SEC Contract Filing

Filing Date: 2024-04-24

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>5
<FILENAME>king_ex102.htm
<DESCRIPTION>LEASE AGREEMENT
<TEXT>
<html><head><title>king_ex102.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: justify; FONT: 10pt times new roman; MARGIN-LEFT: 7%; MARGIN-RIGHT: 7%"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>EXHIBIT 10.2</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong><u>LEASE AGREEMENT</u></strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;"><strong>THIS LEASE AGREEMENT</strong> (this &#8220;<strong>Lease</strong>&#8221;) dated as of April 19, 2024 (the &#8220;<strong>Effective Date</strong>&#8221;), is by and between <strong>6 LLC</strong>, a Florida limited liability company (&#8220;<strong>Landlord</strong>&#8221;), and <strong>Renovo Resource Solutions, Inc.,</strong> a Florida corporation (&#8220;<strong>Tenant</strong>&#8221;).</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">Landlord and Tenant agree as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>ARTICLE I</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>PREMISES</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:45px"><strong>1.1 Premises</strong>. Subject to the terms and provisions of this Lease, Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, the real property described on <strong><em>Exhibit A</em></strong> (the &#8220;<strong>Land</strong>&#8221;) and located at 3324 63rd Avenue East, Bradenton, Florida 34203, including, without limitation, the building currently located on the Land (the &#8220;<strong>Building</strong>&#8221;), and all other structures, and other improvements located on the Land (together with the Building, collectively, the &#8220;<strong>Improvements</strong>&#8221;). The Land and the Improvements are, collectively, the &#8220;<strong>Premises</strong>&#8221;.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>ARTICLE II</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>TERM</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:45px"><strong>2.1 Term</strong>. The initial term of this Lease (the &#8220;<strong>Initial Term</strong>&#8221;) shall be twenty-four (24) months, commencing on the Effective Date (also referred to as the &#8220;<strong>Commencement Date</strong>&#8221;). Tenant shall have the right, at its election, to extend the term of this Lease for an additional period of five (5) years commencing upon the expiration of the Initial Term (&#8220;<strong>Extension Term</strong>&#8221;), provided that Landlord shall receive written notice from Tenant of the exercise of its election at least one hundred twenty (120) days prior to the expiration of the Initial Term and provided further that Tenant shall not be in default at the time of Landlord's receipt of such notice in the performance or observance of any of the material terms of this Lease contained on the part of Tenant to be performed or observed. The Initial Term, any renewal by exercise of the Extension Term, and any other renewals of this Lease mutually agreed upon between Landlord and Tenant pursuant to a written amendment to this Lease are, collectively, the &#8220;<strong>Term</strong>.&#8221; </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>ARTICLE III</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>RENT</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:45px"><strong>3.1 Rent</strong>. During the Initial Term, Tenant shall pay Landlord, as Fixed Rent (the &#8220;<strong>Fixed Rent</strong>&#8221;), the annual sum of $480,000.00, in equal monthly installments of $40,000.00. If the Extension Term is exercised, the Fixed Rent during the Extension Term shall increase on each anniversary of the Commencement Date by three percent (3%), with the first increase beginning on the third anniversary of the Commencement Date. The Fixed Rent for each calendar month during the Term shall be due on or before the first day of such calendar month. The Fixed Rent and any other amounts owed by Tenant to Landlord under this Lease are, collectively, the &#8220;<strong>Rent</strong>.&#8221; Tenant shall pay make all Rent payments to Landlord at the address listed in <u>Section 18.8</u>, or to such other address as Landlord may from time to time designate by written notice to Tenant.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:45px"><strong>3.2 Taxes on Rent Included in Fixed Rent</strong>. Tenant&#8217;s Fixed Rent obligation is inclusive of all applicable sales taxes such th