Document:

Exhibit 10.4

 

LICENSE OF USE RELATING TO THE OUTDOOR AREA

EQUIPPED WITH SPORTS FACILITIES - LINATE FOOTBALL
FIELD

LOCATED IN VIA PASCOLI IN PESCHIERA BORROMEO

2018/2024

 

The MUNICIPALITY OF PESCHIERA BORROMEO, hereinafter
referred to as the Licensor, entrusts the BRERA Football Club Association, with headquarters in Milan, Via Daverio 7, tax code
09572130962, in the natural person of its President, Mr Alessandro Aleotti, domiciled in Milan, Via Mecenate 76, tax code LTTLSN63T18C573Y,
hereinafter referred to as the Licensee, the management of the area described in the following clauses.

 

In its management activity, the Licensee must
strictly comply with the provisions of this License of use, bearing in mind that its management activity must favor the attendance and
access by the citizens interested in the relevant sporting activity.

 

Part I – SERVICES COVERED BY THIS LICENSE

 

ART. 1- SUBJECT OF THE LICENSE

 

The subject of this License is the authorization
to use the outdoor area – as is – equipped with sports facilities, which are part of the Sports Center, located
in Peschiera Borromeo - Via Pascoli - owned by the Municipality.

 

ART. 2 - PURPOSE OF THE LICENSE

 

The main interest and objective of the Municipality
is to redevelop the aforementioned outdoor area, currently underused, and consequently offer the city of Peschiera Borromeo a venue for
sports promotion and aggregation in an important neighborhood on the outskirts of the city.

 

ART. 3 - BEGINNING OF THE LICENSE

 

1. The license begins with the delivery of the
outdoor area, accompanied by the relevant minute, signed by the Municipality and the Licensee and will last for 6 seasons, with the possibility
of renewal, under the same conditions, for another 6 seasons.

 

ART. 4 - CHARACTERISTICS OF THE AREA

 

Linate sports field, Via Giovanni Pascoli, 10
- Sheet 21, Lot 290 - Total area: 11,110 sqm, of which:

 

- Covered surface: 391 sqm

 

- Surface with canopies: 40 sqm

 

- Green areas: 10,679 sqm

 

See attached the tables and technical report on
the state of the areas.

 

[illegible signature]

 

     

     

    

 

ART. 5- LICENSEE’S SERVICES

 

The Licensee must:

 

1. Design and implement the necessary interventions
to restore and put the Sports Center back into operation, in compliance with the provisions of the report produced by the Urban
Management Sector (attached to these specifications). Any works, at the time of their implementation, will automatically become the exclusive
property of the Municipality, without the latter having to pay the Licensee any compensation or consideration.

 

1.a) The works may be carried out at different
times, with the requirement that the systems must necessarily be compliant with the regulations in force before the start of the activities,
and must be carried out within a maximum period of two years from the award of the tender. The project must be drawn up in compliance
with the town planning-building regulations in force and be preliminarily approved by the Municipality;

 

1.b) The interventions must be carried out by
qualified companies, in accordance with the provisions of the regulations on public works. The Municipality reserves the right to have
its offices supervise the progress of such works, in order to ascertain the correspondence of the works carried out with those referred
to in the technical project presented in the tender;

 

1.c) Test the works carried out at their own expense.
The inspector will be designated by the Municipality and appointed by the Licensee;

 

1.d) At the end of the works, submit, in addition
to all the technical documentation certifying the regular execution of the approved and authorized works, the invoices relating to the
costs incurred;

 

2. Carry out maintenance operations in order to
constantly ensure usability, maintenance in a state of perfect efficiency, as well as the suitability for use, also from a hygienic-sanitary
point of view, of the facility, its appurtenances and systems;

 

3. Obtain all the authorizations and licenses
necessary for carrying out the planned activities;

 

4. Starting from the third year of activity and
until the end of the license, take responsibility for the transfer of existing meters and the related payment of all the bills necessary
for the management of the facility and the taxes / fees required by current legislation;

 

5. Carry out activities aimed at the optimal
management of sports facilities (i.e. opening and closing, running all technological systems, etc.), enhancing their use, as well as keeping
them in good condition through routine maintenance;

 

6. Return the property, at the end of the license,
in conditions such as to be functionally adequate for its intended use;

 

8. Be responsible for all expenses, taxes, and
fees relating to the stipulation of the agreement and subsequent thereto.

 

With regard to the activities covered by the license
and the maintenance interventions to be carried out for the restoration and restart of the facility, the Municipality recognizes a total
contribution of EUR 70,000.00, to be paid in installments during the first year of license. The transfer of this amount will take place
after detailed reporting of the works carried out and the expenses incurred.

 

The parties reserve the right to review the executive
and economic terms of the license at the end of the third year of the license, based on an economic and financial plan, drawn up at the
end of the effective management period, if the conditions justifying such review are met.

 

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ART. 6 - INTENDED USE OF THE AREA.

 

The area must be used exclusively for sports,
in particular football, for carrying out sporting events, recreational activities, conferences and social initiatives. It is therefore
forbidden, under penalty of termination of the license, any different use of the facility not authorized by the Municipality.

 

ART. 7 - PROMOTIONAL, COMMERCIAL, AND SPONSORSHIP
ACTIVITIES

 

A) The Licensee may use the area in question for
the exercise of signage activity, subject to consent and according to a detailed project approved by the Municipality of Peschiera Borromeo,
without prejudice to the obligation to acquire the necessary authorization and to pay the relevant tax.

