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.. <br />~, ~r. X144 ~~Gf 85l <br />1 2. LEASE TERM (7.159N) <br />2 The term of this Lease, herein referred to as "Lease Term", <br />shall begin the day this Lease is executed by LESSOR and shall <br />3 erid Au us 20, 1986. The Lease Term shall consist of a Can- <br />struc ion Period and an Operating Period. <br />4 <br />A. Any reference to "Construction Period" in this Lease <br />5 Uhall mean the period from the beginning of the Lease Term <br />until an eighteen-hole golf course to be constructed by <br />6 LESSEE upon the Joint Leasehold is completed and is adequately <br />matured to sustain regular play without excessive damage <br />7 to said course or until fees are collected by LESSEE for <br />play thereon, whichever shall be sooner. The Construction <br />8 Period shall not, however, exceed twenty-four (24) months; <br />except, should completion of construction and beginning <br />9 of play on said course be delayed by reason of flood flows <br />or flood damage, the Construction Period shall be extended <br />10 for the period of time necessary to restore the course <br />to the condition which existed immediately prior to said flood <br />11 flows or flood damage. The maximum length of such exten- <br />sion shall be six (6) months. <br />12 <br />B. Any reference to "Operating Period" in this Lease shall <br />13 mean the period beginning the day the Construction Period <br />ends and extending from that day until the end of the Lease <br />14 Term or, if this Lease is renewed in accordance with Clause <br />27 (OPTION TO RENEW), until the end of the renewed Lease Term. <br />15 <br />3• LEASED LAND (8.129N) <br />16 <br />The Leased Land consists of three separately described parcels of <br />17 real property (referred to herein as Parcels 1, 2, and 3) which <br />are shown on a map attached to this Lease marked "Exhibit A" and <br />18 are described legally in the attachment to this Lease marked <br />"Exhibit B." <br />19 <br />LESSEE agrees that at any time upon written notice from the Chief <br />20 Engineer said Parcels 2 and 3 or any portion thereof ma be ex- <br />cluded from the Leased Land and ~from ~ the e~o~thi Ls ease <br />21 Such exclus on s a e ~~cti ve thirty da s after written notice <br />to LESSEE' by the Chief En i ~°-,-- -- <br />g.~neer describing the area to'6e ex lu-3ect. <br />22 Termination of the Lease as to the area described in the notice <br />shall be automatic and shall require no action by LESSEE. LESSEE <br />23 agrees, however, to execute, acknowledge, and deliver a quitclaim <br />deed describing the area excluded upon the request of the Chief <br />24 Engineer. <br />25 The Leasehold created by this Lease is subject to all covenants, <br />conditions, restrictions, and exceptions of record or apparent. <br />26 Nothing herein shall be purported to grant LESSEE any rights <br />in the Leased Land which exceed those ovaned by LESSOR. <br />27 <br />LESSOR reserves to itself those rights necessary to assure <br />28 maintenance and operation of Santa Ana River and Santiago Creeker <br />flood control and water conservation facilities and to perms t <br />29 any steps to be taken which it deems necessary or desirable <br />to improve or modify said facilities or their operation. The <br />3G rights reserved to LESSOR above or at any other place in this <br />Lease shall be exercised by Lr:SSOR at its sole discretion. LESSOR <br />31 shall incur no liability to LESSEE or to others whose interest <br />in the Leased Land stems from that of LESSEE' for any action <br />32 undertaken in the maintenance, operation, improvement, or modi- <br />reeo•~s <br />-2- <br />