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' M~ <br />9?` 4 4 r ~~ 8~~. <br />1 ten (10) days written notice to LESSEE. <br />2 A duplicate copy of all statements and reports relating to rent <br />required by this Lease, shall also be delivered by LESSEE to: <br />3 <br />Chief Engineer <br />4 Orange County Flood Control District <br />P. 0. Box 1078 (~00 West Eighth Street) <br />5 Santa Ana, California 92702 <br />6 15. REVISION OF RENTALS (5.19N) <br />7 A. Revision of Minimum Annual Rental. The Minimum Annual <br />Rental shall not be revised during the Lease Term but shall <br />$ be subject to revision at the beginning of the renewed Lease <br />Term as provided in Clause 27 (OPTION TO RENE4J) and shall be- <br />g automatically adjusted thereafter at the beginning o~~-~ <br />sixth. a even sixtee and twent -first Ac <br />10 Xears of the renewed ~.e„ase Term to„e goal fifty_percent 50~) <br />of the avera e annual rent 1 aid by LESSEE to LESSOR~`or <br />11 t e prece ng five 5 Accounting Years. <br />12 B. Revision of Percentage Rental Rates. Any one or <br />more of the percentage rental rates specified in Clause <br />13 13 (RENTAL), or of percentage rental rates which LESSOR <br />and LESSEE may hereafter agree upon for other business <br />14 conducted upon the Joint Leasehold, shall be subject <br />to revision effective at the beginning of the sixth, <br />15 eleventh, and sixteenth Accounting Years of the Operating <br />Period upon written demand of either party made at least <br />16 one hundred eighty (180) and not more than tcao hundred <br />seventy (270) days prior to the beginning of the Accounting <br />17 Year within which the revision shall become effective. <br />Any adjustment in percentage rental rate finally determined <br />18 after the beginning of the Accounting Year in which effective, <br />shall be retroactive to the beginning of said Accounting <br />19 Year. <br />20 Revision of percentage rental rates shall be negotiated <br />by LESSOR and LESSEE. However, if agreement is not <br />21 reached within sixty (60) days after demand for revision, <br />the following procedures shall be invoked. LESSOR and <br />22 LESSEE shall each select a qualified real estate appraiser, <br />and the two appraisers so chosen shall select a third <br />23 qualified real estate appraiser. After the three appraisers <br />have been selected, LESSOR shall immediately fix a time <br />24 and place for a conference between itself, LESSEE, and <br />the appraisers. Said conference shall be for the purpose <br />25 of discussin the_ap_praisal assignment and"g-i`vt~g--gen~l <br />.__.~ . <br />instructions to_the appraisers. Within forte-five-`~~ <br />26 day----s--a~`~~r receiving instructions, each of the appraisers <br />selected by LESSEE and LESSOR shall deliver copies to LESSEE, <br />27 LESSOR and the third appraiser of a fully documented <br />written report containing his opinion of the percentages of <br />28 Gross Receipts which should "reasoria~~ an~"~'"a3`r~~e~fie <br />basis for tne~ercenta-~;e Rental required by this_ Lease . <br />29 The third appraiser will analyse said uri~tten reports , <br />conducting such investiation as he deems necessary. At <br />30 a time not exceeding fifteen (15} days after submission of <br />the written reports and at a place t:~e three appraisers <br />31 shall name, LESSOR and/or LESSEE may have representatives. <br />appear to argue such matters relating to the .written <br />32 reports and conclusions contained therein as either <br />fseo-+s <br />-12- <br />