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Dollars ($368,750.00). Said rent is payable in advance in monthly installments on • the first day of each successive month of the lease term commencing on August 1, 2005. Until the same is adjusted as hereinafter set forth, said monthly rental payments shall be Six Thousand, Two Hundred Fifty and 00/100 Dollars ($6,250.00) (the "Base Monthly Rent'). If such monthly rental payment isnot received by Lessors on or before the fifth (5`h) day of the month in which it is due, Lessee shall pay Lessors a late charge in addition to the monthly rental of five percent (5%) of such late monthly rental payment(s). All payments shall be made to Lessors at the address specified herein. (B) Lessee and Lessors agree that the annual Rent for each year following the initial year of the Lease (August 1, 2005 to July 31, 2006) shall equal the amount of Rent payable during the previous rent year, unreduced by any rent credits provided for herein, increased by the "Rent Increase Percentage". The Rent Increase Percentage shall mean the greater of (i) the percentage increase of the Consumer Price Index for All Urban Consumers for All Items [CPI -U (1982- 1984=100)] that occurred during the preceding Lease Year ending three (3) months before the anniversary date of this Lease; or (ii) three percent (3%) of the Rent payable during the previous rent year, unreduced by any rent credits provided for herein. (C) Lessee agrees to pPrfbR:n the inte4ipr repairs dGsGribGd en AttaGhMG14t B, • Lessee agrees to perform certain renovation work at the Premises, as more particularly described in the "Intended Rehabilitation" section of the attached Memorandum from Lessee to Lessors, dated August 24, 2005, with supporting electronic mail messages attached, all of which is attached hereto as Attachment B to this Lease. Lessee agrees that during the first year of this Lease it will expend approximately Ninety Thousand and 00/100 Dollars ($90,000.00) for the Intended Rehabilitation work described in the Attachment. All work shall be performed in a first class professional manner by licensed contractors, in full compliance with any and all applicable building and safety codes. Lessee shall be responsible for the prompt payment of all costs, charges and invoices for the above-described work. All work shall be completed during the first year of the lease term, unless Lessee and Lessors agree to a longer period. Subject to the conditions stated herein, when any of the interior Fopairs intended rehabilitation work referenced in this paragraph (C) has been completed and paid for by Lessee, Lessee shall be entitled to a rent credit equal to the cost of the repair. Lessee shall submit to Lessors copies of all invoices for the interior repair work with documentation evidencing payment by Lessee. Lessors shall have the right of access to the building, upon reasonable notice to Lessee, to verify that the repairs have been performed in a satisfactory manner. Upon receipt of the required documentation from the Lessee, Lessors shall have ten (10) working days to give written notice to Lessee if the rent credit is denied, with reasons for • the denial. If Lessors do not give timely written notice of denial to Lessee, Lessee E