2019-038 - Authorizing Assignment of Airport Ground Lease Agreement from Colin Marino to TEXBAMA2, LLC - Hangar M

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3. Should LESSEE fail to make pa),nents in a timely manner, a late penalty of 1,0% shall be assessed beginning on the tenth calendar day after the due date. Should paYments remain past due for more than thirty (3 0) days, AGREEMENT is in default and may be terminated, as provided herein below. 4. In order to encourage development of the Airport by providing sufficient timeflor investors to amortize their investments, the to ofthis AGREEMENT shall be forty (40) years. Thisleasemay be extended by Lessee for an additional ten (10) year period.provided all requirements of this agreement have been met; Lessee owes no taxes, fees, or penaltie's to the City of Paris; and LESSEE makes known its desire to extend the lease no later than six months before exiration of the AGREEMENT. p !M -PR OVEMENTS. 5. LESSEE shall have tine ri„let at any time and from time to time during the to of this lease, to erect, maintain, alter, remodel, reconstruct, rebuild and replace buildings and Other improvements on the leased premises, and correct and change the contour of the leased premises as necessary. 6. The full expense of any such construction, reconstruction, demolition, or any change, alteration or improvements shall be home and paid by LESSEE, T. No new structure or other improvement, nor any material addition to, or alteration of, any building or structure shall be commenced unless and until plans, specifications, and proposed location(s) have been submitted to and approved by LESSOR, Said plans and specifications shall be prepared by LESSEE, at its own expense, at least thirty (30) days prior to the planned commencement of such project.. 8. LESSOR shall, in a timely manner, review and approve theplans or note in writing any required changes or corrections that, must be made to the plans. Any required changes or corrections must be made and the plans resubmitted to LESSOR within thirty (30) days after the corrections or changes have been noted,, Failure of LESSOR to object to such resubmitted plans and specifications within thirty (30) days shall constitute LESS 's approval of the changes. 9. Minor changes in work ®r materials not affecting the general character of the building project, minor repairs and alterations as may be necessary to continue the structures and improvements already placed in a useful state of operation, and changes and alterations that may berequired by an authorized public official having authority or jurisdiction over such structures or improvements in