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<br />ASSIGNMENT OF LEASE
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<br />r
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<br />2523
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<br />This agreement is made this the ¿ IJ.d
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<br />day of
<br />
<br />if LL /'I t:.
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<br />1986,
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<br />between JAMES W. MILLER d/b/a MILLER AIR SPORTS, a Bole proprietorship and
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<br />successor in interest to MUler Air Sports,
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<br />Ine:. which dissolved in 1982
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<br />("Miller"), as Lessee, and HEARNE AVIATION COMPANY, INC. ("Hearne"), as Assign-
<br />
<br />ee.
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<br />Recitals
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<br />A.
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<br />Miller, as Tenant, was party to a lease and lease agreement dated
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<br />January 27, 1981, (the "Lease"), with Lessor.
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<br />A copy of that Lease is labeled
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<br />Exhibit "A" and is attached hereto.
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<br />B.
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<br />Miller possesses all right, title, and interest in and to the Lease,
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<br />as Lessee, and desires to sell, assign, and transfer the Lease, as amended as
<br />
<br />provided below, to Assignee, and Assignee desires to accept said sale, assign-
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<br />ment, and transfer upon the terms and conditions hereinafter set forth.
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<br />C.
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<br />So far as is known, Miller and Lessor have no claims or defenses one
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<br />against the other by reason of said lease.
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<br />D.
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<br />In order to comply with the wishes of Lessor, the Lease is amended as
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<br />provided below.
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<br />Now, therefore, in consideration of the premises and of the mutual cove-
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<br />nants herein set forth and for $10.00 and other good and valuable consid-
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<br />eration, the receipt of which is acknowledged, it is agreed:
<br />
<br />1.
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<br />Amendments.
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<br />(i)
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<br />Paragraph 3 of the Lease is amended to read as follows:
<br />
<br />3.
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<br />Consideration. As consideration and rental for the demised
<br />premises, Lessee agrees to pay to Lessor (a) the sum of
<br />five cents (5<;:) per square foot per year, payment to be
<br />made in advance and on each anniversary date of this
<br />Lease, plus (b) an annual fee equal to one per cent (1%)
<br />of the adjusted gross income of all commercial activity,
<br />excluding aircraft sales and any sales or services to
<br />federal, state, or local governments or other tax exempt
<br />agencies. Lessee agrees to conduct and operate a
<br />non-exclusive operation in accordance with the provisions
<br />in paragraph 5 hereinafter set out for a term of twenty
<br />(20) years, provided, however, the sum of the lease shall
<br />be reviewed each five (5) years in relation to the consum-
<br />er price index and escalated accordingly, provided that
<br />the original sum shall not be diminished.
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<br />(ii) Paragraph 4 of the Lease is amended to read as follows:
<br />
<br />4.
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<br />Use of Demised Premises. Lessee is hereby granted the
<br />non-exclusive privilege to engage in the business
<br />operätions and services hereinafter described:
<br />
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