SCHEDULE 5.3(c)
PREFERRED RENT
(a)
The installments of Preferred Rent shall be as follows:
(1)
Year 1 and Year 2: no payment
(2)
Year 3: $555,565
(3)
Year 4 – Year 20: $555,555 per year, payable on or before the end of February in each Year.
(b)
The foregoing notwithstanding, if the Company has not attained jobs and investment levels corresponding at least to the goals specified in the Community Goals Table for Year 5 (i.e., $90 million in investment and 1,000 jobs) on or before the end of Year 5, then commencing for Year 6, the annual installment for each Year shall be escalated and shall increase to the amount for each Year set forth on Exhibit “A” attached hereto and incorporated herein by reference, provided, that such escalation shall cease (without affecting the obligation to pay $555,555 per Year) for the first Year after the Year in which the Company attains jobs and investment levels corresponding at least to the goals specified in the Community Goals Table for Year 5 (regardless of the Year in which attainment occurs).
(c)
If it is necessary for any purpose of this Agreement to calculate the amount of unpaid installments of Preferred Rent at any time when an escalation is in effect as provided in (b), above, then it shall be assumed for such purpose that installments of Preferred Rent accrue at the amount for each Year set forth on Exhibit “A” hereto, notwithstanding any event that might intervene (such as attainment of investment or jobs levels).
