Unfortunately, during the long period of mandated closure in 2020, we had to put the NoHo property on the market. At the time we went into escrow, we were still closed and had zero expectation of receiving any support for shuttered venues. While the sale did not end up being completed until after the reopening, it happened when audiences had still not returned in any substantial numbers, and before we had any idea of the potential receipt of funds from the Shuttered Venue Operating Grant program.
Since the sale of the property in May of 2021, we have been operating under a leaseback agreement. That initial agreement has run its course, but we continue to operate on a month-to-month basis, with some provision for greater than 30-day notice of any termination of the lease. It is our goal to continue operating as long as possible, and we have no reason to believe that the property owner will want us to vacate any earlier than is necessary for their redevelopment plans.
We hope you continue to purchase and enjoy our Gift Cards and Premiere Cards. Premiere Card members receive significant discounts on box office tickets and concessions at all seven Laemmle locations. And if you end up with an unused balance on your Premiere Card, you can always request a refund.
We understand that this is not happy news. We are proud to have served as a catalyst for the redevelopment of North Hollywood since the theatre's opening in 2011 and we will continue to look at options to serve cinephiles in this section of Los Angeles Country at our nearby Glendale location so that area residents can continue to see the best in independent and foreign cinema.
We have always been transparent with staff and patrons when our locations are close to being closed. And we will do our best to maintain that policy and provide clear and direct dates about any changes in operation well in advance of any change of status.
So whatever the headlines, please continue to enjoy seeing movies at the NoHo 7. We aren't going away anytime soon.