Company’s Improvements Sample Clauses

Company’s Improvements. Upon expiration of the first 25 years of the term of this Agreement, title to Company’s Improvements will vest in Authority. At such time, a fair market rental value (FMRV) appraisal of Company’s Improvements will be performed by a duly qualified and licensed appraiser, selected, appointed and paid by Authority. Such appraised FMRV will establish the rental obligation, on a triple net basis, for Company’s Improvements rental payment obligation by Company to Authority during the remaining term and any approved renewal terms of the Agreement.

Company’s Improvements. A. Company will be responsible for the complete design, construction and maintenance costs of all automobile parking area, infrastructure, landscaping, irrigation, sidewalks, lighting and other customary appurtenances for Hangar 4. B. Company will be responsible for the maintenance costs of the apron constructed by the Authority for Hangar 4.

Company’s Improvements. Time is of the essence with regard to this contract. As part of the consideration hereof, Company covenants and agrees that it will construct the following improvements with all reasonable speed and use commercially reasonable efforts to complete the improvements by 25 February 2012 (Phase I to be completed by 25 February 2009; Phase II to be completed by 25 February 2012). Company’s Improvements will be further detailed in the project construction documents, which, after review and approval by the Parties, will be subsequently attached hereto as Exhibit “3” and incorporated herein by reference. In general terms, Company’s Improvements shall include, but not be limited to: A. Approximately 50,000 square feet of paved aircraft parking apron, designed to accommodate the maneuvering, parking and tie down of light to medium sized business jets and other general aviation aircraft, which is appropriately drained, marked, and lighted, with access to proposed hangar facilities with adequate taxiway connection to the airfield, and which is in accordance with the Authority’s “Minimum Standards and Requirements for Aeronautical Activities” which is incorporated herein by reference, and attached hereto as Exhibit “8”. B. Two (2) 12,000 square foot aircraft hangars and an additional 3,600 square foot area of covered aircraft storage C. Approximately 6,000 square feet of finished office and shop space. D. Approximately 10,760 square feet of paved automobile parking area, containing not less than Thirty-Seven (37) paved automobile parking spaces. Company shall be responsible for all construction permitting, site-work, utility service lines, storm water provisions, drainage, landscaping, lighting and other improvements required for issuance of a certificate of occupancy. Company shall install and maintain adequate aircraft apron lighting, security fencing and security lighting to the satisfaction of the Authority.

Company’s Improvements. As part of the consideration hereof, Company covenants and agrees to design and construct, at Company’s sole expense, the following minimum improvements on the Leased Premises, which are further depicted on Exhibit “3”, Company’s Improvements, attached hereto and made a part hereof. In no event will Authority be required to reimburse Company for any sums expended by Company for Company’s Improvements as defined in this Agreement. 1) Four hangars of not less than 31,000 square feet each: ▇▇▇▇▇▇ ▇, ▇▇▇▇▇▇ 2 and Hangar 4 as depicted on Exhibit 3 will be for the storage of aircraft; Hangar 3 as depicted on Exhibit 3 will be for the maintenance of aircraft, adequate to house any aircraft upon which maintenance is being performed including office and supporting parts and shop space. 2) Automobile parking lot, landscaping, irrigation, sidewalks, lighting and all customary appurtenances to meet all applicable local codes and to support ▇▇▇▇▇▇ ▇. Construction of the automobile parking lot will be of like quality, appearance and specification to the Authority's Improvements as described in paragraph 2.2 of this Article. 3) A fuel farm with the minimum storage capabilities of 10,000 gallons aviation gasoline and 20,000 gallons jet fuel. 4) Office building (either separate or adjoining) of not less than 11,000 square feet adequate to house an office, pilot’s lounge, telephone and public restroom facilities, line service area, customer service counter, flight planning area, lobby with adequate seating for passengers, break and vending areas, conference room to meet reasonable demand, and a canopy of not less than 12,000 square feet, attached to the office building and extending over the apron. 5) Company will submit to Authority, in advance of any work performed, all plans, specifications, shop drawings or suitable sketches on Company’s planned Improvements for Authority’s approval.