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JAil I CE K \/OS CRUD I LL P ITK HI CQUIITY CO R 0.00 0 f) 00
PATIO SHELTER HANGAR LEASE AGREEMENT
THIS PATIO SHELTER HANGAR LEASE AGREEMENT, is entered into
and effective this 10th day of October, 2005, by and between the PITKIN
COUNTY BOARD OF COUNTY COMMISSIONERS, a political subdivision
of the State of Colorado ("BOCC") and DB Aviation, L.L.c. ("Lessee").
RECITALS
A. The BOCC owns and operates Sardy Field, the Aspen/Pitkin County
Airport, located in Aspen, Pitkin County, Colorado ("Airport").
B. Lessee, DB Aviation, L.L.c., wishes to lease a patio shelter-type
hangar to be constructed by the BOCC on the Airport.
NOW, THEREFORE, in consideration of the above Recitals and the
mutual promises and representations set forth below, the parties hereby agree
as follows:
ARTICLE I. LEASED PREMISES
A. The BOCC hereby leases to Lessee, and Lessee hereby leases from
the BOCC, a parcel of real property on the Airport designated of the following
described size: Extra Laroe to be designated as Patio Hangar Space No. C-13
, to be as shown on the map to be attached hereto as Exhibit A and
incorporated herein by this reference when completed by the BOCC, and any and
all rights, privileges and appurtenances herein described as belonging to said
space, subject, however, to all restrictions and other encumbrances of record.
The parcel of real property shall hereinafter be referred to as the "Leased
Premises".
B. Lessee is also granted the nonexclusive right to utilize such Airport
runways, taxiways, and public use aprons ("airfield areas"), and such other rights of
way and access across the Airport ("Airport rights of way"), as necessary for ingress
and egress to its Leased Premises, and to the extent necessary to enable Lessee to
utilize the Leased Premises for the purposes discussed herein. Lessee's use of said
airfield areas and other Airport rights of way shall be on a nonexclusive, non-
preferential basis with other authorized users thereof. Lessee shall abide by all
directives of the BOCC, the Federal Aviation Administration ("FAA") and any other
governmental entity having jurisdiction over the Airport, governing their use of said
airfield areas and other Airport rights of way, either alone or in conjunction with other
authorized users thereof. Furthermore, the BOCC may from time to time increase or
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JAIIICE K VOS CAUDILL PITKIIJ COUrlfV CO R 0,00 3~2~0~0.J _.1
decrease the size or capacity of any airfield areas and other Airport rights of way or
facilities (other than the Leased Premises), make alterations thereto, reconstruct or
relocate them, modify the design and type of construction thereof, or close them, or
any portion or portions of them, either temporarily or permanently, without being liable
for any damages that may be caused Lessee thereby, and without being deemed to
have terminated this Agreement as a result thereof.
C. BOCC reserves the right to subordinate the provisions of this Lease to the
provisions of any future agreement between the BOCC and the United States
Government relative to the operation, maintenance or development of the Airport which
agreement may be required as a condition precedent to the expenditure of Federal
Funds for the development, maintenance or operation of the Airport, if such an
Agreement is entered into between the County and the United States Government, the
parties agree to execute an amendment to this Lease so as to remove any material
inconsistencies between this document and any agreement with the United States
Government. Furthermore, in the event that by reason of any such agreement with the
United States Government as aforesaid, it becomes necessary to modify, relocate or
remove any improvements or other structures situated on the Leases Premises, or to
move the Leased Premises itself, Lessee agrees to modify, relocate or remove any such
improvements or structures, or to move to a new location for the Leased Premises, as
directed by BOCC and BOCC shall compensate and reimburse Lessee for reasonable
damages, costs and expenses (including modification, removal or relocation costs)
suffered or incurred by Lessee in consequence thereof. If, due to the conditions of any
agreement between the BOCC and the United States government, the Leased Premises
cannot be relocated at the Airport, the BOCC has the right to terminate this lease upon
sixty (60) days notice to the Lessee by paying to the Lessee the then unamortized cost
of the Lease as of the date of termination.
ARTICLE II. GRANT OF USE
A. The BOCC hereby grants Lessee the exclusive right to use the Leased
Premises to store aircraft in conjunction with the Lessee's FBO's business. The Lessee
understands that restrictions, including any prohibition required by County, state or
federal law, may apply to the parking of automobiles. The restrictions will be at the
discretion of the Airport Director. All uses by the Lessee shall be in compliance with the
rules and regulations of the Airport and with all FAA regulations. In addition, Lessee
may sub-let the Leased Premises subject to the conditions in Article XXI.
B. Lessee shall not use, nor permit others to use, the Leased Premises, and
any improvements thereon, to store automobiles or equipment unrelated to Lessee's
use of the Leased Premises under this Agreement; to fuel any aircraft or vehicles in any
manner that would violate the regulations of the Airport, or for any other purpose than
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JArJICE K VQS CAUDILL PITKIrJ CQUIITY CO R 0,00 0 0,00
Lessee's aeronautical services and activities authorized by Subparagraph A above,
unless the BOCC authorizes Lessee, in writing, to use the Leased Premises, and any
improvements thereon, for said additional purposes.
ARTICLE III. TERM
A. The initial term of this Patio Shelter Hangar Lease Agreement shall be
deemed to commence at 12:01 a.m. on October 10, 2005 (the "commencement date")
and shall terminate at midnight on October 9, 2025. The Lessee may terminate the
Lease upon sixty (60) days notice to the BOCC, provided that in that event, the Lessee
shall not be entitled to the return of any prepaid unamortized cost of the Lease. If such
dates are left blank, then the "commencement date" shall be that date upon which the
Lessor notifies the Lessee in writing that the Patio Shelters are available for occupancy.
If the termination date is left blank, then such termination date shall be twenty (20)
years from the commencement date.
B. Notwithstanding the twenty-year term indicated in Paragraph A of this
Article, the BOCC in its sole discretion and provided it converts and uses the Leased
Premises for a purpose other than for Patio Shelters, shall have the right to shorten the
lease period from 20 years to as short as 15 years or some period in between. To
exercise this right the BOCC shall notify Lessee in writing within 60 days of the end of
the 15th year of the lease term of the BOCC's intent to shorten the lease term and put
the Leased Premises to another use and shall state what term, if any, beyond the 15
years, remains on the lease. In the event that the BOCC does shorten the lease
pursuant to this paragraph, it shall have no obligation to pay Lessee for any
unamortized cost of the lease (the Buy Back Option Price referred to on Exhibit C).
