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<br />6.10 <br />Page 2 <br />Since the months from November through April are slower months for Tarboosh, staff <br />recommends reducing the monthly rent from $500 to $100 ($0.25 to $0.05 per square <br />foot). In early 2011, the Executive Director will revisit the Agreement to determine the <br />future payment plan. The last three rows in the table below clarify that the Agreement <br />is with the Byrtus Group LLC, that the Executive Director can amend the rents, and that <br />more than a 51 percent transfer of ownership of the Byrtus Group constitutes an <br />assignment. <br /> <br />Term Current Proposed <br />Arrears Rent: Oct. 2009 $3,000 ($500 per month x 6 1. Waive $1,500 <br />- Mar. 2010 months) 2. Take the remaining $1,500 out of <br /> the $3,000 deposit <br />Late fees: 1. Oct. 2009 $300 (1 00/0 of $500 x 6 1. Waive the $300 <br />- Mar. 2010 months); 2. Waive the $50 or 10% late fee of <br />2. April 2010 $50 the proposed $100 monthly rent <br />Future Rent: <br />2010 <br />April $500 $100 <br />May $500 $500 <br />June $500 $500 <br />July $500 $500 <br />Aug. $500 $500 <br />Sept. $500 $500 <br />Oct. $500 $500 <br />Nov. $500 $100 <br />Dec $500 $100 <br />2011 <br />Jan $500 $100 <br />Feb. $500 $100 <br />Mar. $500 $100 <br />T ota I $6,000 $3,600 <br />Amendments to the Executive Director to make Authorize the Executive Director or <br />License any non-substantive designee to negotiate and amend the <br /> modifications as necessary monthly rents, late fees, and <br /> for execution. consumer price index adjustments. <br />Licensee The license agreement is The license agreement is entered into <br /> entered into with Tarboosh with Byrtus Group, Inc doing business <br /> Restaurant, hereinafter as Tarboosh Restaurant hereinafter <br /> referred to as "Licensee". referred to as "Licensee". <br />Transfer of Ownership No language in the Incorporate a Transfer of Ownership <br /> Agreement. section stating that the dissolution, <br /> merger. consolidation, or other <br /> reorganization of the corporation or <br /> the sale or other transfer of fifty one <br /> percent (51%) or more of the assets <br /> of the business entity shall be deemed <br /> an assignment. <br /> <br />ALTERNATIVES <br />1) The Agency may choose to reduce future monthly license fees. <br />2) The Agency could give notice and terminate the License Agreement. <br />