11 - Airport Management and FBO agreements - retirement of Jerry Richie

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TERMINATION AND BUYOUT OF FIXED BASE OPERATOR MANAGEMENT LEASE AGREEMENT This TERMINATION AND BUYOUT OF FIXED BASE OPERATOR MANAGEMENT LEASE AGREEMENT (hereinafter CONTRACT) shall be between the City of Paris, Texas, a home rule municipal corporation of the State of Texas (hereinafter CITY), and J. R. Aviation. , which in consideration of the mutual covenants, agreements, stipulations, and payments, do hereby contract and agree as follows: WHEREAS, on or about April 1, 2019, the parties hereto executed a fixed base operator management agreement entitled "Flight Based Operator Management Lease Agreement" (hereinafter FBO AGREEMENT), a copy of which is attached hereto as Exhibit A and incorporated herein by reference, whereby CITY contracted with J.R. Aviation to act as a fixed base operator at Cox Field Airport, a municipally owned and federally obligated airport in Paris, Texas; and WHEREAS, said FBO AGREEMENT was for a term of five (5) years beginning on April 1, 2019 and ending on March 31, 2024, with an option for J.R. Aviation to extend the FBO AGREEMENT for an additional five (5) year period at the expiration of the original term; and WHEREAS, Mr. Jerry Richey of J.R. Aviation has conveyed his wish to CITY to retire and to sell to CITY the physical assets of said J.R. Aviation as well as J.R. Aviation's rights and interests under said FBO AGREEMENT for good and equitable consideration; and WHEREAS, City has agreed to terminate the FBO AGREEMENT, to purchase J.R. Aviation's physical assets associated with the fixed base management operations at Cox Field Airport and to buy out J.R. Aviation's rights and interests under the FBO AGREEMENT; WHEREFORE, PREMISES CONSIDERED, in consideration of the mutual covenants, agreements, stipulations, and payments set forth herein, do hereby contract and agree as follows: Article 1: TERMINATION Upon execution of this CONTRACT, the FBO AGREEMENT and all rights and duties thereunder, unless otherwise set forth herein, shall be terminated.