Laserfiche WebLink
<br />-5- <br /> <br /> <br /> <br />Paragraphs XVII(A) (1), XVII(A){2), XVII(A)(3), or XVII(A)(4) or upon <br /> <br />October 14, 2005, whichever first occurs. Should LESSOR terminate this <br /> <br />Agreement earlier than October 14, 2005 for a reason or reasons other <br /> <br />than as provided hereinafter in Paragraph XVII(A)(I), (2), (3), or <br /> <br />(4) or should the Agreement be terminated because of the default of <br /> <br />LESSOR as specified hereinafter in Paragraph XVII(B) then, in such <br /> <br />event, title to the aircraft storage hangar shall remain vested in <br /> <br />LESSEE until purchased by LESSOR at the time of such termination for <br /> <br />the fair market value of same at the time of such termination. <br /> <br />LESSEE understands and hereby agrees that said fair market value shall <br /> <br />be established or derived by establishing the average of two <br /> <br />appraisals by certified appraisers chosen by the LESSOR and LESSEE <br /> <br />respectively to establish or derive such fair market value. Upon <br /> <br />the expiration of the lease term (October 14, 2005), and if not <br /> <br />sooner terminated, LESSEE is hereby granted an option to renew <br /> <br />this Agreement for an additional ten (10) year period with the <br /> <br />consideration thereof reviewable by LESSOR at the end of each five <br /> <br />(5) year period thereafter, and LESSOR shall have the right to <br /> <br />raise or increase such consideration at the end of each such five <br /> <br />(5) year period; provided however that the amount of any increase <br /> <br />in such consideration shall be limited as set forth hereinabove. <br /> <br />III. <br /> <br />A. Rental for FBO Operation. <br /> <br />LESSEE shall pay to Lessor consideration as follows: <br /> <br />(1.) Rental in the amount of fifty cents ($.50) per square foot <br />per month for the lease of premises as d~scribed in Exhibit <br />2 to this Agreement and a like amount for the <br />temporary facilities utilized by LESSEE during construction <br />of the new terminal building; <br /> <br />(2.) A fuel flowage fee in the amount of four percent (4%) of the <br />cost of all aviation fuel or gasoline delivered to LESSEE for <br />retail sales or other uses; <br /> <br />(3.) One percent (l%) of the gross receipts from all commercial <br />activities conducted at the Airport, excluding fuel sales <br />and sales or brokerage of aircraft. <br /> <br />B. Rental for Premises Leased for Aircraft Storage, Parking and <br />Office, Maintenance and Repair Space. <br /> <br /> <br />LESSEE shall pay to LESSOR consideration as follows: <br /> <br /> <br /> <br />(1.) Rental in the amount of two cents ($.02) per square foot per <br /> <br /> <br />year for the lease of premises as described in Exhibit 1 to <br /> <br />this Agreement. <br />