COM 0439.002 1996-1998 - Laserfiche WebLink

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accumulation of regulated substances, and the volume of which (including the volume of the underground pipes connected thereto) is ten percent (10%) or more beneath the surface of the ground, as defined in H.R.S. §342L-1. Waste Land: The portion of the Premises not planted or capable of being planted in papaya trees, but excluding lava land. Waste Land shall be determined pursuant to Section 3.05. The historic delineation between Net Area and Waste Land is described in Exhibit C attached to this Lease. 2.02 Accountino Terms. All accounting terms not specifically defined in this Lease shall be construed in accordance with generally accepted accounting principles, applied on a consistent basis. III. BASE RENT 3.01 Base Rent. Lessee will pay to Lessor Base Rent ("Base Rent") of ONE HUNDRED AND NO/100 DOLLARS ($100.00) per acre per Lease Year based on the Net Area, net over and above al taxes, rates, assessments and other charges payable by Lessee. 3.02 Payment of Base Rent. Lessee's payment of Base Rent will be deferred during the first through third Lease Years, until the earlier of termination of this Lease or December 31, 2000. Lessee will pay Base Rent quarterly in advance in equal installments on the first day of each Calendar Quarter during the fourth and fifth Lease Years of the Term of this Lease, commencing January 1, 2001. 3.03 Lessor's Expenses: Interest. Lessee will also pay to Lessor, as additional rent within thirty (30) days after the date of mailing or delivery of notice and a statement therefor all costs and expenses paid or incurred by Lessor as a result of Lessee's act or omission, including a failure to pay, or otherwise required to be paid by Lessee under any provision of this Lease. If Lessee shall become delinquent in the payment of any Base Rent, additional rent other than interest, or other payments required to be made by Lessee to Lessor under this Lease, Lessee will also pay to Lessor as additional rent interest on such rent and other payments at a rate of twelve percent (12%) per annum, but not to exceed the maximum rate permitted by law from the due date of such payment until fully paid. 3.04 Determination of Net Area. Lessor will calculate Net Area for the Premises by reference to invoices paid by Lessee to third parties for clearing and preparing the Premises for planting or other process to be agreed upon by Lessor and Lessee following completion of clearing, preparation and planting of the Premises; provided that the minimum Net Area shall be at least five hundred seventy-five (575) acres. Until clearing, preparation and planting is completed, Lessor and Lessee will use the historic area of the Premises planted in papaya as the GLS 081997 12548.6 GLS 2002 064 9