Res 2003-151 - Laserfiche WebLink

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108. AMENDMENT NUMBER ONE TO LEASE OF AIRPORT PROPERTY AND HANGAR BETWEEN SOUTHWEST TEXAS AVIATION. INC. AND THE CITY OF SAN MARCOS STATE OF TEXAS COUNTY OF HAYS The City of San Marcos, Texas, a Texas municipal corporation (the "Lessor"), and SOUTHWEST TEXAS AVIATION, INC. (the "Lessee"), agree to amend their lease agreement entered into originally on March 28, 1995. The Lease includes grant funds from the Texas Department of CommercefTexas Department of Housing and Community Affairs Real Estate Development Program, Texas Capital Fund ("TCF"). The Lessor was made aware of a minor discrepancy in the total rental for the hangar located within the leased premises. The original lease amount was for $ 89,155.00 for construction costs. The lease rental amount should have also included "Engineering Cost ¡nthe amount of $ 7,500.00." This would bring the total rental amount to $ 96,655.00. Lessee's monthly payments of $ 402.73 as specified in the original lease for the term of 20 years will not be increased. Lessor and Lessee agree to amend Section 2.02 of the Lease, to read as follows: Section 2.02 Rental for the Hangar to be built on the Leased Premises: Afterthe commencement date of this lease, if Lessor receives grant funds from the Texas Department of CommercelT exas Department of Housing and Community Affairs Real Estate Development Program, Texas Capital Fund ("TCF") in at least the amount of the total of the lowest responsible bid on the project and the required engineering or architect's fees, Lessor will construct a metal hangar (the "Hangar") on the Leased Premises. Lessee will pay $ 402-73 per month to the Lessor for rental on the Hangar. Total rental for the Hangar for the lease term is $ 96,655.00. This Hangar along with all fixtures will at all times belong to the Lessor, unless Lessee exercises the Lease Purchase Option provided for in Article 7. In the event that the total of the lowest responsible bid and the engineering or architect's fees exceeds the total of grant funds available for these purposes from TCF, this Lease may be terminated by the Lessor or the Lessee with ten (10) days notice. In all other respects, except as modified in this amendment, the terms and provisions of the original lease, as amended, shall remain in full force and effect. This amendment shall have the same force and effect as if incorporated in the originalleas6. tiJU¡-tJtJ?t I ~ EXECUTED on .1ttIy -' 2003. LESSOR: City Of San Marcos BY: Da;;<~'~:;¡City Manager ;P~~61!W'~ Janis K. Womack City Clerk