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three hundred fifty-nine (359) months following the Base Rent Commencement Date during the <br />Term. Interest shall accrue at the Interest Rate on any payment of Base Rent not paid when due. <br />D. Percentage Rent. Commencing with the first (1 st) Lease Year and in addition to <br />Base Rent, Tenant shall pay to Landlord a percentage rent ("Percentage Rent") in an amount <br />equal to the following: <br />(i) Two percent (2%) of Gross Revenues for the first (I st) through third (3rd) <br />Lease Years; and <br />(ii) Three percent (3%) of Gross Revenues for the fourth (4th) through sixth <br />(6th) Lease Years; and <br />(iii) Four percent (4%) of Gross Revenues for the seventh (7th) through ninth <br />(9th) Lease Years; and <br />(iv) Five percent (5%) of Gross Revenues for the tenth (1 Oth) through twenty- <br />fourth (24th) Lease Years; and <br />(v) Six percent (6%) of Gross Revenues from and after the twenty-fifth (25th) <br />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. <br />Commencing with the fifteenth (15th) day of the second (2nd) calendar month of the first (1 st) <br />Lease Year (whether the first month is a whole or partial month) and continuing on the fifteenth <br />(15th) day of each and every calendar month thereafter during the Term, Tenant shall pay the <br />Percentage Rent due for the immediately preceding calendar month. Interest shall accrue at the <br />LEASE BETWEEN CITY OF SAN LEANDRO <br />AND SAN FRANCISCO BAY CONFERENCE RESORT PAGE 15 <br />002574.0001\409817.4 <br />