ARTICLE IV. RENT AND OTHER FEES
A. Rent.
1. Initial Rent: The rent for the Leased Premises, and the method of
payment thereof, shall be as set forth in Exhibit B attached hereto and incorporated
herein by this reference. Any amounts listed on Exhibit B as "Full Down" payments
shall be paid as follows: Twenty Percent (20%) shall be paid at the time of execution
of this Lease by Lessee. The remaining "Full Down" amounts are to be paid as per the
schedule which Lessor shall provide Lessee based upon Lessor's estimated timing for
use of funds to pay for construction/development cost of the Leased Premises. Lessee
shall pay said Full Down funds within thirty (30) days after Lessor notifies Lessee in
writing of need for additional funds (up to the cumulative amount of One Hundred
Percent (100%) of the "Full Down" amount listed on Exhibit B).
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JAIJI CE K VOS CAUD I LL P ITK I N COUNTY CO R 0,00
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B. Miscellaneous Other Fees.
1. Lessee shall pay other operations fees, including administrative
charges, insurance, operation costs, utilities and maintenance charges and ground rent,
common to the patio shelter hangars. Further more, the Lessee shall pay separate
electrical heating fees for any engine heating done by the Lessee. All such operational
fees, and electrical engine heating fees, if any, shall be paid on a quarterly basis for the
Leased Premises as established by the BOCC based upon actual expenditures and actual
electrical usage for the entirety of the patio shelter-type hangar each year. The
operational fees shall be assessed in accordance with the schedule set forth in Exhibit
B. The ground rent set forth on Exhibit B shall automatically be increased by the
percentage increase in the Consumer Price Index - All Urban Consumers (CPI-U) - U.S.
City Average - All Items, during the latest available preceding twelve (12) month period,
or four percent (4%), whichever is greater. If the CPI-U ceases to be published by the
U.S. Department of Labor, the parties shall agree on a successor index representing the
broadest national indicator of consumer inflation. All such increases shall be
cumulative, compounded annually; i.e. the percentage shall be applied in each instance
against the ground rent fees for the preceding Lease Year. All other expenses and fees
shall be increased by the BOCC's actual expenditures therefor, and notice of any
increase shall be given to the Lessee on or before January 1st of each year of the Lease
Term. Payments of all operational fees shall be made in advance on or before the first
(1 st ) day of each three-month, calendar year quarter involved. The initial operational
fees, which shall be valid until January 1, 2003, are set forth in Exhibit B.
C. Payment of Fees.
1. Payment of all monies owed to the BOCC hereunder shall be made
to the BOCC at its administrative offices located in the Airport's terminal building, or as
otherwise directed by the BOCC.
D. Interest. Any ground rental or other monies owed to the BOCC under this
Lease Agreement which are not received when due, or any monies paid by the BOCC on
Lessee's behalf which were Lessee's responsibility under this Lease Agreement, shall
accrue interest at the rate of one and one-half percent (11/2%) per month from the due
date or date when the BOCC made payment on Lessee's behal( until receipt of full
payment from Lessee. Any payments received shall be applied first to accrued interest,
and then to the reduction of the actual amounts owed by Lessee.
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JRtH':[ K VOS CAUDILL PITKIN COUNTY CO R 0,00 0 0.00
ARTICLE V. IMPROVEMENTS
During the term of this Lease, Lessee shall have no right to construct any
improvements, alterations, or additions to the Leased Premises, or to any improvements
presently located thereon, in furtherance of Lessee's authorized use of the Leased
Premises without the written consent of the BOCC, which may be withheld at the
discretion of the BOCC.
ARTICLE VI. MAINTENANCE AND UTILITIES
A. During the term of this Lease, Lessor shall, at its own expense, maintain
and keep all portions of the Leased Premises, and any improvements, fixtures and
equipment which is part of the Leased Premises, in good operating physical condition
and repair.
B. During the term of this Lease, Lessee agrees to keep Leased Premises In a
safe and clean condition, and to not permit any unsightly accumulation of wreckage,
debris, or trash where visible to the general public visiting or using the Airport.
ARTICLE VII. DAMAGE TO AIRPORT
Lessee shall be liable for any damage to the Airport and to any improvements
thereon caused by Lessee, its officers, agents, employees, contractors, subcontractors,
assigns, subtenants, customers, guests, invitees, or anyone acting under its direction
and control, ordinary wear and tear excepted. All repairs for which Lessee is liable may
be made by Lessee at its own expense, provided that said repairs are made timely and
to the BOCC's satisfaction as to the quality of repair or, if not timely or satisfactorily
made by Lessee, then by the BOCC at Lessee's expense.
ARTICLE VIII. DEFAULT AND REMEDIES
A. Events of Default. The following shall constitute defaults by Lessee:
1. Failure to pay quarterly operational fees or electrical engine heating
fees, or any other monies owed hereunder, or under any other agreements between
the parties, when such monies are due, and the failure to cure said delinquency within
a period of ten (10) days following written notice of said delinquency;
2. Any other failure in the performance of any covenant or obligation
required herein, and the failure to cure said delinquency within a period of thirty (30)
days following written notice of said delinquency;
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JRNICE K VDS CRIJDILL PITKIN COUrHY CO R 0.00 0 0 00
3. The acquisition of Lessee's interest in this Lease Agreement by
execution or other process of law when said process of law is not discharged within
fifteen (15) days thereafter; and
4. Lessee's general assignment of its rights, title and interest
hereunder for the benefit of creditors; or the appointment of a receiver for Lessee's
property if the appointment is not vacated within ninety (90) days.
5. Filing by or against Lessee in any court pursuant to any statute
either of the United States or of any state, of a petition of bankruptcy or insolvency, or
reorganization, or the appointment of a receiver or trustee, of all or a portion of
Lessee's property if, within sixty (60) days after commencement of any such
proceedings involving Lessee, such petition shall not have been dismissed.
B. Remedies Upon Default. Upon the occurrence of any of the events of
default set forth in Subparagraph A above, the BOCC may exercise anyone or more of
the following remedies. These remedies shall be cumulative and not alternative:
1.
