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THIS LEASE AGREEMENT (the "Lease") is made and entered into as of [Date], by and between Empire Properties LLC, with an address at 350 Fifth Avenue, New York, NY ("Landlord"), and Urban Retail Concepts Inc. ("Tenant").
Landlord hereby leases to Tenant and Tenant hereby leases from Landlord, subject to the terms and conditions in this Lease, those certain premises consisting of approximately 2,000 square feet located at 123 Broadway, New York, NY (the "Premises").
The term of this Lease shall be for a period of five (5) years commencing on [Start Date] and ending on [End Date], unless sooner terminated as provided herein (the "Initial Term").
Tenant shall have the option to renew this Lease for one (1) additional period of three (3) years (the "Renewal Term") by providing Landlord with written notice at least one hundred eighty (180) days prior to the expiration of the Initial Term.
Tenant covenants and agrees to pay to Landlord as rent for the Premises the sum of $5,000.00 per month during the first year of the Initial Term. Rent shall increase annually by three percent (3%) on each anniversary of the Commencement Date.
Upon execution of this Lease, Tenant shall deposit with Landlord the sum of $10,000.00 as security for Tenant's faithful performance of Tenant's obligations hereunder.
The Premises shall be used and occupied by Tenant solely as a clothing boutique and for no other purpose without the prior written consent of Landlord.
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This agreement is made between Landlord and Tenant for the property located at 123 Legal Street.
The lease will begin on January 1, 2025 and continue for a period of 12 months.
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