23-Approving and accepting an assignment between the City of Paris and Toby Adams

Home Browse Search

of other airport facilities. In the event of either of the above contingencies, the LESSOR shall give the LESSEE ninety (90) days notice, in writing, of its intention to so utilize the tract, or any partion thereof, for the above specified purposes. In the event of either of the above conungencies, the LESSOR shall have the option pursuant to Paragraph 8 of this Lease to satisfy its obligation of compensation to LESSEE. 18. In the event LESSEE shall keep each and every agreemenC contained herein and do and perform all the obligations required of them hereunder during the primary term of this Lease, an option is hereby given and granted to LESSEE to renew and extend this Lease for a period of TEN (10) years from and after the expiration of this agreement, which option may be exercised by LESSEE giving notice, in writing, of their intention to renew said lease ninety (90) days prior to the expiration of the primary term of the Lease, and shall be under such terms as previously provided. Further, in the event LESSEE shall keep each and every agreement contained herein and do and perform all the obligations required of them hereunder during the first option of this Lease, a second option is hereby given and granted to LESSEE 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 LESSEE giving notice, in writing, of their intention to renew said lease ninety (90) days prior to the expiration of the first option of the Lease, and shall be under such terms as previously provided. 19. In the event of a termination of this Lease by the City of Paris, as permitted herein during the primary term of said L,ease, the City of Paris will be obligated to pay to LESSEE 1/35th of the oriQinal cost of said hangar and apron, multiplied by the number of years remaining in the primary term of this Lease, which ends March 31, 2033. In the alternative, in lieu of payment for termination during the primary term of this Lease, the City of Paris may agree to give LESSEE hangar space of equal quality, size and usefulness, at no expense to LESSEE, for the remainder of the primary rerm of this Lease. In the event that final terminaCion of said L,ease occurs during the first option, there shall be no payment due LESSEE. However, the City of Paris may agree to give LESSEE hangar space of equal quality, size and usefulness, and LESSEE is granted the right to lease such substitute Lease Aareement - page 6