Item 1.01. Entry into a Material Definitive Agreement.
On
The sale of the Property closed on
In connection with the sale of the Property, the parties also agreed to enter into a five-year office lease ("Lease") after closing, pursuant to which EML agreed to lease to the Company the office building on the Property. In exchange, the Company agreed to pay to EML base rent as follows:
Months Annual Base Rent Monthly Base Rent 1-12$ 308,000.00 $ 25,666.67 13-24$ 317,240.00 $ 26,436.67 25-36$ 326,757.20 $ 27,229.77 37-48$ 336,559.92 $ 28,046.66 49-60$ 346,656.72 $ 28,888.06
The Company and EML entered into the Lease on
The foregoing description of the Sale Agreement and the Lease does not purport to be complete and is qualified in its entirety by the actual Sale Agreement and the Lease, copies of which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description 10.1 Commercial Contract, datedNovember 3, 2022 , by and among the registrant andEML Realty Partners, LLC . 10.2 Office Lease, datedJanuary 4, 2023 , by and among the registrant andEML Realty Partners, LLC . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1
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