WS - D - Land Lease - City of Tiffin - Iowa Interstate Railroad

personal jurisdiction of the State and Federal courts of Linn County and the Northern District of Iowa. 1.05 Improvements. “Improvements” shall mean any and all alterations or additions or fixtures erected, installed, or constructed upon the Premises and any fixtures existing as of the Effective Date. 1.06 Volume Deficiency. N/A 1.07 Volume Deficiency Rate. N/A 1.08 Volume Deficiency Payment. N/A 1.09 Construction Period. N/A Article II Lease of Premises 2.0 Lease of Premises. Subject to the terms and conditions of this Lease, RAILROAD leases to CITY and CITY leases from RAILROAD the Premises. 2.01 Condition of Premises. CITY has inspected the Premises and accepts possession of the Premises in its “AS IS” condition on the Effective Date. CITY expressly acknowledges and agrees that RAILROAD has not made and is not making, and CITY is not relying upon any warranties or representations regarding the Premises, except to the extent the same are expressly set forth in this Lease. Article III Payments to Railroad 3.0 Rent. CITY covenants and agrees to pay annual Rent to RAILROAD, throughout the term of this Lease. The annual Rent rate assessed shall be One Thousand Two Hundred Dollars and no/100 ($1,200.00) and shall increase each annual period of the Term. For each successive annual period, Rent will be calculated using the prior annual period’s Rent and increased annually based upon the current Consumers Price Index (CPI) as published by the United States Bureau of Labor for Midwestern Urban areas. Rent is assessed as of the Effective Date. 3.01 Late Payment Penalty. CITY will have ten (10) days to cure any late or delinquent monthly rental payment without penalty. Upon expiration of this ten (10) day period, the outstanding amount is subject to a late charge of seven percent (7%) of the outstanding amount to RAILROAD. Such payment shall be in addition to, and not in lieu of, any other remedy 2