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<br /> <br /> <br /> DO NOT RECORD <br /> <br /> <br /> purposes to which it presently is and may, at the option of Licensor, be <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 /> (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 and Rider 2, attached hereto <br /> and incorporated herein. <br /> <br /> Section 1.02 Term <br /> <br /> (a) The term of the Agreement for the License Area ("Term") shall be two <br /> years (2) commencing on January 1, 2011 ("Commencement Date") with <br /> three-one (1) year extensions which are exercisable at Licensor's sole <br /> discretion. Earlier termination of this License shall be in conformance <br /> with Section 5.02. <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. <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 $6,176.00 per month ("Compensation") for <br /> use of the License Area. Compensation will be due upon execution of <br /> this Agreement and thereafter on or before the 1 st of each month, payable <br /> to "The City of Santa Ana" and remitted to: City of Santa Ana, Public <br /> Works Agency, ATTN: Christy Kindig, 20 Civic Center Plaza, M-21, <br /> Santa Ana, CA 92701. A late charge of ten percent (10%) shall be applied <br /> after any payment hereunder is due but unpaid after the l01h of the month. <br /> In addition, one and one-half percent (1.5%) interest per month shall be <br /> added for each month that payment hereunder is due but unpaid. <br /> <br /> (b) Licensee's monthly compensation payments shall be subject to an <br /> automatic annual adjustment of two and one-half percent (2.5%) per year <br /> or CPI, whichever is greater, throughout the life of the Agreement. <br /> <br /> (c) For any Renewal Term, Licensee shall pay the then current compensation, <br /> increased by two and one-half percent (2.5%) or CPI, whichever is greater. <br /> <br /> <br /> 2 <br /> <br /> <br /> 25F-5 <br />