Res 1985-090 - Laserfiche WebLink

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-3- United States of America relative to the operation or maintenance of Airport, the execution of which has been or may be required as a condition precedent to the expenditure of federal funds for the development of the Airport. VII. The initial term of this agreement shall be for a period of five (5) years COí1UllenC Lng on September 9, 1980. The lease shall be extended for a total of 20 years (not to exceed the year 2005) from and upon execution by both parties of this agreement, and subject to the execution of written agreement by the parties concerning renegotiated fees (~very five (5) years. The consideration to be paid by Flight Operations for the following period shall be reviewed by City at the end of the then-current five-year period, and City shall have the right to renegotiate such consideration beginning 90 days prior: to the expiration of the then-current period, provided, however, that the amount of such consideration to be paid City shall be comparable to other rentals being charged at Airport. In the event both parties cannot reach a written agreement concerning the amount of the renegotiated fees on or before the expiration of the then-current period, this lease agreement shall terminate thirty (30) days aft(~r ,., cne expiration of the then-current lease period. Upon the expiration of such twenty (20) year term, Lessee is 11er:eby granted an option to renew this Agreement for an additional ten (10) year period with the consideration thereof reviewable by Lessor prior to the commencement of said 10-year period, and at the end of the five (5) year period from such commencement. All provisions contained in this Paragraph VII apply to said option, including renegotiation and termination provisions. By execution of this lease amendment, both parties agree to extend the lease term for a five ( 5) year period commencing upon expirat:ion of the current term.