Res 1995-065 - Laserfiche WebLink

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-' .- . .. 81 STATE OF TEXAS LEASE AlŒNDIŒNT NmffiER THREE COUNTY OF CALDWELL RECI'l'ALS: 1. The City of San Marcos, Texas hereinafter referred to as "Lessor" and Miller Air Sports, Inc. entered into a lease on January 27, 1981, (the "1981 Lease"), for a portion of the land at the San Marcos Municipal Airport¡ ~2. On May 29, 1986, the 1981 Lease was amended by Lease Amendment í ~umber One¡ I 3. On May 29, 1986, the 1981 Lease with Amendment Number One was assigned to Hearne Aviation Company, Inc. ¡ 4. On June 4, 1986, the corporate name of Hearne Aviation Company, Inc. was changed to Southwest Texas Aviation, Inc. hereinafter "Lessee", by Certificate of Amendment issued by the Secretary of State of the State of Texas; 5. On May 10, 1993, the parties executed Lease Amendment Number Two to the 1981 Lease¡ 6. The City of San Marcos, Lessor, and Southwest Texas Aviation, Inc., Lessee, have negotiated a second lease agre~ment (the "1995 Lease") covering the portion of airport property described in Exhibit "I", attached to and incorporated fully within this amendment, and 7. The City of San Marcos, Texas and Southwest Texas Aviation, Inc. desire to amend the 1981 Lease. .MŒNDKENTS: 1. Paragraph 3 of the 1981 Lease, entitled "Consideration" is amended by addition of the following: On January 15, 200l, when ownership of the hangar located on this property reverts to the Lessor, this lease will remain in effect in accordance with paragraph 5. Lessee will continue to pay the land rental of five cents ($.05) per square foot. On the date of execution of the 1995 Lease, Lessee will pre-pay rental under this Lease in the lump sum amount of $12,500.00. This lump sum prepayment reflects the present value of the rental amounts for the extended term of this lease., If this lease is terminated at no fault of the Lessee, the Lessor will refund a pro-rata portion of the prepayment. Unless stated otherwise, rental fees are payable at the place designated for the delivery of notices to Lessor in Paragraph 15. All airport revenue derived from Lessee and any other user of the leased premises must be allocated toward the maintenance and improvement of the Airport. This requirement shall not be considered mandatory upon Lessor unless it is 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. Paragraph 5 of the 1981 Lease, entitled "Term of Lease" is I amended to read as follows: I '-- The term of this lease for the property heretofore described in paragraph 2 and as shown on Exhibit "A" shall be for twenty (20) years beginning January IS, 1981 and running through January 15, 2001. After January 15, 200l, the term of this lease shall extend to February 21, 2014.