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Home My WebLink AboutC05-309 US Airways_ECAT THIRD AMENDMENT TO THE EAGLE COUNTY AIR TERMINAL CORPORATION "SIGNATORY AIRLINE-TYPE D" TERMINAL BUILDING LEASE WITH US AIRWAYS, INC. This THIRD AMENDMENT (hereinafter "THIRD AMENDMENT") to the "Signatory Airline-Type D" Terminal Building Lease between Eagle County Air Terminal Corporation, a not for profit 63-20 corporation of the State of Colorado (hereinafter "CORPORATION") and US Airways, Inc., a corporation organized and existing under the laws of the State of Delaware and authorized to do business in the State of Colorado (hereinafter "AIRLINE") is made this ~ day of o c I-ll bf r ,2005. RECITALS WHEREAS, on November 18, 2003, CORPORATION entered into a "Signatory Airline-Type D" Terminal Building Lease with AIRLINE (hereinafter "AGREEMENT") for the purpose of leasing certain portions ofthe TERMINAL BUILDING and granting operating privileges thereon to AIRLINE; and WHEREAS, on February 24, 2004 the parties entered into a First Amendment to the AGREEMENT; and WHEREAS, on November 24,2004 the parties entered into a Second Amendment to the AGREEMENT; and WHEREAS, pursuant to Section 18.19 of the AGREEMENT "this Agreement may be amended only in writing, and executed by duly authorized representatives of the parties hereto"; and WHEREAS, the parties now desire to extend the AGREEMENT for an additional one year term. NOW, THEREFORE, in consideration of the mutual promises set forth herein and in the AGREEMENT, the parties agree as follows: AGREEMENT 1. Article 2, Section 2.1 of the AGREEMENT shall be amended to read as follows: "Section 2.1 Term. This Agreement shall become effective at 12:00 a.m. local time on November 22, 2005, hereinafter called the "Effective Date," and shall continue for one year, expiring at 11 :59 p.m. on November 21,2006 subject to prior termination as provided in Article 1 14 hereof. The parties agree that this is a Signatory Airline -Type D Agreement as a result of such one year lease term". 2. The Calculation of Terminal Rent for Ski Season 2004-05, attached to the AGREEMENT as Exhibit B shall be replaced and superseded by the Calculation of Terminal Rent for Ski Season 2005-06 attached hereto as Exhibit B, which may be amended from time to time as set forth in the AGREEMENT. 3. Except as herein expressly amended or supplemented, the terms and conditions of the AGREEMENT, the First Amendment and the Second Amendment shall remain in full force and effect. 4. If any conflict exists between the provisions of the Third Amendment, the First Amendment, the Second Amendment and the AGREEMENT, the provisions of the Third Amendment shall control. 5. The Third Amendment shall be binding on the parties hereto, their heirs, executors, successors and assigns. IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment to the "Signatory Airline-Type D" Terminal Building Lease between Eagle County Air Terminal Corporation and US Airways, Inc. on the day and year first written above. CORPORATION: EAGLE COUNTY AIR TERMINAL CORP , A Colorado nonprofit tio - AIRLINE: US AIRWAYS, INC. . BY~}'Y)'~ Helen M. Tremont Vkv President, Real Estat6' Helen M. Tremont Vice President Corporate Real Estate 2 STATE OF COLORADO ) ) ss COUNTY OF EAGLE ) The foregoing instrument was subscribed and sworn to before me this day of Witness my hand and official seal. My commission RlKKl ViGIL CJ fh!1WYr Wl&J1lA r ) S'f1rrtrO F \j \ ( ~I VVl, IL ) ss COUNTY OF AY-(~ri\\r) ) The foregoing instrument was subscribed and sworn to before me this 2A;Jl--day of c . U I ~.,-, Vi,Le. Pr-el;id#rvt- - o~p \-C'~~ , 2005 by {.;'''I' v ( I'tf'vt(;yt1 , as Cv/';OO r~>k ~1L [J:;'~,& of US Airways, Inc. Witness my hand and official seal. My commission expires: 3 EAGLE COUNTY AIR TERMINAL CORPORATION ECA T ALR ENT0506 _ USAir _noexclu. 