The BOCC may sue for specific performance;
2.
BOCC, including
attorneys' fees;
The BOCC may sue for recovery of all damages incurred by the
incidental damages, consequential damages, if any, and reasonable
3. The BOCC may terminate this Lease Agreement and, at the option
of the BOCC any other agreement in effect between the parties. The termination of
these agreements, however, shall only be effective upon written notice of same
provided by the BOCC to Lessee. In no event shall this Lease be construed to be
terminated unless and until such notice is provided. The termination may be effective
immediately upon provision of said notice, or at any other time specified in the notice.
In the event the BOCC terminates this lease the BOCC shall have no obligation to pay
Lessee for any unamortized cost of the lease (the Buy Back Option Price referred to on
Exhibit C). If this Lease is terminated, Lessee shall continue to be liable for: (a) the
performance of all terms and conditions, including the payment of all monthly ground
rent and all other monies due or accrued hereunder prior to the effective date of said
termination; and (b) all damages, including attorneys' fees and other expenses of
collection, incurred as a result of any default.
4. Without terminating the Lease by so doing, and without further
notice to Lessee, BOCC may re-enter the Leased Premises with or without process of
law, repossess the Leased Premises and all fixtures and improvements thereon, and
remove Lessee and any third parties who may be occupying or within the Leased
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JAIHCE K VOS CAUDILL PITKIII COUNTY CO R 0,00
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Premises and all of their respective personal property, by using either such reasonable
force as may be necessary, summary proceedings, ejectment, or any other means, the
BOCC, in its sole discretion, deems appropriate without being deemed guilty of any
trespass, eviction, or forcible entry and detainer by so doing. In such case, the BOCC
shall be obligated to attempt, in good faith, to negotiate the reletting of the Leased
Premises, and any improvements thereon, or any portion thereof, on behalf of Lessee,
for such period of time and upon such terms and conditions as the BOCC deems
appropriate. The BOCC shall in no way be obligated under the terms of this
subparagraph to relet all or any portion of the Leased Premises, or any improvement
thereon, to any third party, or upon terms and conditions, that are not acceptable to
the BOCC, or which the BOCC in its sole discretion, does not feel to be in the best
interests of the Airport; nor shall the BOCC be responsible for any failure by the
sublessee or new tenant to pay rent or to perform any other conditions due upon such
reletting. Lessee hereby expressly authorizes BOCC to make any reasonable repairs or
renovations necessary to relet the Leased Premises, or any improvements thereon, on
Lessee's behalf. Assuming BOCC attempts to relet the Leased Premises, in good faith,
whether or not BOCC is able to relet the Leased Premises, Lessee shall remain liable for
the performance of all terms and conditions of the Lease and the payment of all monies
due under the Lease for the remainder of the leasehold term, although Lessee shall
receive credit for any monies paid or conditions performed as a result of reletting.
Lessee shall also be responsible for reimbursing the BOCC for all costs and expenses
the BOCC incurs in reletting or attempting to relet the Leased Premises, including
reasonable repair and renovation costs. Finally, if, as a result of such reletting, BOCC
becomes entitled to receive excess rentals or other benefits over and above what BOCC
would have been entitled to receive under this Lease Agreement, BOCC shall be entitled
to retain all such surplus rentals and other benefits, and Lessee shall have no rights or
interest therein.
5. The BOCC may utilize any other remedy provided by law or equity
as a result of any events of default.
C. Force Ma;eure. Any defaults by either of the parties in the performance of
any of the terms and conditions contained herein shall be excused where due to force
majeure, which, among other things, shall include natural catastrophes such as
hurricanes, tornadoes, or floods, acts of God, acts of war, and governmental statutes,
regulations, directives, or contracts governing the operation of the Airport, with which
the BOCC or Lessee must comply.
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JAIJICE K 'iOS CAUDILL PITKII, COUNTY CO R 0.00 0 0,00
ARTICLE IX. COMPLIANCE WITH STATUTES, RULES,
REGULATIONS, DIRECTIVES
A. Lessee shall observe and obey all statutes, rules, regulations and
directives promulgated by the BOCC and other appropriate local, state and federal
entities having jurisdiction over the Airport, including the Federal Aviation
Administration ("FAA") and the Environmental Protection Agency. Without limiting the
foregoing, Lessee agrees to utilize its Leased Premises, and the common areas of the
Airport, and all improvements thereon, in compliance with the Federal Aviation
Regulations, including all amendments hereafter made, embodied in 49 C.F.R. Parts 107
and 108, which are speCifically incorporated and made a part of this Lease Agreement.
Lessee further agrees to perform all of its operations authorized hereunder in
accordance with all of the terms and conditions of the rules and regulations for the
Airport as the same may be amended from time to time. If there is any inconsistency
between the terms of this Agreement, and the rules and regulations for the Airport, the
terms of this Agreement shall control. Lessee further agrees to comply with all verbal
and written directives of the Airport Director regarding Lessee's use of the Leased
Premises, the Airport's airfields and ramps, and other common areas elsewhere on the
Airport.
B. Should Lessee, its officers, agents, employees, customers, guests,
invitees, subtenants, assigns, contractors or subcontractors violate any local, state or
federal law, rule or regulation applicable to the Airport, and should said violation result
in a damage award, citation or fine against the BOCC then Lessee shall fully reimburse
the BOCC for said damage award, citation or fine and for all costs and expenses,
including reasonable attorneys' fees, incurred by BOCC in defending against or
satisfying the award, citation or fine.
ARTICLE X. INSPECTION
At any time, the BOCC may inspect the Leased Premises, and any improvements,
fixtures or equipment thereon.
ARTICLE XI. OUIET ENJOYMENT
The BOCC expressly covenants and represents that upon payment of fees when
due and upon performance of all other conditions required herein, Lessee shall
peaceably have, possess and enjoy the Leased Premises and other rights herein
granted, without hindrance or disturbance from the BOCC subject to the BOCC's
various rights contained elsewhere in this Agreement.
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JANICE K vas CAUDILL PIrKHi COUIJTY CO R 0,00 D 0,00
ARTICLE XII. REPRESENTATIONS
The BOCC expressly covenants and represents that it is the owner of the Leased
Premises, and has the right and authority to enter into this Lease Agreement and grant
the rights contained herein to Lessee.
