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transmission, reception, and relay of communication signals, including, without <br />limitation, radio frequency signals, for the purpose of furnishing mobile radio/telephone <br />service to the public. <br />The term of the Lease Agreement is ten (10) years commencing on September 15, <br />2020 (the "Commencement Date") and terminating on September 14, 2030. <br />On the Commencement Date and on the first day of each calendar month thereafter, <br />Lessee shall pay to Lessor as rent the sum of Four Thousand and No/100 Dollars <br />($4,000.00), plus Lease Year (as said term is defined in the Lease Agreement) <br />increases. <br />On each annual anniversary of the Commencement Date, Lessee shall pay the then <br />current Rent, increased by three (3) percent over the previous Lease Year. <br />Term <br />Annual Rent <br />Monthly Rent <br />Year 1 <br />$ 48,000 <br />$ 4,000 <br />Year 2 <br />$ 49,440 <br />$ 4,120 <br />Year 3 <br />$ 50,923 <br />$ 4,244 <br />Year 4 <br />$ 52,451 <br />$ 4,371 <br />Year 5 <br />$ 54,024 <br />$ 4,502 <br />Year 6 <br />$ 55,645 <br />$ 4,637 <br />Year 7 <br />$ 57,315 <br />$ 4,776 <br />Year 8 <br />$ 59,034 <br />$ 4,919 <br />Year 9 <br />$ 60,805 <br />$ 5,067 <br />Year 10 <br />$ 62,629 <br />$ 5,219 <br />Section 2. The President and Secretary of the Board of Port Commissioners of <br />the City of Redwood City are hereby authorized and directed to execute the aforesaid <br />Lease Agreement for and on behalf of the City of Redwood City, acting by and through <br />its Board of Port Commissioners. <br />Port <br />2 <br />SBA 04/14/21 CSK <br />03/17/21 FXS P-284 <br />