Birken Stock Riyadh - Contract

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STANDARD RETAIL TENANT LEASE AGREEMENT NO:

AI Khozama Management Company, as whose address is P.O. Box 4148, Riyadh 11491, Saudi Arabia Fax 966 1 4611677 (hereunder called "Landlord and Owner"), as the First Party, and

Retail & Distribution Company Ltd. C. R. Number 1010252353 Having its office at P.O. Box, 89939 Riyadh 11692 K.S.A Tel: 00966 1 4852020 Fax: 00966 1 4851920 (hereunder called "Tenant"), as the Second Party.

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THIS LEASE, ("Lease") made and entered into st this 01 day of September, in the Gregorian year 2009 is concluded between

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WITNESSETH: that in consideration of the acknowledgments, promises, mutual covenants made and conferred herein, the payment of the Rents hereinafter stipulated, and the performance of the other Obligations hereinafter undertaken, IT IS AGREED by and between the parties as follows:

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Section 1

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CERTAIN BASIC LEASE PROVISIONS

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1.1 PRINCIPAL TERMS

Leased Area: 98 Square meters, verification Operating Covenant: See Special Conditions of Lease

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Tenant: Retail & Distribution Co. ltd. Lease Term: 3 Lease Years Leased Premises: Upper Level- UL26A As shown on Floor Plan (Exhibit "AI»

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Tenant's Trade Name: Birken Stock Tenant's Permitted Uses of the Leased Premises: (compatible with Tenant's Trade Name in strict compliance with Operating Covenants): Footwear's Lease Commencement

Date:

011 SEP 1 2009

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Lease Documents in order of priority: • Standard Tenant Lease • Special Conditions of Lease • Exhibits and Addenda to Lease

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1.2.1

1.2.2

1.2.3

RENT AND SERVICE CHARGES GROUP SERVICES Base Rent: SR (176,400) per annum, payable in advance as provided in Section 3.1 based on an annual rate of SR (1,800) per square meter of leased premises

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Service Charge for Group Services: SR (35,280) per annum, payable advance as provided in Section 3.2.

Total Base & Service Charge Payable: SR (211,680) per annum

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Security Deposit: SR (17,640) (See section 7.12.)

1.2

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1.3

The Special Conditions this

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SPECIAL CONDITIONS OF LEASE Lease

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incorporated herein by reference as though fully set forth herein. The Special Conditions constitute an integral part of this Lease, and are fully binding and enforceable between the parties.

1.4

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EXHIBITS

The Exhibits listed in this Section (1.4) and attached to this Lease are incorporated herein by reference as though fully set forth herein. The Exhibits constitute an integral part of this Lease, and are fully binding and enforceable between the parties. Exhibit A: Floor Plan of Leased Premises Exhibit B: Retail Tenant Design Manual Exhibit C: Insurance Exhibit D. Estoppel Statement Exhibit E. Mall Rules & Regulations

1.5

Definitions

Certain terms used in this Lease are defined in the sections in which the same are mentioned. For convenience, certain other terms are defined in this section 1.5 as follows: 1.5.1

AI Faisaliah.

1.5.2

Common

The term "AI Faisaliah" refers to a premier mixed use urban development consisting of the AI Faisaliah Shopping Mall, the AI Faisaliah Office Tower, AI Faisaliah Hotel, Banquet Hall and Conference Center, AI Faisaliah Apartments, and related facilities located between the King Fahad Road and Olaya Street in the Olaya district of Riyadh, Saudi Arabia.

Areas.

The term "Common Areas" refers to the concourse, pedestrian ways, seating areas, display areas, water features, walkways, circulation areas, bridges, service roads and ramps, bays, goods handling areas, loading areas, parking areas, public lavatories and washrooms, outdoor landscaped areas, prayer rooms, and such other areas, ways and amenities in the Mall as may be provided from time to time by First

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Party for the common use and enjoyment of Second Party. 1.5.3

Floor Area I Leasable Area: The term "Floor Area" or "Leasable Area" refers to the actual number of square meters of floor space which is exclusively appropriated for use by Second Party and the Other Tenants, whether or not leased or actually occupied. Measurements for the purposes of this Lease shall be made from the interior surface of demising walls except common tenant walls, in which case the measurement shall be made from the centerline of such common tenant wall. No deductions hereunder shall be made for columns, indented storefronts, mechanical areas, toilets, or for any other space devoted to a tenant's exclusive use, occupancy or control.

1.5.4

Hand Over Date. The term "Hand Over Date" means the agreed date that the Leased Premises are substantially complete and available for the commencement of Tenant's Shop Fit Out work and the premises are made available to Second Party.

1.5.5

Lease Year. The term "Lease Year" means a period during the Lease Term of twelve (12) consecutive calendar months from the Opening Date, or the anniversary of the Opening Date, according to the Gregorian calendar.

1.5.6

Leased Area. The term "Leased Area" refers to Floor Area, as measured pursuant to the provisions of Section 1.5.3, of stores and other units in the Mall which are actually leased to Tenant and the Other Mall Tenants on the date any computation involving "Leased Area" and is made by First Party pursuant to this Lease.

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Mall. The term "Mall" refers to the four level enclosed AI Faisaliah Shopping Mall, located at AI Faisaliah including a subterranean car parking area for Second Party's customers. It consists of approximately 35,000 square/meters of Leasable Area, together with additions thereto as First Party may designate from time to time.

1.5.8

Lease Commencement Date. The term "Lease Commencement Date" or "Opening Date" means the date on which Second Party shall be open and has agreed to be open for business and shall jointly effect with the First Party the opening of the store. The Lease Commencement Date establishes the beginning of the Lease

1.5.9

Operating Covenants. The term "Operating Covenants" or "Covenants" refers to the Affirmative Covenants and Negative Covenants set forth in the Special Conditions which are applicable by Second Party and the Other Mall Tenants.

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.5.11 Permittees. The term "Permittees" refers to the respective officers, directors, employees, agents, contractors, customers, visitors, and invitees of First Party, Second Party, and the Other Mall Tenants.

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1.5.10 Other Mall Tenants. The term "Other Mall Tenants" refers to any Person from time to time entitled to the use and occupancy of any Leasable Area under any lease, deed or other instrument or arrangement with First Party whereunder such Person has acquired rights with respect to the use and occupancy of the same .

.5.12 Person.

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refers to individuals, partnerships, firms, companies, corporations, and any other form of business or government entity, and the use of the singular shall include the plural. 1.5.13 Premises or Leased Premises. The term "Premises" or "Leased Premises" refers to Leased Premises designated in section 1.1, a plan of which forms Exhibit A and which is demised for the sole use of Second Party. 1.5.14 Rent. The term "Rent" shall when the context so requires refer collectively to Base Rent and any other charge or payment due from Second Party to First Party under the provision of this Lease for services or facilities provided by First Party.

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1.5.15 Required Opening Hours. The term "Required Opening Hours" refers to the hours during which the Leased Premises shall be open for business, as set forth in the Mall Rules and Regulations. 1.5.16 Service Charges. The term "Service Charges" refers collectively to the Service Charge for Group Services, the Additional Group Services Charge, the Supplementary Service Charge and the Late Payment Service Charge. 1.5.17 Shop Fit Out. The term "Shop Fit Out" refers to the process of (i) creating from and within the shell construction of the Leased Area a complete world class retail unit by designing, managing and implementing all necessary works, including the installation therein and maintenance of fire protection systems, air conditioning and heating equipment, lighting, plumbing and other fixtures, store fronts, interior partitions, floor covering, decoration and

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furniture, and (ii) executing the necessary documentation, in order for the Leased Premises to be open to the public on the Lease Commencement Date and remain open during all Required Opening Hours during the Lease Term, all in accordance with the Retail Tenant Design Manual and plans and schedules which shall have been approved in writing by First Party.

