Common use of Description and Term Clause in Contracts

Description and Term. Authority, in consideration of the rents to be paid and the terms, covenants, and conditions hereinafter set forth, hereby leases to Lessee that certain real property situated in Nueces County, Texas, being a 10.0 acre tract, more or less, depicted on the drawing labeled “Exhibit A” attached hereto and incorporated herein by reference (hereinafter the “Leased Premises”), TO HAVE AND TO HOLD the Leased Premises for a term (the “Primary Term”) of twelve (12) months, beginning the 18th day of April, 2017 (the “Effective Date”), and terminating at midnight, Central Time on the 17th day of April, 2018, unless sooner terminated. Upon the expiration of the Primary Term this Lease Agreement shall be extended on a month to month basis (the “Month to Month Term”) upon the approval of the Authority, not to exceed an additional 6 months, beginning on the 18th Day of April, 2019, during which period either Party shall be entitled to terminate the lease by giving the other Party thirty (30) days prior written notice of such termination.

Description and Term. Authority, in consideration of the rents to be paid and the terms, covenants, and conditions hereinafter set forth, hereby leases to Lessee that certain real property situated in Nueces County, Texas, being a 10.0 acre tract, more or less, depicted on the drawing labeled “Exhibit A” attached hereto and incorporated herein by reference (hereinafter the “Leased Premises”), TO HAVE AND TO HOLD the Leased Premises for a term (the “Primary Term”) of twelve (12) months, beginning the 18th day of April, 2017 (the “Effective Date”), and terminating at midnight, Central Time on the 17th day of April, 2018, unless sooner terminated. Upon the expiration of the Primary Term this Lease Agreement shall be extended on a month to month basis (the “Month to Month Term”) upon the approval of the Authority, not to exceed an additional 6 months, beginning on the 18th Day of April, 20192018, during which period either Party shall be entitled to terminate the lease by giving the other Party thirty (30) days prior written notice of such termination. Notwithstanding the foregoing, a Party not then in default hereunder, may terminate this Lease Agreement at any time during the Primary Term and/or the Month to Month Term by giving the other Party thirty (30) days prior written notice of its election to terminate this Lease Agreement.