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<br />AGREEMENT AND LEASE <br />FOR FIXED BASE OPERATIONS <br />AT CITY OF LA PORTE MUNICIPAL AIRPORT <br /> <br />THIS AGREEMENT AND LEASE, made and entered into effective the <br />1st day of January, 2008, by and between the City of La Porte, a <br />municipal corporation organized and existing under the laws of the <br />State of Texas, hereinafter referred to as "Lessor", and La Porte <br />Flight Line, L.L.C., a Texas limited company, organized and <br />existing under the Laws of the State of Texas, acting herein by and <br />through its duly authorized officers, hereinafter referred to as <br />"Lessee." <br /> <br />WIT N E SSE T H: <br /> <br />WHEREAS, the Lessor controls and operates an airport known as <br />La Porte Municipal Airport, located in the City of La Porte, State <br />of Texas, which airport and any additions or improvements thereto <br />or changes therein which the Lessor hereafter makes or authorizes <br />are hereinafter collectively referred to as the "Airport", and, <br /> <br />WHEREAS, the parties hereto desire to enter into an Agreement <br />and Lease for the use of premises and facilities at the Airport all <br />as more fully hereinafter set forth. <br /> <br />NOW, THEREFORE, for and in consideration of the mutual <br />covenants and agreements herein contained, the Lessor and the <br />Lessee do hereby mutually undertake, promise and agree, each for <br />itself and its successors and assigns, as follows: <br /> <br />TRANSITION PROVISIONS <br /> <br />Lessee has obtained by assignment from Gulf Central Aviation, <br />Inc., all rights to an existing Agreement and Lease for Fixed Base <br />Operations at the City of La Porte Municipal Airport, dated January <br />1, 1993, between the City of La Porte, as Lessor, and Gulf Central <br />Aviation, Inc., as Lessee. Said prior Lease shall terminate as of <br />December 31, 2007. <br /> <br />ARTICLE I - TERM OF AGREEMENT <br /> <br />The term of this Agreement and Lease shall be for a twenty (20) <br />year period commencing January 1, 2008, and terminating December <br />31, 2027; provided, however, the term of this Lease shall extend <br />for two additional five-year renewal options, at the option of <br />Lessee, unless cancelled by written notice from Lessee to Lessor, <br />on or before October 31, 2027, in the case of the first five year <br />renewal option; and on or before October 31, 2032, in the case of <br />the second five year renewal option. <br /> <br />ARTICLE II - LEASED PREMISES AND FACILITIES <br /> <br />1. The Lessor, in consideration of the compensation and sundry <br />covenants and agreements set forth herein to be kept and performed <br />by the Lessee, does hereby, and by these presents, demise and lease <br />unto the Lessee, upon the conditions hereinafter set forth, all of <br />which the Lessee accepts, the exclusive use and occupancy of the <br />Leased Premises, to-wit: <br />