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<br />, ., <br />"',--' <br /> <br />E¡~HIBIT 3 <br /> <br />STATE OF TEXAS <br />q~.C <br />AGREEMENT OF LEASE "--' t.J U <br /> <br />COUNTY OF CALDWELL <br /> <br /> <br />KNOW ALL MEN BY THESE PRESENTS: <br /> <br /> <br />This Agreement of Lease, made and entered into this the <br /> <br /> <br />10th day of January A.D. 1984, by and <br /> <br />between the City of San Marcos, Texas, a municipal corporation <br /> <br /> <br />existing by and under the laws of the State of Texas, acting <br /> <br />through authority conferred on its mayor, Emmie Craddock, by <br /> <br /> <br />Resolution duly adopted on January 9 , 1984, <br /> <br />hereinafter "Lessor" and GT+3 Flight Operations, Inc., acting <br /> <br />through its President, Millard E. Thornton, hereinafter "Lessee", <br /> <br />on the following terms and conditions: <br /> <br /> <br />WITNESSETH <br />I. <br />Lessor does by these presents lease and demise unto Lessee <br />a portion of the San Marcos Municipal Airport situated in Caldwell <br />County, of which City is owner by virtue of an indenture from the <br />United States of America dated the 14th day of February, 1966, the <br />14th day of July, 1969, and the 11th day of May, 1976, to which <br />reference is made thereof, said portion identified on the attached <br />Exhibit A, for Lessee's construction of and use as an aircraft <br />storage hangar and parking area for automobiles of Lessee's <br />customers and for securing airplanes only and for no other use, <br />and by and for persons and personal property authorized by the <br />Lessee, and Lessor hereby gives and grants to Lessee its permission <br />to construct an aircraft storage hangar and aircraft and auto parking area <br />on said premises in accordance with the terms and conditions <br /> <br />hereinafter set forth. <br /> <br /> <br />II. <br /> <br /> <br />The term of this Agreement shall be for twenty (20) years, <br /> <br /> <br />commencing on January 10, 1984 and ending on <br /> <br /> <br />January 10, 2004 . The consideration to be paid <br /> <br />by Lessee shall be reviewed by Lessor at the end of each five (5) <br /> <br /> <br />year period, and Lessor shall have the right to raise or increase <br />