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<br />e <br /> <br />e <br /> <br />AGREEHENT AND LEASE <br />FOR FIXED BASE OPERATIONS <br />AT CITY OF LA PORTE MDNICIPAL AIRPORT <br /> <br />THIS AGREEMENT AND LEASE, made and entered into this 1st day <br />of January, 1997, by and between the City of La Porte, a municipal <br />corporation organized and existing under the laws of the State of <br />Texas, hereinafter referred to as "Lessor", and D. E. Aviation, Inc., <br />a Texas business corporation, acting herein by and through its duly <br />authorized officers, hereinafter referred to as "Lessee." <br /> <br />WIT N E SSE T B: <br /> <br />. WHEREAS, the Lessor controls and operates an airport known as <br />La Porte Muni~ipal Airport, located in the City of La Porte, State <br />of Texa~, 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 Lessee <br />do hereby mutually undertake, promise and agree, each for itself and <br />its successors and assigns, as follows: <br /> <br />ARTICLE I - TERM OF AGREEMENT <br /> <br />The term of this Agreement and Lease shall be for the period <br />commencing January 1, 1997, and terminating December 31, 2017, <br />unless sooner terminated as hereinafter provided. The Lessee <br />reserves the option to renew this lease for two consecutive five <br />year terms provided written notice is provided the Lessor' within <br />thirty days of lease termination. <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 /> <br />Property at La Porte Municipal Airport, consisting of <br />2.000 acres, more or less, identified as "Fixed Base <br />Operator Area" on Exhibit "A" attached hereto and made a <br />part of this Agreement; and twenty four (24) tie-downs <br />which will become available January 1, 1998, identified <br />as "Tie-Down Area", on Exhibit "B" attached hereto and <br />made a part of this agreement. <br /> <br />1 <br />