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Sublease

Sublease Agreement

Sublease | Document Parties: BKF CAPITAL GROUP INC | 1st UNITED, LLC | One North Federal, Ltd You are currently viewing:
This Sublease Agreement involves

BKF CAPITAL GROUP INC | 1st UNITED, LLC | One North Federal, Ltd

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Title: Sublease
Governing Law: Florida     Date: 1/23/2009
Industry: Misc. Financial Services     Sector: Financial

Sublease, Parties: bkf capital group inc , 1st united  llc , one north federal  ltd
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Exhibit 10.36

 

SUBLEASE

--------

This Sublease ("Sublease") is entered into as of the 1st day of January,

2009, by and between BKF Capital Group, Inc., a Delaware corporation, whose

address is One North Federal Highway, Boca Raton, FL 33432 (hereinafter referred

to as "Sublessee") and 1st United, LLC, a Florida limited liability company,

whose address is One North Federal Highway, Boca Raton, FL 33432 (hereinafter

referred to as "Sublessor"). This Sublease is joined in for the limited purposes

hereinafter set forth by One North Federal, Ltd. (the "Landlord").

WHEREAS, Landlord and Sublessor entered into that certain Lease dated as

of the 21st day of April, 2003 (the "Prime Lease"), wherein Sublessor was

"Tenant" and One North Federal, Ltd. as "Landlord." Landlord shall be referred

to in this Sublease as "Lessor."

WHEREAS, Sublessee desires to sublease a portion of the second floor of

the Premises, as more specifically identified in Exhibit "A" attached hereto and

made a part hereof (the "Sublease Premises"), from the Sublessor upon the terms

and conditions hereinafter set forth and Sublessor desires to sublease said

Sublease Premises to Sublessee.

NOW, THEREFORE, for and in consideration of the mutual covenants herein

contained, the sum of Ten Dollars and 00/100 ($10.00) and other good and

valuable consideration, the receipt and sufficiency of which are hereby

acknowledged, the parties intending to be legally bound, do hereby agree as

follows:

1. Recitals. The recitals set forth above are true and correct and

are hereby incorporated herein by this reference.

2. Sublease. Sublessor hereby leases to Sublessee, and Sublessee

hereby leases from Sublessor, the Sublease Premises, subject to the terms and

conditions herein set forth.

3. Term. The initial term of this Sublease shall be for a period of

thirty-six (36) full calendar months (the "Sublease Term") beginning on January

1, 2009 (the "Sublease Commencement Date"). In accordance with the preceding,

the term of this Sublease shall end on December 31, 2011.

4. Sublease Premises. The Sublease Premises consists of two thousand

twenty-seven (2,027) rentable square feet for all purposes under this Sublease.

Sublessor and Sublessee agree that the rentable square footage includes a

portion of the common areas allocable to Sublessor under the Prime Lease, and

such rentable square footage is a final determination and may not be challenged

or altered for any reason whatsoever. Sublessee shall use the Premises for

professional offices and financial services.

5. Rent. Sublessee shall pay to Sublessor throughout the term of this

the Sublease base annual rentals per rentable square foot for the Sublease

Premises, as follows:

Annual Base Monthly

Period Rate Rent Installment

------ ---- ----------- -----------

January 1, 2009 through

December 31, 2009: $14.00 per sq. $28,378.00 $2,364.83

ft.

January 1, 2010 thru

December 31, 2010: $15.00 per sq. $30,405.00 $2,533.75

ft.

January 1, 2011 thru

December 31, 2011: $16.00 per sq. $32,432.00 $2,702.67

ft.

<PAGE>

In addition to Base Rent, Sublessee shall pay to Sublessor any and all sales,

use, transaction, or comparable tax(es) applicable thereto. Said base annual

rental shall be subject to adjustment as hereinafter provided in this Sublease.

