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<br />t,-~r ~1~4 r~~~ <br />1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8~ <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />IS <br />I9 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 I <br />B. 0 erating Period. Following expiration of the construction <br />period LL:SSLE shall pay to LESSOR each Accounting Year an <br />amount of money equal to the greater or the following: <br />(1) Minimum Annual Rental. The "Minimum Annual Rental" <br />as referred m his Lease shall be Two Thou- <br />f- d F H Dollars ~2 00.0 each Acc~~ <br />.YSrs1r.~, subject to the provisions o lause 15 (REVISION <br />OF RENTALS). <br />The Minimum Annual Rental shall be prorated for any <br />rental period less than one (1) full calendar year. <br />(2) Percentage Rental. The following percentages <br />of Gross-Receipts .from business operations conducted <br />on or from the Joint Leasehold shall be used for <br />computing "Percentage Rental" as referred to through- <br />out this Lease, subject to the provisions of Clause <br />' 15 (REVISION OF REiJTALS): <br />(a) Greens Fees, Pro Shop Services, Driving Range, <br />Equipru n -n .a1. Vendi nm h~an}-~i ncra and all other <br />income-producing businesses except Res to ran"=`-' <br />_ op sales of .goods <br />and merchandise ; _ ----~-- -~-- <br />i. Two. percent (Z~~ for the firstL second, <br />_third~ fourth,. and fifth~countin~ Years <br /> <br />-~^-J <br />~~ f~ 7 <br />ii. Three percent ( ~~ ~ fc,r rhp sixth ~. ~o_~~_ <br />eigY~th, ninth, and tenth Aec~t~nt.; r,a va~r~ , <br />..----- <br />iii. Four percen .tenth Account- <br />in~_Year an for each Ac oun in Year ther a der, <br />until the end of the Lease Term. <br />(b ) estaurant and Cocktail Bar: <br />throughout the Operating Per_o_. <br />-- ( c ) Pro Shop s ales <br />and one-half percen <br />eriod. <br />rchandise: One <br />ing <br />Should golf holes located within the Leased Land become u la able <br />for any per o in exces nsecutive days because of water <br />e an a Ana River or because of cons ruc on un er- <br />taken to rebair flood dama,e or ~~~rr3~~~-i ~n ~r o mod fy _or_im~rove <br />flood control_or water_conservation facilities income produced by <br />business operations on or from. ~~ <br />the Joint Leasehold dur,i.n~, such <br />period shall not be included in Gross Receipts~~for purposes oP <br />calculating Percentage Rental. Should LESSOR undertake flood <br />control channel modification er improvement work other than that <br />required by Clause 25 (DAMAGE TO OR DESTRUCTION OF I;-~PROVEt~IENTS ) <br />and the golf holes located within the Leased Land become unplay- <br />able as a result, the iYTinimum Annual Rental shall be reduced pro <br />rata to relieve LESSEE of the obligation to pay rent for such <br />period as the golf holes are unpiayab le by reason of such modi- <br />fication or improvement work. <br />14. PAYMENT OF RENTALS (~3.12gN) <br />Rental shall be payable monthly. <br />-°--- <br />On or before the twentieth day <br />Two percent (2~) <br />.e~~~ !! -10- <br />