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<br /> <br /> <br /> <br /> All plans and specifications referred to herein and all construction, renovation, remodeling, <br /> or refurbishing to or upon the leased premises shall meet all current building codes and <br /> <br /> development codes of the City of Paris, the Texas Department of Transportation and the Federal <br /> Aviation Administration codes and the construction materials to be used on the improvements to <br /> <br /> be submitted and approved by LESSOR prior to construction. During the progress of all work, <br /> LESSOR's duly authorized representative may enter upon the leased premises and make such <br /> <br /> inspections as may be reasonably necessary for the purpose of satisfying LESSOR that the work or <br /> construction meets such requirements and standards. <br /> <br /> The LESSEE further covenants that all construction work to be performed by him or his <br /> contractors, including all workmanship or materials shall be of first class quality and shall be <br /> <br /> performed in accordance with the plans and specifications approved by the LESSOR. LESSEE <br /> agrees that he shall deliver to the LESSOR "as built" transparencies of the improvements <br /> <br /> constructed by him and shall, during the term of this Lease keep such transparencies, if any, <br /> current, showing thereon any changes or modifications which may be made in or to the <br /> <br /> improvements. LESSEE shall also provide a detailed cost summary of the costs incurred in <br /> constructing the hangar. <br /> <br /> The requirements stated herein for construction of the improvements shall likewise apply <br /> to any additional improvements or alterations to the original structure made in the future by <br /> <br /> LESSEE. <br /> 4. At the end of the Initial Term of this Lease, or upon earlier termination as provided <br /> <br /> herein, ownership of the hangar building, apron, and other related improvements and/or alterations <br /> authorized by and constructed pursuant to this Lease shall revert to LESSOR without <br /> <br /> compensation to LESSEE, it being understood and agreed by LESSEE that transfer of title to <br /> LESSOR of all buildings and improvements located on the Leased Premises at the end of the <br /> <br /> Initial Term is part of the consideration for this Ground Lease Agreement. <br /> 5. That LESSEE may install in or upon the leased premises all such machines, tools, <br /> equipment, or other items of personal property as necessary in connection with the activities <br /> <br /> authorized in this Lease. All personal property belonging to LESSEE located on the leased <br /> premises and/or in the improvements located thereon shall be there at the sole risk of the LESSEE. <br /> <br /> LESSOR shall have no liability or responsibility for any theft, misappropriation, or damage to any <br /> personal property belonging to the LESSEE, any subtenant, or customer of the LESSEE. The <br /> <br /> <br /> Hangar Lease Agreement - page 5 <br />