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<br />-- <br /> <br />e <br /> <br />/::iii ~ <br />- <br /> <br />-4- <br /> <br />on the 14th day of January~ 1976; provided~ however~ that <br />LESSOR does give and grant to LESSEE the option to renew this <br />lease on said premises for an additional term of fifteen (15) <br />years from and after the 14th day of January~ 1976~ at an annual <br />rental of Two Hundred Seventeen Dollars and Eighty Cents ($217.80)~ <br />and LESSEE shall also have the option to renew said lease for a <br />second fifteen (15) year period at an annual rental of Two Hundred <br />Seventeen Dollars and Eighty Cents ($217.80). LESSEE shall exer- <br />cise said option(s) by giving LESSOR written notice of its <br />intention to renew not less than sixty (60) days prior to the <br />e.- expiration of the existing lease or renewal thereof. <br /> <br />'upon the expiration date of this lease or any renewal <br />or extension hereofj no notice to quit possession shall be <br />necessary, and LESSEE covenants to peaceably surrender possession <br /> <br />of the premises to LESSOR on that date. <br /> <br />VIII. <br /> <br />As rent for the use and occupancy of the leased premises~ <br />LESSEE hereby agrees, binds and obligates itself to pay unto <br />LESSOR the sum of Two Thousand One Hundred Seventy~eight Dollars <br />($2~178.00), which shall be payable in annual installments as <br />follows: <br /> <br />e <br /> <br />The sum ,of Two Hundred Seventeen Dollars and Eighty <br />Cents ($217.80~ shall be paid in cash upon'execution <br />of this. lease; <br /> <br />The sum of Two Hundred Seventeen Dollars and Eighty <br />Cents ($217.80) shall be paid annually in advance~ on <br />the 15th day of January~ 1967, and thereafter on the <br />15th day of January of each and every succeeding <br />calendar year~ through and including an annual <br />installment which shall be due and ~ayable on or <br />before the 15th day of January~ 1975~ each of which <br />said annual installments herein shall be in the sum <br />of Two Hundred Seventeen Dollars and Eighty Cents <br />($217.80). <br /> <br />In the event of the exercise by LESSEE of the options <br /> <br />I , <br /> <br />to extend the terms of ,this lease, the annual rental shall be <br />payable in the same manner as herein provided. <br /> <br />.. <br /> <br />IX. <br /> <br />Failure to pay anyone or more installments of rent <br />when due; or within ten (10) days after the same shall become <br />