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4 <br />235433v5 <br /> <br />3. Initial Term <br />The Lease is effective upon full execution hereof. The initial term of this Lease (“Initial <br />Term”) shall be for a period of five (5) years commencing on the first day of the month <br />following Lessee construction start (the “Commencement Date”). Lessee may terminate the <br />Lease for any reason or no reason prior to the Commencement Date, but agrees to reimburse <br />Lessor pursuant to paragraph 5(c) hereof for all of Lessor’s costs incurred in preparing the <br />Premises and reviewing Lessee’s Plans prior to such termination date. <br />4. Renewal Terms <br />Lessee shall have the right to extend this Lease four (4) times, for a period of five (5) <br />years each (the “Renewal Terms”). The Renewal Terms shall be on the same terms and <br />conditions as set forth in this Lease, except that the Lease Payment shall be increased as <br />provided in paragraph 5(b). <br />This Lease shall automatically be renewed for the Renewal Terms unless Lessee notifies <br />Lessor of Lessee’s intention not to renew the Lease at least forty-five (45) days prior to the <br />expiration of the Initial Term or the Renewal Term which is then in effect. <br />5. Consideration <br />(a) Initial Term. Lessee shall pay to Lessor as rental the sum of Forty-eight <br />Thousand Five Hundred and 00/100 Dollars ($48,500.00) per annum (“Lease Payment”). <br />The Lease Payment shall be increased annually commencing one (1) year from the <br />Commencement Date of this Lease at a rate equal to four percent (4%) of the previous <br />year’s Lease Payment. The Lease Payment shall be paid annually in advance with the <br />first such annual payment due within forty-five days after the Commencement Date and <br />thereafter on each anniversary of the Commencement Date, partial years to be pro-rated. <br />If not timely paid within thirty (30) days after written notice of such failure to pay on <br />each subsequent Commencement Date, Lessee’s Lease Payment will be subject to a 10% <br />late fee penalty. As a condition precedent to payment, Lessor agrees to provide Lessee <br />with a completed IRS Form W-9, or its equivalent, upon execution of this Lease and at <br />such other times as may be reasonably requested by Lessee, including any change in <br />Lessor’s name or address. <br />(b) Renewal Term. In the event that Lessee elects to renew this Lease as <br />provided in paragraph 4, the Lease Payment shall continue to be increased on each <br />anniversary of the Commencement Date during the Renewal Terms at the rate of four <br />percent (4%) of the previous year’s Lease Payment. <br />(c) Reimbursement of Costs. All charges payable under this Lease shall be <br />billed by Lessor within one (1) year from the end of the calendar year in which the <br />charges were incurred; any charges beyond such period shall not be billed by Lessor, and <br />shall not be payable by Lessee. The foregoing shall not apply to monthly Lease Payment <br />which is due and payable without a requirement that it be billed by Lessor. The <br />provisions of this subsection shall survive the termination or expiration of this Lease. In <br />178