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CITY OF SAN MARCOS,TEXAS <br /> SAN MARCOS REGIONAL AIRPORT <br /> COMMERCIAL AVIATION GROUND LEASE AGREEMENT <br /> THIS COMMERCIAL AVIATION GROUND LEASE AGREEMENT ("Lease") is made <br /> between the City of San Marcos, a municipal corporation of the State of Texas ("Lessor" or "City"), and <br /> Julep Aviation,LLC, a Wyoming limited liability company("Lessee"). <br /> AGREEMENT: <br /> In consideration of the covenants and obligations set forth herein and other good and valuable <br /> consideration,the receipt and sufficiency of which are hereby acknowledged, Lessor and Lessee agree as <br /> follows: <br /> ARTICLE 1: AIRPORT OWNERSHIP; DEMISE; ACCEPTANCE; <br /> CERTAIN RULES AND OTHER MATTERS <br /> 1.01. Airport. Lessor is the owner of the San Marcos Regional Airport(the"Airport"), situated <br /> in 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 terms, conditions and covenants <br /> herein, Lessor hereby demises and leases unto Lessee, and Lessee hereby leases from <br /> Lessor, the following described real property (hereinafter referred to as the "Leased <br /> Premises"), located at the Airport in Caldwell County, Texas: <br /> 12,371 unimproved square feet of land as described in Exhibit A attached hereto; <br /> 1.03. Acceptance, Lessee acknowledges that, subject to Lessor's express obligations herein: (i) <br /> Lessor makes no representations or warranty regarding the suitability of the Leased <br /> Premises for Lessee's intended purpose or the presence of environmental,geologic or other <br /> site conditions that may affect Lessee's use of the Leased Premises;(ii)Lessee accepts full <br /> responsibility for determining the suitability of the Leased Premises for its intended <br /> purposes;Lessee acknowledges that,subject to Lessor's express obligations herein,Lessee <br /> is accepting the Leased Premises in its present condition. <br /> 1.04. Rules and Regulations, Minimum Standards. Lessee agrees to comply with the (i) Sall <br /> Marcos Regional Airport Rules and Regulations (the "Rules and Regulations") and (ii) <br /> San Marcos Regional Airport Minimum Standards. Provided the same do not impair the <br /> 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 <br /> restate the Rules and Regulations and/or the Minimum Standards and Lessee shall comply <br /> with the same. <br /> 1.05. Airport Operation. During the Term,Lessor covenants and agrees to operate and maintain <br /> the Airport and appurtenant facilities as a public airport consistent with, at a minimum, <br /> current operations and the "sponsor" assurances given by Lessor to the United States of <br /> America and, as applicable, the State of Texas. In connection with such sponsor <br /> assurances,Lessee agrees that this Lease and Lessee's rights and privileges hereunder shall <br /> be subordinate to such sponsor assurances. <br /> 1 <br />