 

All charges and all income deriving from this
activity are charged to / in favor of the Licensee.

 

B) the Licensee may carry out commercial activities
within the area in question, in compliance with the laws and regulations in force.

 

ART. 8 — CONTACT PERSON

 

The Licensee must indicate, at least 10 days before
the start of the service, the name and telephone numbers (landline and mobile) of one or more contact person(s) who must always be available
for the Municipality, at least from 09:00 AM to 8:00 PM, every day, for the entire contractual period.

 

The contact person(s) must be authorized, from
the beginning of the service, to accept any request / warning from the Municipality and to put in place all measures suitable for the
rapid and effective solution of what has been reported.

 

ART. 9 - RETURN OF THE AREA

 

1. Within the 30 (thirty) days following the natural
expiry of the license, or within the 30 (thirty) days following the notification of revocation or forfeiture pursuant to any title referred
to in art. 14 – 15, part 2, of these Specifications, the Licensee is obliged to return the Municipality the outdoor area in question,
including additions and improvements, in a perfect state of maintenance and conservation, free from people or things, together with the
related updated technical documentation, with the express exclusion, for any reason, of any form of compensation or consideration to be
paid by the Municipality. This also applies to any investments made by the Licensee and not fully amortized.

 

2. In the event of non-compliance, the Municipality
will proceed with the evacuation ex-officio at the expense of the Licensee, claiming the deposit paid and without prejudice to any other
action that could be attributed to it.

 

3. Upon return of the external area in question,
a delivery report will be drawn up, in joint consultation between the Parties, certifying the consistency and maintenance state of the
facility. Any damage ascertained will entail for the Licensee, in addition to the payment of the costs necessary to restore the correct
state of maintenance and efficiency, the obligation of compensation.

 

4. In order to ensure the continuity of the use
of the outdoor area in question, the Municipality reserves the right to request the Licensee, by means of a written communication to be
sent with at least 3 (three) months’ notice, to continue the management of the same for six months following the natural expiry of the
license, in order to proceed with the completion of the tender procedures.

 

[illegible signature]

 

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Part Il

 

CONTRACTUAL TERMS

 

ART. 1- CONDITIONS AND METHODS OF EXECUTION

 

The conditions and methods of execution of the
license, as well as the implementation of the work and extraordinary and ordinary maintenance schedule, are those indicated in these specifications,
in the invitation letter and in the offer submitted during the tender.

 

ART. 2- LICENSE FEE

 

The basic total annual fee to be paid to the Municipality
is EUR 500.00 plus VAT.

 

ART. 3- REVIEW OF THE FEE

 

The annual fee will be adjusted, starting from
the second year, to the extent of 100% of the variation, ascertained by ISTAT, in the consumer price index for blue-collar and white-collar
families (FOI).

 

ART. 4- PAYMENTS OF THE FEE

 

The fee must be paid in one annual installment.

 

All data regarding the payment details will be
communicated to the Licensee by the Municipality. In the event of Temporary Business Association, the payment will be made by the group
leader.

 

All documents will be drawn up in Italian. In
the event of delayed payment, the interest rate is determined in accordance with the provisions of art. 1284 of the Italian Civil Code.

 

ART. 5 - DURATION OF THE LICENSE

 

The license will have a duration of 6 years and
can be repeated for a further 6 years (meaning sports / football seasons, September-July). This duration must be taken into account in
the preparation of the redevelopment project, taking into account the technical-economic sustainability of the project itself.

 

ART. 6- FINAL DEPOSIT

 

Upon signing the agreement, the Licensee will
be required to provide a final deposit of EUR 7,000.00 equal to 10% of the value of the contribution.

 

The deposit in question is intended to guarantee
the fulfillment of all the obligations assumed and the compensation for damages deriving from any non-fulfillment, without prejudice,
however, to compensation for greater damage. The deposit also covers penalties, if they are high.

 

The guarantee must be payable on first demand,
without the guarantor being able to raise any objection and with the obligation to pay the requested sum, within the limit of the guaranteed
amount, within a maximum term of 15 consecutive days from the request. To this end, the document itself must expressly provide for the
waiver of the benefit of the prior enforcement of the principal debtor, the waiver of the exception referred to in Article 1957, paragraph
2, of the Italian Civil Code and its enforceability within the 15 days indicated above.

 

If this deadline unsuccessfully passes by, interest
equal to “three-month Euribor rate (act/365) calculated as the average of the quotes of the previous month” plus 2 (two) points.

 

The bank guarantees / policies must be issued
in favor of the Municipality of Peschiera Borromeo (Comune di Peschiera Borromeo) and in the name of the applicant; in addition, the signature,
identity, powers and qualification of the person(s) / signatory(s)
of the guarantee must be submitted together with notarial authentication and payment of stamp duty.

 

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If the policy is issued by financial intermediaries
registered in the special list pursuant to art. 107 of Decree Law no. 385/93, which exclusively or mainly carry out the issue of guarantees,
a copy of the authorization of the Ministry of Economy and Finance must be attached. The guarantee must have temporal validity at least
equal to the duration of the agreement and must, in any case, be effective until a specific release communication (also consisting of
the simple return of the guarantee document) is made by the beneficiary Administration, attesting the absence or the presence of any possible
objection and controversy arising in connection with the execution of the agreement.