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21

LEASED PREMISES, TENANTS JOINT UNDERTAKING, SHOP FIT OUT, CERTIFICATE OF READINESS AND OPERATING COVENANTS

GRANT PREMISES

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Party does hereby grant, demise and lease Second Party for Tenant's Permitted Uses ci· e Leased Premises set forth in section 1.1 .•.. strict compliance with all terms, provisions a oonditions of the lease, and Second Party -s hereby hire from First Party, subject to and the benefit of the terms, provisions and itions of this Lease, the Leased Premises, vided that: ]~O

2. • .

.First Party specifically excepts and reserves to itself the use of the roof and the exterior portions of the Leased Premises ( other than the storefront of the Leased Premises );

.•. First Party reserves the right to enter the Leased Premises at all reasonable times to install, maintain, use, repair and replace pipes, ducts, conduits and wires leading through the Leased Premises, either above the ceiling or below the floor of the Leased Premises, or in stock rooms and in locations which do not materially interfere with Second Party's use or decor of the Leased Premises;

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First Party reserves the right to do, or permit to be done from time to time, any or all of the following: change the

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number of floors; change the identity and type of stores and tenancies; convert Common Area into Leasable Area (including installation of kiosks); convert Leasable Area into Common Area; enclose any portion; and expand the size of the Mall (by the addition of either Common Area or Leasable Area, or both) by means of a connection to another structure provided, however, that no such changes shall materially alter the size of the Leased Premises or materially interfere with the visibility of the Leased Premises, or deny reasonable access to and exit from the Leased Premises; and 2.1.4

2.2

Nothing herein contained shall prohibit First Party from leasing any part of the Mall to any person engaged in a trade or business similar to Second Party's Permitted Uses of the Leased Premises. TERM AND LEASE YEARS

This Lease shall become effective as of the Lease Commencement Date and shall continue thereafter during the Lease Term specified in Section 1. 1, which Lease Term shall be computed from the Opening Date and ending at midnight on the expiration of the last Lease Year of the Lease Term, unless sooner terminated as provided in this Lease.

2.3

TENANTS

2.3.1

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JOINT UNDERTAKING

Second Party acknowledges and agrees that because of the integrated nature of Mall, as distinguished from a free-standing retail store, Second Party has a common interest with First Party and the Other Mall Tenants in and will benefit from, the successful opening and operation of the Mall as a whole, and that the success of the Mall requires, in addition to the cooperative sales promotions, center-wide advertising and other cooperative activities promoting the Mall as provided in the Special Conditions, the concurrent compliance and performance by

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Second Party and the Other Mall Tenants of: (a)

the Special Conditions ( identical provisions of which form part of all leases with the Other Mall Tenants ), in particular the Operating Covenants to open to the public on the Opening Date and to remain open and actively conduct business during all designated and Required Opening Hours throughout the Lease Term,

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(b)

the Mall Rules and Regulations, which from part of all leases with Other Mall Tenants,

(c)

the Retail Tenant Design Manual, which forms part of all leases with the Other Mall Tenants, and

(d)

the other obligations of Second Party and the other Mall Tenants which affect the operation and success of the Mall as a whole. ( collectively the "Tenants Joint Undertaking" )

2.3.2

Second Party further acknowledges and agrees that the performance by Second Party and Other Mall Tenants of the Tenants Joint Undertaking will ensure to the benefit of the Second Party that the image and success of the Mall, Second Party and Other Mall Tenants will be damaged by the failure of any tenant to comply with and perform the Tenants Joint Undertaking and that such failure will have a negative impact upon the business operations of Second Party and Other Mall Tenants and of the Mall, result in decreased customer traffic and in all probability decrease sales volume for Second Party.

2.3.3

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Accordingly, in consideration of the First Party procuring for the benefit of Second Party the execution by the Other Mall Tenants of leases which include an identical "Tenants Joint Undertaking", Second Party agrees to perform the Tenants Joint Undertaking, and to support and

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assist First Party in procuring the timely performance thereof by the Other Mall Tenants, in accordance with any action plan which may from time to time be adopted jointly by First Party, and tenants the aggregate of whose Leased Area exceeds two thirds of the Leased Area of the Mall which shall thereupon be deemed an annex to and an integral part of the Mall Rules and Regulations (the "Group Action Plan"). Second Party further agrees to execute such further documents and to take such further action as First Party may reasonably request in writing, and to join in such legal proceedings as Landlord and Owner shall deem reasonably necessary, to procure the performance by any of the Other Mall Tenants of the Group Action Plan, and to promptly pay Tenant's pro rata share (based on the ratio of the Leased Premises to the Leased Area) of any additional costs and expenses which are reasonably incurred by First Party to cover the cost of any action taken or to be taken by First Party pursuant to said Group Action Plan. 2.3.4

First Party and Second Party agree that the foregoing has been negotiated and established by the First Party and Second Party as representing a reasonable additional remedy for their mutual benefit

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SHOP FIT OUT AND CERTIFICATE OF READINESS In order that the Leased Premises shall be open 'or business on the Lease Commencement Date, Second Party shall: 2.4

2.4.1

Diligently prosecute the shopfit out work to completion in accordance with section SC 1 of the Special Conditions, the Retail Tenant Design Manual and the Mall Rules and Regulations; and

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At least five (5) days before the Lease Commencement Date,

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provide the Certificate of Readiness in accordance with section SC 2 of the Special Conditions.

2.5

COMPLIANCE COVENANTS

2.5.1

WITH

OPERATING

First Party and Second Party acknowledge and agree that ;

(a) Whereas Second Party and the other Mall Tenants will be subject to the same Operating Covenants and in particular the Covenants to be open on the Opening Date, and to remain open and actively conduct business in accordance with Second Party and Other Mall Tenants Permitted Uses during all Required Opening Hours throughout their lease term, and (b)

(c)

Whereas the performance by the Second Party of said Covenants throughout the lease term is for the benefit of First Party and Second Party, and further, Whereas First Party will, in the event of any failure by Second Party to perform the Operating Covenants, incur certain costs and expenses in addition to those contemplated elsewhere in this Lease, including those for the administration and management of the Mall on account of any such failure,

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Second Party shall, in consideration of First Party procuring the execution by other Mall Tenants of Leases which include identical provisions to those set forth in this section 2.5 and sections SC5.1 and 5.2 of the Special Conditions, be bound by and perform the Operating Covenants, and further that in the event that Second Party shall breach or fail to comply with the following listed Covenants, and shall not remedy such failure within five (5) working days after written notice by First Party of Second Party's non-compliance, Second Party shall pay First Party a service charge (the "Supplementary Service Charge") equal

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2.5

COMPLIANCE COVENANTS

2.S.1

WITH

OPERATING

First Party and Second acknowledge and agree that;

Party

(a) Whereas Second Party and the other Mall Tenants will be subject to the same Operating Covenants and in particular the Covenants to be open on the Opening Date, and to remain open and actively conduct business in accordance with Second Party and Other Mall Tenants Permitted Uses during all Required Opening Hours throughout their lease term, and (b)

(c)

Whereas the performance by the Second Party of said Covenants throughout the lease term is for the benefit of First Party and Second Party, and further, Whereas First Party will, in the event of any failure by Second Party to perform the Operating Covenants, incur certain costs and expenses in addition to those contemplated elsewhere in this Lease, including those for the administration and management of the Mall on account of any such failure,

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Second Party shall, in consideration of First Party procuring the execution by other Mall Tenants of Leases which include identical provisions to those set forth in this section 2.S and sections SCS.1 and 5.2 of the Special Conditions, be bound by and perform the Operating Covenants, and further that in the event that Second Party shall breach or fail to comply with the following listed Covenants, and shall not remedy such failure within five (5) working days after written notice by First Party of Second Party's non-compliance, Second Party shall pay First Party a service charge (the "Supplementary Service Charge") equal

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(i) One and one half the daily rate of the Base Rent for each day or partial day which Second Party shall have failed to comply with the Operating Covenants set forth in sections SC 5.1.2,5.1.5,5.1.6,5.1.7,5.1.9,5.2.1, 5.2.2 and 5.2.5 of the Special Conditions; and

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(ii) Two times the daily rate of the Base Rent for each day or partial day which Second Party shall have failed to comply with the Operating Covenants set forth in sections SC 5.1.3, 5.1.4, 5.1.8, 5.2.3, 5.2.6 and 5.2.7 of the Special Conditions; and

(iii) Three times the daily rate of the Base Rent for each day or partial day which Second Party shall have failed to comply with the Operating Covenants set forth in sections SC 5.1.1, 5.1.13, 5.2.4 and 5.2.8 of the Special Conditions. 2.5.2

The Supplementary Service Charge payable pursuant to this section 2.5 shall be due and payable three business days after First Party provides Second Party written notice of the Supplementary Service Charge due, and shall be cumulative.

