RECENT EXTENSIONS OF EXISTING LEASES FOR EXISTING LOCATIONS

12 Months Ended

Oct. 03, 2015

RECENT EXTENSIONS OF EXISTING LEASES FOR EXISTING LOCATIONS [Abstract]

RECENT EXTENSIONS OF EXISTING LEASES FOR EXISTING LOCATIONS

NOTE 7.RECENT EXTENSIONS OF EXISTING LEASES FOR EXISTING LOCATIONS

North Lauderdale, Florida

During the first quarter of our fiscal year 2015, we (i) exercised the final five (5) year renewal option to extend the term of our lease for the combination package liquor store and restaurant we own located at 5450 N. State Road 7, N. Lauderdale, Florida (Store #40) through December 31, 2020 under the existing terms and conditions and (ii) were granted an option to purchase the real property and improvements to be exercised on or before December 31, 2020 for a purchase price of $1,200,000, cash at closing.

Hialeah, Florida

During the fourth quarter of our fiscal year 2015, we extended our lease for the package liquor store we own located at 1550 W. 84th Street, Hialeah, Florida (Store #7) for a period of five (5) years through October 31, 2020, with one (1) five (5) year renewal option, under the same terms and conditions except for fixed rental increases at the start of the lease extension and the renewal option, if exercised by the Company.