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On the first day of each consecutive calendar month, Lessee shall pay to Lessor, in <br />arrears, the following rent: <br />First Lease Year: $3,376.66 <br />Second Lease Year: $3,477.96 <br />Third Lease Year: $3,583.30 <br />Fourth through Tenth Lease Years: Rent payments subject to periodic annual increases <br />of 3% per Lease Year. <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 />Section 3. This ordinance shall be effective thirty (30) days after its adoption. <br />Introduced on the 8th day of September, 2021 <br />Passed and adopted as an ordinance of the Board of Port Commissioners of the <br />City of Redwood City this 22nd day of September, 2021. <br />AYES, COMMISSIONERS: <br />Claire, Duncan, Dodge, Garcia, Kastrop <br />NOES, COMMISSIONERS: <br />ABSENT, COMMISSIONERS: <br />Port P-287 <br />USGS <br />08 30 21 FXS <br />President, Board of Port Commissioners <br />Secretary, Board of Port Commissioners <br />2 <br />