Basanite Inc. (BASA)

[disco dave]

On January 31, 2019, the Company, through its wholly-owned subsidiary Basanite Industries, LLC, entered into a Commercial Lease Agreement with Camton, LLC, a Florida limited liability company pursuant to which the Company’s subsidiary has agreed to lease approximately 25,470 square feet of office and manufacturing space at 2041 NW 15 th Avenue, Pompano Beach, Florida 33069. The commencement date of the lease is April 1, 2019. The Company intends to move its corporate headquarters to the premises at such time. The term of the lease is five years. The Company’s subsidiary’s base rent obligation is approximately $23,595 per month during each of the first two years of the lease and increases approximately three percent annually for each of the three years on the remaining term of the lease. The aggregate base rent payments for the five-year term of the lease are $1,176,349. The Company’s subsidiary has one option to renew for an additional five-year term, which must be exercised by written notice at least one hundred and twenty days prior to the end of the term.