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<br />48. <br /> <br />LEASE OF UNIMPROVED AIRPORT PROPERTY FOR <br />CONSTRUCTION OF HANGAR <br /> <br />THE STATE OF TEXAS <br /> <br />COUNTIES OF HAYS AND CALDWELL <br /> <br />This lease agreement ("Lease") is made between the City of San Marcos, Texas, <br />a municipal corporation (the "Lessor") and Cyle E. Hogue and Sally C. Hogue (the <br />"Lessees"). <br />The Lessor is the owner of the San Marcos Municipal Airport ("Airport"), situated <br />in 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 /> <br />Article 1. Lease of Premises; Acceptance of Existing Conditions; <br />Compliance with Regulations <br /> <br />1.01. In consideration of the obligation of the Lessees to pay rent and in consideration of <br />the other terms, covenants and conditions of this Lease, the Lessor leases to the Lessees, <br />and the Lessees lease from the Lessor the 3,280 square foot tract of real property (the <br />"Leased Premises") in Caldwell County, Texas, described in Exhibit "An attached to and <br />made a part of this Lease for all purposes. <br /> <br />1.02. The Lessees 8cknowledge that 1) the Lessor makes no representations or warranty <br />regarding the suitability of the Leased Premises for the Lessees' intended purposes, or the <br />presence of environmental, geologic, or any other site conditions that may affect the <br />Lessees' use of the Leased Premises; 2) the Lessees accept full responsibility for <br />determining the suitability of the Leased Premises for their intended purposes; 3) the <br />Lessees have inspected and performed all tests and investigations of the Leased Premises <br />that the Lessees consider necessary to satisfy themselves as to the suitability of the <br />Leased Premises for their intended purposes; and 4) the Lessees are accepting the <br />Leased Premises in their present condition, and the Lessees agree to perform all <br />preparation, repairs, remediation and other activities necessary to use the Leased <br />Premises for the Lessees' intended purposes. <br /> <br />1.03. The Lessees agree to comply with the San Marcos Municipal Airport .Standard <br />Operatino Procedures and Regulations and the Minimum Standards for Fixed Base <br />Operators and Airport Tenants, as they now exist or may be amended during the term of <br />this Lease, and any conflict between this Lease and these procedures, regulations and <br />standards will be resolved in favor of the procedures, regulations and standards. <br /> <br />COSM Form 1/99 <br /> <br />1 <br />