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<br />-2- <br /> <br />3. <br /> <br />T~rm of Lea!!. <br /> <br />The prlmary term of thlS Lease for <br /> <br />the <br /> <br />prop~rty <br /> <br />heretofore <br /> <br /><1eSCrlCea <br /> <br />1.n <br /> <br />Paragraph 1 shaLL oe for a term of twenty (20) <br /> <br />years ceglnnlng the ~~ aay of <br /> <br />September <br />-- - --- <br /> <br />, 1986, . <br />. 2006.jL <br />renew1.ng ? '. <br /> <br />ana <br /> <br />runnlng <br /> <br />through <br /> <br />the <br /> <br />31st <br /> <br />aayof <br /> <br />SeatedJet' <br /> <br />Less*e, lf not 1.n defaULt ShaLL have the option <br /> <br />of <br /> <br />thlS !eaSð for two (2) aaaltlona! flve (5) year per10as. <br /> <br />The <br /> <br />Lease <br /> <br />payments <br /> <br />for <br /> <br />eaCh <br /> <br />flve <br /> <br />( 5) <br /> <br />year <br /> <br />per10a <br /> <br />shaLloe <br /> <br />C~lCulated as ~etalledln paragraphs four (4) <br /> <br />and <br /> <br />f1ve <br /> <br />( 5 ) <br /> <br />hereln. <br /> <br />4. <br /> <br />ConSlaeratlon. <br /> <br />------ <br /> <br />Lessee <br /> <br />agrees <br /> <br />to pay to Lessor the sum of flve cents ($.05) <br /> <br />per square foot per year, payment to Of::! made in <br /> <br />advance <br /> <br />ana <br /> <br />on <br /> <br />each <br /> <br />annlversary <br /> <br />aate <br /> <br />of this Leas~. <br /> <br />In "1<1a1tlon, the <br /> <br />Lessee wl!1 pay annualLY to the Lessor <br /> <br />a <br /> <br />on~ <br /> <br />percent <br /> <br />(1%) <br /> <br />gross <br /> <br />recelpt <br /> <br />fee on a!1 commerClaL actltlv1tes adjUsted to <br /> <br />excluae alrcraft sales, saLes ana serVlces to feaera!, state, <br /> <br />local government agencles, sales ana serVlces to <br /> <br />tax <br /> <br />exempt <br /> <br />org~nlzatlons, <br /> <br />ana <br /> <br />work done on Lessee's personaL a1rcraft. <br /> <br />Lessee shall prov1de to Lessor, W1thln <br /> <br />ten <br /> <br />( 10) <br /> <br />oays <br /> <br />from <br /> <br />recelv1ng notlce from Lessor, any OUSlness recoras reasonaoLY <br /> <br />necessary, <br /> <br />as aeemea oy L~ssor, to ver1.fy the amount of saia <br /> <br />one percent (1%) fee. <br /> <br />The conSlaeratlon to oe paia oy Lessee <br /> <br />shall De reVlewed DY Lessor at or near tne ena of <br /> <br />each <br /> <br />five <br /> <br />( 5) <br /> <br />year perloa, ana L~ssor shall have the rlgh1:. to 1ncrease <br /> <br />SUCh conslaerat10n for the next <br /> <br />per10a: <br /> <br />proviaea, <br /> <br />however, <br /> <br />that the amount of such conS1aerat10n to oe paia Lessor shall <br /> <br />De <br /> <br />comparaD!e <br /> <br />to <br /> <br />Other rentals chargea a1:. the AlrpOr1:.. <br /> <br />As <br /> <br />aoa1t10n41 consideratlon for this <br /> <br />lease, <br /> <br />Lessee <br /> <br />agrees <br /> <br />to <br /> <br />construct <br /> <br />a <br /> <br />b\J1la1ng <br /> <br />and other permanent 1mprovements with <br /> <br />due.d1!lgence for Lessee's uses as aescr10ea hereunaer <br /> <br />at <br /> <br />a <br /> <br />CtJst <br /> <br />1n <br /> <br />excess <br /> <br />of <br /> <br />One <br /> <br />Hunarea Fifty Thousana Dollars Ana <br /> <br />~0/100 <br /> <br />($150,000.00), <br /> <br />sa1d <br /> <br />1mprovements <br /> <br />to <br /> <br />Decome <br /> <br />the <br /> <br />property of Lessor as prov1aea 1n Sect10n 14, Paragraph g. of <br /> <br />tn1s <br /> <br />lease. <br /> <br />Lessor <br /> <br />agrees <br /> <br />to <br /> <br />pf::! rut 1 t <br /> <br />Lessee's <br /> <br />month-to-month <br /> <br />tenancy <br /> <br />for <br /> <br />the <br /> <br />premi~<-A.s <br /> <br />suoject <br />