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AIRPORT GROUND LEASE AGREEMENT <br />THE STATE OF TEXAS <br />KNOW ALL MEN BY THESE PRESENTS <br />COUNTY OF LAMAR <br />This Lease Agreement (AGREEMENT) is made by and between the City of Paris, Texas, a home <br />rule municipal corporation (LESSOR) and LT Wings (LESSEE). <br />For and in consideration of the construction of a new 80' x 80" airplane hangar (Hangar 1) and <br />related improvements, as further described herein, and for the payment of monthly ground lease <br />rental to LESSOR, LESSOR does hereby lease, rent, and let unto LESEE that portion of Cox Field <br />real property as described in Exhibit A, attached hereto and made a part hereof. <br />LESSEE hereby leases said real property from LESSOR subject to the terms, covenants, and <br />conditions state below, and shall have the right and privilege to construct and maintain certain <br />improvements of said property. LESSEE accepts property "as is." <br />Except to the extent provided herein and subject to the provisions hereof, LESSEE shall have and <br />hold the leased premises, together with all rights, privileges, easements, appurtenances, and <br />immunities belonging to or in any way appertaining to said leased premises, including, but not <br />limited to, any and all easements, rights, title and privileges of LESSOR now or hereafter existing in, <br />to, or under said leased premises, and additionally LESSEE shall be permitted to use in common <br />with others all streets and other rights of ingress and egress and all runways, taxiways and designated <br />aprons which are or may hereafter be provided at the Airport. <br />LEASE TERMS: <br />1. Subject to the provisions contained herein, LESSEE shall pay to LESSOR an annual ground <br />lease payment of $0.25 per square foot ($1,600.00 per year), to be paid in advance, beginning on the <br />commencement date of this lease and continuing regularly thereafter during the term of this lease <br />and any extensions thereof. At its sole option, LESSEE may prepay any of the rental installments. <br />2. Rental rates may be adjusted by LESSOR at the end of each five-year lease period, computed <br />according to the Consumer Price Index (CPI) for Dallas -Fort Worth, Texas, or other rates prevailing <br />in the Paris area for similar facilities. <br />3. Should LESSEE fail to make payments in a timely manner, a late penalty of 10% shall be <br />assessed beginning on the tenth calendar day after the due date. Should payments remain past due <br />