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but shall continue to pay Percentage Rent for the remainder of the Term, including any <br />Extension Term(s). <br />C. Payment of Base Rent. Base Rent shall be paid in equal installments monthly <br />in advance commencing on the Base Rent Commencement Date and on the first day of each <br />month following the Base Rent Commencement Date until Tenant's Note has been paid in <br />full. Interest shall accrue at the Interest Rate on any payment of Base Rent not paid when <br />due. <br />D. Percentage Rent. Commencing with the first (1st) Lease Year and in <br />addition to Base Rent, Tenant shall pay to Landlord a percentage rent ("Percentage Rent") in <br />an amount equal to the following: <br />(i) Three percent (3 %) of Gross Revenues for the first (1 st) through fifth <br />(5th) Lease Years; and <br />(ii) Four percent (4%) of Gross Revenues for the sixth (6th) through <br />twentieth (20th) Lease Years; and <br />(iii) Five percent (5%) of Gross Revenues for the twenty-first (21st) through <br />twenty-fifth (25th) Lease Years; and <br />(iv) Six percent (6%) of Gross Revenues for each Lease Year from and <br />after the twenty-sixth (26th) Lease Year. <br />Percentage Rent shall be due and payable monthly in arrears within fifteen (15) days <br />following the last day of the calendar month for which such Percentage Rent is due, except <br />that the Percentage Rent otherwise due for the first (1st) and second (2nd) Lease Years (the <br />LEASE BETWEEN CITY OF SAN LEANDRO <br />AND SAN FRANCISCO BAY CONFERENCE RESORT PAGE 15 <br />2574001\313983.8 <br />