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. . 147 PAGE 423 48 . ~ ~ ~ VOL LEASE OF AIRPOÆf PROPERTY 96:1354 THE STATE OF TEXAS COUNTIES OF HAYS AND CALDWELL This Lease Agreement ("Lease") is made between the City of San Marcos, Texas ("Lessor") and Frank E. and Dollene B. Bregger ("Lessees"). The Lessor is the owner of the San Marcos Municipal Airport ("Airport"), situated in Caldwell County, Texas, by virtue of deeds from the United States of America. The effectiveness of this Lease is subject to approval by the Federal Aviation Administration. In consideration of the obligation of Lessees to pay rent and in consideration of the other terms, covenants and conditions, Lessor demises and leases to Lessees, and Lessees take from Lessor the 0.0732 acre (3,187 square feet) tract of real property (the "Leased Premises") in Caldwell County, Texas, described in Exhibit "A" and made a part of this Lease for all purposes, upon the following terms and conditions: ARTICLE 1. Acceptance of Existing Premises; Compliance with Regulations 1.1 Lessees acknowledge that they have fully inspected, or have been provided the opportunity to fully inspect, the Leased Premises to determine their suitability for the purposes of this Lease, and the presence of objectionable environmental, geological or soil conditions, and that Lessees are accepting the Leased Premises in its present condition. By occupying the Leased Premises, Lessees shall be deemed to have accepted the Leased Premises and to have acknowledged that the í - premises comply fully with Lessor's covenants. I I 1.2 Lessees acknowledge that they will compiy with the San Marcos Municipal Airport Standard Operatinq Procedures and Requlations and the Minimum Standards for Fixed Base Operators and Airport Tenants, as these now exist or may be amended during the term of this Lease, and any conflict between this Lease and these Procedures, Regulations and Standards will be resolved in favor of the Procedures, Regulations and Standards. ARTICLE 2. RentiTerm 2.1 Rental shall accrue from the commencement date of this Lease as provided below, and shall be payable at the place designated for the delivery of notices to Lessor at the time of payment. 2.2 Lessees shall pay to Lessor a fixed rental in the sum of ten cents ($0.10) per square foot per year for the Leased Premises. The annual payment for the fixed rental shall be paid in equal monthly installments in the amount of $26.56 and shall be due and payable on the last day of the month for the succeeding month. The L parties agree that the first installment for the fixed rental shall be abated, but all other fees due under this Lease shall be paid as required. 2.3 Lessor agrees that all airport revenue derived from Lessees and any other user of the property should be allocated toward the maintenance of the Airport and any improvements; provided, however, that this requirement shall not be considered mandatory upon the Lessor unless it is so required by existing indenture or agreement with the Federal Government or any amended or substitute indentures and agreements entered into with the Federal Government. 2.4 Should Lessees fail to pay when due any rent or any other sum payable to the