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<br /> -2- <br /> 3. Term of Lease. <br /> The prlmary term of thlS lease for the property heretofore <br /> descrlDed ln Paragraph 1 shaLL De for a term of twenty (20) <br /> years Deginnlng the 1st day of Sept~E_- ' 1986'Q <br /> and running through the 31st day of Septer:1ber , 2006 .-~ <br /> - " <br /> Lessee, lf not ln defaul.t shal.l have the option of renewlng <br /> thlS .lease for two (2) addltlonal flve (5) year periods. The <br /> .lease payments for each flve ( 5) year period shal.l De <br /> ca.lculatea as detalled ln paragraphs four (4) ana flve ( 5 ) <br /> hereln. <br /> 4. Consiaeratlon. <br /> - <br /> Lessee agrees to pay to Lessor the sum of five cents ($.05) <br /> per square foot per year, payment to De made in advance ana <br /> on each annlversary date of this .lease. In ada1.tlon, the <br /> Lessee Wl.ll pay annua.ll.y to the Lessor a one percent (1%) <br /> gross recelpt fee on al.l commercia.l actitivites adjusted to <br /> exc.lude aircraft sa.les, sal.es and servlces to feaeral., state, <br /> .local government agencles, sales and services to tax exempt <br /> orgônlzatlons, and work done on Lessee's personal. aircraft. <br /> Lessee shall. provlde to Lessor, within ten (10) days from <br /> recelvlng notice from Lessor, any Duslness recordS reaSOnaDl.Y <br /> necessary, as deemed Dy Lessor, to verify the amount of said <br /> one percent (1 %) fee. The conslderatlon to be paid DY Lessee <br /> shall. De reVlewed DY Lessor at or near the end of each five <br /> ( 5) year perloa, and Lessor shal.l have the right to lncrease <br /> such consideratlon for the next perlod7 provided, however, <br /> that the amount of such conslderatlon to be pald Lessor shal..l <br /> De cornparaDl.e to other renta.ls charged at the Airport. As <br /> addltlonal consideratlon for this .lease, Lessee agrees to <br /> construct a Dul.ldlng and other permanent lmprovernents with <br /> due dlligence for Lessee's uses as descriDed hereunder at a <br /> cost ln excess of One Hunared Fifty Thousanci. Dollars And <br /> No/IOO ($150,000.00), sald lmprovements to De corne the <br /> property of Lessor as prOVlded l.n Section 14, Paragraph g. of <br /> thlS lease. Lessor agrees to permlt Lessee's <br /> month-to-month tenancy for the premises subject <br />