Res 1998-228 - Laserfiche WebLink

Home Browse Search

2.02. The Lessee agrees 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 $ 20.00, which shall be due and payable on the last day of each month for the succeeding month. The Lessee, at its 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 Lessee fails 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. The term of this Lease will commence on December 22 , 1998 and will extend for a period of 20 years. The Lessee will have the right of first refusal for continuing occupancy under a revised lease at the expiration of this term if the Lessee is 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 Lessee 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 Lessee shall use the Leased Premises in good faith continuously for this purposes throughout the term of this Lease. 3.02. The Lessee 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 Lessee agrees that the risk of loss and damage for all property kept, stored or maintained by it within the Leased Premises shall be the Lessee's. 3.03. The Lessee shall not use or permit the use of the Leased Premises in any manner that results in waste of the Leased Premises, or constitutes a nuisance, or violates any statute, ordinance, rule or regulation that applies to the Leased Premises. 3.04. The Lessee shall keep the Leased Premises, including ramps, signs, sidewalks, serviceways, and loading areas adjacent to the Leased Premises, neat, clean, and free from dirt and trash at all times. The Lessee shall provide containers for all trash on the Leased Premises, and shall arrange for the regular removal of the trash at the Lessee's expense. 2