1. Rent and Lease Term: a. Rent commencement to be the earlier of business opening or 6-month post-lease signing .b. Initial lease term of five years, with rent set at $ 32-35 per year per Sq Ft. Allowance will be accounted for in negotiation after a plan or scope of work with a budget is submitted. c. Option for two extension terms of five years each, with a 5% rent increase for each extension period. d. Spaces are 6300 to 9800 sqft. 2. Landlord Obligations: a. Cover building property tax and insurance. b. Repair or replace the roof as needed for the whole lease term. c. Undertake parking lot repairs and re-striping. d. Ensure utilities (water, electricity, gas) are connected and operational, and install separate meters for the restaurant; and link the sewer to the municipal system. e. Replace all AC systems (due to current ac systems are too old to last for the whole lease term, AC systems need be replaced not repaired only)4. Tenant Obligations: a. Obtain personal property and general liability insurance. b. Pay utilities to meter reading- gas, electric, water, and sewage after city connection; until then, the landlord will carry the cost. c. Maintain all AC systems after it is replaced. d. Install any sprinkler system & 2hr Firewalls as required by fire department requirements. b. Repair or replace the roof as needed for the whole lease term.
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