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existing fair market as determined by Landlord in its sole reasonable discretion. Base Monthly Rent: Percentage Rent: Admission Fee Percentage: (if applicable) Bait/Gift Shop Revenue Percentage (if applicable) Permitted Use: Pier restaurant ARTICLE 2 TERM AND RENT 2.1 Term. The Initial Term of this Lease shall be as set forth in the Fundamental Lease Provisions. Provided Tenant is not then in default under this Lease, Tenant shall have the option to extend the Initial Term by the number of successive Renewal Terms described in the Fundamental Lease Provisions by giving Landlord written notice of its election to extend the term of this Lease by the succeeding Renewal Term not less than 90 days prior to expiration of the Initial Term or the then running Renewal Term, as the case may be. The terms and conditions of this Lease shall apply during each Renewal Term. The Initial Term, as it may be extended by one or more Renewal Terms shall be hereinafter referred to as the "Lease Term." Landlord hereby grants a Lease Agreement to Tenant for a term of ten (l0) years, the premises described in this Lease Agreement to be operated as a Restaurant. The term and Commencement Date of this Lease Agreement, herein referred to as the Lease Effective Date, shall begin on the date indicated in Article 1 above. There shall also be two (2) optional renewal periods of five (5) years, based upon the Tenant's election to exercise these option periods and the consent of the Landlord, which consent shall not be unreasonably withheld if the Tenant has previously complied with all terms and conditions set forth in the Request for Proposal and this Lease Agreement. 2.2 Rent. 2.2.1 Base Monthly Rent. For the use and occupancy of the Premises, Tenant shall pay Landlord the Base Monthly Rent, in advance, commencing on the Commencement 2