O-1965-731 - Laserfiche WebLink

Browse Search

I; . ,", I . e e -5- training school, and to carryon commercial air activities such as a charter plane service for both cargo and passengers, sight- seeing tours, repair and maintenance shops for aircraft, sale of aircraft, storage of aircraft, and the like; and, for carrying on these activ~ties, it is understood and agreed that LESSEE shall have a right to all necessary use of all landing strips for the take-off and landing of aircraft. VIII. The term of this lease 1s for a period of twenty (20) years, beginning on the 1st day of January, 1966, and ending on the 31st day of December, 1985, at the rental as shown in Paragraph IX hereof. Provided, however, that LESSOR does give and grant to LESSEE, the option to renew its lease on said premises for an additional term of ten (10) years from and after the 31st day of December, 1985, at an annual rental of Eight Hundred Twenty- five Dollars ($825.00); LESSEE shall also have the option to renew said lease for a second ten (10) year period commencing on the 1st day of January, 1996, at an annual rental of Nine Hundred Dollars ($900.00). ,LESSEE shall exercise said option(s) by giving LESSOR written notice of its intention to renew not later than sixty (60) days prior to the e~piration of the existing lease or renewal thereof. Annual rental provided for under the options granted in this paragraph, and also for the options granted in Para- graph III hereof, may be paid in equal monthly installments at LESSEE'S option. Upon the expiration date of this lease or any renewal or extension hereof, no notice to quit possession shall be necess,ary, and LESS~E covenants to peaceably surrender possession of the premises to LESSOR on that date. IX. As rent for the use and occupancy of the leased premises, LESSEE hereby agrees, binds and obligates itself to pay unto