2003-05-16_REVISION - M1977347 (2)

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J~id.=i9-99 TUE 435 PM `d'1.~,TT AND MARTELL LLC FAX N0. 970 484 1170 r. ..r ~ Tenant shall pay all filing fees and other expenses incurred in attempting to obtain Final Approval of the Tower. 2. dental. The term "lease year" shall mean a period of twelve (12) consecutive calendar months. The first lease year shall commence on the first day of the month following Final Approval oP the Tower (which is the date the initial term of this Lease shall commence as provided in paragraph 3 hereinafter). Rent shall be payable annually in advance on or before the first day of each lease year. Rent for the first two (2) lease years shall be Sixteen Thousand Two Hundred Dollars ($16,200) per year. At the commencement of the third lease year and at the commencement of each odd-numbered lease year thereafter, annual rent shall be increased to reflect the trend of the purchasing power or real value oP the United States Dollar. The adjustment shall be based on the Consumer Price Index for all items in the index entitled: All Items and Major Group Figures For All Urban Consumers as published by the United States Department of Labor Bureau of Labor Statistics. The All Stems Index figure for the calendar year ending December 31, 1998, shall be determined as the base period, and the rent for the first lease year of Sixteen Thousand Two Hundred Dollars ($16,200) shall be the base rent. The All Items Index figure for the calendar year ending immediately prior to the commencement of each odd-numbered lease year shall be determined. The annual rent for the next two (2) lease years shall be increased from the base rent of Sixteen Thousand Two Hundred Dollars ($i6,2o0) by the same percentage as the percentage change in the 2ndex figures so determined. All payments of rent shall be made by the Tenant to the Landlord at such place as the Landlord may from time to time designate iri writing. For the present, the Landlord designates the address set forth hereinabove as the place for making the payments of rant. All rent shall be payable in current legal tender of the United States as the same is then by law constituted. The extension oP time for the payment of any installment of rent or the acceptance by the Landlord of any money other than of the kind herein specified shall not be a waiver of the right of the Landlord to insist on having all of the payments of rent made in the manner and at the time Herein specified. In the event any payment of rent is not made when due, the Tenant shall pay a late payment penalty equal to teh percent (108) of the delinquent amount. 3. Term. The initial term of this Lease shall be for a period of ten (SOj years, commencing on the first day of the month following Final Approval of the Tower. As additional consideration for the execution of this Lease by the Tenant, the Landlord hereby grants'to the Tenant the option to extend the term of this Lease 2