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HomeMy WebLinkAboutC80-016 Airport Facilities Lease Lester Streeter, Trevor Bradway and Barry StottTABLE OF CONTENTS AIRPORT FACILITIES LEASE SEC TION ONE 1 . Use of Airport SECTION TWO 2 Iver. -Exclusive Ground Space SECTION THREE 2 EXCLUSIVE HANGAR SPACE SECTION FOUR 2 Parking Space SECTION FIVE 3 Right of Ingress and Egress SECTION SIX 3 Term SECTION SEVEN 3 Rentals and Charges SECTION EIGHT 5 No Additional Charges or Fees SECTION NINE 5 Rights and Privileges SECTION TEN 5 '"','axes and Assesments SECTION ELEVEN 5 Maintenance and Utilities SECTION TWELVE 6 Option to Lease Additional Space SECTION THIRTEEN 6 Rules and Regulations SECTION FOURTEEN 6 Damage or Destruction of Hangar SECTION FIFTEEN 7 Insurance SECTION SIXTEEN 7 Indemnification of Lessor SECTION SEVENTEEN 7 Termination by Lessee SECTION EIGHTEEN 8 Termination by Lessor SECTION NINETEEN 10 Surrender of Possession SECTION Ti-,'ENTY 10 Inspection by Lessor SECTION TV,,ENTY-ONE 11 Assignment and Subletting SECTION Tr,,%7ENTY-TWO 11 Right to Mortgage SECTION TWENTY-THREE 11 Costs of Litigation SECTION TWENTY-FOUR 12 National Emergency SECTION TVIENTY-FIVE 12 F.A.A. and Airport Instruments SECTION TWENTY-SIX 12 Aerial Approach SECTION TWENTY-SEVEN 13 Subordination SECTION TWENTY-EIGHT 13 Additional Conditions poll) AIRPORT FACILITIES LEASE THIS LEASE is made and entered into this ---'r7,-----day of October, 1980 and is by and between the Beard of,county Commissioners of Eagle County; hereafter referred to as the "Lessor", and SBS Partnership, a Colorado partnership consisting of Lester Streeter, Trevor Bradway, and Barry Stott., hereinafter referred to as "Lessee". J.,ITNESSETH: I-,-,hEP%EAS, the Lessor is the representative of Eagle County, Colorado, duly authorized by law to administer and govern the property }mown as the Eagle 'County Airport, and J-,1HEREAS, Lessor is willing to lease to Lessee a portion of the airport premises together with such rights and privileges as are set forth 'in this agreement, and 1V,`HEREAS*, the Lessee is desirous of leasing a tract of F ground within the boundaries of the Eagle County Airport for the purpose of erecting an airplane hangar thereupon. NOii THEREFORE, for and in consideration of the mutual covenants contained herein the parties hereto do hereby agree as follows: SECTION ONE USE —0T----X-1-kPC-RT Lessee is granted the use, in coj-iir-.,on with others similarly authorized, of the airport, to(3ether with all facil- ities, equipment, improvements, and services ,;hich have been or jn,�;iy jjQrQafter be provided at or in connection with t))e airport from time to time including, but not limited to, the landing field and any extensions thereof or additions thereto, road%-.,-=ys, aprons, taxiways, sewage and water facilities, floodlights, la,nding lights, beacons, control tower, signals, radio aids, and all other convenience.s. for flying, landings, and takeoffs. - ~ ^ . .. ^ . . ^ ' ` SECTION TWO R[)NI--EXC--I—C----D SPACE ��asuz g� cuOt6 Le�see the non-exclusive use of that portion of the airport premises described on the attached Exhibit .. A (the Demised Premises) for the erection of a hangar of a size to accommodate tour airnlooeo (approximately BO feet by 60'feet)./ together with ramp and turn -around space to be c6ntained witbin the perimeter boundaries as described on Exhibit A. - ' SECTION THREE --------�--�A 2XCI^OSIV� d�N�ax � C� Lessor grants Lessee the exclusive use of the space ' contained within the property described on 'Exhibit A upon which the aforesaid bangac is to be constructed. When said hangar is constructed, and upon the written request of either party and at the expense of Lessee, the exterior perimeter boundaries of the hangar walls sbali be surveyed and said survey description shall be appended hereto as Exhibit A -l. Lessee shall use said Exhibit A-1 space for the purpose - of storing `and maintaining aircraft and purposes reason-=bIy iocidental thereto, excl'u* dvi g uses for commercial purposes. '.oy change in purpose shall b ll be only with the consent of the Lessor and upon the terms described by the Lessor. make so�b e�t�cicuc al-�e��- at its expense, Lessee ma]/� / ...'^^ ~-__� _____��_� Y ) tions in the improvements as it shall desire/ but shall ficst ^ ' obtain the written consent of the Lessor, whichh shall not be . unreasonably withheld. ' SECTION FOUR Lessee shall provide adequate p� ing _aces u, -,on the Dcmised Premises for the use of Lessee's omI/lnyees, ("usLuzecs, . If the I.essee t any time ducing the duration and passengers., � of this lease, cannot provide adequate packing u�--)o the Danised premises, Lessee shall make acrangments with the Lessor for �deguate *parking Izaca g �in located near the terminal building or Such other reasonable location as may be- designated by the [assoc for the use of Lessee^s employces/ customers and passenqeA� � ru. ticb '- ` -. time arrangements for adequate parking are made between the Lessor and Lessee, Lessor has the right to increase the rent in proportion to the additional area