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ARTICLE III <br /> TERM OF THE LEASE <br /> SECTION 3.01. Commencement of the Lease. The term hereof shall commence <br /> on March 1, 1994, or the date of this Lease or a memorandum thereof is recorded, whichever <br /> is later, and shall end on July 1, 2024, unless such term is sooner terminated or is extended as <br /> hereinafter provided. <br /> If on July 1, 2024, the Bonds shall not be fully paid, or if the rental payable <br /> hereunder shall have been abated at any time and for any reason, then the tern of this Lease <br /> shall be extended until ten (10) days after all Bonds shall be fully paid, except that the term of <br /> this Lease shall in no event be extended beyond July 1, 2034. <br /> SECTION 3.02. Termination of the Lease. This Lease will terminate upon the <br /> earlier of either of the following events: <br /> (a) a default by the City and the Authority's election to terminate this <br /> Lease under Article X; or <br /> (b) the payment by the City of all Base Rental payments and all other <br /> amounts authorized or required to be paid by it hereunder. <br /> LA1-63219.5 9 <br />