2.5.3

First Party and Second Party agree that because the exact amount of the costs and expenses that will be incurred by the First Party in the event of Second Party's failure to perform the indicated Covenants are extremely difficult to fix, the Supplementary Service Charge has been negotiated and established by the First Party and Second Party as representing a reasonable additional remedy and compensation to the First Party for the loss suffered by the First Party as a consequence of the Second Party's failure to perform said Covenants.

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(i) One and one half the daily rate of the Base Rent for each day or partial day which Second Party shall have failed to comply with the Operating Covenants set forth in sections SC 5.1.2,5.1.5,5.1.6, 5.1.7, 5.1.9, 5.2.1, 5.2.2 and 5.2.5 of the Special Conditions; and

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_"_O)(i_'1'_O) (A_'_O)(£_\_o) (ii) Two times the daily rate of the Base Rent for each day or partial day which Second Party shall have failed to comply with the Operating Covenants set forth in sections SC 5.1.3, 5.1.4, 5.1.8, 5.2.3, 5.2.6 and 5.2.7 of the Special Conditions; and

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(iii) Three times the daily rate of the Base Rent for each day or partial day which Second Party shall have failed to comply with the Operating Covenants set forth in sections SC 5.1.1, 5.1.13, 5.2.4 and 5.2.8 of the Special Conditions. 2.5.2

2.5.3

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The Supplementary Service Charge payable pursuant to this section 2.5 shall be due and payable three business days after First Party provides Second Party written notice of the Supplementary Service Charge due, and shall be cumulative.

First Party and Second Party agree that because the exact amount of the costs and expenses that will be incurred by the First Party in the event of Second Party's failure to perform the indicated Covenants are extremely difficult to fix, the Supplementary Service Charge has been negotiated and established by the First Party and Second Party as representing a reasonable additional remedy and compensation to the First Party for the loss suffered by the First Party as a consequence of the Second Party's failure to perform said Covenants.

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Section 3.

RENT. SERVICE CHARGES AND TIME OF PAYMENT

Second Party agrees to pay Rent to First Party without notice or demand and without set-off or deduction, at there Address set forth in section 1.1 above, or such other place First Party may by notice to Second Party in writing from time to time direct, in the following amounts and times:

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3.1 BASE RENT 3.1.1

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The Base Rent (as specified in section 1.2.1) shall be payable annually in advance not later than the first day of each Lease Year shall commence to accrue as of the Opening Date

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3.1.2 The Base Rent for the first year shall be paid on the signing of this lease and occupancy by the Second Party shall not commence prior to exchange of agreement and the first year Base Rent and Service Charge is paid.

3.2 SERVICE SERVICES 3.2.1

3.2.2

CHARGE

FOR

GROUP

The Service Charge for Group Services (as specified in section 1.2 and sections SC3.1 and 3.2 of the Special Conditions) shall be payable annually in advance not later than the first day of each Lease Year.

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First Party and Second Party acknowledge and agree that the Service Charge for Group Services covers the provision by First Party, after the Opening Date, of the Group Services described in section SC 3 of the Special Conditions, and does not include the provision of any services or facilities by First Party during the period from the Shop Fit Out to the Opening Date or otherwise related to Second Party's access to or use of the Common Areas in connection with Second Party's Shop Fit Out (the "Tenant Fit Out Period") Accordingly,

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First Party shall have the right to charge Second Party, at First Party's audited cost, for additional services and facilities provided by First Party during the Second Party Fit Out Period for refuse disposal from a central location in the Common Areas and other necessary services and facilities related to Second Party's Shop Fit Out, and for the scheduling, control and coordination of Shop Fit Out among Second Party, the Other Mall Tenants and Construction Contractors in order to minimize disruption thereto. 3.3

SERVICE CHARGE FOR LATE PAYMENT OF RENT

In addition to all other payments due First Party from Second Party hereunder, whenever Rent, Service Charges or other charge or payment due from Second Party to First Party under the' provisions of this Lease for services or facilities provided by First Party is not paid when due and remains unpaid for ten (10) days after First Party shall have provided to Second Party written notice of such delinquency, Second Party shall pay an amount equal to one and the half times the daily Rent for each day of delay until paid (the "Late Payment Service Charge"). ~ ~I ~L.o~ ul'i:!! t -,. DISCONTINUANCE OF GROUP SERVICES f'.J-'o".J .JI.J~J ',?I t-9..l ~ Uk.. ~ In the event that any Rent, Service Charges or .JIf'.J-'o".J ',?I.JI~ ~~ J..,'l'lu..rhil-..lL.:il1 u~1 ()...o ~ <,Sy..1 GW..l any other charge or payment due from Second Party to First Party under the provisions of this u,;.bll ()...o LA~ ji ~ 0!IY.JI GL..li.. u.c ..l.kll liA f'\S:..1 li.......J~.) M ')J ~ ~ L.~J J}JI Lease for services or facilities provided by First (,.).~ ·'-11J YI u·LIt ~I.. ·1 ~ .f'-wi Party not paid when due and remains unpaid •~ 'lill £ .-W:..:... r.r'WIu ~.J ...!""'C""'u A.!L..:.:.';I4. J..,YIu..rhil j.?-:l4J},9 ten (10) days after First Party notifies Second ~\.:i.JI <,S.ft\ll ~I~I')J Party in writing about such delinquency, First ~.J o.)WI ~ 4 ~4 GL..l..:.. ',?I<...i:9.J:!,J~ 01.4.] Party may, in addition to other remedies ~I.JA,J GL..l..:.. o..l~l ~ f'j.1..J~WI .1..J.?l1 ('I' - i) available to First Party, cut off and discontinue .~ . \:ill ~ - I WU:. ~.... - ~11 any of the Group Services described in section 3.2 of the Special Conditions, and the Fit out Services and Facilities, and such Services need not be restored while the delinquency continues.

3.4

()4

3.5

REASONABLE REMEDIES AND COMPENSATION TO LANDLORD AND OWNER

First Party and Second Party agree that because Second Party's failure to timely pay Rent will cause First Party to incur losses, and

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costs and expenses in addition to those contemplated elsewhere in this Lease including, without limitation, fees and the cost of administrative services and to make up for the capital required to replace payments not received, and because the detriment to First Party and the exact amounts of such costs and expenses are extremely difficult or impractical to fix, the Late Payment Service Charge and the discontinuance of Group Services and the Fit Out Services and Facilities have been negotiated and established by First Party and Second Party as representing a reasonable estimate of First Party's additional costs and expenses, and is a reasonable additional remedy and compensation to First Party for the loss suffered by First Party as a consequence of Second Party's failure to perform said obligations. It is agreed, however, that the acceptance of a Late Payment Service Charge by First Party, shall not prevent First Party from exercising all of the other rights and remedies available to First Party under this Lease.

3.6

PAYMENT OF RENT AND SERVICE CHARGES DURING PENDENCY OF A DISPUTE

Second Party shall timely make payment of Rent, Service Charges, and all other charges and payments due from Second Party to First Party under the provisions of this Lease notwithstanding the existence of a dispute between the parties or the commencement and pendency of arbitration or a court proceeding to enforce an Award.