utilized by the Lessee for the purpose of providing adequate parking. SECTION FIVE RIGHT OF -INGRESS AND EGRESS Lessee shall have at all times the full and free right of ingress to and egress from the premises and facilities referred to herein for Lessee, its employees, customers, passengers, guests, and other invitees. Such right shall also extend to persons or organizations supplying materials or furnishing services to Lessee, to include vehicles, machinery, and equipment reasonably required by such persons or organiza- tions. SECTION SIX TERM Subject to earlier termination as hereinafter provided, the inital term of this agreement shall be the period commencing on October 3l 1980 and ending on October -31 2010 subject, however, to the two options hereby granted by Lessor to Lessee to renew this agreement for an additional two terms of five years each under the same terms and conditions and subject to the same rentals, fees, and charges as provided- herein for the initial term. Lessee shall notify Lessor in writing of Lessee's intention to exercise each of the renewal options not less than six months before the expiration of the term hereof. SECTION SEVEN AND �CHAR�GES RENTALS � Lessee agrees to pay Lessor for the use of the premises, facilities, rights, services, and privileges granted hereunder rentals and charges according to the following schedule: a. For the exclusive use of the hangar area Lessee hereby covenants and agrees to pay Lessor as rent for said Demised Premises at Eagle, Colorado, at the base rate of *0-10 per square foot of land within the perimeter walls of the hangar (Exhibit A-1 property) which said sum shall be paid in equal 07) annual installments, the first annual installment to be paid upon issuance of a building permit for construction of the hangar and all subsequent annual installments shall be due and payable on the anniversary of the initial payment each and every year hereafter. The annual "base rent" shall be indexed as follows: (1) the month the first annual installment is paid shall be the "base month" and the denomination, (2) the month the succeeding annual installments are paid shall be the "anniversary months" and the denomination, (3) the index shall be the Denver -Boulder, Colorado Consumer Price Index for All Urban Consumers, All Items (1967 = 100) published bi-monthly by the U.S. Bureau of Labor Statistics, 303-837-2467, and (4) the "anniversary rent" shall be determined by multiplying the "base rent" times a fraction, the numerator being the particular "anniversary month" index and the denominator being the "base month" index. The index for July 1979, is,236.5. The index for the "base month" is (to be filled in by the parties at the time of issuance of the building permit). (If the "anniversary month" or "base month" is an unpublished month, the previous and succeeding month, when available, shall be averaged.) b. In the event Lessee commences to utilize in Exhibit A which is not a part additional area space designated of the area designated in Exhibit A-1 for such purposes as including, but not limited to, rental of the tie -down spaces. Lessor shall have the right to increase the rent annually paid at the rate of $0.10 per square foot for the additional space used plus the yearly percentage cost increase as calculated hereinabove. C. For the use of the other airport facilities (landing and takeoff fees, etc.), Lessee shall pay to Lessor or its concessionaires such fees as are charged to other users of the airport facilities similarly situated as from time to time . determined by the Lessor. -.4- SECTION EIGHT NO ADDITIONAL CHARGES OR FEES No charges, fees, or tolls, other than those expressly provided for herein, shall be charged or collected by. Lessor from Lessee or a - ny other persons for the privilege of entering or leaving the airl-,c)rt or, within the limits of the airport, for the privilege of transporting, loading, unloading, or handling persons, cargo, or property, in connection with Lessee's business. SECTION NINE RIGHTS AND PRIVILEGES In its use of the airport and related facilities, Lessee is granted the rights and privileges accorded to all other Lessees of, airport space and users of the airport facilities similarly situated as from time to time determined by the Lessor. SECTION TEN TAXES AND -ASSESSMENTS Lessee agrees to and with the Lessor that the Lessee will pay all personal property assessments, general and special and all other ii-ripositions, ordinary and extraordinary of every kind and nature whatsoever, levied or assessed upon the Exhibit A-1 property or any part thereof or upon any of the building or improvements at any time situated thereon. SECTION ELEVEN MAINTENANCE AND UTILITIES Lessee shall provide for and supply at its expense all janitor service with respect to the Exhibit A-1 property used exclusively by Lessee, and shall provide for and pay for all heat, light, gas, electricity, and water used by it on or in connection with such buildings and facilities. Lessor hereby grants to Lessee such reasonable non- exclusive easements as are