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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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"Utilities" shall mean heat, sewer, water, electricity, and any other utilities provided to, or <br />used or consumed in or on the Leased Premises. <br />SECTION 3 <br />GRANT: TERMS <br />3.01 Grant. <br />(a) Landlord hereby leases the Leased Premises to Tenant; and Tenant hereby <br />rents the Leased Premises from Landlord. <br />(b) In addition, Tenant shall have the non-exclusive right to use the Common Areas, in <br />common with all others designated from time to time by Landlord as being entitled to such use; subject, <br />however, to the terms and conditions of this Lease and to rules and regulations for the use thereof as <br />prescribed from time to time by Landlord. Landlord may at any time: withdraw or add areas to the <br />Common Areas and/or the Center; alter the Common Areas and/or the Center; construct or remove <br />buildings or other improvements upon or from the Common Areas and/or the Center; and grant <br />easements within the Common Areas and/or the Center (provided that at all times adequate parking <br />facilities are available for common use of, and access and visibility to, the Leased Premises is not <br />obstructed in a material and substantial manner). <br />(c) Tenant shall have the right to reserve up to two parking stalls near the front of the <br />store entrance for Tenant's carryout and third -party delivery service pickup. (Pending City of Sebastian <br />approval) <br />(d) Tenant, if permitted by the City of Sebastian, may seat and serve its customers in <br />the outdoor seating area ("Outdoor Seating Area") which shall be exclusively reserved for Tenant. The <br />boundaries of the outdoor seating area (which shall consist of a portion of the current parking area in <br />the Center) shall be developed as part of Tenant's plans for improvements to be made to the Premises <br />which will be submitted to the Landlord for approval and after said approval, be submitted for approval <br />to the City of Sebastian. The Outdoor Seating Area shall not be included as additional square footage <br />in the Lease and shall not be the source of additional rent. <br />3.02 Term. The Term shall mean the Initial Term (as set forth in Section 1.01(f) herein) and <br />any Renewal Term (as defined below). The Tenant shall notify the Landlord ninety (90) days prior to <br />the termination date of the Lease of their decision to either exercise the first renewal option or end the <br />lease upon the original termination date (whether it be the Initial Term or a Renewal Term). The <br />Tenant shall notify the Landlord ninety (90) days prior to the termination date of the first option of <br />their decision to either exercise the second renewal option or end the lease upon the first option <br />termination date <br />3.03 Original Termination Date. The Original Termination Date shall be ten (10) years from <br />the Rent Commencement Date. <br />3.04 Term Extension Options. Provided that Tenant is not in default hereunder beyond any <br />applicable notice and cure period at the time of exercise, that Tenant has not been in default hereunder <br />beyond any applicable notice and cure period during the preceding twenty-four (24) months and that <br />the original Tenant hereunder has not assigned this Lease or sublet the Leased Premises (except as <br />permitted herein), Tenant shall have and is hereby granted two (2) separate and consecutive options <br />to extend the Term upon the terms, covenants, conditions and provisions set forth herein for two (2) <br />consecutive five (5) year periods ("Renewal Term"); provided that at the time an option to renew is <br />exercised, the Term shall be in effect. Such Extension Option shall be exercisable by Tenant giving <br />
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