Res 2013-037/Lease Amendment with Redbird Flight Simulations, Inc.

Home Browse Search

2) ARTICLE 2. RENT/TERM 2.1 Article 2, Section 2.02 of the Lease is hereby AMENDED by deleting the entire Section and replacing it with the following: "The Lessee agrees to pay to the Lessor a fixed rental in the sum of $0.10 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 $56.03, 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. As further consideration, the Tenant agrees to pay to the Landlord a percentage rental in the form of a monthly fee equal to one percent (1 %) of the Lessee's gross income from all of the Lessee's commercial activity at the Leased Premises, including the storage of aircraft or rental of space, and any services provided to its customers at the Airport regardless of whether performed at the Leased Premises or at the customers' locations at the airport, excluding sales or services to federal, state or local governments or other tax exempt organizations or agencies. Payment is to be made within ten (10) days of the last day of the previous month and shall be based on the Lessee's income during the previous month." 2.2 Article 2 Section 2.05 of the Lease is hereby AMENDED to extend the original Lease Term from March 23, 2019 to close of business March 22, 2023, which extends the Lease Term from 20 to 24 years. 3) ARTICLE 5. CONSTRUCTION OF HANGAR; ALTERATIONS AND FIXTURES 3.1 Article 5 is hereby AMENDED by ADDING a new Section 5.06 as follows: "Section 5.06. Improvements to the Existing Structure. Redbird AGREES that during the balance of the term of the Lease, as extended herein, it will spend approximately $20,000.00 (but not less than $17,500.00) for improvements to the structure located on the Leased Premises, including the addition of interior and exterior lights, electrical service, improvements to the main door, and some minor landscaping to improve drainage. Redbird agrees that it will provide a scope of work, schedule, any plans and cost estimates (including any supporting documentation if requested by the Lessor) to the Lessor for review and approval prior to the commencement of any work. After approval of the Plans, Redbird may perform the work in accordance with the approved Plans. The work shall be performed in accordance with all applicable laws, codes and ordinances. Redbird 2