Res 1999-081 - Laserfiche WebLink

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~OL 215PACf 615 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 Hangar; Alterations and Fixtures 5.01. The Lessee shall construct an aircraft storage hangar (the "Hangar") on the Leased Premises as depicted generally on the attached Exhibit "B". 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 ofthe Facilities within 90 days of the date of this Lease, shall diligently and continuously pursue the construction to completion, and shall fully complete the facilities within one year of the date of this Lease. 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. 5.03. The Lessee shall not make any further alterations, additions, or improvements to the Leased Premises without the advance written consent of Lessor. All improvements, alterations, additions and fixtures which may be made or installed upon the Leased Premises shall become the property of the Lessor and shall remain upon and be surrendered with the Leased Premises at the termination 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. 5.04. The Lessee may mortgage its leasehold interest in the Leased Premises for the purpose of obtaining funding for the construction of the Hangar or other improvements on the Leased Premises. The Lessee shall obtain the advance written consent of the Lessor for each such mortgage. The Lessee shall ensure that no other 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 discharge any lien or charge after the lien occurs or charges become due and payable. In the event the Lessee disputes the lien or obligation, however, the Lessee shall have the right to promptly pursue settlement or litigation without paying the claim until the claim becomes final and subject to no further appeal by the Lessee. The Lessee shall hold harmless, indemnify and defend the Lessor, its officers, agents and employees from and against any claims, demands or suits related to such mortgages, liens or obligations. COSM Form 1/99 4