1986-07-28 Regular Meeting - Laserfiche WebLink

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e e """ Lessee, whereby Lessee may lease from City, on terms and conditions equally favorable to each party, as those contained in an Agreement of Lease by and between the City of La Porte and Bayport Aviation, Inc., the easternmost 24 aircraft tie-down areas contained in the Phase II construction of the new "Designated Use Area of the City of La Porte Municipal Airport", upon equal terms and conditions contained in said lease between the City of La Porte and Bayport Aviation, Inc. Without limiting the generality of the foregoing, Lessee hereunder shall pay to City, as additional rent, a sum equal to 30% of the gross revenues obtained from rental of tie-downs spaces, upon exer- cise of such option by Lessee, provided, however, Lessee shall guaran- tee the City a yearly rental of not less than $144.00, multiplied by the number of tie-downs leased. Rental for the tie-down area should be paid monthly, in a sum equal to 1/12 of the annual rental due, in advance, on the first day of each and every month. City reserves the right to rent such tie-down areas direct to the public, if not leased by Lessee hereunder, or if not leased by another fixed base operator at the City of La Porte Airport, from City. City will give Lessee hereunder thirty (30) days written notice of any offer by any other party at the City of La Porte Municipal Airport, to rent any of such 24 tie-down areas, in which case Lessee hereunder may either accept the option to lease all, or a part, of such tie-down areas then being offered for lease, by giving written notice to the City of its desire to do so, or, in the absence of such written notice, or upon Lessee's refusal to lease such tie-down areas, City shall be free to lease same to another fixed base operator at the City of La Porte Municipal Airport, or to continue to operate the same by City. In the event Lessee accepts and exercises its option hereunder, the term of the lease for such tie-down area shall extend for the full remaining term of the primary lease hereunder.