09-E Assignment of Hangar Lease - Laserfiche WebLink

Home Browse Search

the LESSOR shall give the LESSEES ninety (90) days notice, in writing, of its intention to so utilize the tract, or any portion thereof, for the above specified purposes. In the event of either of the above contingencics, the LESSOR shall have thc option pursuant to Paragraph 8 of this Lcase to satisfy its obligation of compensation to LESSEES. 18. In the evcnt LESSEES shall kcep each and cvcry agreement contained hercin and do and perform all the obligations requircd of them hereunder during the primary term of this Lease, an option is hereby given and granted to LESSEES to renew and extend this Lcase for a period of TEN (10) years from and aftcr the expiration of this agreemcnt, which option may be exercised by LESSEES giving notice, in writing, of their intention to renew said lease nincty (90) days prior to the expiration of the primary term of the Lease, and shall be undcr such terms as previously provided. Further, in the event LESSEES shall kecp each and every agreemcnt contained herein and do and perform all thc obligations required of thcm hcreunder during the first option of this Lease, a sccond option is hcrcby given and granted to LESSEES to renew and extend this Lease for a period of TEN (10) years from and after the expiration of said first option. which second option may be exercised by LESSEES giving notice, in writing, of thcir intention to renew said lease ninety (90) days prior to the expiration of the first option of the Lease, and shall be under such tcrms as prcviously provided. 19. In the evcnt of a termination of this Lcasc by thc City of Paris, as permitted herein during the primary term of said Lease, the City of Paris will bc obligated to pay to LESSEES I/35th of the original cost of said hangar and apron, multiplied by the numbcr of years remaining in the primary term of this Lease, which ends February 28, 2031. In the alternativc, in licu or payment for termination during the primary term of this Lcase, the City of Paris may agrec to give LESSEES hangar space of equal quality, sizc and usefulncss, at no expensc to LESSEES. for the remainder of thc primary term of this Lease. In the evcnt that final termination of said Lease occurs during the first option, there shall be no payment due LESSEES. Howevcr, thc City of Paris may agrec to givc LESSEES hangar spacc of equal quality, size and usefulness, and LESSEES are granted the right to lease such substitute space for TEN (10) years for THIRTY-THREE THOUSAND SIX HUNDRED AND NO/100 DOLLARS ($33,600.00), payable as aforesaid. Lease Agrcclllcllt . pa~c 6