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6.1 B <br /> Page 7 <br /> 3. LEASE PAYMENT <br /> 3.1 Lease Payment. The monthly rent to be paid to the Lessor shall be determined <br /> by the following: <br /> (a) Commencing November 1, 2007 tv May 1, 2008, Lessee shall pay a monthiy <br /> rent af one do{lar($1.00}. <br /> (b) During the period from May 1, 2008 to October 31, 2008, monthly rent shall <br /> be three dollars ($3.00) per square foot <br /> Lessee shall pay to Lessor the monthly rent payable in advance, on or before the <br /> first day of each and every month of the Lease Term beginning on November 1, <br /> 2�07. Payments for the immediately preceding manth are c�ue to tha Lessor by <br /> 5:00 p.m. on the fifth day of each month thereafter. <br /> 3.2 Rent Adjustment. The month(y rent for the Lease Area sh�ll b� a�just�c_1 E�y the <br /> consumer price index (CPI) of each year beginning on Navember 1, 2008. The <br /> rent sha[I be adjusted by multiplying the same by the percentage increase in the <br /> CP! publ[shed by the United Stafes Department of Labor, Bureau of Labor <br /> Statistics (All Urban Consumers, All Items) for the San Francisco — Oakland — <br /> San Jose Metropolitan Statistical Area during the preceding twe{ve {12) manth <br /> period. In any event, each annual adjustment to the Lessee's Lease Area <br /> charges shaii be the CPI adjustment not to be less than 3% or exceed 8% during <br /> any given year. <br /> 3.3 Option Payments. If Lessor and Lessee agree to renew the aptions, Lessor <br /> may adjust the lease rents or other charges based on the then-current market <br /> rents as determined by an appraiser selected by tha Agency. Rent adjustments <br /> and other adjustments shall occur only in year six and year eleven. <br /> 3.4 Lessee agrees fo make rent payments payable to: Redwood Cify <br /> Redevelopmenf Agency. AIf payrr�ents shall be deEivered to the fallawing <br /> address : <br /> Redwood City Revenue Services Department <br /> 1017 Middlefield Road <br /> Redwood City, CA 94p63 <br /> Copies of#he rent payments shall be concurrently delivered #o: <br /> Redwood City Redevelopment Agency <br /> 1017 Middlefield Road <br /> Redwood City, CA 94063 <br /> c/o Courfhouse Square Vendor Management <br /> Rents for any period during the term hereof which is for less than one month <br /> shaEl be a pro rata portion of the monthly instailment based on a 30-day month. <br /> Rents shaff be payable to the Agency at the address set forth above or at such <br /> other address as City may from time #o fime designate in writirg. <br /> ATTY/AGR/2007.067 3 <br /> 090407 <br />