Section 4: COMMON AREAS AND THEIR USE

4.1

COMMON AREAS First Party shall make available or cause to be made available to Second Party from time to time such Common Areas as First Party shall deem appropriate. Landlord and Owner shall in its sale discretion determine and may from time to time close portions, change the size, location, nature and use of any of the Common Areas, including converting Common Areas into Leasable Area, and increasing or decreasing the Common Areas, but not so as to preclude access to the Leased Premises.

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4.2 USE OF COMMON AREAS ~~I Jl1\.W1~I~I Second Party and its Permittees shall have the ~.;b 0-0 ~ c:..;--JlJ ~u:JIu..;J:.ll0~ nonexclusive right (in common with the Other (,?y,.i.:i......... t-'" ~Iji.....\i'j,-! )~~» U.,h Mall Tenants, their Permittees and all others to Lr-.o ~ c:~IJ 0:!?YI (,?J-.;..:i1\ j..5yJI whom First Party has granted or may hereafter ..cll~J~.;b grant such rights) to use the Common Areas in w..rb\II"U ~\ c.j4t.=....:;.~1~ ( J~\ o~ Ji.. ~ I".JA= ..li JI ~ JJYI connection with Second Party's Permitted Uses ~ L4~~I~LlJI 1"1~'j of the Leased Premises, subject to:

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4.2.4

First Party's reserved right to control the use and operation of the parking areas by instituting a parking system or validation and/or user charges; The prohibition against any use of the Common Areas parking spaces by Second Party's staff and employees, and the payment to First Party of the sum of Three Hundred Saudi Riyals (SR 300) for any violation hereof for each day or part thereof, payable immediately on written demand by First Party; and

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The non-interference by Second Party with the rights of First Party and the Other Mall Tenants and their Permittees to use any part of the Common Areas.

Section 5

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LANDLORD AND OWNER'S ADDITIONALCOVENANTSj SUBSTITUTION OF LANDLORD AND OWNER

5.1 REPAIRS BY LANDLORD AND OWNER 5.1.1

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4.2.1 Second Party's compliance with the Mall Rules and Regulations; 4.2.2

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First Party covenants to keep the foundations and the structural soundness of the floors, roof and exterior walls (excluding the interior surface of exterior walls) of the Mall in

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Second Party's compliance with the Mall Rules and Regulations;

4.2.2

First Party's reserved right to control the use and operation of the parking areas by instituting a parking system or validation and/or user charges;

4.2.3

The prohibition against any use of the Common Areas parking spaces by Second Party's staff and employees, and the payment to First Party of the sum of Three Hundred Saudi Riyals (SR 300) for any violation hereof for each day or part thereof, payable immediately on written demand by First Party; and

4.2.4

The non-interference by Second Party with the rights of First Party and the Other Mall Tenants and their Permittees to use any part of the Common Areas.

Section 5

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LANDLORD AND OWNER'S ADDITIONALCOVENANTS; SUBSTITUTION OF LANDLORD AND OWNER

First Party covenants to keep the foundations and the structural soundness of the floors, roof and exterior walls (excluding the interior surface of exterior walls) of the Mall in

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good order, repair a' . 'on, except as affected by Seco Party 's work, occupancy or the egrge ce of Second Party, its agen s, e ployees or contractors. First Party shall not be obligated to make other repairs, replacements or improvements of any kind upon the Leased Premises, or upon any Shop Fit Out, equipment, facilities or fixtures contained therein. Such repairs, replacements or improvements shall be the sole responsibility of Tenant as provided in the Special Conditions. The provisions of this Section shall not apply in the case of damage or destruction by fire or other casualty or by Eminent Domain, in which event the Obligations of First Party shall be controlled by section 6.

5.1.2

'iJ .4..,\£.0..,\¥J.:.,.,.. JI <\.i)tSJ..,i w~1 ..,iJI~'i1 ..,\ r~?U (.S?i JL.ci c;4 wl~ c;"U fi't:w......JI.JLWI ~ t.J-i c;1 ().-.o \,::.L.,ySyll..,iwl~l) wl~1 ......-\c.) J,....,...J'-! w'il~'il Ji wt.:..~'il oiA. ~ ui ~ ,O..l.».,.JI \..J i...i9.., ~t.:illwyJI ~~ 0.0 w~1 ) ~ ~I I~ 1"1.5.=..\ ~ 'i.., .4.....::.WI ..6..,~1 ~ ..l.JJ ...::.wI ~ C; ~ ~ .• J i 0l...r"'" "1·- II~ . ...>:l-".., .lill \ --al:illA..lt.:.. J}il •...• ..;blII"A

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Second Party shall permit First Party, its agents, employees, licensees and contractors to enter the Leased Premises when reasonably necessary in connection with new construction, excavation, repairs, or other building operations on or in any area adjoining the Leased Premises, including shoring the foundations and/or walls thereof, and erecting scaffolding and/or protective barricades around and about the Leased Premises (but not so as to preclude entry thereto) and to do any act or thing necessary for the safety or preservation of the Mall and the Leased Premises (the "Repairs"). Second Party's obligations under this Lease shall not be affected by any such Repairs. First Party shall not be liable in any such case for any inconvenience, disturbance, loss of business, customers profit or any other annoyance arising from any Repairs, but First Party shall use its best efforts so that such work will cause as little inconvenience, annoyance and disturbance to Second Party as possible, consistent with accepted construction practice in the vicinity, and so that such Repairs shall be expeditiously completed.

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QUIET ENJOYMENT

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5.2.2

First Party covenants and agrees that Second Party, subject to Second Party's compliance with the terms and provisions of this Lease, the payment of Rent, Service Charge for Group Service, Supplementary Service Charge and Late Charges, and observing, keeping and performing all of Covenants, shall lawfully, peaceably and quietly have, hold, occupy and enjoy the Leased Premises and any appurtenant rights granted to Second Party under this Lease during the Lease Term without hindrance or ejection by any persons lawfully claiming under First Party.

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That all terms and conditions of the

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Notwithstanding the foregoing, after First Party shall have given notice to Second Party under section 7.1, or in the event that First Party and Second Party shall not have executed, six months prior to the expiration of the Lease Term, an extension of the Lease Term or renewal of this Lease, First Party shall have the right to enter the Leased Premises for the purposes of reletting the Leased Premises, including showing the Leased Premises to prospective tenants, and Second Party shall not hinder such entry to and showing of the Leased Premises.

To accept the Transferee as the new Landlord and Owner under this Lease, and the Lease shall automatically become a direct Lease between Transferee, as Landlord and Owner, and Tenant as if such Transferee were the First Party originally named hereunder;

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5.3 SUBSTITUTION OF LANDLORD AND OWNER In the event that First Party transfers ownership of the property to an affiliated or non-affiliated ird party, by sale or by reason of any ortgage, or otherwise (a "Transferee"), Second Party hereby agrees: 5.3.1

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Lease shall remain in effect for the remaining Term of the Lease; and 5.3.3

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To execute and deliver upon the request of First Party or Transferee any instrument which may be necessary or appropriate to evidence the foregoing, failing which First Party may execute and deliver such instrument and it shall be conclusive upon Second Party.

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In case all or a part of the Leased Premises are damaged by a loss or casualty, the lost or damaged portion of the Premises shall be promptly repaired by First Party or the Second Party, except under certain circumstances all as more fully provided in the Special Conditions.

