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' ~ • ~ ~ • <br /> ax 1139 I Pc 1500 <br /> year. during the term of this lease, LESSEE, at -its own cost, <br /> shall furnish to LESSOR a complete audit of-its operations dur- <br /> ing the preceding fiscal year ending November 30th prepared by <br /> an accountant licensed by the State of California. <br /> 4. LESSEE is hereby granted an option to renew this <br /> lease for an additional period of twenty-five S) years <br /> commencing on the 21st day of. l~ugust, 1986, and ending on the <br /> 20th day of 1~ugust, 2011. This option may be exercised by the <br /> giving of a notice in writing of the intention to exercise the <br /> same bettaeen July 1, 198,5, and January 1, 1986. Said notice <br /> shall be served on the Clerk of the Council and on the City <br /> Manager of LESSOR.. If this option be exercised, LESSEE agrees <br /> to pay and LESSOR agrees to accept as rent for the .eased <br /> property for the new term the following sums: <br /> A. During the first ten (10) years, six percent (G~) <br /> of the gross business done by LESSEE on all sales and services, <br /> excluding food and merchandise plus two percent (2~) of beer <br /> and%or wine sales as described in paragraph 3, provided, hoca- <br /> ever, that if LESSEE also exercises an option to renew that <br /> <br /> - certain lease with the Orange County Flood Control District <br /> dated September 2, 1969, the rental to LESSOR hereunder shall <br /> be six percent (6~) of one-half of the gross combined business, <br /> excepting food and merchandise, as~described in paragraph 3 <br /> hereof, plus_two percent (2~) of beer and/or wine sales. ' <br /> B. During the next ten (10) years, sever percent (70) of <br /> • 6 <br /> t <br /> <br />