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2023-034A
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2023-034A
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Last modified
7/6/2023 11:17:16 AM
Creation date
7/6/2023 11:06:52 AM
Metadata
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Template:
Official Documents
Official Document Type
Lease
Approved Date
02/07/2023
Control Number
2023-034A
Agenda Item Number
8.K.
Entity Name
Flowsmart Sebastian, LLC dba Five Guys
Subject
Agreement of Lease, 1919US Hwy 1 Sebastian
Document Relationships
2023-034
(Cover Page)
Path:
\Official Documents\2020's\2023
2023-034B
(Agenda)
Path:
\Official Documents\2020's\2023
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or a franchisee of an affiliate of Tenant ("Franchisee") (each of the foregoing, a "Permitted <br />Assignment"). In the event of a Permitted Assignment, Tenant shall be released from obligations <br />throughout the Term of the Lease, and any renewal thereof. Any attempt to Transfer, without the <br />Landlord's consent in such Transfer where such consent is required, shall be void and confer no <br />rights upon any third person. All further language pertaining to this issue shall be discussed within <br />the formal lease negotiations. <br />(b) If, without Landlord's consent, Tenant assigns this Lease, or sublets all or any <br />portion of the Leased Premises, any profits derived by Tenant from the assignment or subletting <br />shall be paid by Tenant to Landlord and Tenant shall deliver to Landlord a written agreement in <br />which the assignee or subtenant agrees, for the benefit of Landlord, to assume, be bound by, and <br />perform all of the obligations of Tenant under this Lease. <br />(c) 11.02 Violation. If this Lease is assigned, Landlord may collect Rent from the <br />assignee. If the Leased Premises or any part thereof is sublet or occupied by any person other than <br />Tenant and in the event of Tenant's uncured default, Landlord may collect Rent from such subtenant or <br />occupant. Landlord's collection of Rent pursuant to the provisions of this Section 11.02 shall not in any <br />event be deemed to be a waiver of any default by Tenant in having assigned this Lease or sublet all or <br />any portion of the Leased Premises without the prior written consent of Landlord. <br />11.03 Bankruptcy Assignment. Any person or entity to which this Lease is assigned pursuant <br />to the provisions of the Bankruptcy Code, 11 U.S.C. 101 et.sea., shall be deemed without further act <br />or deed to have assumed all of the obligations arising under this Lease on or after the date of such <br />assignment. Any such assignee shall upon demand execute and deliver to Landlord an instrument <br />confirming such assumption. <br />11.04 Bankruptcy Assignment - Payment of Consideration for Assignment. If this Lease is <br />assigned to any person or entity pursuant to the provisions of the Bankruptcy Code, 11 U.S.C. et.sea., <br />ninety percent (90%) of any and all monies or other considerations payable or otherwise to be delivered <br />in connection with such assignment shall be paid or delivered to Landlord, shall be and remain the <br />exclusive property of Landlord and shall not constitute property of Tenant or of the estate of Tenant within <br />the meaning of the Bankruptcy Code. Any monies or other considerations constituting Landlord's <br />property under the preceding sentence not paid or delivered to Landlord shall be held in trust for the <br />benefit of Landlord and promptly be paid or delivered to Landlord. <br />SECTION 12 <br />EASEMENTS. AND ESTOPPEL CERTIFICATES <br />12.01 Easements by Landlord. Landlord shall have the right to grant easements over the <br />Center without the joinder of Tenant so long as such easements do not adversely affect Tenant's <br />business or access to the Premises; and the rights of Tenant under this Lease shall be subject and <br />subordinate thereto. <br />19 <br />
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