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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 extended In five year Increments following completion-of the 25th year subject to the such terms and conditions as may be established by, and at the sole discretion of, the Lessor. Failure to comply wtth the terms of this Lease by the Lessee may be sole cause for non-renewal or termination of this Lease by the Lessor, and such other remedies as are available to the Lessor. · •. BENT: Rent shall be paid In advance on an annuat' basis, with the first payment due on or .before the 31st day of October of each year beginning in 1993, and continuing thereafter until termination of this lease. The rental for e~ch year shall be as follows: . . Rental Periods 11 /01 /.93 to 10/31 /98 11101 /98 to 10/31/2003 11/01 /03 to 10/31 /2008 11 /01 /08 to 10/31/2013 11/01/13 to 10/31/2018 Annual Monthly $264.00 $22.00 In b6 Ae98tiat~!l1,0I f ~,t. To be negotiated -3~ ,'bfl/Yf To be negotiated To be negotiated Alternatively, the lease payment may be paid in monthly installments equal to 1 /12 of the annual l1aase amount. Said monthly installments shall be paid In advance and are due no later than the 25th day of each month, beginning the 25th day of October, 1993 • . ADJUStMgNT OF RENTAb: After the fifth year, the Lessor shall have the right to increase rental rates for one or more ·years effective at the beginning of the fifth, tenth, fifteenth and twentieth year of this lease. If the Lessee does not agree with the proposed rental rates for the subsequent five year term, th!:' 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 seleet a third arbitrator. The arbitrators shall have the authority to increase the rent or continue the previous rental rate, and both parties shall be bound by the decision of the arbitrators. The cpst of arbitration shall be borne by the Lessee. Lf;ASEHOLD TAX: In addition to .any rental herein provided, the Lessee shall pay to the Lessor the leasehold tax as set forth by the State of Washington in Chapter 61, Laws of 1976, Second Executive Session (R.C.W.-82.29A) or as amended. The tax shall be ·due and payable at the same ·time the rental charged herein Is due ;:md payable. LEASE Psge2