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DO NOT RECORD <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 />(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 />Section 1.02 Term <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 (3), 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 />(b) The Licensee or Licensor must inform each other, in writing, of its interest <br />not to extend the term of the Agreement. <br />Section 1.03 Compensation /Consideration <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 I st of each month, payable <br />to "The City of Santa Ana" and remitted to: City of Santa Ana, Public <br />Works Agency, 20 Civic Center Plaza, M -21, Santa Ana, CA 92701. A <br />late charge of ten percent (10 %) shall be applied to any payment <br />hereunder due but unpaid after the 10`h of the month. <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 - Los Angeles — Riverside — Orange County, All Urban Consumers, <br />whichever is greater, throughout the life of the Agreement. <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 />(d) Any holding over after the expiration of the Term or Renewed Term, with <br />the consent of Licensor, shall be construed to be an extension from month <br />2 <br />