Res 2023-141R Approving a 12,861 square foot ground lease with Julep Aviation

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(collectively, the "Construction Documents") and notify Lessee of the City's approval or disapproval in writing within thirty(30) days after receipt, and failure to approve or disapprove any of the Construction Documents within said thirty (30) day period shall constitute deemed approval. In the event of disapproval of any of the Construction Documents, the City shall state, in writing, the specific document(s), the reason(s) for disapproval and the requested change(s), in which event Lessee shall promptly revise the disapproved item(s) and resubmit the subject Construction Documents to the City through Airport Management. The City shall approve or disapprove such resubmittal within fifteen days after receipt, and failure to approve or disapprove the same within said fifteen day period shall constitute deemed approval. In the event the City again disapproves, the same process shall be followed until the City has approved all of the Construction Documents; provided, in the event the City fails to approve all such items within six(6)months after the Effective Date,Lessee shall have the right to terminate this Lease upon written notice to Lessor(in the case of the City's failure to approve all of Construction Documents, delivered to the City at any time prior to receipt of approval of all such items),in which event,except for the obligations of the parties which expressly survive tennination of this Lease,the parties shall have no further rights or obligations hereunder. Lessee is responsible for securing all necessary permits from the City's Planning and Development Department to complete the Facilities and Parking Lot. b. Lessee is prohibited from undertaking or allowing any party to undertake the construction or development of the Facilities,Parking Lot or any Alterations which require approval by the FAA without first submitting Form 7460-1, Notice of Proposed Construction of Alteration,or such other form as may be required by the FAA,to the FAA. C. Upon Lessor's approval of the Construction Documents,the same shall constitute the "Approved Plans", and the date of approval by Lessor shall constitute the "Approval Date". 4.02. Construction of the Facilities and Parking Lot. Subject to force majeure, Lessee shall commence construction of the Facilities and Parking Lot within ninety(90) days after the Approval Date and, thereafter, diligently and continuously pursue construction to completion in accordance with the Approved Plans. Subject to force majeure, substantial completion of the Facilities and Parking Lot shall occur on or before the date which is twenty(20)months after the Approval Date. 4.03. As Built Survey. Following completion of construction of the Facilities, Lessee shall prepare as built plans,at its sole cost and expense,and deliver a copy of the same to Lessor. 4.04. Ownership. Except for onsite improvements owned by Lessor or third parties(such as,for example,utility improvements), (i)the Facilities, Parking Lot and all other improvements made to the Leased Premises by Lessee which constitute fixtures are owned by Lessee during the Term and any renewal thereof, and (ii) upon termination or expiration of the Term and any renewal thereof,title to the same shall vest in Lessor. 4.05. Alterations. Except for alterations required by Applicable Law and alterations which cost less than One Hundred Thousand and NO/100 Dollars($100,000.00)and do not affect the structural integrity of the Facilities, all alterations to the Leased Premises, including 5