With respect to Lessee, the undersigned warrants and represents that he is
authorized to execute this Lease on Lessee's behalf and shall be bound as a signatory
to this Lease by his execution of this Lease.
ARTICLE XIII. WAIVER
Should Lessee breach any of its obligations hereunder, the BOCC nevertheless
may thereafter accept from Lessee any payment or payments due hereunder, and
continue this Lease Agreement in effect, without in any way waiving the BOCC's right to
exercise and enforce all available default rights hereunder, or any other remedies
provided by law, for said breach. In addition, any waiver by either party of any default,
breach or omission of the other under this Lease Agreement shall not be construed as a
waiver of any subsequent or different default, breach, or omission.
ARTICLE XIV. NOTICE
Any and all notices required herein to be made by either party to the other shall
be written notice made by depositing such notice, correctly addressed, via certified mail
of the United States of America, postage prepaid, and such notice shall be deemed to
have been served on the date of such depositing.
All notices to the BOCC shall be mailed to:
Pitkin County Airport
506 E. Main
Aspen, CO 81611
David Beirne
DB Aviation, L.L.c.
31 North Star Circle
Aspen, CO 81611
All notices to Lessee shall be mailed to:
Each party may, from time to time, change the address to which notices to said
party are to be sent, by providing written notice of said change of address to the other
party in accordance with the procedure set forth in this Article.
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ARTICLE XV. RELATIONSHIP OF PARTIES
It is understood that the BOCC is not in any way or for any purpose partner or
joint venturer with, or agent of, Lessee in its use of the Leased Premises or any
improvements thereon.
ARTICLE XVI. PARTIAL INVALIDITY
If any term or condition of this Lease Agreement or the application thereof to
any person or event shall to any extent be invalid and unenforceable, the remainder of
this Lease Agreement and the application of such term, covenant or condition to
persons or events other than those to which it is held invalid or unenforceable shall not
be affected and each term, covenant and condition of this Lease Agreement shall be
valid and be enforced to the fullest extent permitted by law.
ARTICLE XVII. SUCCESSORS
The provisions, covenants and conditions of this Lease Agreement shall bind, and
inure to the benefit of, the legal representatives, successors and assigns of the parties
hereto.
ARTICLE XVIII. ATTORNEYS' FEES, COSTS
AND EXPENSES OF LITIGATION
In the event of a breach of this Lease Agreement, the breaching party shall pay
to the non-breaching party all reasonable attorneys' fees, costs and other expenses,
incurred by the non-reaching' party in enforcing its rights as a result of said breach.
ARTICLE XIX. ASSIGNMENT AND SUBLEASE
A. Lessee shall not assign its interest nor sublease the Leased Premises for
an excess
of one (1) year, where the amount of the consideration paid to the Lessee is greater
than the portion of the then unamortized cost of the Lease attributable to that period,
without first complying with the terms hereof. In the event that the Lessee desires to
assign the Lease or to sublease the Leased Premises for an excess of one (1) year, or if
the consideration to be received by the Lessee for the lesser period is greater than the
difference between the Buy Back Option Price at the end of the assignment or sublease
period and that Buy Back Option Price at the beginning of the assignment or sublease
period, both as shown on Exhibit C attached hereto, plus all operations fees and other
amounts due hereunder for that period, and Lessee has received a bona fide offer to do
either, it shall first give written notice thereof to the BOCC, along with a copy of the
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offer to sublease or assume the Lease, as the case may be. The BOCC shall then have
thirty (30) days to notify the Lessee of its intention to take over the Lease by paying to
the Lessee the Buy Back Option Price at the beginning of the applicable period as
determined from Exhibit C attached hereto, and by paying the Lessee that Buy Back
Option Price within sixty (60) days of said notice. Should the BOCC fail to either notify
the Lessee of its intention to exercise its rights or once having done so, fail to pay all
amounts due, the Lessee shall be free to consummate the assignment or sublease, as
the case may be, in accordance with the offer which the BOCC has been notified about.
No such assignment or sublease shall be valid unless the assignee or sublessee, as the
case may be, agrees to be bound by all of the terms and conditions hereof. If an
assignment is made, the Lessee shall be released from all further liability hereunder for
future obligations. All subsequent assignors and assignees shall be subject to this Article
as if they were the originallesseejassignor. The provisions hereof shall not apply to any
assignment between two (2) current tenants in the patio shelter, who have the same
lease terms, who desire to exchange their respective Leased Premises, provided that
the BOCC is given written notification of the exchange prior to the consummation
thereof.
B. The County acknowledges that Aspen Base Operations intends to utilize
the patio shelter for the parking of transient aircraft in conjunction with it FBO business.
ARTICLE XX. SURRENDER UPON TERMINATION
Upon the expiration or sooner termination of this Lease Agreement, for any
reason whatsoever, Lessee shall peaceably surrender to the BOCC possession of the
Leased Premises, together with any improvements, fixtures or personal property of the
BOCC thereon, in as good a condition as the Leased Premises, and improvements,
fixtures and personal property were initially provided to Lessee, ordinary wear and tear
excepted, without any compensation whatsoever, and free and clear of any claims of
interest of Lessee or any other third party whomsoever. Lessee shall restore the
Leased Premises, and other improvements from which the fixtures or property were
taken (if the improvement involved is not also being removed from the Leased
Premises), to good condition and repair.
ARTICLE XXI. HAZARDOUS WASTE/ENVIRONMENTAL
POLLUTION
Lessee shall be solely responsible for the prevention, control and cleanup of all
fuel, gas and oil leaks and spills, hazardous waste, lavatory waste and other
environmental pollution caused by Lessee's operations in the Leased Premises, in
accordance with applicable local, state and federal laws and regulations, and it shall
hold the BOCC harmless from said prevention, control and cleanup costs and
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obligations. The parties each reserve their various claims and defenses against one
another for the cleanup of any environmental pollution that occurred on the Leased
Premises prior to the commencement date of Lessee's leasehold term hereunder. It is
noted that in the ordinary course of storing and parking aircraft that some minor fuel
and oil spillage shall occur and that Lessee shall have no extraordinary obligation for
clean up of such spills.
