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the first additio~ial period of ten (10) years as set out above,
proviaed that l.essee shall give Lessor notice of the exercise of
its election at lcast t~tielve (12) months prior to the expiration
of the original tei•m and provicled furtlier :that I.essee s}iall not
be in default at the time of the giti~ing of such notice or at any
t-ime thereafter.
The expression "the original term" means tlie period o£ years ~
referred to in the first paragraph of this section III. Prior to
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the exercise of saiu electioii to extencl the original term, the +
expression "the te~-~~? ~f this l~a~e" or any equi~;alcnt expressian ~
shall mean the original terr~; after the exercise of said election, ~
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the expression "the term o£ this lease" or any equivalent expression f
shall mean the~original term as it may have been-then extended. !
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L'xcept as expressly otheri.•is~ provided in this lease, a12 the '
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agreementa and conditions in this lease contained shall apply to ~
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the additional period to which the original term shall be extended. '
If Lessee shall give notice of the exercise oi its eieczion in ihe
manner and in compliance ~,~ith the proti~isi.ons hereof, the term shall ~
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be extended upon the giving of notice without the requirement of (
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any action on the part of the Lessor.
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~ A~tOU\T OF RENT: . ~ ~
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~ Lessee agrees to pay Lessor a minimum rent as follows: ~
~ 1. For the period commencing on the commencement date
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~ of the original term of this Zease and terminating on the tenth '
anniversary thereof, at the rate of Six Thousand Dollars
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~ ($6,000.00) per year in equal monthly installments or one-t~celfth
~ thereof, ~ahich minimum rent shall be paid monthly in advance on tlie
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first day each and ever}• calendar month included ~.iithin said `
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~ period. ~ -
~ 2. For the balance of the original term of this lease
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a n d f o r t h e f i r s t. a d d i t i o n a l p e r i o d o f t e n ( 1 0) vears ( provided
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~v that Lessee elects to e~tend the term) at a rate equal to the
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~:~3 greater of (i) Six Thousand Dollars ($6,OQ0.00) per •year or (ii)
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the product of Six Thousand Dollars (S6,000.00) per yeai- multiplied
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