LEASES; AGREEMENTS. The Sponsor shall ensure that its lease agreements provide for fair market value income and prohibit exclusive rights. (A) Long term commitments (longer than 5 years) must provide for renegotiation of the leases’/agreements’ terms and payments at least every five (5) years. (B) Leases/agreements shall not contain provisions that adversely affect the Sponsor's possession and control of the airport or interfere with the Sponsor's ability to comply with the obligations and covenants set forth in this grant Agreement.
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Samples: State Block Grant Agreement, State Block Grant Agreement, State Block Grant Agreement
LEASES; AGREEMENTS. The Sponsor shall ensure that its lease agreements provide for fair market value income and prohibit exclusive rights.
(A) Long term commitments (longer than 5 five (5) years) must provide for renegotiation of the leases’/agreements’ terms and payments at least every five (5) years.
(B) Leases/agreements shall not contain provisions that adversely affect the Sponsor's possession and control of the airport or interfere with the Sponsor's ability to comply with the obligations and covenants set forth in this grant Agreement.
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