Common use of Duration of Lease Term Clause in Contracts

Duration of Lease Term. The Lease Term shall commence as of the date hereof. The Initial Term shall terminate on December 31, 2020. This Lease may be renewed, solely at the option of the City, for nineteen (19) Renewal Terms, provided, however, that the Lease Term shall terminate no later than December 1, 2039, except that the Renewal Term beginning on January 1, 2039 shall terminate upon the City’s payment of the final Base Rental payment as set forth in Exhibit C. The City hereby finds that the maximum Lease Term hereunder does not exceed the weighted average useful life of the Leased Property. The City further determines and declares that the period during which the City has an option to purchase the Trustee’s leasehold interest in the Leased Property (i.e. the entire maximum Lease Term) does not exceed the useful life of the Leased Property. The City Manager or other officer of the City at any time charged with the responsibility of formulating budget proposals for the City is hereby directed to include in the annual budget proposals submitted to the City Council, in any year in which this Lease shall be in effect, items for all payments required for the ensuing Renewal Term under this Lease until such time, if any, as the City may determine to not renew and terminate this Lease. Notwithstanding this directive regarding the formulation of budget proposals, it is the intention of the City that any decision to effect an Appropriation for the Base Rentals and Additional Rentals shall be made solely by the City Council in its absolute discretion and not by any other official of the City, as further provided in the following paragraph. During the Lease Term, the City shall in any event, whether or not the Lease is to be renewed, furnish the Trustee with copies of its annual budget promptly after the budget is adopted. Not later than December 15 of the then current Initial Term or any Renewal Term the City Representative shall give written notice (in substantially the form set forth in Exhibit D attached hereto) to the Trustee that either:

Duration of Lease Term. The Lease Term shall commence as of the date hereof. The Initial Term shall terminate on December 31, 20202016. This Lease may be renewed, solely at the option of the CityTown, for nineteen (19) the number of Renewal Terms, provided, however, that the Lease Term shall terminate no later than December 1, 2039, except that the Renewal Term beginning on January 1, 2039 shall terminate upon the City’s payment of the final Base Rental payment as set forth Terms represented in Exhibit C. C (Base Rentals Schedule) attached hereto. The City Town hereby finds that the maximum Lease Term hereunder does not exceed the weighted average useful life of the Leased Property. The City Town further determines and declares that the period during which the City Town has an option to purchase the Trustee’s leasehold interest in the Leased Property (i.e. the entire maximum Lease Term) does not exceed the useful life of the Leased Property. The City Manager Finance Director or other officer of the City Town at any time charged with the responsibility of formulating budget proposals for the City Town is hereby directed to include in the annual budget proposals submitted to the City Council, in any year in which this Lease shall be in effect, items for all payments required for the ensuing Renewal Term under this Lease until such time, if any, as the City Town may determine to not renew and terminate this Lease. Notwithstanding this directive regarding the formulation of budget proposals, it is the intention of the City Town that any decision to effect an Appropriation for the Base Rentals and Additional Rentals shall be made solely by the City Council in its absolute discretion and not by any other official of the CityTown, as further provided in the following paragraph. During the Lease Term, the City Town shall in any event, whether or not the Lease is to be renewed, furnish the Trustee with copies of its annual budget promptly after the budget is adopted. Not later than December 15 of the then current Initial Term or any Renewal Term the City Town Representative shall give written notice (in substantially the form set forth in Exhibit D attached hereto) to the Trustee that either:

Duration of Lease Term. The Lease Term shall commence as of the date hereof. The Initial Term shall terminate on December 31June 30, 202020[ ]. This Lease may be renewed, solely at the option of the CityDistrict, for nineteen (19) 21 Renewal Terms, provided, however, that the Lease Term shall terminate no later than December 1June 30, 203920[ ], except that the Renewal Term beginning on January July 1, 2039 20[ ] shall terminate upon the CityDistrict’s payment of the final Base Rental payment as set forth in Exhibit C. The City District hereby finds that the maximum Lease Term hereunder does not exceed the weighted average useful life of the Leased Property. The City District further determines and declares that the period during which the City District has an option to purchase the Trustee’s leasehold interest in the Leased Property (i.e. the entire maximum Lease Term) does not exceed the useful life of the Leased Property. The City Manager Chief Financial Officer or other officer of the City District at any time charged with the responsibility of formulating budget proposals for the City District is hereby directed to include in the annual budget proposals submitted to the City CouncilBoard, in any year in which this Lease shall be in effect, items for all payments required for the ensuing Renewal Term under this Lease until such time, if any, as the City District may determine to not renew and terminate this Lease. Notwithstanding this directive regarding the formulation of budget proposals, it is the intention of the City District that any decision to effect an Appropriation for the Base Rentals and Additional Rentals shall be made solely by the City Council Board in its absolute discretion and not by any other official of the CityDistrict, as further provided in the following paragraph. During the Lease Term, the City District shall in any event, whether or not the Lease is to be renewed, furnish the Trustee with copies of its annual budget promptly after the budget is adopted. Not later than December June 15 of the then current Initial Term or any Renewal Term the City District Representative shall give written notice (in substantially the form set forth in Exhibit D attached hereto) to the Trustee and the Lender that either: