Agmt 2015 San Leandro Sailing Club Inc

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