BOA_57 Loring Avenue - Owner Consent November 25, 2020
Re: Jaho Industries, LLC
57 Loring Avenue, Salem, MA
To Whom It May Concern:
Pleased be advised that I, Paul Valaskatgis, Trustee of Loring Avenue
Realty Trust, owner of 57 Loring Avenue, Salem, Massachusetts (the
"Property"), hereby authorize Jaho Industries, LLC to make application to the City
of Salem Zoning Board of Appeal and any other municipal or state authority
necessary for the permitting of a coffee shop, cafe and bakery use at the
Property.
Sincerely,
Loring Avenue Realty Trust
By;
Paul Valaskatgis, Trustee,`
600 Loring Avenue, Salem, MA 01970
Telephone 978-741-3696
Fax 978-336-6028
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600 Loring Avenue, Salem,MA 01070
Telephone 978-741-3696
Fax 978-336-6028
Letter Of Intent To Lease
Mr. Paul Valaskatgis November 18,2020
Loring Avenue Realty Trust
24 Gables Circle
Salem, MA 01970
Re: 57 Loring Ave..-_Salem, MA
Dear Paul:
The following is a Letter-of-Intent on the part of the undersigned Tenant and Landlord to
enter into'a lease basically incorporating the following terms and conditions:
LANDLORD: Loring Avenue Realty Trust
TENANT Jaho Industries, LLC
Anil Mezini and Michael Weiss
LOCATION: 57 Loring Ave. —Salem, MA
AREA OF PREMISES: 4,500+/-sq. ft. (See attached Exhibit"A").
LEASE TERM: Four(4)years and three hundred fifty (350)days.
January 15, 2021 thru December 31,2026
TENANT'S OPTION TO Two five(5)year option(s).Tenant must provide
EXTEND: written notice of its intentions to Landlord no later
than six(6)months prior to the expiration of the
original lease term or option period.
BASE RENT: Yr. 1
1/15/21 •5/15/21
5116/21 - 5/31121
6/1/21 - 6/30/21
7/1/21 - 12/31/21
*Yrs. 2-4
Yr. 5
* Beginning in Yr. 2 annual rent shall be defined as January 1 thru December 3151.
600 Loring Avenue, Salem, MA 01970
Telephone 978-741-3696
"36-6028
i
1'OPTION PERIOD RENT: Yrs. 6-7
Yr. 8-10
2"d OPTION PERIOD RENT: Yrs.t 1-13
Yrs. 14-15
REAL ESTATE TAXES, Included in Base Rent
REAL ESTATE"TAX Tenant shall be responsible for payment of its
ESCALATION CLAUSE: proportionate share(2/3) of any increase of real
estate taxes over FY 2021.
COMMON AREA Beginning at the start of Yr. 2 of the original
MAINTENANCE: lease term,Tenant shall be responsible for
one-third (1/3)of the cost for snow plowing and
landscaping.
BUILDING INSURANCE: Included in Base Rent
SECURITY DEPOSIT: As long as Tenant remains in good
standing and is not in default of any of the terms
and conditions set forth in the lease, then the
Security Deposit shall be returned to Tenant,and
taken as a$500.00 per month rental credit, for the
period January 1, 2022 thru December 31,2022.
DUE UPON LEASE: Security De osit and First Full Month's Rent,
EXECUTION: totaling
LIABILTY&DAMAGE By Tenant in limits and amounts acceptable to
INSURANCE: Landlord.
UTILITIES: Tenant shall be responsible for payment of bills
directly to utility providers for gas and electric
consumed while occupying, and in possession of the
leased Premises,Both are separately metered.
Water/Sewer charges are to be calculated by sub-
meter,and billed to Tenant by Landlord.Tenant
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600 Loring Avenue, Salem, MA 01970
Telephone 978-741-3696
Fax 978-336-6028
shall put utility accounts(gas&electric)in its name
and be responsible for payment of all charges
starting on Possession Date.
LANDLORD'S WORK: Deliver the space in its"as is", broom cleaned
condition., with all mechanicals(plumbing,electric,
and HVAC) in good working order.Work in
conjunction with Tenant's requirements to upgrade
Fire Alarm and Fire Alarm Control Panel (FALC).
