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oi <br />;! <br />H. I£ not in default under this Lease, LESSEE is hereby granted <br />and shall have the option to renew this Lease for three additional terms of <br />1 <br />five (5) years each on the same terms and conditions set forth herein. <br />C. Each five year option term shall be exercised by LESSEE's <br />{ <br />I delivery to LESSOR on or before the thirtieth (30th) day prior to the <br />expiration of the previous term, written notice of his election to renew the <br />Lease. <br />D. Holding over at the expiration of the Lease terms, or any oral <br />k extension thereof, with the consent of LESSOR shall be a tenancy from month to <br />i <br />month and shall be upon the terms and conditionsof this Lease. <br />III. RENT. <br />A. LESSEE agrees to and shall pay tolfLESSOR, at the place <br />! <br />designated by LESSOR, as monthly rent for the Premises the sum of one thousand <br />i I <br />dollars ($1,000), payable on the first day of each month. Said rent shall be <br />payable one-half to Quentin D. Kirsch or Rosalie 1irsc�h and one-half to Claire <br />ii <br />Dolores Kirsch. <br />.r <br />B. In the event that LESSEE elects tolexte`nd the term of this <br />Lease b exercising one or more of the five 'd <br />y g year options as herein provided, <br />,i <br />such extended term shall be under the same terms and conditions, excepting <br />�I ,f <br />that the existing monthly rent shall be increased"at the beginning of each <br />five year option period by a percentage of the then existing monthly rent. <br />Such percentage shall be determined by the following method: For each of the <br />five twelve-month periods (based on the anniversa:ry date of this Lease) of the <br />preceding five-year term, there shall be determined the lesser of: <br />(1) The percentage increase in the Consumer Price Index <br />("CPI") (or any replacement index established by the United States Government) <br />p <br />I� <br />'w <br />030312 <br />