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<br />-2- <br /> <br />3. <br /> <br />Term of Lei'\se. <br /> <br />The pr1mary term of th1s lease for <br /> <br />the <br /> <br />property <br /> <br />here1:ofore <br /> <br />descr1cea <br /> <br />1n <br /> <br />Paragraph 1 shal~ De for a term of twenty (20) <br /> <br />years ceglnn1ng the ~~ cay of <br /> <br />Septarber <br /> <br />-- - --- <br /> <br />, 1986, .. <br /> <br /> <br />. 2006.jj. <br /> <br />renewlng ~" <br /> <br />ana <br /> <br />runnlng <br /> <br />through <br /> <br />the <br /> <br />31st <br /> <br />aayof <br /> <br />Seotæ1ber <br /> <br />Lessee, 1f not 1n default Shall have the option <br /> <br />of <br /> <br />thls lease for two (2) aaaltlonal flve (5) year perloas. <br /> <br />The <br /> <br />lease <br /> <br />payments <br /> <br />for <br /> <br />each <br /> <br />f1.ve <br /> <br />( 5) <br /> <br />year <br /> <br />perloa <br /> <br />shall De <br /> <br />c~lculatea as betal1ed 1.n paragraphs four (4) <br /> <br />ana <br /> <br />f1.ve <br /> <br />( 5 ) <br /> <br />here1n. <br /> <br />4. <br /> <br />Consiaerat.10n. <br /> <br />------ <br /> <br />Lessee <br /> <br />agrees <br /> <br />to pay to Lessor the sum of f1ve cents ($.05) <br /> <br />per square foot per year, payment to De mace in <br /> <br />advance <br /> <br />ana <br /> <br />on <br /> <br />each <br /> <br />ann1.versary <br /> <br />aate <br /> <br />of this lease. <br /> <br />In aaalt1on, the <br /> <br />Lessee w111 pay annuallY 1:0 the Lessor <br /> <br />a <br /> <br />one <br /> <br />percent <br /> <br />(1%) <br /> <br />gross <br /> <br />recelpt <br /> <br />fee on all commerc1al act1t1v1tes adJusted to <br /> <br />excluae a1rcraft sales, sa~es ana serV1cas to federal, state, <br /> <br />local government agenc1.es, sales ana services to <br /> <br />tax <br /> <br />exempt <br /> <br />orgi\nlzat1.0ns, <br /> <br />ana <br /> <br />work cone on Lessee1s personal aircraft. <br /> <br />Lessee shall provide to Lessor, Wlthin <br /> <br />ten <br /> <br />(10) <br /> <br />days <br /> <br />from <br /> <br />rece1vlng notlce from Lessor, any OUS1ness recoras reasonaolY <br /> <br />necessary, <br /> <br />as aeemea DY Lessor, to verlfy 1:he amount of said <br /> <br />one percent (1%) fee. <br /> <br />The conSlaeratlon to oe paid oy Lessee <br /> <br />shall De rev1ewed oy Lessor at or near the ena of <br /> <br />each <br /> <br />five <br /> <br />( 5 ) <br /> <br />year per1.oa, ana Lessor shall have the right to 1.ncrease <br /> <br />such cons1aeratlon for the next <br /> <br />perloa; <br /> <br />provided, <br /> <br />however, <br /> <br />that the amount of such conslderatlon to De paid Lessor shall <br /> <br />oe <br /> <br />comparaOle <br /> <br />to <br /> <br />other rentals charged at the AlrpOrt. <br /> <br />As <br /> <br />aad1t1onal consiaerat1on for this <br /> <br />lease, <br /> <br />Lessee <br /> <br />agrees <br /> <br />to <br /> <br />construct <br /> <br />a <br /> <br />0lUld1ng <br /> <br />and other permanent lmprovements with <br /> <br />due.a1llgence for Lessee's uses as descrioea hereunder <br /> <br />at <br /> <br />a <br /> <br />CC)st <br /> <br />1n <br /> <br />excess <br /> <br />of <br /> <br />One <br /> <br />Hunarea Fifty Thousana Dollars Ana <br /> <br />No/lOa <br /> <br />($150,000.00), <br /> <br />sale <br /> <br />lmprovements <br /> <br />to <br /> <br />cecome <br /> <br />the <br /> <br />property of Lessor as proV1aed 1n Sect1on 14, Paragraph g. of <br /> <br />thls <br /> <br />lease. <br /> <br />Lessor <br /> <br />agrees <br /> <br />to <br /> <br />perm1.t <br /> <br />Lessee's <br /> <br />month-to-month <br /> <br />tenancy <br /> <br />for <br /> <br />the <br /> <br />premis(~s <br /> <br />sucject <br />