O-1994-1977 - Laserfiche WebLink

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e e -2- year option commencing April 1, 1994, and expiring March 31, 1995. This option may be extended for four additional years, commencing April 1, 1995, for an additional option fee of $250.00 per year. Lessee shall pay to City, as additional rent, should Lessee exercise its option to lease one or more of said T-hangar sites, the annual rental as hereinafter provided. Upon exercise of an option hereunder by Lessee, City agrees to enter into its then standard form of airport lease, for a lease period of twenty years, with two five year options. Rental shall be subject to cost of living indexing as provided in the City's standard form of airport lease. To continue this option agreement, Lessee must exercise its option on at least site 1, commence construction during the first option year, and bring construction to completion within 120 days of commencement of construction. City will give Lessee hereunder thirty (30) days written notice of any offer by another interested party to rent the subject sites, in which case Lessee hereunder may either accept the option to lease all of such properties, by giving written notice to the City of its desire to do so, or, in the absence of such written notice, upon Lessee's refusal to lease such three sites, City shall be free to lease same to another interested party. IV. city agrees to lease to Lessee, from the effective date of the exercise of option by Lessee, for a twenty year term, with two five year options, the T-hanger sites 1, 2, and 3, as shown on Exhibit "A" attached hereto. Rental shall be paid annually in advance in a minimum annual rental of $335.00 per year, based on January 1, 1994, rental rate of $1,242.30 per acre, plus $144.00 per unit in each of said ten unit T-hangers, or an additional rental of $1,440.00 per year, to be payable annually in advance. Rental for subsequent