2009-066-RES-Construction of a new hangar at Cox field

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premises and improvements on the same terms and conditions as applicable to the best quote obtained by LESSOR. LESSEE shall, within the thirty (30) day option period, provide notice to LESSOR in writing as to whether or not LESSEE desires to re-lease the facility upon the terms provided by LESSOR. If the LESSEE declines to match LESSOR's best quote, or fails to respond within the designated thirty (30) day period, then the LESSOR may proceed in leasing the hangar and facilities to the person providing the best quote to LESSOR, and the LESSOR's obligation to LESSEE under this right-of-first-refusal shall have been satisfied. IN CONSIDERATION OF THE MUTUAL COVENANTS CONTAINED HEREIN, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows: 1. That LESSEE shall pay to LESSOR at the Finance Department, 135 ls' Street SE, City Hall in the City of Paris, a monthly ground lease rental payment in the initial amount of twenty dollars ($20.00) per month in advance, promptly and without neglect, default, or delay. The first rental payment shall be due and payable within ten (10) days of the effective date of this Lease Agreement and thereafter by the tenth (l Ot'') day of each month throughout the term of this Lease Agreement and any renewals thereof. At LESSEE's option, LESSEE may prepay the rent for the entire year in advance. In the event LESSOR fails to receive any payment within ten (10) days after the same is due, a late payment penalty equal to 10% of such payment shall be charged to LESSEE. Payments received shall be applied in the following order: (1) interest accrued for late payments, (2) late payment charges, (3) past due rent, beginning with the oldest amount due, (4) other past due amounts, (5) rent currently due, (6) other amounts currently due. In the event LESSEE shall become delinquent for more than thirty (30) days, this Lease may be terminated by LESSOR as further stated herein. 2. That this Lease is subject to all the terms, provisions, and conditions of the deed of conveyance of such premises from the United States of America to the City of Paris, recorded in Book 308, Page 287, Deed Records of Lamar County, Texas, to which reference is made for all purposes. 3. That LESSEE shall build, at LESSEE's sole cost and expense, an airplane hangar building of a minimum internal size of 2,000 square feet, along with accompanying apron and appropriate taxi lane for access (as further described and depicted in Exhibit "B" attached hereto Han¢ar Lease Aereement - page 3