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Cumberland Advisors, Inc. has signed a lease for 6,519 rentable square feet at 1 South School Avenue, Sarasota, Florida, with a lease term from December 20, 2024, to December 31, 2029. The lease includes provisions for parking, a security deposit of $15,754.25, and limits on the use of the premises, including restrictions on cooking and storage of merchandise. The tenant is responsible for utilities and certain operating expenses, while the landlord retains rights to re-enter the premises in case of default.

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0% found this document useful (0 votes)
23 views4 pages

Processed File

Cumberland Advisors, Inc. has signed a lease for 6,519 rentable square feet at 1 South School Avenue, Sarasota, Florida, with a lease term from December 20, 2024, to December 31, 2029. The lease includes provisions for parking, a security deposit of $15,754.25, and limits on the use of the premises, including restrictions on cooking and storage of merchandise. The tenant is responsible for utilities and certain operating expenses, while the landlord retains rights to re-enter the premises in case of default.

Uploaded by

Aamar shahzad
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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3G MICROFAB LLC

METROPOINTE COMMERCE PARK

T Space Information--------------------------------------------------------------------------------------------------

T Name: CUMBERLAND ADVISORS, INC. DBA:CUMBERLAND


ADVISORS, INC.

Premises : 1 South School Avenue - Suite # 900 Sarasota, Florida 34237

LL: Landlord City/State/Zip: City: Sarasota


State: Florida
Zip Code: 34237

Date Preparted: 09/27/2024

T Space Information--------------------------------------------------------------------------------------------------

Rentable Square: 6,519 Rentable Square Feet

TERM, LEASE INDEX and NOTES-----------------------------------------------------------------------------------

Lease Agreement Date: 09/27/2024

Parking: number_of_spaces: Three (3) parking spaces per 1,000 Rentable Square Feet of the
Premises
location: Non-reserved parking at the Office Building Project
fees: No cost to Tenant
usage_restrictions: Loading and unloading only at specified areas, no parking in driveways or
reserved spaces of other tenants

Lease Commencement Date: [lease_commencement_date]

Lease Expiration Date: December 31, 2029

Rent Commencement Date: [rent_commencement_date]

Term: start_date: 2024-12-20


end_date: 2029-12-31

Rent Profit: Not Found

Assignment Fee: The tenant shall pay a fee of $2,000.00 to the landlord prior to the landlord's
obligation to respond to a request for assignment and/or sublease. The landlord must be given
fifteen (15) days' prior notice of the particulars of the proposed transfer. Certain types of
transactions are considered Permitted Assignments and do not require prior consent from the
landlord, such as assignments resulting from mergers, sales of substantially all assets, or
assignments to entities controlled by or under common control with the tenant.
TI Allowance: NA

Lease Index: type_of_index: Consumer Price Index (CPI)


frequency_of_adjustment: annually
calculation_method: based on CPI change

Guarantor: Not mentioned

COST SCHEDULE------------------------------------------------------------------------------------------------------

Free Rent: duration: Lease Execution with the first payment due on January 1, 2025
conditions: Tenant’s rent is abated for Lease Execution

DEPOSIT INFORMATION---------------------------------------------------------------------------------------------

Security Deposit: amount: $15,754.25


conditions for return: Security deposit to be returned after deducting all amounts owed by Tenant
circumstances for forfeiture: Security deposit held as security for the prompt, full, and faithful
performance by Tenant

RECOVERIES ------------------------------------------------------------------------------------------------------

Cap: The "CAP on Escalation of Costs" clause in the lease document limits the annual increase of
specific costs that the tenant is responsible for, such as operating expenses, taxes, and insurance.
The cap ensures that these expenses cannot exceed a certain predetermined amount each year,
providing predictability for the tenant in budgeting.

Gross Up: NA

Payment: NA

Utilities: Responsible Party: Tenant is responsible for paying electricity, telephone, cable/I.T.
service, pest control services, and any maintenance charges for utilities.
Conditions/Exceptions: Landlord shall not be liable for any interruption or failure of utility services
on the leased premises.
Service Failures/Termination: Utility failure or interruption does not constitute a breach by Landlord
or entitle Tenant to terminate the lease.

