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Term # of Months Start Date End Date SF PSF Fate $Month Total $
<br /> 1 12 . 00 03/01 /20 02/28/21 10 ,615 $ 21 . 00 $ 181576 .25 $ 222 ,915 .00
<br /> 2 12 . 00 03/01 /21 02/28/22 10 , 615 $21 . 63 $ 197133 , 54 $ 2297602 ,45
<br /> 3 12 . 00 03/01 /22 02/28/23 10 , 615 $ 22 . 28 $ 19 , 707 . 54 $2361490 . 52
<br /> Total 36 .00 $6891007 .97
<br /> Option Term' # d Months Start Date End Date SF PSF Fate $Month Total $
<br /> 1 12 . 00 03/01 /23 02 /29/24 10 , 615 $22 . 95 $ 20 ,298 , 77 $ 2439585 . 24
<br /> 1 12 . 00 03/01 /24 02/28/25 107615 $ 23 . 64 $ 20 , 907 , 73 $2507892080
<br /> * if ecffdsed ,
<br /> For each succeeding Lease Year of the Term , Tenant shall pay to Landlord annual base rent as determined
<br /> pursuant to subsection ( b ) below , payable in equal monthly installments commencing on the first day of each
<br /> Lease Year . All monthly base rent payments shall be due on the first day of each month in advance , without
<br /> notice or demand . All rent payments shall be made to Landlord at : Europa Center, LLC , c/o Avison Young
<br /> - NC , LLC , P . O . Box 900002 , Raleigh , NC 27675 =9000 , or at such other place as Landlord may designate
<br /> from time to time in writing .
<br /> ( b ) Adjustments to Annual Base Rent . At the end of each Lease Year of the Term , the annual
<br /> base rent to be paid to Landlord by Tenant for the upcoming Lease Year will be subject to an increase in
<br /> annual base rent of three percent ( 3 . 00 % ) per Lease Year .
<br /> ( c ) Base Rent for Partial Month . Base rent due for any partial month at the beginning of the Term
<br /> shall be $ 51 . 89 per day , payable in advance on the Commencement Date . Base rent due for any partial
<br /> month at the end of the Term shall be determined on a per diem basis , using the then applicable annual base
<br /> rent . Calculation of Rents is based on the annual rent amount divided by a 365 day year .
<br /> ( d ) Operating Expense Adjustment . The Annual Base Rent shall remain in effect without
<br /> adjustment throughout the Base Year . For the remainder of the term of this Lease the Annual Base Rent
<br /> shall be subject to periodic adjustment in accordance with the following provisions :
<br /> ( i ) " Base Year" shall mean the calendar year of the date of this Lease which is 2020 .
<br /> ( ii ) " Annual Base Rent" shall mean the Initial Annual Base Rent as specified and defined above in
<br /> Paragraph 4 ( a ) of this Lease , including any and all adjustments as further stipulated in Paragraph 4( b ) of this
<br /> Lease for each subsequent Lease Year .
<br /> ( iii ) " Comparison Year" shall mean calendar year 2021 . Each succeeding comparison year shall be a
<br /> calendar year having an anniversary date of January 1 .
<br /> ( iv ) " Operating Expenses " shall mean all direct costs of repair , operation , maintenance and
<br /> management incurred by Landlord with respect to the buildings , grounds and premises , and properly
<br /> chargeable against income as determined by standard accounting practices ; these shall include the following
<br /> costs by way of illustration , but not limitation : utility charges ; hazard and liability insurance premiums ; ad
<br /> valorem real and personal property taxes ; costs incurred in the management of the building ; costs incurred
<br /> in securing the building ; costs incurred in painting , lighting and upkeep of the building and premises ;
<br /> supplies ; materials , equipment and tools ; further operating expenses , including , but not limited to
<br /> maintenance costs for maintenance , upkeep , repair and replacement of the following : HVAC ; all lighting
<br /> fixtures ; elevators ; janitorial service ; inspections , licenses & permits ; snow removal ; upkeep and landscaping
<br /> of all grounds ; upkeep , repair and maintenance of parking lot and parking garage ; trash removal ; labor ;
<br /> uniforms ; and building and premises security , and any other expenses necessary for the maintenance , repair
<br /> and upkeep of any and all common areas of the Buildings , parking lots and garage , pond , fountain and
<br /> grounds . Operating expenses shall not include the following : depreciation and amortization on the Buildings
<br /> or equipment therein ; interest expenses and all other costs related to Landlord ' s financing , if any ; advertising ;
<br /> real estate broker' s commissions ; repairs or other work occasioned by fire , windstorm or other casualty of an
<br /> insurable nature or by the exercise of eminent domain or any expenditures for which Landlord is entitled to be
<br /> reimbursed from any source including without limitation , insurance and condemnation proceeds ; costs and
<br /> expenses associated with leasing to other tenants , including tenant improvement allowances , attorney' s fees ,
<br /> and architectural fees , if any ; costs directly attributable to the design and construction of improvements , or
<br /> renovating or decorating , painting or redecorating space for other tenants ; expenses in connection with
<br /> services or other benefits of a type which are not provided to Tenant but which are provided to another tenant
<br /> or occupant , if any ; the cost of clean - up or remediation of hazardous or toxic wastes which are not caused by
<br /> Tenant ; costs , fines or penalties incurred due to violation by Landlord or any other tenant of the terms and
<br /> conditions of any lease , laws or regulations , if any ; amounts for services paid to entities of Landlord which
<br /> exceed the amount that would have been paid to unaffiliated entities ; all costs , items and services for which
<br /> any tenant or third party reimburses Landlord ; or any improvements of a capitalized asset .
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