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17 - Ground Lease Agreement with Dr. Louis Trenchard for construction of a private hangar
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17 - Ground Lease Agreement with Dr. Louis Trenchard for construction of a private hangar
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AGENDA
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3. Should LESSEE fail to make payments in a timely manner, a late penalty of 10% shall be <br />assessed beginning on the tenth calendar day after the due date. Should payments remain past due <br />for more than thirty (30) days, AGREEMENT is in default and may be terminated, as provided <br />herein below. <br />4. In order to encourage development of the Airport by providing sufficient time for investors to <br />amortize their investments, the term of this AGREEMENT shall be forty (40) years. This lease may <br />be extended by Lessee for an additional ten (10) year period, provided all requirements of this <br />agreement have been met; Lessee owes no taxes, fees, or penalties to the City of Paris; and LESSEE <br />makes known its desire to extend the lease no later than six months before expiration of the <br />AGREEMENT. <br />IMPROVEMENTS: <br />5. LESSEE shall have the right at anytime and from time to time during the term of this lease, to <br />erect, maintain, alter, remodel, reconstruct, rebuild and replace buildings and other improvements on <br />the leased premises, and correct and change the contour of the leased premises as necessary. <br />6. The full expense of any such construction, reconstruction, demolition, or any change, alteration <br />or improvements shall be borne and paid by LESSEE. <br />7. No new structure or other improvement, nor any material addition to, or alteration of, any <br />building or structure shall be commenced unless and until plans, specifications, and proposed <br />location(s) have been submitted to and approved by LESSOR. Said plans and specifications shall be <br />prepared by LESSEE, at its own expense, at least thirty (30) days prior to the planned <br />commencement of such project. <br />8. LESSOR shall, in a timely manner, review and approve the plans or note in writing any required <br />changes or corrections that must be made to the plans. Any required changes or corrections must be <br />made and the plans resubmitted to LESSOR within thirty (30) days after the corrections or changes <br />have been noted. Failure of LESSOR to object to such resubmitted plans and specifications within <br />thirty (30) days shall constitute LESSOR's approval of the changes. <br />9. Minor changes in work or materials not affecting the general character of the building project, <br />minor repairs and alterations as may be necessary to continue the structures and improvements <br />already placed in a useful state of operation, and changes and alterations that may be required by an <br />authorized public official having authority or jurisdiction over such structures or improvements in <br />order to comply with legal requirements, shall not require submission to and approval by LESSOR of <br />
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