|
4
<br /> midnight (local time) on February 28, 2025 unless sooner terminated as hereinafter provided. In the event
<br /> Tenant shall fail, for any reason,to deliver such written notice to Landlord on or before October 31, 2023 as
<br /> hereinabove provided,the term of this Lease shall end at midnight(local time) on February 29,2024 unless
<br /> sooner terminated as hereinafter provided.
<br /> When and as used in this Lease, "Lease Year" shall mean a twelve (12) month period beginning
<br /> on March 1 of each calendar year during the Term. When and as used in this Lease, "Term" shall mean
<br /> the initial term of this Lease and the period of any extension of the initial term as provided above.
<br /> 3. RENT. Tenant shall pay to Landlord or Landlord's designated agent, without demand,
<br /> deduction or set off, initial annual rent for the Premises in the amount of $45,600.00, payable in equal
<br /> monthly installments in the amount of$3,800.00 each, in advance, commencing on March 16, 2020 (pro-
<br /> rated for March, 2020), and continuing on the first day of each successive month thereafter during the
<br /> Term. The amount of rent due for any period during the Term which is less than one (1) full calendar
<br /> month (a "Partial Month") shall be determined by multiplying the amount of rent due for one (1) full
<br /> calendar month (based upon the then prevailing monthly installment of annual rent) by a fraction which
<br /> shall have as the numerator the actual number of days in such Partial Month and as the denominator the
<br /> actual number of days in the calendar month during which such Partial Month occurs. On each Lease
<br /> Year Anniversary, the annual rental payable hereunder (and each corresponding monthly installment of
<br /> annual rent) shall be increased, if at all, as follows(if checked):
<br /> (_) CPI. To reflect any increase in the Consumer Price Index, Urban Wage Earners and
<br /> Clerical Workers, All Cities (CPI-W, 1982-1984=100) (the "Index"), by multiplying the annual
<br /> rent then in effect by a fraction, the numerator of which shall be the value of the Index for the
<br /> month which is two (2)months prior to the next Lease Year Anniversary, and the denominator of
<br /> which shall be the value of the Index for the month which is two (2) months prior to the previous
<br /> Lease Year Anniversary. For the purpose of determining the adjustment on the first Lease Year
<br /> Anniversary, the denominator of such fraction shall be value of the Index for the month which is
<br /> two (2) months prior to the first full month of the Term. Notwithstanding the foregoing, in no
<br /> event shall annual rent be reduced at any time during the Term by reason of any decrease in the
<br /> value of the Index. In the event the Index ceases to be published,there shall be substituted for the
<br /> Index a measure published by the US Department of Labor which most nearly approximates the
<br /> Index.
<br /> (X)Other. Commencing on March 1,2021, Tenant shall pay to Landlord or Landlord's
<br /> designated agent, without demand, deduction or set off, annual rent for the Premises in the
<br /> amount of$46,968.00, payable in equal monthly installments in the amount of$3,914.00 each, in
<br /> advance, commencing on March 1,2021 and continuing on the first day of each successive month
<br /> thereafter. Commencing on March 1, 2022, Tenant shall pay to Landlord or Landlord's
<br /> designated agent, without demand, deduction or set off, annual rent for the Premises in the
<br /> amount of$48,377.04,payable in equal monthly installments in the amount of$4,031.42 each, in
<br /> advance, commencing on March 1,2022 and continuing on the first day of each successive month
<br /> thereafter. Commencing on March 1, 2023, Tenant shall pay to Landlord or Landlord's
<br /> designated agent, without demand, deduction or set off, annual rent for the Premises in the
<br /> amount of$49,828.32,payable in equal monthly installments in the amount of$4,152.36 each, in
<br /> advance, commencing on March 1,2023 and continuing on the first day of each successive month
<br /> thereafter. Commencing on March 1, 2024, Tenant shall pay to Landlord or Landlord's
<br /> designated agent, without demand, deduction or set off, annual rent for the Premises in the
<br /> amount of$51,323.16, payable in equal monthly installments in the amount of$4,276.93 each, in
<br /> advance, commencing on March 1,2024 and continuing on the first day of each successive month
<br /> thereafter for the remainder of the Term.
<br /> 2
<br />
|