08 - Ratification of Ground Lease Hangar A-7 Assignment

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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 maybe 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. 3. Should LESSEE fail to make payments in a timely manner, a late penalty of 10% shall be assessed beginning on the tenth calendar day after the due date. Should payments remain past due for more than thirty (30) days, AGREEMENT is in default and may be terminated, as provided herein below. 4. In order to encourage development of the Airport by providing sufficient time for investors to -amor ize theirrinvestmen st ,the term of -this AGREEMENT all be for a-ferm of-ive years beginning June 21, 2044 and terminating June 22, 2049. 5. LESSEE shall have the right at any time and from time to time during the term of this lease, to erect, maintain, alter, remodel, reconstruct, rebuild and replace buildings and other improvements on the leased premises, and correct and change the contour of the leased premises as necessary. 6. The full expense of any such construction, reconstruction, demolition, or any change, alteration or improvements shall be borne and paid by LESSEE. 7. No new structure or other improvement, nor any material addition to, or alteration of, any building or structure shall be commenced unless and until plans, specifications, and proposed location(s) have been submitted to and approved by LESSOR. Said plans and specifications shall be prepared by LESSEE, at its own expense, at least thirty (30) days prior to the planned commencement of such project. 8. LESSOR shall, in a timely manner, review and approve the plans or note in writing any required changes or corrections that must be made to the plans. Any required changes or corrections must be made and the plans resubmitted to LESSOR within thirty (30) days after the corrections or changes have been noted. Failure of LESSOR to object to such resubmitted plans and specifications within thirty (30) days shall constitute LESSOR's approval of the changes. 9. Minor changes in work or materials not affecting the general character of the building project, minor repairs and alterations as may be necessary to continue the structures and improvements