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THIS LEASE AGREEMENT, made as of this I st day of 2002, by and between the CITY OF CHARLOTTESVILLE, VIRGINIA, hereinafter the "Landlord", and the McGUFFEY ARTS ASSOCIATION, INC., a Virginia non-profit, nonstock corporation, hereinafter the "Tenant"; WITNESSETH: That Landlord hereby leases unto the Tenant and the Tenant hereby agrees to lease from the Landlord building and property designated as 201 2nd Street, N.W., in Charlottesville, Virginia, hereinafter referred to as the "Premises". 1. Initial Term. The "Initial Term" of this lease shall commence January 1, 2002, and shall end, if not sooner terminated, five (5) years from its inception on December 31, 2006. Rent. The Tenant agrees to pay the Landlord rent during the Initial Term of this • lease of Twenty—two Thousand Dollars ($22,000.00) per year for the first year ending December 31, 2002. The Tenant shall pay the Landlord the rent, in advance, in twelve equal monthly installments on the fifteenth day of each calendar month. The Landlord may increase the amount of the rental for any year after the first year of the term hereof, to be effective beginning July 1 st of each such year, provided it notifies the Tenant on or before March 15th preceding such proposed effective date of the amount of such increase and offers the Tenant the option to terminate its lease or to begin paying such increased rental as of such July 1 st effective date. This provision shall continue in effect throughout any renewal terms of this lease. 3. Improvements. Any permanent alterations, additions and improvements to the Premises must be approved by Landlord prior to the commencement of construction. Except as otherwise provided hereafter, all such alterations, additions, and improvements to the Premises • shall enure to the benefit of and shall be the property of the Landlord. Page 1