Real Estate Taxes: NA

After Hours HVAC: Description: Tenant will not use any method of heating or air conditioning other
than that supplied by Landlord without Landlord’s prior written consent, which consent shall not be
unreasonably withheld, conditioned, or delayed and Landlord hereby agrees to cooperate and
facilitate Tenant’s allowed actions including completing customary disclosures or agreements as
may be required.
Cost: N/A
Hours Considered: Outside of regular business hours
Process for Requesting: Tenant needs Landlord's written consent

HVAC Repair: Landlord warrants that, as of the Commencement Date, all Building systems
including heating, cooling, plumbing, electrical, and mechanical and fire sprinklers are in safe and
proper working order and in compliance with all applicable codes and ordinances, including
ADA. Landlord shall, at Tenant’s sole cost and expense, contract to provide standard janitorial
services, as well as HVAC maintenance service and repair, to the Premises, to the extent Tenant
fails to provide proof to Landlord. Tenant’s responsibility for repairs and replacements to the HVAC
system are set forth in Section 5.2. Tenant further agrees to maintain the Premises in first-class
condition, normal wear and tear excepted.

OPTIONS ------------------------------------------------------------------------------------------------

Renewal: NA

Terminations: [terminations]

Relocation: {'Landlord shall have no right to relocate Tenant to any other space within the Office
Building Project for any reason whatsoever.'}

expansion_right_first_refusal The Exclusive Use Clause in the commercial lease grants the tenant
the exclusive right to operate a specific type of business within the property. This means that the
landlord cannot rent space to other tenants for the same or similar activities as specified in the
clause. The exclusive rights apply only to the specific business activities outlined in the lease, and
the tenant must adhere to any conditions or exceptions mentioned in the clause.

LL/T Rights --------------------------------------------------------------------------- ---------------------

Assignemnt/Sublet: NA

Recapture Rights: Landlord may re-enter and repossess the Premises, attempt to re-let the
Premises, bring suit to recover possession or collect rent, and collect all due amounts by suit or
otherwise in case of any default or transfer of the lease by the Tenant. Landlord's rights and
remedies are cumulative and non-exclusive, and any action taken does not waive other rights or
remedies. In case of default or termination, Tenant shall be liable for damages as provided in the
Lease. Tenant waives rights to a jury trial, redemption, re-entry, or restoration of the Lease after
termination. Any violation of the Lease by any party occupying the Premises is deemed a violation
by Tenant. Landlord retains the right to retain all monies previously paid by Tenant upon termination
of the Lease.

Estoppel: NA

Attorney Fees: In the event of legal disputes or enforcement actions related to this lease, if either
the landlord or the tenant initiates legal proceedings or retains an attorney, the prevailing party will
be entitled to recover reasonable attorney fees, court costs, investigation costs, and related
expenses incurred. The amount of attorney fees will be fixed by the court if a lawsuit is filed. This
provision does not apply to any attorney fees incurred for other purposes not directly related to
lease enforcement or disputes.

Interruption of Services: [interruption_of_services]

Late Fees: NA

Holdover: NA
Other Notes: NA

Management Fee: The lease specifies that Operating Expenses include sums expended or incurred
by the Landlord for Real Estate Taxes and premiums for insurance, which the Tenant shall
reimburse the Landlord for its proportionate share. The Tenant's Share is calculated as a
percentage based on the Rentable Square Feet of the Premises compared to the Rentable Square
Feet of the Building, resulting in a percentage share of 8.46%. Additionally, the lease outlines that
Real Estate Taxes reimbursed by the Tenant will be based on the maximum discount allowable by
law for early payment, currently set at 4%.

Subordination: Tenant agrees that this Lease, at Landlord’s option, shall be subject and
subordinate in lien to each and every Landlord’s Mortgage which now is or hereafter may be placed
by Landlord on the Office Building Project or any part thereof, and to all increases, renewals,
modifications, consolidations, spreadings, replacements and extensions thereof, irrespective of
their respective dates of recording. By way of example and not limitation, if required by a Landlord’s
Mortgage, and provided that Tenant receives a non-disturbance assurance from Landlord’s
Mortgage holder ('Landlord’s Mortgagee') (a) Tenant will recognize as Landlord and attorn to such
Landlord’s Mortgagee or any purchaser at a foreclosure sale or at a public or private sale by a
trustee, (b) no pre-payment of Rent more than one month prior to its due date will be binding upon

Restrictions ------------------------------------------------------------------------------------------------

Permitted Use: The premises will not be used for lodging or for the storage of merchandise held for
sale to the general public, or for manufacturing of any kind. No cooking is allowed without
landlord's consent, except for specific approved equipment. Tenant must comply with safety, fire
protection, and evacuation procedures. Smoking is prohibited in the building. Tenant's use is
limited to the activities specified in the lease.

Exclusive: The Exclusive Use Clause in the commercial lease document grants the tenant the
exclusive right to operate a specific type of business within the property. This prevents the landlord
from leasing space to other tenants for the same or similar activities. The clause ensures that the
tenant has sole control over conducting the specified business within the property.

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