LEASE SHALL AUTOMATICALLY RENEW FOR THE PERIOD COMMENCING ON
JANUARY 1, 2009, AND EXPIRING ON DECEMBER 31, 2009 (THE "RENEWAL TERM"), UNLESS
SOONER TERMINATED IN ACCORDANCE WITH THE PROVISIONS HEREOF, AND (B) DURING THE
RENEWAL TERM, THE BASE
9
RENT, ADDITIONAL BASE RENT AND PERCENTAGE RENT (EACH AS HEREINAFTER DEFINED)
SHALL TOGETHER BE AN AMOUNT EQUAL TO THE FAIR MARKET RENTAL VALUE OF THE LEASED
PROPERTY, WHICH FAIR MARKET RENTAL VALUE SHALL BE DETERMINED USING THE SAME
CRITERIA THAT WAS USED BY LESSOR AND LESSEE TO DETERMINE THE BASE RENT,
ADDITIONAL BASE RENT AND PERCENTAGE RENT WITH RESPECT TO THE INITIAL TERM OF
THIS LEASE, EXCEPT TO THE EXTENT THAT LESSOR AND LESSEE DETERMINE THAT SUCH
CRITERIA SHOULD BE MODIFIED BECAUSE THEY WOULD NOT RESULT IN A DETERMINATION OF
FAIR MARKET RENTAL VALUE BECAUSE OF A CHANGE IN ECONOMIC CONDITIONS BETWEEN THE
COMMENCEMENT DATE AND THE FIRST DAY OF THE RENEWAL TERM.
PROMPTLY AFTER THE
DETERMINATION OF THE BASE RENT, ADDITIONAL BASE RENT AND PERCENTAGE RENT
APPLICABLE DURING THE RENEWAL TERM, LESSOR AND LESSEE SHALL ENTER INTO AN
AMENDMENT TO THIS LEASE MEMORIALIZING THE SAME.
ARTICLE IV
RENT
4.1
RENT.
SO LONG AS THIS LEASE REMAINS IN
FORCE AND EFFECT, LESSEE PROMISES TO PAY RENTS TO LESSOR, IN LAWFUL MONEY OF THE
UNITED STATES OF AMERICA WHICH SHALL BE LEGAL TENDER FOR THE PAYMENT OF PUBLIC
AND PRIVATE DEBTS, IN IMMEDIATELY AVAILABLE FUNDS, IN THE MANNER, AT THE TIME,
AND IN THE AMOUNTS SPECIFIED BELOW:
(A)
BASE RENT.
LESSEE SHALL PAY ANNUAL BASE
RENT UNDER THIS LEASE (THE "BASE RENT") IN ADVANCE IN THE MONTHLY INSTALLMENTS
SET FORTH IN THE MONTHLY BASE RENT PAYMENT SCHEDULE ATTACHED HERETO AS
SCHEDULE
4.1(A) BEGINNING ON THE EFFECTIVE DATE AND CONTINUING ON OR BEFORE THE FIRST
(1ST) DAY OF EACH AND EVERY MONTH THEREAFTER DURING THE TERM.
BASE RENT FOR ANY
PERIOD DURING THE TERM WHICH IS LESS THAN ONE (1) MONTH SHALL BE A PRO-RATA
PORTION OF THE APPLICABLE MONTHLY INSTALLMENT.
(B)
ADDITIONAL BASE RENT.
IN ADDITION TO THE
BASE RENT, LESSEE SHALL PAY ADDITIONAL BASE RENT (THE "ADDITIONAL BASE RENT") IN
THE AMOUNTS AND AT THE TIMES SET FORTH IN THE ADDITIONAL BASE RENT SCHEDULE
ATTACHED HERETO AS SCHEDULE 4.1(B).
(C)
PERCENTAGE RENT.
(I)
IN ADDITION TO THE SUMS PAYABLE PURSUANT
TO SUBPARAGRAPHS (A) AND (B) ABOVE, LESSEE SHALL WITHIN FORTY-FIVE (45) DAYS
AFTER THE LAST DAY OF EACH LEASE YEAR DURING THE TERM, PAY TO LESSOR "PERCENTAGE
RENT" (HEREIN SO CALLED) FOR EACH LEASE YEAR CALCULATED IN ACCORDANCE WITH THE
PROVISIONS OF THIS SUBPARAGRAPH (C) AND EXHIBIT B ATTACHED HERETO, WHICH
OBLIGATION WILL SURVIVE THE EXPIRATION OR EARLY TERMINATION OF THIS LEASE FOR A
PERIOD OF ONE (1) YEAR.
(II)
THE OBLIGATION TO PAY PERCENTAGE RENT
SHALL SURVIVE THE EXPIRATION OR EARLIER TERMINATION OF THE TERM, AND A FINAL
RECONCILIATION, TAKING INTO ACCOUNT, AMONG OTHER RELEVANT ADJUSTMENTS, ANY
ADJUSTMENTS WHICH ARE ACCRUED AFTER SUCH EXPIRATION OR TERMINATION DATE BUT
WHICH RELATED TO PERCENTAGE RENT ACCRUED PRIOR TO SUCH TERMINATION DATE,