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<br />I <br /> <br />I <br /> <br />I <br /> <br />pay to City each year $7,500.00 three (3) days in advance <br />of the lease period. Should one percent (l%) of the gross <br />gate receipts of the air shows/races in any year exceed the <br />amount of $7,500.00, Lessee agrees to pay to City one <br />percent (1%) of the gross gate receipts of that year. <br />Total annual payment shall be $7,500.00 or one percent (l%) <br />of the gross gate receipts whichever sum shall be the <br />greater. <br /> <br />IV. <br />It is expressly agreed that Lessee will operate any <br />activities conducted upon the leased premises pursuant to <br />this lease agreement under those rules and regulations of <br />the Federal Aviation Administration (FAA) governing such <br />activities. <br /> <br />V. <br /> <br /> <br />It is agreed that Lessee will comply with all Texas <br /> <br /> <br />Alcoholic Beverage Commission rules and regulations conducted <br /> <br /> <br />.upon the leased premises pursuant to this lease agreement. <br /> <br /> <br />VI. <br /> <br /> <br />As a condition precedent to the use of the property, <br /> <br /> <br />Lessee agrees to indemnify and hold harmless City from all <br /> <br /> <br />damages that may be caused by its use of said property and <br />Shall protect and indemnify City from any and all claims, <br />suits, liability, expenses and causes of action arising out <br />of the use of said property, and shall defend any litigation <br />arising in connection with such use at its own expense. <br />Lessee shall occupy said property at its own risk, <br />and releases City, to the full extent permitted by law, from <br />all claims of every kind resulting in loss of life, personal <br />or bodily injury or property damage. <br />VII. <br />Lessee shall maintain at its own cost and expense that <br />insurance coverage required by FAA rules and regulations for <br />approved air shows/races. At a minimum, this coverage shall <br />