ARTICLE XXII. EMINENT DOMAIN
A. In the event that all or any portion of the Leased Premises is taken for
any public or quasi-public purpose by any lawful condemning authority, including the
BOCC, exercising its powers of eminent domain (or in the event that all or any portion
of the Leased Premises is conveyed to such a condemning authority in settlement and
acceptance of such condemning authority's offer to purchase all or any portion of the
Leased Premises in connection with its threat to take said areas under power of
condemnation or eminent domain), the proceeds, if any, from such taking or
conveyance shall be allocated between the BOCC and Lessee according to the
applicable Colorado law of eminent domain; provided, however, that in the event of
condemnation, the Lessee shall be compensated no less than the unamortized cost of
the Lease as of the date of condemnation. If a portion of the Leased Premises is so
taken or sold, and as a result thereof, the remaining part cannot be used reasonably to
continue the authorized purposes contemplated by this Lease Agreement as set forth in
Article II in an economically viable manner, then this Lease Agreement shall be deemed
terminated at the end of a period of sixty (60) days following said taking or
conveyance. In that event and at that time, Lessee shall surrender the Leased Premises
to the BOCC and all of the BOCC's fixtures and personal property thereon, and Lessee
may remove its improvements, fixtures and personal property located upon the Leased
Premises, in accordance with the provisions of Article XXIII above.
ARTICLE XXIII. RENEWAL
Other than Lessee's right of first refusal (if applicable) pursuant to Article IIIB
above, Lessee has no guaranteed or preferential right, as against other third parties, of
reletting the Leased Premises, or any improvements thereon, following termination of
this Lease. Should Lessee desire to relet the Leased Premises following the expiration
or sooner termination of this Lease, Lessee shall submit an application for lease in
accordance with Airport leasing rules and regulations in effect at that time. Lessee's
application will be reviewed by the BOCC, along with all other applications, if any, in
accordance with then applicable Airport leasing rules and regulations.
Page 12 of 13
. . .
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III 1111111111 "III 11111 11111111 II ;;~;: ~f,~. ,;',,,
J~III CE K '/OS CAUD I LL P ITK m COUIITY CO R 0.00 0 0 00
J;
ARTICLE XXIV. GOVERNING LAW AND VENUE
This Lease shall be interpreted in accordance with the laws of the State of
Colorado and applicable federal law. Lessee further agrees that should either party
believe it necessary to file suit to interpret or enforce any provisions of this Agreement
the exclusive venue and jurisdiction for said lawsuit shall be in the Pitkin County,
Colorado District Court, or if federal court jurisdiction would be appropriate, then in the
Federal District Court in Denver,
ARTICLE XXV. HOLDING OVER
If Lessee remains in possession of the Leased Premises after the expiration of
this Lease Agreement without any written renewal thereof, such holding over shall not
be deemed as a renewal or extension of this Lease Agreement but shall create only a
tenancy from month to month which may be terminated at any time by the BOCC upon
thirty (30) days written notice. Such holding over shall otherwise be upon the same
terms and conditions as set forth in this Lease Agreement; provided, however, that the
monthly rent shall be at a rate equal to One Hundred Percent (100%) of the then
current monthly rent for similar patio shelter hangar space to the Leased Premises.
'7
ARTICLE XXVI. ENTIRE AGREEMENT
This writing, together with the exhibits attached hereto, is the entire agreement
of the parties regarding the establishment of their leasehold arrangements. No
representations, warranties, inducements or oral agreements previously made between
