written consent shall entitle Landlord to reenter the Premises as provided in Section 15, and to enforce all other rights
and remedies provided by law or this Lease.

 

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18.
Security Deposit.

 

(a)
Simultaneously with Tenant’s execution of this Lease, Tenant shall deposit with Landlord the Security Deposit as security
for the performance by Tenant of all of Tenant’s obligations, covenants, conditions and agreements under this Lease. Landlord
shall not be required to maintain the Security Deposit in a separate account. If an Event of Default occurs under this Lease by
Tenant, Landlord shall have the right, but not the obligation, to use, apply or retain all or any portion of the Security Deposit
for the payment of: (i) Rent or any other sum as to which Tenant is in default; or (ii) the amount Landlord spends or may become
obligated to spend, or to compensate Landlord for any losses incurred by reason of Tenant’s default. If any portion of the
Security Deposit is so used or applied, then within thirty (30) days after Landlord gives Tenant written notice, Tenant shall
deposit with Landlord cash in an amount sufficient to restore the Security Deposit to the original amount. Tenant’s failure
to do so shall constitute an Event of Default under this Lease.

 

(b)
If Landlord transfers the Security Deposit to any purchaser or other transferee of Landlord’s interest in the Property,
then Tenant shall look only to such purchaser or transferee for the return of the Security Deposit and Landlord shall be released
from all liability to Tenant for the return of the Security Deposit.

 

19.
Signs. Tenant may place its standard signs within the Premises.

 

20.
Parking. Tenant shall have exclusive access to all available parking areas on the Premises.

 

21.
Notices. All notices or other communications required hereunder shall be in writing and shall be deemed duly given: (a)
when delivered in person (with receipt therefor); (b) on the next business day after deposit with a recognized overnight delivery
service; or (c) on the third (3rd) business day after being sent by certified or registered mail, return receipt requested, postage
prepaid, to addresses of Landlord and Tenant set forth in Section 1, provided, however, that after the Lease Commencement
Date, all notices to Tenant may, at Landlord’s option, be sent to the Premises. Either party may change its address for
the giving of notices by notice given in accordance with this Section 21. A party’s refusal to accept delivery of
any notice or communication sent by the other party shall not render such notice ineffective. Notwithstanding the foregoing, all
bills, statements, invoices, consents, requests or other communications from Landlord to Tenant with respect to Rent may be sent
to Tenant by regular United States mail.

 

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22.
Miscellaneous Provisions.

 

(a)
Landlord and Tenant each represents and warrants to the other that neither of them has employed or dealt with any broker, agent
or finder in connection with this Lease. Tenant and Landlord shall each indemnify and hold harmless the other from and against
any claim or claims for any broker’s fee or commission asserted by any broker, agent or finder employed by Tenant. The provisions
of this Section 22(a) shall survive the expiration or other termination of this Lease.

 

(b)
The terms, covenants and conditions contained in this Lease shall bind and inure to the benefit of Landlord and Tenant and, except
as otherwise expressly provided herein, their respective personal representatives and successors and assigns; provided, however,
that upon the sale, assignment or transfer by Landlord (or by any subsequent Landlord) of its interest in the Building or Property
as owner or lessee, including, without limitation, any transfer upon or in lieu of foreclosure or by operation of law, Landlord
(or subsequent Landlord) shall be relieved from all subsequent obligations or liabilities under this Lease, and all obligations
subsequent to such sale, assignment or transfer (but not any obligations or liabilities that have accrued prior to the date of
such sale, assignment or transfer) shall be binding upon the grantee, assignee or other transferee of such interest. Any such
grantee, assignee or transferee, by accepting such interest, shall be deemed to have assumed such subsequent obligations and liabilities.

 

(c)
If any provision of this Lease or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable,
the remainder of this Lease, or the application of such provision to persons or circumstances other than those as to which it
is invalid or unenforceable, shall not be affected thereby, and each provision of this Lease shall remain in effect and shall
be enforceable to the full extent permitted by law.

 

(d)
The terms of this Lease are intended by the parties as a final expression of their agreement with respect to such terms as are
included in this Lease and may not be contradicted by evidence of any prior or contemporaneous agreement, arrangement, understanding
or negotiation (whether oral or written). The parties further intend that this Lease constitutes the complete and exclusive statement
of its terms, and no extrinsic evidence whatsoever may be introduced in any judicial proceeding involving this Lease. The language
in all parts of this Lease shall in all cases be construed as a whole and in accordance with its fair meaning and not construed
for or against any party by reason of such party having drafted such language.

 

(e)
Upon Tenant paying the Rent and performing all of Tenant’s obligations under this Lease, Tenant may peacefully and quietly
enjoy the Premises during the Term as against all persons or entities claiming by, through or under Landlord subject, however,
to the provisions of this Lease and to the priority of any mortgages or deeds of trust or ground or underlying leases referred
to in Section 16.

