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<br />17c <br /> <br />I <br /> <br />property by way of golf course equipment, all excess of its income <br /> <br /> <br />over actual operational expense, and that said Associ~tion be <br /> <br /> <br />required to continue during the term of this lease, to put back <br /> <br /> <br />into said real and personal property all excess of income over <br /> <br /> <br />and above operational expenses and the said sum of $2,964.25. <br /> <br /> <br />Aquarena consents to the income of such Association to the extent <br /> <br /> <br />of $2,964.25 being used to reimburse the City, as her~inabove <br /> <br /> <br />provided. <br /> <br />III <br /> <br />VI. <br />Throughout the period of time the said golf course has been <br />used as a municipal golf course, and has been operated and con- <br />trolled by San Marcos Golf Association, the owner of 'said pro- <br />perty, Aquarena, Incorporated, and its predecessors in title, <br />Paul J. Rogers and A.B. Rogers, each deceased, has not made any <br />profit from the ownership of said property, nor even any return on <br />its investment, as for example, during the calendar year, 1967, <br />the said City of San Marcos paid rent of One Dollar ($1.00), and <br />the prior year, 1966, the City of San Marcos paid rent of Eighteen <br />Hundred Dollars ($1,800.00), which rent in each year was less <br />than the ad valorem taxes on said property, and it has been in- <br />herent in such arrangement that the Lessee and Sub-Lessee would <br />not make any profit, at the expense of the Landlord, but would <br /> <br /> <br />invest any excess above operational costs in real and personal <br /> <br /> <br />property for the betterment of such golf course, _and that the title <br /> <br /> <br />to all such real property improvements and golf course equipment <br /> <br /> <br />would at all times be vested in the landlord, which, at this time, <br /> <br /> <br />is Aquarena, Incorporated. An inventory of the existing Golf <br /> <br /> <br />Course Equipment, prepared by the San Marcos Golf Association and <br /> <br /> <br />Jack C. Sanchez, the new professional, and is attached hereto and <br /> <br /> <br />made a part of this lease contract. When the lease from Aquarena, <br /> <br /> <br />Incorporated, is terminated by expiration of the term of the lease <br /> <br /> <br />or otherwise, then all of said equipment and cash and all other <br /> <br /> <br />assets of said Association shall be delivered to and remain the <br /> <br /> <br />property of Aquarena, Incorporated, and the sub-lease between <br /> <br /> <br />the City of San Marcos and the said San Marcos Golf Association <br /> <br />I <br />