necessary to provide utilities to the hangar. During the term of this lease and any renewal thereof, Lessee shall maintain the hangar according to the standards established by the Lessor for similar buildings and premises tinder Lessor's control at the Eagle County Airport. SECTION YiELVE OPTION TOLEASE-ADDI'T'IONAL SPACE nted to lease additional space. No option is gra. SECTION THIRTEEN -- RULES AND REGULATIONS Lessee agrees to observe and obey reasonable rules and regulations with respect to use of the premises; provided, however, that such rules and regulations shall be consistent with safety and with rules, regulations, and orders of the Federal Aviation Administration with respect to aircraft operations at, the airport and provided further, that such rules and regulations shall not be inconsistent with the provisions of this agreement or the procedures prescribed or approved from time to time by the Federal Aviation Administration with respect to the operation of Lessee's aircraft at the airport. SECTION FOURTEEN DAMAGE OR DESTRUCTION OF HANGAR If the hangar is partially damaged by fire, the elements the public enemy, or other casualty, such hangar shall be repaired with due diligence by Lessee at its own cost and expense. If the damage is so extensive as to render such hangar untenantable, but capable of being repaired in 90 days, the hangar shall be repaired with due diligence by Lessee at its own cost expense, and the rent payable hereunder with respect to Lessee's exclusive space in such hangar shall be proportionately paid up to the time of such damage and shall thenceforth cease until such time as the hangar shall be fully restored. if such hangar is completely destroyed or is so damaged that it will remain untenantable for more than 45 days, Lessee shall repair or reconstruct the hangar with due diligence at its own cost and expense, rent for that hangar to be adjusted as set forth above; provided, however, that Lessee may, at its option, cancel this agreement, such cancellation to be effective as of the date the hangar was damaged or destroyed. In the event that the airport is rendered untenantable or unusable there shall be a reasonable and proportionate abatement of I the rentals, fees, and charges provided for herein during the period that the same are so untenantable or unusable. SECTION FIFTEEN f -S U1 R A 14 —CE I I Lessee shall procure and maintain in force insurance covering the excl!�'sively leased premises and Lessee's activities thereon in minimum amounts as follows: a. The full market value of all airplanes stored in the hangar. b. Public liability insurance in a reasonable amount as determined from time to time by the Lessor and Lessee. Lessor shall be furnished upon written request with copies of all insurance policies obtained by Lessee in compliance with this requirz-mient. Lessee agrees to notify Lessor in writing as to any amendment to or cancellation of such policies. SECTION SIXTEEN INDEMNIFICATION OFLESSOR Lessee agrees to indemnify and hold harmless Lessor against all liability for injuries to persons or damage to property caused by Lessee's negligent use or occupancy of the leased premises; provided, however, that Lessee shall not be liable for any injury, damage, or loss occasioned by the negligence of Lessor or its a I gents or employees; and provided further that Lessor shall give to Lessee prompt and timely notice of any claim made or suit institued which in any way directly or indirectly, -contingently or otherwise, affects or might affect Lessee, and Lessee shall have the right to compromise and defend the same to the extent of its own interest. SECTION SEVENTEEN --- TE—RI,—IINATION BY LESSEE -.7- If Lessor fails to perform any act or acts or render any service required to be performed or rendered by Lessor under the terms of this agreement, and if Lessor fails to remedy any such default in a manner reasonably satisfactory to Lessee within 30 days following receipt from Lessee of written notice to remedy the same, Lessee may elect to terminate this agreement by giving 30 days' written notice to Lessor. -.7- i SECTION E_IG_HTEEN TERP4IINATION BY LESSOR Lessee agrees that if default be made by it in payment of rent when due and if said default continues for more than 60 days, the Lessor may elect to declare this lease forfeited, in which event Lessee shall surrender possession of said Exhibit A premises peacefully to the Lessor. If Lessee shall default in any of the other covenants herein contained and shall continue in such default for a period of 90 days after notice hereof in writing from the Lessor, the Lessor shall have the election to declare this lease forfeited and thereupon the Lessee shall surrender possession of said Demised Premises peacefully. In the the Lessee hereby designates and event of any such default, appoints the Lessor as its agent to make such disposition of the improvements on said premises either by sale or razing, and further authorizes said Lessor to deduct from the proceeds of said sale the amount of rental which is due to the Lessor for the