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THIS LEASE AGREEMENT is made as of this 22"a day of April, 2008, by and • between the CITY OF CHARLOTTESVILLE (hereinafter, "Landlord" or "City"), whose address is P. O. Box 911, Charlottesville, Virginia 22902, and the McGUFFEY ARTS ASSOCIATION, INC., a Virginia non-profit, non -stock corporation (hereinafter, "Tenant"). 1. DEMISED PREMISES; LEASE TERM. A. In consideration of the promises and covenants herein, Landlord hereby leases to Tenant that property located in the City of Charlottesville, Virginia and known as 201 2"d Street N.W. (hereinafter, the "Premises"). B. The Term of this Lease shall commence at 12:01 AM on July 1, 2008 ("Commencement Date") and shall end, if not sooner terminated, five (5) years thereafter, expiring automatically at midnight on June 30, 2013 ("Expiration"). 2. RENT. Tenant agrees to pay to the Landlord rent in the annual amount of Twenty -Two Thousand Seven Hundred and Sixty -Six Dollars ($22,766) for the first year ending June 30, 2009. The Tenant shall pay the Landlord the rent, in advance, in twelve (12) equal monthly installments on the fifteenth day of each calendar month for the duration of the term of this lease. The Landlord may increase the amount of rent for any year after the first, to be effective beginning July 1' of each such year, provided the Landlord notifies the Tenant, on or before February 151' preceding such proposed effective date, of the amount of such increase and offers the Tenant the option to terminate its lease or begin paying such increased • rent as of the July 1` effective date. The rent increase in any given year shall not exceed three percent (3%) of the current rent. This provision shall continue in effect throughout any renewal terms of this lease. 3. SUBLET; USE OF PREMISES FOR PUBLIC PURPOSE. A. The Premises shall be used by the Tenant primarily as an art center, with spaces within the building subleased to individual artists and organizations promoting works of art. No such sublease shall extend beyond the term of this lease. The Tenant shall have no right to assign or sublet the Premises, with the exception of spaces to individual artists/organizations noted above, to any other party without prior written consent of the Landlord, which consent shall be entirely within the discretion of the Landlord. B. Tenant may occasionally rent space on the Premises to private parties for special functions, with the proceeds from such rental kept by Tenant to sustain original purpose of Art Center and/or for leasehold improvements; provided, however, that the City shall be allowed to use space within the building and on the Premises for special functions at no cost, at times agreed to in advance by both parties. 4. TENANT ALTERATIONS. Any permanent alterations, additions and improvements to the Premises must be approved by Landlord prior to the commencement of construction. All such alterations, additions, and improvements to the Premises shall inure to the benefit of and shall be the property of the Landlord. 5. LANDLORD INSPECTIONS; RIGHT OF ENTRY. Landlord shall have the right to • enter the Premises at reasonable times to make inspections of the condition of the Premises,