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THIS DRAFT DOES NOT CONSTITUTE AN OFFER <br />NOR A COMMITMENT TO EXTEND AN OFFER <br />Aquatic Lands Lease (Rev. 7/20/2022) Page 5 of 57 Lease No. 20-107205 <br /> 3.4 Holdover. <br />(a) If Tenant remains in possession of the Property after the Termination Date, and <br />State has not notified Tenant that Tenant must vacate the Property, in the absence <br />of a new lease agreement between State and Tenant, the following terms apply: <br />Tenant’s occupancy will be a month-to-month tenancy, on terms identical to the <br />terms of this Lease, except that either Party may terminate the tenancy on thirty <br />(30) days’ written notice. The month-to-month occupancy will not be an <br />extension or renewal of the Term. <br />(1) The monthly rent during the month-to-month tenancy will be the same <br />rent that would be due if the Lease were still in effect and all adjustments <br />in rent were made in accordance with its terms. <br />(2) Payment of more than the monthly rent will not be construed to create a <br />periodic tenancy longer than month-to-month. If Tenant pays more than <br />the monthly rent and State provides notice to vacate the property, State <br />shall refund the amount of excess payment remaining after the Tenant <br />ceases occupation of the Property. <br /> (b) If State notifies Tenant to vacate the Property and Tenant fails to do so within the <br />time set forth in the notice, Tenant will be a trespasser and shall owe State all <br />amounts due under RCW 79.02.300 or other applicable laws. <br /> <br />3.5 Adjustment of Term Resulting from Tenant’s Possession. <br />(a) If, for any reason whatsoever, State cannot deliver possession of the Property to <br />Tenant on the Commencement Date, this Lease will not be void or voidable, nor <br />will State be liable to Tenant for loss or damage resulting from the delay in <br />delivery of possession. In such event, the date of delivery of possession will be <br />the Commencement Date for all purposes, including the payment of rent. <br />(b) If Tenant takes possession before the Commencement Date, the date of possession <br />will be the Commencement Date for all purposes, including the payment of rent. <br />If the Term commences earlier or later than the scheduled Commencement Date, <br />the Termination Date adjusts accordingly. <br /> <br /> <br />SECTION 4 RENT <br /> <br />4.1 Annual Rent. <br />(a) The Annual Rent is based on the use classification of Tenant’s Permitted Use of <br />the Property and the square footage of each use classification, as set forth in <br />Exhibit A. <br />(b) Until adjusted as set forth below, Tenant shall pay to State an annual rent of Zero <br />Dollars ($00.00), consisting of Zero Dollars ($00.00) related to the water- <br />dependent rent. <br />(c) The annual rent, as it currently exists or as adjusted or modified (the “Annual <br />Rent”), is due and payable in full on or before the Commencement Date and on or DRAFT