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Section 6 LOSS OR DAMAGE BY CASUALTY

Section 7 DEFAULT BY TENANT: LANDLORD AND OWNER'S RIGHTS AND REMEDIES

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LANDLORD AND OWNER'S OPTIONS In the event that Second Party shall fail to perform or be in breach of any of Second Party's obligations under this Lease and shall fail to remedy such default within fifteen (15) days after written notice thereof from First Party to Second Party, then, in any such event (and in addition to all other rights and remedies it may have under this Lease or by law provided), First Party at its option may:

(a) deem this Lease automatically terminated, whereupon First Party shall give written notice thereof to Second Party and Tenant shall thereupon have no further claim under this Lease in respect of any Rent, Services Charges or any amounts paid by Second Party to First Party or

.-. fr.e Tenant Lease

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190f36

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_ .••-~cise the option to buy back the

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-.eased Premises in accordance with seeson 7.4 ;or

.2

RECOVERYOF LEASED PREMISES, LORD AND OWNER'S DAMAGES ON TEiRM1NA TION

e - • First Party exercises the option to -' =.:e h' lease for Second Party's breach ~ .. ctuding non-payment of the ;,;:..cfileimaryService Charge under section Party may recover possession of the emises and remove all persons and . erefrom, and First Party shall be "0 recover as damages all of the :;'5

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e unpaid Base Rent, Service 2fge, and other charges and ::; ounts due from Second Party ereunder for the balance of the ,X9Se Term, subject to the provisions - section 7.3; and other amount necessary to 00 pensate First Party for all the detriment proximately caused by Second; Party's failure to perform its Igations under this Lease, or which e ordinary course of things would De likely to result therefrom, and Second Party shall not be entitled to a form of compensation, indemnity, set-off or other similar payment from j::'!rs Party for loss of business rtunity, customers or goodwill in nection with any such termination. e extent permitted by applicable 'I. the application of any statute, :-eg lation or other rule of law which allow for any such GO pensation, indemnity, set-off or aIDer payment is hereby excluded

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200f36

this Lease. BY LANDLORD AND

~::: 'arty may relet the Leased :::""g-:ses immediately after expiration nee under section 7.1 and at -i'-e rfor to the time of Award for 0" is Lease by Second Party. - s.r case, First Party shall be .;-- ec : recover from Second Party s -;;::-roe sums which First Party is ~:.::l9COVer from Second Party ~~"liAn 7.2, less the value of . c arges collected from with respect to the _irE.:;S: ~-c ises for the balance of also relet the Leased 'me after exercise of :-g :.~.~::aK 0 tionunder section 7.4. B.r case. First Party shall be ~---:::o ecover from Second Party "' e s ms which First Party is e-.;!. - u '0 recover from Second Party _'":e- section 7.2, less the amount ca,r, ed in accordance with section '-",4.~_ e-

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BACK OPTION

~-~ ...: . Second Party fail to: ~c / commence and progress the and installation of Second Fit Out in accordance with 1 SC1 of the Special Conditions;

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provide the Certificate of -=ead" ess required under section SC2 ~ ""e Special Conditions, and timely ~ any of the Operating , ,Ie ants, in particular the ants to open the Leased = - es to the public on the Opening ':=::e. and remain open and actively ct business in accordance with Party's Permitted Uses of the _;as:ed Premises during all Required "' Hours throughout the Lease

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Rent,

Services

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210f36

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Charges; or

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timely perform any of the Operating Covenants or timely pay the Supplementary Service Charge on account of any failure to perform the Covenants,or should Second Party ~ttempt. to .assign or transfer any Interest In this Lease or s~bleas~ any part of the Leased Premises without the prior written consent of First Party, and remedied such failure or breach within the fifteen (15) days specified in section 7.1, First Party shall have the option, at its sole discretion, to buy back the remainder of the Second Party's Lease for an amount equal to the d,epreciated. value of ~he Second Party s Shop FI~ Out, which a~ount shall be determined on the basis of Second Party's audited cost of the Shop Fit Out multiplied by a number the numerator of which is the unexpired Lease Term and the denominator of which is the Lease Term. Such computation shall exclude anyon-going business or similar value, loss of business opportunity, customers or profit related to the Leased Premises or otherwise, but shall include a set off in favor of First Party for any unpaid Rent, Additional Rent and other amounts payable by Second Party hereunder up to the time that such buy-back shall have been concluded.

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In order to exercise this option, First Party shall be required to give the Second Party an additional thirty (30) day written notice, after the expiration of the notice period set forth in section 7.1, of its intention to buyout the Lease, which shall constitute a cure period during which time Second Party can cancel the First Party's option by performing said obligations or curing said breach, failing which First Party may recover possession of the Leased Premises and remove all persons and property therefrom.

7.4.3 First Party and Second Party negotiated and established the foregoing buy back as representing a

~ - In Line Tenant Lease

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220f36

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fair arrangement and as reasonable mpensation to First Party and ~nd Party, in the event of Second 'Darty's non-performance of the ~ 'wations listed in section 7.4.1, and -::;e further agreed that upon the A! ent by First Party to Second ?':J''7 of the amount calculated in with section 7.4.1, Ss:oc d Party shall thereupon have -:: 'rf er claim whatsoever under ::'-'5 ~ease or otherwise. ~ ::

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ORD AND OWNER'S ",,""",,~jJIES WHEN LEASE NOT ~~tifAn:D

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se eet to not terminate this

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or to relet the Leased 7.3, or to buy-back the -::e- sect n 7.4, Tenant's right to f'49l\ J}'11u.;b]l J.:....:! ,~WI o~ ~J.'i I"l..?-WI ).WI "'"S_B€;S - s. all e maintained, in which event -'-"".) . J.J )II u ...}-""'I"-\ 'ij .~IA..liJ\ I~ t~y...1 JI ~~l o.)y:;.:..1 1Jc .y! yyy e+e zecome due under this Lease. First Party ;; -:;: be deemed to have terminated this ~ J}'11 u.;-hll o~ ~~ ~\..r:--J (ji ~ j~ sase Second Party's liability hereunder by ji.lla.l\ IlA ~4JJ,.lkl\ liA u--~..»(ji jW,/ ~\jJl u..;bll s act of First Party, including without .y! ~ (ji <:;:I.).:!) r:Y rl L... ~~ ~L:ill u..;-bll ~~ --~. . any repossession or re-entry, unless -V) o..lWIf'lbi ~ ~WI o~ ~J ,JWll~ ~~~ ~ ~ Pa - expressly notifies Second Party in .(r a it elects to terminate or buy back - ~-e. Nor shall any legal action taken by ~. ~ against Second Party to enforce any l . :.:.' is Lease by and of itself terminate this .a<sc Second Party's liability hereunder ess ~tdgment is entered therein terminating _Base. whereupon the provisions of section _ ,;:-a apply.

--= _

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~""'ttrl,n

MITIGATION OF DAMAGES

First Party to mitigate the damages Second Party's breach of this Lease valve First Party's right to recover or to pursue its other remedies - ""'1.1-. Nothing herein shall affect the right arty to indemnification for liability :--; ?' r to the termination of this Lease for s:"""s • j ries or property damage caused by ..•... Party, as otherwise provided in this

230f36

Lease and the Special Conditions. LANDLORD AND OWNER'S RIGHT TO CURE DEFAULTS Ji ~.;i 4..::J~ L.).. ufo 'i.usl, J}JI u.;bll ~ First Party shall have the right, but shall not be UL:JI o.lA~J .~WI w.):J1 tillJ yL.....:.. ~.u... ~..?-- 'ii obligated, to cure any default or any portion J.fil u.rb-ll ~..l ~I ~L.S:ilIJ c.:.A!J~1 utS u~ thereof for the account and at the expense of ~ .. <~ .. .:~II 1.lAJl.. Wk....l ~. L..ui\A~ u..,......~ .. ~ ~ . J Second Party, in which event all costs and expenses paid or incurred by First Party in LaS.~Ull w..r1JI ~ ()..4 J.iJI u.;lJl i.J.;-!t9..u141JJ connection with the curing of such default shall ,~I ~~ l.J.o 'ii..l"-! uJ tji ~ ,JJYI u.;bll ~ be immediately due and payable by Second u~L......iWll~ ~~~ C~.):!-I..l.J Ji ~tji 4.....)...•.• Party to First Party. First Party shall have the .~II~~Liu..l.9 right at any time subsequent to any such curing, to exercise any right or remedy herein granted to First Party which may have arisen by reason of the default. ~ ~\.:i.....-ll.:a\..S.l:i...w ~U:J ~\.:i.....-lI.JUa.l1~ .A.V 7.8. LEASEHOLD IMPROVEMENT AND . ~l.l......aJI.:aWi- ~ uyAillJ ~~I .J1la.l1 TENANT'S PROPERTY TO REMAIN IN LEASED PREMISES; DISPOSITION OF TENANT'S PROPERTEY In the event of termination and repossession or re-entry under sections 7.1 and 7.2 all Second Party Shop Fit Out and all merchandise on • and in the Leased Premises on the date of s ch termination and entry or repossession shall remain in the Leased Premises and shall become and remain the property of First Party, and Landlord and Owner may use, sell or herwise dispose of all such property in such anner as First Party deems advisable, or may direct Second Party to promptly remove any part or all thereof. 7.7

