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3 <br />will defend the Leased Premises against all claims whatsoever not suffered or caused by the acts <br />or omissions of the Lessee or its assigns. <br />Notwithstanding the foregoing, the Leased Premises may be amended to add additional <br />property to the Leased Premises or remove any portion of the Leased Premises, including, but not <br />limited to the Leased Premises, provided however, following such amendment, the rental payable <br />under this Lease shall be based on the value of the portion of the Leased Premises which is <br />available for use, and the rental payments due under this Lease shall be in amounts sufficient to <br />pay when due all principal of and interest on all outstanding Bonds. <br />2. Lease Rental. (a) Fixed Rental Payments. The Lessee agrees to pay rental for <br />the Leased Premises at an annual rate per year during the term of the Lease not to exceed Five <br />Million Dollars ($5,000,000), payable in semi-annual installments. Each such semi-annual <br />installment, payable as hereinafter described, shall be based on the value of the Leased Premises, <br />together with that portion of the Project which is complete and ready for use by the Lessee at the <br />time such semi-annual installment is made. Such rental shall be payable in advance in semi-annual <br />installments on January 15 and July 15 of each year, with the first rental installment due no earlier <br />than January 15, 2027. The last semi-annual rental payment due before the expiration of this Lease <br />shall be adjusted to provide for rental at the yearly rate so specified from the date such installment <br />is due to the date of the expiration of this Lease. <br />After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to <br />pay principal and interest due in each twelve (12) month period commencing each year on August <br />1, rounded up to the next One Thousand Dollars ($1,000), together with incidental costs in each <br />year in an amount to be determined at the time the Bonds are sold for the purpose of paying annual <br />trustee fees and related costs, payable in advance in semi-annual installments. In addition, each <br />such reduced semi-annual installment shall be based on the value of the Leased Premises at the <br />time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on <br />this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon <br />as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an <br />addendum to this Lease. <br />(b) Additional Rental Payments. (i) The Lessee shall pay as further rental in addition <br />to the rentals paid under Section 2(a) for the Leased Premises (“Additional Rentals”) the amount <br />of all taxes and assessments levied against or on account of the Leased Premises or the receipt of <br />lease rental payments and the amount required to reimburse the Lessor for any insurance payments <br />made by it under Section 6. The Lessee shall pay as additional rental all administrative expenses <br />of the Lessor, including ongoing trustee fees, relating to the Bonds. Any and all such payments <br />shall be made and satisfactory evidence of such payments in the form of receipts shall be furnished <br />to the Lessor by the Lessee, at least three (3) days before the last day upon which such payments <br />must be paid to avoid delinquency. If the Lessee shall in good faith desire to contest the validity <br />of any such tax or assessment, the Lessee shall so notify the Lessor and shall furnish bond with <br />surety to the approval of the Lessor conditioned for the payment of the charges so desired to be <br />contested and all damages or loss resulting to the Lessor from the nonpayment thereof when due, <br />the Lessee shall not be obligated to pay the contested amounts until such contests shall have been <br />determined. The Lessee shall also pay as Additional Rentals the amount calculated by or for the <br />Lessor as the amount required to be rebated, or paid as a penalty, to the United States of America <br />under Section 148(f) of the Internal Revenue Code of 1986, as amended and in effect on the date