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<br /> RENT MINIMUM RENT <br /> Year Minimum Minimum Annual <br /> Rent per Rent per Minimum <br /> square foot month Rent <br /> Year 1-2 $1.250 $6,728.75 $80,745.00 <br /> Year 3-4 $1.325 $7,132.48 $85,589.76 <br /> Year 5-6 $1.405 $7,563.12 $90,757.44 <br /> Year 7-8 $1.489 $8,015.29 $96,183.48 <br /> Year9-10 $1.578 $8,494.37 $101,932.44 <br /> <br /> CONSTRUCTION COST In addition to the Minimum Rent to be paid by Tenant, <br /> RECOVERY FEE Tenant shall pay to Landlord a Construction Cost <br /> Recovery Fee which shall be equal to an annual eight <br /> (8%) percent of the total costs incurred by the Landlord in <br /> connection with the completion of the Landlord's <br /> Construction Obligations. The Construction Cost <br /> Recovery Fee shall be paid monthly by the Tenant. <br /> At this time the Total Construction Cost is estimated at <br /> $150 per square foot or $807,450. Based on the <br /> estimated $807,450 the 8% recovery fee is estimated at <br /> $64,596 annually, or 5,383.00 monthly or $1.00 psf per <br /> month. <br /> Landlord and Tenant acknowledges and is cognizant that <br /> the construction cost of $150.00 per square foot is an <br /> estimate. As such, the construction cost stated above will <br /> be adjusted post construction upon reconciliation of the <br /> actual construction cost. <br /> LEASE AND RENT Lease and rent commencement will be the earlier of a) 60 <br /> <br /> COMMENCEMENT days after Landlord's completion of its construction <br /> obligations and the delivery of the space to Tenant or b) <br /> upon Tenant opening for business. <br /> <br /> OPTIONS One 5 year period commencing upon the expiration of the <br /> initial term at fair market rents (inclusive of the <br /> Construction Cost Recovery Fee). <br /> G•M•R <br /> <br />