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1 <br /> IT IS II"u•REBX AGREED between the STOCKTON PORT DISTRICT, _. public <br /> corparation formed for runir-ipal purposes, designated ILESSCR, and <br /> PETE SMITH JOUEP SHELL PRODUCTS <br /> designated LESSEE, as f0110ws: <br /> That certain lease dated January 6 19_75, as exe- <br /> cutecl by said parties, shall for the :remainder of the stated term or <br /> any extension thereof, provide for the following: <br /> Page 2, para'TERM: is revised in its entirety to read as follows: <br /> The term of this lzase shall be for tuenty-five (25) years, commencing on <br /> February 1 , 1575, and ending on January 31 , 2001. Pete Smith Jobber Shell <br /> Products shall have the option to negotiate renevial of said tease at the <br /> end of said term, subject to terms, conditions and provisions in effect <br /> under the Port leasing program at that time. <br /> ! Para RUT: is revised in its entirety to read as follows: The <br /> annual lease rate for the first three (3) years shall be Three ThoLsand <br /> Nine Hundred Dollars ($3,900.00), to be paid in twelve (12) equal <br /> monthly installments of Three Hundred Tw,2nty-five Dollars ($325.01), <br /> payable in advance on the first day of each month. The Port shall <br /> have the option to make Resit adjustments as follo/yrs: __ginning.V1ith <br /> the fo dear and every ttiio (2 j years thereafter during the term <br /> of the lease, or any extension"thereof, the subsequent annual lease <br /> rate shall be determined by adjusting the rate in effect that pre- <br /> ceding year, by the accumulative percentage of increase or decrease <br /> i indicated by the Gross National Product Implicit Price Deflator <br /> issued by the Department of Commerce over the period of elapsed time <br /> since the last adjustment, and the lease rate may be revaluated every <br /> five (5) years and adjusted to equate to lease rates in effect on <br /> similar properties under the Port leasing program at that time. <br /> IN 11zTFESS S`=FR;RL;JI', the parties hereto have caused these presents <br /> to be executed this -day of :1L' 13 <br /> LESSOR <br /> f STOC:mar. PORT .DI3TPCTCT <br /> By <br /> By (a S�\c,to ry <br /> --- ——-- <br /> ATT. I <br /> P . 0. Box 2089 <br /> Stockton, CA 95201 <br /> R1: 0 UT10i3 140. Dated: <br /> ATTACHMENT 11 1 <br />