THE FIRST MONTHLY
INSTALLMENT OF BASE RENT AND THE ADDITIONAL RENT PAYABLE UNDER ARTICLE 5 HEREOF
SHALL BE PAID IN ADVANCE ON THE DATE OF TENANT'S EXECUTION OF THIS LEASE AND
APPLIED TO THE FIRST INSTALLMENTS OF BASE RENT AND SUCH ADDITIONAL RENT COMING
DUE UNDER THIS LEASE.
PAYMENT OF RENT SHALL BEGIN ON THE COMMENCEMENT DATE;
PROVIDED, HOWEVER, THAT, IF EITHER THE COMMENCEMENT DATE OR THE EXPIRATION DATE
FALLS ON A DATE OTHER THAN THE FIRST DAY OF A CALENDAR MONTH, THE RENT DUE FOR
SUCH FRACTIONAL MONTH SHALL BE PRORATED ON A PER DIEM BASIS BETWEEN LANDLORD AND
TENANT SO AS TO CHARGE TENANT ONLY FOR THE PORTION OF SUCH FRACTIONAL MONTH
FALLING WITHIN THE TERM.
SECTION 4.2
ALL INSTALLMENTS OF RENT WHICH ARE NOT PAID WITHIN FIVE (5) DAYS
AFTER THEIR DUE DATE SHALL BE SUBJECT TO A LATE CHARGE OF FIVE PERCENT (5%) OF
THE AMOUNT OF THE LATE PAYMENT AND SHALL FURTHER BEAR INTEREST UNTIL PAID AT A
RATE PER ANNUM (THE "INTEREST RATE") EQUAL TO THE GREATER OF FIFTEEN PERCENT
(15%) OR FOUR PERCENT (4%) ABOVE THE PRIME RATE OF INTEREST FROM TIME TO TIME
LISTED IN THE WALL STREET JOURNAL; PROVIDED, HOWEVER, THAT, IF AT THE TIME SUCH
INTEREST IS SOUGHT TO BE IMPOSED THE RATE OF INTEREST EXCEEDS THE MAXIMUM RATE
PERMITTED UNDER FEDERAL LAW OR UNDER THE LAWS OF THE STATE OF ILLINOIS, THE RATE
3
OF INTEREST ON SUCH PAST DUE INSTALLMENTS OF RENT SHALL BE THE MAXIMUM RATE OF
INTEREST THEN PERMITTED BY APPLICABLE LAW.
SECTION 4.3 BASE RENT SHALL INCREASE BY 2.5-3% EACH YEAR ON THE ANNIVERSARY OF
THE COMMENCEMENT DATE SET FORTH ON THE BASE RENT SCHEDULE ATTACHED HERETO AS
EXHIBIT C.
ARTICLE 5- OPERATING COSTS
SECTION 5.1
CONCURRENTLY WITH THE FIRST PAYMENT OF BASE RENT HEREUNDER AND ON
THE FIRST DAY OF EACH CALENDAR MONTH DURING THE TERM, TENANT SHALL PAY TO
LANDLORD, AS ADDITIONAL RENT, AN AMOUNT ("TENANT'S OPERATING COSTS PAYMENT") OF
MONEY EQUAL TO TENANT'S SHARE OF OPERATING COSTS, FOR EACH YEAR OR FRACTIONAL
YEAR DURING THE TERM, SUCH AMOUNT TO BE CALCULATED AND PAID AS FOLLOWS:
A.
WITHIN SIXTY (60) DAYS FOLLOWING THE COMMENCEMENT DATE, AND ON THE
FIRST DAY OF JANUARY OF EACH YEAR DURING THE TERM THEREAFTER, OR AS SOON
THEREAFTER AS IS PRACTICABLE, LANDLORD MAY FURNISH TENANT WITH A STATEMENT
("LANDLORD'S OPERATING COSTS ESTIMATE") SETTING FORTH LANDLORD'S REASONABLE
ESTIMATE OF OPERATING COSTS AS ADJUSTED PURSUANT TO SECTION 5.3 FOR THE
FORTHCOMING YEAR AND TENANT'S OPERATING COSTS PAYMENT FOR SUCH YEAR, AS ADJUSTED
PURSUANT TO SECTION 5.3.
ON THE FIRST DAY OF EACH CALENDAR MONTH DURING SUCH
YEAR, TENANT SHALL PAY TO LANDLORD ONE-TWELFTH (1/12TH) OF TENANT'S OPERATING
COSTS PAYMENT AS ESTIMATED ON LANDLORD'S OPERATING COSTS ESTIMATE.
IF DURING
ANY CALENDAR YEAR ACTUAL OPERATING COSTS DIFFER FROM LANDLORD'S OPERATING COSTS
ESTIMATE FOR SUCH CALENDAR YEAR, LANDLORD MAY SEND TENANT A REVISED LANDLORD'S
OPERATING COSTS ESTIMATE, AND, UPON RECEIPT THEREOF, TENANT SHALL THEREAFTER
MAKE MONTHLY PAYMENTS AS SET FORTH IN THE