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F <br />GRUBB & ELLIS. <br />Cressy & Everett <br />INTENT TO LEASE <br />We, Gordon Ventures, LLC, hereinafter referred to as "Lessee ", propose to lease 1530 square feet known as <br />123 South Michigan Street, Michigan Street Shops, in the City of South Bend, St. Joseph County, Indiana, <br />subject to the following terms and conditions: <br />1. USE: National Retail Franchise named Edible Arrangements: The <br />production, retail sales and delivery of floral shaped and <br />sculpted fruit arrangements, fruit dipped in assorted flavors <br />with assorted toppings, fruit salads and related products as <br />required by Edible arrangements, which may include fruit <br />drinks /Smoothies and frozen yogurt. <br />2. LEASE TERM: <br />Five (5) years <br />3. ASSIGNMENT Tenant may assign the Lease to a licensed Edible Arrangements <br />franchisee upon Landlords consent and review of assignee's <br />financial strength. Such consent shall not be unreasonably <br />withheld nor delayed. <br />4. INCEPTION DATE: Rent shall commence 45 days after occupancy. <br />5. OCCUPANCY DATE: Upon substantial completion of Landlord's work. <br />6. RENEWAL OPTIONS: Three 5 year Options to extend at a rate equal to 90% of the <br />average lease rates in The Michigan Street Shops at the time of <br />renewal, or at a rate of $9.00 / sq. ft., whichever is greater. Rent <br />shall increase 3% annually throughout the renewal period. <br />7. RENT: <br />8. COMMON AREA MAINTEN- <br />ANCE and PROPERTY TAX <br />(Additional Rent) <br />9. UTILITIES <br />10. LANDLORD IMPROVEMENTS: <br />Rent shall be as follows: <br />Year 1 <br />$7.50 <br />Year 2 <br />$7.72 <br />Year 3 <br />$7.96 <br />Year 4 <br />$8.20 <br />Year 5 <br />$8.44 <br />Rent shall increase 3% annually. <br />2012 Budget for CAM is $5.61 PSF <br />Tenant shall be responsible for all separately metered utilities <br />consumed on Premises including but not limited to Electric, <br />water, gas, and telecommunications <br />Tenant requires 12 ton of air conditioning. Tenant shall at their <br />