State of North Carolina
County of Catawba
lease Agreement
THIS LEASE AGREEMENT, made and entered into this 1st day of June, 1991,
by and between Little Mountain Airport Association ("Lessor") and Mountain
Air Cargo, Inc. ("Lessee"):
WITNESSETH:
That for and in consideration of the rentals hereinafter reserved and
the covenants and agreements herein contained,
Lessor does hereby demise and lease unto Lessee, and Lessee does hereby lease
from Lessor the premises ("Leased Premises") described in the attached
Exhibit A, for the rentals and on the conditions hereinafter stated.
ARTICLE I
TERM:
The term of this lease shall be for a period of five (5) years
commencing June 1, 1991 and continuing until May 31, 1996. Lessee has option
to renew lease for an additional five (5) year period commencing June 1, 1996
and ending May 31, 2001.
ARTICLE II
RENTAL:
Lessee shall pay to the Lessor as rental monthly installments, each in
the amount of Seven Thousand ($7,000.00) Dollars, payable in advance on the
first day of each and every calendar month, commencing with June 1991. If
Lessee exercises option to renew Lease for the additional five (5) year Lease
period starting June 1, 1996, monthly rental will be adjusted to reflect the
CPI change from June 1, 1991 to June 1, 1996.
ARTICLE III
MAINTENANCE:
The maintenance of the Leased Premises shall be the sole
responsibility of the Lessee, it being understood and agreed
that the premises are being leased without obligation on the
part of the Lessor to make repairs. And the Lessee covenants
and agrees to take good care of the Leased Premises
and upon the termination of this lease will surrender the said
Leased Premises in as good order and condition as they now are,
ordinary wear and tear excepted.
ARTICLE IV
IMPROVEMENTS BY LESSEE:
Any air conditioning, heating, plumbing or other
improvements installed in the leased Premises by the Lessee
shall become a part of the Leased Premises and Lessee shall have no
right to remove same at the termination of the lease.
ARTICLE V
UTILITIES:
Lessee shall pay for all utilities furnished the Leased Premises during
the term of this lease.
ARTICLE VI
TAXES AND INSURANCE:
Lessee shall be responsible for providing insurance on the Leased
Premises and shall pay all ad valorem taxes on the Leased Premises. Lessee
shall be responsible for ad valorem taxes on all equipment owned by it and
placed on the Leased Premises.
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ARTICLE VII
USE OF PREMISES:
Lessee shall use the Leased Premises for the operation of an airport,
maintenance facility, and corporate offices.
ARTICLE VIII
FORFEITURE FOR DEFAULT:
It is expressly agreed that if Lessee shall neglect to make any payments
of rent when due or neglect to do and perform any matter or thing herein
agreed to be done and performed by it, and shall remain in default thereof
for a period of fifteen (15) days after written notice from Lessor calling
attention to such default, Lessor may declare the lease terminated and
cancelled and take possession of said Leased Premises without prejudice to
any other legal remedy it may have on account of such default.
Said notice may be given to the person at such time in charge of said Leased
Premises or sent by registered mail to Lessee addressed to X.X. Xxx 000,
Xxxxxx, Xxxxx Xxxxxxxx, 00000.
ARTICLE IX
ASSIGNMENT:
Lessee shall have no right to assign or sublease the Leased Premises
without the written approval of Lessor.
ARTICLE X
SALE OF LEASED PREMISES:
Lessor shall have the right to sell the Leased Premises and the lease
shall continue in full force and effect.
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ARTICLE XI
ENTIRE AGREEMENT:
This lease contains all the agreements and conditions made between the
parties hereto and may not be modified orally or in any other manner than by
an agreement in writing, signed by all the parties hereto or their respective
successors in interest.
IN WITNESS WHEREOF, the parties hereto have executed this Lease
Agreement the day and year first above written.
(Corporate Seal) LESSOR:
Little Mountain Airport Assoc.
/s/ Xxxx Xxxxxxx
(Assistant Secretary)
/s/ Xxxx Xxxxxxx
Xxxx Xxxxxxx, Vice President
LESSEE:
(Corporate Seal) Mountain Air Cargo, Inc.
/s/ Xxx Xxxxxxx By /s/ Xxxxx Xxxxx
Chief Executive Officer
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EXHIBIT "A"
The Leased Premises shall be nonexclusive use of the runway, ramp and parking
and exclusive use of the existing buildings located in Catawba County on land
described as follows:
"BEGINNING at iron pin, Xxxxxxx'x corner, and runs from
said beginning point with Xxxxxxx'x line North 20 degrees
East. 75 feet to a stake, a common corner of Xxxxxxx and Xxx
X. Xxxxx, Xx.; thence with the line of Xxx X. Xxxxx, Xx.; thence
with the line of Xxx X. Xxxxx, Xx. North 24 degrees
52 minutes East 1092 feet to a stake; thence South 68
degrees 8 minutes East 765 feet to a stake; thence South 24
degrees 52 minutes West 2925.7 feet to a stake; thence
South 53 degrees West 350.57 feet to a stake; thence North
34 degrees West 758.03 feet to a stake; thence North 24
degrees 52 minutes East 1391.31 feet to a stake on the
Northeast edge of a 60-foot road; thence North 33 degrees
58 minutes East 26.46 feet to the point of BEGINNING,
containing 54.448 acres, in accordance with a survey
prepared by Xxx X. Xxxxxxxx, Registered Surveyor, dated
December 28, 1973."
For a more particular description of the buildings, refer
to the Appraisal by X.X. Xxxxxx, CRA, Home Realty, Inc.,
dated March 17, 1980.
