Confirmation of Renewal Period Rent, by and between PHR STPFL, LLC and PHR STPFL OPCO SUB, LLC, dated May 4, 2023

EX-10.1 2 tm2314867d1_ex10-1.htm EXHIBIT 10.1

 

Exhibit 10.1

 

CONFIRMATION OF EXTENSION PERIOD RENT

 

This CONFIRMATION OF RENEWAL PERIOD RENT (this "Agreement") is made effective as of the 31st day of March 2023 (the "Effective Date"), by and between PHR STPFL, LLC, a Delaware limited liability company ("Landlord"), and PHR STPFL OPCO SUB, LLC, a Delaware limited liability company ("Tenant").

 

WITNESSETH:

 

WHEREAS, Landlord and Tenant are parties to that certain Hotel Lease dated March 29, 2018 (the "Lease") for certain real property located at 940 5th Avenue, St. Petersburg, Florida as more particularly described in the lease (the "Land") and all improvements thereon, including the building that is being operated as a hotel, furniture, furnishings equipment, fixtures, and other personal property that is owned by Landlord (the "Leased Property").

 

WHEREAS, in connection with the automatic extension of Term pursuant to Section 2.2 of the Lease, Landlord and Tenant desire to confirm and agree upon the Base Rent and Percentage Rent during the first Renewal Term of the Lease, in the manner herein set forth.

 

NOW, THEREFORE, for and in consideration of the mutual covenants contained herein, and for Ten and No/100 Dollars ($10.00) and other good and valuable consideration, paid by the parties hereto to one another, the receipt and sufficiency of which are acknowledged by the parties hereto, the parties hereto hereby covenant and agree as follows:

 

1.                  Definitions/Recitals. Terms used but not defined in this Agreement will have the definitions given to them in the Lease. The recitals set forth above are incorporated herein and made a part of this Agreement to the same extent as if set forth herein in full.

 

2.                  Rent. During the Renewal Term, Rent shall be paid in accordance with the following:

 

Fixed Rent: Fixed Rent shall be paid monthly in the amounts shown on the table attached hereto as Exhibit A.

 

Percentage Rent: Percentage Rent shall be paid monthly in the percentages in excess of the corresponding Gross Revenue figure as shown on the table attached hereto as Exhibit B.

 

Except as provided above, the specific method and timing of payment of Rent under this Section 3 shall continue to be governed by the Lease.

 

3.                  Ratifications. Except as provided otherwise herein, the Lease shall remain in full force and effect, and Landlord and Tenant hereby ratify and reaffirm the terms, covenants, premises, warranties, representations and conditions hereof and thereof. The Lease, as amended hereby, shall be binding upon, and shall inure to the benefit of the parties hereto, and their respective heirs, successors, assigns and anyone claiming by, through and under any of them, whether voluntary by act of the parties or involuntary by operation of law.

 

 

 

 

4.                  Authority. By execution hereof, each of Tenant and Landlord represents and warrants that it has the power to make, deliver and perform under this Agreement.

 

5.                  Counterpart Execution. This Agreement may be executed in one or more signature page counterparts, each of which, when combined with the remainder of this Agreement, shall constitute one and the same document. Transmission of an executed signature page of this Agreement by email shall be effective to create a binding agreement, but the transmitting party must thereafter provide an original signature page to the other party upon request.

 

[Signatures appear on next page]

 

 

 

 

       IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed and delivered effective as of the day and year first above written.

 

  LANDLORD:
   
  PHR STPFL, LLC,
  a Delaware limited liability company
   
   
  By: /s/ James A. Procaccianti
  Name: James A. Procaccianti
  Its: Authorized Signer
   
   
  TENANT:
   
  PHR STPFL OPCO SUB, LLC,
  a Delaware limited liability company
   
   
  By: /s/ James A. Procaccianti
  Name: James A. Procaccianti
  Its: Authorized Signer

 

 

 

 

Exhibit A

 

Fixed Rent

 

