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CITY OF SAN MARCOS,TEXAS <br /> SAN MARCOS REGIONAL AIRPORT <br /> AIRPORT FACILITY REDEVELOPMENT LEASE AGREEMENT <br /> FOR COMMERCIAL USE <br /> THIS AIRPORT FACILITY LEASE AGREEMENT FOR COMMERCIAL USE ("Lease") <br /> is made between the City of San Marcos,a municipal corporation of the State of Texas("Lessor"or"City"), <br /> and 5x5 Airport Development,LLC("Lessee"). <br /> ARTICLE 1: LEASE OF PREMISES; ACCEPTANCE OF EXISTING CONDITIONS; <br /> COMPLIANCE WITH REGULATIONS <br /> 1.01 Airport. Lessor is the owner of the San Marcos Regional Airport (the "Airport"), situated in <br /> Caldwell County, Texas,by virtue of deeds from the United States of America. <br /> 1.02 Demise. For and in consideration of, and subject to, the tenns, conditions, and covenants herein, <br /> Lessor hereby demises and leases unto Lessee,and Lessee hereby leases from Lessor,the following <br /> described real property(hereinafter referred to as the"Leased Premises"),located at the Airport in <br /> Caldwell County, Texas: <br /> a. a 7,200 square foot hangar facility on a 20,500 square foot tract of land with an additional <br /> 8,000 square feet for vehicle parking with an address of 1813 Airport Drive (the <br /> "Hangar"), the location of which is more particularly described in Exhibit A attached <br /> hereto. <br /> 1.03 Acceptance. Lessee acknowledges that, subject to Lessor's obligations under paragraph 1.05 <br /> below: (i) Lessor makes no representations or warranty regarding the suitability of the Leased <br /> Premises for Lessee's intended purposes, or the presence of envirom-nental, geologic, or other site <br /> conditions that may affect Lessee's use of the Leased Premises; and (ii) Lessee accepts full <br /> responsibility for determining the suitability of the Leased Premises for its intended purposes. <br /> 1.04 Rules and Regulations; Minimum Standards. Lessee agrees to comply with the (i) San Marcos <br /> Regional Airport Rules and Regulations (the "Rules and Regulations"), and (ii) San Marcos <br /> Regional Airport Minimum Standards (the "Minimum Standards"). Provided the same do not <br /> impair the material rights of Lessee hereunder or adversely affect Lessee's ability to use the Leased <br /> Premises for the Authorized Use (as defined below), Lessor has the right to amend and/or restate <br /> the Rules and Regulations and/or the Minimum Standards and Lessee shall comply with the same. <br /> 1.05 Airport Operation. During the Tenn, Lessor covenants and agrees to operate and maintain the <br /> Airport and appurtenant facilities(including,without limitation,runways,taxiways, landing areas, <br /> entrance roads, driveways and existing parking lots leading to and/or contiguous to the Leased <br /> Premises) as a public airport consistent with, at a minimum, current operations and the "sponsor" <br /> assurances given by Lessor to the United States of America and, as applicable,the State of Texas. <br /> In connection with such sponsor assurances,Lessee agrees that this Lease and Lessee's rights and <br /> privileges hereunder shall be subordinate to such sponsor assurances. <br /> -1- <br />