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Home My WebLink AboutCOM 0565.001 2020-2022 SUBMITTED BY: JOHN C. ANDOH,CCTM CPM COUNCIL Mass Transit Administrator RES. 294®22 COMM. 565 SII ALEXANDER & BAL DWIN CUA�Y/rLERV December 10, 2021 COUNTY OF HAWAII RECEIVED Tim-1-13PM B Date County of Hawai'i Mass Transit Agency �NtAZI. 25 Alpuni Street Hilo, HI 96720 Attention:John Andoh Subject: Letter of Intent for Queens' Marketplace Suite 2F11(New) Dear John: We are pleased to present this letter of intent ("Letter") to confirm the general terms and conditions under which the Landlord (described below) would consider leasing space at Queens' Marketplace (the "Project"). This Letter does not contain all of the terms material to Tenant's lease of the premises described below,and is not intended to create a binding agreement. If the terms and conditions below are acceptable to you, please sign in the space provided at the end of this Letter.The form of lease containing all material terms will be provided to you by the Landlord. 1. LANDLORD: ABP Waikoloa LLC 822 Bishop Street Honolulu, HI 96813 2. TENANT: County of Hawai'i Mass Transit Agency 3. PREMISES: Approximately 1,211 square feet of retail space identified as Suite 2F11 on the floor plan attached hereto as Exhibit A(the"Premises"). 69-201 Waikoloa Beach Drive Waikoloa, HI 96738 4. COMMENCEMENT DATE AND RENT COMMENCEMENT DATE: The Landlord Delivery Date is estimated to be January 1, 2022. The Commencement Date shall be on the Rent Commencement Date. The Rent Commencement Date shall be thirty(30)days after the Landlord Delivery Date. 5. TERM: The Term will begin on the Commencement Date and end on the 12`" full month after the Rent Commencement Date. 6. USE: Tenant may use the Premises only as a lounge area for Tenant's bus operators. Comm. No. Ref. To: Ref. Date—JAN 1 2 2022 2 Letter of Intent September 3, 2021 i It is Tenant's sole responsibility to ensure that the Premises is properly zoned and entitled for Tenant's permitted use. 7. BASE RENT: Year 1:$1,598.52 8. PERCENTAGE RENT: N/A 9. OPERATING EXPENSES: Currently estimated at$2,639.98 for 2021. 10. ADDITIONAL RENT: This will be a net lease. Tenant will pay costs of Project operating expenses, insurance, taxes, conveyance tax, and assessments attributable to the Premises and common areas, and all other sums or charges due or to become due from Tenant to Landlord as set forth in the lease. 11. PROMO: N/A 12. ADVERTISING: Tenant shall include the address and identity of its business in the Premises in all advertisements made by Tenant in which the address and identity of any similar local business activity of Tenant is mentioned. 13. UTILITIES: Tenant shall pay all utility bills and charges to the extent not included in operating expenses. 14. ESTIMATED INITIAL MONTHLY PAYMENT OF RENT;ADVANCE DEPOSIT: Monthly Base Rent $1,598.52 Tenant's Pro Rata Share of Operating Expenses $2,639.98 Tax on Rent/GET Reimbursement $199.72 Total Initial Monthly Rent(excluding Percentage Rent) $4,438.22 The Advance Deposit shall be paid to Landlord upon execution of the lease and credited by Landlord against Tenant's first full monthly installment of Rent and other charges due under the lease. 15. SECURITY DEPOSIT: One-month gross rent to be paid upon execution of the lease. Security Deposit amount shall be dependent on landlord's review of Tenant's financials. 16. CONDITION OF PREMISES: Except as stated herein,Tenant is leasing the Premises in its existing condition "AS-IS"with no warranties. Landlord to remove furniture currently inside with the exception of the room divider. 17. TENANT WORK: Tenant intends to do the following work: Cleaning and bringing in furniture. 18. CRITICAL DATES: Delivery of Possession estimate to be 1/1/2022. Rent Commencement by 30 days after Delivery Date. 1 i 3 Letter of Intent September 3, 2021 19. AGENCY DISCLOSURE: t Landlord shall have no obligation to pay any commission,finder's fee or other amount to any broker or other person in connection with a lease of the Premises except in accordance with a separate written agreement executed by Landlord that expressly states the amount to be paid. Landlord is represented by:A&B Properties Hawaii, LLC, is a licensed real estate broker under the laws of the State of Hawaii. Tenant is represented by: None. By initialing below, Landlord and Tenant confirm that oral or written disclosure of such representation was provided to them before the signing of this Letter. Tenant's initials Landlord's initials Tenant is free to retain its own consultants and agents to review this Letter and any transaction documents at Tenant's own expense. 20. PARKING: Tenant's customers and invitees shall be provided parking in common with other tenants. Tenant and employee parking may be available in areas designated by Landlord at the then prevailing rate. 21. MULTIPLE OFFERS;ONGOING NEGOTIATIONS: Tenant is advised that Landlord has received or extended multiple letters of intent,and is or may counter-offer,offer, or execute letters of intent with more than one potential tenant. Until a lease of the Premises is fully executed by both Landlord and a tenant, Landlord shall have the right, and hereby reserves the right to continue marketing the Premises and negotiating leases of the Premises with other parties. Tenant shall have no right to lease the Premises unless and until Landlord and Tenant execute a lease agreement and deliver to each other such executed lease agreement. 22. GUARANTOR(S): None 23. ADDITIONAL TERMS: In addition to the provisions set forth in this Letter, Landlord and Tenant agree to the following Additional Terms: A. Master Signage. Landlord reserves the right to implement a master signage plan for the Center. If, as of the date of the Lease, Landlord has not established sign criteria for the Center,all signs shall nevertheless be subject to Landlord's prior written approval in all respects,and upon adoption by Landlord of a master signage plan for the Center,Landlord shall give Tenant written notice thereof,and Tenant shall have ninety(90)days from receipt of such notice to make any changes at Tenant's expense,to Tenant's then-existing signage that are necessary to conform with such requirements. All signs shall be kept by Tenant in good condition and in proper operating order at all times. Landlord reserves the right to designate a uniform type of sign for the Center to be installed and paid for by Tenant. 24. CONTACT(S): Lease correspondence to be sent to John Andoh (John.Andoh@hawaiicounty.gov) and Matthew Schull (mschull@abhi.com). 4 Letter of Intent September 3, 2021 25. NOT BINDING DOCUMENT: The terms of this Letter and any decision by Landlord to enter into a lease are subject to Landlord's review and approval of Tenant's financial statements and such other documentation as Landlord may reasonably request. Tenant hereby authorizes Landlord and its agents to order a credit check of Tenant and all guarantors (if any). Neither Landlord nor Tenant shall have any obligation resulting from this Letter unless and until a lease is fully executed by both parties. Additional material provisions related to Tenant's use of the Premises will be set forth in the lease to be delivered by Landlord to Tenant. Landlord reserves the right to continue marketing the Premises and enter into agreements with other parties until a lease agreement is fully executed. The terms and conditions contained in this letter will expire on the tenth (10th)calendar day following the date of this letter, unless approved by Tenant by signing below. Sincerely, Matthew Schull AGREED AND ACCEPTED THIS TENANT: County of Hawai'i Mass Transit Agency By Name Title ACKNOWLEDGED AND ACCEPTED THIS LANDLORD: ABP Waikoloa LLC By Lance K. Parker President of A& B Properties Hawaii, LLC,Series R Manager or agent, as applicable,on behalf of Landlord