extension option shall be of no force and effect if as of the date
of such notice to extend, Tenant shall be in default under the Lease beyond any
applicable cure period.
The Extension Term shall be governed by all the provisions of the Lease
applicable to the Initial Term, except for an increase in rent payable during
the Extension Term which shall be computed as provided in Section 3.C hereof,
and except to the extent that the Lease provides other specific provisions
applicable to the Extension Term.
D.
HOLDING OVER. NOTHING CONTAINED IN THIS
LEASE SHALL BE DEEMED TO PERMIT TENANT TO USE OR OCCUPY THE PREMISES AFTER THE
EXPIRATION OF THE INITIAL TERM OR, IF APPLICABLE, THE EXTENSION TERM OF THE
LEASE. IF TENANT CONTINUES TO OCCUPY THE PREMISES AFTER SUCH EXPIRATION, SUCH
OCCUPANCY SHALL (UNLESS THE PARTIES HERETO OTHERWISE AGREE IN WRITING) BE DEEMED
TO CREATE A MONTH TO MONTH TENANCY AT A MONTHLY RENTAL EQUAL TO ONE HUNDRED
FIFTY PERCENT (150%) OF THE ANNUAL RENT PRORATED ON A MONTHLY BASIS FOR THE
MONTH PRIOR TO THE COMMENCEMENT OF THE HOLDOVER PERIOD, AND TENANT SHALL REMAIN
LIABLE FOR ALL OTHER ADDITIONAL RENT AND OTHER CHARGES PAYABLE BY TENANT UNDER
THIS LEASE. SUCH HOLDOVER OCCUPANCY SHALL BE SUBJECT TO ALL OF THE TERMS AND
CONDITIONS OF THIS LEASE.
E.
DEFINITION OF LEASE TERM. THE PHRASE
"LEASE TERM" MEANS THE INITIAL TERM TOGETHER WITH, IF APPLICABLE, THE EXTENSION
TERM, BOTH AS HEREIN DEFINED.
F.
DEFINITION OF LEASE YEAR. THE TERM
"LEASE YEAR" SHALL MEAN A PERIOD OF TWELVE (12) FULL CONSECUTIVE CALENDAR
MONTHS. THE FIRST LEASE YEAR SHALL COMMENCE AS OF THE COMMENCEMENT DATE. EACH
SUBSEQUENT LEASE YEAR SHALL COMMENCE ON THE ANNIVERSARY OF THE COMMENCEMENT DATE
OF THE FIRST LEASE YEAR.
3.
RENT.
A.
DURING PRE-OPENING PERIOD.
TENANT SHALL
PAY RENT IN THE TOTAL SUM OF EIGHT THOUSAND DOLLARS ($8,000.00) PER MONTH
COMMENCING AS OF MAY 1, 1998 AND CONTINUING ON THE FIRST DAY OF EACH MONTH
THEREAFTER THROUGH AND INCLUDING DECEMBER 1, 1998. COMMENCING AS OF JANUARY 1,
1999 AND CONTINUING ON THE FIRST DAY OF EACH MONTH THEREAFTER UNTIL THE
COMMENCEMENT DATE, TENANT SHALL PAY RENT IN THE TOTAL SUM OF TWELVE THOUSAND
DOLLARS ($12,000.00) PER MONTH.
B.
DURING THE INITIAL TERM. TENANT SHALL PAY
RENT IN THE AMOUNT OF TWELVE THOUSAND DOLLARS ($12,000.00) PER MONTH DURING THE
FIRST THREE LEASE YEARS FOLLOWING THE COMMENCEMENT DATE, THIRTEEN THOUSAND
DOLLARS ($13,000.00) PER MONTH DURING THE FOURTH LEASE YEAR, AND FOURTEEN
THOUSAND DOLLARS ($14,000.00) PER MONTH DURING THE FIFTH LEASE YEAR OF THE
INITIAL TERM.
C.
DURING THE EXTENSION TERM. TENANT SHALL
PAY RENT IN AN AMOUNT EQUAL TO THE MONTHLY RENT PAID DURING THE INITIAL TERM
ADJUSTED TO REFLECT APPLICABLE CHANGES IN THE CONSUMER PRICE INDEX (THE "CPI
ADJUSTMENT"). FOR PURPOSES OF THIS LEASE, THE CONSUMER PRICE INDEX SHALL MEAN
THE CONSUMER PRICE INDEX FOR ALL ITEMS FOR ALL URBAN CONSUMERS (OFTEN REFERRED
TO AS THE "COST OF LIVING INDEX"), PUBLISHED BY THE BUREAU OF LABOR STATISTICS