Month/Year  Fixed Rent 
4/30/23   107,866 
5/31/23   58,930 
6/30/23   51,579 
7/31/23   54,901 
8/31/23   34,492 
9/30/23   43,221 
10/31/23   36,956 
11/30/23   43,116 
12/31/23   42,880 
1/31/24   62,401 
2/29/24   109,064 
3/31/24   150,965 
4/30/24   110,105 
5/31/24   48,794 
6/30/24   41,300 
7/31/24   47,793 
8/31/24   21,892 
9/30/24   41,406 
10/31/24   92,017 
11/30/24   50,087 
12/31/24   41,621 

 

 

 

 

1/31/25   64,273 
2/28/25   112,336 
3/31/25   155,494 
4/30/25   113,408 
5/31/25   50,258 
6/30/25   42,539 
7/31/25   49,227 
8/31/25   22,548 
9/30/25   42,648 
10/31/25   94,777 
11/30/25   51,589 
12/31/25   42,870 
1/31/26   66,201 
2/28/26   115,706 
3/31/26   160,159 
4/30/26   116,810 
5/31/26   51,765 
6/30/26   43,815 
7/31/26   50,704 
8/31/26   23,225 
9/30/26   43,928 
10/31/26   97,621 
11/30/26   53,137 
12/31/26   44,156 

 

 

 

 

1/31/27   68,187 
2/28/27   119,177 
3/31/27   164,964 
4/30/27   120,315 
5/31/27   53,318 
6/30/27   45,129 
7/31/27   52,225 
8/31/27   23,922 
9/30/27   45,246 
10/31/27   100,549 
11/30/27   54,731 
12/31/27   45,481 
1/31/28   69,483 
2/29/28   122,429 
3/31/28   170,470 

 

 

 

 

Exhibit B

 

Percentage Rent

 

Month/Year  Gross Revenue Floor   Percentage Rent 
4/30/23   378,466    71.25%
5/31/23   279,469    52.72%
6/30/23   258,502    49.88%
7/31/23   277,700    49.42%
8/31/23   230,677    37.38%
9/30/23   243,971    44.29%
10/31/23   229,640    40.23%
11/30/23   240,854    44.75%
12/31/23   245,206    43.72%
1/31/24   241,800    64.52%
2/29/24   368,729    73.95%
3/31/24   471,055    80.12%
4/30/24   379,655    72.50%
5/31/24   265,391    45.96%
6/30/24   257,600    40.08%
7/31/24   278,280    42.94%
8/31/24   230,433    23.75%
9/30/24   250,551    41.32%
10/31/24   336,334    68.40%
11/30/24   260,749    48.02%
12/31/24   260,418    39.96%
1/31/25   249,054    64.52%
2/28/25   379,791    73.95%
3/31/25   485,187    80.12%
4/30/25   391,044    72.50%
5/31/25   273,353    45.96%
6/30/25   265,328    40.08%
7/31/25   286,628    42.94%
8/31/25   237,346    23.75%
9/30/25   258,067    41.32%
10/31/25   346,424    68.40%
11/30/25   268,571    48.02%
12/31/25   268,230    39.96%
1/31/26   256,526    64.52%
2/28/26   391,184    73.95%
3/31/26   499,742    80.12%
4/30/26   402,776    72.50%
5/31/26   281,554    45.96%

 

 

 

 

6/30/26   273,288    40.08%
7/31/26   295,227    42.94%
8/31/26   244,466    23.75%
9/30/26   265,809    41.32%
10/31/26   356,817    68.40%
11/30/26   276,628    48.02%
12/31/26   276,277    39.96%
1/31/27   264,221    64.52%
2/28/27   402,920    73.95%
3/31/27   514,734    80.12%
4/30/27   414,859    72.50%
5/31/27   290,000    45.96%
6/30/27   281,486    40.08%
7/31/27   304,084    42.94%
8/31/27   251,800    23.75%
9/30/27   273,784    41.32%
10/31/27   367,522    68.40%
11/30/27   284,927    48.02%
12/31/27   284,566    39.96%
1/31/28   285,098    60.93%
2/29/28   434,756    70.40%
3/31/28   555,405    76.73%