 

The guarantee must be immediately reinstated by
the Licensee if, during the execution of the agreement, it has been partially or totally enforced following delays or other severe breaches
/ penalties.

 

The release procedures will be defined by the
Municipality which is responsible for managing the agreement.

 

ART. 7- GENERAL CONDITIONS OF THE AGREEMENT

 

The signing of the agreement and its annexes by
the Licensee is equivalent to a declaration of perfect knowledge of laws, regulations and all current legislation on license of public
goods.

 

By signing the agreement, the Licensee expressly
accepts, in writing, pursuant to articles 1341, paragraph 2, and 1342 of the Italian Civil Code, all the clauses provided for in these
Specifications, as well as the clauses contained in the provisions of law and regulations mentioned in this deed.

 

In particular, the Licensee expressly accepts,
in writing, pursuant to art. 1341, paragraph 2, the clauses of the special specifications contained in the articles relating to: “fee
review”, “fee payment”, “withdrawal”.

 

The contractual clauses and the provisions set
forth by these Specifications must be interpreted taking into account the purposes pursued with the agreement; in any case, articles from
1362 to 1369 of the Italian Civil Code apply.

 

ART. 8- SUB-LICENSING

 

The Licensee has the right to entrust to third
parties, in possession of the legal requirements, segments of the activity necessary, related, functional or relevant to the use of the
facility itself, subject to the prior authorization by the Municipality.

 

ART. 9 - LIABILITY

 

The Licensee will be responsible for any liability
connected with and dependent on the use of the facility under license, as well as for the performance of all the activities carried out
there.

 

The Municipality must be indemnified and held
harmless from any liability towards third parties, for damage to persons and / or things that should occur.

 

ART. 10 - STAFF

 

The personnel assigned to the activities carried
out in the sports area must be qualified and equipped with suitable professionalism.

 

[illegible signature]

 

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Contractual Framework.

 

Regardless of the legal form of the employment
relationship to be established with the personnel who will be employed for the activities in the outdoor area in question, the Licensee
undertakes to remunerate its personnel with a salary no less than that established by the current industry regulations (National Bargaining
Agreement for the relevant category and / or other regulations governing employment relationships) and to cover all the consequent charges,
including those relating to social security, insurance, and similar regulations, opening tax accounts at the offices of the territorially
competent bodies.

 

Staff Duties.

 

The staff is required to behave with the utmost
correctness, to act on every occasion with the professional diligence of the case and to be equipped and exhibit a special identification
card accompanied by a photograph, containing the personal details of the worker and the indication of the employer.

 

Safety.

 

The Licensee must provide adequate training for
the staff, as well as any substitutes, in matters of safety and hygiene in the workplace. The Licensee is required to insure the personnel
against injuries and undertakes to scrupulously comply with the accident prevention regulations and to equip them with everything necessary
for the prevention of accidents, in compliance with the applicable laws in force (Decree Law no. 81 of 9 April 2008).

 

Failure to comply with the labor and safety
laws referred to in this article will result in the termination of the agreement.

 

ART. 11 - INSURANCE

 

The Licensee is obliged to take out a specific
civil liability insurance policy, including third party liability, with exclusive reference to the license in question, with a maximum
limit per claim of no less than EUR € 2,000,000.00 = (Two million / 00), with an unlimited number of claims and validity not
less than the duration of the license.

 

As an alternative to the stipulation of the aforementioned
policy, the Licensee will be able to demonstrate the existence of a civil liability policy, already activated, with the same characteristics
indicated for the specific one. In this case, an appendix must be produced to the same, in which it is made clear that the policy in question
also covers the services carried out on behalf of the Municipality, specifying that there are no limits to the number of claims and that
the ceiling per claim is not less than EUR € 2,000,000.00 = (two million / 00).

 

Furthermore, the Licensee must also take out an
insurance policy for all events relating to construction risks, as well as for further events such as third party actions, force majeure,
natural events, design and calculation mistakes etc., as well as an insurance policy to compensate the beneficiary against any delays
in the completion of the works with respect to the date established for the start of the management of the facility, including any tests
for an average-minimum period of not less than 12 months.

 

The policy, specific or as an appendix to the
existing policy, must be delivered as certified copy, as per legal requirements, to the Sport and Leisure Service, within 10 days of receipt
of the award notification, together with the receipt of payment of the premium. The latter must be submitted with the periodicity provided
for by the policy itself, in order to verify its continued validity during the duration of the license.

 

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ART. 12 - SURVEILLANCE AND CONTROLS

 

The Municipality has the right to verify at any
time, during the duration of the license, the regular and exact fulfillment of the services, and for this purpose, it:

 

1. May use the methods of verification and control
deemed most appropriate with respect to the specific nature of the activities carried out;

 

2. May carry out visits and inspections in all
the premises and equipment of the facility at any time and under any circumstances;

 

3. Will be able to verify the professional suitability
of the staff and supervise both contractual and fiscal aspects.

 

Before the possible application of any sanction,
the non-fulfillment and irregularities highlighted must be reported to the Licensee, who will have the right to formulate his / her observations
/ deductions.

 

The Municipality reserves the right to request,
during the execution of the redevelopment / retrofitting of the outdoor area in question, any useful information deemed necessary and
appropriate for the control of the following phases:

 

- Design;

 

- Choice of executing companies;

 

- Progress of the works / interventions;

 

- Necessary tests, including those of the Facilities.

 

It also reserves the right to revoke the license
if irregularities are detected in the phases indicated above, as well as to impose the penalties provided for in the following article
13.

