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<br /> ~ ' ~6~U'`~ <br /> s.,~~~~THIRD MODIFICATION OF NOVATION OF LEASE BETWEEN <br /> ta~~~ i~`'~ L" CITY OF SANTA ANA <br /> ~~~a d'~6~y` AND <br /> , ` ~i~ RIVERVIEW GOLF <br /> THIS T MODIFICATION TO NOVATION OF LEASE is made this S~~it <br /> day of ~ 1996, by and between the City of Santa Ana, hereinafter referred <br /> to as "LESSOR" nd RIVERVIEW GOLF, a California General Partnership, hereinafter referred <br /> to as "LESSEE". <br /> RECITALS <br /> On March 11, 1974, LESSOR, granted a Novation of Lease to River View Golf, a <br /> California corporation, hereinafter referred to as "Rivers View". <br /> A public project known as the Santa Ana River Mainstem Project ("Project") required <br /> LESSEE to vacate the Leased Land, described in Clause 1 of the Lease, when construction for <br /> the Project commenced within the Leased Land. Construction was completed on May 1, 1996 for <br /> the PROJECT and LESSEE returned to the Leased Land. <br /> LESSOR encourages the continued operation of a golf course from t he Leased Land so <br /> as to provide continued recreational opportunities to the public and additional revenue to the City. <br /> NOW, THEREFORE, the parties mutually agree to amend said Lease as follows: <br /> 1. TERM <br /> This sections shall be modified and extended so that the new EXPIRATION DATE for <br /> the NOVATION OF LEASE shall be April 30, 2026. <br /> 2. RENT or BASE RENT <br /> This section shall be modified as follows: <br /> a) Green fees, Pro Shop, Driving Range equipment and all other income producing <br /> businesses, except restaurant-cocktail Bar operation. Pro Shop sales merchandise in accordance <br /> with the following percentage rate schedule. <br /> Dates Percentage Rate <br /> 08/21/1986 to 08/20/1996 6% <br /> 08/24/1996 to 08/20/2006 7% <br /> 08/21 /2006 to 08/20/2016 8% <br /> 08/21/2016 to 08/20/2021 9% <br /> 08/21/2021 to end of lease 10% <br /> 1 <br /> <br />