TENANT'S WORK: Build-out space to its own plans and specifications.
No structural work is allowed.Non-structural work
must be performed to code, using licensed
contractors,after receiving Landlord's prior written
consent.
MECHANICALS - Landlord shall deliver mechanicals(plumbing,
RESPONSIBILITIES: electrical,sprinkler system,and [IVAC)in good
working order. Tenant shall arrange and make
payments for an annual maintenance plan (minimum
s. of two inspections)with Landlord's HVAC
contractor,as well as assuming responsibility for
performing general repairs. Landlord shall be
responsible for replacement of HVAC units, if
necessary, unless damage is caused by Tenant's
negligence. Landlord shall be responsible for
maintaining the integrity of the roof and structure.
USE CLAUSE: Fitil floor shall be used as a bakery and caff,with
seating. Basement shall be used for storage of paper
and dry goods(cups, lids,bottled flavor syrups,
etc.).
PERMITS, LICENSES, Tenant shall be responsible for obtaining all
&APPROVALS: necessary state and local licenses,permits,and
approvals required to operate its proposed business.
LEASE COMMENCEMENT/ January 15,2021 (Subject to City of Salem Zoning
POSSESSION DATE: Board of Appeals granting Special Permit at
December hearing, and to include the Appeal Period.
600 Loring Avenue,Salem, MA 01970
Telephone 978-741-3696
Fax 978-336-6028
RENT COMMENCEMENT: Tenant shall pay a partial monthly rental
on May 15,2021 and a monthly rental of on r-
June 1,2021. Starting on July 1,2021, full Yr. 1 rent
Omer mo.) shall commence.
PARKING: Tenant shall have fourteen(14)reserved parking
spaces,the approximate locations,shown on Exhibit
i
i
SIGNAGE: By Tenant.On front facade, pylon,and inside
vestibule at entrance. Signage must be to code,as
per City of Salem Sign Ordinance,after obtaining
Landlord's prior written consent.
TRASH: Tenant is responsible for the storage and removal of
all trash it generates within and outside the leased
premises.Tenant shall contract with a reputable
disposal firm for a dumpster which shall be located
in the southeast corner of the lot,as approximately
marked on attached Exhibit"A".
HOURS OF OPERATION/ As per City of Salem By-laws,after obtaining
Landlord's prior written consent.
LEASE FORM: By Landlord
BROKERAGE; By Landlord,as per Separate Agreement.
PERSONAL LEASE Principals of Jaho Industries, LLC shall
GUARANTY: personally guaranty aII obligations and
responsibilities, set forth in the lease. The Personal
Guaranty shall be terminated upon Tenant's receipt
of its' Certi&cate of Occupancy and evidence of full
payment to contractors.
MISC. PROVISIONS A)Subject to Landlord's review and acceptance of
Tenant's financials.
600 Loring Avenue, Salem, MA 01970
Telephone 978-741-3696
Fax 978-336-6028
B)Should Landlord elect to put the property on the
market for sale,the Tenant shall be granted a Right
of First Offer to acquire the real estate.
This Letter of Intent(LOI)is not a legally binding contract and is intended solely
for the purpose of summarizing the principal business terms to be incorporated into a
lease. If the above is acceptable,please sign where indicated below,and return to me.
Upon receipt,I will obtain the Landlord's signature and transmit the fully executed LOI
f back to you. At that point,the Landlord will generate the lease document. It is expressly
agreed that no legally binding contractual relationship between the parties will
exist unless and until a lease is mutually executed and delivered to both parties.
Sincerely yours,
The Drumlin Group
i
Mark F. Shapiro
LANDLORD: LORING AVENUE REALTY TRUST
AGREED AND ACCEPTED on this 6tkday of November,2020.
Paul askatgs;Tr. C.
TENANT: JAHO INDUSTRIES,LLC
AGREED AND ACCEPTED on this 1 gfhday of November, 2020.
By. V�/- Owner
Anil Mezini Title
By
Owner
_ _
Michael Weiss Title