1994-084-RES WHEREAS, the City Council of the City of Paris has received a request from William T. Boothe to lease

Home Browse Search

permitted to sublease any or all portions of the premises described in Attached Exhibit" A" for private hangar space and for aeronautical activities for which sublessee holds a permit issued by the City of Paris in accordance with Article II of Chapter 6 of the Code of Ordinances of the City of Paris. 8. That, if in the course of using such premises for the permitted purposes, LESSEE desires to build, at his own expense, a hangar building or buildings and apron in pursuit of such uses, LESSEE will be so permitted upon application and approval for building permit or permits from the City of Paris, of all steel construction, similar in appearance and construction to the existing enclosed hangars in accordance with the floor plan of 40' x 50', and such structure or structures will not violate any of the rules or regulations of the City of Paris, or the Federal A viation Administration. It being agreed and understood that LESSEE shall be responsible for electric utilities furnished to the hangar building or buildings during the term of this lease. In the event of a termination of this lease by the City of Paris, as permitted herein during the first twenty-five (25) years of said lease, the City of Paris will be obligated to pay to LESSEE 1/25th of the original cost of said hangar or hangars and apron multiplied by the number of years remaining in the first twenty-five (25) years of the lease which ends July 31, 2019. In the event that final termination of said lease occurs during the final ten (10) years of said lease, the City of Paris will not be obligated to pay to LESSEE any compensation for the remainder of the lease term. In the alternative, in lieu of payment for termination during the first twenty-five (25) years of the term of this lease, the City of Paris may agree to give LESSEE hangar space of equal quality, size and usefulness at no expense to LESSEE for the remainder of the first twenty- five (25) years of the term of this lease and in such event LESSEE is granted the right to lease such substitute space for ten (10) years for TWELVE THOUSAND AND NO/IOO DOLLARS ($12,000.00) payable as aforesaid and an additional option term of ten (10) years at a rental rate to be based on fair market value as aforesaid. In the event that LESSOR terminates the lease, T 'CC'C'f"'\D ...~11 .........1....... ....,...~1........1^ ..._.. ......+1.,....._ "'..~t-"'hl'" ..................._ "......."" ...4- +h.... 4-.............:...."'..~.......... ...C ..._.. ...~r:...+:_....