123 Exhibit B Calculation of Terminal Rent for Ski Season 2005-06 (USAirways-1 Year Lease; 25% rent premium; no exclusive space) 09-Aug-05 Exclusive and Joint Use Space; Rate/Sq Ft Calculation Exclusive Sq Ft RatefSq Ft Space Rent American 4,512 $45.23 $204,098 SkyWestlUnited 2,918 $45.23 131,995 Delta 1,082 $45.23 48,944 Northwest 865 $45.23 39,128 Continental 1,825 $45.23 82,553 USAirways 0 $45.23 0 Total Exclusive Space/Rent 11,202 $506,718 Total Joint Use Space 36,328 Total Exclusive and Joint Space 47,530 Terminal Rent per Section 8 $2,150,000 / Total Exclusive and Joint Space 47,530 = Calculated Rental Rate/Sq Ft. $45.23 Terminal Rent Net of United $2,150,000 Less Exclusive Space Rent (506,718) Total Joint Rent to Allocate $1,643,282 Less FBO Business Purchase Joint Rent (635,250) 20% 80% Total Joint Space Rent to Allocate $1,008,032 $201,606 $806,426 Joint Space Rent Allocation Joint 20% Equal 2004 Actual Market 80% Allocated Space Share Enplanements Share Share Rent American $33,601 82,559 42.7% $344,281 $377,882 MesalAirWis/SkyWestlUnited 33,601 61,449 31.8% 256,250 289,851 Delta 33,601 15,507 8,0% 64,666 98,267 Northwest 33,601 13,164 6.8% 54,895 88,496 Continental 33,601 16,490 8.5% 68,765 102,366 USAirways 33,601 4,213 2.2% 17,569 51,170 Total $201,606 193,382 100.0% $806.426 $1.008,032 FBO Business Purchase Joint Rent Allocation FBO FBO Business Market Business Purchase Share Purchase Joint Rent American 42,7% $635,250 $271,202 SkyWestlUnited 31.8% $635,250 201,857 Delta 8.0% $635,250 50,940 Northwest 6.8% $635,250 43,243 Continental 8.5% $635,250 54,169 USAirways 2.2% $635,250 13,839 100.0% $635,250 Page 1 of 2 EAGLE COUNTY AIR TERMINAL CORPORATION ECA TALRENT050S_USAir_noexclu.123 Exhibit B Calculation of Terminal Rent for Ski Season 2005-06 (USAirways-1 Year Lease; 25% rent premium; no exclusive space) 09-Aug-05 Components of Airline Terminal Rent (Excludes Refund of Net Concession Revenue Share After Year End) 1st Year 2nd Yr & Later Am~rican 110 yr leasel: Annual Payments (4) Payments (12) Base Rent - Exclusive $204,098 Allocated Base Rent - Joint (20% Equal Shares) 33,601 Allocated Base Rent Joint (80% Enplanements) 344,281 Allocated Bas e Rent. FBa Business Purchase (0%/100%) 271,202 Less Adjustment Due to AA $750,000 Cap (103,182) Total American Rent $750,000 SkyWestJUnited (3 Year Lease): Allocated Base Rent - Exclusive $131,995 Allocated Base Rent. Joint (20% Equal Shares) 33,601 Allocated Base Rent - Joint (80% Enplanements) 256,250 Total Space Rent $421,845 Base Rent Premium (OO%) 0 Allocated Base Rent. Business Purchase (0%/100%) 201,857 Total United Express Rent $623,702 $155,925 Delta 13 Year Lease): Allocated Base Rent - Exclusive $48,944 Allocated Base Rent. Joint (20% Equal Shares) 33,601 Allocated Base Rent - Joint (80% Enplanements) 64,666 Total Space Rent $147,211 Base Rent Premium (OO%) 0 Allocated Base Rent - FBO Business Purchase (0%/100%) 50,940 Total Delta Rent $198,151 $49,538 Northwest (3 Year Lease): Allocated Base Rent - Exclusive $39,128 Allocated Base Rent. Joint (20% Equal Shares) 33,601 Allocated Base Rent - Joint (80% Enplanements) 54,895 Total Space Rent $127,624 Base Rent Premium (OO%) 0 Allocated Base Rent - FBa Business Purchase (0%/100%) 43,243 Total Northwest Rent $170,867 $42,717 Continental (3 Year Lease): Allocated Base Rent - Exclusive $82,553 Allocated Base Rent - Joint (20% Equal Shares) 33,601 Allocated Base Rent - Joint (80% Enplanements) 68,765 Total Space Rent $184,919 Base Rent Premium (OO%) 0 Allocated Base Rent - FBO Business Purchase (0%/100%) 54,169 Total Continental Rent $239,088 $59.772 USAirways (1 Year Lease): Allocated Base Rent - Exclusive $0 Allocated Base Rent - Joint (20% Equal Shares) 33,601 Allocated Base Rent - Joint (80% Enplanements) 17,569 Total Space Rent $51,170 Base Rent Premium (25%) 12,792 Allocated Base Rent - FBa Business Purchase (0%/100%) 13,839 Total USAirways Rent $77.802 $19.450 Total Airline Rent: Total Base Rent - Exclusive $506,718 Total Allocated Base Rent - Joint 1,008,032 Total Base Rent Premium 12,792 Allocated Base Rent - FBO Business Purchase (0%/100%) 635,250 Less Adjustment Due to AA $750,000 Cap (103,182) Total Rent Page 2 of 2