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~ ~ fair market rental rate, they will then in turn select a third appraiser. The third appraiser shall be charged with the task pursuant to the American Arbitration Association rules of selecting the fair market rental rate from one of the two proposed rates. The third appraiser shall have no power to determine a rate other than those provided for selection. Each party shall pay 50% of the costs of selecting and retaining the third appraiser. 3.1,2 Improved Premises Lease Term Should Waste Management improve the Premises and opt to continue leasing the Premises pursuant to the provisions of Section 4.1.2 of this Lease, the Term shall be thirty (30) years from the date of the payment of the first revised annual rental amount. 3.1.3 Acceptance of Pavment. No payment by Waste Management or receipt by City of any lesser amount of Rent due under this Lease shall be deemed to be other than on account of Rent due, nor shall any endorsement or statement on any check or any letter accompanying any such check or payment be deemed an accord and satisfaction, and City may accept such check or payment without prejudice to City"s right to recover the balance of such Rent or payment or pursue any other remedy available under this Lease, at law or in equity. City may accept any partial payment from Waste Management without invalidating any contractual notice required to be given under this Lease (to the extent such contractual notice is required) and without invalidating any notice required to be given pursuant to California Code of Civil Procedure Section 1161, as it may be amended from time to time. 3.1.4 Late Rent Pavment. The payment of any Rent established herein after the dates set forth above shall be considered late, and shall bear interest from the date such amount was due until paid in full at a rate per annum equal to the maximum interest rate permitted by law; provided, however, the annual payment of rent at the Lease Commencement Date shall at the option of Waste Management be due and payable on a monthly basis where such rental rate is adjusted to a fair market rental rate and City shall in such circumstances provide written notice of any rent delinquency to Waste Management or such successor entity and five (5) business days to cure such default following receipt of such notice prior to applying any penalty. 3.2, Taxes and Assessments. To the extent applicable, Waste Management is fully responsible for and agrees to pay, all real and personal property taxes (including any tax levied on a possessory interest, as defined in California Revenue and Taxation Code Section 107 or successor stature, if applicable) levied on or assessed by any governmental agency against Waste Management's interest in personal property located on or in the land or improvements at the Premises. Waste Management shall pay only those real estate taxes on the Premises assessed as of the Commencement Date during the Term or any extension thereof, excluding, transfer taxes assessed against the real property or triggered by the length of term of this Lease. 4. USES, PURPOSES 4.1 Use of Premises. Waste Management shall use and permit the use of the Premises for storage use in connection with the operation of its Transfer Station and Materials Recovery Facility and other lawful purposes, all in accordance with the terms and conditions of any and all use permits issued by City. ~ZZOO9-i