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HomeMy WebLinkAboutC87-041 Supplemental Agreement re: offsetting payments - Howard Aira. m C87-41-17 SUPPLEMENTAL AGREEMENT Regarding Offsetting Payments This agreement made the 16th day of UA&r=, 1987. This agreement is to supplement - and during the period it is in force, be considered a part of - the agreements between Howard Air Service, Inc. (hereinafter "Howard"), and the County of Eagle, State of Colorado, acting by and through its Board of County Commissioners (hereinafter "the County"), dated August 1, 1986, and entitled"Fixed Base Operator Concession Agreement and Lease," and the agreement dated March =-�=AN%r-y= 16th, 1987, entitled "Public Terminal Lease Agreement." In consideration of mutual covenants contained herein, the parties agree as follows: 1. The term of this agreement shall be the same as the "Public Terminal Lease Agreement." 2. The parties agree that all payments to be made to the County pursuant to the terms of the "Fixed Base Operator Concession Agreement and Lease," or pursuant to the management portion of the "Public Terminal Lease Agreement," shall be paid on a quarterly basis, with the quarters being January through March, April through June, July through September, and October through December. These quarterly payments shall be due on or before the 15th day of the first month following the end of the quarter. Howard shall be allowed to deduct from its payments all payments due and owing from the County during the same quarter, pursuant to the "Public Terminal Lease Agreement." In the event the amount owed by the County exceeds the amount owed by Howard, Howard shall bill the County for the difference, by the 15th day of the first month following the end of the quarter and the County shall pay the amount billed within 30 days. It is the intent of the parties that by virtue of the provision hereinabove, during the term of this agreement funds shall be paid quarterly instead of monthly as provided in the agreement referred to hereinabove. And that the obligations of the parties shall be offset against each other, the smaller obligation being offset against the larger, and the difference paid to whom due as provided herein. 3. However, monthly reports required of Howard by the Fixed Base Operation shall still be made as required by that agreement, even though no payment need be made at that time. 4. Howard shall also prepare quarterly statements which shall accompany any payment or bill as the case may be, setting forth an accounting of the offsetting obligations. 5. This agreement shall be modified only by written agreement of the parties. 6. This agreement is not assignable except with the prior written approval of the parties. 7. NOTICES: Any notice hereunder shall be sufficient if sent by registered or certified mail addressed to the County at P.O. Box 850, Eagle, Colorado, 81631; or to Howard at the Address contained herein. 8. DISAGREEMENTS: Shall there arise during the course of the term of this Agreement any disagreement about the lease or the conduct of the parties in relation thereto, the aggrieved party shall give notice to the other party of a meeting to be held at the offices of the County or other mutually agreed place, not less than three nor more than ten days from the date of said notice, so that the parties may attempt to resolve their differences prior to any other action. 9. LAW: This Agreement shall be governed by the law of the State of Colorado. IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed by their proper officers acting with full authority of the respective parties, this 16th day of �_- March, 1987. ATTEST: S-cre ary EAL) HOWARD AIR SERVICES, INC. By `f r, Presi COUNTY OF EAGLE, STATE OF COLORADO,- OLORADO, By and Through Its ATTEST: BOARD CO,NTY COMMISSIONERS By: By Clcp of the Board of County Commissioners -3- f soli;`