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<br />! <br />1. <br /> <br />each select an arbiter, and such two:arbiters shall select a <br /> <br />City w111 have a firet option to purohase ssid1mprovements from /: <br /> <br /> <br />I. <br /> <br />improvements for sale purposes, the Lessees and the City shall <br /> <br />For the purpose of arriving at tQe value of such <br /> <br />the Lessees. <br /> <br />years, it is understood and agreed between the parties that any <br />permanent improvements erected on the field by ,the Lessees shall <br />be the property of the Lessees. It #s further agreed that the <br /> <br />At the termination of this lease, either by the failu:re <br />of the Lessees to exercise their option, or at the end of twent', <br /> <br />Lessees shall have the right to renew this lease for <br />an additional term of five (5) years upon terms not more than <br /> <br />. . <br /> <br />ten per cent. (lO%) less favorable to, the Lesse-.s than the prio]~ <br />term. Lessees shall have an option to again renew this lease for <br />a second period of five (5) years upon terms not more than ten <br />per cent. (lO%) less favorable to the Lessees than the prior tej:om <br />Lessees shall exercise such options by giving the Oity written <br />notice of their intention to renew not less than sixty (60) day;s <br />prior to expiration of this lease or any renew~ thereof. <br />~.. <br />.1.- VIII <br /> <br />VIi: <br /> <br />the terms, agreements and conditions imposed by ,the lease shall, <br />at the option of the C1 ty, cancel the le$,S8 and'i;a11::ri:ghts of <br />the Lessees shall be thereupon terminated and all bUildings and <br />permanent improvements placed on said airport shall become the <br />property of the City as liquidated damages pr,ov1ded, however, <br />Lessees shall have sixty days wr1ttennotioe from the City in <br />which to correct any default before cancellation. The failure <br />of the Oi ty to insist in anyone or more instances, upon perforlll- <br />ance of any of the terms or conditions of this~ease,shall no,t <br />be construed as a waiver or a relinquishment of'the future per- <br />formances of any such terM or cond1 tion. <br /> <br />Failure on the part of the, ~,essees to :tp$r.rorm any of <br />r . <br /> <br />.!" <br /> <br />VI <br /> <br />",1-" <br />.1': <br /> <br />.-4- <br /> <br /> <br />.. <br /> <br />c <br /> <br />r <br /> <br />.' <br /> <br />~ <br /> <br />- <br /> <br />"1;-"'. --- ---...--,--,- --,'.',' <br /> <br />~ 'F~":~ <br /> <br />/-...\ <br />,e ,~ <br />"--/. <br /> <br />/'-_.~ <br />._', <br /> <br />, <br />...........----... <br /> <br />.41' <br />"'--- ~ -- / <br /> <br />,"\ <br /> <br />. / <br />..... ..-/ <br /> <br />.---, <br />/ ,'" <br />, ., , <br />W <br />