LEASE AGREEMENT
STATE
OF NORTH CAROLINA
COUNTY
OF CATAWBA
THIS
LEASE AGREEMENT,
made
and entered into this 16th day of June, 2006, by and between LITTLE
MOUNTAIN AIRPORT ASSOCIATES, INC.
(“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 commencing June 1, 2006 and continuing
until
May 31, 2008. Lessee has option to renew lease for an additional two (2)
year period commencing June 1, 2008 and ending May 31,
2010.
ARTICLE
II
RENTAL
Lessee
shall pay to the Lessor as rental monthly installments, each in the amount
of
Twelve Thousand Seven Hundred Thirty-six and 79/100 Dollars ($12,736.79),
payable in advance on the first day of each and every calendar month, commencing
with June 2006. If Lessee exercises option to renew Lease for the additional
two
(2) year Lease period starting June 1, 2008, monthly rental will be
adjusted to reflect the Consumer Price Index (CPI) change from June 1, 2006
to April 1, 2008.
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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.
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.
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.
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IN
WITNESS WHEREOF,
the
parties hereto have executed this Lease Agreement the day and year first above
written.
LESSOR:
LITTLE
MOUNTAIN AIRPORT ASSOCIATES, INC.
/s/
Xxxxxxx X. Xxxxxxx
Name: Xxxxxxx
X. Xxxxxxx
Title: President
STATE
OF
NORTH CAROLINA
COUNTY
OF
___Catawba___________
I
certify
that the following person(s) personally appeared before me this day, each
acknowledging to me that the he or she voluntarily signed the foregoing document
for the purpose stated therein and in the capacity indicated for LITTLE
MOUNTAIN AIRPORT ASSOCIATES, INC.
Xxxxxxx
X. Xxxxxxx
(insert
name(s) of those signing)
Date
____June
16, 2006___________ /s/
Xxxxxx X. Xxxxxx
Official
Signature of Notary
Xxxxxx
X.
Xxxxxx
Notary’s
printed or typed name
My
commission expires: ________September
20, 2006____________
(Official
Seal)
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LESSEE:
MOUNTAIN
AIR CARGO, INC.
By/s/
Xxxx Xxxxxxx
Name: Xxxx
Xxxxxxx
Title: CFO
STATE
OF
NORTH CAROLINA
COUNTY
OF
___Catawba
_____________
I
certify
that the following person(s) personally appeared before me this day, each
acknowledging to me that the he or she voluntarily signed the foregoing document
for the purpose stated therein and in the capacity indicated for MOUNTAIN
AIR CARGO, INC.
Xxxx
Xxxxxxx
(insert
name(s) of those signing)
Date
_____
June
16, 2006_____________ /s/
Xxxxxx X. Xxxxxx
Official
Signature of Notary
Xxxxxx
X. Xxxxxx
Notary’s
printed or typed name
My
commission expires: ___
September 20, 2006_______________
(Official
Seal)
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Exhibit
A
1. The
real
property located at 0000 Xxxxx Xxxxxxxx Xxxxxxx 00, Xxxxxx, Xxxxx Xxxxxxxx,
being more particularly described in Book 0915, Page 0317 of the Catawba County,
North Carolina, Register of Deeds; and
2. Nonexclusive
use of the runway, ramp and parking and exclusive use of the existing buildings
located in Catawba County on the real property 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.
.
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NORTH
CAROLINA
CATAWBA
COUNTY
The
foregoing certificates of ______________________________, a Notary Public of
Catawba County, North Carolina, are certified to be correct. This instrument
was
presented for registration this 20th day of June, 2006, at 04:15:04pm. M.,
and
duly recorded in the office of the Register of Deeds of Catawba County, North
Carolina, in Book 02759, Pages 1442-1447.
This
20th
day of June, 2006.
/s/
Xxxxx Xxxxx Xxxxxxx
Register
of Deeds
Xxxxx
Xxxxx Xxxxxxx
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