HomeMy WebLinkAboutPA2022-0221_20221006_Property Leasing Agreement.Opp-041QS9
THE ffiVINE COMPANY
RETAIL LEASE
Ocean 48
Fashion Jsland
PA2022-0221
RETAIL LEASE)
THIS RETAIL LEASE and all exhibits attached hereto (collectively, ''Lease") is entered into by Landlord and Tenant and is
effective as of Oc.tc'oei2. "2.'o, '1.0Z \ ("Lease Date").
ARTICLE I
BASIC LEASE PROVIS IONS
I.I Landlord: THE IRVINE COMPANY LLC, a Delaware limited liability company ("Lall(l/ort!'').
1.2 Tenant: OCEAN 48 NEWPORT BEACH. LLC. an A1izona limited liability company ("Tenant").
1.3 Trade Name: Ocean 48 ("Trade Name"). (An. 7)
J .4 Shopping Center: Fashion Island, located in the City of Newport Beach, State of California (Art. 2)
("Shopping Center").
1.5 Premises Address: I 51 Newport Center Drive. Newport Beach, CA 92660 (" Premises"). (Art. 2)
l..6 Floor ATca: Approximately 10,945 square feet, detennined in accordance with Section 2 I.I 5 r'Floor (Art. 2 I)
Area").
1.7 Lease Term (''Term"): Beginning on the date ("Commencement Date") that is the earlierof (i) the (Art. 2)
date Tenant opens for business to the public in the Premises, and (ii) the expiration of2 IO days (the
"Build-Out Period'') following the date that is 1he later of (a) the date of Landlord's Notice to Tenant
that the Premises are vacant and Tenant is entitled to possession of the Premises upon satisfaction of
the Delivery Requirements set forth in Exhibit C ("Delivery Notice''), and (b) the-earlier of (I) the
date that Tenant receives the building permil for Tenant's Work (hereafter defined)·and (2) May 1,
2022 (the "Permit Outside Dute"), and ending on the last day of the month 180 months thereafter (or
extended in accordance with Article 22 of this Lease) unless sooner terminated as provided in this
Lease ("Expiration Date"). Provided that Tenant diligently pursues the completion of Tenant's Work
based upon a construction schedule whereby completion of Tenant's Work is scheduled to occur prior
to rhe expiration of the Build-Ow Period, then Tenant shall have the one-time right to extend the
Build-Out Period for a period not to exceed tl1irty (30) days by providing Notice (hereafter defined)
thereof to Landlord no less than sixty (60) days prior to the expiration of the 110-day Build-Out
Period. For purposes of this Section 1.7, Tenant will not be deemed open for business to the public
during Tenant's soft opening strictly for friends and fatnily events, not exceeding ten ( I 0) days prior
to the public opening.
I.IO Use of Premises: The Premises shall be used for the first-dass operation of a full-service, fine dining (Art 7)
restaurant and full bar (which operates· in a man_ner substantially similar 'to the other Ocean 44/48
restaurants) specializing in the preparation and sale of seafood and steak (with the option to provide
take-out service and/or delivery service), all in accordance with the menu attached hereto as Exhibit K
(the "Me1111"). Tenant may make evolutionary changes to the Menu from time to time, provided that
(1) the items offered on such revised menu and the original theme and concept of the restaurant remain
substantially the same as that which is in existence as of the Commencement Date and as the other
Ocean 44/48 restaurants, and (2) such changes do not violate any exclusive use in the Shopping
Center. ln connection with Tenant's operation of a restaurant from the Premises, Tenant shall have
the right to sell alcoholic beverages for on-Premises consumption and provide live entertainment,
provided Tenant obtains, at Tenant's sole cost and expense, any and all necessary pem1its and/or
governmental approvals required for same (copies of such permits and approvals shall be provided to
Landlord) and provided further that, with respect to any live entertairunenr, Tenant complies with all
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noise resmctions·and rules required by Landlord (which-restriciions and rules shall be consistent with
those administered by Lnndlord for· the .Shqpping Center regarding live entertninmcnt nt tenant
spaces): The foregoing_ describ.ed use. of'the Premises is hereafter collectively referred to as, the
"Perm{tted 'Use". Landlord warrari~ and represents to Tenant •thnt there are no usj!S·resfrictions in
other tenants' 'leas.es affectil)g the Shppping C~nt~r:tha:t:propibit or limit the opej-ntion of the Premises
for lh:e. Pennifted Use. ·
l .l 8 Addresses for "Not.ice" (~c.fiited u:i Articl~ 20) and Paymcuts:
Opp-041959
LANDLORD
Landloril's·Address fo'r Notice and Pa'vmenf
otlnilial Char.ges:
THElRVINE-CQMPANY LLC
~o I New1rort ce.nter Drive; S\iite A I SQ
]'lewport Be.acli, California 92660.
