Lease Abstract between Clark Adams Associates, LLC and Massachusetts Elephant & Castle Group Inc. for Club Quarters Hotel, Chicago

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Summary

This lease agreement is between Clark Adams Associates, LLC (landlord) and Massachusetts Elephant & Castle Group Inc. (tenant) for approximately 8,000 square feet at the Club Quarters Hotel in Chicago. The space will be used for a full-service restaurant and related services. The lease term is 10 years starting October 1, 2000, with an option to extend for 5 years. Annual rent starts at $122,400, increasing after year 5. A $10,200 security deposit is required, and the landlord provides a $600,000 allowance. No percentage rent, prepaid rent, or guarantor is involved.

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EX-10.20 2 a2043939zex-10_20.txt EXHIBIT 10.20 EXHIBIT 10.20 ELEPHANT & CASTLE GROUP INC. Lease Abstract
1. PROJECT CLUB QUARTERS HOTEL, CHICAGO, ILLINOIS 2. TENANT Massachusetts Elephant & Castle Group Inc. 3. STORE AREA Unspecified Gross Leasable Area of approximately 8,000 square feet including basement training rooms 4. TRADE NAME Elephant & Castle Pub Restaurant 5. USE Operation of a full service casual dining restaurant, additionally providing services in both club, meeting and conference space(s) of hotel premises 6. TERM 10 years 7. TERM START October 1, 2000 DATE 8. TERM EXPIRY September 30, 2010 DATE 9. MINIMUM RENT Years 1 - 5 : $122,400 per annum Year 6 $140,760 per annum increasing by 3% each Lease Year thereafter 10. EXTENSION One extension term of 5 years PERIODS 11. PERCENTAGE Nil 12. PREPAID RENT Nil 13. SECURITY DEPOSIT $10,200 14. INITIAL PRO- MOTION CHARGE Nil 15. FIXTURING PERIOD 120 days 16. LANDLORD Clark Adams Associates, LLC ADDRESS C/O Masterworks Development Corporation 555 Fifth Avenue, New York, NY 10036 17. GUARANTOR None 18. PROPERTY MANAGER Nil 19. LANDLORD TENANT $600,000 ALLOWANCE