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<br /> STATE OF TEXAS <br /> AGREEMENT OF LEASE <br /> COUNTY OF CALDWELL <br /> KNOW ALL MEN BY THESE PRESENTS: <br /> This Agreement of Lease, made and entered into this the <br /> 10th day of January A.D. 1984, by and <br /> between the City of San Marcos, Texas, a municipal corporation <br /> existing by and under the laws of the State of Texas, acting <br /> through authority conferred on its mayor, Emmie Craddock, by <br /> Resolution duly adopted on January 9 , 1984, <br /> hereinafter "Lessor" and GT+3 Flight Operations, Inc., acting <br /> through its President, Millard E. Thornton, hereinafter "Lessee", <br /> on the following terms and conditions: <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 /> Exhibi t Þ., 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 /> hereinafter set forth. <br /> II. <br /> The term of this Agreement shall be for twenty (20) years, <br /> commencing on January 10, 1984 and ending on <br /> January 10, 2004 . The consideration to be paid <br /> by Lessee shall be reviewed by Lessor at the end of each five (5) <br /> year period, and Lessor shall have the right to raise or increase <br />