TITLE TO IMPROVEMENTS; REMOVAL OF EQUIPMENT. Lessee shall own the hangar and have the right at any time during this Agreement, when not in default, hereunder, to remove said hangar from the Premises, along with all personal property within the hangar, subject to the provisions of this Article. Removal of the hangar prior to termination, expiration or cancellation of this Agreement shall not alter, excuse or modify Lessee’s obligations under this Agreement. If Lessee has not removed the hangar during the term of this Agreement, or any renewal or extension hereof, the Airport shall have the option of purchasing the hangar at the termination, expiration or cancellation of this Agreement. Purchase price shall be based upon fair market value as determined by averaging two appraisals – one obtained by Lessor and one obtained by Lessee, and each at their respective expense. The parties may waive the appraisals if an agreed purchase price can otherwise be negotiated. If the Airport does not exercise its option of purchasing the hangar, Lessee shall have a sixty-day period in which to remove the hangar and all other personal property, which sixty-day period shall not be subject to holdover tenancy under Section IV, B.
