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The term of the Lease Agreement is Ten (10) years and shall commence <br />on January 1, 2017 and end on December 31, 2026 (the "Initial Term"), with an <br />option to extend the term of the Lease Agreement for an additional Ten (10) <br />years (the "Extended Term"). <br />The rent for the Initial Term is as follows: <br />From January 1, 2017 to December 31, 2019, the sum of One Million Three <br />Hundred Fifty Two Thousand Two Hundred Thirty Four and 52/100 Dollars <br />($1,352,234.52) as follows: <br />Years Rate/sq ft <br />Monthly Rent <br />Yearly Rent <br />Year 1 $0.100 <br />$35,773.40 <br />$429,280.80 <br />Year 2 $0.105 <br />$37,562.07 <br />$450,744.84 <br />Year 3 $0.110 <br />$39,350.74 <br />$472,208.88 <br />Annual Rent shall be adjusted yearly thereafter on the Anniversary Date <br />(January 1) using the Producer Price Index, Seasonally Adjusted Index Code <br />1321-01204, for Construction Sand and Gravel, West, 12/2012=100 (PPI) <br />published by the U.S. Department of Labor, U.S. Bureau of Labor Statistics (the <br />"Index"). The PPI adjustment for each Lease Year shall be the overall PPI <br />change as compared to the Beginning PPI Index in Lease Year 3, which will be <br />the Base Year Beginning PPI Index. The Annual Rent for Lease Year 4 through <br />Lease year 10 shall be calculated by dividing the Current Lease Year Beginning <br />PPI Index by the Base Year Beginning PPI Index, and multiplying the resulting <br />factor by the Base Year Annual Rent. <br />ORD P-272 <br />Port 2 <br />Cemex <br />05/18/17 FXS 5/18/17 DKS; 05/09/17 fxs <br />