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2. Original Term. This lease shall be for a term of twenty five (25) fib. (50) years <br /> beginning , 1997 and continuing until midnight, , 2$2-2 2047. <br /> 3. Renewal Term. Lessee shall have the option to renew this lease for one (1) twenty -five <br /> (25) year term. So long as Lessee is not then in default under the terms of this lease, the option <br /> to renew may be exercised at any time during the last one hundred eighty (180) days of the <br /> original term. In the event Lessee exercises this renewal option, all of the terms and conditions <br /> of the original term, as provided in this lease, shall continue to apply during the renewal term. <br /> 4. Rent. In recognition of Lessee's construction of the baseball fields complex and the public <br /> benefit of having the baseball fields constructed and available for use by the public, Lessee shall <br /> pay to Owner a rent amount of one dollar ($1.00) per year during the original term and renewal <br /> term, if applicable. The first year's rent shall be due upon execution of this lease and the <br /> remaining annual payments shall be due and payable on the first day of January each year. <br /> 5. Lessee's Obligations. Lessee shall have the following obligations during entire term of <br /> this lease: <br /> 5.1 At its own expense, to design and construct a four -field baseball complex, with <br /> other necessary improvements, to serve the youth of the area. <br /> 5.2 To perform all daily maintenance of the premises, including the daily maintenance <br /> of the restroom facility, irrigation, and field preparation. <br /> 5.3 Be responsible for all capital repairs, maintenance, upgrades and replacements of <br /> the premises. Lessee shall make no improvements on or to the premises unless Lessee receives <br /> Owner's prior written approval. <br /> 5.4 Be responsible for all utility service payments on the premises. <br /> Bambino Baseball Fields Lease Agreement - 2 <br />