OFFICE LEASE — 12 CLERKENWELL ROAD
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Date: December 1, 2024

1. 1. Premises

The Landlord lets and the Tenant takes the Premises known as Suite 4B, 12 Clerkenwell Road, London EC1M 5PQ, comprising approximately 2,400 sq ft of office space on the 4th floor as shown edged red on the Plan.

2. 2. Rent

Year 1: £60,000 p.a. | Year 2: £72,000 p.a. | Year 3: £84,000 p.a., in each case payable quarterly in advance. A rent review shall take place at the end of Year 3.

3. 3. Service Charge

The Tenant shall pay a fair proportion (as reasonably determined by the Landlord) of the costs of providing services to the Building, currently estimated at £12 per sq ft per annum. The service charge cap shall not exceed [X]% increase year-on-year.

4. 4. Permitted Use

The Premises shall be used only for purposes within Use Class E (commercial, business and service) and for no other purpose without the prior written consent of the Landlord.

5. 5. Break Clause

The Tenant may terminate this Lease on the 12-month anniversary by giving not less than 3 months' prior written notice and paying a break penalty equal to 3 months' rent.

6. 6. Repair Obligations

The Tenant shall maintain the Premises in no worse condition than shown in the Schedule of Condition annexed hereto. The Tenant shall not be required to put the Premises in any better state of repair.



ANNEX: CHANGES FROM TEMPLATE
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Clause 2: 2. Rent
  Original: Standard
  Selected: Stepped rent
  Note: Stepped rent reflects our growth plan — lower cost in year one when we are still scaling.

Clause 5: 5. Break Clause
  Original: Mutual break
  Selected: Tenant-only break
  Note: We need tenant-only break flexibility given market uncertainty.

Clause 6: 6. Repair Obligations
  Original: Full repairing
  Selected: Schedule of condition
  Note: Schedule of condition protects us from legacy building issues.



APPROVALS
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counterparty: Approved on January 5, 2025 at 14:30
owner: Approved on January 3, 2025 at 11:00