 

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(f)
All of Tenant’s and Landlord’s covenants and obligations contained in this Lease which by their nature might not be
fully performed or capable of performance before the expiration or earlier termination of this Lease shall survive such expiration
or earlier termination. No provision of this Lease providing for termination in certain events shall be construed as a limitation
or restriction of Landlord’s or Tenant’s rights and remedies at law or in equity available upon a breach by the other
party of this Lease.

 

(g)
The Laws of the State of Florida shall govern the validity, performance, and enforcement of this Lease. Tenant consents to personal
jurisdiction and venue in the state and judicial district in which the Building is located. The courts of the state where the
Building is located will have exclusive jurisdiction and Tenant hereby agrees to such exclusive jurisdiction.

 

(h)
This Lease may only be amended, modified or supplemented by an agreement in writing duly executed by both Landlord and Tenant.

 

(i)
DELIVERY OF THE LEASE TO EITHER PARTY SHALL NOT BIND ANY PARTY IN ANY MANNER, AND NO LEASE OR OBLIGATIONS OF LANDLORD OR TENANT
SHALL ARISE UNTIL THIS INSTRUMENT IS SIGNED BY BOTH LANDLORD AND TENANT AND DELIVERY IS MADE TO EACH PARTY.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	Page 13 of 14

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Lease Agreement by affixing their signatures below.

 

	 	LANDLORD
	 	LEMON
    CITY GROUP, LLC
	 	 
	 	By	/s/
    Mike Zoi
	 	Name:	Mike
    Zoi
	 	Title:	manager

 

	 	TENANT
	 	704GAMES
	 	 	 
	 	By	/s/
    Jonathan New 
	 	Name:	Jonathan
    New
	 	Title:	CFO

 

    	Page 14 of 14Exhibit
10.29

 

[***] Certain information in this document
has been excluded pursuant to Regulation S-K, Item (601)(b)(10). Such excluded information is not material and would likely cause
competitive harm to the registrant if publicly disclosed.

 

Letter
of Intent

 

November
23, 2020

 

Mr.
Pierre Fillon President

Automobile
Club de l’Ouest

 

Dear
Mr. Fillon:

 

This
binding letter of intent sets forth the basic terms and conditions under which Motorsport Games US, LLC, a fully owned subsidiary
of Motorsport Network, LLC, (“MSG”) and Automobile Club de l’Ouest (“ACO”) (together, the “Parties”)
will amend the Joint Venture Agreement (the “JV Agreement”) entered into between the Parties on March 15, 2019, with
respect to Le Mans Esports Series Ltd. (the “JV”), and will enter into a License Agreement under which the ACO will
grant to the JV certain rights to develop, promote, and create video games based on the FIA World Endurance Championship and the
24 Hours of Le Mans (the “Licensed Rights”), and to promote and run an Esports events business based on the Licensed
Rights. The parties agree to use their reasonable efforts to execute such Amendment to JV Agreement and License Agreement within
60 days of the execution of this binding letter of intent.

 

		1.	Amendment
                                         to Le Mans Esports Series Ltd JV Agreement

 

		a.	The
                                         primary object of the JV will be revised to include both (i) the promotion and running
                                         of an Esports program based on the Licensed Rights; arid (ii) the development and publishing
                                         of video games based on the Licensed Rights.

 

		b.	One
                                         ACO-appointed board member will be removed, and an additional MSG-appointed board member
                                         will be appointed so that the composition of the board includes three (3) MSG-appointed
                                         board members and two (2) ACO-appointed board members.

 

		c.	As
                                         a result of the additional contributions to be made by MSG as set forth herein, the shareholdings
                                         of the JV shall be amended and ACO shall transfer to MSG as soon as possible six (6)
                                         of its shares (the “Share Transfer”) so that upon completion of such Share
                                         Transfer, ACO holds a 49% ownership share in the JV and MSG holds a 51% ownership share
                                         in the JV.

 

		d.	The
                                         parties will amend the Articles of Association of the JV so as to establish the following
                                         priorities for the distribution of profits:

 

	 	i.	MSG
                                         will first recoup the funding and Royalty Payments as set forth herein;
	 	 	 
		ii.	After
                                         MSG has recouped its additional capital contribution, the next One Million Six Hundred
                                         Thousand Euros (€1,600,000) will be distributed to the parties in accordance with
                                         the shareholdings of the JV Agreement, which for the avoidance of doubt shall be 55%
                                         to ACO and 45% to MSG; and

 

		iii.	After
                                         the parties have recouped their pro rata share in accordance with clauses (i) and (ii)
                                         above, any further profits will be distributed in such proportions so that MSG receives
                                         Fifty-One percent (51%) and ACO receives Forty-Nine percent (49%) of such profits.

