Res 1976-005 - Laserfiche WebLink

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lm -4- 1/9/76 n as a municipal golf course, and has been operated and controlled by San Marcos Golf Association, the owner of said property, Aquarena, Inc. , and its predecessors in title, Paul J. Rogers and A. B. Rogers, each deceased, has not made any profit from the ownership of said property, nor even any return on its investment, as for example, during the calendar year, 1967, the said City of San Marcos paid rent of One Dollar ($1. 00), and the prior year, 1966, the City of San Marcos paid rent of Eighteen Hundred Dollars ($l, 800. 00), which rent in each year was less than the ad valorem taxes on said property, and it has been inherent in such arrangement that the Lessee and Sub-Lessee would not make any profit, at the expense of the landlord, but would invest any excess above operational costs in real and personal property for the betterment of such golf course, and that the title to all such real property improvements and golf course equipment would at all times be vested in the landlord, which at this time is Aquarena, Inc. An inventory of the existing Golf Course Equipment, prepared by the Association and Russell Scott, the professional, is attached hereto and made a part of this lease contract. When the annual lease covering the said golf course is not renewed to the City of San Marcos, it is understood and agreed that the said Association shall deliver possession of all of the personal property listed on the inventory attached hereto, and any and all assets of said Association, including money on hand, less out- standing obligations, to Aquarena, Inc. , and if and when said Association moves to other premises it shall not have the right to take with it to such other location any assets which it has been able to accumulate during the time it has enjoyed the rental arrangement as hereinabove set forth. Nothing herein contained shall prohibit or prevent the said Association from trading