2006/11/22 Council Agenda Packet

landscaped areas and hallways. Landlord understands that available parking is critical to the needs of the Tenant. Any changes, additions, improvements or deletions thereto ' - shall be with mutual agreement and shall not unreasonably impact the needs and performance of the Tenant; (iii) To close temporarily any of the Common Areas for maintenance purposes so long as reasonable access to and use of the Premises remains available; (iv) To designate other land to be part of the Common Area where the additional Common Area is available for the use and benefit of the Building tenants; (v) To expand the Building. 3. Lease Term; Rent. (a) Lease Term. The term of this Lease ("Term") shall be three (3) years, commencing on November 1, 2006 ("Commencement Date") and terminating on October 31, 2009, unless Tenant exercises its right to extend the Lease pursuant to subsection (c) below. (b) Rent. The rent during the Lease term shall be $3,996.00 per month, due and payable, in advance, on the 1st day of each month. (c) Option for Extension. Provided TENANT has not received any notice of default which remains outstanding and uncured beyond any applicable grace period at the time TENANT exercises the option to extend this Lease, TENANT shall have the option to extend the term of this Lease for a maximum of three (3) additional one (1) year periods ("Extended Terms"). If TENANT exercises its option to extend the Lease, TENANT shall provide written notice of the election to LANDLORD at least one hundred and twenty (120) days prior to the expiration of the original Lease term, or extended term then in effect, if applicable. Any extension period shall be upon the same terms, covenants and conditions as the original term, except that the Rent shall be the lesser of: (a) a five percent (5%) increase over the monthly rent then in effect, or (b) an increase based upon the percentage by which the Consumer Price Index, Seattle Component of the Urban Wage Earners and Clerical Workers Index as published by the Bureau of Labor Statistics (the "CPI") has increased within the twelve (12) preceding months. If the CPI is used for determining the rent for any extension period, the monthly rent in the Extended Term shall not be less than the monthly rent in effect for the prior term. If the CPI index is discontinued, the parties shall mutually select another similar index, which reflects consumer prices. (d) Late Charges and Interest. In the event Tenant fails to pay any • . . . . ... , - - - - - - •- - • ' -• , - - - - .•. - , •- ea. • - - e•• -- - 3