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4. Tenn: Renewal Periods:
<br />(a) Following LESSEE's giving the written notice of exeroiae of the Option and
<br />payment described in Paragraph 3(b) hereof, the lease of the Leased Premises shall
<br />commence, and shall thereafter remain in-full force and effect for a primary temt ending em
<br />December 31, 2012 ("Primary Term").
<br />(b) LESSEE shalt have the right and option to renew the term of the lease under
<br />this Agreement for TWO (2) additional FftrE (5) YEAR period(s) each (the "Renewal
<br />Periods" and each a "Renewal Period") upon the same terms and coetditions ae herein
<br />contained (unless otherwise mod~ed by mutual agreement), by serving written notice upon
<br />LESSOR of such election at least ninety (90) days.prior to the expiration.of the Primary
<br />Tenn or the then-applicable Renewal Period.'Upon service of said notice, this Agreement,
<br />shall be so extended for the next Renewal Per)od upon the t'elrtns set forfh herein wiWout the:
<br />necessity of any further instruments. ; - , s
<br />,.
<br />(c) Promptly after LESSEE'S exercise fofthe Option, the,parties agree to execute ' " "~ -.
<br />adocument,inrecordablefom>,ata6ngtheEfl'ectiveDate,theExerciseDateattBthePrimarji "
<br />" , r .Term termination date, descnbmg ttte LESSEE's Renewal Pean,~oels~ophon~rights~ ands
<br />" containingsuchadditionaliaformaaonas,maybereasonablyrequnndtnorder'~to.con~imit(e,
<br />ss r
<br />rights ofLESSEE heteunder.'a a y; "¢<. , ~ ~ e '~
<br />4 :;1
<br />S. Vance Amttral Payment ='ROVaItV: `
<br />(a) For the purpose of comparing the amounts of and dates when the quarfeft
<br />installments ofAdvance Annual Payments and Royaltycalculatiernalpeymerotp shall be wadi
<br />to LESSOR, the following definitions shall appiyq,
<br />(i) The tearm "lease year" shall be unefersfood to mean ~ calendar year
<br />a' `i , i .Y ~ Y tiF ~ ~~
<br />n 5 y~' . "^ ~, ~, '*F e»~ ~s#~ $ six{ ~,~ r
<br />(ii) `The tearrt "calendar quartet' shall mean rho eluatter annual~pen
<br />r emmprising the Thtee,(3) calendar months endang on the last dayya of the.awaths a
<br />March, June, September and December of each lease year z; " ~'
<br />.-:, a M;
<br />(b) Provided that LESSEE shall exercise the Option, LESSEEiagreea to pay:ti
<br />the LESSOR a minimum payment,of NINETY~THOU$AND Dollars~(S90,g00) fordh
<br />~.,.,
<br />Option Team and for each lease yearof the Primary`Term end for each~lease: year of h
<br />.Renewal Period(s) of this Agt ("Advance Annual Faymeat'~ The `fuaf quarterly
<br />installment of Advance .Annual Payment fin the}sceond;le~ae yam, mstheaamouta
<br />TWENTY-TWO THOUSAND FIVE_tr1UNDREI) Dollars (S22rSV)Qµ)~ ahallYbe dueX
<br />payable on the first of January, 2004 '[hereattar,wbsegueat quarftxTy u~,"stallmcnts o'f36
<br />Advance Annual Payment" in rhea ,anpount eit''FTWENTY TWO $T~iOUSi~ND
<br />HUNDRED Dollars (S22,500~ each shall be due .oa~first~ fey of eachsubsex)uent ca'i±
<br />quarter. If this Agteemera shall umiiuate at shy trine prior to the end`ef any=leave' year;
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