Reso 1997-146 to 150 - Laserfiche WebLink

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4. TERM. 4.1 Initial Term. The initial term ("Initial Term") of this Lease shall commence November 15, 1997 (the "Commencement Date"), and, subject to Lessee's termination right set forth in Section 13.2, shall end twenty (20) years after commencement of Phase III (as defined below) of the Initial Term. The Initial Term will be divided into three (3) separate phases ("Phases") as follows: 4.1(a) Phase I - beginning on the Commencement Date and ending on the date Lessee commences construction of the Renovation pursuant to Article 13, but no later than twenty-four (24) months from the Commencement Date (subject to Section 13.3 hereof). 4.1(b) Phase II - beginning at the end of Phase I and ending upon the completion of the Renovation, as such completion is defined in Section 13.6 hereof but no later than thirty six (36) months from the Commencement Date (subject to Article 21 hereof). 4.1(c) Phase III - beginning at the end of Phase II and ending twenty (20) years after the beginning of Phase III. 4.2 Options to Extend by Lessee. Lessee shall have the right and option to extend the term of this Lease at the end of the Initial Term under all of the terms, covenants and conditions contained in this Lease for two (2) successive five (5) year option periods (the "Option Periods"). The right to exercise these options is dependent upon Lessee not being in default (after the expiration of any applicable cure periods) on the date the option periods are to commence, and Lessee must give Lessor written notice of its intention to exercise such options not less than one hundred eighty (180) days prior to the end of the Lease term then in effect. The Initial Term, as the same may be extended by the Option Periods, is referred to in this Lease as the "term" or "Term" of this Lease. 4.3 Surrender Upon Lease Expiration. Upon the expiration or earlier termination of this Lease, Lessee shall return the Real Property and Personal Property to Lessor in its then existing condition. Lessor shall have the right to purchase any Personal Property owned by Lessee at a price equal to the lesser of book value or fair market value. LEASE AGREEMENT BETWEEN CITY OF SAN LEANDRO AND AMERICAN GOLF PAGE 8 11/13/97 FINAL. 1:\WPD\CSL\136\Ol\AGREE\GOLFCOUR\AGREF\LEASE.CLN