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<br /> <br />PHASE51 <br />AND II <br />(including <br />any Partial <br />Year) PHASE III <br />PARTIAL <br />YEAR <br />AND <br />LEASE <br />YEARS <br />1 AND 2 <br /> <br /> <br />HASE III <br />LEASE <br />YEARS <br />3-5 <br /> <br /> <br />HASE III <br />LEASE <br />YEARS <br />6-10 <br />PHASE 111 <br />LEASE <br />YEARS <br />11-20 AND <br />OPTION <br />PERIODS <br />Percentage of Gross Revenue from 25% 25% 27% 28% 30% <br />green fees, golf cart rentals and <br />drivin ran a fees <br />Percentage of Gross Revenue from 5 % 5 % 6 % 6 % 6 <br />food, beverage and banquet sales, the <br />operation and sales of the golf <br />professional's shop, including, without <br />limitation, the sale of new and used <br />golf-related equipment and supplies, <br />income for rental equipment and any <br />other income derived from the <br />o eration of the Leased Premises <br />6.4 The Parties acknowledge that early reconstruction of the driving <br />range will increase revenues for the Golf Facility. As an incentive for Lessee and at <br />Lessee's option, it may commence reconstruction and renovation of the driving range <br />and appurtenant parking lot within six (6) months of the Commencement Date. <br />Provided Lessee gives written notice to Lessor within thirty (30) days of the <br />Commencement Date and further provided Lessee commences actual construction <br />within six (6) months of the Commencement Date (subject to extension (i) for <br />Lessee's inability to obtain entitlements on a timely basis despite Lessee's diligent <br />efforts or (ii) as a result of the circumstances described in Article 21) and diligently <br />pursues such work, Lessor will waive all Percentage Rent otherwise due under this <br />Lease for a period of twenty-four (24) months from the Commencement Date. <br />7 . GROSS REVENUE. <br />For purposes of calculating Percentage Rent, "Gross Revenue" shall mean all <br />money generated as a result of the sales of goods or the provision of services on the <br />Leased Premises, but shall not include: <br />(1) Cash refunds or credits allowed on returns by customers; <br />(2) Sales taxes, excise taxes, gross receipts taxes, admissions taxes, use <br />taxes and other similar taxes now or later imposed upon the sale of food, beverages, <br />LEASE AGREEMENT BETWEEN <br />CITY OF SAN LEANDRO AND AMERICAN GOLF PAGE 10 <br />11/13/97 FINAL J:\WPD\CSL\L36\OIWGREE\GOLFCOUR4^.GREEU.EASE.CLN <br />