Resolution No 37-2018 - Approval of Lease Located at 319 Niles Avenue for South Bend Human Rights Commission

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4. BASIC RENT. A. For the entire Term, the Tenant agrees to pay to Landlord rental payable in advance in equal monthly installments on the first day of each calendar month which shall be in the amounts set forth in this Section and in this Lease as "Basic Rent." B. Basic Rent for the initial year of the Lease shall be approximately Twenty Thousand Eight Hundred Twenty -Five Dollars and Zero Cents ($20,825), payable in equal monthly installments of Seventeen Hundred Thirty -Five Dollars and Forty -One Cents ($1,735.41) payable in advance on the commencement date of the Lease and thereafter on the first day of each calendar month. During the initial year of the Term, Basic Rent equates to an annual rate of Seven Dollars and Zero Cents ($7.00) per rentable square foot year. C. Effective on the first day of the month following the initial year of the Term, and the first day of the month following every year thereafter, Basic Rent shall increase by three (3) percent of the preceding year's annual rent. The following table summarizes Basic Rent throughout the Term of the Lease. Lease Years Annual Rent Monthly Rent 08/01/18 to 07/31/19 $ 20,825.00 $ 1,735.41 08/01/19 to 07/31/20 $ 21,449.75 $ 1,787.47 08/01/20 to 07/31/21 $ 22,093.24 $ I,841,10 08/01/21 to 07/31/22 $ 22,756.04 $ 1,896.33 08/01/22 to 07/31/23 $ 23,438.72 $ 1,953.22 Per Rentable Square Foot $ 7.00 $ 7.21 $ 7.43 $ 7.65 $ 7.88 D. The basic rent together with the additional rent as defined in paragraph 5 hereof are referred to hereinafter as "Rental". Tenant hereby agrees to pay the Rental monthly to Landlord at Landlord's building management office or at such other location as Landlord may designate from time to time, without demand. Any portion of the Rental or other charges not paid when due shall bear a delinquency service charge equal to five (5%) percent of such delinquency, provided 2