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7.9 BANKRUPTCY AND INSOLVENCY This Lease is upon the condition that if the ease hold hereby created shall be taken on execution or by other process of law; or if a receiver, liquidator, or similar officer shall be appointed to take care of all or any part of Second Party's property by a court of. mpetent jurisdiction; or if a petition (including, 'I '. out limitation, a petition for reorganization or '8ngement) is filed by Second Party under a! bankruptcy law; or if any such petition is :. ed against Second Party under any ankruptcy law and the same shall not be . missed within thirty (30) days from the date which it is filed; or if any assignment shall , made of Second Party's property for the ~ efit of creditors; then, and in any of said cases, this Lease and any interest in and to the

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240f36

-Leased Premises shall not become an asset of any such proceedings and, in addition to any and all rights or remedies of First Party hereunder or by law provided, First Party may, at its option by written notice to Second Party, declare the term hereof ended and re-enter the Leased Premises and take possession thereof, remove all persons therefrom and apply the provisions of sections 7.2, 7.3 and 7.7, and Second Party shall have no further claim thereon under this Lease. oliaJl ~I.f.lil 7.10

HOLDING OVER BY TENANT

1.~. '-H" U-O.~I

In the event Second Party, with the prior written consent of First Party, remains in possession of the Leased Premises after the expiration or termination of the tenancy created hereunder and any extension hereof, without the execution of a new lease, Second Party shall: 7.10.1 be deemed to be occupying the Leased Premises as a tenant from month to month on the same terms and conditions of this Lease, insofar as said terms and conditions are applicable to a month-to-month tenancy, and

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7.10.2 shall pay First Party for the period Tenant so remains in possession a sum calculated at the rate of three times the Base Rent, Service Charges and such other charges and payments which Second Party was paying for the Leased Premises for the last month of the Lease Term.

7.11 EFFECT DEFAULT

OF

WAIVER

OF

Ji~......>-'-"" u\5. ~I."...,JjUJ Ji 4.i91y> c;i u) o consent or waiver, express or implied, by ~ ()A ,~ First Party to or of any breach of any Covenant y..;..IJJi .,r:>.i.J..~Ji ~ C;~J~) C;i~ J.J~Iu.;bJ1 or other condition or duty of Second Party shall Jjw:i."l uly>.u~ o~ jYH.'i ~WI u.)J1 •.::A;I.:;.I (.).A J be construed as a consent or waiver to or of La .,r:>.i ~IJ Ji .J..~ Ji ~ ~i J' .cll~~i J~) C;ilJCany other breach of the same or any other .J.J~Iu.;bJllJ-o~y> ~ ~ ~ b)J.cll~ r:.fi:. rl Covenant, condition or duty, unless in writing signed by First Party.

7.12

~1.:iJ1~:'''_V

SECURITY DEPOSIT

J.J..>-""" .~Iu . Lli '-" .,.,W ...,.-l:i c;:-"' ; "."'. . '-'I Y.:J.i Second Party has deposited with First Party a.....,.,L.......;,.$ !'" '.?...J'WlI u ...)-"""' '- .., Security Deposit as security for the punctual ~_i'L.Ij:il1 ~J Z/J. ~WlI u,;-bll J...:! 0-" ~'wl ~b::U performance by Second Party of each and Ji JS ~ Ji f'1Ai...1JJ~Iu.;hll jYH.J .~I I~ ~.JA! every obligation of Tenant under this Lease. Ji ~ C;i~t....J (»ol.Js t.:J."..JI ~I ~ ()A ~j.:;.C;i ,'LI.oa.

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Tenant lease

250f36

~ o~ &4- <$1 ~ J}il u..rh!1 ~~ Party may appiy or re ai a of .~\ J.,':ll w...;J.l14:!9 r"~ ~\ w';lL:J1tJ...o J,S. ~J Security Deposit to cure a y defa . or to liA ~ ej burse Rrst Party for any su • ic First y..;.JA! f'~ ui ~W\ uyJ\ ~ ~ ,j;>.-=J\) f'1..\.:i.':i.•• YI party may spend by reason of the de ault. In j..;..h\ Ji f'~\ <$~\ ~I c3~J}il w.)J1 o- ~l.:i.S <-,J.b , e case of every such application or retention, t-4o ~) ~\ liA u~ ~ J}JI wyJ.l ~\ 11l. ~ Second Party shall, on written demand, pay to .illi~..\ ~ Jlli)'\ ulJ .~~\ ~~) o\..J..\kY CJ:!.ol:il1 Party the sum so applied or retained, ~~ ~ ~\ \~JJ . ,-v o..\W\ ~JA! ';l)L:..l ~ tl4J\ • ich shall be added to the Security Deposit, ~JA! J)L:..) <$i yS:i~ r-1~WI uyJI ui .J~)'I ..\ic o~ . at the same shall be restored to its original u.;-bll-w... ~.J <$i JI CJ:!.olJll t-4o t4.Jl ,.:4 ,.u.J1 liA B nt. Failure to pay such amounts shall be .",r 'WI deemed a breach under Section 7.1. If at the of the Lease Term Second Party shall not De j default under this Lease, the Security sit or any balance thereof, shall be .~ ed to Second Party.

SECTION8.

J-Se u--t=-9..;ll1

4$.J~1

ALL PROMOTIONAL PROGRAM AND TENANT ADVERTISING

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. Party shall establish and actively ement a program to foster and promote the 'as Landlord and Owner may, in its sole retion, deem appropriate, and Second Party a~rees to participate therein in accordance with ire rovisions therefor set forth in section SC 4 : e Special Conditions

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260f36

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SECTION 9. MISCELLANEOUS PROVISIONS

. ~~

9.1 REPRESENTATIONS AND WARRANTIES First Party and Second Party hereby represent and warrant each to the other that:

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9.1.1

It has the requisite power and authority to enter into, execute, deliver and perform this Lease and its obligations hereunder;

9.1.2

The execution and delivery of this Lease and the performance of its obligations hereunder constitute legal, valid and binding obligations in accordance with its terms, and will not result in any breach or violation by it of any provisions of its charter or constitution, or any breach of, or constitute a default under, any instrument or agreement to which it is a party or by which it is bound; and

9.1.3

No consent, authorization, license or approval of its owners, shareholders or constituent body or of any governmental authority is required to authorize the execution, delivery, performance, validity, enforceability or admissibility in evidence of this Lease, or the performance by it of its respective obligations under this Lease.