 

    	1

     

    

 

		e.	The
                                         current reference to the separate license agreement between the parties to be revised
                                         to reflect the following:

 

		i.	In
                                         consideration of the investments which ACO and MSG have made to the JV, ACO will grant
                                         to the JV an exclusive license to use the Licensed Rights for promotion of and running
                                         of an Esports program replicating races of the FIA World Endurance Championship and the
                                         24 Hours of Le Mans on an electronic gaming platform. The term of the license shall be
                                         for a period of ten (10) years beginning from the date of execution of the License Agreement,
                                         subject to the continuation of ACO’s license agreement with the FIA under which
                                         ACO is granted the right to exclusively promote the FIA World Endurance Championship
                                         and the 24 Hours of Le Mans (the “Promotional Right”), and shall automatically
                                         renew for an additional term unless NCO provides written notice to the JV of its intent
                                         not to renew no less than one hundred and eighty (180) days prior to the end of the term.
                                         In the event the Promotional Right is terminated, ACO shall provide written notice to
                                         the JV and the parties will meet to discuss an amicable solution. The license will include
                                         the right to acquire and use in-game photography from the Esports events and to design,
                                         manufacture and distribute merchandise related to the Esports events.

 

		ii.	In
                                         consideration of (i) funding by MSG of the capital necessary for the development of video
                                         games based on the FIA World Endurance Championship and the 24 Hours of Le Mans, which
                                         for the avoidance of doubt, shall include but not be limited to the official 24 Hours
                                         of Le Mans and the Circuit des 24 Heures du Mans, also known as the Circuit de la Sarthe,
                                         such capital investment not to exceed an amount of [***], and (ii) the payment
                                         to ACO by MSG of an annual fee of [***], (the “Royalty Payment”),
                                         the first payment be made no later than sixty (60) days following the launch of the first
                                         video game product, and subsequent payments to be made no later than sixty (60) days
                                         following each anniversary thereof for the term of the license, the ACO shall grant to
                                         the JV an exclusive license to use the Licensed Rights for the development, promotion,
                                         advertising, distribution and packaging of video gaming products, including but not limited
                                         to simulation-style video gaming products and mobile video gaming products. The license
                                         shall include the right to use the video gaming products as the platform for conducting
                                         and administering the Esports program(s), including without limitation, the promotion,
                                         advertising and commercialization thereof, and shall also include the right to acquire
                                         and use in-game photography and to design, manufacture and distribute merchandise related
                                         to the video games and related Esports events. The term of the license shall be a period
                                         of ten (10) years beginning from the date of execution of the License Agreement, subject
                                         to the continuation of ACO’s license agreement with the FIA under which ACO is
                                         granted the right to exclusively promote the FIA World Endurance Championship and the
                                         24 Hours of Le Mans (the “Promotional Right”), and shall automatically renew
                                         for an additional term unless ACO provides written notice to the JV of its intent not
                                         to renew no less than one hundred and eighty (180) days prior to the end of the term.
                                         Upon delivery of such written notice of ACO’s intent not to renew, the JV shall
                                         for a period of eighteen (18) months (the “Sell Off Period”), have the right
                                         to dispose of all stocks of products in its possession or control and all products in
                                         the course of manufacture at the date of delivery of such notice. In the event the Promotional
                                         Right is terminated, ACO shall provide written notice to the JV and the parties will
                                         meet to discuss an amicable solution.

 

    	2

     

    

 

		f.	Repayment
                                         of the funding of up to [***] by MSG will be made only by recoupment via profits
                                         of the JV, and in no event will ACO bear the risk for repayment of this funding.

 

		g.	Article
                                         9 of the JV Agreement shall be amended to allow either Shareholder to transfer or otherwise
                                         dispose of its interest in all or any of the Shares held by it subject to certain restrictions,
                                         including but not limited mutual Preemption and Tag Along rights.

 

		h.	Article
                                         16 of the JV Agreement shall be amended to reflect that ownership of the intellectual
                                         property related to the video gaming products shall be assigned to the and that ownership
                                         of intellectual property related to the 24 Hours of Le Mans Virtual program will remain
                                         the property of ACO, provided however that such intellectual property related to the
                                         24 Hours of Le Mans Virtual program will be subject to the terms of the License Agreement
                                         between the parties.