 

ART. 13 - PENALTY

 

Failure to comply with the provisions set forth
by these specifications leads, in case of non-compliance within the deadline indicated in the notice to comply, the application of the
following penalties in addition to any legal sanctions.

 

The penalty can be reiterated until the actual
adjustment or resolution decision.

 

PENALTY SUBJECT - AMOUNT - PENALTY

 

1 Delay of more than 90 days in the payment of
the installment due: € 100.00

 

2 Negligence, delays, omissions in the payment
of bills to the relative providers and / or failure to carry out maintenance interventions that cause even short interruptions in the
activity of the facility, from the day of ascertainment of the breach and up to restoration of its regular activity: € 200.00 for
each stop day

 

4 Lack of ordinary and extraordinary maintenance:
€ 1,000.00

 

5 Any other breach of contractual obligations
not provided for in the previous points: € 500.00.

 

In the event that the penalties applied are not
paid by the Licensee, they will be deducted from the final deposit which must be immediately reintegrated. The application of the penalties
must be preceded by a regular notification of the non-compliance, towards which the Licensee will have the right to present its counter-arguments
within and no later than eight days from the notification of the complaint sent by the Municipality.

 

In case of non-submission or motivated rejection
of the counter-arguments, the Municipality will proceed with the application of the aforementioned penalties. The right of the Municipality
to compensation for any further damage is reserved.

 

[illegible signature]

 

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ART. 14 – TERMINATION DUE TO PUBLIC INTEREST

 

For reasons of public interest or in the event
of a change in the factual situation or a new assessment of the original public interest, the license may be revoked with a specific administrative
measure by the Municipality.

 

ART. 15 - RESOLUTION

 

The Municipality reserves the right to proceed
with the termination of the license subject to a warning to comply pursuant to art. 1453 and 1454 of the Italian Civil Code in the event
of a serious breach.

 

The license can be terminated in the following
cases:

 

1. Failure to comply with labor and safety regulations;

 

2. Detection, after the third inspection, that
the activities have not been carried out;

 

3. Failure to comply with the obligations regarding
personal data (pursuant to art. 20);

 

4. Inspection confirming that the facility is
used for a use other than that expressly provided for, in the absence of authorization by the Municipality;

 

5. Inspection confirming that the facility is
used for illegal activities ascertained by the judiciary or by the competent authorities;

 

6. Start of business with a delay of more than
90 calendar days for reasons attributable to the Licensee;

 

7. More than 6 annual penalties are raised.

 

In any case, the right of the Municipality to
request compensation for damages suffered is reserved.

 

ART. 16 - WITHDRAWAL

 

a) MUNICIPALITY

 

The Municipality reserves the right to withdraw
from the license, pursuant to Article 1373 of the Italian Civil Code, at any time and until the end of the license.

 

This right can be exercised in writing by sending
a specific communication by registered letter with return receipt. The withdrawal will take effect 20 days after receipt of said communication.

 

In this case, the Municipality will be required
to recognize the Licensee the value of the works carried out up to that moment, or, in the event that the withdrawal occurs after the
completion of the works, the portion of investments made yet to be amortized based on the remaining duration of the agreement.

 

b) LICENSEE

 

The Licensee may withdraw from the license, giving
notice of it with at least a 6-month notice, by registered letter with return receipt. In the event of unilateral withdrawal by the Licensee,
the latter must deliver to the Municipality the spaces and facilities covered by the license in the ordinary state of maintenance and
functionality, in accordance with current legislation, with the exclusion of any form of compensation, reimbursement or consideration
to be paid by the Municipality. The annual license fee must in any case be paid in proportion to the monthly payments of actual use and
up to the day on which the end of the use of the sports area will take place.

 

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ART. 17 – JURISDICTION

 

For all disputes that may arise on the validity,
effectiveness, interpretation, execution, and dissolution of the agreement, the Court of Milan will be exclusively competent.

 

ART. 18 - REFERENCE TO THE RULES OF LAW IN
FORCE.

 

For all matters not contemplated in these specifications,
reference is made to the Laws and Regulations in force.

 

ART. 19 CONCLUSION OF THE AGREEMENT - EXPENSES,
AND TAXES

 

The agreement is immediately effective, without
prejudice to any express termination clauses, included therein.

All expenses, duties and taxes relating to the
agreement are the responsibility of the Licensee. As for the VAT, express reference is made to the provisions of the law on the matter.

 

ART. 20 - PROCESSING OF PERSONAL DATA

 

The Licensee is required to observe, as provided
for in these Special Specifications, the Decree Law no. 196/2003, “Code regarding the protection of personal data” (hereinafter,
Code), and all other related provisions also issued by the Privacy Guarantor Authority.

 

Pursuant to art. 29 of the “Code”,
the Municipality of Peschiera Borromeo (hereinafter, the Owner) designates the Licensee as Holder for the processing of personal data
(from now on, Holder).

 

The Holder processes only the data necessary for
the performance of the activities carried out and undertakes to comply with the obligations deriving from this function. The Holder keeps
the data and information confidential, including those that pass through the data processing equipment, which comes into his / her possession
and of which he / she in any case becomes aware, and also undertakes not to disclose it in any way and in any form and not to use it for
any purposes other than those strictly necessary.

