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3.3 Option Payments. If Lessor and Lessee agree to exercise an Option for an Extended Term, Lessor may increase the monthly rent based on the then-current market rents as determined by an appraiser selected by the Agency. The new monthly rent shall apply to the entire 60-month Lease period; the monthly rent shall not be subject to CPI adjustment during the 60-month Lease period. 3.4 Lessee agrees to make rent payments payable to: Redwood City Redevelopment Agency. The account number 807-33630 will be written on the check. All payments shall be delivered to the following address: Redwood City Revenue Services Department 1017 Middlefield Road Redwood City, CA 94063 Copies of the rent payments shall be concurrently delivered to: Redwood City Redevelopment Agency 1017 Middlefield Road Redwood City, CA 94063 c/o Courthouse Square Vendor Management Rents for any period during the term hereof which is for less than one month shall be a pro rata portion of the monthly installment based on a 30-day month. Rents shall be payable to the Agency at the address set forth above or at such other address as City may from time to time designate in writing. 3.5 Monthly Income Statement. Lessor may require submission of monthly gross income statements by Lessee in order to monitor the percentage of product sales. Lessor shall monitor the percentage of product sales to ensure that the approved product mix stated in Section 8 of each Lease Agreement is followed. Upon written request by the Lessor, Lessee shall furnish to Lessor the written Statement of Gross Income certified by Lessee to be correct, showing the total Gross Sales during the immediately preceding calendar month(s). In addition, Lessee shall provide Lessor with copies of all State Sales Tax reports at the same time as they are provided to the State Board of Equalization. 3.6 Financial Statement Audit. The Lessor and Lessor's consultants shall have the right to audit financial statements and other financial records as deemed necessary for the operations of Lessee within 30 calendar days of the Lessor's written request. 3.7 Delinquent Rent Fees. Lessee acknowledges that the Lessor incurs collection and administrative costs associated with pursuing delinquent rent. Lessee and Lessor hereby agree that if the rent for any month is not received by the Lessor by 5:00 p.m. on the fifth (5th) day of the month, Lessee shall pay a late charge equal to ten percent (10010) of the security deposit in effect. The late charge will be added to the succeeding month's rent. 3.8 Gross Sales. The term "Gross Sales" as used in this Agreement means all gross receipts of every kind and nature from sales and services from all business ATTY/AGR/2009.081 020110 (5 Initials Page 4