This Lease shall be effective as of the Effective Date. The initial term (“ Initial Term ”) of this Lease shall be for ten (10) years commencing on January 1, 2019, (the “ Commencement Date ”) and expiring at 11:59 p.m. on December 31, 2028 (the “ Termination Date ”). So long as Tenant has not caused or permitted to exist (beyond applicable cure periods, as applicable) a material default or event of default under this Lease during the Initial Term, and no default hereunder then exists, in each case as determined in the Landlord’s sole discretion, Tenant shall have the option to renew the Initial Term for one (1) additional period of five (5) years (the “ Extended Term ”). Tenant must provide Landlord with written notice of Tenant’s intent to exercise its option for the Extended Term (the “ Renewal Notice ”) no later than December 31, 2027. The Base Rent (defined herein) charged during such Extended Term shall be ninety percent (90%) of the market rate rent as determined by the parties in good faith; provided , however, that if the parties agree that ninety percent (90%) of the market rent rate is less than $410,600 per annum ($34,216.67 per month), the Base Rent for the Extended Term shall nevertheless be $410,600 per annum ($34,216.67 per month); provided further , however should the parties be unable to agree on the market rate rent for the Extended Term within one (1) month after receipt by Landlord of the Renewal Notice, the Landlord shall have the right to terminate this Lease as of the Termination Date by written notice to Tenant no later than three (3) months after receipt by Landlord of the Renewal Notice. If the Landlord does not terminate this Lease, Base Rent for the Extended Term shall be $410,600 per annum ($34,216.67 per month). The Initial Term and Extended Term, if applicable, are collectively referred to as the “ Term ”.