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6.1C <br /> Page 8 <br /> 30. 1n any event, each annual adjustment to the Lessee's Lease Area charges <br /> shal( be the CPI adjustment not to be less than 3°/fl or exceed 8% during any <br /> giVen year. <br /> 3.3 O��iam Payrnents. �f Lessar ar�d �essee agree to exercise an� aption for an <br /> Extended Term, Lessor may increase the monthly rent based on the then-current <br /> mark�t rents as det�rmined by an appraiser selected by the Agency. 7he new <br /> monthly ren# shafl apply to the entire 60-month Lease period; the monthly renfi <br /> shall not be subject to CPI adjustment during the 6Q-mc�nth Lease period. <br /> 3.4 Lessee agrees to make rent payments payable to: Redwood Gity <br /> Redevelopment Agency. The account number 807-33630 shall be wri#ten on <br /> �he check. All paymen�s shal[ be delivered to the following address: <br /> Redwood City Revenue Services Department <br /> �017 Middlefield Road <br /> Redwood City, CA 94063 <br /> Copies of the rent payments shali be concurrentiy delivered to: <br /> Redwood City Redevelopment Agency <br /> �017 Middiefield Road <br /> �tedwood �ity, CA 94053 <br /> clo Courthouse Square Vendor Management <br /> Rents for any pe�iod during the term hereof which is for less than one month <br /> shal[ be a pro rata portion of the monthly installment based vn a 3Q-day month. <br /> Rents shafl be payable to the Agency at the address set forth above or at such <br /> ofiher address as City may from time#v time designate in writing. <br /> 3.5 Monthly Incorne S#atement. Lessor may require submission of monthfy gross <br /> income statements by Lessee in order to monifor the percentage of product <br /> sales. Lessor shall monitor the percentage of produc� sa(es to ensure that the <br /> approved product mix stated in Section 8 of each Lease Agreement is foifowed. <br /> Upon written request by the Lessor, Lessee sha�l furnish to Lessor fhe written <br /> Sta#ement of Gross Income ce�tified by Lessee to be carrect, showing the total <br /> Gross Sa(es during the immediately preceding cafendar month{s), ln addifiion, <br /> Lessee shall provide Lessor with copies of ail State Sales Tax reports at the <br /> same time as they are provided to the State Board of Equaliza#ion. <br /> 3.6 Financial Statement Audit. The Lessor and Lessor's consultants shall have the <br /> right to audit financial statements and other financial records as deemed <br /> necessary for the operativns of Lessee with�n 3� calendar days of the Lessor's <br /> written reques#. <br /> 3.7 Delinquent Rent Fees. Lessee acknowledges that the Lessor incurs coi�ection <br /> and administrative costs associafed with pursuing delinquent rent. Lessee and <br /> Lessor hereby agree that if the rent for any month is not received by the Lessor <br /> by 5:00 p.m. on the fifth �5th) day of the month, Lessee shaEl pay a fate charge <br /> equal �o ten percent (1�%} of the security deposi# in effect. The late charge will <br /> be added to the succeeding montf�'s rent. <br /> ATTY/AGR/2Q09.024 fnitials Page 4 <br /> 06�6�9 <br />