RENT; OTHER FINANCIAL OBLIGATIONS, DEPOSIT; COMPLIANCE. 4.1 Rent for Suite 101 (Basement).
(a) Rent for Years 1 through 5. Commencing on the Commencement Date and during the years one (1) through five (5) of the Term of this Lease, Lessee shall pay the Annual Rent at fair market value for the Leased Premises in monthly installments, as follows: Years 1 through 5 $3,870.00 $1.20 per s.f. for 3,225 s.f., $46,440.00
(b) Rent for Years 6 through 10. Commencing on the first day of the sixth (6th) year through the tenth (10th) year of the Term of this Lease, Lessee shall pay the Annual Rent at fair market value for the Leased Premises in monthly installments, as follows: Years 6 through 10 $4,837.50 $1.50 per s.f. for 3,225 s.f., $58,050.50
(c) Payment Terms Monthly Rent shall be paid monthly in advance, on the first (1st) day of each month, without notice or demand, to Lessor at the address of Lessor, or at such other place as Lessor shall from time to time designate in writing. In the event the Lessee fails to pay any monthly installment of rent within twenty (20) days of the due date of such installment, Lessee shall pay in addition to such rent due a late charge of $50.00. Furthermore, Xxxxxx shall pay interest at a rate of 1.0% per month on all delinquent unpaid rent after 30 days of the day the monthly installment was due. Such interest shall be calculated from the due date of the installment until the date received by Xxxxxx.
RENT; OTHER FINANCIAL OBLIGATIONS, DEPOSIT; COMPLIANCE
