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THIS LEASE AGREEMENT, made as of this 1st day of , 1997, by <br />• and between the CITY OF CHARLOTTESVILLE, VIRGINIA, hereinafter the "Landlord", <br />and the McGUFFEY ARTS ASSOCIATION, INC., a Virginia non-profit, nonstock <br />corporation, hereinafter the "Tenant"; <br />WITNESSETH: <br />That Landlord hereby leases unto the Tenant and the Tenant hereby agrees to lease <br />from the Landlord building and property designated as 201 2nd Street, N.W., in <br />Charlottesville, Virginia, hereinafter referred to as the "Premises". <br />1. Initial Term. The "Initial Term" of this lease shall commence January 1, <br />1997, and shall end, if not sooner terminated, five (5) years from its inception on <br />December 31, 2001. <br />• 2. Rent. The Tenant agrees to pay the Landlord rent during the Initial Term of <br />this lease of Twenty Thousand Dollars ($20,000.00) per year for the first year ending <br />December 31, 1997. The Tenant shall pay the Landlord the rent, in advance, in twelve equal <br />monthly installments on the fifteenth day of each calendar month. The Landlord may increase <br />the amount of the rental for any year after the first year of the term hereof, to be effective <br />beginning July 1st of each such year, provided it notifies the Tenant on or before March 15th <br />preceding such proposed effective date of the amount of such increase and offers the Tenant <br />the option to terminate its lease or to begin paying such increased rental as of such July 1st <br />effective date. This provision shall continue in effect throughout any renewal terms of this <br />lease. <br />11 <br />3. Improvements. Any permanent alterations, additions and improvements to the <br />Page 1 <br />