Item 1.01 Entry Into a Material Definitive Agreement
On February 10, 2021, 273 Fifth Avenue, L.L.C., a newly established Delaware
limited liability company and wholly owned subsidiary of HF Foods Group Inc.
(the "Company"), completed the closing of an Assignment and Assumption of Lease
Agreement ("Assignment"), dated effective as of January 21, 2021, pursuant to
which it has assumed the lease of the premises at 273 Fifth Avenue, New York,
New York (the "Lease Agreement") dated as of July 2, 2018, by and between
Anheart, Inc. ("Anheart"), a former subsidiary of the Company, and Premier 273
Fifth, LLC. On the same date, the closing documents were delivered to effectuate
the amendment of the Lease Agreement pursuant to an Amendment to Lease (the
"Lease Amendment"). The Assignment and the Lease Amendment were negotiated
pursuant to guarantee obligations of the Company's wholly owned subsidiary, HF
Group Holding Corp. as guarantor under the Lease Agreement. 273 Fifth Avenue,
L.L.C. has agreed to observe all the covenants and conditions of the Lease
Agreement, as amended, including the payment of all rents due. Under the terms
of the Lease Agreement and the Assignment, 273 Fifth Avenue, L.L.C., has
undertaken to construct, at Company's expense, a building on the premises, at a
minimum cost of $2,500,000. The Lease Agreement and the Lease Amendment provide
for a term of 30 years, with option to renew for 10 additional years, at an
annual rent starting at $325,000 and escalating annually throughout the term,
with the annual rent in the final year of the initial term of $1,047,974. The
Lease Amendment further granted certain rent abatement to the premises for 2020
and 2021, including a 20% reduction of annual rent in 2021. The Lease Amendment
permits subletting of the premises.
The descriptions of the Lease Agreement, the Lease Amendment and the Lease
Assignment do not purport to be complete and are qualified in their entirety by
reference to the Lease Agreement, the Lease Amendment and the Lease Assignment,
which are filed with this current report on Form 8-K as Exhibits 10.1, 10.2 and
10.3, respectively, and incorporated by reference herein.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses
HF FOODS GROUP INC. 
