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Once the rent has been determined for the first year of each Renewal Tem~, <br />it shall be increased annually by the percentage increase in the Index (as defined in <br />paragraph 5) during the preceding twelve month period, provided that the percentage <br />increase shall not be less than 2% nor more than 5%. <br /> <br /> 4. RENTAL. During the initial te~m Lessee shall pay Lessor rent at the times <br /> <br />and in the manner specified in the amount of One Thousand ($1,000.00) per year, the first <br />payment of which shall be paid concurrently with the execution of this Lease, and the <br />second and each succeeding payment of which shall be paid yearly, in advance, without <br />prior demand, on or before the date of each subsequent anniversary hereof. All amounts <br />due Lessor shall be payable in the Office of the City Treasurer, City Hall, Redwood City, <br />California, or at such other place or places as may be designated from time to time by <br />Lessor. <br /> <br /> It is understood and agreed to by the parties hereto that the low rental <br />amount during the first thirty-one (31) years of the lease term is in consideration of the <br />environmental and geotechnical remediation work to be performed by Lessee on the <br />Leased Premises, the access and utility easements to be provided to Lessor and Lessee's <br />acceptance of the restrictions on use, all as set forth in paragraph 7 below. <br /> <br /> 5. PURPOSE. Pursuant to the provisions of paragraph 7, Lessee shall <br /> <br />construct upon the Leased Premises a two (2) story structure (the "Building") containing <br />approximately 17,000 to 18,000 net useable square feet ("nusW). Approximately 12,000 <br />to 13,000 nrsf shall be devoted to the operation and maintenance of a childcare facility <br />legally capable of serving at least one hundred and fifty (150) children. Lessor <br />understands and agrees that Lessee will sublease the childcare facility to a third party <br />experienced in the operation of such facilities. The remaining nusf of the Building, <br />consisting of approximately 5,000 nusf, may be used for any legally permitted use which <br />is compatible with the operation of the childcare facility, and Lessee shall have the right <br />to enter into subleases for such purpose. Lessor shall have the right to approve non- <br />childcare users, such approval not to be unreasonably withheld, applying compatibility <br />standards such as safety and security. If during the initial term of the Lease, Lessee <br /> <br /> 17996.00003XBGLIB 1 \1085097.9 5 <br /> <br /> <br />