Steven and Gary agree orally that Steven will lease his olive farm to Gary on condition that Gary will annually give twenty (20) percent of the olives produced by him to Steven, as rent. Which ONE of the following is the correct interpretation of this agreement?
1) Steven will lease his olive farm to Gary and Gary will give twenty percent of the olives produced as rent.
2) Steven will lease his olive farm to Gary and Gary will give twenty percent of the olives produced as payment.
3) Steven will lease his olive farm to Gary and Gary will give twenty percent of the olives produced as a gift.
4) Steven will lease his olive farm to Gary and Gary will give twenty percent of the olives produced as a loan.