the parties regarding the establishment of their leasehold arrangements shall continue
unless stated therein. This Lease Agreement shall not be changed or modified, except
in writing, signed by both parties.
DONE AND EXECUTED on the date first above written.
ASPEN/PITKIN COUNTY AIRPORT
LESSEE
By:
By:
2J ~/)h
David Beirne
tomo C:\c_horne\airport\Patio Shelter Lease,doc
Page 13 of 13
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Patio Shelter Hanger Lease Agreement - Exhibit C
Amortization Schedule
For BOCe Buy Back Option
The Table Below Lists the
"BUY BACK OPTION PRICE" for different size shelters at the end of each Month
Size: Small Medium Large X Large XX Large XXX Large
End of Unit Price "Full Down Amount"
Year Month $ 37,000 $ 42,000 $ 46,000 $ 50,000 $ 56,000 $ 66,000
1 1 $ 36,883 $ 41,867 $ 45,855 $ 49,842 $ 55,823 $ 65,792
2 $ 36,766 $ 41,734 $ 45,709 $ 49,684 $ 55,646 $ 65,582
3 $ 36.648 $ 41,600 $ 45,562 $ 49,524 $ 55,467 $ 65,372
4 $ 36,529 $ 41 ,465 $ 45,414 $ 49,363 $ 55,287 $ 65.160
5 $ 36,409 $ 41,330 $ 45,266 $ 49,202 $ 55,106 $ 64,947
6 $ 36,289 $ 41 ,193 $ 45,116 $ 49,040 $ 54,924 $ 64,732
7 $ 36,168 $ 41,056 $ 44,966 $ 48,876 $ 54,741 $ 64,517
8 $ 36,047 $ 40,918 $ 44,815 $ 48,712 $ 54,557 $ 64.300
9 $ 35,925 $ 40,779 $ 44,663 $ 48,547 $ 54,372 $ 64,082
10 $ 35,802 $ 40,640 $ 44,510 $ 48,380 $ 54,186 $ 63.862
11 $ 35,678 $ 40,499 $ 44,356 $ 48.213 $ 53,999 $ 63,642
12 $ 35,553 $ 40,358 $ 44,201 $ 48,045 $ 53,811 $ 63,420
2 13 $ 35,428 $ 40,216 $ 44,046 $ 47,876 $ 53,621 $ 63,196
14 $ 35,302 $ 40.073 $ 43,889 $ 47,706 $ 53,431 $ 62,972
15 $ 35,176 $ 39,929 $ 43,732 $ 47,535 $ 53,239 $ 62,746
16 $ 35,048 $ 39,785 $ 43,574 $ 47,363 $ 53,046 $ 62,519
17 $ 34,920 $ 39,639 $ 43,414 $ 47,189 $ 52,852 $ 62.290
18 $ 34,791 $ 39,493 $ 43,254 $ 47,015 $ 52,657 $ 62,060
19 $ 34,662 $ 39,346 $ 43,093 $ 46,840 $ 52,461 $ 61,829
20 $ 34,531 $ 39,198 $ 42,931 $ 46,664 $ 52,264 $ 61,596
21 $ 34,400 $ 39,049 $ 42,768 $ 46,487 $ 52,065 $ 61,362
22 $ 34,268 $ 38,899 $ 42,604 $ 46.308 $ 51,866 $ 61.127
23 $ 34,136 $ 38.749 $ 42,439 $ 46,129 $ 51.665 $ 60,891
24 $ 34.002 $ 38,597 $ 42,273 $ 45,949 $ 51,463 $ 60,653
3 25 $ 33,868 $ 38.445 $ 42,106 $ 45,768 $ 51,260 $ 60.413
26 $ 33,733 $ 38,291 $ 41,938 $ 45,585 $ 51,055 $ 60,172
27 $ 33,597 $ 38,137 $ 41,769 $ 45,402 $ 50,850 $ 59,930
28 $ 33,461 $ 37,982 $ 41,600 $ 45,217 $ 50,643 $ 59,68E:
29 $ 33,323 $ 37,826 $ 41,429 $ 45,031 $ 50,435 $ 59,441
30 $ 33,185 $ 37,669 $ 41,257 $ 44.845 $ 50,226 $ 59.19:
31 $ 33,046 $ 37,512 $ 41,084 $ 44.657 $ 50,016 $ 58,94,
32 $ 32,906 $ 37,353 $ 40,910 $ 44.468 $ 49,804 $ 58,698
33 $ 32,766 $ 37,193 $ 40,736 $ 44.278 $ 49,591 $ 58.447
34 $ 32,624 $ 37,033 $ 40,560 $ 44,087 $ 49,377 $ 58,194
35 $ 32.482 $ 36,871 $ 40,383 $ 43,894 $ 49,162 $ 57,941
36 $ 32,339 $ 36,709 $ 40,205 $ 43,701 $ 48,945 $ 57,685
4 37 $ 32,195 $ 36,546 $ 40.026 $ 43,507 $ 48,727 $ 57.429
38 $ 32,050 $ 36,381 $ 39,846 $ 43,311 $ 48.508 $ 57,171
39 $ 31 ,905 $ 36,216 $ 39,665 $ 43,114 $ 48,288 $ 56,911
40 $ 31,758 $ 36,050 $ 39,483 $ 42,916 $ 48,066 $ 56.650
41 $ 31,611 $ 35,882 $ 39,300 $ 42,717 $ 47.843 $ 56,387
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Exhibit C
I Size: Small Medium Large I X Large XX Large XXX Large I
I End of Unit Price "Full Down Amount" I
42 $ 31 ,463 $ 35,714 $ 39,116 $ 42,517 $ 47,619 $ 56,122
43 $ 31,314 $ 35,545 $ 38,930 $ 42,316 $ 47,394 $ 55,857
44 $ 31 ,164 $ 35.375 $ 38,744 $ 42,113 $ 47,167 $ 55,589
45 $ 31,013 $ 35,204 $ 38,557 $ 41,909 $ 46,938 $ 55,320
46 $ 30,861 $ 35,032 $ 38,368 $ 41,704 $ 46,709 $ 55.050
47 $ 30,709 $ 34,859 $ 38,178 $ 41 ,498 $ 46,478 $ 54,778
48 $ 30,555 $ 34,684 $ 37,988 $ 41,291 $ 46,246 $ 54,504
5 49 $ 30,401 $ 34,509 $ 37,796 $ 41.082 $ 46.012 $ 54,229
50 $ 30,246 $ 34,333 $ 37,603 $ 40,873 $ 45,777 $ 53,952
51 $ 30.090 $ 34,156 $ 37,409 $ 40.662 $ 45,541 $ 53,673
