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ARTICLE III <br />RENT <br />Section 3.1 Payment of Rent <br />Tenant shall pay rent during the Term of this Lease as follows: <br />A. Base Rent Until Tenant's Note Paid in Full. Commencing on the Base Rent <br />Commencement Date and continuing on the first day of each of the two hundred fifteen (215) <br />immediately succeeding calendar months, Tenant shall pay Landlord fixed monthly rent <br />("Base Rent") in an amount equal to the monthly installments of principal and interest due <br />under Tenant's Note, which amount shall be determined as follows: <br />On the first day of the first calendar month following the date of Landlord's <br />first disbursement of funds under Tenant's Note (whether to Tenant or to Tenant's Leasehold <br />Mortgagee) and on the first day of each of the twenty-three (23) immediately succeeding <br />months, all accrued interest at the rate of nine percent (9%) per annum on all funds <br />disbursed under Tenant's Note (whether to Tenant or to Tenant's Leasehold Mortgagee) shall <br />be added to the principal balance of Tenant's Note and shall thereafter constitute and bear <br />like interest as principal. The principal balance of Tenant's Note as of the first day of the <br />twenty-fourth (24th) calendar month following the date of Landlord's first disbursement of <br />funds to Tenant or to Tenant's Leasehold Mortgagee under Tenant's Note (the "Amortization <br />Commencement Date"), as so adjusted, shall be referred to herein as the "Accrued Principal <br />Balance." <br />LEASE BETWEEN CITY OF SAN LEANDRO <br />AND SAN FRANCISCO BAY CONFERENCE RESORT PAGE 13 <br />2574001\313983.8 <br />