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offices of the CITY ("Commencement Date") and shall termin- <br />ate on December 31, 1999, unless earlier terminated pursuant <br />to Section VIII of this Agreement. <br />II. RENT <br />A. Obligation to Pay Rent <br />TENANT agrees to pay to CITY or its assignee as <br />rent for the leased property, at such place as CITY'S City <br />Manager, or CITY's assignee may specify, rent equal to thirty-five <br />percent (35%) of the net income received by TENANT from the <br />leased property and the "Paseo" during each Calendar Quarter <br />which occurs during the term of this Agreement. <br />B. Definitions <br />(1) "Paseo" means the area presently occupied by <br />Spurgeon Street between Third and Fourth Streets and continues <br />to mean such area if said portion of Spurgeon Street should <br />hereafter be vacated by the City. <br />(2) "Net Income" means all income received by <br />TENANT from vendors who conduct business on the leased property <br />or the Paseo less Operating Expenses. <br />(3) "Operating Expenses" means all operating, main- <br />tenance, repair, construction and reconstruction costs and <br />expenditures by Redeveloper pertaining to the leased property <br />or the "Paseo". <br />(4) "Calendar Quarter" means, with regard to each <br />Calendar year, the following four three-month periods: <br />-2- <br />