FIFTH AMENDMENT TO INDUSTRIAL REAL ESTATE LEASE
Exhibit 10.18
FIFTH AMENDMENT TO INDUSTRIAL REAL ESTATE LEASE
THIS FIFTH AMENDMENT TO INDUSTRIAL REAL ESTATE LEASE is dated this 1st day of May, 2020 between PAGODA PARTNERS LLC, an Ohio limited liability company, having an address of ▇▇▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇-▇▇▇▇ (“Landlord”), and ARHAUS, LLC a Delaware limited liability company, fka HOMEWORKS, INC, having an address of ▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇ (“Tenant”).
RECITALS
| A. | Landlord and Tenant entered into a certain Industrial Real Estate Lease, dated November 8, 2000 (the “Original Lease”), with respect to premises known as ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇. |
| B. | Landlord and Tenant amended the Original Lease pursuant to the first Amendment to Industrial Real Estate Lease dated September 22, 2004 (the “1st Amendment”), the Second Amendment to Industrial Real Estate Lease dated April 12, 2005 (the “2nd Amendment”), and the Third Amendment dated December 16, 2013 (the “3rd Amendment”) and the Fourth Amendment dated May 16, 2019 (the “4th Amendment”). |
| C. | The parties desire to amend the Original Lease as previously amended (the “Lease”) to amend the rent payments for the remainder of the Lease Term. |
NOW THEREFORE, for good and valuable consideration, the Landlord and Tenant agree as follows:
| 1. | Exhibit B-1 shall be modified with from the date this Fifth Amendment is signed with the following rent payment plan: |
| April | 2020 |
$ | — | Deferred | ||||||
| May | 2020 |
$ | — | Deferred | ||||||
| June | 2020 |
$ | 145,597.27 | |||||||
| July | 2020 |
$ | 145,597.27 | |||||||
| August | 2020 |
$ | 145,597.27 | |||||||
| September | 2020 |
$ | 145,597.27 | |||||||
| October | 2020 |
$ | 145,597.27 | |||||||
| November | 2020 |
$ | 145,597.27 | |||||||
| December | 2020 |
$ | 145,597.27 | |||||||
| January | 2021 |
$ | 113,243.32 | |||||||
| February | 2021 |
$ | 113,244.32 | |||||||
| March | 2021 |
$ | 113,245.32 | |||||||
| April | 2021 |
$ | 113,246.32 | |||||||
The remaining provisions of the Lease and Exhibits shall remain unchanged and unaffected by this 5th Amendment.
IN WITNESS WHEREOF, the parties have caused their authorized representatives to execute this Agreement as of the day and year first written above.
| PAGODA PARTNERS LLC, | Arhaus, LLC | |||||||
| By: | /s/ ▇▇▇▇ ▇. ▇▇▇▇ |
By: | /s/ ▇▇▇▇ ▇. ▇▇▇▇ | |||||
| ▇▇▇▇ ▇. ▇▇▇▇, Manager | ▇▇▇▇ ▇. ▇▇▇▇, CEO | |||||||
| By: | /s/ ▇▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ |
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| ▇▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, Manager | ||||||||
| STATE OF OHIO | ) | |
| ) SS | ||
| COUNTY OF SUMMIT | ) |
The foregoing instrument was acknowledged before me this 8 day of July, 2020, by ▇▇▇▇ ▇. ▇▇▇▇, a Manager of PAGODA PARTNERS LLC, an Ohio limited liability company, on behalf of the limited liability company
| (SEAL) |
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/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇ | ||
|
My commission expires: | ||||
| STATE OF OHIO | ) | |
| ) SS | ||
| COUNTY OF CUYAHOGA | ) |
The foregoing instrument was acknowledged before me this 8th day of July, 2020, by ▇▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, a Manager of PAGODA PARTNERS LLC, an Ohio limited liability company, on behalf of the limited liability company
| (SEAL) | /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇ | |
| Notary Public | ||
| My commission expires: |
||
| STATE OF OHIO | ) | |
| ) SS | ||
| COUNTY OF SUMMIT | ) |
The foregoing instrument was acknowledged before me this 8 day of July, 2020, by ▇▇▇▇ ▇. ▇▇▇▇, Chief Executive Officer of Arhaus, LLC a Delaware limited liability company, on behalf of the limited liability company.
| (SEAL) | /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇ | |||
| Notary Public | ||||
| My commission expires: | ||||