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City of San Marcos Airport 15.10. The parties agree that the laws of the State of Texas shall govern this LEASE and that exclusive venue for enforcement of this LEASE shall lie in Hays County, Texas. 15.11. Wherever any notice is required or permitted under this LEASE, the notice shall be in writing and sent by certified mail, return receipt requested, addressed to the respective party at the following addresses. The LESSEE's shall provide the LESSOR with advance written notice of any change in its address. LESSOR: CITY OF SAN MARCOS 630 East Hopkins Street San Marcos, Texas 78666 LESSEE: San Marcos Executive Hangars, LLC c/o Airspace P.O. Box 224672 Dallas, Texas 75222 ARTICLE 16. RIGHT OF FIRST NOTICE; EXPANSION OPTION; FIRST RIGHT TO LEASE 16.01 LESSOR may not lease any portion of the FIRST RIGHT OF REFUSAL AREA identified on Exhibit "A" to a third party without having first given LESSEE the first right to lease such area. If the LESSOR receives a bona fide, binding letter of intent or other bona fide, binding expression of interest regarding any portion of the FIRST RIGHT OF REFUSAL AREA from a qualified, private (i.,e., non - governmental) prospective lessee, LESSOR shall deliver a notice to LESSEE offering to lease such portion of the FIRST RIGHT OF REFUSAL AREA to LESSEE. LESSEE may elect to lease such portion of the FIRST RIGHT OF REFUSAL AREA in its then as -is condition by delivering a notice (the "Response Notice ") to LESSOR within 15 business days after the date of LESSOR's notice specifying that LESSEE elects either (i) to lease all, but not less than all, of that portion of the FIRST RIGHT OF REFUSAL AREA that is the subject of the bona fide expression of interest, or (ii) to decline to lease such portion of the FIRST RIGHT OF REFUSAL AREA. If (i) LESSOR does not receive the Response Notice within the 15 -day period, or (ii) in the Response Notice LESSEE does not elect to lease all of the FIRST RIGHT OF REFUSAL AREA that is the subject of the expression of interest, then LESSEE is deemed to have waived its right to lease such portion of the FIRST RIGHT OF REFUSAL AREA. If LESSEE timely delivers a Response Notice electing to lease all of such portion of the FIRST RIGHT OF REFUSAL AREA, then LESSEE shall have no right to revoke its right to lease that portion of the FIRST RIGHT OF REFUSAL AREA. LESSEE's lease of the relevant portion of FIRST RIGHT OF REFUSAL AREA will be upon the some terms and conditions set Commercial Land Lease Page 19 of 22