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2. Leased Premises. <br />Landlord hereby leases to Tenant, and Tenant hereby accepts from <br />Landlord, subject to and with the benefit of the terms and provisions of this <br />Lease, the Leased Premises located in and the improvements which are <br />located on the real property described in subsection 1.1. The real property <br />and improvements are hereinafter referred to as the "Building." <br />3. Term. <br />This Lease shall be in effect for the period of time specified in Section 1.1 <br />known as "Lease Term" and hereinafter referred to as the'Term." <br />4. Rent and Deposi~ <br />4.1 Annual Rent. <br />Beginning July 1, 1995, Tenant shafl pay to Landlord, without notice <br />or demand and without any set-off or deduction whatsoever, the <br />annual sums set forth in Subsection 1.1, above, (the "Annual RenY'), <br />which Tenant shall pay in advance of, on, or before the first day of <br />July of each year of the Term: Rent for the period of October 1, 1994, <br />through June 30, 1995, shall be due upon execution of this lease. <br />4.2 Late Charae. <br />If any annual Rent installment is not received by Landlord from Tenant <br />by the forty-fifth (45th) day after the due date for which such <br />installment is due, Tenant shall immediately pay to Landlord a~ late <br />charge equal to five percent (5%) of sueh installment. <br />5. Personal Property Taxes. <br />Tenant shall pay, or cause to be paid, before delinquency, any and all taxes <br />levied or ,assessed during the Term upon all Tenant's leasehold <br />improvements, equipment, fumiture, fixtures, and any other personal property <br />located in the Leased Premises. <br />' Please Initial <br />~~ <br />Lan lord Tenant <br />Lease Agreement -2 <br />