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EXECUTION COPY
<br />thirty (30) days after receipt of LESSEE's notice to renew, if LESSOR believes that the Market Rate
<br />Rent is greater than the Base Rent due in the final lease year, LESSOR shall deliver to LESSEE written
<br />notice of the Market Rate Rent. LESSEE shall, within ten (10) days after receipt of LESSOR's notice,
<br />notify LESSOR in writing whether LESSEE accepts or rejects LESSOR's determination of the Market
<br />Rate Rent. If LESSEE timely notifies LESSOR that LESSEE accepts LESSOR's determination of
<br />Market Rate Rent, then, on or before the commencement date of the Extension Period, LESSOR and
<br />LESSEE shall execute an amendment to this Lease extending the Term on the same terms provided in
<br />this Lease, except as follows: (a) Base Rent shall be adjusted to the Market Rate Rent; and (b) LESSOR
<br />shall lease to LESSEE the Leased Premises in their then -current condition. If LESSEE rejects
<br />LESSOR's determination of the Market Rate Rent, or fails to timely notify LESSOR in writing that
<br />LESSEE accepts or rejects LESSOR's determination of the Market Rate Rent, time being of the essence
<br />with respect thereto, LESSEE's rights under this Section shall terminate and LESSEE shall have no right
<br />to renew this Lease.
<br />6. RENT. LESSEE shall pay Rent (as hereafter defined) and the applicable Sales Tax to
<br />LESSOR on or before the first (1st) day of each calendar month, in advance, during the Term, without
<br />previous demand or notice therefor by LESSOR and without set off or deduction; provided, however, if
<br />the Term commences on a day other than the first (Ist) day of a calendar month, then Rent and the Sales
<br />Tax for such month shall be (i) prorated for the period between the Rent Commencement Date and the
<br />last day of the month in which the Rent Commencement Date falls, and (ii) due and payable on the Rent
<br />Commencement Date. As used in this Lease, the term "Rent" shall mean Base Rent (as hereinafter
<br />defined) plus Percentage Rent (as hereinafter defined) plus Additional Rent (as hereinafter defined) plus
<br />all other sums, charges or payments which LESSEE is obligated to make to LESSOR under this Lease
<br />(which sums, charges or payments shall be due and payable on a timely basis without demand, notice,
<br />set off or deduction). Notwithstanding anything contained herein to the contrary, LESSEE's obligation
<br />to pay Rent under this Lease is completely separate and independent from any of LESSOR's obligations
<br />under this Lease. A late charge in the amount of five percent (5%) of the amount then outstanding shall
<br />be imposed on any late payments of Rent, and LESSOR shall be entitled to all remedies provided under
<br />this Lease. If LESSOR presents LESSEE's check to any bank and LESSEE has insufficient funds to pay
<br />for such check, then LESSOR shall be entitled to all remedies provided under this Lease, and a lawful
<br />bad check fee or five percent (5%) of the amount of such check, whichever amount is less. All Rent
<br />shall be made payable to "City of Sunny Isles Beach, Florida" and shall be sent, until written notice to
<br />the contrary is given to the LESSEE by LESSOR, to the address stated in Section 32 of this Lease.
<br />6.1. Security Deposit. Upon the Effective Date, LESSEE shall deposit with LESSOR
<br />the sum of $10,214.17 (along with all applicable Florida sales and use tax), which sum LESSOR shall
<br />retain as security for the performance by LESSEE of each of its obligations hereunder (the "Security
<br />Deposit"). The Security Deposit shall not bear interest and may be comingled with LESSOR's other
<br />deposits and/or LESSOR's other accounts. The Security Deposit shall secure the payment and
<br />performance of LESSEE's obligations hereunder; provided, however, that LESSOR may apply the
<br />Security Deposit to the payment of Rent if LESSEE is delinquent or fails to pay any Rent, but shall not
<br />be required to do so. If, at any time, LESSEE fails to perform its obligations hereunder, then LESSOR
<br />may, at its option, apply the Security Deposit, or any portion thereof required to mitigate or cure
<br />LESSEE's default; provided, however, if prior to the Expiration Date or any termination of this Lease,
<br />LESSOR depletes the Security Deposit, in whole or in part, then immediately following such depletion,
<br />LESSEE shall restore the amount so used by LESSOR. Unless LESSOR uses the Security Deposit to
<br />cure a default of LESSEE, or to restore the Leased Premises to the condition to which LESSEE is
<br />required to leave the Leased Premises upon the expiration Date or any termination of the Lease, then
<br />LEASE AGREEMENT - CREMA DOWNTOWN CORP. Page 4 of 36
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