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cannot be made, or if no such index is published, then another index most nearly <br />comparable thereto recognized as authoritative shall be substituted by agreement. <br />(4) "Current Lessee" shall mean the person or persons who, as of April 1, 1994 (the <br />"Cut-off Date"), was or were the Lessee under the Pre-existing Lease. <br />(5) "Deferred Rent" shall mean the total rent that a Current Lessee would have paid <br />had this Lease been executed on the Effective Date, through and including the date on <br />which this Lease was first executed, less the rent actually paid pursuant to the Pre- <br />existing Lease, together with interest at the rate of eight percent (8%) per annum <br />calculated on the balance due at the end of each Lease Year or portion thereof. <br />(6) "Effective Date" shall mean July 1, 1994. <br />(7) "Execution Date" shall mean the date when this Lease is executed by Lessee. <br />(8) 'Initial Rent" shall mean the effective net rent for the Leased Land as determined <br />by the appraisal of George Hamilton Jones, with due consideration to the leasehold <br />advantage created by the Pre-existing Lease, all as shown on Exhibit C attached hereto <br />and incorporated herein by reference. <br />(9) 'Person" shall mean any natural person or natural person(s) and does not <br />include any corporation, association, or business entity in any form except a financial <br />institution or other bona fide lender acting in the capacity of a lender or an inter vivos or <br />living trust. <br />(10) "Pre-existing Lease" shall mean the Lease for the Leased Land which was <br />effective on January 1, 1988, and would, absent this Lease, expire on July 1, 2006. <br />(11) "Transferred" shall mean any sale, assignment, sublease or other transaction, <br />other than an exempt transfer as defined in Paragraph 3.6(3), pursuant to which the right <br />to possession of the premises and the right to sign a new lease identical to this Lease is <br />transferred to another person. <br />B. Rental Payments. <br />Lessee shall pay annual rent in the sum of TWENTY-NINE THOUSAND SIX HUNDRED AND <br />FORTY DOLLARS ($29,640.00), payable at the rate of TWO THOUSAND FOUR HUNDRED <br />AND SEVENTY DOLLARS ($2,470.00) per month. Lessee shall also pay, if applicable, deferred <br />rent in the sum of N/A upon execution of this Lease. <br />Rent shall be adjusted every seven (7) years after the date of transfer in accordance with the <br />provisions of Paragraph 3.6(4). Annual rent, deferred rent, and periodic adjustments are based <br />upon the following: <br />