 

		i.	Minority
                                         shareholder rights shall be specified and reinforced by:

 

		i.	Requiring
                                         the approval of the ACO-appointed board member before proceeding with the following matters;
                                         however, should the ACO-appointed board member fail to either approve or disapprove within
                                         fifteen (15) calendar days from the date such approval is requested, the matter shall
                                         be considered approved:

 

		1.	Increase
                                         of company debts, other than for emergencies that require urgent financing, which for
                                         example shall include the JV’s compliance with law, current debt service, or protection
                                         of the JV’s assets;

 

		2.	Other
                                         than strictly pursuant to the priorities for distribution of profits set forth in clause
                                         1(d) above, any payment of dividends and distribution of profits;

 

		3.	Creation
                                         and development of new products;

 

		4.	Approval
                                         of budget and expenses (other than those expenses covered by MSG’s capital investment
                                         as described in clause 1(e)(ii), above); provided; however, that if the ACO-appointed
                                         board member does not approve any new budget, the then-current budget will remain in
                                         effect until such time that approval is granted;

 

		5.	Decisions
                                         concerning the 24 Hours of Le Mans Virtual program. Granting ACO the right to audit the
                                         accounts of the JV at any time.

 

		j.	MSG
                                         shall warrant to ACO that in the event that the board of directors of the JV determines
                                         that the JV has no sufficient cash or working capital available for the development of
                                         future games and that additional funding is required, MSG shall provide such additional
                                         funding via a short term zero interest loan to the Company, to be repaid when such additional
                                         funding is no longer required, as determined by the board of directors using the same
                                         methodology used for the quantification of the additional funding requirement, such repayment
                                         to be made as a priority distribution of the JV’s profits.

 

		k.	Article
                                         14.3 of the JV Agreement will be modified to specify that any funding provided by MSG
                                         for the purpose of development of the game shall not be considered a Shareholder debt,
                                         and thus the status of repayment of these loans will not be considered an Event of Default
                                         as defined therein for the purpose triggering the Call Option,

 

		l.	The
                                         Parties will jointly appoint an individual to serve as CEO of the JV.

 

		2.	License
                                         Agreement

 

		a.	The
                                         License will include the rights and terms as set forth in clauses 1(e)(i) and 1(e)(ii)
                                         above.

 

    	3

     

    

 

		b.	The
                                         License Agreement will include, amongst other standard representations and warranties,
                                         representations and warranties regarding the ACO’s ability to grant the Licensed
                                         Rights for the purposes described herein.

 

		c.	In
                                         addition to other rights of ACO regarding quality control, the License Agreement will
                                         include certain provisions protecting the ACO, including but not limited to:

 

		i.	Requirement
                                         that track designs and racing lines will be respected so as to preserve authenticity;

 

		ii.	Requirement
                                         that with respect to in-game commercial opportunities, priority shall be given to ACO
                                         partners such as Michelin, Total, Rolex, and other partners as identified by ACO from
                                         time to time:,

 

		iii.	Requirement
                                         that video game and Esport sporting regulations resemble the real-life sporting regulations
                                         as closely as possible, notwithstanding that MSG may develop certain game modes that
                                         vary from such real-life sporting regulations as long as the game maintains the spirit
                                         and authenticity of the FIA World Endurance Championship and the 24 Hours of Le Mans;
                                         and

 

		d.	Mutual
                                         exclusivity with regard to video game products and esports events based on the 24 Hours
                                         of Le Mans.

 

		e.	The
                                         License will include a Right of First Refusal of MSG to block future licenses to use
                                         The Circuit des 24 Heures du Mans, also known as Circuit de la Sarthe, in or in connection
                                         with other video game products by matching any bona fide offer from a prospective third-party
                                         licensee. This right of first refusal would include but not be limited to those licenses
                                         up for renewal with current licensees. Should MSG refuse the right to match the prospective
                                         third-party licensee, ACO would of course be free to proceed with such bona fide offer
                                         and grant the licensee to the third-party licensee.

 

		3.	Governing
                                         Law and Right to Disclose

 

		a.	This
                                         binding letter of intent, for all purposes, shall be construed in accordance with the
                                         laws of England and Wales,

 

		b.	The
                                         Parties hereby agree that, notwithstanding anything to the contrary contained in the
                                         JV Agreement or otherwise, each Party and/or its affiliate may make the disclosures required
                                         on such Party or its affiliates as required by the applicable U.S. federal and/or state
                                         securities laws, rules and regulations.

 

IN
WITNESS WHEREOF, the Parties have executed this binding Letter of Intent

 

	AUTOMOBILE
    CLUB DE L’OUEST	 
	 	 	 
	/s/
    Pierre Fillon	 
	Pierre
    Fillon, President	 
	Date:	24
    November 2020	 
	 	 	 
	MOTORSPORT
    GAMING US LLC	 
	 	 
	/s/
    Dmitry Kozko	 
	Dmitry
    Kozko, CEO	 
	Date:	11/24/2020	 

 

    	4

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