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<br />30. In any event, each annual adjustment to the Lessee's Lease Area charges <br />shall be the CPI adjustment not to be less than 3%) or exceed 8% during any <br />given year. <br /> <br />3.3 Option Payments. If Lessor and Lessee agree to exercise an Option for an <br />Extended Term, Lessor may increase the monthly rent based on the then-current <br />market rents as determined by an appraiser selected by the Agency. The new <br />monthly rent shall apply to the entire 60-month Lease period; the monthly rent <br />shall not be subject to CPI adjustment during the 60-month Lease period. <br /> <br />3.4 Lessee agrees to make rent payments payable to: Redwood City <br />Redevelopment Agency. The account number 807-33630 shall be written on <br />the check. All payments shall be delivered to the following address: <br /> <br />Redwood City Revenue Services Department <br />1017 Middlefield Road <br />Redwood City, CA 94063 <br /> <br />Copies of the rent payments shall be concurrently delivered to: <br /> <br />Redwood City Redevelopment Agency <br />1017 Middlefield Road <br />Redwood City, CA 94063 <br />c/o Courthouse Square Vendor Management <br /> <br />Rents for any period during the term hereof which is for less than one month <br />shall be a pro rata portion of the monthly installment based on a 30-day month. <br />Rents shall be payable to the Agency at the address set forth above or at such <br />other address as City may from time to time designate in writing. <br /> <br />3.5 Monthly Income Statement. Lessor may require submission of monthly gross <br />income statements by Lessee in order to monitor the percentage of product <br />sales. Lessor shall monitor the percentage of product sales to ensure that the <br />approved product mix stated in Section 8 of each Lease Agreement is followed. <br />Upon written request by the Lessor, Lessee shall furnish to Lessor the written <br />Statement of Gross Income certified by Lessee to be correct, showing the total <br />Gross Sales during the immediately preceding calendar month(s). In addition, <br />Lessee shall provide Lessor with copies of all State Sales Tax reports at the <br />same time as they are provided to the State Board of Equalization. <br /> <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 operations of Lessee within 30 calendar days of the Lessor's <br />written request. <br /> <br />3.7 Delinquent Rent Fees. Lessee acknowledges that the Lessor incurs collection <br />and administrative costs associated 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 shall pay a late charge <br />equal to ten percent (1 OOIc>) of the security deposit in effect. The late charge will <br />be added to the succeeding month's rent. <br /> <br />ATTY/AGR/2009.024 <br />061609 <br /> <br />cf(rJJn~ials <br /> <br />Page 4 <br />