52 $ 29.933 $ 33,977 $ 37,213 $ 40,449 $ 45,303 $ 53,393
53 $ 29,775 $ 33,798 $ 37,017 $ 40,236 $ 45,064 $ 53,111
54 $ 29,616 $ 33,618 $ 36,819 $ 40,021 $ 44,824 $ 52.828
55 $ 29,456 $ 33,436 $ 36,621 $ 39.805 $ 44,582 $ 52,543
56 $ 29,295 $ 33,254 $ 36,421 $ 39,588 $ 44,339 $ 52,256
57 $ 29.133 $ 33,070 $ 36,220 $ 39,370 $ 44,094 $ 51 ,968
58 $ 28,971 $ 32,886 $ 36,018 $ 39,150 $ 43,848 $ 51,678
59 $ 28,807 $ 32,700 $ 35,814 $ 38,929 $ 43,600 $ 51,386
60 $ 28,643 $ 32,513 $ 35,610 $ 38,706 $ 43,351 $ 51,092
6 61 $ 28,477 $ 32,326 $ 35,404 $ 38,483 $ 43,101 $ 50,797
62 $ 28,311 $ 32,137 $ 35,197 $ 38,258 $ 42,849 $ 50,500
63 $ 28,143 $ 31,947 $ 34,989 $ 38,032 $ 42,595 $ 50,202
64 $ 27,975 $ 31 ,755 $ 34,780 $ 37,804 $ 42,341 $ 49,901
65 $ 27,806 $ 31 ,563 $ 34,569 $ 37,575 $ 42,084 $ 49.599
66 $ 27,635 $ 31,370 $ 34,357 $ 37,345 $ 41,826 $ 49,295
67 $ 27 ,464 $ 31.175 $ 34,144 $ 37,113 $ 41,567 $ 48,990
68 $ 27,292 $ 30,980 $ 33,930 $ 36,880 $ 41,306 $ 48,682
69 $ 27,118 $ 30,783 $ 33,714 $ 36,646 $ 41,044 $ 48,373
70 $ 26,944 $ 30.585 $ 33,498 $ 36.411 $ 40,780 $ 48,062
71 $ 26,768 $ 30,386 $ 33,280 $ 36,173 $ 40,514 $ 47,749
72 $ 26,592 $ 30,185 $ 33,060 $ 35,935 $ 40.247 $ 47.434
7 73 $ 26,415 $ 29,984 $ 32,840 $ 35,695 $ 39,979 $ 47,118
74 $ 26,236 $ 29,781 $ 32,618 $ 35.454 $ 39,709 $ 46,799
75 $ 26,057 $ 29,578 $ 32.395 $ 35,212 $ 39,437 $ 46.479
76 $ 25,876 $ 29,373 $ 32,170 $ 34,967 $ 39.164 $ 46,157
77 $ 25,694 $ 29,167 $ 31,944 $ 34,722 $ 38,889 $ 45,833
78 $ 25,512 $ 28,959 $ 31,717 $ 34,475 $ 38,612 $ 45,507
79 $ 25,328 $ 28,751 $ 31 ,489 $ 34,227 $ 38,334 $ 45,179
80 $ 25,143 $ 28,541 $ 31.259 $ 33,977 $ 38,054 $ 44,850
81 $ 24,957 $ 28,330 $ 31,028 $ 33,726 $ 37,773 $ 44,518
82 $ 24,770 $ 28,118 $ 30,795 $ 33,473 $ 37,490 $ 44,185
83 $ 24,582 $ 27,904 $ 30,562 $ 33,219 $ 37,205 $ 43,849
84 $ 24,393 $ 27,689 $ 30,326 $ 32,963 $ 36,919 $ 43,512
8 85 $ 24,203 $ 27.473 $ 30,090 $ 32,706 $ 36,631 $ 43,172
86 $ 24,011 $ 27,256 $ 29,852 $ 32,448 $ 36,341 $ 42,831
87 $ 23,819 $ 27.038 $ 29,613 $ 32,188 $ 36,050 $ 42.488
88 $ 23,625 $ 26,818 $ 29,372 $ 31 ,926 $ 35,757 $ 42,142
89 $ 23.430 $ 26.597 $ 29,130 $ 31,663 $ 35,462 $ 41 .795
90 $ 23,235 $ 26,374 $ 28,886 $ 31,398 $ 35,166 $ 41,445
91 $ 23,037 $ 26,151 $ 28,641 $ 31,132 $ 34,868 $ 41,094
92 $ 22,839 $ 25,926 $ 28,395 $ 30,864 $ 34,568 $ 40,740
93 $ 22,640 $ 25,699 $ 28,147 $ 30,595 $ 34,266 $ 40,385
94 $ 22,439 $ 25.472 $ 27,898 $ 30,324 $ 33.962 $ 40,027
Page L of 4
11111111111111111111111111111111 ~~~~:~~} k) ~') ~'T
JRrJICE K '/05 CRIJDILL PITKIIJ COUIJTY r,O R 0.00 D 0,00
Exhibit C
I Size: Small Medium Large I X Large XX Large XXX Large I
I End of Unit Price "Full Down Amount" I
95 $ 22,238 $ 25,243 $ 27,647 $ 30,051 $ 33,657 $ 39,667
96 $ 22,035 $ 25,013 $ 27,395 $ 29,777 $ 33,350 $ 39,306
9 97 $ 21,831 $ 24.781 $ 27,141 $ 29,501 $ 33,041 $ 38,942
98 $ 21,626 $ 24,548 $ 26,886 $ 29,224 $ 32,731 $ 38,576
99 $ 21,419 $ 24,314 $ 26,629 $ 28,945 $ 32,418 $ 38,207
100 $ 21,212 $ 24,078 $ 26,371 $ 28,664 $ 32,104 $ 37,837
101 $ 21,003 $ 23,841 $ 26,112 $ 28,382 $ 31,788 $ 37,465
102 $ 20,793 $ 23,603 $ 25,850 $ 28,098 $ 31,4 70 $ 37,090
103 $ 20,582 $ 23,363 $ 25,588 $ 27,813 $ 31,150 $ 36,713
104 $ 20,369 $ 23,122 $ 25,324 $ 27,526 $ 30,829 $ 36,334
105 $ 20,155 $ 22,879 $ 25,058 $ 27,237 $ 30,505 $ 35,953
106 $ 19,940 $ 22,635 $ 24.791 $ 26,946 $ 30,180 $ 35,569
107 $ 19.724 $ 22,389 $ 24,522 $ 26,654 $ 29,853 $ 35,183
108 $ 19,507 $ 22,143 $ 24,251 $ 26,360 $ 29,523 $ 34,795
10 109 $ 19,288 $ 21,894 $ 23,979 $ 26.064 $ 29,192 $ 34,405
110 $ 19,068 $ 21.644 $ 23,706 $ 25,767 $ 28,859 $ 34.013
111 $ 18,846 $ 21,393 $ 23.431 $ 25,468 $ 28,524 $ 33,618
112 $ 18,624 $ 21.140 $ 23,154 $ 25,167 $ 28,187 $ 33,221
113 $ 18,400 $ 20,886 $ 22,875 $ 24,865 $ 27,848 $ 32,821
114 $ 18,175 $ 20,631 $ 22,595 $ 24,560 $ 27,507 $ 32,419
115 $ 17,948 $ 20,373 $ 22,314 $ 24,254 $ 27.165 $ 32,015
116 $ 17,720 $ 20,115 $ 22,030 $ 23,946 $ 26,820 $ 31,609
