EXHIBIT 10.3
BROWARD
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COUNTY ARENA
EXECUTIVE SUITE LICENSE AGREEMENT
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Licensee : Extended Stay America, Inc.
Address : 450 E. Las Olas Blvd., Suite 1100
Fort Lauderdale, FL 33301
Phone No. : (954) 713-1600 Fax No. (954) 713-1650
Contact Person: Phyllis Korman
This License Agreement ("Agreement") is made and entered into by and
between ARENA OPERATING COMPANY, LTD., a Florida limited partnership,
("Operator") and Licensee.
In consideration of the mutual covenants and agreements set forth in this
Agreement, Operator and Licensee do hereby agree as follows:
A. Grant of License. Subject to the Basic Terms described below and the Terms
and Conditions set forth in this Agreement, Operator hereby grants Licensee
the privilege and right to use the executive suite (the "Suite") located at
the Broward County Civic Arena, in the City of Sunrise, Florida (the
"Arena").
B. Basic Terms. The following terms shall apply to this Agreement:
1. Suite. The Suite and the License granted hereunder shall have the
following characteristics:
Suite No. SL #46
Annual Suite Fee: $120,000 Security Deposit: $24,000 (see Section 3.2)
Security Deposit is due upon execution of this Agreement.
50% of the Initial Suite Fee Payment due on or before March 1st, 1998.
Balance of Initial Suite Fee Payment due on or before July 1st, 1998.
Annual Payment due on or before September 1st of each succeeding year.
The Term of this Agreement is 7 years commencing September 1st, 1998 and
expiring on August 31st, 2005 (See Section 3.3).
allotted for the Suite shall be sixteen (16) (See Section 2.2).
C. Terms and Conditions. The attached Terms and Conditions are incorporated by
reference into this Agreement.
D. Entire Agreement. This Agreement, consisting of the basic Agreement and the
attached Terms and Conditions, constitutes the entire Agreement between the
parties. This Agreement supersedes all prior agreements or negotiations
concerning the subject matter hereof. No representation, promise or
undertaking heretofore or concurrently made, whether in advertising or
marketing materials, discussions or otherwise, shall be binding on either
party unless specifically set forth herein.
IN WITNESS WHEREOF, this Agreement shall become effective and binding upon
the parties when executed by both Licensee and Operator, as indicated below.
Licensee has reviewed the attached Terms and Conditions of this Agreement and
agrees to be bound hereby.
ARENA OPERATING COMPANY, LTD., LICENSEE*:
a Florida limited partnership
By: Arena Operating Company, Inc. a --------------------------------
Florida corporation, its general partner
By: By: /s/ George D. Johnson, Jr.
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Name: Name:
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Title: Title: CEO
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Date:
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Name:
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Title:
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By:
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Name:
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Title:
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* Each person or persons listed above as Licensee must sign this Agreement.
If the Licensee is a corporation or a partnership, the title of the authorized
signatory must be included.
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