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<br />LEA$ E <br /> <br />THE STATE OF TEXAS <br /> <br />COUNTY OF CALDWELL <br /> <br />KNOW ALL MEN BY THESE PRESENTS: <br /> <br />WHEREAS, the City of San Marcos is the owner of the San Marcos (Gary) Airport, <br />bv virtue of an indenture from the United States of America dated the 14th day of <br />. )ruary, 1966, and the 14th day of July, 1969, and the 11th day of May, 1976, to <br />lch reference is hereby made and by such reference made a part hereof; and <br /> <br />Whereas, James W. Killer, President of Miller Air Sports, Inc., desires to <br />obtain from the City of San Marcos a land lease upon which to construct a facility <br />at the San Marcos Municipal Airport for the purpose of building and assembling homebuilt <br />aircraft and as headquarters office for the Texas Champiônship Air Races, and other <br />aviation related activities~ <br /> <br />Whereas, the City of San Marcos, in order to effectuate the use of the subject <br />premises to construct such a facility desires to enter into a lease of a portion of <br />such airport with James W. Miller and Hiller Air Sport, Inc., does desire to lease <br />such property for the construction of a facility in accordance with the following <br />terms and conditions: <br /> <br />WITNESSETH: <br /> <br />1. <br /> <br />Federal Aviation Administration. <br /> <br />All covenants, terms and conditions of this lease must be approved by the <br />Federal Aviation Administration before the effective date of lease as herein- <br />after stipulated. <br /> <br />Demised Premises. <br /> <br />The City of San Marcos, hereafter called Lessor, hereby leases to James W. Miller <br />(Miller Air Sports, Inc.), hereafter called Lessee, and said Lessee rents from <br />Lessor that certain premises described in attached exhibits and further identified <br />thereon as "EXHIBIT A". Lessor agrees to cause an exact survey made of said premises, <br />and both parties agree that these surveys will be made apart of this agreement. It <br />is further agreed that the Lessee will assume the first Fifty-five dollars ($55.00) <br />of the cost. The Lessor agrees to assume the balance of this cost. <br /> <br />3. <br /> <br />Consideration. <br /> <br />As consideration and rental for the demised premises, Lessee agrees to pay to <br />Lessor the sum of five cents (5ç) per square foot per year, payment to be made <br />in advance and on each anniversary date of this leasew Lessee agrees to conduct <br />and operate a non-exclusive operation in accordance with the provisions ~n <br />paragraph 5 hereinafter set out for a term of twenty (20) years, provided, how- <br />ever, the sum of the lease shall be reviewed each five (5) years in relation to <br />the consumer price index and escalated accordingly, provided that the original <br />sum shall not be diminished. <br /> <br />It. <br /> <br />Use of Demised Premises. <br /> <br />Lessee agrees to use premises, identified in paragraph 2 above, for the purpose <br />of constructing upon said premises a facility for the purpose of building and <br />assembling homebuilt aircraft, headquarters for Texas Championship Air Races, and <br />other aviation related activities. <br /> <br />Term of Lease. <br /> <br />J. <br /> <br />The term of this lease for the property heretofore described in paragraph 2 and <br />as shown on EXHIBIT A shall be for a term of twenty (20) years beginning Januar7 <br />15,1981 and running through January 15,2001. <br /> <br />E'- -~ ~l'i"""-m ... <br />:"':, ~'f +"..J ~ i, -, t, ii 1->. <br />,.."r "0 .Ii..: ,-~;;' If. , <br />