Five Star Products, Inc.Agreement of Lease • June 14th, 2007 • Five Star Products Inc • Wholesale-hardware & plumbing & heating equipment & supplies
Pursuant to that certain Agreement of Lease between Kempner Realty, LLC, as Landlord and Five Star Products, Inc., as Tenant covering the premises located at 1202 Metropolitan Avenue, Brooklyn, New York 11237 (the "Lease"), the Landlord and Tenant, as provided in the definition of "Fair Market Value" in the Lease, each retained appraisers to determine the Fair Market Value of the Premises. The Landlord and Tenant have both received the appraisals of the Premises from the appraisers that each retained and such appraisals are different by 10% or less. Pursuant to the Lease, the Fair Market Value is the average of the appraisals or Seven Million Seven Hundred Fifty Thousand U.S. Dollars ($7,750,000) (Tenant's appraisal being $7,500,000 and Landlord's appraisal being $8,000,000) subject to an annual adjustment of 3% as provided in the Lease.
