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hereof, and shall control in the event of boundary and access discrepancies between it and Exhibit "B". Costs incurred by LESSEE for such work shall be borne by LESSEE. 3. TERM. This .Agreement shall be effective as of the Effective Date; provided, however, the initial term shall be for ten (10) years ("Initial Term") and shall commence, and the Prior Lease shall be deemed terminated, as of October 31, 2020 . Upon termination of the Prior Lease, the Prior Lease shall become mill and void and the Parties shall have no further obligations under the Prior Lease. Renewal terms are set forth below in Section 5. The Parties ratify and re -affirm the terms of the Prior Lease as of January 1, 2020 until October 31, 2020. 4. RENT. a. Rental payments will be due in an annual rental amount of Twenty -Eight Thousand Eight Hundred Dollars ($28,800.00) ("Rent") to be paid in equal monthly installments of Two Thousand Four Hundred Dollars ($2,400.00) per month on or before the first day of the month, in advance, to LESSOR or to such other person, firm or place as the LESSOR may, from time to time, designate in writing at least thirty (30) days in advance of any rental payment date, Rent shall commence on November 1, 2020, provided the Parties acknowledge and agree that the initial payments of the Rent may not be delivered by LESSEE until at least 90 days after the Effective Date. If Rent is not paid within ten (10) days after the due date and provided LESSOR has complied with all applicable notice and cure provisions herein, LESSEE agrees to pay a late charge equal to Ten Percent (10%) of the then -current monthly Rent, The Parties hereby agree that such late charge represents a fair and reasonable estimate of the costs incurred by LESSOR in the event of the late payment of Rent. Rental amounts attributable to partial months shall be prorated on a daily basis. The Parties acknowledge and agree that, notwithstanding the termination of the Prior Lease and the commencement of this Agreement, LESSEE may continue to make, and LESSOR may continue to receive, rental and other payments pursuant to the Prior Lease. In such event, any rental or other payments made pursuant to the Prior Lease after its termination shall be applied and credited against the Rent and any other payments due under this Agreement. b. Rental payments are subject to an annual increase of three (3) percent effective on November I" of each year. 5. EXTENSIONS. The Agreement may be extended for up to three (3) additional five (5) year terms (each a "Renewal Term"). Each Renewal Term shall be on the terms and conditions as set forth herein as follows; a, Six (6) months prior to the expiration of the Initial Term, if LESSOR, in its reasonable discretion determines that LESSEE's continued tenancy is not in conformity with LESSOR's intended use of the Property, LESSOR shall provide written notice to LESSEE that the Agreement will not be extended. 422948v2