Res 1989-070 - Laserfiche WebLink

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-5- Paragraphs XVI I (A) (1 ), XVI I (A) ( 2 ), XVII(A) (3), or XVII(A)(4) or upon January 10, 2004, whichever first occurs. Should LESSOR terminate this Agreement earlier than January 9, 2004 for a reason or reasons other than as provided hereinafter in Paragraph XVII(A)(l), (2), (3), or ( 4) or should the Agreement be terminated because of the default of LESSOR as specified hereinafter in Paragraph XVII(B) then, in such event, title to the aircraft storage hangar shall remain vested in LESSEE until purchased by LESSOR at the time of such termination for the fair market value of same at the time of such termination. LESSEE understands and hereby agrees that said fair market value shall be established or derived by a certified appraiser chosen by the LESSOR to establish or derive such fair market value. Upon the expiration of the lease term (January 10, 2004), and if not sooner terminated, LESSEE is hereby granted an option to renew this Agreement for an additional ten (10) year period with the consideration thereof reviewable by LESSOR at the end of each five ( 5) year period thereafter, and LESSOR shall have the right to raise or increase such consideration at the end of each such five (5) year period; provided however that the amount of any increase in such consideration shall be limited as set forth hereinabove. III. A. Rental for FBO Operation. LESSEE shall pay to Lessor consideration as follows: ( I.) Rental in the amount of fifty cents ($.50) per square foot per month for the lease of Tract A-2as described in Exhibit I to this Agreement and a like amount for the temporary facilities utilized by LESSEE dUring construction of the new terminal building; (2.) A fuel flowage fee in the amount of four percent (4%) of the cost of all aviation fuel or gasoline delivered to LESSEE for the lease of Tract A-3 as described in Exhibit 3 to this Agreement; ( 3 .) One percent (1 %) of the gross receipts from all commercial activities conducted at the Airport, excluding fuel sales and sales or brokerage of aircraft. B. Rental for Premises Leased for Aircraft Storage, Parking and Office, Maintenance and Repair Space. LESSEE shall pay to LESSOR consideration as follows: ( 1.) Rental in the amount of two cents ($.02) per square foot per year.