SEC Contract Filing

Filing Date: 2021-01-04

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>7
<FILENAME>tm2039293d3_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
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<P STYLE="text-align: right; margin: 0"><B>Exhibit&nbsp;10.3</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LEASE AGREEMENT</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This <B>SHORT TERM
LEASE </B>(this <B>&ldquo;<U>Lease</U>&rdquo;</B>) is entered into as of the 31st day of December, 2020, by and between 6250 LBJ
Freeway, LP, a Texas limited partnership (<B>&ldquo;<U>Landlord</U>&rdquo;</B>) and TUESDAY MORNING,&nbsp;INC., a Texas corporation
(<B>&ldquo;<U>Tenant</U>&rdquo;</B>).</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><B><U>Lease Grant and Term</U></B>. Subject to the terms of this Lease, Landlord leases to Tenant,
and Tenant leases from Landlord, the real property as described in the legal description attached hereto as <U>Exhibit&nbsp;A</U>
(together with any improvements thereon) located at 6250 LBJ Freeway, Dallas, Texas (the <B>&ldquo;<U>Premises</U>&rdquo;</B> or
the <B>&ldquo;<U>Property</U>&rdquo;</B>). The term of this Lease (the <B>&ldquo;<U>Term</U>&rdquo;</B>) shall commence on the
date first set forth above (the <B>&ldquo;<U>Commencement Date</U>&rdquo;</B>) and shall continue until 5:00&nbsp;p.m.&nbsp;(Central
Standard Time) on the date that is one hundred twenty (120) months following the Commencement Date (<B>&ldquo;<U>Termination Date</U>&rdquo;</B>).</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><B><U>Permitted Use; Operation</U></B>. Tenant shall use the Premises for general office use, together
with any incidental purposes thereto, and for no other purpose. Tenant will ensure that Tenant&rsquo;s use of the Premises complies
with all laws, ordinances, rules&nbsp;and regulations of governmental authorities and all matters of record affecting the Premises,
now or hereafter in effect.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><B><U>Rent Payments</U></B>. During the Term, Tenant agrees to pay to Landlord a monthly sum equal
to $67,761.67 (the <B>&ldquo;<U>Fixed Rental</U>&rdquo;</B>). All Fixed Rental payments shall be due and payable, in advance, on
or before the first day of each succeeding calendar month during the Term. Fixed Rental for any fractional month during the Term
shall be prorated based on the current Fixed Rental for each day of the partial month this Lease is in effect. For the avoidance
of doubt, Tenant has no monetary obligations to Landlord under this Lease unless expressly provided otherwise in this Lease. Tenant
may (i)&nbsp;send Fixed Rental Payments to the following address: P.O.&nbsp;Box 471369, Fort Worth, Texas 76147, or (ii)&nbsp;elect
to wire Fixed Rental Payments (or pay via Automated Clearing House), in which case Landlord shall provide wiring instructions to
Tenant. Commencing on the first (1<SUP>st</SUP>) anniversary of the Commencement Date and continuing each anniversary date thereafter
during the Term, the Fixed Rental amount shall be increased by two percent (2.0%) over the prior year&rsquo;s Fixed Rental amount.
Notwithstanding anything to the contrary contained herein, this Lease is an absolute net lease. It is the intention of Landlord
and Tenant that the Fixed Rental and other sums and charges provided herein shall be absolutely net to Landlord and that such amounts
shall be paid without setoff, abatement, deduction, reduction, except as otherwise expressly permitted by this Lease.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><B><U>Late Fees</U>; <U>Interest</U></B>. In the event that a Fixed Rental payment is not received
by Landlord within five (5)&nbsp;days of the date it is due, Tenant may be assessed a late fee by Landlord of 2.5% of the amount
due; provided, however, no such late fee shall be owed unless such late payment continues for a period of five (5)&nbsp;days after
written notice to Tenant (but Tenant shall only be entitled to one such notice in any calendar year, and thereafter during such
calendar year any such payment not paid within five (5)&nbsp;days of its due date shall trigger such late payment without the requirement
of additional notice).</TD></TR></TABLE>

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