Lease Agreement between CapStar Chicago Company, L.L.C. and Elephant & Castle East Huron, LLC for Restaurant Space at Radisson Hotel and Suites, Chicago

Contract Categories: Real Estate Lease Agreements
Summary

This lease agreement is between CapStar Chicago Company, L.L.C. (landlord) and Elephant & Castle East Huron, LLC (tenant) for a 5,000 square foot ground-floor restaurant and bar space at the Radisson Hotel and Suites in Chicago. The lease term begins when the tenant receives possession and ends December 31, 2014, with possible extensions for certain events. The tenant will operate a casual dining restaurant and bar under the "Elephant and Castle" name, with specified minimum operating hours. Rent includes both a fixed annual amount and a percentage of sales, with detailed schedules for each year.

EX-10.28 3 a2154839zex-10_28.txt EXHIBIT 10.28 Exhibit 10.28 Radisson Hotel and Suites 150--160 East Huron Street Chicago, Illinois 60611 (the "Building") Execution Date: January 11, 2005 Tenant: Elephant & Castle East Huron, LLC Suite 1200, 1190 Hornby Street Vancouver, British Columbia V6Z 2K5 Canada Attn: Rick Bryant Landlord: CapStar Chicago Company, L.L.C. c/o Meristar Hospitality Corporation 4501 North Fairfax Drive, Suite 500 Arlington, VA 22203 Attn: Randall Wm. Carroll Building: The building known as 150 East Huron Street, in the City of Chicago, Illinois known as Radisson Hotel and Suites, on real estate described in Exhibit 3, attached hereto.
Art. 2 Premises: An area on the ground floor of the Building, substantially as shown on Lease Plan, Exhibit 2. Art. 3.1 Term Commencement Date: The date Tenant has received possession of the premises. Scheduled Re-Opening Date: February 26, 2005 Required Re-Opening Date: April 8, 2005; provided, however, that, unless caused by Tenant, such date shall be extended by the number of days equal to the number of days Tenant's Work is delayed directly as a result of civil disorder, failure of power, casualty, riots, insurrections, war or acts of God. Art. 3.2 Termination Date: December 31, 2014, subject to Paragraphs 5 and 6 of the Rider to the Lease Art. 5 Use of Premises: (i) Casual dining restaurant providing breakfast (both sit-down menu service and buffet) and sit-down lunch and dinner food and beverage service and (ii) bar service Tenant's Trade Name: "Elephant and Castle."
Minimum Hours of Sunday through Thursday: 6:30 a.m. to 11:59 p.m. Operation: Friday and Saturday: 6:30 a.m. to 1:00 a.m.; provided that Tenant shall have the right to stay open later to the extent permitted by law. Art. 6 Rent:
MINIMUM RENT YEAR MINIMUM RENT MONTHLY RENT ----------------- ------------ ------------ 1 $15,333 (from Term Commencement Date through $184,0001 12-31-05 2 $202,000 $16,834 3 $208,000 $17,334 4 $214,000 $17,834 5 $221,000 $18,417 6 $228,000 $19,000 7 $235,000 $19,585 8 $242,000 $20,167 9 $249,000 $20,750 10 $256,000 $21,333 PERCENTAGE RENT Percentage: 6
MINIMUM RENT YEAR YEARLY PERCENTAGE RENT BASE QUARTERLY PERCENTAGE BASE RENT ----------------- --------------------------- ------------------------------ 1 $839,948.00 (from Term Commencement Date through $3,359,792 12-31-05) 2 $3,460,585 $865,146.25 3 $3,564,403 $891,100.75 4 $3,671,335 $917,833.75 5 $3,781,475 $945,368.75 6 $3,894,919 $973,729.75 7 $4,011,767 $1,002,941.75 8 $4,132,120 $1,033,030.00 9 $4,256,084 $1,064,021.00 10 $4,383,767 $1,095,947.75 Art. 7 Total Rentable Area 5,000 square feet Art. 29.3 Broker: None
- ---------------- 1 Subject to Article 6.1 of the Lease