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the Base Rental Year. For the purposes hereof, the “Consumer Price Index” shall mean the Consumer Price Index, United States City Average, all items (1982 - 1984 = 100) or any successor thereto as promulgated by the Bureau of Labor Statistics of the United States Department of Labor. In the event that the Consumer Price Index ceases to use the 1982 - 1984 average of one hundred (100) as the basis of calculation, or if a substantial change is made in terms of particular items contained in the Consumer Price Index, then the Consumer Price Index shall be adjusted to the figure that would have been arrived at had the change in the manner of computing the Consumer Price Index in effect at the commencement of the term of this Lease not been affected. In the event the Consumer Price Index (or successor or substitute Consumer Price Index) is not available, a reliable governmental or other nonpartisan publication evaluating information theretofore used in determining the Consumer Price Index shall be used.

• (B)Renewal Adjustment Date. Effective on the first calendar day of the first month of the Renewal Term hereof, (“Renewal Adjustment Date”), the then current annual Land Rent amount shall terminate, and a new annual Land Rent shall commence, which amount shall be determined solely by the Authority, who shall select a qualified M.A.I. appraiser with demonstrated experience who shall appraise the Premises to determine its Fair Market Rental Value. The Authority shall submit to Tenant a written statement of the then current Fair Market Rental Value as established by the appraisal and annual rental rates provided for herein shall be adjusted to an amount equal to the values set forth in the appraisal.
• (C)Delay in Adjustment. This Lease shall automatically be considered amended, without formal amendment hereto, upon written notification by Authority of the Land Rent Adjustment established pursuant to this Article. Any delay or failure of Authority in computing the adjustment in Land Rent, as hereinabove provided, shall not constitute a waiver of or in any way impair the continuing obligation of Tenant to pay such adjusted annual rental from the applicable adjustment date. Notwithstanding any provision of this Lease to the contrary, annual Land Rent, shall not be adjusted to an amount less than the annual Land Rent payable during the one-year period immediately preceding the adjustment.
• (D)Authority Bond Indenture. Notwithstanding any provision of this Lease to the contrary, Tenant acknowledges and agrees that Authority shall have the right to establish and maintain the rental rates hereunder to ensure compliance with the provisions of any existing Bond Resolution(s).

4.05 Late Payments. Tenant shall pay to Authority interest at the rate established from time-to-time by the Board of Authority Commissioners, but not more than one and one-half percent (1½%) per month, on any late payments commencing thirty (30) days after the amounts are due. To the extent permitted by law, Tenant agrees that acceptance of late payments by Authority shall not constitute a waiver of Tenant's default by Authority with respect to such overdue amount, nor prevent Authority from terminating this Lease for default beyond applicable cure periods in the payment of rentals, fees, or charges due to Authority pursuant to this Lease or from enforcing any other provisions, rights, or remedies granted herein, or conferred by law.

4.06 Surety. Tenant shall provide surety to the Authority equal to three (3) monthly

Rev. 083021

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