remaining or unexpired term of said lease, together with its expenses in making said sale and the balance, if any, shall be remitted to the Lessee. In the event of any deficiency, the amount thereof due to the Lessor shall be paid by the Lessee, or, if necessary, collected from it by appropriate legal action. In the event it is determined to raze said improvements, then the Lessor shall take bids for the cost of razing and award said bid to the lowest reputable bidder. The contract for razing and awarding of said bid to the lowest reputable bidder shall be let in the name of the Lessee, and the Lessee shall be fully liable therefore to the successful bidder, any other disposition of the improvements on said premises shall be by negotiations between Lessee and the Lessor. In the event the improvements are sold by the Lessor, the sale price shall not be less than the then appraised value and upon said sale the Lessor shall remit the proceeds to the Lessee, less expenses and the balance of rent due during the unexpired term of this lease. In the event the Lessor elects to again lease out the premises and improvements, the rental rate shall be competitive for such property and improve- ments and the Lessor shall annually remit to the Lessee said rental payments less reasonable expenses and less the ground rent due hereunder. The said Lessee hereby waives any demand for the possession of said premises in the event of the forfeiture of this lease, and agrees that the written notice of default herein- before provided for may be mailed via certified mail by said Lessor to said Lessee or its legal representatives, or assigns,, to such address in the United States as shall have been last furnished in writing by the Lessee to the Lessor, and the receipt thereof acknowledged by said Lessor, and that, if the Lessee shall not have so furnished an address as above specified, then such notice may be conspicuously posted for 30 consecutive days in the main entrance or in front of the premises demised by this lease and the giving of such no -Lice in either of the ways above specified shall constitute a good and sufficient notice for the purpose of declaring a default of this lease under the terms and provisions thereof in all cases whereby the terms of this lease a notice of default is required to be given by said Lessor. It is mutually covenanted and agreed by and between the parties hereto that if the leasehold estate hereby demised shall be conveyed by mortgage or Trust Deed, or otherwise by said Lessee, and if the Lessor shall be notified in writing of such mortgage or deed of trust, and of the name and address of the mortgagee or trustee named therein, then so long as such mortgage or deed of trust shall continue in force, notice of the default in the performance of the covenants in this lease contained, of the same kind and in the same manner and for the same length of time as is hereby requied to be given to the Lessee shall also be given to said mortgagee or trustee. In every case whereunder any of the provisions of this lease, or in the opinion of the Lessor, or otherwise, it shall be or may become necessary or desirable to make, give or serve any -kind or character or for any purpose whatsoever, it shall be sufficient either (1) to deliver or cause to be delivered a copy of such declaration, demand, document, paper or notice to the Lessee, or (2) to send or cause to be sent a copy of any such declaration, demand, document, pape,r or notice by registered mail, postage prepaid, properly addressed to the Lessee at such address as the Lessee may have heretofore furnished to the Lessor in writing for the declared and express purpose of receiving notices, receipt of which was acknowledged in writing by the Lessor. SECTION NINETEEN SURRENDER OF POSSESSION On the expiration or other termination of this lease, Lessee's rights to use of the premises, facilities, and services described herein shall cease, and Lessee shall vacate the premises without unreasonable delay. Except as otherwise provided in this agreement, the hangar, fixtures, improvements, equipment, and other property bought, installed, erected, or placed by Lessee in, on, or about the airport and premises leased hereunder, including, but not limited to, storage tanks, pip -es, pumps, wires, poles, machinery, and air conditioning equipment, shall be deemed to be personalty and shall remain the property of Lessee. Lessee shall have the right at any time during the term of this agreement, or any renewal or extension hereof, and for an additional period of 30 days after the expiration or other termination of this agreement, to remove any or all of such property from the airport, subject, however, to Lessee's obligation to repair all damage, if any, resulting from such removal. Any and all property not removed by Lessee prior to the expiration of the aforesaid 30 day period shall thereupon become a part of the land on which it is located and title thereto shall thereupon vest in Lessor. SECTION YoIENTY INSPECTION BY LESSOR During the term hereof, the Lessor shall have the