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when Developer receives project entitlements, whichever is later; provided that Tenant may <br />terminate the Lease before the end of the Term by providing Landlord three months' advance <br />notice of the intent to terminate and the date of termination. <br />b. Occupancx. Tenant may occupy the Property on the Commencement Date subject <br />to all terms and conditions of this Lease, provided Tenant complies with Section 4 and pays the <br />first month's rent, complies with Section 4.d and pays the Security Deposit, and complies with <br />Section 18 and delivers an insurance certificate and endorsements to Landlord on or before the <br />Commencement Date. Tenant's failure to comply with the aforementioned Sections constitutes a <br />default of this Lease, entitling Landlord to pursue the remedies provided in Section 20.b. <br />4. Rent. The initial rent during the term of this Lease shall be Two Thousand Eight Hundred <br />Dollars ($2,800) per month. Tenant shall, commencing on the Commencement .Date and <br />continuing thereafter on the first (I st) day of each and every month during the term of this Lease, <br />pay to Landlord in advance, such monthly rent, without setoff, deduction or demand. If possession <br />is taken on other than the first of the month, rent shall be prorated accordingly based on a 30 -day <br />month. The rent sent forth in this Section 4 is intended to be inclusive of any and all real property <br />or possessory interest taxes that may be assessed against the Property or Tenant, as further <br />described in Section 14. <br />a. Late Charge. Tenant acknowledges that late payment by Tenant to Landlord of rent <br />will cause Landlord to incur costs not contemplated by this Lease. If any installment of rent due <br />from Tenant is not received by Landlord within five (5) days after it becomes due, Tenant shall <br />pay to Landlord an additional sum of the greater of $100 or 6% of the overdue rent as a late charge. <br />The parties agree that this late charge represents a fair and reasonable estimate of the costs that <br />Landlord will incur by reason of late payment by Tenant. Acceptance of any late charge shall not <br />constitute a waiver of Tenant's default with respect to the overdue amount or prevent Landlord <br />from exercising any of the other rights and remedies available to Landlord. <br />b. Interest on Unpaid Rent. Rent or other charges under this Lease not paid within <br />five (5) days of the date due shall, in addition to any late charges under Section 4.a, above, bear <br />interest at the lesser of the maximum legal rate or 10% per annum from the date due until paid. <br />C. Holdover. Tenant may not hold over after the expiration or earlier termination of <br />the Term without the express prior written consent of Landlord. Acceptance of rent is not <br />Landlord's consent to holdover. Without Landlord's express consent, Tenant shall become a <br />tenant at sufferance only at a rental rate equal to 150% of the rent in effect upon the date of such <br />expiration. Acceptance by Landlord of rent after such expiration or earlier termination shall not <br />constitute a holdover hereunder. The foregoing provisions of this Section 4 are in addition to and <br />do not affect Landlord's right of re-entry or any rights of Landlord hereunder or as otherwise <br />provided by law. If Tenant fails to surrender the Property upon the expiration of this Lease, Tenant <br />shall indemnify, protect, defend and hold Landlord harmless from all loss or liability, including <br />without limitation, any claim made by any succeeding tenant or purchaser founded on or resulting <br />from such failure to surrender. Such indemnity shall survive the expiration of this Lease. <br />d. Security Deposit. Concurrently with Tenant's execution of this Lease, Tenant shall <br />deposit with Landlord a "Security Deposit" in the amount of Three Thousand Dollars ($3,000). <br />z <br />