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<br /> ,I <br /> :1 <br /> !: <br /> : <br /> I, <br /> I; <br /> ,I <br /> ! <br /> j, <br /> " <br /> I; <br /> " <br /> , <br /> 'I <br /> /; <br /> I' <br /> .I <br /> ., <br /> " <br /> r <br /> I' <br /> " <br /> ,I <br /> I! <br /> I <br /> ii <br /> Ii <br /> :1 <br /> " <br /> I: <br /> :1 <br /> I' <br /> ,I <br /> 'I <br /> I! <br /> I, <br /> I' <br /> ,1 <br /> I! <br /> I! <br /> I; <br /> I, <br /> II <br /> I: <br /> ,I <br /> II <br /> I <br /> Ii <br /> I <br /> I <br /> 1 <br /> 1\ <br /> I: <br /> ,1 <br /> II <br /> II <br /> :1 <br /> Ii <br /> 'I <br /> J <br />'. II <br /> I: <br /> Ii <br /> ,I <br /> I <br /> I: <br /> " <br /> " <br /> I. <br /> I! <br /> I' <br /> II <br /> : ~ <br /> <br />e <br /> <br />e <br /> <br />-4- <br /> <br />VI <br /> <br />'. <br /> <br />Failure on the part of the Lessees to perform any of <br />the terms, ~greements and conditions imposed by the lease shall, <br />at the option of the City, cancel the lease and all rights of <br />the Lessees shall be thereupon terminated and all buildings and <br />permanent improvements plaoed on said airport shall become the <br /> <br />property of the City as liquidated damages provided, however, <br />Lessees shall have sixty days written notice from the City in <br /> <br />which to correct any default before cancellationo The failure I <br />of the City to insist in anyone or more instances, upon perform-I <br />ance of any of the terms or conditions of this lease, shall not I <br />I <br />I <br />! <br />I <br /> <br />r <br /> <br /> <br />I <br /> <br />t <br />I <br />I <br />I <br />ten per cent. (10%) less favorable to the Lessees than the prior ; <br /> <br />be construed as a waiver or a relinquishment of the future per- <br /> <br />formances of any such term or condition. <br /> <br />VII <br /> <br />Lessees shall have the right to renew this lease for <br /> <br />an additional term of five (5) years upon terms not more than <br /> <br />, <br /> <br />term. Lessees sh~ll have an option to again renew this lease for: <br />! <br />a second period of five (5) years upon terms not more than ten , <br />, <br />I <br />per cent., (10%) less favorable to the Lessees than the prior term, <br /> <br />I <br /> <br />notice of their intention to renew not less than sixty (60) days I <br /> <br />i <br />I <br />VIII I <br />At the termination of this lease, either by the failUre! <br />of the Lessees to exercise their option, or at the end of twenty <br /> <br />Lessees shall exercise such options by giving the City written <br /> <br />prior to expiration of this lease or any renewal th~reofo <br />j.... <br />~ <br /> <br />years, it is understood and agreed between the parties that any <br />permanent improvements .ereoted on the field by the Lessees shall <br />be the property of the Lessees. It!8 further agreed that the <br />City will have a first option to purchase said improvements from <br />the Lesseeso For the purpose of arriving at the value of such <br />improvements for sale purposes, the Lessees and the City shall <br />each select an arbiter, and such two arbiters shall select a <br /> <br />'I' ". <br /> <br />.' " <br /> <br />.:.": ..... .:. .. <br /> <br />;, <br />