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Term of Lease <br />Section 1.02. The term of this lease shall commence on May 8 , 2020 <br />("Commencement Date"), and shall expire on June 3, 2101, unless terminated earlier as <br />provided in this lease. <br />ARTICLE 2: FEES <br />Operation and Maintenance Fees <br />Section 2.01. During the term of this lease, District agrees to pay to City, on a quarterly <br />basis, twenty-five percent (25%) of the operation and maintenance expenses (but excluding the <br />cost of capital improvements) incurred by City in operating and maintaining the Park; provided, <br />however, that during the first year of the term of this lease, the District shall not be required to <br />pay more than Fifty -Six Thousand Four Hundred Forty Dollars ($56,440.00) towards such <br />operation and maintenance costs, and thereafter the amounts payable by the District <br />hereunder for such operation and maintenance costs shall not increase by more than five <br />percent (5%) per year. Costs payable by the District under this Section 2.01 shall be payable in <br />equal installments on January 1, April 1, July 1, and October 1, subject to the City's issuance of <br />the Estimated Statement required by Section 2.02 below. The City acknowledges that the <br />District has already paid the January and April installments for the year 2020. All such costs, <br />and any fees required under this lease shall be paid to City at 20 Civic Center Plaza, P.O. Box <br />1988, Santa Ana, California, 92701, Attention: Executive Director or Parks, Recreation and <br />Community Services Agency, or any other place or places that City may designate by written <br />notice to District. Amounts payable under this Section 2.01 are sometimes referred to in this <br />lease as "rent". <br />Estimated Statements of Annual Costs <br />Section 2.02. On an agreed upon date annually during the term of this lease, the City <br />shall deliver to the District the City's good -faith estimate of the costs that will be payable by the <br />District for the upcoming year pursuant to Section 2.01 above ("Estimated Statement"). <br />Annual Reconciliation of Costs <br />Section 2.03. After year-end of each year during the term of this lease, the City shall <br />deliver to the District a statement of the actual costs owing by the District under Section 2.01 <br />above for the preceding year ("Reconciliation Statement"). If the Reconciliation Statement <br />4911006.2 -- N261.19 <br />