2001-168-RES APPROVING/ADOPTING LEASE POLICY AND MASTER LEASE AGREEMENT FOR ALLFUTURE PRIVATE HANGAR LEASES AT COX FIELD AIRPORT

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in its sole discretion shall determine. LESSOR's right to reject all bids and solicit new bids when LESSOR deems such action in LESSOR's best interest is hereby preserved. Based on the results of said solicitation for bids, the LESSOR shall determine that bid which represents the highest and best bid meeting all criteria established by the LESSOR for rental of the property. When the LESSOR has determined the successful bid, the LESSOR shall thereafter offer LESSEE the opportunity for thirty (30) days to lease the premises on the same terms and conditions as applicable to the designated successful bidder. The LESSEE shall, within the thirty (30) day offer period, provide notice to LESSOR in writing as to whether or not LESSEE desires to re-lease the facility on the basis of the successful bid. If the LESSEE declines to match the successful bid, or fails to respond within the designated thirty (30) day period, then the LESSOR may proceed in leasing the facility to the designated successful bidder, and the LESSOR's obligation to LESSEE under this right-of-first-refusal shall have been satisfied. IN CONSIDERATION HEREOF, it is mutually agreed by and between LESSOR and LESSEE as follows: 1. That LESSEE pay to LESSOR, or order, at the City Hall in the City of Paris, the agreed rental in advance, promptly and without neglect, default, and delay. In the event LESSOR fails to receive any payment within ten (10) days after the same is due, a late payment penalty equal to 10% of such payment shall be charged to LESSEE. In the event LESSEE shall become delinquent for more than thirty (30) days, this Lease may be terminated by LESSOR as further stated herein. 2. That this Lease is subject to all the terms, provisions, and conditions of the deed of conveyance of such premises from the United States of America to the City of Paris, recorded in Master Lease Ae:reement - page 3