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<br />. <br /> <br />e <br /> <br />-3- <br /> <br />notice, upon Lessee's refusal to lease such 45 tie-downs and <br /> <br />lOO'x 100' tract, City shall be free to lease same to another fixed <br />base operator at the City of La Porte Municipal Airport, or to <br />continue to operate the same by City. In the event Lessee accepts <br />and exercises its option hereunder, the term of the lease for such <br />45 tie-downs and such 100'x 100' tract shall extend for tne full <br />remaining term of the primary lease hereunder. This option shall <br />continue in force to December 31, 1989. Upon mutual agreement of <br />the parties, this option may be renewed and extended to December 31, <br />1990. <br /> <br />IV. <br />City leases to Lessee, for the term expiring July 6, 1997, the <br />24 tie-downs as shown on Exhibit "A" attached hereto. Lessee <br />hereunder shall pay to City, as additional rent, a sum equal to <br />thirty percent (30%) of the gross revenues obtained from rental of <br />tie-down spaces, provided, however, Lessee shall guarantee City a <br />yearly rental of not less than $144.00, multiplied by the 24 tie- <br />downs leased. Rental for the 24 tie-downs shall be paid monthly, in <br />a sum equal to 1/12 of the annual rental due, in advance, on the 1st <br />day of each and every month. <br /> <br />V. <br /> <br /> <br />Lessee shall have the right and privilege to construct, at <br /> <br /> <br />Lessee's sole cost and expense, an access road, to be located as <br /> <br /> <br />shown in purple on Exhibit "A" attached hereto, to connect Lessee's <br /> <br /> <br />existing lease space to the 24 tie-downs. Lessee shall submit plans <br /> <br /> <br />and specifications prepared by a Texas registered professional <br /> <br /> <br />engineer with municipal experience, to be approved in writing in <br />