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<br /> 155 <br /> LEASE OF AIRPORT PROPERTY/BUILDING <br /> THE STATE OF TEXAS <br /> COUNTY OF CALDWELL <br /> This Lease Agreement is made and entered into by and between <br /> City of San Marcos, a municipal corporation of the State of Texas <br /> (Lessor) and Confederate Air Force, Inc., (Lessee). <br /> The Lessor is the owner of the San Marcos Municipal Airport, <br /> ( "Airport"), situated in Caldwell County, Texas, by virtue of deeds <br /> from the United States of America. <br /> The effectiveness of this Lease is subject to approval by the <br /> Federal Aviation Administration. <br /> In consideration of the obligation of Lessee to pay rent and in <br /> consideration of the other terms, covenants and conditions hereof, <br /> Lessor hereby demises and leases to Lessee, and Lessee hereby takes <br /> from Lessor the tract of real property in Caldwell County, Texas <br /> described in Exhibit "A" attached hereto and made a part hereof for all <br /> purposes; together with all improvements thereon (the "Leased <br /> Premises") all upon the following terms and conditions: <br /> ARTICLE I. <br /> Acceptance of Existing Preaises; Co8pliance with Regulations <br /> 1.1 Lessee acknowledges that it has, prior to the execution hereof, <br /> inspected the Leased Premises, and that Lessee is accepting the <br /> Leased Premises and all improvements in their "as is" <br /> condition. All costs for adapting the Leased Premises for <br /> Lessee's purposes shall be borne by Lessee. By occupying the <br /> Leased Premises, Lessee shall be deemed to have accepted the <br /> same. <br /> 1. 2. Lessee acknowledges that it will comply with the San Marcos <br /> Municipal Airport Standard Operating Procedures and Regulations <br /> and the Minimum Standards for Fixed Base Operators and Airport <br /> Tenants, as these now exist or may be amended during the term of <br /> this Lease, and any conflict between this Lease and these <br /> Procedures, Regulations and Standards will be resolved in favor <br /> of the said Procedures, Regulations and Standards. <br /> ARTICLE II. <br /> Rent/Tera <br /> 2.1. Rental shall accrue hereunder from the commencement date of this <br /> Lease as provided below, and shall be payable at the place <br /> designated for the delivery of notices to Lessor at the time of <br /> payment. <br /> 2.2. Lessee shall pay to Lessor a fixed rental in the sum of One <br /> Dollar ($1.00) per year due and payable on the anniversary of <br /> the commencement date of this lease. <br /> 2.3. As further consideration, Lessee agrees to pay to Lessor a <br /> percentage from its net receipts obtained from its operations on <br /> the Leased Premises, as described in Section 19.1 of this Lease. <br /> 2.4. Lessee shall provide to Lessor, upon reasonable notice, access <br /> to all business records necessary to verify the amount of <br /> percentage rental due under this Lease. <br /> 2.5. Lessor agrees that all airport revenue derived from Lessee <br /> should be allocated toward the maintenance of the Airport and <br /> improvements thereof; provided, however, that this requirement <br /> shall not be considered mandatory upon the Lessor unless it is <br /> so required by existing indenture or agreement with the Federal <br /> Government or any amended or substitute indentures and <br /> agreements hereinafter entered into with the Federal Government. <br /> 2.6 Should Lessee fail to pay when due any rent or any other sum <br /> payable to the Lessor under the terms of this Lease, then <br /> interest at the maximum legal rate then payable by Lessee in the <br />