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ASSIGNMENT OF AND AMENDMENT TO LEASE OF UNIMPROVED AIRPORT <br />PROPERTY FOR CONSTRUCTION OF HANGAR DATED MARCH 23, 1999 <br />STATE OF TEXAS § <br />COUNTIES OF HAYS AND CALDWELL § <br />WHEREAS, Redbird Flight Simulations, Inc, ( "Assignee" or "Redbird ") has entered into <br />an agreement with M. Wayne Dean to assume the rights and obligations contained in that certain <br />"Lease of Unimproved Airport Property for Construction of Hangar" by and between the City of <br />San Marcos, Texas, a home -rule municipal corporation located at 630 East Hopkins Street, San <br />Marcos, TX 78666 ( "City ") and M. Wayne Dean ( "Assignor" or "Dean ") executed on March 23, <br />1999. The Lease was approved by Resolution 1999 -54R of the City Council of the City of San <br />Marcos, Texas (which instrument is referred to herein as the "Lease "); and <br />WHEREAS, Redbird has requested consent for such assignment from City, and has <br />requested an extension of the Lease term; and <br />WHEREAS, Redbird wishes to use the property and improvements for the purposes and <br />under the terms and conditions specified in such Lease for income producing purposes for its <br />aeronautical business located at the San Marcos Airport, and has agreed to snake certain <br />improvements on the Leased Premises; and <br />WHEREAS, City is agreeable to such assignment, assumption and amendment of the <br />Lease conditioned on the covenants made herein by Redbird, including Redbird's agreement that <br />any revenue produced from the Leased Premises will be subject to the commercial activity fee of <br />one percent (1 %) of gross revenues collected by City on commercial activities on City owned <br />property leased to private parties at the San Marcos Municipal Airport; <br />In consideration of the covenants made herein, the recitations in the Preamble <br />hereinabove, and the assumption by Redbird of all obligations of the Lease, as amended herein, <br />IT IS THEREFORE AGREED by City and Redbird to authorize the assignment of the Lease <br />from M. Wayne Dean to Redbird and to amend the Lease as follows: <br />1) ARTICLE 1. LEASE OF PREMISES; ACCEPTANCE OF EXISTING CONDITIONS; <br />COMPLIANCE WITH REGULATIONS <br />1.1 Article 1, Section 1.01 of the Lease is hereby AMENDED to substitute the words <br />"6,724 square foot tract of real property" for the words "4,800 square foot tract of real property" <br />in the description of the Leased Premises. The Leased Premises is described in the metes and <br />bounds survey and the depiction of the tract labeled as Exhibit A in the Lease. <br />1 <br />