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and at that time for the ensuing five years and thereafter the
annual rentals shall be negotiated every five (5) years during
the term of the lease or any renewal thereof, subject to referral

to arbitration under the Arbitration Act in the event of disagreee

ment.

SUCH RENTAL to he paid annually in advance.

AND IT IS AGREED that the Lessee, not being in default
hereunder, shall have the option to renew this Lease for a further
serm of ten (10) years on the same terms and conditions contained
herein, excluding this clause for renewal, at a rental to be
agreed upon between the parties hereto or failing agreement te

de set by arbitration as aforesaid.

THAT the said Lessee covenants with the said Lessor to
pay rent; AND to pay taxes; AND to pay rates for water, electric

Zight, gas and telephone,
AND to repair.

AND to keep up fences; AND not to cut down timber; AND
not to commit waste;

AND the said Lassor may enter and view state of repair, .

AND that the said Lesseo will repair according to notice,

“AND will not assign without ieave, AND will not
sud-let without leave of the Council of the Lessor, which leave
will not unreasonably be withheld,

AND that it will leave Prenises in gocd repair,

AND that it will-not Carry ¢n any business that shall

be deamed a nuisance on the premises,

PROVISO for re-entry by the said Lessor On non-payment.

zert, or non=performance of covenants.

PROVISO for re-entry on seizure or forfeiture of the

said tern, -

The said Lessor covenants with the said Lessee for quiet

enjoyment,

PROVIDED ALWAYS and ft is hereby agreed by and between
the parties hereto that if the tern hereby granted shall be at any
time seized or taken in execution or in attachrent by any creditor
Of the Lessee or if the Lessee shall make any assignzent for the
benefit of creditors, or becoming bankrupt or inselvent shall take
the benefit of any Act that may be in force for bankrupt or insol-~
vent debtors, the then current rent shali imnediately dDecone due
and payable and the said term shall imnediately becone forfeited

and void.

THE LESSEE DOTH COVENANT AND AGREE that the within
demised lands shall be used only a8 & golf course and for
purposes incidental and ancillary thereto during the tern
hereof and that, as it is financially able to do 30, it will
improve and upgrade the standard of the said golf course to
& standard not less than the standard of similar facilities

in the Surrounding municipalities,

THE LESSEE DOTH COVENANT AND AGREE that the saie

golf course will be Open to public use;

AND THAT in. addition to specified annual fenberships
there will be green fees charged for play at rates established
by the Lessee which xates shall be reasonable and comparable to
fees charged for similiar facilities in the surrounding
municipalities, :

THE LESSEE DOTH COVENANT AND AGREE with the Lessor
that the Lessce will make every endeavour to have the golf

course in full operation by October Ist, 1973.