Res 1998-147 - Laserfiche WebLink

Home Browse Search

1 ot- ,p.~3 VOL ,\, "l> - 'Þ,; ,vu,rAGt U' ' Article 2. Rent/Term 2.01. Rental shall accrue from the commencement date of this Lease, and shall be payable at the place designated for the delivery of notices to the Lessor in paragraph 15.11. 2.02. The Lessees agree to pay to the Lessor a fixed rental in the sum of $.10 per square foot per year for the entire area of the Leased Premises. The annual amount for the fixed rental shall be paid in equal monthly installments in the amount of $ 25.00, which shall be due and payable on the last day of each month for the succeeding month. The Lessees, at their option, may make advance payments of up to one year's rentals, but there will be no discount for these payments. The parties agree that the first annual installment for the fixed rental shall be abated, but all other fees due under this Lease shall be paid as required. 2.03. The Lessor agrees that the revenue derived from this Lease will be allocated toward maintenance and improvement of the Airport. This requirement is not mandatory, however, unless it is required by existing indenture or agreement with the United States government. 2.04. If the Lessees fail to pay any rent or any other sum payable to the Lessor under the terms of this Lease when due, then interest at the maximum legal rate in the State of Texas shall accrue from the date on which the sum became due and payable. 2.05. Thè,term of this Lease will commence on August 1, 1998 and will extend for a period of 20 years. The Lessees will have the right of first refusal for continuing occupancy under a revised lease at the expiration of this term if the Lessees are not in default under the terms of this Lease at the time of expiration. The terms of the revised lease will be similar to those offered by the Lessor for similar improved property at the Airport at that time. Article 3. Use and Care of Premises 3.01. The use of the Leased Premises by the Lessees shall be restricted to aviation purposes, unless otherwise approved in writing by the Lessor. Specifically, the Leased Premises shall be used and occupied for the purpose of aircraft storage and for no other purposes without the advance written consent of the Lessor. The Lessees shall use the Leased Premises in good faith continuously for this purposes throughout the term of this Lease. 3.02. The Lessees shall not place or keep anything on the Leased Premises or use the Leased Premises for any purpose which increases the insurance premium cost or invalidates any insurance policy carried on the Leased Premises, without the Lessor's advance written consent. The Lessees agree that the risk of loss and damage for all property kept, stored or maintained by it within the Leased Premises shall be the Lessees'. 2