08 - Airport Ground Lease Agreement with Larry Ervin - Hangar P

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�\4V nylll 4 @ q�� av �I mbs �\�I A� t„. + 51513 1 DO I THE STATE OF TEXAS § § KNOW ALL MEN BY THESE PRESENTS COUNTY OF LAMAR This Lease Agreement (AGREEMENT) is made by and between the City of Paris, Texas, a home rule municipal corporation (LESSOR) and (LESSEE). For and in consideration of the construction of a new airplane hangar(s) and related improvements, as further described herein, and for the payment of monthly ground lease rental to LESSOR, LESSOR does hereby lease, rent, and let unto LESEE that portion of Cox Field real property as described in Exhibit A, attached hereto and made a part hereof. LESSEE hereby leases said real property from LESSOR subject to the terms, covenants, and conditions state below, and shall have the right and privilege to construct and maintain certain improvements of said property. LESSEE accepts property "as is.” Except to the extent provided herein and subject to the provisions hereof, LESSEE shall have and hold the leased premises, together with all rights, privileges, easements, appurtenances, and immunities belonging to or in any way appertaining to said leased premises, including, but not limited to, any and all easements, rights, title and privileges of LESSOR now or hereafter existing in, to, or under said leased premises, and additionally LESSEE shall be permitted to use in common with others all streets and other rights of ingress and egress and all runways, taxiways and designated aprons which are or may hereafter be provided at the Airport. LEASE TERMS: 1. Subject to the provisions contained herein, LESSEE shall pay to LESSOR an annual ground lease payment of $0.20 per square foot, to be paid in advance, beginning on the commencement date of this lease and continuing regularly thereafter during the term of this lease and any extensions thereof. At its sole option, LESSEE may prepay any of the rental installments. 2. Rental rates may be adjusted by LESSOR at the end of each five-year lease period, computed according to the Consumer Price Index (CPI) for Dallas -Fort Worth, Texas, or other rates prevailing in the Paris area for similar facilities.