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<br />4. EFFECTIVE DA TE/DUE DILIGENCE PERIOD. This Agreement shall be effective on the date
<br />of full execution hereof ("Effective Date"). Beginning on the Effective Date and continuing until the Term
<br />Commencement Date as defined in Paragraph 3 below ("Due Diligence Period"), Nextel shall only be permitted to
<br />enter the Land for the limited purpose of making appropriate engineering and boundary surveys, inspections, and
<br />other reasonably necessary investigations and signal, topographical, geotechnical, structural and environmental tests
<br />(collectively, "Investigations and Tests") that Nextel may deem necessary or desirable to determine the physical
<br />condition, feasibility and suitability of the Premises. In the event that Nextel determines, during the Due Diligence
<br />Period, that the Premises are not appropriate for Nextel's intended use, or if for any other reaSOD, or no reason,
<br />Nextel decides not to commence its tenancy of the Premises, then Nextel shall have the right to terminate this
<br />Agreement without penalty upon written notice to Owner at any time during the Due Diligence Period and prior to
<br />the Term Commencement Date. Owner and Nextel expressly acknowledge and agree that Nextel's access to the
<br />Land during this Due Diligence Period shall be solely for the limited purpose of performing the Investigations and
<br />Tests, and that Nextel shall not be considered an owner or operator of any portion of the Land, and shall have no
<br />ownership or control of any portion of the Land (except as expressly provided in this Paragraph 2), prior to the Term
<br />Commencement Date. In the event Landlord receives an offer ITom a bona-fide third party to lease/license the
<br />Premises, Tenant shall have ten (10) days ITom receipt of notice ITom Landlord to either immediately commence this
<br />Agreement or to terminate, in which event Landlord and Tenant shall be released ITom any contractual obligations
<br />discussed herein.
<br />
<br />5.
<br />
<br />RENT.
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<br />a. After the Commencement Date, rental payments will be due in an annual rental amount of
<br />Fourteen Thousand Four Hundred dollars ($14,400.00) to be paid in equal monthly installments of Twelve Hundred
<br />dollars ($1,200) on the first day of the month, in advance, to LESSOR or to such other person, firm or place as the
<br />LESSOR may, from time to time, designate in writing at least thirty (30) days in advance of any rental payment date.
<br />Rent shall be abated until 30 days after the issuance of a building permit or until four (4) months after the date of
<br />execution of this Agreement, whichever occurs first ("Commencement Date"). If rent is not paid within fifteen (15)
<br />days after the due date, LESSEE agrees to pay a late charge equal to 6% of the then-current monthly rent. Rent shall
<br />be tendered to the LESSOR at the location listed in the notice provision hereto.
<br />
<br />b. LESSEE shall pay to LESSOR a one-time consideration of Thirty Thousand and 00/100 Dollars
<br />($30,000) within thirty (30) days of the Commencement Date.
<br />
<br />6. ANNUAL RENTAL INCREASES. The rent payments shall be subject to an annual rental
<br />increase of 3 % per year, to be increased on each anniversary of the Commencement Date.
<br />
<br />7. DEPOSIT. In recognition that the Commencement Date may not occur concurrent with the
<br />execution of this Agreement by all parties, the LESSEE hereby agrees to pay to the LESSOR upon execution of this
<br />Agreement, a one-time, non-recurring, non-refundable payment equal to one month's rent (the "Rental Deposit").
<br />In the event Tenant commences this Agreement, said Rental Deposit shall be applied to the first month's rent. In the
<br />event Tenant terminates this Agreement prior to the Commencement Date, Landlord shall be entitled to retain the
<br />Rental Deposit as a termination fee.
<br />
<br />8 EXTENSIONS. LESSEE is granted options to extend this Agreement for up to three (3) additional
<br />five-year (5) terms unless the LESSEE terminates at the end of the then-current term by giving the LESSOR written
<br />notice of the intent to terminate at least four (4) months prior to the end of the then-current term. After expiration of the
<br />original term, LESSOR reserves the right to deny any such extension, no less than six (6) months before the extended
<br />term ends, if the LESSOR determines, in its reasonable discretion that LESSEE's continued tenancy would not be in
<br />conformity with the LESSOR's intended use of its Property at such time. This lease is running concurrent with the
<br />AT&T lease so any change in terms or issues can be resolved in the same year.
<br />
<br />9. GOVERNMENTAL APPROVALS. It is understood and agreed that LESSEE's ability to use the
<br />Premises is contingent upon its obtaining, after the execution date of this Agreement, all of the certificates, pernùts and
<br />other approvals (collectively the "Governmental Approvals") that may be required by any Federal, State or local
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<br />CA 7007D Lease 8-11-04 tg rg
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