06-F-Hangar H - Lease Award - Laserfiche WebLink

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increase. If LES SOR disagrees with LES SEE' s determination of said adjustment, LES SOR shall, by or before March 20 of each year, calculate the rate increase appropriately and notify LESSEE, in writing, of the appropriate monthly rental rate, as adjusted. If LESSOR does not object to LESSEE's calculation of the rate adjustment as provided herein, then the rate adjustment provided by LESSEE shall be deemed approved. In any event, beginning with the monthly payment due April 1 of each year, LESSEE shall pay the adjusted monthly rate as determined herein. If, for any reason, the CPI adjustment would result in a decrease in the monthly rental due, the previous year's rental shall remain in effect. In no event shall the monthly rental rate be decreased. It is further agreed by LESSOR and LESSEE that LESSOR shall have the option to renew such Lease for two additional periods of five (5) years each, the initial monthly rental for the renewal to be at the last rate of the original term, with a like payment due on or before the first day of each month thereafter during the remainder of the term of the first option. The granting of said first option shall be on substantially the same terms and conditions of this original Lease, including the annual rental CPI adjustment. LESSOR shall send written notice to LESSEE sixty (60) days in advance of the end of the original term or optional extended term notifying LES SEE or LES SOR's intention to extend the Lease for an additional five (5) year period. IN CONSIDERATION HEREOF, it is mutually agreed by and between LESSOR and LESSEE: 1. That LESSEE pay to LESSOR, or order, at the City Hall in the City of Paris, the agreed rental in advance, promptly and without neglect, default, and delay. 2. That this Lease is subject to all the terms, provisions, and conditions of the deed of conveyance of such premises from the United States of America to the City of Paris, recorded in Lease Agreement - Page 2