Rental Arrangements. Lessee shall pay to Lessor, upon the execution of this Lease, an annual rental of $1,000.00, prorated to the date of possession. The rental amount will be adjusted at five-year intervals beginning January 1, 2030. The rental adjustment will adjust on the five-year intervals with a cap of 5% per adjustment. Any delinquency of the payment of rent shall bear interest at the rate of 8% per annum from due date until date of payment.
Appears in 2 contracts
Sources: Hanger Lease Agreement, Hanger Lease Agreement