 

The Holder provides the Data Controller with the
information and documents requested, any safety certifications, as well as reports on the state of implementation of the legislation and
on the organizational model adopted. In this context, the Data Controller reserves the right to request the DPS (Programmatic safety document)
of the Holder or replacement documentation in accordance with the law to be viewed.

 

The Data Controller may request additional measures
with respect to those adopted by the Holder without this entailing additional charges for the Data Controller. The Holder identifies and
designates his /her own system administrators and “persons in charge” of the processing, suitably trained in relation to the
risks affecting the data and provides them, in writing, with the relative instructions, with particular reference to the methods and operations
that can be carried out.

The Holder provides the Data Controller - if requested
by him / her – with the protection of the rights before the Guarantor in the event of a dispute regarding the activity carried out.

 

At the end of the activities related to his /
her function and of the contractually provided services, the Data Controller delivers all the information collected in any way (paper
and / or electronic means) and any removable computer media used.

 

	For The Sports Association	 	For the Municipality
	The President	 	Social and Education Services Sector Manager 
	Alessandro Aleotti	 	Sabina Perini
	/s/ Alessandro Aleotti	 	/s/ Sabina Perini

 

 

9Exhibit 10.5

 

LEASE CONTRACT FOR USE
OTHER THAN HOUSING PURSUANT TO 

ART. 27 L. 392/78

 

Contract ID : 0290237410/21

 

Milan li’ 01/04/2021

 

-1 With this private writing, SERIM S.p.A., with registered
office in Milan, via Santa

 

Hoffmann, represented here, just
power of attorney Notary Alessandra Zizanovich of 19. 11.2020 -number of Rep. 32528 and Racc. number 14963 by MOPI
Management S.r.l., with registered office in Milan, via Santa Radegonda 14, C.F.: 09558270964, in the person of its legal representative
pro-tempore, geom. Chiara Spagnolini, hereinafter referred to as Lessor or Lessor Party, leases to KAP
S.R.L, with registered office in Milan, Piazza San Giorgio 2, C.F.: 09703750969, in the person of its Director Unico SALA
MARCO, born in Lecco (LC), on 17/08/1981, C.F.: SLAMRC81M17E507G, hereinafter referred to as Tenant or tenant or Conductor
Party, which accepts the following real estate units located in MILAN (Ml), via Ripamonti 1/3,
with cadastral details identified by Sheet 526, Map 67, Subordinate 762, Census Zone 2, Category A / 10, Class 5, Consistency 4.50 rooms,
Cadastral Income Euro 2,730.77, Ground floor, consisting of 4 rooms, 1 bathroom and portion of courtyard for exclusive use, and Sheet
526, Map 67, Subordinate 761, Zone cens. 2, Category A / 1O, Class 5, Consistency 8.50 rooms, Cadastral income Euro 5,158.11, Ground floor,
consisting of 7 rooms, 3 bathrooms and portion of courtyard for exclusive use, as indicated in the floor plans that are delivered together
with this contract.

 

The
lease is for the exclusive use of OFFICE.

 
-2 The lease has a duration of
6 years and that is from 01/04/2021 to 31/03/2027 and will be renewed for an equal period, without prejudice to the right of cancellation,
to be given at least 12 months before the deadline, by registered letter to. r. without prejudice to all other agreements.

 

-3 The initial annual fee is Euro 65,000.00 (sixty-five
thousand / 00), plus VAT for down payment for expenses and services (advance payment that is adjusted according to the first final operating
profit), in total, Euro 69.140,00 plus VAT to be paid to the domicile of the Lessor or who expressly appointed by the same to collect,
or, also, by means of monthly payment in advance with MAV by the 20th of each month. E’ the Lessor’s right to modify, in the course of
the lease, the mode of collection of the fee, as well as to indicate a different person in charge of collection, renouncing as of now
the Conductor to any opposition in this regard.

 

Failure to
pay the sum and/or failure and/or late payment, even in part, beyond the scheduled expiry of the individual installments, will entitle
the lessor to terminate the contract for fact or fault of the tenant, pursuant to Article 1456 of the Civil Code, with the obligation
to immediately return the area. Payment will be due and cannot be suspended for any reason, even if the tenant does not use the real estate
unit for any reason. The reason for the reduction of work and / or suspension of work due to pandemic-epidemic and / or any other problem,
albeit serious, can absolutely not be used by the tenant to suspend and / or interrupt and / or postpone the payment of the fee and /
or modify it in any way. In about Covid 19, (or similar situations) the conductor is aware of the measures
that have been applied and that may still be applicable and nevertheless, accepts the risk of the possibility of reduction and / or suspension
of work, for which, now for then undertakes not to dispute the amount of the rent that will be, in any case, due to the lessor, at the
contractually established deadlines. Regardless of any external problems.

 

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-4 The rent will be updated every
year by the Lessor, automatically and without the need for written communication, to the extent equal to the entire variation of the
consumer price index ascertained by ISTAT for the families of workers and employees, with reference to the index of the month of commencement
of this contract, or, in any case, to the maximum extent allowed by current regulations.

 

-5 The parties
mutually acknowledge that the premises are equipped with an independent heating system and an independent air conditioning system. The
Tenant undertakes to maintain the heating boiler as well as to comply with current regulations on the subject and to stipulate, according
to the regulations in force on the subject, a maintenance contract for the same with a qualified company no later than 60 days from the
stipulation of this contract. This contract must be presented at the simple request of the Lessor. In the event that the Tenant does not
fulfill the above obligations, the Lessor will have the right to provide directly for the maintenance works by charging the cost to the
Tenant, who accepts from now on and without exception, without prejudice to the right of the Lessor to terminate the contract ipso jure
for fact and fault of the tenant pursuant to art. 1456 e.e.

