Laserfiche WebLink
<br />ARTICLE V <br /> <br />Hangar Rental Option <br /> <br />Option. In the event lessee exercises and per- <br />forms all of its duties and obligations hereunder lessee is <br />given and granted the right of first refusal to lease the <br />City of Paris Main Hangar depicted on Exhibit "F" hereto <br />attached. This option is available at the termination of <br />the current lease to James M. Wrenn, Jr. <br /> <br />ARTICLE VI <br />RENTAL FEE <br /> <br />A. Flowage Fee in Lieu of Rental for Ground and <br />Equipment. As annual ground and equipment rental for real <br />and personalty shown on Exhibit "A", "B" and "c" attached <br />hereto Lessee shall pay to Lessor a fuel flowage fee as <br />follows: <br /> <br />From To Gallons Fee per Gallon <br />0 135,000 $ .01 <br />135,000 200,000 .02 <br />200,000 250,000 .03 <br />250,000 300,000 .04 <br />300,000 Infinity .05 <br /> <br />B. Adjustment of Rentals. Upon written notice from <br />lessor to lessee delivered within 30 days prior to the end <br />of each five (5) year period during the term of this lease, <br />lessor shall have the right but not the duty to adjust the <br />ground rental payable hereunder to conform to rentals then <br />prevailing at the airport for comparable ground space. <br /> <br />C. Time of Payment. All fuel flowage fees shall be <br />paid on or before the tenth day of the month following the <br />month in which the sale was made. <br /> <br />ARTICLE VII <br /> <br />Insurance, Indemnification and Performance Security <br /> <br />A. Fire Insurance. During the full term of this <br />lease, lessee shall, at its sole cost and expense, cause all <br />improvements constructed on the demised premises to be kept <br />insured to the full insurable value thereof against the <br />perils of explosion, fire and like perils. <br /> <br />Said insurance shall be procured from a company <br />authorized to do business in the State of Texas and satis- <br />factory to lessor, and lessee shall provide evidence satis- <br />factory to lessor that such coverage has been procured and <br />is being maintained. <br /> <br />The proceeds of any such insurance paid on account <br />of any of the perils aforesaid shall be used to defrav the <br />