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for five (5) twelve (12) month renewals thereafter at the LESSOR's sole discretion. LESSOR and <br />LESSEE shall have the mutual right to terminate this Lease upon sixty (60) days advance written <br />notice to the non -terminating party, however this termination right shall not apply to the initial <br />forty-two (42) month Term. <br />3. Amount and Payment of Rent. As rent for the Leased Premises, commencing on <br />the Effective Date, and continuing on the first day of each and every successive calendar month <br />thereafter for a period of twelve (12) months, LESSEE shall pay to LESSOR the monthly rent of <br />One Dollars and No Cents ($1.00). Commencing on the first day of the thirteenth (13th) month of <br />the initial Lease Term, and continuing on the first day of each and every successive calendar month <br />thereafter through the balance of the Lease Term, which includes any renewal terms, LESSEE <br />shall pay to LESSOR the monthly rent of Ten Thousand Dollars and No Cents ($10,000.00). Rent <br />shall be payable to City of Sunny Isles Beach and delivered to City of Sunny Isles Beach, Finance <br />Department, 18070 Collins Avenue, FL 33160, Attn: Finance Director. <br />4. CPI Increases. CPI Increases. Beginning May , 2025, the Amount of Rent <br />shall be modified annually to reflect the change in the Consumer Price Index ("CPI") based on a <br />twelve (12) month average. The "CPI" shall be the revised Consumer Price Index for all Urban <br />Consumers for all items — U.S. City Average, published by the Bureau of Labor Statistics, U.S. <br />Department of Labor, 1982-84=100 (CPI -U). In no event shall the Amount of Rent be reduced and <br />any increase shall not exceed 4% of the current Rent per year. <br />5. Late Fees. If any payment of rent due to LESSOR under this Lease Agreement <br />shall not be paid within five (5) days of the date when due, LESSEE shall pay, in addition to the <br />payment then due, an administrative charge equal to five percent (5%) of the past due payment. <br />All rent payments due LESSOR under this Lease Agreement shall bear interest at the maximum <br />rate allowed by law, accruing from the date the obligation arose through the date payment is <br />actually received by LESSOR. <br />6. Additional Rent Payments. In addition to the monthly rent due, all other payments <br />that LESSEE is obligated to make under this Lease shall be considered "Additional Rent" <br />regardless of whether the payments are so designated. All additional payments are due and payable <br />within thirty (30) days after rendition of a statement therefor, with the exception of ad valorem <br />taxes which must be paid within ten (10) days when due. <br />7. Taxes, Fees, Special Assessments, etc. To the extent required by law and unless <br />exempt by law, LESSEE shall pay to LESSOR Sales Tax, as hereinafter defined, on all amounts <br />paid as Rent hereunder, which sum is to be paid to the State of Florida by the LESSOR in respect <br />of sales or use taxes. Should such tax rate change under the Florida Sales Tax Statute or other <br />applicable statutes, LESSEE shall pay LESSOR the amounts reflective of such changes. To the <br />extent applicable, LESSEE shall pay LESSOR in conjunction with all sums due hereunder, any and <br />all applicable sales, use or other similar tax and any interest or penalties assessed therein ("Sales <br />Tax") simultaneously with such payment. <br />2 <br />