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, the time in question, Tenant is in default hereunder beyond any applicable cure period with respect to the payment of Base Rent or any other rent or the performance of any other material , obligations of Tenant; and provided further that Landlord and Tenant agree that Tenant's extension options hereunder shall not be forfeited Of deemed waived by neglect Of inadvertence and, accordingly, Tenant's fight to extend shall not be deemed waived or forfeited unless (i) Tenant affirmatively elects in writing not to extend the Term or (ii) Tenant fails to exercise its extension option by the date which is the later of: (x) 180 days prior to the expiration of the then- current Term, or (y) thirty (30) days after receipt of Landlord's "reminder notice," which shall be sent by Landlord to Tenant no sooner than two hundred seventy (270) days prior to the expiration of the then-current Term. Section 3.4 Partial Extension. If the Initial Term or any Extension Term would otherwise expire within thirty (30) days prior to or during a Seasonal Period, then Tenant shall "..; have the right to extend the Lease through the last day of such Seasonal Period by providing ;', written notice to Landlord one hundred eighty (180) days prior to the scheduled expiration date' of the then-current Term. ARTICLE 4 RENT Section 4.1 Annual Base Rent. Beginning on the Commencement Date and continuing throughout the Term, Tenant shall pay Base Rent to Landlord at the rate specified in Section 1.1; provided, however that the Base Rent specified in Section 1.1 shall be subject to adjustment from and after the Initial Term in accordance with Section 4.2 below. Base Rent shall be paid in equal monthly installments in advance on the first day of each and every calendar month during each Lease Year. Base Rent and other charges payable by Tenant hereunder for any' fractional month at the beginning or end of the first Lease Year and last Lease Year shall be prorated on a daily basis. All rentals and other charges to be paid by Tenant to Landlord hereunder shall be paid at the place designated in writing from time to time by Landlord. Section 4.2. Adjustment of Base Rent after Initial Term. If the Term of this Lease is extended for one or more Extension Terms, then on the twentieth (20th) Anniversary of the Commencement Date and every fifth (5th) Anniversary of the Commencement Date thereafter (so long as the Term is extended), Base Rent shall be adjusted by the amount of the CPI Adjustment over the previous five (5) years, but not by more than ten percent (10%) of the previous Base Rent. In no event shall any such cpr Adjustment result in the reduction of Base Rent. Section 4.3 Perecntu1!c Rcnt. In addition to Base Rent, Tenant shall pay Landlord percentage rent ("Percentage Rent") each calendar year that includes any portion of the Term ("Percentage Rent Year"). Percentage Rent shall equal the amount, if any, by which Eight percent (8.0%) of the Gross Sales exceeds the Base Rent actually paid by Tenant toLandlord for the same period (including for the purpose of determining the Base Rent actually paid by Tenant to Landlord, amounts owed by Landlord to Tenant and offset by Tenant against Base Rent pursuant to the express terms hereof). 21 CHG02:3091375.v8 . _·n.. ..,..