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1996-012-RES WHEREAS, CITY COUNCIL DID HERETOFORE IN RESOLUTION NO 95-114 ON THE 9TH DAY
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1996-012-RES WHEREAS, CITY COUNCIL DID HERETOFORE IN RESOLUTION NO 95-114 ON THE 9TH DAY
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8/18/2006 4:31:58 PM
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4/6/2005 6:02:13 AM
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CITY CLERK
Doc Name
1996
Doc Type
Resolution
CITY CLERK - Date
2/12/1996
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<br />the LESSOR shall give the LESSEES ninety (90) days notice, in writing, of its intention to so <br /> <br /> <br />utilize the tract, or any portion thereof, for the above specified purposes. In the event of either <br /> <br /> <br />of the above contingencies, the LESSOR shall have the option pursuant to Paragraph 8 of this <br /> <br /> <br />Lease to satisfy its obligation of compensation to LESSEES. <br /> <br /> <br />18. In the event LESSEES shall keep each and every agreement contained herein and <br /> <br /> <br />do and perform an the obligations required of them hereunder during the primary term of this <br /> <br /> <br />Lease, an option is hereby given and granted to LESSEES to renew and extend this Lease for <br /> <br /> <br />a period of TEN (10) years from and after the expiration of this agreement, which option may <br /> <br /> <br />be exercised by LESSEES giving notice, in writing, of their intention to renew said lease ninety <br /> <br /> <br />(90) days prior to the expiration of the primary term of the Lease, and shan be under such terms <br /> <br /> <br />as previously provided. <br /> <br /> <br />Further, in the event LESSEES shall keep each and every agreement contained herein <br /> <br /> <br />and do and perform all the obligations required of them hereunder during the first option of this <br /> <br /> <br />Lease, a second option is hereby given and granted to LESSEES to renew and extend this Lease <br /> <br /> <br />for a period of TEN (10) years from and after the expiration of said first option, which second <br /> <br /> <br />option may be exercised by LESSEES giving notice, in writing, of their intention to renew said <br /> <br /> <br />lease ninety (90) days prior to the expiration of the first option of the Lease, and shall be under <br /> <br /> <br />such terms as previously provided. <br /> <br />19. In the event of a termination of this Lease by the City of Paris, as permitted herein <br /> <br />during the primary term of said Lease, the City of Paris will be obligated to pay to LESSEES <br /> <br />1/35th of the original cost of said hangar and apron, multiplied by the number of years <br /> <br />remaining in the primary term of this Lease, which ends February 28, 2031, In the alternative, <br /> <br />in lieu of payment for termination during the primary term of this Lease, the City of Paris may <br /> <br />agree to give LESSEES hangar space of equal quality, size and usefulness, at no expense to <br /> <br />LESSEES, for the remainder of the primary term of this Lease. <br /> <br />In the event that final termination of said Lease occurs during the first option, there shall <br />
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