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AMENDMENT NUMBER FIVE TO LEASE OF AIRPORT PROPERTY BETWEEN <br />OFFICERS CLUB AEROVENTURES SAN MARCOS #1. LP. OFFICERS CLUB <br />AEROVENTURES SAN MARCOS #2, LP, AND THE CITY OF SAN MARCOS., <br />TEXAS, TO EXTEND THE TERM OF THE LEASE UNTIL MAY 2, 2041 <br />STATE OF TEXAS § <br />COUNTY OF HAYS § <br />The City of San Marcos, Texas, a Texas municipal corporation (the "Lessor ") and <br />Officers Club AeroVentures San Marcos #1, LP and Officers Club AeroVentures San <br />Marcos #2, LP (the "Lessees "), agree to amend their lease agreement (the "Lease ") <br />entered into on April 29, 2005. <br />In consideration of the mutual covenants contained in this amendment, the Lessor and <br />the Lessee agree to amend the Lease as follows: <br />1. Section 2.08 of the Lease is amended to read as follows: <br />"The term of the Lease will commence on May 1, 2005 and will extend f r <br />p efiea of 30 years e xpire on Mav 2, 2041. The rental rate for the portion of the <br />term commencing on May 1, 2035 and ending on Mav 2, 2041 shall be set at the <br />then current rate in effect at the San Marcos Municipal Airport. Lessees shall <br />have the right of first refusal to enter into a new lease agreement at the expiration <br />of the term of this Lease." Officers Club AeroVentures San Marcos #2, LP <br />hereby agrees to be jointly responsible with Officers Club AeroVentures San <br />Marcos #1, LP for performance of all obligations under the Lease. <br />2. In all other respects, except as modified in this amendment and in previous <br />amendments approved by the San Marcos City Council on July 15, 2008, <br />February 19, 2008, December 11, and 2007, September 20, 2005, all of the terms <br />and conditions of the Lease shall remain in full force and effect as to all of the <br />Leased Premises. <br />Executed on the 3 rd day of May, 2011. <br />LESSOR: <br />City of San Marcos <br />wo <br />R. Nuse, P,E., City Manager <br />