Agmt 2014 San Leandro Unified School District SLUSD (2)

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San Leandro Unifie School District By: 4 Name: Michael McLaughlin, Ed.D. Title: Superintendent of Schools 3. TERM OF LEASE: The term of this Lease is five (5) years commencing on July 1, 2014 (hereafter "Commencement Date") and expiring at midnight on June 30, 2019 (hereafter "Expiration Date"), subject to the Extension Option described in Sections 3A and 3B below. A. Extension Option: Landlord grants to Tenant a one-time option to extend the Term of this Lease (the "Extension Option") for an additional five (5) years (the "Extension Term"). The Extension Term shall commence on the day following the Expiration Date. Tenant may exercise the Extension Option by giving written notice to Landlord not less than one-hundred eighty (180) days prior to the Expiration Date. If any event of default by Tenant is outstanding either prior to or during the time of Tenant's exercise of the Extension Option then Landlord may elect to notify Tenant of Landlord's rejection of Tenant's exercise of the Extension Option, whereupon the Extension Option shall be null and avoid. B. Base Rent: The Base Rent shall be $4666.67 (Four Thousand Six Hundred Sixty-Six Dollars, 67/100) per month, or$56,000.00 for the first year of the Term. Base Rent shall be increased beginning on the anniversary of the Commencement Date and each subsequent anniversary of the Commencement Date during the Term by the increase in the Consumer Price Index (CPI) for the San Francisco/Oakland/San Jose Bay Area. In no event shall the Base Rent be less than $4666.67 per month during the Term nor shall Tenant be entitled to any credit because of any decrease in the CPI. All other terms, covenants and conditions of this Lease shall continue unchanged during the Extension Term. Upon commencement of the Extension Term, the Base Rent in year five shall be used to calculate the increase by the CPI for year six based on the procedure above. Thereafter, Base Rent shall increase by the CPI each year of the Extension Term in accordance with the formula described herein. 4. BASE RENT PAYMENT: Tenant shall pay Landlord Base Rent and all other sums ("Rent") as required herein on or before the first of each month. All sums payable by Tenant to Landlord hereunder shall be paid by good check to the City of San Leandro, in care of the Finance Director, Finance Department at 835 E. 14t Street, San Leandro, California, 94577, or such other place as Landlord may 3