1.0) LEASE AGREEMENT.
(1.1) Page 3 , Clause 4 - Extension Of Leased Term.
As per our earlier discussion, we had requested a 3 years Option To Renew on this Lease Agreement and the rental rate shall be in line with Consumer Price Index (CPI) ;
Or with a minimum increase on rental rate with a ceiling cap which to be agreed upon executing of this agreement. Cap was included as discussed over the phone. Our competitive benchmark is 15%, but we have reduced this amount to be as close to the current terms as possible. During negotiations this will be the maximum amount, but the agreed amount could be lower (in line or below current rent) as well.
(1.2) Page 4 , Clause 5.1 (g).
Signage and merchandise displays should include Mandarin Wordings beside English as Hong Bao is serving Chinese Cuisine The text states “must also be in English” and we will accept any other language as long as the English name is stated as well – I added a note regarding Mandarin language for clarification
(1.3) Page 5 , Clause 5.2
If the layout of Hong Bao is acceptable by The Landlord and in its original condition at the time of acceptance the demised premises, then that layout should be deemed as acceptable by The Landlord upon vacant possession.
Fair, wear and tear should be acceptable by The Landlord. Clause has been amended as suggested
(1.4) Page 5 , Clause 5.3
Except functions and events that are embracing Hong Bao cuisine and beverage philosophies. Clause refers to clause 1 which states “use the Leased Premises as a Chinese restaurant (including catering business).” – I added “events” to clause 1 to cover all areas
(1.5) Page 5 , 5.7
Not including cooking equipment. I amended the clause and excepted cooking equipment as requested
(1.6) Page 13.
We would like to request the following drawings from Amari Watergate :-
- Existing restaurant layout.
- Existing M&E plans.
- Kitchen Equipment inventory list. ( Which to be confirmed after join inspection.)
I added an addition to the sheet that mentions the above plans
(2.0) SERVICE AGREEMENT.
(2.1) Page 10 , Clause 4.4 - Air Conditioning.
Could you please advise us what is the maximum capacity of air conditioning supply to this restaurant in Tones Units Scale ?. Appreciate if you could provide this information to us or perhaps a copy of the monthly air conditioning bill for this premises. Unfortunately we do not have any monthly bills as our air-conditioning had not been metered before. We will purchase and install a meter during the next few weeks. The capacities are as below: