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<br />I <br /> <br />I <br /> <br />I <br /> <br />1m -3- 2/24/77 <br /> <br />195c <br /> <br />represent and promise in writing that it will, at the earliest <br />possible time, reimburse the City of San Marcos for one-half <br />(1/2) of such rent, or the sum of $2,884.97. <br />V. <br />That the said Association continue to be o~ligated, as <br />it has been obligated in 1976 and all prior years, to plow <br />back into the real property by way of improvements thereto <br />or into personal property by way of golf course equipment, <br />all excess of its income over actual operational expense, and <br />that said Association be required to continue during the term <br />of this lease, to put back into said real and personal property <br />all excess of income over and above operational expenses and <br />the said sum of $2,884.97. Aquarena consents to the income of <br />such Association to the extent of $2,884.97 being used to re- <br />imburse the City, as hereinabove provided. <br />VI. <br />Throughout the period of time the said golf course has <br />been used as a municipal golf course, and has been operated <br />and controlled by San Marcos Golf Association, the owner of <br />said property, Aquarena, Incorporated, and its predecessors in <br />title, Paul J. Rogers and A. B. Rogers, each deceased, has not <br />made any profit from the ownership of said property, nor even <br />any return on its investment, as for example, during the cal- <br />endar year, 1967, the said City of San Marcos paid rent of One <br />Dollar ($l.OO), and the prior year, 1966, the City of San <br />Marcos paid rent of Eighteen Hundred Dollars ($l,800.00), <br />which rent in each year was less than the ad valorem taxes <br />on said property, and it has been inherent in such arrange- <br />ment that the Lessee and Sub-Lessee would not make any profit, <br />at the expense of the Landlord, but would invest any excess <br />