Lease Agreement between D.C. One Associates and E&C Capital LLC for 1201 Pennsylvania Avenue, Washington, D.C.

Summary

This lease agreement is between D.C. One Associates (landlord) and E&C Capital LLC (tenant), with Elephant & Castle Inc. as guarantor, for a 7,000 square foot property at 1201 Pennsylvania Avenue, Washington, D.C. The lease runs for 10 years starting November 1, 2004, with an option to renew for 5 more years. Rent is set at $29 per square foot for the first 5 years and $32.35 for the next 5 years, plus a percentage rent and additional expenses. The tenant is responsible for utilities, taxes, and operating costs.

EX-10.27 2 a2154839zex-10_27.txt EXHIBIT 10.27 EXHIBITS Exhibit 10.27 ELEPHANT & CASTLE 1201 PENNSYLVANIA AVENUE, WASHINGTON COMPANY: E&C Capital LLC GUARANTOR: Elephant & Castle Inc. LOCATION: 1201 Pennsylvania Avenue, Washington, D.C. LANDLORD: D.C. One Associates 1201 Pennsylvania Avenue, NW, Suite 240, Washington, DC 20004 ---------------------------- ------------------ Lease Signature Date: Jun 01, 2004 Lease Commence Date: Nov 01, 2004 Lease Expiration Date: Oct 31, 2014 Original Lease Term: 10 years Number of Renewal Options: 1 x 5 years Next Date of Exercise: 180 Days Before Expiration of Term (April 01, 2014) Number of Renewal Years 5 years per term Total Square Footage: 7,000 Seating: 258 Annual Minimum Rent: Years 1 to 5 Years 6 to 10 $29.00 p/sq.ft. $32.35 p/sq.ft. Percentage Rent: 4% above natural break Landlord Allowance: None Utilities: Tenant Real Estate Taxes: Approx. $3.73 per square foot Operating Expenses: Approx. $5.15 per square foot E&C Capital Lessee: LLC Guarantor: Elephant & Castle Group Inc. Condition: As is Hours of Operation: Monday - Friday 11:00 AM - 9:00 PM (minimum) Loans: None Other: