RIVER VIEW GOLF COMPANY - NOVATION OF LEASE 1974

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• • Mr . Novel Jams Page 4 _ merchandise, and during-the next five years (August 21, 1981 through August 20, 1986), 5~ of the gross business, excepting food and merchandise has been agreed upon since the date of the first agreement was modified to contain an option to renew for an ad- ditional 25 years at increased rental rates beginning on August 21, 1936 for ten years at 6~, ten years at 7"s, and the last five ~•ear~~ to be at the rate of fi~ of gross business, excluding food anc- -merchandise. i~ierchandise refers to pro shop sales of golfing supplies, clothing, equips~.ent and similar aerchandise . According to the County golf course lease, intone upan which percent- age rentals are based includes all income of River View Gold received from sale or rendition of services, admissions, entry, rental anti other fees of any nature or ;:ind, deposits in any pay telephone or coin operated vending rnachine, fair rental value of office sy~ace, and other facilities used for purposes other than the business pro- posed, and tt,at portion of the pro shop sales of golfing supplies, clothing, equip.~ent, and similar merchandise. iiie average ann;xal pro shop sales nor fiscal years 1966 through 1974 shall be con- sidered in t~,e percentage rentals, The average annual pro shop sales during this five year period has been $54,D00. Furthermore, gross receipts shall exclude all sales and excise taxes payable to Federal, States, County or municipal Govern*~ents as a direct result of operations under this lease. Refunds for goods returned shall be deducted from the current gross receipts upon return. mad debt losses shall not be deducted from gross receipts under the County lease agreement. T:ie County leasehold agreement has a minimum annual rental of $ ti ; - ~~ G whereas the City agreement has no riinir,:um. Under the County lease agreement, beginning January, 1972 a 2~ _;_<,~- centage rental for the first five years will be charged against c v:~n fees, pro shop services, driving range, equipment rental, v~:nuir~gy machines, and all other income producing businesses except res'~~u-- rant type and cocktail bar operations and pro shop sales of goods and merchandise shall be a 1~~ rental throughout the period cover~•~~~ by the lease ~Jiti1 the exclusion of the first $54 , 000 annual sa1F~s . For t~.e nee:t five year period , 3 ~ gill be charged and 4 a theru~ tr.~ . 'rhe County lease extents until August 20, 1986. .Restaurant ana cocktail bar operations shall re_*:iain at 2~ throughout the lease period. Under the County lease there is an option to renew for an adciitio~:_~1 25 years at 5$ for the first ten years and 6~ for each year ti;ereai.=ter_ .