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<br />I <br /> <br />I <br /> <br />I <br /> <br />PART II. Lessee shall use the herein leased buildings, <br />and the facilities in conjuction therewith, solely for aeronautical <br />and other related activities, but Lessee shalL specifically use <br />the aforesaid premises to establish a school to teach aeronautics <br />and related subjects. <br />PART III. This lease shall be fora term of ten years, <br />corrrrnencing on the 15th day of March, 1967 and ending on the 15th <br />day of March, 1977. Inconsideration for this lease, Lessee <br />will pay Lessor, in accordance with the following schedule: <br />First Year - ten dollars to be paid upon the execution of this <br />contract, Second Year ~ $3,000.00 payable quarterly in advance, <br />Third Year through Tenth Year - $3,000.00 per year minimum plus <br />2% of the gross receipts in excess of $100,000.00 (receipts from <br />aircraft rental should not be considered gross receipts.) Min- <br />imum to be paid quarterly ,in advance with payment for gross <br />receipts from operation due at the end of the fourth quarter. <br />Lessee shall have privilege, with the single exception set out <br />below, of renewing this lease for a second period of ten (10) <br />years, upon the same terms and conditions as are applicable to <br />the primary term hereof, with the. sole exception that the con- <br />sideration for the use of such premises ,during said secondary <br />term shall be an amount equal to'the highest bonafide offer <br />made byathird party or third parties to Lessor for the use of <br />such premises. Thus, if Lessee desires to renew this lease for <br />said secondary term, he shall notify Lessor in writing of his <br />desire to do so at least six (6) months prior to the ending of <br />said primary term; Lessor immediately to inform Lessee in <br />writing of the highest bonafide offer it has received up to that <br />time for the use of the premises. Lessee shall have ten (10) <br />days from his receipt of such information to declare to Lessor, <br />again in writing, of his decision to renew or not to renew his <br />lease for said secondary term. In the event that Lessor has <br />received no bonafideoffer from any third party or parties for <br />the use of such premises d1,lring the first Nine. and one-half (9~) <br /> <br />. -2- <br />