SEC Contract Filing

Filing Date: 2022-03-25

Document Content:
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<TYPE>EX-10.3
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<DESCRIPTION>EX-10.3
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<DIV><FONT size="1" style="font-size:1pt;color:white"> 4066691v5 Summary P-1 RETAIL LEASE (3705-3709 W. Sunset Blvd., Los Angeles, CA 90026) This Retail Lease (&quot;Lease&quot;), dated as of May 21, 2021 is made by and between SRT LA RETAIL, LLC, a Delaware limited liability company (&quot;Landlord&quot;), and INTENT TO DINE, LLC, a Delaware limited liability company (&quot;Tenant&quot;). SUMMARY OF BASIC LEASE INFORMATION TERMS OF LEASE DESCRIPTION 1. Effective Date: Defined in Section 28.32 below. 2. Premises (Article 1): 2.1 Building: The building commonly known as 3705-3709 W. Sunset Boulevard, Los Angeles, CA 90026 as depicted on Exhibit A attached to this Lease in which the Premises are located (the &quot;Building&quot;) The building consists of a total of 10,203 rentable square feet of space. 2.2 Premises: Approximately 6,928 rentable square feet (&quot;RSF&quot;), including 5,165 RSF located on the first floor (at $7.35 per RSF per month), 1,090 RSF on the mezzanine level (at $5.10 per RSF per month), and 673 RSF of patio area of the Building (at $7.35 per RSF per month) (the &quot;Premises&quot;), as further depicted on Exhibit A-1 to this Lease. 3. Lease Term (Article 2): 3.1 Length of Term: Approximately ten (10) years. 3.2 Lease Commencement Date: The date that is one hundred twenty (120) days following the Effective Date. 3.4 Lease Expiration Date: The last day of the 120th full calendar month following the Lease Commencement Date. 3.5 Option Term(s): Two (2) five-year Option Terms, as more particularly set forth in Section 2.2 of this Lease. </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> 4066691v5 Summary P-2 4. Base Rent (Article 3): Period During Lease Term Annual Base Rent Monthly Installment of Base Rent Months 1 &#8211; 12 $581,619.60 $48,468.30 Months 13 &#8211; 24 $599,068.19 $49,922.35 Months 25 &#8211; 36 $617,040.23 $51,420.02 Months 37 &#8211; 48 $635,551.44 $52,962.62 Months 49 &#8211; 60 $654,617.98 $54,551.50 Months 61 &#8211; 72 $674,256.52 $56,188.04 Months 73 &#8211; 84 $694,484.22 $57,873.68 Months 85 &#8211; 96 $715,318.75 $59,609.90 Months 97 &#8211; 108 $736,778.31 $61,398.19 Months 109 &#8211; 120 $758,881.66 $63,240.14 5. Intentionally Omitted. 6. Tenant's Share (Section 4.1 and Exhibit C): Approximately 61.3% (based on 6,255 interior rentable square feet of the Premises divided by 10,203 rentable square feet of the Building). 7. Permitted Use (Article 5): Subject to the terms and conditions of this Lease, Tenant shall use the Premises solely for a full-service restaurant and an ancillary upscale retail/market grocery (the &quot;Permitted Use&quot;); provided, however, that notwithstanding anything to the contrary set forth hereinabove, and as more particularly set forth in the Lease, Tenant shall be responsible for operating and maintaining the Premises pursuant to, and in no event may Tenant's Permitted Use violate, (A) Landlord's Rules and Regulations (as such term is defined in Section 5.2 of this Lease), (B) all &quot;Applicable Laws,&quot; as that term is set forth in Article 24 of this Lease, (C) all applicable zoning, building codes and &quot;CC&amp;Rs,&quot; as that term is set forth in Section 5.2 of this Lease, if any, and (D) the character of the Building as a first-class retail project. 8. Trade Name (Article 5): Causita, Rapido, Bar Moruno </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> 4066691v5 Summary P-3 9. Letter of Credit (Article 21): One Hundred Forty-Six Thousand Forty-Four and 35/100 Dollars ($146,044.35) (the &#8220;LC Amount&#8221;) in accordance with Article 21 below. 10. Parking: (Article 28): Tenant to have exclusive right to four (4) designated parking spaces available at rear of the Building. 11. Address of Tenant (Section 29.12): Intent to Dine, LLC 940 E. 2nd St., #38 Los Angeles, CA 90012 12. Address of Landlord (Section 29.12): SRT LA RETAIL, LLC c/o Strategic Realty Trust, Inc. 400 Concar Drive San Mateo, CA 94402 Attention: Andrew Batinovich G. Lee Burns Email: andy.batinovich@glenborough.com chip.burns@glenborough.com with a copy to: Elkins Kalt Weintraub Reuben Gartside LLP 10345 W. Olympic Boulevard Los Angeles, California 90064 Attention: Scott M. Kalt, Esq. Email: skalt@elkinskalt.com 13. Broker (Section 29.16): Industry Partners (representing Tenant) and Urbanlime (representing Landlord) 14. Minimum Hours of Operation (Section 5.1.4): [TO BE DETERMINED IN TENANT&#8217;S REASONABLE GOOD FAITH DISCRETION DURING A PUBLIC HEALTH HARDSHIP PERIOD] 15. Radius (Section 3.2): N/A 16. Guarantor: (Section 28.32 and Exhibit G): 1334 Partners LP </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> 4066691v5 -1- ARTICLE 1 PREMISES 1.1 Premises. 1.1.1 The Premises. Landlord hereby leases to Tenant and Tenant hereby leases from L