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NOW THEREFORE, for good and valuable consideration the receipt and adequacy of <br />which is hereby acknowledged, the parties agree as follows: <br />A. TERM. Paragraph 3, page 2, is hereby amended to read as follows: <br />The term of this Lease shall continue through December 31, 2021. Development of the <br />Shoreline is a City priority and the City reserves the right to terminate this lease between <br />January 1, 2017 and December 31, 2021 after providing the Lessee with a six (6) month <br />written notice. Therefore, the City may provide notice of termination as early as July 1, <br />2016. The Lessee may terminate this Lease on 30 days' notice to the City. <br />B. RENT. Paragraph 5, page 3, is hereby amended to read as follows: <br />Lessee shall pay as base rental each month of the term of this Lease, in advance without <br />previous demand, in lawful money of the United States of America, on or before the first <br />day of January 2016, and continuing thereafter on the first day of each succeeding month <br />during the term of the lease, a flat rental fee of THREE HUNDRED FIFTY DOLLARS <br />($350.00) per month. <br />In addition, within 20 days after the close of each calendar year of this Lease, the Lessee <br />shall also pay a percentage equal to 10% of the gross annual membership income. The <br />amount previously paid as minimum rental shall be deducted from this annual percentage <br />rental and only the excess, if any, shall be paid to the City as the annual percentage rental. <br />Notwithstanding the foregoing, this requirement of Lessee to pay a percentage rental fee <br />equal to 10% of the gross annual membership income shall be eliminated as of January 1, <br />2016. <br />In the event that Lessee is delinquent for a period of sixty (60) days or more in paying to <br />City a rental or other sum payable to City pursuant to this lease, Lessee shall pay to City <br />WOMMarinaTeases\Spinnaker Yacht Club\Spinnaker Lease Amendment 2015.doc Page 2 of 3 <br />