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and facilities usage charges shall thereafter be adjusted yearly on the Anniversary Date (January 1) using the Index. The PPI adjustment for Lease Year 7 through Lease Year 10 shall be the overall PPI change as compared to the Beginning PPI Index in Lease Year 6 (Second Base Year), which will be the Second Base Year Beginning PPI Index. The Minimum Annual Guaranteed Rate per Metric Ton for Lease Year 7 through Lease Year 10 shall be calculated by dividing the Current Lease Year Beginning PPI Index by the Second Base Year Beginning PPI Index, and multiplying the resulting factor by the Second Base Year Minimum Annual Guaranteed Rate per Metric Ton. Tenant shall pay or cause to be paid to Port as Additional Rent all other charges applicable to Tenant under Port's Tariff No. 8. The Rent for the Extended Term shall be as follows; Tenant shall pay Landlord as Rent for said renewal term a sum equal to the fair market rental value of the Leased Premises as agreed upon by the Port and Tenant or, if no agreement is reached, by appraisers. Section 2. The Port undertook a review of the Project (approval of the Lease Agreement) under CEQA and certified the Supplemental Environmental Impact Report on September 14, 2016. Section 3. The President and Secretary of the Board of Port Commissioners of the City of Redwood City are hereby authorized and directed to execute the aforesaid Lease Agreement for and on behalf of the City of Redwood City, acting by and through its Board of Port Commissioners. Port 4 ORD P-272 Cemex 05/18/17 FXS 5/18/17 DKS; 05/09/17 fxs