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February 27, 1989 <br /> LEASE RENEWAL PROPOSAL <br /> NATIONWIDE SEWING <br /> St. Anthony Shopping Center <br /> Leased square footage: 3 , 000 (3 , 000 store area, 978 storage area) <br /> Current Net Base Rent: $2 . 44/sq. ft. _ $610. 00/mo. <br /> Current Operating Exp: <br /> CAM $ . 54/sq. ft. = 135.00/mo. <br /> Ins. N/A <br /> Taxes .58/sq. ft. = 145. 00/mo. <br /> Total $890. 00/mo. <br /> Proposed lease term: 2 years- <br /> Annual Base Rent: <br /> Year 1 $4 . 25/sq. ft. x 3 , 000 sq. ft. / 12 = $ 1, 062 . 50/mo. <br /> Year 2 $4 . 50/sq. ft. x 3 , 000 sq. ft. / 12 = $ 1, 125. 00/mo. <br /> Operating Expenses: <br /> Full pass through; fiscal 1989 rate $1. 62/sq. ft. <br /> Storage Area: _, <br /> 978 sq. ft. x $3 .00/sq. ft (gross) / 12 = $244 . 50/mo. <br /> *Tenant to join shopping center Merchant's Association <br /> Initiation fee: $.25/sq. ft. <br /> Annual dues: $. 10/sq. ft. <br /> *Landlord to write off $1, 238.95 from past due billings existing <br /> on accounts receivable <br /> This outline is to show how a lease renewal might be structured. The <br /> only document which will bind both parties is a mutually executed <br /> lease. <br /> Eberhardt <br />