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. ~ -,5- . 1992. LESSEE shall exercise said option(~) by, givi~g LESSOR written notice of his intention to renew not later than sixty (60) days prior to the expiration, of the existi~g lease or renewal thereof. Annual rental for the term of each renewal option period shall be at the then established current rental rates at the Airport, provided, however, that such rentals shall not be less than the annual rental duri~g the primary term hereof, as provided in Par~graph VII. Upon the expiration date of this lease or any renewal or extension hereof, no notice to quit possession shall be . necessary, and LESSEE covenants to peaceably surrender possession of the premises 'to LESSOR on that date. VII. As rent for the use and occupancy of the leased ",- premises, LESSEE hereby~grees, binds and obl~gates itself to pay unto LESSOR the sum of Seventeen Thousand Four Hundred Twenty-four Dollars ($17,424.00), which shall be payable in annual install- ments as follows: The sum of Eight Hundred Seventy-one Dollars and Twenty Cents. '($871.20) shall be paid in cash, upon execution of this lease; and - The further sum of Eight Hundred Seventy-one Dollars and Twenty Cents ($871.20) shall be paid annually in advance, on the first day of July, 1968, and there- after on the 1st day of July of each and every succeeding calendar year, through and including an annual installment which shall' be due and payable on or before the 1st day of July, 1986, each of which said annual installments shall be in the sum of Eight Hundred Seventy-one Dollars and Twenty Cents ($871.20). In the event ,of the exercise by LESSEE of the options to extend the terms of this lease, the annual rental shall be payable in the same manner as herein provided. VIII. Failure '. to pay anyone or more installments of rent -. when due, or within ten (10) days after the same shall become due, shall terminate this lease, at the option of the LESSOR. "'!I!!"