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<br />paragraph 15.01 the Lessee shall, substantially begin construction of the second building of <br />the Facilities (Hangar No.2) no later than December 31,2008. Lessee shall diligently and <br />continuously pursue the construction to completion, and shall fully complete each building <br />facilities within one year of the date of commencement of construction. Any delay or lack <br />of progress in the construction will constitute a default by the Lessee, and will authorize the <br />City to pursue all remedies available to it as described in Article 11 of this Lease. <br /> <br />5.03. The Facilities constructed on the Leased Premises will constitute a minimum <br />investment with a taxable value of $200,000.00 in capital improvements. The purchase of <br />materials for the construction of improvements is not subject to exemption of any taxes. <br />The public facilities constructed pursuant to paragraph 5.04 A and B shall not be included in <br />or credited towards the $200,000.00 taxable value in capital improvements investment <br />requirement. Failure to meet this minimum requirement will constitute a default by the <br />Lessee, and will authorize the City to pursue all remedies available to it as described in <br />Article 11 of this Lease. <br /> <br />5.04 The Lessee shall construct at his own expense the public facilities as noted below. <br />All construction shall be in accordance with sealed plans for the complete project prepared <br />by an engineer licensed or registered in the State of Texas. The plans must be <br />accompanied by the engineer's estimated cost of the construction and the time schedule <br />for completion of the construction. The plans and the time schedule shall be subject to <br />approval by the City. The public facilities shall be: <br /> <br />A. A public taxiway. The taxiway will be approximately 50 x 140 feet as depicted <br />in Exhibit B. The Lessee shall substantially begin the construction of the taxiway no later <br />than October 1,2007. Lessee shall diligently and continuously pursue the construction to <br />completion, and shall fully complete each half of the taxiway within one year of the date of <br />commencement of construction. Any delay or lack of progress in the construction will <br />constitute a default by the Lessee, and will authorize the City to pursue all remedies <br />available to it as described in Article 11 of this Lease. <br /> <br />B. Two public parking lots as depicted in Exhibit B. The Lessee shall <br />substantially begin the construction of the parking lot adjoining Hangar No.1 no later than <br />October 1 , 2007. The Lessee shall substantially begin construction of the second parking <br />lot adjoining Hangar No.2 concurrently with the construction of Hangar No.2. Lessee shall <br />diligently and continuously pursue the construction to completion, and shall fully complete <br />each parking lot within one year of the date of commencement of construction. Any delay <br />or lack of progress in the construction will constitute a default by the Lessee, and will <br />authorize the City to pursue all remedies available to it as described in Article 11 of this <br />Lease. <br /> <br />C. A public waiting room and restroom facility. The public waiting room and <br />restroom facilities are to be located in Hangar No. 1 and the commencement of <br />construction of Hangar No.1 shall suffice as commencement of construction of the public <br />restroom and waiting room facilities. The Lessee shall substantially begin the construction <br />