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DocuSign Envelope ID: 2F824D49-F88D-4ED1-8861-25C6564470E2
<br />EXECUTION COPY
<br />month thereafter through the balance of the Lease Term, which includes any renewal terms,
<br />LESSEE shall pay to LESSOR the monthly rent of Ten Thousand Dollars and No Cents
<br />($10,000.00). Rent shall be payable to City of Sunny Isles Beach and delivered to City of Sunny
<br />Isles Beach, Finance Department, 18070 Collins Avenue, FL 33160, Attn: Finance Director.
<br />3.2 CPI Increases. Beginning May 1, 2025, the Amount of Rent shall be modified
<br />annually to reflect the change in the Consumer Price Index ("CPI") based on a twelve (12) month
<br />average. The "CPI" shall be the revised Consumer Price Index for all Urban Consumers for all
<br />items — U.S. City Average, published by the Bureau of Labor Statistics, U.S. Department of Labor,
<br />1982-84=100 (CPI -U). In no event shall the Amount of Rent be reduced and any increase shall not
<br />exceed 4% of the current Rent per year.
<br />3.3 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 />3.4 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
<br />and all applicable sales, use or other similar tax and any interest or penalties assessed therein
<br />("Sales Tax") simultaneously with such payment.
<br />Except as otherwise provided in this Lease, beginning on the Effective Date, all costs, expenses,
<br />sales or use taxes, or taxes of any nature or kind, special assessments, connection fees, and any
<br />other charges, fees or like impositions incurred or imposed against the Leased Premises, to the
<br />extent applicable, or any use thereof, including revenue derived therefrom, and any costs,
<br />expenses, fees, taxes or assessments in or upon the real property or improvements constructed
<br />thereon shall be made and paid by LESSEE in accordance with the provisions of this Lease, it
<br />being the intent of the parties that, except as may be specifically provided for herein, LESSEE is
<br />responsible for paying all the expenses and obligations that relate to the Leased Premises or any
<br />improvements thereon and that arise or become due during the Term of this Lease.
<br />LESSOR shall invoice LESSEE for all applicable taxes, and the Tenant shall be required to
<br />pay LESSOR within ten (10) days of receipt of said Invoice. If LESSEE fails to timely pay
<br />any taxes, LESSOR may pay them, and LESSEE shall repay such amount to LESSOR upon
<br />demand.
<br />LESSEE shall not be required to pay any Targeted Taxes. For purposes of this Lease Agreement,
<br />"Targeted Taxes" shall mean any Tax created, levied, assessed, confirmed, adjudged, charged or
<br />imposed on or against (A) the activities conducted at the Leased Premises by LESSEE, or any of
<br />its affiliates or invitees, or any income, revenues, profits or other consideration generated
<br />therefrom (unless the Tax applies to substantially all other businesses or persons in the jurisdiction
<br />of the applicable governmental entity or income, revenues, profits or other consideration
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