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Page 11 of 35 <br />25.Lessee shall comply with all existing and subsequently enacted laws or regulations <br />promulgated by the federal, State, and local agencies having lawful authority <br />and jurisdiction over the facilities within the Lease Premises. <br />26.All future repairs or structural modifications to any part of the facilities within the <br />Lease Premises will require prior review and approval of the Lessor. In the event of <br />an urgent repair requiring immediate action, Lessee shall contact the <br />Commission's 24-hour emergency notification number (562) 590-5201. <br />27.Consideration: <br />a)Terrestrial Land Appraisal and Rent Adjustment <br />i.Lessor will conduct and pay for a formal appraisal of the terrestrial land within one <br />(1)year of the Effective Date. If the formal appraisal yields a higher rental amount <br />for the terrestrial lands, then Lessee’s rent for the terrestrial lands shall be adjusted <br />upwards and such adjustment will be memorialized in amendment to this Lease. If <br />Lessee disagree with the appraisal amount, Lessee may procure its own appraisal <br />of the terrestrial land. If Lessee’s appraisal yields a different amount, the Parties <br />shall meet and confer and make good faith efforts to agree on an appraisal <br />amount. If the Parties are still unable to agree on an appraisal amount, then the <br />Parties’ appraisers shall identify and agree on a third appraiser to conduct an <br />appraisal. The Parties agree to accept the third appraiser’s appraised value. <br />Lessee shall bear any costs associated with all appraisals subsequent to Lessor’s <br />appraisal. If the third appraisal is less than the original rental amount for the <br />terrestrial lands, the Lessor is not obligated to adjust the rent downwards. <br />b)Annual Rent Adjustment <br />i.Except as otherwise provided herein, rent specified in Section 1, <br />Consideration, of this Lease (Base Rent) and any other amounts owed for <br />the first year of the Lease shall be due and payable without deduction, <br />delay, or offset within 60 days following Lease authorization. If Lessee does <br />not remit the full amounts owed on or before the due date, penalties and interest <br />shall accrue on any unpaid portion owed pursuant to Section 3, Paragraph 3. <br />ii.Notwithstanding the provisions of Section 3, Paragraph 3(c), beginning October 4, <br />2024, the Base Rent specified in Section 1 will be adjusted annually by <br />the shelter component of the Consumer Price Index (CPI).Lessor may <br />provide a courtesy invoice 30 days prior to the date rent is due specifying <br />the updated rent at the address currently on file for the Lessee. If Lessor <br />does not send a courtesy invoice, Lessee shall submit rent in the amount of <br />the prior year's rent when due and contact Lessor within 30 days to <br />determine the balance due. Lessee acknowledges that such invoicing is <br />for Lessee's convenience and that Lessor's failure to invoice shall not <br />DocuSign Envelope ID: 8D8CF2E2-DF6D-4A11-B610-2B1544DD7C30