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2.3 The term will expire at 5:00 p.m. on the date specified in Section 2.1. If Lessee should remain in possession of the Premises after the termination of the term of this Agreement as a result of Lessee's default, then the Minimum Annual Rent shall be one and one-half (1.5) times the amount of such rent in effect prior to the Lessee's holding over. Lessor does not waive its right to pursue any legal or equitable remedy against Lessee with regard to Lessee's continued possession of the Premises after the expiration of the term of this Agreement. 3. LEASE PAYMENT 3.1 Lease Pa~ent. The monthly rent to be paid to the Lessor shall be $411.00 Lessee shall pay to Lessor the monthly rent in advance, on or before the first day of each and every month of the Lease Term beginning on June 1, 2008. Lease payments for any period during the term hereof which is for less than one month shall be a pro rata portion of the monthly installment 3.2 Lessee agrees to make rent payments payable to: Redwood City Redevelopment Agency. All payments shall be delivered to the following address : Redwood City Finance Deparment - Revenue Services Division 1017 Middlefleld Road Redwood City, CA 94063 Copies of the rent payments shall be concurrently delivered to: Redwood City Redevelopment Agency 1017 Middlefield Road Redwood City, CA 94063 c/o Courthouse Square Vendor Management Rents for any period during the term hereof which is for less than one month shall be a pro rata portion of the monthly installment based on a 3O-day month. Rents shall be payable to the Agency at the address set forth above or at such other address as City may from time to time designate in writing. 3.3 Delinquent Rent Fees. Lessee acknowledges that the Lessor incurs collection and administrative costs associated with pursuing delinquent rent. Lessee and Lessor hereby agree that if the rent for any month is not received by the Lessor by 5:00 p.m. on the fifth (5th) day of the month, Lessee shall pay a late charge equal to ten percent (1oolO) of the security deposit in effect. The late charge will be added to the succeeding month's rent. 4. SECURITY DEPOSIT 4.1 Lessee shall deposit with the Lessor upon execution hereof a security deposit in the amount of $500.00 as security for the Lessee's faithful performance of Lessee's obligation hereunder. The deposit shall not be used for the final month's rent. If Lessee fails to pay rent or other charges due hereunder, or otherwise defaults with respect to any provision of this Agreement, Lessor may use, apply or retain all or any portion of said deposit for the payment of any fees AUy/Agr/2008.033 050508 3