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d <br /> ti <br /> i <br /> 60%; from three to four years 40%•.and from-four years to five ear-- 20%. After the fifth <br /> year from'the Commencement Bate, there shall be no obligation for repayment of the build-out <br /> costs, <br /> 2, BASE RENT% <br /> a. Rent. TENANT shall pay to LANDLORD-Base Rent of$13.00/sf for the 2200 <br /> square feet;of Office Space . TENANT shall not be charged Base Rent for the Shared Space. <br /> TENANT shall-also pay to LANDLORD, a pro rata share of the Operating Costs (as hereinafter <br /> defined);on the entire 2,556 Leased Space of$5.20/sf. TENANT pro r'ata share of the <br /> Operating <br /> Costs are hereinafter referred to as "CAM." Total annual,rent for the first year.of the Lease is <br /> $42,456.00 calculated as follows: (Base Rent of 2200sf x $13.00/sf+;CAM:charges of 2655sf x <br /> $5.20/sf'=$42 45 6.00). The Base Rent and CAM as adjusted below, shall be payable in advance <br /> without offset, deduction or demand, in monthly installments on the ;Commencement Date•and <br /> on the first day of the month thereafter during the Initial Term, and the Option Tern. The <br /> annual rent payable.shall be in accordance with attached Exhibit B. <br /> b. Rent Increase. The Office Space Base Rent shall increase at an annual rate of <br /> two percent (2%)per year during the Initial Term and during any Option Term. <br /> c;. CAM rent adjustment, The CAM rent shall be adjusted up or down on an <br /> annual basis based upon a review by the LANDLORD of J its costs for the Operating Expenses. <br /> Said review shall be on or before August 1 of each year during the Initial -Lease' Term <br /> LANDL ORD shall determine its Operating Expenses during the immediate prior one year lease <br /> term expiring .on the preceding June 30th. Based on this review, LANDLORD shall advise <br /> TENANT of the CAM rent. The Base Rent shall then be adjusted accordingly, In the event <br /> TENANT exercises its Option to renew, the CAM rent shall then be increase pursuant to the CFI <br /> index formula as described*on attached Exhibit C. <br /> 3. OPERATING EXPENSES: <br /> LANDLORD shall pay all operating expenses including utilities incurred by TENANT in <br /> operating the Leased Space. The term "Operating Expenses" shall include but not be limited to <br /> janitorial services, maintenance, repair., operation of utilities and lighting, garbage disposal and <br /> refuse removal, parking and landscaped areas, signs, snow removal,;non-structural repair and <br /> maintenance of the exterior of the building in which the Leased Space is located, all associated <br /> with the'Leased Space being rented(the "Operating Expenses"), LANDLORD shall provide the <br /> same level of service for the LEASER SPACE that it provides for all,other office areas located <br /> within the Ramsey Municipal Building. The cost of the TENANT pro rata share of the <br /> Operating Expenses is included in the CAM, <br /> f <br /> In addition to payment of the Operating Expenses, LANDLORD'S rece tion staff will provide <br /> p g p p p <br /> direction for TENANT'S customers to access TENANT's Office Space, as necessary. <br /> 410, COVENANT To PAY RENT: <br /> The covenants of.TENANT to pay the Base Rent and the Additional Rentare each independent <br /> of any other covenant, condition, p rovision or agreement contained in this Lease. All rents are <br /> 2 <br />