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28.Hangar lease assignment from Bill Boothe
City-of-Paris
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28.Hangar lease assignment from Bill Boothe
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CITY CLERK
Doc Name
28
Doc Type
Agenda
CITY CLERK - Date
2/27/2012
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<br /> <br /> <br /> <br /> This Lease shall be effective as of the date last signed by the parties hereto ("Effective <br /> Date"). The term of the Lease shall be for a period of thirty (30) years, beginning on the effective <br /> <br /> date, and ending thirty (30) years thereafter ("Initial Term"). <br /> The monthly ground lease rent established herein shall be subject to increase every five (5) <br /> <br /> years, beginning on the fifth anniversary of the effective date, the monthly rent shall be increased <br /> by the percentage amount of increase in the Consumer Price Index for All Urban Consumers <br /> <br /> Dallas-Fort Worth area ("CPI-U") from the effective date of this Agreement to the CPI-U for May <br /> 2014, and in a similar manner every five (5) years thereafter. The CPI-U Indexes prepared by the <br /> <br /> United States Bureau of Labor Statistics, shall be used for calculating these rental increases. <br /> In the event the U.S. Department of Labor, Bureau of Labor Statistics ceases to publish the <br /> <br /> C.P.I., the parties hereto agree to substitute another equally authoritative measure of <br /> change in the purchasing power of the U.S. dollar as may be then available (such as the <br /> <br /> Municipal Cost Index) so as to carry out the intent of this provision. <br /> In determining the monthly rate increase, LESSOR shall, on or before July 1 st of each fifth <br /> <br /> year, or as soon thereafter as reasonably possible, provide written notice to the LESSEE of the <br /> amount of the CPI increase (including appropriate documentation thereof) and the LESSOR's <br /> <br /> calculation of the new monthly rental based on said increase. Beginning with the monthly <br /> payment due the first of the month following receipt of LESSOR's notice, LESSEE shall pay the <br /> <br /> adjusted monthly rate as determined herein. If, for any reason, the CPI adjustment would result in <br /> a decrease in the monthly rental due, the previous rental shall remain in effect. In no event shall <br /> <br /> the monthly rental rate be decreased. <br /> At the end of the Initial Term as specified herein, the Leased Premises and all <br /> <br /> improvements, additions, alterations and fixtures shall become the property of LESSOR without <br /> compensation to LESSEE. LESSOR shall solicit competitive quotes for the lease of the hangar <br /> <br /> and related improvements upon such terms and conditions and for such lengths of time as the <br /> LESSOR in its sole discretion shall determine. LESSOR's right to reject all quotes and to solicit <br /> <br /> new quotes when LESSOR deems such action in LESSOR's best interest is hereby preserved. <br /> Based on the results of said solicitation for quotes to lease the hangar, the LESSOR shall determine <br /> <br /> the quote which represents the highest and best quote meeting all criteria established by the <br /> LESSOR for rental of the property. When the LESSOR has determined the highest and best <br /> <br /> quote, the LESSOR shall thereafter offer LESSEE the opportunity for thirty (30) days to lease the <br /> <br /> Hangar Lease Agreement - page 2 <br /> <br /> <br /> <br /> 190 <br />
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