Res 2014-052/Assignment of lease from Scott Trull to Redbird Flight Simulations, Inc.

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1.1 Article 2, Rent /Term, Section 2.02 of the Lease is hereby AMENDED by deleting the Section 2.02 in its entirety and replacing it with the following: 2.02 "The Lessee agrees to pay to the Lessor a fixed rental in the sum of $0.20 per square foot, per year for the entire area of the Leased Premises. The annual amount for the fixed rental shall be paid in equal monthly installments in the amount of $33.33, which shall be due and payable on the last day of each month for the succeeding month. The Lessee, at its option, may make advance payments of up to one year's rentals, but there will be no discount for these payments. The parties agree that the first annual installment for the fixed rental shall be abated, but all other fees due under this Lease shall be paid as required. As further consideration, the Tenant agrees to pay to the Landlord a percentage rental in the form of a monthly fee equal to one percent (1%) of the Lessee's gross income from all of the Lessee's commercial activity at the Leased Premises, including the storage of aircraft or rental of space, and any services provided to its customers at the Airport regardless of whether performed at the Leased Premises or at the customers' locations at the airport, excluding sales or services to federal, state or local governments or other tax exempt organizations or agencies. Payment is to be made within ten (10) days of the last day of the previous month and shall be based on the Lessee's income during the previous month." 1.2 Article 2, Rent /Term, Section 2.05 of the Lease is hereby AMENDED by deleting the Section 2.05 in its entirety and replacing it with the following: 2.05 "The term of this lease is extended for a period of six additional years and shall expire on April 25, 2026. The Lessee will have the right of first refusal for continuing occupancy under a new lease for improved property at the expiration of this term if the Lessee is not in default under the terms of this Lease at the time of expiration and the Lessee provides written notice to LESSOR of its intent to exercise such right sixty (60) days before the expiration of the term. The terms of this new lease will be similar to those offered by the Lessor for similar improved property at the Airport at that time and subject to the mutual agreement of the parties. The Lessee may not exercise its right of first refusal if. (1) the LEASE or LESSEE's right to possession of the Premises is terminated, (2) LESSEE assigns its interest in the LEASE or any portion of the Premises, (3) LESSEE fails to timely exercise the right of first refusal, or (4) LESSEE is in default under the LEASE at the time LESSEE seeks to exercise its right of first refusal. 1.3 Article 3, Use and Care of Premises, is hereby AMENDED by deleting Section 3.01 in its entirety and replacing it with the following new section 3.01: 3.01. The use of the LEASED PREMISES by the LESSEE shall be restricted to aviation purposes, unless otherwise approved in writing by the LESSOR. 2