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( 1) Permitted Use : The Tenant shall use the Demised Premises for general office, <br /> classroom , and gallery purposes . <br /> (j ) Rent Commencement Date : The date on which possession of the Demised Premises <br /> is available to Tenant which date shall be the earlier of (1) June 1 , 2021 (the "Projected Rent <br /> Commencement Date") , or (ii) the date upon which the Tenant shall first occupy any part of the <br /> Demised Premises for any purpose other than preparing the same for the conduct of business . <br /> (k) Effective Date : May , 2021 , the date of this Lease . <br /> (1) Expiration Date : The date which is the last day of the calendar month in which the fifth <br /> ( 5th) anniversary date of the Rent Commencement Date occurs, provided, however, if the Rent <br /> Commencement Date is on the first day of any calendar month, then the Expiration Date is on the day <br /> immediately before the fifth ( 5th) anniversary date of the Rental Commencement Date . Assuming the <br /> Rent Commencement Date is June 1 , 2021 , the Expiration Date is May 31 , 2026 . <br /> I <br /> (m) Minimum Rent : The Minimum Rent payable during the first year of the Term of the <br /> Lease, commencing on the Rent Commencement Date, is the sum of $ 12 . 00 per Rentable Square Foot <br /> per annum , payable in equal , monthly installments . Rent will increase annually as follows . j <br /> r <br /> 4 <br /> START END ANNUAL MONTHLY <br /> E <br /> 6/ 1/ 2021 5/31/ 2022 $ 721000 . 00 $ 6, 000 . 00 <br /> - -- <br /> _6/ 1/ 2022- 5/31/ 2023 $ 73 , 800000 $ 6, 150 . 00 <br /> 6/ 1/ 2023 5/31/2024 $ 75 , 645 . 00 y $ 61303 . 75 <br /> $ 6 <br /> 6/ 1/ 2024 , <br /> f 5/31/2025 $ 77, 536913 ? ` <br /> 461 . 34 <br /> 6/ 1/ 2025 5/31/2026 $ 79, 474 . 53 - $ 6, 622 . 88 <br /> (n) Rent : Minimum Rent, Additional Rent, and any and all additional sums of money payable f <br /> by Tenant to Landlord under the terms of this Lease . <br /> (o) Lease Year : Lease Year 1 is the period commencing on the Rent Commencement Date <br /> and ending on the date immediately preceding the one-year anniversary thereof, provided however, if <br /> the Rent Commencement Date occurs on a date other than the first day of a calendar month , then Lease <br /> Year 1 shall be the period beginning on the Rent Commencement Date and ending on the last day of the <br /> calendar month in which the first anniversary of the Rent Commencement Date occurs . Each Lease <br /> Year thereafter shall be a successive twelve calendar month period . <br /> (p) Additional Rent : All sums of money whatsoever other than Minimum Rent due and <br /> payable by Tenant to Landlord under this Lease, including without limitation, the Operative Expense <br /> Differential provided for in Exhibit D hereof. <br /> (q) Omitted . <br /> (r) Security Deposit : The sum of $ 6, 000 . 00 to be held and used in accordance with article 19 <br /> hereof. <br /> ( s ) Omitted . <br /> OCAC Lease Page 2 <br />