EXHIBIT 10.3
LEASE AGREEMENT, DATED SEPTEMBER 19, 1996
[LETTERHEAD OF GRUBB&ELLIS] Xxxxxxx X. Xxxxx
Senior Associate
September 19, 1996
Xx. Xxxxx Xxxxxxxx
Southland Management, Inc.
000 X. Xxxxxxxx Xxxxxxxxx, #000
Xxxxxxx, Xxxxxxxxxx 00000
RE: Proposal to Lease
Diamond Bar Village, Diamond Bar, Ca
Dear Xx. Xxxxxxxx:
On behalf of Xxxxx Xxxx, I am pleased to present the following lease proposal:
Tenant: Xxxxx Xxxx, a married woman
DBA: Mirage Collection
Use: A retail store specializing in the sale of Indian women's Ready-to-Wear
Clothing and Accessories and Tailoring.
Space: 00000 X. Xxxxxx Xxxxxx Xxxxx
Size: 1,150 SF approximately (size to be verified)
Rate: $862.50/month ($0.87/SF) plus triple net
Tripe Net: Approximately $0.25/SF/month
Term: Five (5) years
Escalations: $0.03/SF/month annual increases
Option to Renew: One (1) five (5) year option to renew at the then fair market
value of space at Phase III of Diamond Bar Village.
Condition of Premises: Tenant shall take possession of the premises in its current condition, subject to HVAC,
plumbing and electrical systems being in proper working order.
Tenant Improvements: Tenant shall at its own expense remove existing interior offices, replacing existing
carpet, paint and patch walls, make the drop ceiling of uniform height and perform
its own fixurization.
Possession: Upon lease execution, but not later than October 1, 1996.
Rent Commencement: November 1, 1996 or upon opening for business, whichever is sooner.
Advance Rent: Tenant shall pay one month's advance rent plus triple net charges upon lease execution.
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Security Deposit: Tenant shall pay the equivalent of one month's base rent upon lease execution.
Signage: Tenant shall install a business sign in conformance with the Center's
Sign Criteria and City requirements within sixty (60) days of lease execution.
Tenant shall obtain a bid from a licensed sign company and submit a sign deposit
to Landlord in that amount upon lease execution. Deposit shall be refunded to
Tenant upon presentation of invoices and installation of sign.
Expiration: This proposal shall expire September 27, 1996.
Landlord and Tenant acknowledge that this proposal is not a lease and it is
intended as the basis for the preparation of a lease by the Landlord. The lease
shall be subject to Landlord's and Tenant's approval and only a fully executed
lease shall constitute a lease for the premises. Broker makes no warranty or
representation to Landlord or Tenant that acceptance of this proposal will
guarantee the execution of a lease for the premises.
Sincerely,
XXXXX & XXXXX COMPANY
COMMERCIAL REAL ESTATE SERVICES
/s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
Senior Associate
Retail/Investment Division
MPS:cmp
Agreed and Accepted:
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Landlord Date
/s/ XXXXX XXXX 10/14/96
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Tenant Date
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