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

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regard. 43. During a time of war or national emergency, LESSOR shall have the right to lease the landing area or any part thereof to the United States Government for military use, and, if such lease is executed, the provisions ofthis instrument insofar as they are inconsistent with the provisions ofthe lease to the Government shall be suspended. 44. LESSOR reserves the right to take any action it considers necessary to protect the aerial approaches of the airport against obstruction, together with the right to prevent LESSEE from erecting, or permitting to be erected, any building or other structure on or adjacent to the airport which, in the opinion of the LESSOR, would limit the usefulness of the airport or constitute a hazard to aircraft. 45. During the final 180 days of the term of AGREEMENT, LESSSOR shall have the right to erect and maintain on or about the leased premises customary signs advertising the premises for sale or lease. 46. This lease shall be subordinate to the provisions of any existing or future agreement between LESSOR and the United States, relative to the operation or maintenance ofthe airport, the execution of which has been or may be required as a condition precedent to the expenditure of Federal funds for the development of the airport. 47. Holding over by LESSEE of the airport premises after the expiration of this Agreement shall operate and be construed as a tenancy from day to day at a rental rate computed from the rental rate then prevailing under this lease. 48. LESSOR may, at its option, and following a ninety (90) day written notice period, terminate AGREEMENT as to the land, the hangar building, or any parts thereof, which may be necessary in the event LESSOR desires to use the property, or any portion thereof, for any governmental purpose as determined by LESSOR, such as but not limited to, extension of runways or taxiways, utility or drainage improvements, or the expansion of existing buildings or the erection of other airport facilities. If LESSOR so terminates all or a portion of AGREEMENT, LESSOR shall pay to LESSEE 2.5% of the total construction costs of all improvements multiplied by the number of years remaining in the lease term. 49. Nothing herein contained shall be construed to deny the LESSOR its right to condemn the leased property through its power of erninent domain. In the event of condemnation of all or any portion of the leased premises, the leasehold interest of LESSEE shall be deemed to include all rights