Cypressre - Lacrosse (loi)_09
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209091908092409
September 19, 2008 Mr. JR Lynch Cypress Real Estate Group 11380 Prosperity Farms Road Suite 103 Palm Beach Gardens, FL 33410 Re:
Lacrosse Store Del Mar Village
Dear JR: I am pleased to make the following proposal regarding the leasing of space at Del Mar Village. SPACE:
Space 7078, approximately 1,582 square feet.
LANDLORD:
Federal Realty Investment Trust
NAME OF TENANT:
, DBA Lacrosse Store (Financial statements to be provided by Tenant).
TERM:
Five (5) years, with one (1) option period of five (5) years.
PROJECTED LEASE EXECUTION DATE:
October 3, 2008
DELIVERY DATE:
October 17, 2008
RENT START DATE:
The earlier of (i) the date Tenant opens for business to the public from the Leased Premises, or (ii) 60 days after the date of delivery of possession of the Leased Premises by Landlord to Tenant.
USE OF PREMISES:
For the retail sale of lacrosse equipment and gear and for no other purpose. Notwithstanding the foregoing, Tenant shall not violate any Exclusive or Restricted Uses at Del Mar Village
MINIMUM RENT:
YEAR 1 Years 2-5 with 3% annual increases.
ANNUALLY $25,312.00
MONTHLY $2,109.33
PER SQ. FT. $16.00
YEAR ANNUALLY 1 $29,330.28 Years 2-5 of the option period with 3% annual increases.
MONTHLY $2,444.19
PER SQ. FT. $18.54
OPTION 1 RENT:
RADIUS CLAUSE:
Tenant shall not open a competing business within (5) miles of the premises.
COMMON AREA MAINTENANCE & TAXES:
Tenant shall pay their share of Common Area Maintenance charges, Insurance and Taxes including a 20% Administrative Fee. Estimated charges for Del Mar Village are $9.00 per square foot annually.
SECURITY DEPOSIT:
Tenant shall pay Landlord, with the execution of this lease, the equivalent of two months gross rent $6,591.66 one half shall be held as security during the lease term and the balance $3,295.83 shall be applied to the first month's rent.
LANDLORD WORK:
Landlord to deliver premises to tenant in “vanilla box” condition. Landlord represents that HVAC unit will be in good working condition. All other work shall be at Tenant's sole expense.
TENANT WORK:
Tenant shall perform the minimum work in the premises prior to opening for business. Tenant further agrees to submit a full set of construction drawings to Landlord for approval prior to submitting for permit.
SIGNAGE:
Per signage criteria for Del Mar Village.
UTILITIES:
Electric, gas and water shall be paid directly by Tenant to utility company providing service.
GUARANTY:
By all principals and spouses.
BROKERAGE:
The parties represent that Cypress Real Estate Group is the only broker involved in this transaction. Landlord shall be responsible for any commission due under separate agreement. Landlord and Tenant shall indemnify and hold each other harmless for any other third party claims
DOCUMENTATION:
Federal Realty will prepare the Lease, the terms and condition of which will be subject to the review and approval of counsel for Landlord and Tenant. However, the business terms in this letter shall be agreed upon and incorporated into the Lease Agreement.
This proposal represents some of our understanding about a possible future lease and is not intended to create a legally binding obligation on either party. Such an obligation will be created only when both parties execute a formal lease, covering all of the rights and obligations of the parties, which is then delivered by and between us. If a formal lease is not signed neither party will be liable to the other under this document or as a result of any preliminary negotiation. Please note that the terms of this proposal are valid for a period of ten (10) business days from the date above. Thank you for your time and consideration. I look forward to working with you on this project. Very truly yours, Kate Ellenberg Leasing Agent cc: Rich Abruscato, Federal Realty AGREED AND ACCEPTED: TENANT: _____________________________________________________
DATE: ______________________
September 19, 2008 Mr. JR Lynch Cypress Real Estate Group 11380 Prosperity Farms Road Suite 103 Palm Beach Gardens, FL 33410 Re:
Lacrosse Store Del Mar Village
Dear JR: I am pleased to make the following proposal regarding the leasing of space at Del Mar Village. SPACE:
Space 7078, approximately 1,582 square feet.
LANDLORD:
Federal Realty Investment Trust
NAME OF TENANT:
, DBA Lacrosse Store (Financial statements to be provided by Tenant).
TERM:
Five (5) years, with one (1) option period of five (5) years.
PROJECTED LEASE EXECUTION DATE:
October 3, 2008
DELIVERY DATE:
October 17, 2008
RENT START DATE:
The earlier of (i) the date Tenant opens for business to the public from the Leased Premises, or (ii) 60 days after the date of delivery of possession of the Leased Premises by Landlord to Tenant.
USE OF PREMISES:
For the retail sale of lacrosse equipment and gear and for no other purpose. Notwithstanding the foregoing, Tenant shall not violate any Exclusive or Restricted Uses at Del Mar Village
MINIMUM RENT:
YEAR 1 Years 2-5 with 3% annual increases.
ANNUALLY $25,312.00
MONTHLY $2,109.33
PER SQ. FT. $16.00
YEAR ANNUALLY 1 $29,330.28 Years 2-5 of the option period with 3% annual increases.
MONTHLY $2,444.19
PER SQ. FT. $18.54
OPTION 1 RENT:
RADIUS CLAUSE:
Tenant shall not open a competing business within (5) miles of the premises.
COMMON AREA MAINTENANCE & TAXES:
Tenant shall pay their share of Common Area Maintenance charges, Insurance and Taxes including a 20% Administrative Fee. Estimated charges for Del Mar Village are $9.00 per square foot annually.
SECURITY DEPOSIT:
Tenant shall pay Landlord, with the execution of this lease, the equivalent of two months gross rent $6,591.66 one half shall be held as security during the lease term and the balance $3,295.83 shall be applied to the first month's rent.
LANDLORD WORK:
Landlord to deliver premises to tenant in “vanilla box” condition. Landlord represents that HVAC unit will be in good working condition. All other work shall be at Tenant's sole expense.
TENANT WORK:
Tenant shall perform the minimum work in the premises prior to opening for business. Tenant further agrees to submit a full set of construction drawings to Landlord for approval prior to submitting for permit.
SIGNAGE:
Per signage criteria for Del Mar Village.
UTILITIES:
Electric, gas and water shall be paid directly by Tenant to utility company providing service.
GUARANTY:
By all principals and spouses.
BROKERAGE:
The parties represent that Cypress Real Estate Group is the only broker involved in this transaction. Landlord shall be responsible for any commission due under separate agreement. Landlord and Tenant shall indemnify and hold each other harmless for any other third party claims
DOCUMENTATION:
Federal Realty will prepare the Lease, the terms and condition of which will be subject to the review and approval of counsel for Landlord and Tenant. However, the business terms in this letter shall be agreed upon and incorporated into the Lease Agreement.
This proposal represents some of our understanding about a possible future lease and is not intended to create a legally binding obligation on either party. Such an obligation will be created only when both parties execute a formal lease, covering all of the rights and obligations of the parties, which is then delivered by and between us. If a formal lease is not signed neither party will be liable to the other under this document or as a result of any preliminary negotiation. Please note that the terms of this proposal are valid for a period of ten (10) business days from the date above. Thank you for your time and consideration. I look forward to working with you on this project. Very truly yours, Kate Ellenberg Leasing Agent cc: Rich Abruscato, Federal Realty AGREED AND ACCEPTED: TENANT: _____________________________________________________
DATE: ______________________
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