with a copy to:
The Irvine-Company LLC
tl o lnrtovatiqri
Irv.inc, California·92617
,'.l.ttention: General,Coups¢1, Retail Propcrtie,
with copy to:
The ln'.ine:Compan_y LLC
40 I Newport Center Drive, Si..tite:.A !'50
Newport Beach, California 92660
Attention: Sales Reports
salestepprtsfi@irvinccompan_y.com
Tenant Pavment Portal Registration:
TENANT
Tenant's Addres,for Notice:
OCEAN48·
8355 E, .Hartforq Drive, Suite· I 90
Scottsc!ale;.f..Z 852~5
Alfn: JeffMastr.o
With an electronic copy·t~:
jcff@piimesteakconccpts.com
Tenant's Address for Statements /BIiiings:
PA2022-0221
Email tf!utlllp1111al ;, 11·,·in::t:itillJ~!!~~£l!!ll to
request an account for the Tenant. Payment
Portal
Ocean 48
8355 E. Hattford Drive, Suite I 00
Sconsdale, AZ 85255
Attn: CFO
With an c lectronic copy 10:
jelT@prirnesteakconcept~.com
ARTICLE2
LEASE OF PREMISES; RESERVATIONS
2.1 LEASE OF PREMISES. Landlord hereby leases.IP Tenant, and Tenant hereby leases from Landlord, for the Term
described herein, the Premises identified in Section 1.5 and located in the Shopping Center depicted on the Shopping Center Site
Plan anached as Exhibit A. The Premises are deemed to contain the Floor Area se't fonh in Section 1.6 (subject to the
remeasurement right set forth in Section 21 .15), are generally depicted on the Premises Site Plan attached as Exhibit B and are
being delivered to Tenant in accordance with Exhibit C. All of Tenant's Work and any other construction by Tenant on the
Premises must be performed in accordance with Exhibit C. Landlord has no obligation to deliver physical possession of the
-Pr:emises to Tenant until Tenant has satisfied the Delivery Requirements specified in Exhibit C. Tenant's failure to satisfy the
Delivery Requirements shall not delay the detenniriation of the Commencement Date.
2.2 RESERVATIONS. Exhibit A sets forth an approxill)ate general layout of the Sliopping Center and shall noc be deemed
a (epresentation by Landlord that the Shopping Cenrer is or will be constructed as indicated thereon, nor as a representation or
warranty as to the current or future occupancy of an)' particular tenant in the Shopping Center, or that the.Shopping. Center will
not be expanded, reduced or otherwise modified. Landlord reserves the right al any time to (i) make alteratio.ns or additions to
the building in which the Premises are contained ("Building") if required by Law; (ii) subject to Section 9.5 of this Leilse,
construct other buildings or improvements in the Shopping Center and 10 make alterations or additions thereto; and ('iii) access
and use the exterior walls, floor, roof and plenwn in, above and below the Premises for the purpose of effecting certain items of
repair and maintenance for the benefit of the Premises, as provided in this Lease.
2.-3 LIQUOR LICENSE CONTINGENCY. Tenant's ob.ligations under this Lea.se are contingent upon Tenant obtaining
a liquor license required to permit the sale of alcohol from the Premises for on-premises. consumption (the "liquor
License'"). Tenant agrees to immediately commence application for and file completed applications within thirty (30) days of
the Lease Date and µse its reasonable effons to diligently pursue Jhe obtaining of such Liquor License. If despite Tenant's
reasonable eff<ins, Tenant is unable to obtain the Liquor License on or before the date which is one hundred eighty ( 180) days
after the Lease Date (the "L'lqunr L/ce11se Dute"), and provided that such failure is not relaled to the costs to obtain the Liquor
License andior the applicant failing to meet the requirements _or standards of the Department of Alcoholic Beverage Control
("'DABC'), then Tenant shall have the right to tenninate this Lease upon written notice to Landlord within 1en ( I 0) days after the
Liquor License Date, and if Tenant fails to tenninale this Lease priorto the expiration of said ten (I 0) day period, said contingency
shall be deemed to have been waived (and the Lease shall remain in full force and effecl). Landlord and Tenant acknowledge
and agree that Tenant shall not be deemed to be unable to obtain the Liquor License (and shall have no right to terminate the
Lease), if any such failure 10 obtain lhe Liquor License is based upon the cosr to obtain the Liquor License or the applicant, or
th~ application filed by Tenant with the DABC, not meeting the requirements and standards of the DABC that are within Tenant"s
reasonable control to satisfy.
A!'eny time during the period described ,above wherein T~nant is pursing the Liquor License, Landlord shall have the right to
request from Tenant evidence that Tenant has made prompt application for and is diligently pursuing the Liquor License, and
Tenant shall provide such evidence within ten (JO) days ofter Landlord's request therefor. Should Tenant fail to provide such
evidence to Landlord within such JO-day period, then Tenant's termination right shall automatically be deemed null and
void. Landlord shall have lhe right to review and approve any conditions that may be pan of Tenant's liquor license process.
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IN WITNESS WHEREOF, Landlord and Tennnl have duly executed this Lease on (he day and year first above
written.
LANDLORD:
THE·IRVINE COMPANY LLC
a Delaware limited liability compnny
~~~c: K6ttf• ~
Title: Senior Vice President, Operations
0y:
Name:
TiUc:
-~-"~crR. forwood Assistant Secretary
TENANT:
OCEAN 48 NEWPORT BEACH, LLC
an Arizona limited liability company
By: Team 44 ReslUurnnls. LLC,
an Arizona limited liability company. its Mpnager
By: Rcstauran\.44. LLC. an Arizona limited liability company
Its: Manager
If Tenant is a corporation. limited liability company, panncrship or OlherenUty. or is comprised of any of them. each
individual executing this Lease for such entity represents that he or she is duly nuthorized to execute and deliver this Lease on
behalf.·ofsuch cntily and that this Lease is binding upon such entity in accordance wW1 its terms.
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EXHIDI'f A-
SHOPPING CENTER SITE PLAN
This· drawing is a general representation only and may not accWqtely reflect the-status of building
improvcm~rits on the Shopping Center or.be-a fiill depiction oftlie entire Shoppin_g Center.
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f I : i J
" i
EXHIBIT A
E:XHIB!T A
al-
PA2022-0221
EXHLB)T 13
PREMISES SI.TE-PLAN
This drawing· is a general representation of (he· proposed Premises and should not be reiied upon for the
preparation c;ifplaris and speciJications. Tenant· and/or its representatives snould fie!~ verify.a.II me·as.tH:em·erits.
,.. ,. f I
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EXHIBIT B
EXHIBIT B
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