 

The extraordinary maintenance interventions
to the heating boilers are at the expense
of the tenant who will carry them out through his own maintainer giving, however, prior notice to the Lessor. The costs for the ordinary
and extraordinary maintenance of the heating and air conditioning systems are borne by the Tenant. This clause is considered by the parties
essential for the conclusion of this contract.

 

-6 The Lessor reserves the right
to place meters for the measure of cold water consumption: in this case the Tenant undertakes to repay the relative expense (cost of
the appliance and its installation) and to pay the water fees due to its consumption, as well as the detection charges.

 

-7 No action
may be brought by the defaulting Tenant, who must provide for the full payment of fees and expenses, before being able to activate any
alleged right or exception. In spite of the non-payment of rent and expenses, the tenant will never be able to invoke, as a legitimate
justification, the major cause and / or the excessive burdensomeness that has occurred, nor the non-use of the leased property, nor other
justifications of any kind. This clause is considered by the parties essential for the stipulation of this contract and, in case of violation,
the contract will be considered terminated pursuant to art. 1456 C. c.

 

-8 It is
the sole responsibility of the Tenant to provide all the appropriate administrative authorizations and, in any case, permits of any gene
and species that may be necessary for the exercise of the contractually envisaged activity, as the real estate unit is accepted for lease
in the state of fact and law in which it is located. Any failure or delay in granting such authorizations
and permits cannot be a cause of termination of the contract or delay or omission in the payment of fees and expenses.

 

-9 It is forbidden for the Tenant
to change the contractually declared intended use, to block, grant on loan or in any case grant to third parties, even partially, the
leased property, as well as to transfer the contract to others, except for the provisions of Article 36 of Law 392/78. This clause constitutes
an essential condition of this contract and in the event of a violation, the contract will be considered terminated by law pursuant to
art. 1456 e.e., without prejudice to compensation for damages.

 

-10 It is
forbidden for the Conductor: to place fixed or fixtures in the walls, to install radio or TV antennas; to carry out activities that may
cause disturbance or harassment to other conductors; to throw into sanitary appliances, sinks, sinks or garbage dumps material that obstruct
the pipes; to clutter stairs, courtyards and porches and to use them otherwise than just for passage; to place safes or other objects
of excessive weight, to introduce into the premises substances that are easily flammable or explosive; to display signs, signs or writings
without the permission of the Lessor; to make use of means of sales claims that may prejudice the decorum of the building.

 

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-11 The
Tenant undertakes not to make any changes to all the premises and facilities, without the prior written consent of the Lessor. Failure
to comply with this agreement determines ipso jure the termination of the contract to the detriment and expense of the Tenant, pursuant
to art. 1456 of the Italian Civil Code. The improvements and additions made by the Tenant, even if authorized by the Lessor, will remain
in favor of the Lessor at the end of the lease, provided that the Tenant is entitled to claim any compensation and/or refund. In case
of authorizations for interventions on plants
that require the issuance of certifications required by law, it is the obligation of the tenant to issue, within 20 days from the construction
of a new plant and / or modified plant, the Declaration of Conformity obtained from the company executing the works. Failure to deliver
the aforementioned Declaration within the terms indicated will be a cause for contractual termination pursuant to art. 1456 of the Italian
Civil Code. In any case, the lessor’s right to demand the restoration of the premises at the time of the return of the real estate unit
at the expense of the conducting Party is reserved.

 

-12 The Tenant declares to have
viewed the leased property and to have found it in a good state of maintenance pursuant to art. 1575 e.e., as well as suitable for the
agreed use, and, in any case, free from defects which diminish its suitability. In any case, accept the premises as seen and liked.

 

-13 The Tenant
is the guardian of the leased thing with the obligation to maintain it with the diligence of the good father of the family and to return
it to the Lessor, at the end of the lease, in the same state in which he received it. In particular, the Tenant is responsible for providing
for the repairs referred to in art. 1576 e.e., as well as repairs and replacements resulting from the use of the leased property or the
equipment existing therein, as well as, by express agreement, repairs and replacements concerning the windows or parts of systems belonging
exclusively to the leased property. In case of non-fulfillment of the aforementioned obligations, the Lessor has the right to provide
for the aforementioned repairs in replacement and at the expense of the Tenant, who will be required to reimburse the same within fifteen
days of the request. A similar right is granted to the Lessor in the event of failure to carry out the order for maintenance of the heating
system.

 

The Lessor is in any case exempt from
any responsibility for the damages that failures
to comply with the aforementioned obligations derive from third parties, damages whose compensation will be borne exclusively by the Tenant.
In the event that the rented property needs repairs that do not charge the Tenant, the latter is required to promptly notify the Lessor
in writing, under penalty of compensation for any damage resulting from the delay.

 

-14 The repairs referred to in
Article 1576 of the Italian Civil Code, as well as any ordinary and extraordinary maintenance concerning both movable things and all
systems, are the responsibility of the Tenant. The Lessor may carry out repairs of an urgent nature, without paying any compensation
to the Tenant, even if the latter, as a result of them, suffers inconveniences of more than 20 days, thus expressly derogating from the
provisions of articles 1582 and 1584 e.e.

