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<br />e <br /> <br />e <br /> <br />-2- <br />III. <br />For and in consideration of the sum of Five Hundred Dollars <br />($500.00) cash paid to City by Lessee, City grants and gives <br />to Lessee, an option, in the form of a right of first refusal upon <br />thirty (30) days written notice from City to Lessee, whereby Lessee <br />may lease from City, the 45 tie-downs and the 100'x 100' tract shown <br />on Exhibit .An, as a combined additional lease tract. Lessee shall <br />pay to City, as additional rent, should Lessee exercise its option <br />to lease said 45 tie-downs and said 100'x 100' tract, the annual <br />rental as provided in Paragraph VI hereof, plus a sum equal to <br />thirty percent (30%) of the gross revenues obtained from rental of <br />tie down spaces, upon 'execise of such option by Lessee, provided, <br />however, Lessee shali guarantee the City a yearly rental of not.tess <br />than $144.00, multiplied by the 45 tie-downs leased. No less than <br />the full 45 tie-downs and the 100'x 100' tract may be leased under <br />the option granted under this paragraph. Rental for the 45 tie- <br />downs shall be paid monthly, in a sum equal to 1/12 of the annual <br />rental due, in advance, on the 1st day of each and every month. <br />City reserves the right to rent such tie down areas direct to the <br />public, if not leased by Lessee hereunder, or if not leased by <br />another fixed base operator at the City of La Porte Airport, from <br />City. City will give Lessee hereunder thirty (30) days written <br />notice of any offer by another fixed based operator at the City of <br />La Porte Municipal Airport, to rent such 45 tie-downs and 100'x 100' <br />tract, in which case Lessee hereunder may either accept the option <br />to lease all of such properties, by giving written notice to the <br />City of its desire to do so, or, in the absence of such written <br />