This Commercial Lease Agreement (the “Lease”) sets out the complete terms on which the Landlord leases the commercial premises described below to the Tenant — the term, the base rent and its annual escalation, the triple-net charges, the security deposit, the build-out allowance, and the obligations of each party throughout the term.
Suite 200 of The Calloway Building at 18 West Burnside Street, Portland, Oregon 97209 — approximately 2,400 rentable square feet of ground-floor retail space, including the storefront display windows, a customer sales floor, a rear stockroom, one ADA restroom, and shared use of the building lobby and rear loading area. Leased in “as-is” condition subject to the Tenant Improvements set out herein.
The Landlord leases to the Tenant, and the Tenant leases from the Landlord, the Premises at Suite 200, 18 West Burnside Street, Portland, OR 97209 for an initial term of five (5) years — sixty (60) consecutive months — commencing on August 1, 2026 (the “Commencement Date”) and ending on July 31, 2031, unless sooner terminated under this Lease. The Landlord shall deliver the Premises in “as-is” condition on the Commencement Date, with the building systems serving the Premises in working order and the rear loading area accessible during business hours.
The Tenant shall pay Base Rent in advance on the first day of each month, without demand, deduction, or setoff. Base Rent begins at $4,200.00 per month and escalates three percent (3%) on each anniversary of the Commencement Date, per the schedule below.
Base Rent is exclusive of Additional Rent (taxes, insurance, and CAM) under Clause 3.
This is a triple-net (NNN) lease. In addition to Base Rent, the Tenant shall pay its proportionate share — 24.0%, being the Premises’ rentable area as a fraction of the building — of real property taxes, building insurance, and common area maintenance (“CAM”). The Tenant pays estimated Additional Rent monthly with Base Rent, reconciled annually against actual costs.
The Landlord shall hold a $8,400.00 security deposit — two (2) months’ Base Rent — against unpaid rent and damage beyond ordinary wear, returned within 45 days of surrender with an itemized statement of any lawful deductions. The following sums are due upon execution:
The Premises shall be used solely for the retail sale of boutique apparel, home goods, and gift merchandise, together with incidental online order fulfillment, and for no other purpose without the Landlord’s prior written consent. So long as the Tenant is not in default, the Landlord shall not lease other ground-floor retail space in the building to a business whose primary use is the same as the Tenant’s. The Tenant shall conduct its business in a first-class manner and shall not create any nuisance, noxious odor, or use that violates applicable law or the building rules.
The Landlord shall provide a tenant-improvement allowance of $60,000.00 — approximately $25.00 per rentable square foot — toward the Tenant’s initial build-out of the Premises, disbursed against approved invoices upon completion and lien releases. The Tenant shall submit plans for the Landlord’s written approval, not unreasonably withheld, and complete the work with licensed contractors in compliance with applicable codes and permits where required. Improvements affixed to the Premises become the Landlord’s property at surrender, except the Tenant’s trade fixtures, signage, and removable equipment.
Responsibility for the Premises and building is divided as follows throughout the term:
The Tenant shall maintain commercial general liability insurance of not less than $2,000,000 per occurrence, naming the Landlord as additional insured, plus property insurance on its improvements and contents, with certificates delivered before occupancy. Each party releases the other from claims covered by its own insurance to the extent of recovery (waiver of subrogation). The Tenant shall indemnify the Landlord against claims arising from the Tenant’s use of the Premises, except to the extent caused by the Landlord’s negligence, as permitted by applicable law.
The Tenant shall not assign this Lease or sublet the Premises, in whole or in part, without the Landlord’s prior written consent, which shall not be unreasonably withheld; no assignment or sublease releases the Tenant from liability absent an express written release. The Landlord may enter the Premises on 24 hours’ prior notice to inspect, make repairs, or show the space, and at once in a genuine emergency to protect persons or property.
If Base Rent or Additional Rent is unpaid, or a covenant is breached and not cured within the period allowed by law after written notice, the Landlord may pursue the remedies available under applicable law, including recovery of sums due, reasonable costs, and possession. Provided it is not in default, the Tenant shall have one (1) option to renew for five (5) years at the then-prevailing market rent, on 180 days’ written notice. This Lease is governed by the laws of the State of Oregon, constitutes the entire agreement, is severable, may be executed in counterparts including electronic signatures, and may be amended only in a writing signed by both parties.
Executed as of July 15, 2026. By signing below, the Landlord and the Tenant, intending to be legally bound, agree to every term of this Lease and confirm they have read it in full and received a complete, executed copy.
The undersigned Guarantor personally and unconditionally guarantees the full and timely performance of the Tenant’s obligations under this Lease, including the payment of Base Rent and Additional Rent, and acknowledges this guaranty as a material inducement to the Landlord’s execution.
A well-kept lease is the foundation of a lasting tenancy. May Suite 200 prosper for both parties through the term ahead.