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1987
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1987
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CITY CLERK
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538 <br />drainage ditch, 460 feet to said point of begin- <br />ning. <br />THENCE North 88° 30' West 287 feet to a <br />point; <br />THENCE South 1° 30' West 84 feet to a point; <br />THENCE North 88° 30' West 477 feet to a <br />point, same being in the East Margin of 6th <br />Street, N.E.; <br />THENCE in a Southerly direction with the East <br />Margin of 6th St., N.E., 16 feet to a point; <br />THENCE South 88° 30' East 477 feet to a <br />point; <br />THENCE South 1° 30' East, 200 feet to a <br />point; <br />THENCE South 88° 30' East 297 feet to a point <br />in the center line of a drainage ditch; <br />THENCE North 2° 00' West with the center line <br />of the drainage ditch 300 feet more or less to the <br />place of beginning, containing 2.19 acres of land <br />more or less. <br />The term of this lease is ten (10) years, beginning on <br />the lst day of January, 1987, and ending the 31st day of <br />December 1996. <br />IN CONSIDERATION of the leasing and letting of said <br />premises and the use and occupancy thereof by Lessee, Lessee <br />agrees to effect and perform repairs to existing buildings, <br />structures and other improvements and to make additional <br />improvements on the leased premises to the extent of ten per <br />cent (10%) of its annual gross receipts, Lessee hereby <br />agreeing to expend for such purposes the sum herein set out <br />during each year of this agreement, the total amount to be <br />expended by Lessee for such purposes during the term of this <br />lease to be not less than ten per cent (10 %) of its total <br />gross receipts for the ten year period covered by this <br />agreement; provided however, that in the event Lessee <br />expends in excess of ten per cent of its gross receipts <br />during any one year hereof for such purposes, such excess <br />may be credited on the total amount to be expended by Lessee <br />hereunder. The term "gross receipts" shall mean the total <br />receipts of Lessee from all sources by reason of the use of <br />the rented premises. <br />IN CONSIDERATION HEREOF, it is mutually agreed by and <br />between Lessor and Lessee: <br />
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