 

-15 The
Tenant exempts the Lessor from any liability for direct and indirect damages that may derive from him, in the common parts of the building,
from the culpable act of the Lessor and / or its employees, including the doorman, or third parties in charge of carrying out works in
general.

 

In addition,
in case of any theft with or without burglary and even in the presence of scaffolding, the Lessor will not be liable for any damage and
also any damage derived to the entrance door and / or to the internal parts and / or windows of the rented real estate unit must be restored
by the conducting Party. The Tenant exempts the Lessor from any responsibility for damages that may occur, where they are not covered
by insurance guarantee and / or the insurance company considers compensation not due, for humidity, invasion or infiltration of water,
for regurgitation of sewer, existence of animals and insects. The Lessor
is exempt from any liability for any suspension or reduction of services and for consequential damages.

 

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-16 The
Tenant, only if there are serious reasons, may withdraw from the contract, giving notice by registered letter to the Lessor, with notice
of at least 6 (six) months before the date on which the withdrawal must be executed. If the Tenant should
release the premises earlier than the expiry of the term of 6 (six) months notice, the same is obliged, at the time of return
of the premises, to pay fees and expenses for all the remaining period of notice.

 

-17 The Tenant waives the faculty
provided for in Article 1578, first paragraph, e.g., concerning the defects of the leased things and the guarantee for harassment by third
parties referred to in Article 1585 e.e.

 

-18 In
the event of unsuitability for the contractual use of all or part of the leased property, the Lessor must return only the part of the
advance consideration, proportional to the non-enjoyment, excluding any other compensation and any compensation for damages, even in the
hypothesis of the second paragraph of Article 1578 e.e.

 

-19 The
Tenant, if the concierge service exists or is established, is required to observe the procedures that regulate the service itself and
the rules given by the Lessor. This has the right, in addition to establishing, also to suppress the concierge service by replacing it
with cleaning services. In addition, the Lessor reserves the right not to provide the concierge service on days of rest, absence or holidays
of the doorman and on midweek holidays.

 

-20 The Owner will have the right
at any time - upon notice - to visit, or have trusted technicians visit , the rented property, to verify compliance with the contractual
agreements. If the Lessor intends to sell the property or in case of cancellation of the lease relationship, the Tenant, within seven
days of the request, must indicate to the Lessor at least three days of the week in which, for three consecutive hours, between 10.00
and 19.00, the same will have the right to have the property visited by third parties, under penalty of compensation for any damage caused
by the refusal. From the first day of the last semester of lease, the Tenant must allow the Lessor to apply signs on the lights facing
the road advertising the next availability of the premises.

 

-21 The Tenant
declares that what he will introduce into the leased real estate unit is his full and exclusive property and that, on these assets there
is no privilege of third parties, except for those goods, subject to a loan contract with third parties and / or rental contract and /
or whose ownership is owned by financial leasing companies, and that the Tenant undertakes to remove, at his own care and expense, from
the leased property at the end of the lease.

 

-22 In case of re-abandonment,
both total and partial, or renovation of the building, the Lessor has the right to terminate the lease, without compensation for damage,
giving 6 months’ notice to the Tenant.

 

-23 The Tenant clearly
accepts as a full part of this contract the Internal Regulations of the Building and the “Regulations for Tenants”
deposited at the ASSOCIATION MILANESE OF THE BUILDING PROPERTY registered in Milan on 5/3/2004 series 3 n. 2320, d and which has
withdrawn copies. The violation of the rules of the Regulations, if contested at least three times to the Tenant by registered
letter, will determine, ipso jure, the termination of the contract pursuant to Article 1456 e.e. The Tenant also undertakes not to
stop with cars of any type or even with other vehicles in the courtyard areas, in the access avenues and, in
any case, in the private areas all surrounding the building, as well as on the ramps or in the access passages to the garages. In
expressly accepting these limitations, the Tenant acknowledges the good right of the Lessor, in case of non-compliance, to have
removed at his own care, but at the expense of the conducting party, the  vehicles that may be found parked in
the areas described above it also expressly exempts the Lessor from any liability for damage that may arise to its vehicle during
the removal operations.

 

-24 To guarantee
the exact fulfillment of the contract, the Tenant constitutes a security deposit equal to three months’ rent. And it is productive of
legal interest that will be, at the end of each year of lease, paid to the Tenant, upon relative registered request. The deposit can never
be charged by the Tenant to pay the fee, nor the ancillary charges. It will be returned after the return of the premises, provided that
the Tenant appears to have fulfilled the obligations all arising from the first exempt contract; otherwise, the deposit will be, without
any formalities, acquired totally by the Lessor, without prejudice to the right to compensation for greater damages. The Lessor has the
right to obtain at any time the increase in the security deposit in proportion to the variations in the rent, however occurred.

 

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-25 For all
purposes of this document, including the service of enforcement acts, the Tenant declares to be domiciled in the rented real estate unit,
even if the same, later, no longer lives there

 

-26 The Tenant
undertakes to take out insurance with a primary company to cover all the risks deriving from the performance of its own
activity, including civil liability towards any users, for fires, gas leaks or other disasters, with a maximum of not less than Euro 260,000.00.
=, providing, within thirty days from the beginning of the lease, a copy of the relative policy to the lessor. Failure to comply with
this charge will be a cause for termination pursuant to art. 1456 e.e.

