Res 2011-054 - Laserfiche WebLink

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City of San Marcos Airport damage which may result to the LESSEE by reason of the repairs, and the LESSEE shall pay to the LESSOR the full cost of the repairs within Thirty (30) days of the LESSOR's issuance of a written invoice to the LESSEE. At the expiration of this LEASE, the LESSEE shall surrender the LEASED PREMISES in good condition, reasonable wear and tear excepted. 4.02. The LESSOR will use AIRPORT revenue funds to maintain the existing runways, taxiways, and entrance roads on the AIRPORT. The LESSOR shall not be obligated to use general, operating or bond funds for this maintenance. ARTICLE 5. CONSTRUCTION OF FACILITIES: ALTERATIONS AND FIXTURES 5.01. The LESSEE shall construct the aviation business facilities ( "FACILITIES "), as depicted and described in the attached Exhibit "D ", on the LEASED PREMISES. The construction shall be in accordance with sealed plans for the complete project prepared by an architect or structural engineer licensed or registered in the State of Texas. The plans must be accompanied by the architect or engineer's estimated cost of the construction and the time schedule for completion of the construction. The plans and the time schedule shall be subject to approval by the City. 5.02. The LESSEE shall substantially begin the construction of the FACILITIES within ninety (90) days of the execution of this Lease. LESSEE shall diligently and continuously pursue the construction to completion, and shall fully complete the FACILITIES on or before November 1, 2011 or within nine (9) months of the date of issuance of a building permit for the FACILITIES to be constructed on Tract 1. Any delay or lack of progress in the construction will constitute a default by the LESSEE, and will authorize the LESSOR to pursue all remedies available to it as described in Article 11 of this LEASE, following the notice and cure period prescribed by paragraph 11.01(B) below. 5.03. The FACILITIES constructed on the LEASED PREMISES will constitute a minimum investment of $2,500,000 in capital improvements. 5.04. The LESSEE shall not make any further alterations, additions, or improvements to the LEASED PREMISES without the prior written consent of LESSOR. All buildings, structures, improvements, alterations, additions and fixtures which may be made or installed upon the LEASED PREMISES shall become the property of the LESSOR upon the expiration of the term of this Lease unless the LESSOR requests their removal, in which event the LESSEE shall remove them and restore the LEASED PREMISES at the LESSEE's expense. 5.05. The LESSEE shall ensure that no lien or similar obligation is imposed upon the LEASED PREMISES for any alteration, repair, labor performed or materials furnished to the LEASED PREMISES, and the LESSEE shall immediately Commercial Land Lease Page 5 of 18