All HT owners were given a unilateral 10-year extension by the City. And an offer to prepay the extension if they accepted modifications to LISL. To our knowledge, only 2 owners have accepted the rent pre-payment offer to date and as such, the lease modifications.

Rent prepayment for the 10–year extension is an option for the HT owners. The base rent for the HT rent prepayment offer is repriced each year in addition to having an ever- increasing net present value as the years pass. The current proposal for a 20-year extension to the original lease sets the rent in 2022 subject to an agreed to escalation rate.

Acceptance of the rent pre-payment offer requires acceptance of the NSW formula for LISL and the alternative LISL dispute resolution method. The present proposal includes a 20-year extension that can only be received by accepting the rent-prepayment, the NSW formula for LISL, and the alternative LISL dispute resolution method. The dispute resolution is the same, using 2 or 3 appraisers to determine values rather than arbitration