 

-27 The tenant acknowledges that the premises are
delivered unpainted and is fully aware of and accepts that the painting of the premises, during the lease, may take place exclusively
with light colors, with the express exclusion of the application of strong colors such as non-exhaustive, black, blue, red and brown.
Therefore, the premises at the time of return must present a painting carried out only with light colors.

 

-28 The
Tenant, following interventions on the plants, undertakes to deliver to the Lessor, all the technical documentation and related declarations
of conformity. If this documentation is not delivered, the Lessor will have the right to request from a trusted technician everything
necessary to certify the changes made to the systems. This cost will be charged in full to the Tenant.

 

-29 The tenant acknowledges and
accepts that failure to return the keys to the release of the property and, both of the common parts and of the real estate unit, will
result in the charge of the costs for the replacement of the locks and all the necessary keys, even of the common parts in number equal
to the real estate units present in the building. The amount may be withheld during the liquidation phase final of the entitlements of the contract, also from the deposit, if
any.

 

-30 All expenses
of this contract and its possible renewals, as well as taxes, fees and stamp surcharges and the costs of collection and receipt, are borne
by the Tenant, except for the registration tax which is borne equally by both Parties. In case of early termination of the contract by
the Tenant remains at his full expense the expense for the fulfillment of the practice and the tax relating to the early termination of!
contract.

 

-31 Any modification to this contract
must result from a written act.

 

-32 The
Tenant authorizes the Lessor, as well as the administration and management body of the real estate unit covered by this contract, to use
his personal data, taking out the telephone number, also committing himself to notify of any change. It also authorizes the aforementioned
to communicate the same data to the Insurance Company and / or to third parties, always in relation to the obligations connected with
the lease.

 

-33 The
Lessor expressly declares to opt for the subjection to value added tax (VAT) with the consequent application of the registration tax in
a proportional measure with the current rate of 1% (art. 35 paragraphs 8 et 1O, DL 04/07/2006 n. 223, converted into L.04/08/2006 n. 248).
The parties mutually acknowledge that this registration tax is borne by each of the parties to the same extent for both parties.

 

-34 The
Lessor undertakes to provide the Tenant who declares to accept the Energy Certification Certificate.

 

-35 The
Tenant acknowledges, and expressly accepts, that the Lessor has entrusted the technical / administrative management of the contract stipulated
here and of the unit here
leased, to a third party, to which the Tenant must make exclusive reference.

 

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-36 The Tenant,
to guarantee the payment of rents and expenses, at the same time as signing this lease, delivers to the Lessor the amount equal to three
months of the rent, plus expenses. This amount, unproductive of interest and so on, in case of delay in the payment of rents by the tenant
himself, can be used, at the discretion of the lessor, during the lease. In case of non-use, this amount will be returned at the end of
the lease, provided that there is no residual debt for rents and expenses. The Parties agree that this guarantee, in the event of the
Tenant’s default, does not affect the eviction action for arrears and / or recovery of any credit, as the use during the rental period
is at the discretion of the lessor, who may decide to use this amount even during the eviction phase. If the warranty is used during the
rental period, the tenant must promptly reinstate it, in whole or in part if used partially, within 90 days of its use.

 

Failure
to reinstate the sum used in the aforementioned term will authorize the lessor to take legal action for the recovery of the credit. This
clause is considered by the parties essential for the stipulation of this contract, without prejudice to the right of the Lessor to terminate
the ipso-jure contract for fact and for the fault of the tenant pursuant to Art. 1456 e.e.

 

-37 Given the uncertainty of
the markets due to the pandemic period still in progress, the parties agree to apply a discount, for the first year a reduction in the
fee of Euro 20,000.00 =, for the second year a reduction in the fee of Euro
15,000.00=, for the third year a reduction in the fee of Euro 10,000.00=, for the fourth year a reduction in the fee of Euro 5,000.00=,
without prejudice to the application of the annual ISTAT adjustment on the fee of Euro 65,000.00=.

 

-38 The parties mutually acknowledge
that for everything not expressly regulated in this contract, explicit reference is made and made to the Civil Code.

 

	The Tenant	 	The Lessor
	 	 	 
	/s/ KAP SRL	 	/s/ MOPI Management S.r.l.

 

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In accordance with art. 1341
of the Civil Code the Parties, after reading each clause and re-reading those of this contract referred to in the following points:
3 (payment of fees even in case of non-use), 5 (heating and air conditioning service), 6 (cold water meters), 7 (prohibition of
actions for defaulting tenant and impossibility of remedying due to force majeure, the excessive burden of the leased property), 8
(permits and administrative authorizations), 9 (prohibition of sublease and change of use), 1O (various prohibitions), 11 (changes
and improvements), 12 (acceptance of the status of the real estate unit), 13 (custody and repairs), 14 (urgent maintenance and
repairs), 15 (exemption from liability for damages), 16 (withdrawal), 17 (waiver of termination for defects and guarantee for
harassment), 18 (unsuitability for use during lease), 19 (suspension of concierge service), 20 (right of access), 22 (re-loading),
23 (Regulation and termination), 24 (security deposit), 26 (insurance), 27 (local whitewashing), 28 (technical documentation), 29
(charge of missing keys), 33 (option to subject VAT regime and registration tax), 36 (guarantee payment of fees and expenses), 37
(fee reduction and ISTAT update), declare that the same have been the subject of specific negotiation individual and to expressly
approve them. Milan li’ 01/04/2021

 

	The Tenant	 	The Lessor
	 	 	 
	/s/ KAP SRL	 	/s/ MOPI Management S.r.l.

 

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