9.2 NO ASSIGNMENT,SUBCONTRACT CONCESSION

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uyJ\ '-,?.JA>..,.;J\ j!l:J\ W~ ~W\ w.)J\ .ft.l :i....J 6.:il\ .U!\ '. Ll\ J\:...>-:! "<5J u~ ., ~ .l.-ia.J .., 'I J ....}. r..r <....J~ ~ c~\ ~u.l\ w.;JJ\ wt..\~'X ~i:i......J\..}tk.I\f'\~"J J ..}'WI r..r'WI u y:= .1.11 ~'X,dl~ ill JJ .~ W\ ..}\.Wll.. "e':' 1:U

Second Party acknowledges that a substantial inducement to First Party in granting this Lease vas and is Second Party's business reputation and competence to utilize the Leased Premises for Second Party's Permitted Uses of the Leased Premises. Accordingly, neither this ease nor any interest, benefit, right or obligation herein may be assigned, sold, ortgaged, pledged or transferred in any anner by Second Party, and no subcontract or concession to or occupancy by person of any part of the Leased Prem ises may be made '. out the prior written consent of First Party. the event of any such unauthorized assignment, transfer, sublease, concession or

~ '-; ~ Tenant Lease

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Ji ~ ) w..-.. ..si Ji .lk.I\ \:u we. 'X &.liS J ...:.wtS ~.).:. '-,?~4...,....:i) ~ ~l Ji u..} Ji ~ ~ '-,?~C'-....Jl Ji jl.,iiol &-- Ji wb41\ 0A ~~l .u J.:..:! JJ~I u.;.b]\ ulJ-4 WJJ ~.;..Jl ..}l:W\(j-4 "?..si ~ 0-" "-! c..>-'-"'-" ..>#- ty ~i <.!.JJ~~l.:..u!J .~l ~l ) jl.,iio'X1) wb41\ L>-o..}~,/\) Jl~ Ji JjI.llll \1\ ~ ..}LbJ '-,?i WJ~ 4iW:i oj~J0~.uJ\ liA 0~ Jt.t...:.'/\ Ji 4 f'1j-ll\ Ji ~

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apancy, this Lease shall automatically . e without further notice, whereupon the '::'J '-' ns of sections 7.2 and 7.3 of this Lease 'Sc"a ply. If First Party grants permission, any srs . curred by First Party relating thereto De paid by Second Party to First Party on demand.

=

CONFIDENTIALITY

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~I 1"& . o. !I ~tjJl w..rbll .1J}:JI u.;bll ~ ,-1- '\ \...,.:~':J u..§.1 ($1 ~.11 Ji,J1I~ •.. ~i I.....g..i...ljif'~ uJ.u~

first Party and Second Party dertake each to the other that it will 'lot during the continuance of this Lease or at any time thereafter:

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a) itself use otherwise than in accordance with and for the purposes of this Lease, or (b) divulge or communicate to any person :..-.'

e terms and conditions of the this

_ease, • eluding the Exhibits and any Addenda

-"S-e-t , or any confidential information relating :-: '~e affairs or the business or method of -,:: •.•.s - 9 on business of the other or otherwise

,

- -: may have received or obtained in the ance of its obligations or exercise of its -;--:s der this Lease or as a direct or indirect ~_: f this Lease, provided that this restriction s~'" cease to apply to information which may -ereaner come into the public domain otherwise ~ y breach of this Lease; and 0~ ~i ~14.i

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~_3.2 First Party and Second Party further undertake that each will procure that its employees observe the confidentiality provisions contained herein and, if required, shall procure that the general manager of the Mall and of the Leased Premises, and such other of their senior employees who deal with their business affairs related to the Mall and the Leased Premises as either may reasonably request, shall enter into written undertakings to that effect direct with irst Party and Second Party, as the case may be.

'1'_1_'1

U:l~\~ U:l.?'il ~yoll .J4S.1 fi'UI ($.J4:i!1 j$~~ t.ilUJ1.ut....c.\ &).:lH o.J~.ill~ ~ J.S y..lb L. ~ 'fi'lL....J1 uyo~

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bligations set forth in this section (9.3) s-:= S rvive the termination of this Lease, ~ ~oever caused.

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9.4

NOTICES FROM ONE PARTY TO THE OTHER

9.4.1

Any notice, demand, approval or consent from First Party or Second Party shall be in writing (whether or not reference is made in any particular portion of this Lease to "written" notice, demand, approval or consent) and shall be deemed duly served on Second Party or First Party, respectively, when (i) sent by fax to the number of the party, with the original thereof by mail to the mailing address of said party, in each case as indicated in section 1.1, or (ii) personally served at the mailing address of said party set forth in section 1.1, or when delivered to such address via a reputable private express courier delivery service.

9.4.2

Each notice or other communication under this Lease shall be Arabic and English.

9.5 ESTOPPEL CERTIFICATE

'-

9.5.1

Upon the written request of First Party at any time and from time to time, Second Party shall within fifteen (15) days provide a Second Party Estoppel Certificate in the form of Exhibit 0 hereto duly attested by the Riyadh Chamber of Commerce and Industry.

9.5.2

Any such statement may be conclusively relied upon by First. Party and any prospective purchaser or encumbrances of the Mall. Second Party's failure to deliver such certificate within such time shall be conclusive upon Second Party (i) that this Lease is in full force and effect, without modification except as may be represented by First Party, (ii) that there are no uncured defaults in First Party's performance, (iii) that not more than one year's Base Rent has been paid in advance, and (iv) that Second Party has appointed First Party as attorney-in-fact of Second Party to execute such statement for and on behalf, and in the name of Second Party.

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7e

Tenant Lease

290f36

DEMNIFICATION ~ Party agrees to indemnify, hold, ::~:BI"" and save harmless First Party, its -c=oers, employees and agents from and Bga' any and all actions, suits, claims, csses. costs, expenses and liability of any kind ,..~ - 9 from or as a consequence any claim First Party, its officers, employees or s;- cc arising from or which may be attributed ..". c~ caused, directly or indirectly, by any '~I~,,,,,, ... i€, act or omission of Second Party, omcers, employees or agents at or in r-ssped of the Leased Premises. 9.7 - -.

_.2

CONSTRUCTION, APPLICABLE W, AND JURISDICTION :here are no oral or written epresentations or agreements between First Party and Second Party a -ecting this Lease other than this ease, including the Special Conditions and Exhibits and any documents expressly incorporated herein by reference. This Lease supersedes all prior agreements, undertakings, representations, warranties and arrangements of any nature whatsoever, and may be amended only by instruments in writing executed by First Party and Second Party.

uyswl JI ul,;!..,;-.!jc;i ~I 1i.A u~~.J:l 'J '-V-'l u.,;-1JIJ J}~\u.,;-bl\ 0H ~) ~# <.G,?-I J:.J~I ~l..b~ ~ .lkll liA uk y~ u, ~WlI t:..1~ ~ ~ UI~ c;i." ~IJ .t....WI ul' ~J.-~II ul.Jsw'JI _ ~

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This Lease shall be governed by and construed in accordance with the Rules and Regulations of the Kingdom of Saudi Arabia. Any claims or disputes resulting from or arising out of this Lease which cannot be resolved by the parties within ninety (90) days after a formal written claim shall have been served by one party on the other in respect of an alleged breach of this Lease shall be resolved in accordance with the applicable Saudi Arbitration Rules and Regulations by one arbitrator selected jointly by the parties. The Arbitrator Shall be knowledgeable and experienced in retail shopping center leasing or operations, as appropriate to the dispute. The arbitrator shall be selected from the list of arbitrators nominated pursuant to said rules and regulations provided, however, that if

300f36

o member of said list meets the oregoing expertise, the arbitrator s all be selected from other qualified persons in the Kingdom of Saudi · abia in accordance with said · itration Rules and Regulations.

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~•. 5

3].6

Each party irrevocably and , conditionally waives any objection N ich it may now or hereafter have to • e choice of the tribunal referred to section 9.7.2 as the venue of any ega/ action arising out of or relating to ~-'- lease and agrees not to claim -n:aw it is not a convenient or proper :;...urn. Second Party further agrees :'"'8° if proceedings are commenced by =""-st Party in the above specified -';: m, Second Party will not bring any ncurrent proceedings against First =-arty under this Lease in any other - m or jurisdiction. Second Party hereby consents ~5 erally in respect of any such ~ oceedings to the giving of any relief r: the issue of any process in nection with such proceedings i cluding enforcement of this Lease and execution against any property vhatsoever of Second Party (irrespective of its use or intended use) of any Award, order or judgment which may be made or given in such proceedings.