117 $ 17,491 $ 19,855 $ 21.7 45 $ 23,636 $ 26,473 $ 31,200
118 $ 17,260 $ 19,593 $ 21,459 $ 23,325 $ 26.124 $ 30.789
119 $ 17.029 $ 19,330 $ 21,171 $ 23,011 $ 25,773 $ 30,375
120 $ 16,795 $ 19,065 $ 20,881 $ 22,696 $ 25,420 $ 29,959
11 121 $ 16,561 $ 18,799 $ 20,589 $ 22,379 $ 25,065 $ 29,541
122 $ 16,325 $ 18,531 $ 20,296 $ 22,060 $ 24,708 $ 29,120
123 $ 16,087 $ 18,261 $ 20,001 $ 21,740 $ 24,348 $ 28,696
124 $ 1 5,849 $ 17,990 $ 19,704 $ 21,417 $ 23,987 $ 28,271
125 $ 15,609 $ 17.718 $ 19,405 $ 21,093 $ 23,624 $ 27,842
126 $ 15,367 $ 17,444 $ 19,105 $ 20,766 $ 23.258 $ 27.411
127 $ 15,124 $ 17,168 $ 18,803 $ 20,438 $ 22,891 $ 26,978
128 $ 14,880 $ 16,891 $ 18,499 $ 20,108 $ 22,521 $ 26,542
129 $ 14,634 $ 16,612 $ 18,194 $ 19,776 $ 22,149 $ 26,104
130 $ 14,387 $ 16.331 $ 17.886 $ 19,442 $ 21,775 $ 25.663
131 $ 14,138 $ 16,049 $ 17,577 $ 19,106 $ 21,398 $ 25.219
132 $ 13,888 $ 15,765 $ 17,266 $ 18.768 $ 21,020 $ 24,773
12 133 $ 13,636 $ 15,479 $ 16,953 $ 18,428 $ 20,639 $ 24,325
134 $ 13.383 $ 15,192 $ 16,639 $ 18,086 $ 20,256 $ 23,873
135 $ 13,129 $ 14,903 $ 16,323 $ 17,742 $ 19,871 $ 23.419
136 $ 12,873 $ 14,613 $ 16,004 $ 17,396 $ 19,483 $ 22,963
137 $ 12.616 $ 14,320 $ 15,684 $ 17,048 $ 19.094 $ 22,503
138 $ 12,357 $ 14,026 $ 15,362 $ 16,698 $ 18,702 $ 22,041
139 $ 12,096 $ 13,731 $ 15.038 $ 16,346 $ 18,308 $ 21,577
140 $ 11,834 $ 13,433 $ 14,713 $ 15,992 $ 17,911 $ 21,109
141 $ 11,571 $ 13,134 $ 14,385 $ 1 5,636 $ 17,512 $ 20,639
142 $ 11,305 $ 12,833 $ 14,055 $ 15,278 $ 17,111 $ 20,166
143 $ 11,039 $ 12,531 $ 13,724 $ 14,917 $ 16,707 $ 19,691
144 $ 10,771 $ 12,226 $ 13,391 $ 14,555 $ 16,302 $ 19,213
13 145 $ 10,501 $ 11,920 $ 13,055 $ 14,190 $ 15,893 $ 18,731
146 $ 10,230 $ 11,612 $ 12,718 $ 13,824 $ 15,483 $ 18,247
I 147 $ 9,957 $ 11,302 $ 12,379 $ 13,455 $ 15,070 $ 17,761
Page J of 4
111111111111 1111111111 11111111111111111111 I11I ~;~~:~t~,/C1~c
JAlnCE K "OS CAUOII.L PITKIII COUIJTY CO R 0,00 0 e, 00
Exhibit C
I Size: Small I Medium Large I X Large XX Large XXX Large I
I End of Unit Price "Full Down Amount" I
148 $ 9,682 $ 10,991 $ 12,037 $ 13,084 $ 14,654 $ 17,271
149 $ 9,406 $ 10,677 $ 11,694 $ 12,711 $ 14,236 $ 16,779
150 $ 9,128 $ 10,362 $ 11 ,349 $ 12,336 $ 13,816 $ 16,283
151 $ 8,849 $ 10,045 $ 11,002 $ 11,958 $ 13,393 $ 15,785
152 $ 8,568 $ 9,726 $ 10,652 $ 11 ,579 $ 12,968 $ 15.284
153 $ 8,286 $ 9.405 $ 10,301 $ 11,197 $ 12,540 $ 14,780
154 $ 8.001 $ 9.083 $ 9,948 $ 10,813 $ 12,110 $ 14.273
155 $ 7,715 $ 8,758 $ 9,592 $ 10,426 $ 11,677 $ 13.763
156 $ 7,428 $ 8,432 $ 9,235 $ 10,038 $ 11.242 $ 13.250
14 157 $ 7,139 $ 8.103 $ 8,875 $ 9,647 $ 10,804 $ 12,734
158 $ 6,848 $ 7,773 $ 8,513 $ 9,254 $ 10,364 $ 12,215
159 $ 6,555 $ 7,441 $ 8,150 $ 8,858 $ 9,921 $ 11,693
160 $ 6,261 $ 7,107 $ 7,784 $ 8,461 $ 9,4 76 $ 11 ,168
161 $ 5,965 $ 6,771 $ 7.416 $ 8,060 $ 9,028 $ 10,640
162 $ 5,667 $ 6,433 $ 7,045 $ 7,658 $ 8,577 $ 10,109
163 $ 5,367 $ 6,093 $ 6,673 $ 7.253 $ 8,124 $ 9,574
164 $ 5.066 $ 5,751 $ 6,299 $ 6,846 $ 7,668 $ 9,037
165 $ 4,763 $ 5,407 $ 5,922 $ 6,437 $ 7,209 $ 8,497
166 $ 4,458 $ 5.061 $ 5,543 $ 6.025 $ 6,748 $ 7,953
167 $ 4,152 $ 4,713 $ 5,162 $ 5,611 $ 6,284 $ 7.406
168 $ 3,844 $ 4,363 $ 4,778 $ 5,194 $ 5,817 $ 6,856
15 169 $ 3,533 $ 4,011 $ 4,393 $ 4,775 $ 5,348 $ 6,303
170 $ 3,221 $ 3,657 $ 4,005 $ 4,353 $ 4,876 $ 5,746
171 $ 2,908 $ 3,301 $ 3,615 $ 3,929 $ 4,401 $ 5,187
172 $ 2,592 $ 2,942 $ 3,223 $ 3,503 $ 3,923 $ 4.624
173 $ 2,275 $ 2,582 $ 2,828 $ 3,074 $ 3.443 $ 4,057
174 $ 1.955 $ 2.220 $ 2.431 $ 2,642 $ 2,959 $ 3,488
175 $ 1,634 $ 1,855 $ 2.032 $ 2,208 $ 2.473 $ 2,915
176 $ 1.311 $ 1,488 $ 1.630 $ 1,772 $ 1.984 $ 2,339
177 $ 986 $ 1,119 $ 1,226 $ 1,333 $ 1,493 $ 1,759
178 $ 659 $ 748 $ 820 $ 891 $ 998 $ 1,176
179 $ 331 $ 375 $ 411 $ 447 $ 500 $ 590
180 $ 0 $ 0 $ 0 $ 0 $ (0) $ 0
\ 111\\\ 111\\ 11\\11 \\\111 \Im~'\ \~~jl}ll\\11 )\ ~t ~;~;~ ~t~'",~, "
JANICE K \iOS CAUDILL
Page 4 of 4
Exhibit C