Lease Abstract between Battery & Clay Associates, LLC and BC Restaurants, LLC for Club Quarters Hotel, San Francisco

Summary

This lease agreement is between Battery & Clay Associates, LLC (landlord) and BC Restaurants, LLC (tenant) for approximately 5,500 square feet at the Club Quarters Hotel in San Francisco. The space will be used for operating an Elephant & Castle Pub Restaurant and providing services in hotel meeting and conference areas. The lease term is 10 years, starting March 26, 2003, and ending February 28, 2013. Rent is based on 5% of gross proceeds from banquet services and guest rooms, with no minimum rent, prepaid rent, or security deposit required. The landlord is responsible for constructing and fitting out the premises.

EX-10.26 8 a2106427zex-10_26.txt EXHIBIT 10.26 EXHIBIT 10.26 ELEPHANT & CASTLE GROUP INC. LEASE ABSTRACT 1. PROJECT CLUB QUARTERS HOTEL, SAN FRANCSICO, CALIFORNIA 2. TENANT BC Restaurants, LLC 3. STORE AREA Approx 5,500 sf, excluding conference 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 March 26, 2003 DATE 8. TERM EXPIRY February 28, 2013 DATE 9. MINIMUM RENT Nil, exclusive of CAM, Taxes and insurance 10. EXTENSION None PERIODS 11. PERCENTAGE 5% of Gross Proceeds from Banquet Services & guest rooms 12. PREPAID RENT Nil 13. SECURITY DEPOSIT None 14. INITIAL PRO- Nil MOTION CHARGE 15. FIXTURING Nil PERIOD 16. LANDLORD Battery & Clay 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 Landlord to construct and fit out the premises ALLOWANCE