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<br />DES:djg-c <br />\ES:djg-c <br />DES:djg-c <br />DES:djg-c <br />DES:djg-c <br /> <br />11/23/82 <br />02/15/,B3R <br />07/29/83R <br />11/20/B3R <br />12/08/83R <br /> <br />successive Rental Period shall commence at the expiration of the <br />immediately preceding Rental Period. <br /> <br />Lessee shall pay Lessor as rental for the Leased Premises <br />during the first Rental Period a monthly rental of Three Thousand <br /> <br />Eight Hundred Twenty-five and No/100 Dollars ($3,825.00). <br /> <br />Said <br /> <br />rental shall be payable monthly in advance without prior demand, <br /> <br />deduction or set-off on or before the first day of each month <br /> <br />throughout the initial Rental Period until the whole of said rental <br /> <br />for said period shall be paid. <br /> <br />Payments of said rent shall be made <br /> <br />at the office of the Port Manager of the Port of Redwood City, <br /> <br />California, or at such other place or places which may be <br /> <br />designated from time to time by Lessor. <br /> <br />(b) <br /> <br />Adjustments. <br /> <br />Lessor may at its option review the <br /> <br />aforesaid monthly rental amounts and increase .the same effective <br /> <br />on and after commencement of second Rental Period, and likewise <br /> <br />review said amount at the end of each Rental Period thereafter <br /> <br />throughout the remainder of the second 10-year term or third <br /> <br />la-year term, if applicable, and increase said amount effective <br /> <br />commencing upon each successive Rental Period; provided, however, <br /> <br />that the rent as so increased shall not exceed ten percent (10%) of <br /> <br />the fair market value of the Leased Premises for its present use <br /> <br />(exclusive of Lessee's improvements) at the time of the increase. <br /> <br />Notwithstanding the foregoing, if Lessee does not agree with <br /> <br />Lessor's determination of said fair market value, the parties <br /> <br />4 <br />