right to inspect said premises either by its Cominiss'ioners or designated employees at any or all reasonable times upon adequate prior notification of Lessee. SECTION TWENTY-ONE ASSIGNMENT AND SUBLETTING Lessee shall not at any time assign its rights under this agreement or any part thereof without the written consent of Lessor which shall not be unreasonably withheld; provided, however, that the foregoing shall not prevent the assignment of such rights to any corporation with which Lessee may merge or consolidate, or which may succeed to the business of Lessee or to another partner or to the United States Government or any agency thereof; nor shall Lessee be prevented from subletting a portion but not all of the space in the hangar leased exclusively to Lessee hereunder, to any person, firm, or corporation. No such subletting shall release Lessee from its obligations to pay any and all of the rentals and charges set forth herein. SECTION TWENTY-TWO RIGHT TO MORTGAGE Lessee shall have the right to mortgage or otherwise encumber the improvements constructed by it on said premises. The Lessor agrees to subordinate its interests herein to any lending or financing agency. SECTION TWENTY-THREE COSTS OF LITIGATION Lessee covenants and agrees to and with the Lessor that in case the Lessor shall, without any default on its part, be made a party to any litigation commenced by or against the said Lessee with respect to the Exhibit A-1 premises or improvements thereon, then the Lessee shall and will pay all costs in connec- tion with such litigation and that said Lessee shall pay all costs and reasonable attorney's fees which may be incurred by said Lessor in enforcing the covenants and agreements of this lease and all such reasonable costs and attorney's fees when paid by said Lessor shall 'become at once a first and valid lien upon the buildings and improvements upon said premises and upon the leasehold estate hereby created. -11- N SECTION TWENTY-FOUR NATIONAL EMERGENCY In the event possession of the Demised Premises and the improvements thereon is assumed by the United States of America, or other authorized agency, under any emergency powers, the rent due under this lease shall abate for the period of such possession. In such event that Lessee shall not be responsible for any of the other covenants in this lease until possession by the United States of America shall terminate. In the further event that Lessee shall be reimbursed by the United States of America or other authorized agency, for its assumption of possession, then the rental provisions of this lease shall remain in effect, but provided further, however, that if said reimburse- ment is less than the amount of rental herein provided, the Lessee shall be required to pay to the Lessor only such amount of reimbursement as it shall receive from the United States of America or other authorized agency. SECTION TWENTY-FIVE F.A.A. AND AIRPORT INSTRUMENTS The Federal Aviation Agency and Lessor are hereby granted the right and privilege by Lessor to place on and around the above-described premises, without cost to the Lessor, what- ever instruments and equipment they desire during the term of this lease, so long as said instruments or equipment do not interfere with the intended use of the premises by the Lessor. SECTION TWENTY-SIX AERIAL APPROACH The The Lessor reserves the right to take any action it considers necessary to protect the aerial approaches of the airport against obstruction, together with the right to prevent the Lessor from erecting or permitting to be erected, any build- ing or other structure on the airport which in the opinion of the Lessor, would limit the usefulness of the airport or constitute a hazard to aircraft. -12- SECTION TWENTY-SEVEN SUBORDINATION This lease shall be subordinate to the provisions of any existing or future agreement between the Lessor and the United States, relative to the operation or maintenance of the airport, the execution of which has been or may be required as condition precedent to the expenditure of federal funds for the development of the airport. SECTION TWENTY-EIGHT ADDITIONAL CONDITIONS A. All structures located upon the Demised Premises shall comply with the Requirements of the Eagle County Building Code and the Airport ",,aster Plan and any revisions or amendments thereof. However, by issuance of a building permit it shall be hereby deemed that Lessee has complied with the above. In addition, Lessee Shall comply with all applicable regulations and rules concerning water and sanitation. A building permit shall not be issued unless said compliance is shown to the satisfaction of the Lessor. B. In the event that 100 percent of the entire interest of the Lessee partnership or its successor entity becomes available for sale, exlcuding those transfers permitted by Section Twenty-one, those persons who have previously applied for permission to construct a hangar or hangars shall have the right of first refusal in the order in which they had applied. If no one of these persons accepts within 30 days of receipt of notice