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and the Lessee agrees to perform all preparation, repairs, remediation and other activities necessary <br />to use the Leased Premises for the Lessee's intended purposes. Lessee agrees that Lessor and <br />Airport Management do not represent or guarantee the safety or security of the property stored <br />within the Premises and has no duty of safety or security of any kind under any circumstances. <br />1.03. The Lessee agrees to comply with the SAN MARCOS REGIONAL AIRPORT RULES AND <br />REGULATIONS and the MINIMUM STANDARDS, as they now exist or may be amended during <br />the term of this Lease, and any conflict between this Lease and these procedures, regulations, and <br />standards will be resolved in favor of the procedures, regulations, and standards. <br />1.04. The Lessor covenants and agrees that during the term of this Lease it will operate and maintain the <br />Airport and its facilities as a public airport consistent with and pursuant to the sponsor's assurances <br />given by the Lessor to the United States Government and/or the State of Texas through the Federal <br />Airport Act; and the Lessee agrees that this Lease and the Lessee's rights and privileges hereunder <br />shall be subordinate to the sponsor's assurances. <br />1.05. The Lessor agrees that the Lessee, and its agents, contractors, employees, invitees and licensees, <br />shall have the right of ingress and egress to and from the Leased Premises by means of roadways <br />for automobiles and taxiways for aircraft. Such rights shall be consistent with the rules and <br />regulations with respect to the occupancy and use of airport premises as adopted from time to time <br />by the City of San Marcos and by the Federal Aviation Administration or any other state, federal <br />or local authority. <br />ARTICLE 2: RENT AND TERM OF AGREEMENT <br />2.01. Rental shall accrue commencing upon execution of this Lease. Rent shall be payable at the place <br />designated in Section 2.04a. <br />2.02. The Primary Term of this Lease will commence on April 4, 2017 (the "Commencement Date"). <br />The Primary Term of this Lease shall expire on April 3, 2022. Lessee shall have the option to renew <br />this Lease for an additional term of 5 years (the "Extension Term"). Lessee shall notify Lessor in <br />writing of its intent to exercise its option to renew at least ninety (90) days prior to the expiration <br />of this Lease and any extension thereof. <br />2.03. Any extension shall continue under the terms of this Lease, or on such changed terms, conditions, <br />and rental rate as Lessor may give to Lessee in accordance with Section 3.01 of this Lease herein. <br />The Term may not be extended if. (1) the Lease or Lessee's right to possession of the Premises is <br />terminated, (2) Lessee assigns its interest in the Lease or any portion of the Premises, (3) Lessee <br />fails to timely exercise the extension, or (4) Lessee is in default under the Lease at the time Lessee <br />seeks to extend the Term. <br />2.04. The Lessee agrees to pay to the Lessor a fixed rental in the sum of $18,000.00 per year for the <br />entire Leased Premises during the Primary Term of this Lease. The annual amount for the fixed <br />Page 2 of 17 <br />