lease negotiations have led to the proposed lease with the term of four years. 900 square feet of unimproved office storage space at 414 square feet of non-exclusive bathroom space. the initial monthly rent is $19,487 per month, or $233 with $820 annualized, and is consistent with the current commission-approved parameters. there is an annual increase in monthly rent of 2%. it will receive a 60-day construction time where no man is charged for space preparation. there are no other credits allowed under the lease, and the court has agreed to make one change in our leased to section 26, which is the hold over language. currently, with consent, the port can increase the rent by 50%. without consent, up to 200%. we have agreed that -- to an increase of 25% and 50% upon the natural expiration of the lease, but we always have the option to bring the tenant to the then current market so it is approved by the port commissions. this change does require port commission approval. we agreed to this change for a few reasons. the difficult real-estate market, the new lease represents a 40% increase over t