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TERM: The term of this lease shall be for twenty-five (25) years and will commence on the first day of November, 1993, and terminate on the 31st day of October, 2018, except as provided hereunder. This lease may be in five 25th year subject o the such termsandonditions asnmay be estabiis g completion of the Year the sole discretion of, the Lessor. Failure to comply with the terms is hedthis Lease by the Lessee may be sole cause for non -renewal or termination of this Lease by the and at Lessor, and such other remedies as are available to the Lessor. ENT: Rent shall be paid in advance on an annual basis, with the firsta on or, before the 31st day of October of each year beginning in 1993, and continuing thereafter until termination of this leas®, p Vment due The rental for each year shall be as follows: Renta 11/01 /93 to 10/31/98 Annual m2mbby 11/01/98 to 10131/2003 $264.00 $ 22.00 11/01/03 to 10/31/2008 leftted.S17,011%4al 11/01/08 to 10/31/2013 To be negotiated 3 rno. uu l 11/01113 to 10/31/2018 To be negotiated lbo 1e 91' n7 To be negotiated Alternatively, the lease payment may be paid in monthly installments equal to 1/12 of the annual lease amount. Said monthly installments shall be paid in advance and are due no later than the 25th day of each October, 1993. month, beginning the 25th day of ADJUSTMEFVT OF RPNTA, . +ncrease rental rate— �® or After a yethe as effective at the beginningll have Year, the Lessor shall have the right to tenth, fifteenth and twentieth year of this lease. If the Lessee does nt agreee tiwfith' the proposed rental rates for the subsequent five year term, the Lessee may request arbitration. If the Lessee elects to arbitrate, the Lessee shall select one arbitrator and the Lessor shall select one arbitrator and the two so chosen shall select arbitrator. The arbitrators shall have the authority to increase the rent or contia third nue the previous rental rate, and both parties shall be bound by the decision of the arbitrators. The cost of arbitration shall be borne by the Lessee. 1EA -M—D TAX: in addition to.any rental herein provided, the Lessee shall a the Lessor the leasehold tax as set forth by the State of Washington in Cha Laws of 1976, Second Executive Session (R,C,yy, g h Y to 82.29A) oras amended, Chapter 61, shall be due and payable at the same time the rental charged herein Is due and payable. The tax LFASE Page 2