L ,. ~ ~.. ~y>C~t.. ·\ill w...F"09~ .LlI '°1 c;.~, "I L-lG..... c;l 1'Lk:.) ~ ~11'1....>-?)'1oi.A L>-o o~ ~ \.4 1'~1 ('I....I JJWl. y:.':' c;l )~) jUiJ.cljj ~ ~ ~11'1..;-;-)'1 ~\ill w.;lJ.l ~~ c;l ..,1:.~~I

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Each party irrevocably and unconditionally waives any immunity to which it or its property may at any time be or become entitled, whether characterised as sovereign immunity or otherwise, from any set-off or legal action in Saudi Arabia including immunity from service of process, immunity from jurisdiction of any court or tribunal, and immunity of any of its property from attachment prior to 'udgment or from execution of judgment.

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1 the event that any provision of this ease shall be determined to be i valid or unenforceable under Saudi aw, the unaffected part hereof shall emain in full force and effect and the parties shall attempt in good faith to agree upon a modification reflecting

310f36

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the purposes of this Lease, failing which such modification shall be decided by the arbitral tribunal in the same manner as a dispute in accordance with section 9.7.2 9.8 DEFAULT OWNER

BY

LANDLORD

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('1' -V-'I) o~Wl~

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AND

First Party shall not be deemed to be in default in the performance of any obligation required to be performed by it hereunder, and shall not be liable to Second Party in any way, 9.8.1

as a result of any loss of use of any part of the Leased Premises, or loss of business, customers, goodwill or profit, due to any act or omission by any of the Other Mall Tenants or their failure to perform their Obligations under their respective leases, or

9.8.2

as a result of any accident, loss or damage to Second Party, including lost business, customers, goodwill or income, in connection with access to and use of the Leased Premises or the Common Areas unless such accident, loss or damage shall be caused by the gross negligence or willful misconduct of First Party, its officers, employees or agents, or

9.8.3

Unless and until First Party has failed to perform such obligation within thirty (30) days after written notice by Second Party to First Party, specifying wherein First Party has failed to perform such obligation provided, however, that if the nature of First Party's obligation is such that more than thirty (30) days are required for its performance, First Party shall not be deemed to be in default if it shall commence such performance within such thirty-day period and thereafter diligently prosecute the same to completion.

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9.9 ATTORNEYS' AND EXPERT FEES AND COSTS In the event of any legal proceeding between First Party and Second Party to enforce any of the provisions and/or rights hereunder, the losing party to such proceedings shall pay to the

~.!"~b line Tenant Lease

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J.J''i1 ujlJl em ~.J-ilj <.::.J1 •.IY."l c.ji 4..lb..~ ,.ua.ll liA Y-"?-..J4I o~J,JI J.,.i:J1 J ItJ rLS.:.. YI o- c.ji ::'W"I

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successful party therein all costs and expenses, • ding reasonable attorneys' and expert fees a d costs, incurred by the successful party, _to ich amount shall be included in and as part of - Award and any judgment thereon.

9.10 MEC:HANICS' LIEN Jt...a.ll Jjb ~

Second Party shall not permit or suffer the filing - any lien, encumbrance or other charge against the Leased Premises, nor against First arty's or Second Party's interest therein, by eason of any work, labor, services or materials supplied at the instance of Second Party. Second Party hereby indemnifies First Party and agrees to hold First Party harmless against . bility, loss, damages, costs, attorneys' fees a d all other expenses which may arise or be j curred by reason of any such lien, encumbrance or other charge for any such unpaid work, labor, services, or materials.

9.11

EFFECT OF UNAVOIDABLE

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DELAY

9.11.1 If either party to this Lease, as the result of any (i) strikes, lockouts, or labor disputes; (ii) inability to obtain labor or materials, or reasonable substitutes therefor, (iii) acts of God, governmental action, condemnation, civil commotion, fire or other casualty, or (iv) other conditions similar to those enumerated in this section (financial inability excepted) beyond the reasonable control of the party obligated to perform, fails punctually to perform any obligation on its part to be performed under this Lease, then such failure shall be excused and not be a breach of this Lease by the party in question, but only to the extent occasioned by such event. 9.11.2

'.~

If any right or option of either party to take any action under or with respect to this Lease is conditioned upon the same being exercised within any prescribed period of time or at or before a named date, then such prescribed period of time and such named date shall be deemed to be extended or delayed, as the case may be, for a period equal to the

{::line Tenant Lease

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~Ull u,.rhll wL..lj:ilY.Ji r o..LJI r~~ ~ .Ji ~~ .;i JI."......i.;i c.S~i tly.. 'il ~..) ~ ~.JA! ~ &> lA..)I..)....o 0.!4l wL9.J~"'\ r""'.J ~.h.i9 4-:b L>"'~I 61~Ylu\.! ,iWl 11\ o)le. i (\ - \ \ - '\) o..)UI lJ-'> (r) .)! (') 0'" ol~I .o..)WI01\ ~I.JC Y ~ ~ ~I ~

period of the delay occasioned by any event described above. Notwithstanding anything herein contained, however, with respect to the provisions of section 3, or Second Party's obligations to pay any other sums, monies, costs, charges or expenses required to be paid by Second Party under this Lease, only the events described in items (i) to (iii) of section 9.11.1 above shall be deemed to be applicable for the purpose of this section. 9.12 WAIVER OF SUBROGATION First Party and Second Party on behalf of themselves and all parties claiming under them hereby mutually release and discharge each other from all claims and liabilities arising from or caused by any carelessness, negligence or improper conduct to the extent that First Party or Second Party, as the case may be, is covered by insurance for such loss, or is uninsured but would be covered by an insurance policy required by this Lease to be maintained by the releasing party, had such insurance policy has been maintained for the amount of coverage required pursuant to this Lease. Both parties will notify their respective insurance carrier of this mutual waiver of subrogation. 9.13

HAZARDOUS MATERIALS

AND

OTHER

9.13.1 Second Party shall not, without the prior written consent of First Party, cause or permit the storage, use, handling, recycling, removal, or disposal of any hazardous or any other materials which put the Leased Premises, the Mall, the Other Mall Tenants and Permittees at risk, or which cause discomfort or disturbance to First Party, the Other Mall Tenants or Permittees. If approval is given by First Party, Second Party shall at all times comply with the highest prevailing industry standards governing the storage, use, handling, recycling, removal, or disposal of such materials.

Mallin Line Tenant Lease

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340f36

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.2 Second Party s' all i demnify and hold First Party harmless from any and all liability, losses, costs, and expenses, including without [imitation attorney and expert's fees, arising in any manner, whether directly or indirectly, from the storage, use, handling, recycling, escape, release, removal, or isposal of any such materials in the course of Second Party's use and occupancy of the Leased Premises.

9. 4 ~_

A>.

LANGUAGE This Lease, including the Special Conditions and the Exhibits, has been executed in the Arabic and English Language, Arabic shall be the controlling language and text as between the parties.

• .2 The parties agree that in the event at a dispute between the parties s all be submitted to arbitration as r-ovided herein, either party may eiy on the English text to establish . e intention of the parties in respect o any ambiguity in the Arabic text and, that expert witnesses in any sch proceeding may provide evidence in English

WfTNESS WHEREOF, this Lease is ted and shall be fully binding effective as ;:;:. e Date of Lease mentioned above.

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350f36

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L..I"U"I,uLORDAND OWNER:

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•

OZAMA MANAGEMENT COMPANY

(Seal)

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TENANT:

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Retail & Distribution

~~

Company Ltd

----------~~:~ (Seal)

(~I)

Lease

360f36