Res 1978-007 - Laserfiche WebLink

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17b improvements on said land include shelters, tee boxes, benches, and a system of underground pipes for watering the fairways and greens. This lease covers and includes all of the said land and all of the said improvements. II. III Lessor does hereby rent, demise and lease, unto Lessee the said real property and golf course, upon the covenants, for the term and upon the rental as hereinafter set forth. III. III The term of this lease is the calendar year, 1978, commencing January 1, 1978, and terminating December 31, 1978. IV. The rental for the term of this lease is the exact amount of the ad valorem taxes on the property above described in Article I of this Indenture of Lease for the calendar year, 1978, and these taxes are as follows: CITY OF SAN MARCOS------------- $ 1,698.88 STATE AND COUNTY--------------- 735.47 SCHOOL------------------------- $ 3,494.14 $ 5,928.49 Lessee here now pays to Lessor the rental in the amount of $5,928.49 for the year 1978, the term of this leasei and Lessor hereby acknowledges the receipt and sufficiency of the payment of all of said rent; provided that the City of San Marcos continue to sub-let the said golf course to San Marcos Golf Association for the actual operation of same as a golf course and that the said Association, through its directors and officers, represent and promise in writing that it will, at the earliest possible time, reimburse the City of San Marcos for one-half (~) of such rent, or t0~ su~ of $2,964,25. I V. That the said Association continue to be obligated, as it has been obligated in 1976 and all prior years, to plow back into the real property by way of improvements thereto or into personal