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DO NOT RECORD purposes to which it presently is and may, at the option of Licensor, be devoted. Licensee undertakes and agrees to use the License Area and to exercise this License at all times in such manner as will not unreasonably interfere with the full use and enjoyment of the Property by Licensor. (c) Licensee hereby acknowledges that title to the Property is vested in Licensor and agrees never to assail or resist the same, and further agrees that Licensee's use and occupancy of License Area shall be referable solely to the permission herein given. (d) As a covenant to this Agreement, Licensee shall adhere to and comply with all responsibilities enumerated in Rider 1 and Rider 2, attached hereto and incorporated herein. Section 1.02 Term (a) The term of the Agreement for the License Area ("Term") shall be two years (2) commencing on January 1, 2011 ("Commencement Date") with three-one (1) year extensions which are exercisable at Licensor's sole discretion. Earlier termination of this License shall be in conformance with Section 5.02. (b) The Licensee or Licensor must inform each other, in writing, of its interest not to extend the term of the Agreement. Section 1.03 Compensation/Consideration (a) Upon the Commencement Date, Licensee shall pay to Licensor monthly compensation in the amount of $6,176.00 per month ("Compensation") for use of the License Area. Compensation will be due upon execution of this Agreement and thereafter on or before the 1 st of each month, payable to "The City of Santa Ana" and remitted to: City of Santa Ana, Public Works Agency, ATTN: Christy Kindig, 20 Civic Center Plaza, M-21, Santa Ana, CA 92701. A late charge of ten percent (10%) shall be applied after any payment hereunder is due but unpaid after the l Ot" of the month. In addition, one and one-half percent (1.5%) interest per month shall be added for each month that payment hereunder is due but unpaid. (b) Licensee's monthly compensation payments shall be subject to an automatic annual adjustment of two and one-half percent (2.5%) per year or CPI, whichever is greater, throughout the life of the Agreement. (c) For any Renewal Term, Licensee shall pay the then current compensation, increased by two and one-half percent (2.5%) or CPI, whichever is greater. 2 25F-5