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<br />occurs after the date of the notice. <br />6. Consideration: <br />As consideration for this Agreement, Lessee shall pay Lessor the sum of $500 per month, payable <br />annually in advance. The rental amount shall increase each year by five percent per year over the <br />previous year's amount. <br />7. Termination: <br />a. This Agreement may be terminated by Lessor at any time, without notice, if Lessor <br />determines that the structural integrity of the water tower is in question or that the water <br />tower or any appurtenances pose an immediate threat to life and/or property. In this event, <br />no compensation shall be paid to Lessee for termination of this Agreement or for damages <br />to any equipment, the removal of which was necessitated by such condition. <br />b. This Agreement may be terminated by either party prior to the expiration of the initial or any <br />renewal term upon 180 days written notice to the other party of its intention to terminate. <br />c. This Agreement may be terminated by either party upon default by the other party of any of <br />the covenants or conditions contained in this Agreement other than a default resulting in the <br />creation of conditions described in Section 7a. In the event of a default by a party, the other <br />party shall give the defaulting party written notice of default, and, upon the defaulting party's <br />failure to cure or remedy the default, within 30 days following receipt of notice, this <br />Agreement shall terminate immediately without further notice to the defaulting party. <br />d. Upon any termination of this Agreement, Lyssee shall remove its property and equipment <br />(other than permanent improvements) from the Leased Premises within seven days after the <br />date of termination. Lessee shall have no further claim, right, title or interest in or to any <br />of the property or equipment remaining on the Leased Premises after that time, and Lessee <br />agrees to pay to Lessor all costs of removing the property and equipment if Lessee fails to <br />do so within the time specified above. <br />8. Notices: <br />All notices to Lessor shall be in writing and shall be sent by certified mail, return receipt requested, <br />or by confirmed fax, addressed to the City Manager ofthe City of San Marcos, 630 East Hopkins <br />Street, San Marcos, Texas 78666, Fax (512) 396-4656. All notices to Lessee shall be in writing and <br /> <br />3 <br />