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<br />117 <br /> <br /> <br /> <br />THE STATE OF TEXAS <br />LEASE AGREEMENT <br />COUNTY OF CALDWELL <br /> <br /> <br />KNOW ALL PERSONS BY THESE PRESENTS: <br /> <br /> <br />WHEREAS, the City of San Marcos, Texas, is the owner of the San <br />Marcos Municipal Airport, situated in Caldwell County, Texas, <br />hereinafter IIAirport," by virtue of an indenture from the United States <br />of America dated the 24th day of February, 1966, and the 14th day of <br />July, 1969, and the 11th day of May, 1976, to which reference is hereby <br />made; and <br />WHEREAS, San Marcos Aviation, Inc., hereinafter IILESSEEII, desires <br />to lease from the City of San Marcos, hereinafter "LESSOR", land upon <br /> <br /> <br />which to construct a facility at the San Marcos Municipal Airport for <br /> <br /> <br />the purpose of providing flight instruction, ground school, <br /> <br /> <br />aircraft rentals, and retail sales of flight instruction <br /> <br /> <br />materials and supplies; and, <br /> <br />WHEREAS, LESSOR in order to effectuate use of the subject premises <br /> <br /> <br />to construct such facility desires to enter into a lease of a portion <br /> <br /> <br />of such Airport with LESSEE, and LESSEE does desire to lease such <br /> <br />property for the purposes set forth hereinabove; now, therefore, <br /> <br /> <br />WITNESSETH, LESSOR and LESSEE do hereby agree as follows: <br /> <br /> <br />I. <br /> <br /> <br />Premises Leased. <br /> <br /> <br />LESSOR does by these presents lease to LESSEE a portion of the <br /> <br /> <br />San Marcos Municipal Airport situated in Caldwell County, Texas, and <br /> <br />LESSEE does hereby lease from LESSOR a portion of said Airport, <br /> <br /> <br />hereinafter lithe leased premises", being more particularly described <br /> <br />in Exhibit 1 which is attached hereto and incorporated herein for all <br /> <br /> <br />purposes. <br /> <br />II. <br /> <br /> <br />Term of Lease And Consideration. <br /> <br /> <br />The term of this lease for the property referred to in <br /> <br /> <br />Paragraph I above shall be for a term of twenty <br /> <br /> <br />(20) years beginning the day following the date of <br /> <br /> <br />execution of this Agreement and extending through and including <br />