Fair Market Rental Value Determination and Lease Extension Agreement between Gabrielsen & Company and North Valley Bank for Branch #17

Summary

Gabrielsen & Company and North Valley Bank have agreed to set the fair market rental value for the bank's lease at 9334 Deschutes Road, Palo Cedro, CA, at $1.00 per square foot per month for the first year of a five-year extension starting December 1, 2005. The rent will be adjusted in the 13th and 37th months based on changes in the Consumer Price Index. This agreement confirms the lease extension and the rental terms for the specified period.

EX-10.NNN 7 ex10_nnn.txt EXHIBIT 10(NNN) EXHIBIT 10(nnn) GABRIELSEN & COMPANY 711 GRAND AVENUE, SUITE 100 SAN RAFAEL, CA 94901 ###-###-#### FAX: (415) 256-2888 July 26, 2005 Mr. Jack Richter North Valley Bank P.O. Box 994630 Redding, California 96099 RE: Determination of Pair Market Rental Value, Branch #17 Lease of Premises at 9334 Deschutes Road, Palo Cedro, CA, by North Valley Bank, a California Banking Corporation Dear Mr. Richter: The purpose of this letter is to confirm that the parties to the above-referenced lease (the "Lease") have agreed that the Fair Market Rental Value, as that term is defined in Paragraph 40. OPTION TO EXTEND the Lease, shall be One Dollar ($1.00) per square foot per month for the first twelve (12) months of the five-year option term commencing December 1, 2005. The rent shall be adjusted at the commencement of the thirteenth (13th) and the thirty-seventh (37th) month thereafter in proportion to the changes in the Consumer Price Index as described in Paragraph 4 of the Lease. To signify your agreement with this determination of Fair Market Rental Value and that the Lease has been extended pursuant to Paragraph 40 (Option to Extend Term) for an additional five (5) year term, please sign below under Agreed to and Accepted. Sincerely, Gabrielsen & Company /s/ JIM OWEN - ----------------------- Jim Owen Agreed to and Accepted; - ----------------------- North Valley Bank, A California Banking Corporation By: /s/ JACK RICHTER ------------------- Its: EVP/CAO ------------------- 94-050 FARRINGTON HIGHWAY * WAIPAHU, HAWAII 96797 * (808) 677-6700 * (808) 671-2427