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~ ~ current APN 79A-475-7-29, which is currently owned by Waste Management. Upon completion of the lot line adju~tments,described above, BBC shall have no further obligation under this Agreement and no interest in the Premises. 1.2 Description of Leased Premises. City hereby leases to Waste Management, and Waste Management leases from City the Premises, together with all improvements presently or from time to time hereafter thereon, and all appurtenances thereto, subject to the terms and conditions herein. 2. TERM 2,1 Initial Term. The term of this Lease shall be thirty (30) years, commencing upon the Effective Date, (sometimes referred to herein as the "Lease Commencement Date"), and ending on the last day of the calendar month pursuant to Section 2.2 below that is thirty (30) years following the Lease Commencement Date unless extended or sooner terminated as provided for in this Lease. If the lot line adjustment creating Parcel 6 pursuant to Section 1.1 above is not completed by the Effective Date, the Lease Commencement Date shall be the date of the Lot Line Adjustment and the termination date shall be modified and extended accordingly. 2.2 Extension Option. Waste Management and its "Permitted Transferees" are granted the option to extend the Term of this Lease for one (1) additional period of twenty (20) years. Waste Management's Extension Option shall be subject to the satisfaction of each of the following conditions precedent, which are solely for the benefit of, and may be waived unilaterally by City: i. The Extension Option shall be exercised in writing by written notice delivered by Waste Management or a Permitted Transferee to City not later than six (6) months prior to the end of the Term; ii. Intentionally Omitted; and iii. The Lease shall be in effect and Waste Management shall not be in default beyond any applicable notice and cure period of any material monetary provision thereof both on the day such written notice is delivered to City and on the last day of the Term. Upon exercise of the Extension Option, Waste Management shall commence payment of fair market value rent as defined in Section 3.1.1 below. 2.2.1 Terms and Conditions Durina Extension Period. In the event the Term shall be extended following exercise by Waste Management of the Extension Option, all of the terms, covenants and conditions of the Lease ,except the Rent as established by Section 3 which shall be subject to adjustment, shall remain in full force and effect during the Extension Term. 3. RENT 3.1 Initial Term. Waste Management agrees to pay City one dollar ($1.00) per year of the Initial Term of the Lease due upon the anniversary of the Lease Commencement Date. 3.1.1 Extension Term, Should Waste Management exercise the Extension Option, the rent shall be set at the fair market value of the Premises. City and Waste Management shall jointly agree to an appraiser who shall appraise the property based on reasonable appraisal instructions agreed to by both parties in good faith and presented to the appraiser in writing. If the parties are unable to agree on an appraiser, they shall each select an appraiser who will propose a fixed fair market rental rate. Where the two (2) appraisers cannot reach agreement on such 622oo~-i