Laserfiche WebLink
<br />At the end of the initial term as specified herein, and if a hangar has been constructed by <br /> <br />LESSEE under this Lease, the LESSOR shall solicit competitive prices for lease of the hangar upon <br /> <br />such terms and conditions and for such lengths of time as the LESSOR in its sole discretion shall <br /> <br />determine. LESSOR's right to reject all bids and solicit new bids when LESSOR deems such action <br /> <br />in LESSOR's best interest is hereby preserved. Based on the results of said solicitation for bids, the <br /> <br />LESSOR shall determine that bid which represents the highest and best bid meeting all criteria <br /> <br />established by the LESSOR for rental of the property. When the LESSOR has determined the <br /> <br />successful bid, the LESSOR shall thereafter offer LESSEE the opportunity for thirty (30) days to <br /> <br />lease the premises on the same terms and conditions as applicable to the designated successful <br /> <br />bidder. The LESSEE shall, within the thirty (30) day offer period, provide notice to LESSOR in <br /> <br />writing as to whether or not LESSEE desires to re-lease the facility on the basis of the successful bid. <br /> <br />If the LESSEE declines to match the successful bid, or fails to respond within the designated thirty <br /> <br />(30) day period, then the LESSOR may proceed in leasing the facility to the designated successful <br /> <br />bidder, and the LESSOR's obligation to LESSEE under this right-of-first-refusal shall have been <br /> <br />satisfied. If, at the end of the initial term as specified herein, LESSOR has not constructed a <br /> <br />permanent hangar on the leased premises, then the annual rent shall be based upon the ground lease <br /> <br />rate established by the City Council of the City of Paris and in effect at that time. <br /> <br />IN CONSIDERATION HEREOF, it is mutually agreed by and between LESSOR and <br /> <br />LESSEE as follows: <br /> <br />1. <br /> <br />That LESSEE pay to LESSOR, or order, at the City Hall in the City of Paris, the <br /> <br />agreed rental in advance, promptly and without neglect, default, and delay. <br /> <br />In the event LESSOR fails to receive any payment within ten (10) days after the same is due, <br /> <br />a late payment penalty equal to 10% of such payment shall be charged to LES SEE. In the event <br /> <br />Ground Lease Ae:reement - page 3 <br /> <br />TO <br />