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City of San Marcos <br />Airport <br />SAN MARCOS MUNICIPAL AIRPORT <br />GROUND LEASE OF UNIMPROVED AIRPORT PROPERTY FOR CONSTRUCTION AND <br />OPERATION OF BUSINESS FACILITIES <br />THE STATE OF TEXAS <br />COUNTY OF HAYS <br />This Lease agreement ( "LEASE ") is made between the City of San Marcos, Texas, a municipal <br />corporation ( "LESSOR" OR "CITY ") and Redbird Flight Simulations, Inc., ( "LESSEE "). <br />The LESSOR is the owner of the San Marcos Municipal Airport ( "AIRPORT "), situated in <br />Caldwell County, Texas, by virtue of deeds from the United States of America. <br />This LEASE is subject to approval by the Federal Aviation Administration. <br />ARTICLE 1. LEASE OF PREMISES; ACCEPTANCE OF EXISTING CONDITIONS; <br />COMPLIANCE WITH REGULATIONS <br />1.01. In consideration of the obligation of the LESSEE to pay rent and in consideration <br />of the other terms, covenants and conditions of this LEASE, the LESSOR leases <br />to the LESSEE, and the LESSEE leases from the LESSOR three (3) tracts of <br />unimproved land at the San Marcos Municipal Airport (collectively referred to <br />herein as the Leased Premises) as follows: 11151(1-4 <br />Tract 1 - Hanizar, Main Building, and Parking Lot Site consisting of tc square <br />feet as described in Exhibit "A" to this lease; q 1151 <br />Tract 2 - Restaurant Site, consisting of square feet as described in Exhibit <br />"B" to this lease; <br />i,y2�1 <br />Tract 3 - Fuel Tank Site consisting of square feet as described in Exhibit <br />"C" to this lease; <br />1.02. The LESSEE acknowledges that, subject to the LESSOR'S obligations under <br />paragraph 1.04 below, 1) the LESSOR makes no representations or warranty <br />regarding the suitability of the LEASED PREMISES for the LESSEE's intended <br />purposes, or the presence of environmental, geologic, or other site conditions that <br />may affect the LESSEE's use of the LEASED PREMISES; 2) the LESSEE <br />accepts full responsibility for determining the suitability of the LEASED <br />PREMISES for its intended purposes; 3) the LESSEE has inspected and <br />performed all tests and investigations of the LEASED PREMISES for its intended <br />purposes; and 4) the LESSEE is accepting the LEASED PREMISES in their <br />present condition, and the LESSEE agrees to perform all preparation, repairs, <br />Commercial Land Lease Page 1 of 18 <br />