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2. Term: The term of this lease shall be 40 years, commencing upon execution <br />of this lease, and renewable annually on the anniversary date in accordance <br />with conditions set forth below. Due to the extensive capital investment of Ride <br />On they will always be in a first position with respect to lease renewal, with the <br />District retaining their rights and responsibilities to control properties and <br />programs, per Public Resource and other California Code requirements. At the <br />first meeting in October of each year Ride On will deliver an Annual Report to <br />the Board of Directors of the Conejo Recreation and Park District outlining their <br />activities and programs for that year; providing a financial report; and <br />identifying financial, site expansion, and programming goals for the succeeding <br />fiscal year. Also included in the Annual Report will be a description of the <br />District's therapeutic program use of the site. <br />3. Rent: Upon presentation of the Annual Report to the Board of Directors, Lessee <br />agrees to pay District as rent $40.00 per year. Also, as consideration for use <br />of the property Lessee agrees to fund all capital improvements to the premises <br />for all phases of development, and absorb all related maintenance and <br />operations and utility expenditures except as hereinafter or subsequently <br />agreed to. <br />4. Use: License is given to the Lessee for the purpose of operating a therapeutic <br />equestrian center, and retains the right to design and implement and control <br />non -District programs. However, Lessee will at all times observe and abide by <br />Conejo Recreation and Park District's rules and regulations. <br />2 <br />