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.~ <br />lawful money of the United <br />the order of "CITY OF SANTA <br />Director of Finance at the <br />before the 15th day of the <br />• <br />States of America or by check or draft to <br />~ AI~tA" and mailed or delivered to LESSOR's <br />City Hall, Santa Ana, California, on or <br />month following the due date of said payment. <br />E. LESSOR shall have the right at all reasonable times to inspect <br />LESSEE'S books and records pertaining to its operations on the leased <br />~. ~'`'` .~`x , r ~ ... -. <br />.. •. o", <br />property. Between the-fiftee-nth and the thirtieth of .i)eeeml~r of each <br />year during the term of this Lease, LESSEE, at its own cost, shall <br />furnish to LESSOR a complete audit of its operations during the <br />preceding fiscal year ending November,30th prepared by an accountant <br />licensed by the State of California. <br />4. LESSEE is hereby granted an option_to-senEw-this Lease for <br />an additional period of twenty-five (25) years commencing on the 21st <br />day of August, 1986, and ending on the 20th day of August, 2011. This <br />option may be exercised by the giving of a notice in writing of the <br />intention to exercise the same between July 1, 1985, and January 1, <br />1986. Said notice shall be served on the Clerk of the Council and on <br />the City Manager of LESSOR. If this option be exercised, LESSEE agrees <br />to pay and LESSOR agrees to accept as rent for the leased property for <br />the new term the following sums: <br />A. During the first ten (10) years, six percent (6/) of the gross <br />business done by LESSEE on all sales and services, excluding food and <br />merchandise. <br />B. During the next ten (10) years, seven percent (7/) of the gross <br />business as defined next hereinabove. <br />C. During the last five (5) years, eight percent (8%) of said <br />gross business as defined.'~in sub-paragraph numbered A in this paragraph 4. <br />All of the terms of this Lease shall apply to said option period. <br />5. USE OF PROPERTY: The leased property shall be used only for <br />a clubhouse, nine hole golf course, driving range and putting greens. <br />Golf and related sporting goods items and equipment may be sold and <br />-3- <br />