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Document Preview Lease Agreement |
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Title: |
Lease Agreement |
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Entities: |
Access Integrated Technologies Inc.; One Liberty Properties, Inc.; Real Estate Board of New York, Inc. |
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Date: |
2006 |
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Size: |
Preview shows 8KB of 170KB total |
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Price: |
$50 |
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ID: |
#2167457 |
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LEASE AGREEMENT
This LEASE AGREEMENT (this "Lease") is made and entered into as of this
9th day of August, 2002 by and between OLP BROOKLYN PAVILION LLC, a Delaware
limited liability company having an address at Suite 303, 60 Cutter Mill Road,
Great Neck, New York 11021 ("Landlord"), and PRITCHARD SQUARE CINEMA LLC, a New
York limited liability company having an address at c/o Screen Arts Corporation,
188 Prospect Park West, Brooklyn, New York 11215 ("Tenant").
W I T N E S S E T H :
WHEREAS, pursuant to a sale leaseback transaction, Landlord has this
date acquired that certain parcel(s) of land (the "Land"), such Land being
improved by a 31,120 square foot (above grade), three-story movie theater and
cafe, together with all other buildings and other improvements now or hereafter
located thereon, all commonly known as the Pavilion Theater, 188 Prospect Park
West, Brooklyn, New York and more particularly described on EXHIBIT A attached
hereto and made a part hereof (such Land, buildings and improvements, together
with all easements and appurtenances relating thereto, being collectively
referred to herein as the "Demised Premises"); and
WHEREAS, as a condition to Landlord's acquisition of the Demised
Premises and of Tenant's disposition of the Demised Premises, Landlord now
desires to lease the Demised Premises to Tenant and Tenant now desires to lease
the Demised Premises from Landlord all upon the terms and conditions herein set
forth.
NOW, THEREFORE, in consideration of the mutual premises herein set
forth, the sufficiency of which being hereby acknowledged, the parties hereto do
hereby agree as follows:
ARTICLE 1
TERMS AND DEFINITIONS
For purposes of this Lease, the following terms shall have the
following meanings:
"Broker": None.
"Building": Those certain buildings now or hereafter
located on and forming a part of the Demised
Premises, which Landlord shall own, together
with all appurtenances thereto.
"Lease Commencement Date": Shall be the date hereof.
"Lease Term": A period of time commencing on the
Lease Commencement Date and ending on July
31, 2022, subject to extension as provided
herein (Article 3).
{PAGE}
"Minimum Annual Rent": Minimum Annual Rent per annum for the
Demised Premises shall be as follows
(Article 4):
LEASE YEAR MINIMUM ANNUAL RENT MONTHLY RENT
Lease Years 1-2 $1,140,000.00 $95,000.00
Lease Year 3 $1,168,500.00 $97,375.00
Lease Year 4 $1,197,712.50 $99,809.38
Lease Year 5 $1,227,655.31 $102,304.61
Lease Year 6 $1,258,346.70 $104,862.22
Lease Year 7 $1,289,805.36 $107,483.78
Lease Year 8 $1,322,050.50 $110,170.87
Lease Year 9 $1,355,101.76 $112,925.15
Lease Year 10 $1,388,979.30 $115,748.28
Lease Year 11 $1,423,703.79 $118,641.98
Lease Year 12 $1,459,296.38 $121,608.03
Lease Year 13 $1,495,778.79 $124,648.23
Lease Year 14 $1,533,173.26 $127,764.44
Lease Year 15 $1,571,502.59 $130,958.55
Lease Year 16 $1,610,790.16 $134,232.51
Lease Year 17 $1,651,059.91 $137,588.33
Lease Year 18 $1,692,336.41 $141,028.03
Lease Year 19 $1,734,644.82 $144,553.73
Lease Year 20 $1,778,010.94 $148,167.58
"Rent Commencement
Date": Shall be the date hereof.
"Security Deposit": Initially $209,947.50, subject to increase
as provided in Article 5.
Address for Notices
(Section 21.15):
To Landlord: OLP Brooklyn Pavilion LLC
60 Cutter Mill Road
Suite 303
Great Neck, New York 11021
Attention Jeffrey Fishman, President
With a copy to: Mark H. Lundy
Vice President
60 Cutter Mill Road
Suite 303
Great Neck, New York 11021
To Tenant: Pritchard Square Cinema LLC
and Norman Adie
2
{PAGE}
c/o Screen Arts Corporation
188 Prospect Park West
Brooklyn, New York 11215
Attention: Norman Adie
With a copy to: Nicholas T. Donovan, Esq.
Donovan & Giannuzzi
405 Park Avenue, Suite 1104
New York, New York 10022
ARTICLE 2
DEMISED PREMISES
2.1 THE BUILDING AND THE LAND. Upon and subject to the terms, covenants and
conditions hereinafter set forth, Landlord hereby leases and demises to Tenant
and Tenant hereby hires from Landlord the Demised Premises. Notwithstanding
anything herein to the contrary, and in addition to Landlord's rights pursuant
to Article 10 below, Landlord retains the right to place additional
advertisements and/or additional billboards (collectively, "Landlord's
Additional Property") on such exterior portions of the Demised Premises as
Landlord shall determine provided that same (i) complies with applicable law,
(ii) does not interfere in any material respect with the permitted operations of
Tenant at the Demised Premises (as mutually determined by Landlord and Tenant in
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