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delivering to LESSOR the purchase price and confirmation in writing <br />of action on the option. LESSOR also grants to LESSEE a right of <br />first refusal to purchase the demised premises should LESSOR decide <br />to sell the demised premises during the lease term and the right to <br />approve any buyer of the demised premises. The purchase price for <br />the demised premises should LESSEE decide to exercise the right so <br />granted shall be that amount then outstanding on the Note. LESSOR <br />shall promptly provide LESSEE with written notice of LESSOR'S <br />desire to sell the demised premises. Such right of first refusal <br />may be exercised by LESSEE by delivering to LESSOR confirmation in <br />writing of action on the right. <br />(e) The parties shall execute and record a memorandum of this <br />Lease Purchase Agreement in the form of Exhibit A hereto. <br />3. Rent <br />(a) LESSEE agrees to pay LESSOR, as rent for the demised <br />premises, the sum of Eight Hundred Eighty-seven Dollars ($887.00) <br />per month triple net, due and payable in advance, upon the <br />commencement date and the day of each month thereafter said payment <br />to be made to LESSOR at such place as LESSOR may from time to time <br />specify by written notice to LESSOR. <br />(b) Except as otherwise provided herein, this LEASE is what is <br />commonly referred to as a "net lease", it being understood that <br />LESSOR shall receive the rent set forth hereinabove free and clear <br />of any and all impositions, taxes, real estate taxes, liens, <br />charges or expenses of any nature whatsoever in connection with its <br />Lease or the operation of the Premises. In addition to the rent <br />reserved hereinabove, LESSEE shall pay to the parties respectively <br />entitled thereto all impositions, insurance premiums, operating <br />charges, maintenance charges, construction costs, and any other <br />charges, costs and expenses which arise or may be contemplated <br />under any provisions of this LEASE during the term hereof. Upon <br />the failure of LESSEE to pay any of such costs, charges or <br />expenses, LESSOR shall have the same rights and remedies as <br />otherwise provided in the LEASE for the failure of LESSEE to pay <br />rent. <br />4. Insurance <br />(a) Property Insurance <br />LESSOR shall maintain on the Premises throughout the term of <br />this lease a policy or policies of all-risk property insurance, <br />which policies shall be procured by LESSOR and shall cover at least <br />the replacement value of the premises, except as to earthquake and <br />flood coverage. LESSEE shall be solely responsible for maintaining <br />insurance covering its personal property. LESSEE shall not be <br />charged for insurance costs incurred by LESSOR. <br />2 <br />