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SECTION V <br />r <br />Terms of Agreement and Consideration <br />This agreement shall remain in [ull tore and •ttact for a <br />period o[ one (1) year [rom the date set forth in the [first <br />paragraph hereot. During this one year license period, License• <br />shall resit to Licensor a sonthly fee of (t1,S00) based upon as <br />annual tee o[ i1s,000, in consideration o[ the grantlaq hereof <br />which Doth parties acknowledge i• [air and reasonable <br />compensation. Said monthly tee shall be du• and payable on or <br />betore the lit day of each month, with the [first installsent <br />being due upon th• esecution hereot. <br />This agreement may be renewable for successive on• year <br />periods by mutual agreement o[ the patties hereto and shall renew <br />automatically unless on the anniversary dat• either party <br />provides notie• of termination in accordance with eectioa VI <br />hereot. The monthly license [N tot the [first ten (10) year o! <br />renewal o[ thin agreement shell reauin at X1,500 and shall sot <br />increase for •ny reason. Attar the a:pitation of the tealh year <br />o[ thin agreement, i.e. April, 2000, and ron!lnulnp for each <br />annual renewal period thereattec, the monthly license tN shall <br />be calculated based on one-twel[th (1/13) of the annual licaaa• <br />tee of =15,000 ad~uated only Dy any annual inoraaae in the <br />Consumer Price Inds: (hereinafter CPI) is •tlect at !be aioalh of <br />renewal over the CPI for the cocrespondinq moalh of the prior <br />year, prorated to the monthly installa»nt. <br />S6C?ION VI <br />Tersina!!oa <br />6lther pasty say terminate this agreement •t oc betore the <br />•:piration of the annual lease period. Dy givia0 rrittea swlice <br />to the other, apecityiaa the et[ecli~• date o[ ter~iaalioe, such <br />notice to a given sot leas than one hundred sad ei~~t77 (1~0) <br />days prior to the date therein •pecitied unless otherwise agreed <br />to by the parties hereto. <br />BECTION VII <br />Delivery o[ Notice <br />Any notice hereunder shall be hand-delivered Eo License• to <br />the attention of Marvin T. Narrop, Plant Manager. Schlage Lock <br />Company, at 3499 Hancock E:pressway, 6ecurity, Colorado !0911, <br />with a copy to Oannis M. Resnick, Eaq:, McElroy, Deutsch i <br />Mulvaney, Esgs., st 21• Ridgedals Avenue, Morristown, Naw <br />Jersey 07960, by Eirst class mail, postage pre-paid. <br />-3- <br />