RIVER VIEW GOLF COMPANY - LEASE 1962

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Westerly corner of that certain property conveyed to the City of Santa Ana, California, as described in Book 2510, Page 264, Official Records of Orange County, California; thence North- easterly, along the Northwesterly line of said property con- veyed to the City of Santa Ana, 780.00 feet, more or less, to an intersection with the Northwesterly prolongation of the Southwesterly line of Lot 185, Tract No. 1724, as shown on a Map thereof recorded in Book 51, Pages 24, 25 and 26, Miscella- neous Maps, Records of Orange County, California; thence S. 53° 5~3' 44" E., along said prolongation, 102.75 feet to the Westerly corner of said Lot 185, Tract No. 1724; thence Northeasterly, along Subdivision lines 571.72 feet to the most Westerly corner of Lot 64, Tract No. 2122, and the point of beginning. Above described property outlined on Map attached hereto, marked "Exhibit A". 2. TERM: The term of the within Lease shall be for twenty-five (25) years, commencing on the 21st day of August, 1961, and ending on the 20th day of August, 1986. 3. DEVELOPMENT AND USE: LESSEE agrees at his own cost and ex- pense to construct, a Golf Driving Range by July 1, 1962 and a nine (9) hole golf course and such building or buildings as in LESSEE'S discretion shall be required for the operation of the same by January 1, 1963, all of the foregoing to be in accordance with plans and specifications to be approved by the City Council of the CITY OF SANTA ANA. In the event LESSEE fails, f.or any reason, to construct and develop a nine (9) hole golf course with grass greens and fair- ways and other appurtenant facilities by January 1, 1903, this Lease shall terminate and LESSEE shall have thirty days from notice of such termination to remove all structures from said property. Said facil- ities shall be open daily during hours as specified by the City Council, but in no event later than 9:30 o'clock P.1K. 4. RENT: LESSEE agrees to pay and LESSOR agrees to accept as rent for the leased property for the term of said Lease the follow- ing sums: A. During the first year of said Lease, no rental shall be paid in order to permit LESSEE to perform the necessary construction and to get the course in operation. B. During the next nine (9) years, three percent (3/) of the gross business done by LESSEE on all sales and services, excluding -2-