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date and nrnvided T,FSSnR has cmm~lied with all annlirahle nntire and rnrP nrnvisinnc herein <br /> date and provided LESSOR has complied with all applicable notice and cure provisions herein, <br /> LESSEE agrees to pay a late chazge equal to six percent (6%) of the then-current monthly rent. <br /> Rental amounts attributable to partial months shall be prorated on a daily basis. <br /> 5. ANNUAL RENTAL INCREASES. The rent payments shall be subject to an <br /> annual rental increase of four percent (4%) per yeaz, to be increased on each anniversary of the <br /> Commencement Date. <br /> 6. INITIAL PAYMENT. LESSEE hereby agrees, in lieu of making an initial <br /> <br /> payment, AT&T will demolish the existing restroom building, as set forth on the Site Plan <br /> attached hereto as Exhibit B. <br /> 7. EXTENSIONS. The Lease Agreement may be extended for up to three (3) <br /> additional five (5)-year terms (each a "Renewal Term"). Each Renewal Term shall be on the <br /> <br /> terms and conditions as set forth herein as follows: <br /> (i) Six (6) months prior to the expiration of the initial term, if LESSOR, in its reasonable <br /> <br /> discretion determines that LESSEE'S continued tenancy is not in conformity with LESSOR'S <br /> <br /> intended use of the Property, LESSOR shall provide written notice to LESSEE that the Lease <br /> <br /> will not be extended. <br /> (ii) Thereafter, each subsequent renewal shall be subject to the following procedure: If <br /> <br /> LESSEE determines that it desires to extend the term LESSEE shall provide written notice six <br /> (6) months prior to the end of the then-current term. Within sixty (60) days of receipt of <br /> <br /> LESSEE'S notice, LESSOR shall determine whether such extension is in LESSOR'S best interest <br /> <br /> and, if not in LESSOR'S interest, LESSOR shall deny such extension request. <br /> If LESSOR does not respond within sixty (60) days, the lease is deemed renewed for an <br /> <br /> additional Renewal Term. If neither party provides notice as set forth above, the lease shall <br /> <br /> continue on a month-to-month basis. <br /> 8. GOVERNMENTAL APPROVALS. It is understood and agreed that LESSEE'S <br /> <br /> ability to use the Premises is contingent upon its obtaining all of the certificates, permits and <br /> <br /> other approvals (collectively the "Governmental Approvals") that may be required by any <br /> <br /> Federal, State or local authorities as well as satisfactory soil boring tests which will permit <br /> <br /> LESSEE'S use of the Premises as set forth herein. LESSOR shall cooperate with LESSEE in its <br /> <br /> effort to obtain such approvals and shall take no action, which would adversely affect the status <br /> <br /> of the Property with respect to the proposed use by LESSEE. <br /> Prior to the Commencement Date, LESSEE shall have the right (but not the obligation) to <br /> <br /> enter the Premises for the purpose of making necessary inspections and engineering surveys (and <br /> soil tests where applicable) and other reasonably necessary tests (collectively "Tests") to <br /> <br /> determine the suitability of the Premises for LESSEE'S Facilities (defined below) and for the <br /> <br /> purpose of preparing for the construction of LESSEE'S Facilities. In the event that any of such <br /> <br /> applications for such Governmental Approvals should be finally rejected or any Governmental <br /> <br /> Approval issued to LESSEE is canceled, expires, lapses, or is otherwise withdrawn or terminated <br /> <br /> by the governmental authority or soil boring tests aze found to be unsatisfactory so that LESSEE <br /> <br /> will be unable to use the Premises for its intended purposes or LESSEE determines that the <br /> <br /> Premises is no longer technically compatible for its intended use, LESSEE shall have the right to <br /> 25C.~-4 <br /> <br />