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MANAGEMENT AGREEMENT <br />This MANAGEMENT AGREEMENT ("Agreement") is made and entered into effective as of <br />2020 (the "Commencement Date") by and between the City of San Leandro, California <br />("Owner"), and AGC Management, LLC, a Delaware limited liability company ("Manager"). <br />RFrITAI C <br />A. Manager, together with its affiliates, is engaged in the ownership, management, <br />and operation of golf courses and country clubs throughout the United States. <br />B. Owner is the owner of that certain real property located at San Leandro, <br />California, known as "Monarch Bay Golf Club," which includes a 9 -hole Executive Par 30 golf <br />course; an 18 -hole Regulation Par 71 golf course; double -deck driving range; practice short game <br />area; practice putting green; clubhouse with restaurant, bar, banquet room, and pro shop; cart <br />storage building; maintenance building with storage yard; and other related amenities, buildings, <br />structures, and improvements related thereto (the "Facility"). <br />C. Manager currently leases the Facility from Owner under a Lease Agreement dated <br />November 15, 1997 (the "Lease"). <br />D. The parties will terminate the Lease effective as of the Commencement Date. <br />E. Owner desires to utilize the services and expertise of Manager in the <br />management, and operation of the Facility, and Manager desires to render such services upon <br />the terms and conditions set forth in this Agreement. <br />NOW, THEREFORE, Owner and Manager hereby agree as follows: <br />ARTICLE 1 - DEFINITIONS <br />As used in this Agreement, terms not otherwise defined in the body of this Agreement <br />shall have the respective meanings set forth in Exhibit A to this Agreement. <br />ARTICLE 2 - TERM OF AGREEMENT <br />2.1 Term. The term of this Agreement shall commence on the Commencement <br />Date and shall continue through November 15, 2024 (the "Initial Term"). Upon expiration of the <br />Initial Term, the parties may mutually agree to renew this Agreement for up to two (2) successive <br />five (5) year terms (Renewal Terms) by setting forth their intention to do so in writing. The Initial <br />Term and Renewal Terms (if applicable) are collectively referred to herein as the Term. <br />2.2 Termination of Existing Lease Agreement. Owner and Manager shall enter into <br />a Lease Termination Agreement for the termination of the Existing Lease Agreement effective as <br />of the Commencement Date, in the form of Exhibit C attached hereto and made a part hereof. <br />Management Agreement Between June 1, 2020 <br />City of San Leandro and American Golf Corporation Page 5 of 28 <br />