of sale at their last known address, then Lessee may sell the improvements and sublet or assign the entire ground lease to any person or entity whomsoever without additional notification to or consent from the Lessor. C. Lessee will, not later than 60 days after comple- tion of construction of any structure, file a complete itemiza- tion of the cost thereof with the Eagle County Clerk and Recorder. -13- D, Applications for building permits will be submitted to the Eagle County Airport Commission prior to the issuance of a building permit, which shall in no ways cause delay in the timely issuance of a building permit providing the conditio,n,s contained herein are complied with. No hangar construction is to commence until a building permit is obtained. E. Nothing contained herein shall be construed to prohibit or hinder Lessee from renting the improvements on the Exhibit A-1 property, or a protion thereof, to any person or entity whosoever for the purpose of storing aircraft. F. It is agreed that, with respect to any'aircraft using the hangar to be constructed on the Exhibit A-1 property, adequate access to, and maneuvering room in front of hangar will forever and at all times be protected during the term of this lease. G. Prior to construction of the hangar, Lessee shall, at its own expense, blacktop, to Lessor's airport standards, the entire Exhibit A property including the portion upon which the hangar is to be constructed. H. Lessee has express permission to utilize existing electrical lines in the ground which are located adjacent to the demised property, provided that Lessee obtains written approval from the Rural Electrical Association of such utilization and procures a separate meter for the purpose of ascertaining Lessor's sole expenses. I. Said Lessee further covenants and agrees that the Lessee will save harmless said Lessor at all times during the continuation of this lease from all damages, claims, fines, costs and expenses whatsoever which may result from penalties, any workman's compensation claim. J. Whenever any notice or payment is required by this lease to be made, given or transmitted to the parties hereto, unless otherwise specified herein, such notice or payment shall be deemed to have been given if enclosed in*an envelope with sufficient postage attached to insure delivery, and deposited in 1 the United States Mail addressed to: Eagle County Airport Maintenance Service, Box 368, Gypsum, Colorado, 81637. K. All the covenants, conditions, and provisions in this agreement shall extend to and bind the legal representa- tives, successors, and assigns of the respective parties hereto. L. This agreement shall be construed under the laws of the State of Colorado. Any covenant, condition, or provision herein contained that is held to be invalid by any court of competent jurisdiction shall be considered deleted from this agreement, but such deletion shall in no way affect any other covenant, condition, or provision herein contained so long as such deletion does not materially prejudice Lessor or Lessee in their respective rights and obligations contained in the valid covenants, conditions, or provisions of this agreement. M. All amendments to this lease must be made in writing by mutual agreement of the parties and no oral amendments shall be of any force of effect whatever. N. The Lessor shall have no responsibility or liability to furnish any services to Lessee other than those specified in this lease, but Lessee may negotiate with Lessor for any additional services it may request and shall pay for such additional services the consideration so negotiated. However, Lessee shall receive any services that are now or may hereafter be provided by the Lessor to other like Lessees under identical terms. O. Lessor shall have no responsibility or liability to remove the snow on and, or, near the Demised Premises of the Lessee for the Lessee's sole use and benefit. P. In the event of development and execution of a Master ,,17 M rVJ C)_tV> Plan for the Eagle County Airport and the C6unty wishes to use part of all of the leased premises described herein upon ninety 4a_ -is- days written notice to Lessee, the County may do so, but agrees y to substitute a comparable area so that SBS PARTNERSHIP can continue its usage in substantially the same manner. Any structure(s) on the leased premises described herein Which must be moved in connection with the implementation of a Master Plan for the airport shall be moved at the joint expense of the parties hereto on the basis of SBS PARTNERSHIP paying 10% of the total costss'-vcs'sociated with the relocation of such structure(s) for each full year after date of issuance of a building permit for same and the County paying the remainder of such costs. AGREED to the day and year first above written. t LESSEE LESSOR SBS PARTNERSHIP COUNTY OF EAGLE A Colorado General Partnership STATE OF COLORADO 292 East Meadow Drive By and Through its Vail, Colorado 81657 BOARD OF COUNTY COMMISSIONERS Keith Troxel,`Commissioner ATTEST: a Clerk of Board f County Commissioners 14 \L A1 -4b-