HomeMy WebLinkAboutSublease Summary
..
,,1.-..,
SUBLEASE SUMMARY
The fOllowing is a summary of basic lease provisions with respect to the Sublease, It Is an integral part of
the Sublease, and terms defined or dollar amounts specified In this Summary shall have the meanings or amounts
as stated, unless expanded upon in lhe text of the Sublease and Its Exhibits, which are attached to and made a
part oflhis Summary,
1,
Date of Sublease Execution:
<:;~-\-.
z
,1999
2,
"Sublandlord":
MB Redevelopment, Jnc,
3.
Sublandlord's Address:
MB Redevelopment, Inc.
Loews Miami Beach Hotel
1601 Collins Avenue
Miami Beach, Florida 33139
Attention: General Manager
with a copy to:
MB Redevelopment, rnc,
clo Loews Hotels,lnc,
667 Madison Avenue, 8th Floor
New York, New York 10021.8087
Attention: Corporate Secretary
4. "Subtenanf':
Abkey No, 17, Inc, d/b/a Fuddruckers Grill & Bar
(or Fuddruckers)
(If sent by certified mail/retum receipt requested):
P,Q. Box 330927
Coconut Grove, Florida 33233
5. Subtenanfs Address:
6, "Guaranto~':
(if sent by overnight courier or hand delivery):
clo the Abkey Companies
3444-48 Main Highway, 3rd Floor
Coconut Grove, Florida 33J33 ~
Belty G, Amos (Completion Guaranty of Subtenant's
Work)
7, Guaranto~s Address:
(if sent by certified mall/retum receipt requested):
P.Q, Box 330927
Coconut Grove, Florida 33233
8, Premises (secllon 1,1 ):
(if sent by ovemight courier or hand delivery):
c/o the Abkey Companies
3444-48 Main Highway, 3rd Floor
Coconut Grove, Florida 33233 &--
/
1555 Washington Avenue, Suites 1 - 3, Miami Beach,
Florida, as shown on Exhibit "B," consisting of the First
Floor Space and the Second Floor Space, as defined
below
9. Gross Rentable Area of
Premises (section 1.1):
Approximately 6,566 rentable square feet, which
includes approximately 5,917 rentable square feet on the
first floor (the "First Floor Space") and approximately 649
rentable square feet on the second floor
(the "Second Floor Space")
1 0, Gross Rentable Area of
Retail Space (section 1.1):
Approximately 20,500 rentable square feet
11. Subtenant's Proportionate
Share (section 2.4):
N/A
M1990680.054
(i)
'-
12, Permitted Use of
Premises (section 3.1 ):
First-<;Iass Fuddruckers restaurant with a butcher shop,
bakery and bar, including the right of on-Premises
cooking and preparation of food for on.Premlses and
off-Premises consumption, the right to sell alcoholic
beverages for on-Premises consumption, the right to sell
those food items permitted or required to be offered for
sell by Subtenant's franchisor, the right to provide for the
seating of patrons and the right, at Subtenant's election,
to provide table service and table settings (and further
subject to the prohibited uses described in Exhibit "0" to
the Sublease)
13, Initial Term of Sublease (section 1,1):
Approximately Ten (10) years and nine (9) months
"Commencement Date": The date that Sublandlord
delivers possession of the Premises to Subtenant for
purposes of Subtenant performing Subtenant's Work, as
hereinafter defined, which is intended to be simultaneous
with SublandJord's execution and delivery of the
Sublease
14, Option to Renew (Rider 1):
"Rent Commencement Date": The earlier of (i) the date
Subtenant opens for business or (ii) two hundred ten
(210) days after the Commencement Date
"Expiration Date": Ten (10) years after the Rent
Commencement Date, plus any additional time from the
Rent Commencement Date through the date Subtenant
opens for business so that Subtenant will have a full ten
(10) years of operation
One (1) term often (10) years
15, "Minimum Rent" (section 2.2):
First Floor Space
MONTHLY PAYMENT
(PLUS SALES TAX)
PERIOD
ANNUAL MINIMUM RENT
Commencement Date. Rent
Commencement Date
$
0,00
$
0,00
Rent Commencement Date.
Expiration of the fifth (5th)
Sublease Year
$124,257.00
$10,354.75"
Beginning of the sixth (6th)
Sublease Year.
Expiration of the Inilial Term
$142,008.00
$11,834.00
Second Floor Space
PERIOD
ANNUAL MINIMUM RENT
MONTHLY PAYMENT
(PLUS SALES TAX)
Commencement Date. Rent
Commencement Date
$
0.00
$
0.00
Rent Commencement Date.
Expiration of the fifth (5th)
Sublease Year
$3,245.00
$270.42"
Beginning of the sixth (6th)
Sublease Year.
Expiration of the Initial Term
$3,894.00
$324.50
. Notwithstanding the foregoing, Subtenant shall receive the Minimum Rent abatement described in section 2.2,
on the terms and conditions provided therein.
M1990680.054
(ii)
~4.....'
16. Percentage Rental (section 2.3):
Six percent (6%) of Gross Sales in excess of the
"Breakpoint," as defined below and in Rider 1
17. "Breakpoinf' (section 2.3; Rider 1):
PERIOD BREAKPOINT
Rent Commencement Date - $2,125,033.33 PER SUBLEASE
Expiration of the fifth (5th) Sublease YEAR
Year
Beginning of the sixth (6th) $2,431,700.00 PER SUBLEASE
Sublease Year - YEAR
. Expiration of the Initial Term
18. Prepaid Rent (section 2.2):
$11,315.81 (includes sales tax) (due upon execution of
Sublease; to be applied to first full month Minimum Rent
is due)
19. Security Deposit (section 2.7): N/A
20. Cost Pass-Throughs (section
~: N/A
21. Comprehensive General
Liability Insurance (section 6.1 ): $2,000,000.00
22. Monthly Promotional Charge
(section 13.1): N/A
23. Broker(s) (section 14.12): Gables Professional Realty, Inc.
24. Completion Date for Subtenanfs Work
(section 5.1 ): Two hundred seventy (270) days after the
Commencement Date, subject to section 14.1 .
25. Trade Name (section 3.1): Fuddruckers Grill & Bar (or Fuddruckers)
MI990680.054
(ill)