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<br />DO NOT RECORD <br /> <br />devoted. Licensee undertakes and agrees to use the License Area and to <br />exercise this License at all times in such manner as will not unreasonably <br />interfere with the full use and enjoyment of the Property by Licensor. <br /> <br />(c) Licensee hereby acknowledges that title to the Property is vested in <br />Licensor and agrees never to assail or resist the same, and further agrees <br />that Licensee's use and occupancy of License Area shall be referable <br />solely to the permission herein given. <br /> <br />(d) As a covenant to this Agreement, Licensee shall adhere to and comply <br />with all responsibilities enumerated in Rider 1, attached hereto and <br />incorporated herein. <br /> <br />Section 1.02 Term <br /> <br />(a) The term of the Agreement for use of the License Area ("Term") shall be <br />TWO years (2) commencing on July 1, 2004 ("Commencement Date"). <br />Upon mutual agreement of the parties, the Agreement may be extended up <br />to two additional one-year terms. <br /> <br />(b) The Licensee or Licensor must inform each other, in writing, of its interest <br />not to extend the term of the Agreement. Licensor may terminate this <br />Agreement, at will, upon fifteen days (15) written notice ifthere is a <br />violation of any of the terms contained herein. <br /> <br />Section 1.03 Compensation/Consideration <br /> <br />(a) Upon the Commencement Date, Licensee shall pay to Licensor monthly <br />compensation in the amount of $576.81 per month ("Compensation") for <br />the first year's use ofthe License Area. Compensation will be due upon <br />execution of this Agreement and thereafter on or before the 101h of each <br />month, payable to "The City of Santa Ana" and remitted to: The Depot at <br />Santa Ana, 1000 East Santa Ana Blvd., Suite 108, Santa Ana, CA 92701. <br />A late charge often percent (10%) shall be applied after any payment <br />hereunder is due but unpaid. In addition, one and a half percent (I Y2%) <br />interest per month shall be added for each month that payment hereunder <br />is due but unpaid. <br /> <br />(b) Licensee's monthly compensation payments shall be subject to an <br />automatic annual adjustment payable the subsequent years of the license <br />term. The monthly compensation for the second year shall be $660.00 per <br />month. Should the option be exercised, monthly compensation for Year <br />Three shall be $743.19, and Year Four shall be $880.00 per month. <br /> <br />(c) Reserved. <br /> <br />2 <br />