Excerpt from Lease Agreement with Abe & Jakes, dated December 15, 1999

 

from City, the real estate described in Exhibit One hereto, together with all improvements thereto and appurtenances thereon, in and for the consideration(s) hereafter provided, the nature, extent and sufficiency of which are acknowledged by City. Commencing on the 1st day of January, 2005, Elwell shall pay to City the sum of $4,800.00 per year, in consideration for the use by his customers or patrons of that portion of the parking garage, located southeast of Barb Wire Building, where the public is from time to time permitted to park without charge. The payments shall be made yearly, in advance, commencing January 1, 2005, and continuing on the same day of each year thereafter during the initial term of this lease and all renewals thereof.

2.                     The initial term of the lease shall be for a period of ______   years and _____ months commencing the                   day of  ___, 1999, and ending on the 4th day of April, 2007. Elwell shall have the option to extend this lease for eight (8) additional periods of ten (10) years each, provided he shall be in full compliance with all of his obligations under this lease on the first day of each such renewal term for which he shall elect to exercise his option. The option for each renewal period must be exercised separately and shall be effective upon written notice thereof given to City no later than six months prior to the end of the then existing lease period, initial or renewal. If Elwell shall fail to timely exercise his option to renew this lease for any renewal period, City shall give Elwell written notice of such failure and Elwell shall have 90 days after such notice to give