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A. The Lease
On or about August 21, 1995, petitioners, as “tenant”,
entered into the Lease with TUP 130 Company Limited Partnership,
a Kentucky limited partnership (hereinafter sometimes referred to
as TUP 130), as “landlord”. Under the Lease, TUP 130 agreed to
lease to petitioners space number 115 at the Mall at Barnes
Crossing shopping center in Tupelo, Mississippi, for a 5-year
term. (This space is hereinafter sometimes referred to as the
Store Space.) Petitioners leased the Store Space in order to
operate a T.J. Cinnamons franchised bakery, hereinafter sometimes
referred to as the Bakery. The Bakery was to engage in the
retail sale of cinnamon rolls, gourmet coffee, muffins, bagels,
coffee cakes, and other related items incidental to a typical
T.J. Cinnamons menu.
When petitioners entered into the Lease, the Store Space had
a dirt floor, no utilities, and no permanent walls. The Lease
obligated petitioners to complete construction of the Store Space
at their own expense before they could occupy the space for the
Bakery. The construction that petitioners were obligated to
complete was as follows: (1) Excavation of the Store Space; (2)
installation of a concrete slab floor and a floor covering
therefor; (3) installation of a ceiling system; (4) installation
of a return air plenum; (5) installation of partition walls; (6)
installation of doors, frames, and hardware therefor; (7)
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