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4 <br /> 2. The term of this lease shall be for an Initial term of 20 years commencing on <br /> March 1, 2021, hereinafter referred to as the "effective date". Except as herein otherwise <br /> provided, all terms and covenants contained in this Lease Agreement shall be in full force and <br /> effect during any extension period unless otherwise agreed upon in writing by both parties. <br /> 3. Guaranteed Minimum Rental. The County agrees to pay to the Owner the guarantee <br /> rental of$1,312.50 per month (hereinafter referred to as the "Rental Rate") during the Term of <br /> the lease,payable on or before the I Oth day of each calendar month commencing with the <br /> effective date of this Lease Agreement. <br /> 4. Right of First Offer to Purchase and Right of First Refusal. <br /> a. Subject to the terms of this Lease, the Owner expressly reserves the right to sell <br /> the Premises at any time during the Term, including any extension thereof. In the <br /> event the Owner sells, transfers, or exchanges the Premises or any portion of the <br /> Premises, the following shall pertain: <br /> i. Subject to the terms of this Lease, the Owner may sell, transfer, or <br /> exchange the Premises or any portion of the Premises to Roland L. <br /> Walters and/or Stacey R. Walters (hereinafter, "the Managing Member"or <br /> collectively, "Managing Members") as an individual or remaining <br /> member,provided however, the Owner shall obtain the written agreement, <br /> in form satisfactory to the County, of any Managing Member of the <br /> Owner company acquiring the Premises or any interest therein, that such <br /> acquisition is subject to the requirements of this Lease. The Owner agrees <br /> that the County may void any sale, transfer, or exchange of the Premises <br /> or any portion of the Premises if the member interest holder fails to <br /> assume in writing the requirements of this Lease. <br /> ii. Any assignment, sale, transfer, conveyance, or other disposition of the <br /> Premises or any part of the Premises to a person or entity other than that <br /> described in sub-paragraph 4.(a)(i), above, shall be subject to the <br /> following: <br /> 1. The Owner covenants that it will not list nor offer the Premises for <br /> sale without first giving the County written notice in the manner <br /> prescribed in Section 8 of this Lease Agreement, of its desire to <br /> sell the Premises and having allowed County ninety(90) days from <br /> the date of such notice in which to attempt to secure a binding <br /> agreement with the County for the purchase of the Premises. The <br /> Owner agrees that any and all offers to purchase submitted by the <br /> County during said ninety-day period will be held in strictest <br /> confidence, will be given every reasonable consideration in good <br /> faith and if unacceptable, will remain confidential and will not be <br /> used at any time to enhance its efforts to otherwise market said <br /> Premises. <br />