It is expressly provided, however, that so long as Sublessee shall not be in

default of its obligations under this Sublease, such Base Rent and the tax(es)

thereon shall, for the convenience of Sublessee, be payable in equal monthly

installments in advance, without demand, deduction or setoff, on or before the

first day of each calendar month during the term of this Sublease. However, upon

a default by Sublessee of any of its obligations hereunder, the Base Rent for

the balance of the then current calendar year of the term of this Sublease

together with the aggregate of the annual rentals for the remainder of the

calendar years of the term of this Sublease, as provided hereinbelow, shall be

immediately due and payable. The term Default in the Sublease shall have the

same meaning as ascribed to it in Paragraph 17 of the Prime Lease. If this

Sublease commences on a day other than the first day of a calendar month, the

monthly Base Rent for the fractional month shall be appropriately prorated.

a. Sublessee recognizes that late payment of any Rent or other sum due

hereunder from Sublessee to Sublessor will result in administrative

expense to Sublessor, the extent of which additional expense is extremely

difficult and economically impractical to ascertain. Sublessor therefore

agrees that if Rent or any other payment due hereunder from Sublessee to

Sublessor remains unpaid ten (10) days after the same is due, the amount

of such unpaid Rent or other payment shall be increased by a late charge

to be paid Sublessor by Sublessee in an amount equal to five percent (5%)

per month of the amount of the delinquent Rent or other payment. The

amount of the late charge to be paid to Sublessor by Sublessee for any

particular month shall be computed on the aggregate amount of delinquent

Rent and other payments, including all accrued late charges then

outstanding. Sublessee agrees that such amount is a reasonable estimate of

the loss and expense to be suffered by Sublessor as a result of such late

payment by Sublessee and may be charged by Sublessor to defray such loss

and expense.

b. Rent Commencement Date is the date specified in Paragraph 3 hereof for the

Sublease Commencement Date and the date upon which the first rental

payment hereunder becomes due.

c. The Sublessor will receive monthly from Sublessee the equivalent of six

and one half percent (6 1/2%) of all amounts paid as Rent hereunder which

sum is paid to the State of Florida by the Sublessor. This six and one

half percent (6 1/2%) rate is accountable by the Sublessor to the State of

Florida under the Florida Sales Tax Statute. The Sublessor receives no

monetary benefit from the collection and disbursement of this charge.

Therefore, to satisfy this obligation, Sublessee shall pay to Sublessor,

in addition to the Rent agreed to by the parties, six and one half percent

(6 1/2%) of all amounts paid as Rent hereunder. Should such tax rate

change under the Florida Sales Tax Statute, the Sublessor will receive

monthly from Sublessee the amount reflective of appropriate charges.

Sublessee shall pay Sublessor in conjunction with all sums due hereunder,

any and all applicable sales, use or other similar tax and any interest

or penalties assessed therein ("Sales Tax") simultaneously with such

payment.

d. In addition to the Base Rent, Sublessee shall pay without, demand,

deduction, or setoff as "Additional Rent" (which amounts along with any

other amounts or charges which may become due or payable by Sublessee to

Sublessor may collectively or separately be referred to as "Rent"

hereunder), Sublessee's Proportionate Share of the Operating Expenses of

the Building delivered by Sublessor to Landlord under the Lease.

Sublessee's proportionate share is that amount which is equivalent to the

percentage determined by dividing the rentable square feet in the Sublease

Premises by the total rentable square feet under the Lease upon which

operating expenses are calculated.

<PAGE>

e. For the purposes of this Sublease, Sublease Year shall mean each twelve

(12) month period beginning on the Sublease Commencement Date and each

anniversary of the Commencement Date (or the first day of the succeeding

calendar month following the month in which the Sublease Commencement

Date occurs should such date be on any day after the first day of a

calendar month), and extending until the last day of each twelve (12) full

calendar month period thereafter.

f. Provided Sublessee faithfully performs all terms and conditions of the

Sublease during the term of this Sublease, Sublessee's obligation to pay

Base Rent under this Sublease shall be abated in months one (1), two (2)

and (3) in the aggregate amount of Seven Thousand Ninety-Four and 50/100

($7,094.50) Dollars. If Sublessee at any time breaches any term or

covenant required to be performed by Sublessee under this Lease, Sublessor

may, in addition to all other rights or remedies it may have, rescind the

abatement and receive all the Base Rent which Sublessor would have

otherwise received from Sublessee had there been no period of abatement.

The herein granted abatement shall apply to payment of Base Rent only, and

shall not be applicable to Additional Rent or any other charges, expenses

or costs payable by Sublessee under this Sublease. Sublessor's failure to

rescind the abatement of Base Rent provided for hereunder as a result of

any default by Sublessee shall not be deemed to be a waiver of Sublessor's

right to so rescind on any subsequent default by Sublessee.

6. PREPAID RENTS AND SECUR


 
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