2015-259BAM Denton Management Ventures, LLC
ORDINANCE NO. 2015 -259
AN ORDINANCE APPROVING A FIXED BASE OPERATOR AIRPORT LEASE
AGREEMENT BETWEEN THE CITY OF DENTON, TEXAS AND BAM DENTON
MANAGEMENT VENTURES, LLC; AND PROVIDING AN EFFECTIVE DATE.
THE COUNCIL OF T14E CITY OF DENTON, TEXAS HEREBY ORDAINS:
SECTION 1. The City Manager or his designee is hereby authorized to execute an airport
lease agreement between the City of Denton and BAM Denton Management Ventures, LLC in
substantially the form of the Fixed Base Operator Airport Lease Agreement which is attached to
and made a part of this ordinance for all purposes.
SECTIO ....2. This ordinance shall become effective immediately upon its passage and
approval.
PASSED AND APPROVED this the
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
A l�,Dy1: [) A"^ TO LEGAL FORM:
ANITA'' B[.f R(aESS, CITY ATTORNEY
BY:
day of .....r;,l..m. , 2015.
.. ... ..
.......... ........
1 .
�l WATTS, MAYOR
a PIN 11 ON a IXIJ U a
This Lease Agreement is made and executed to be effective as of the Fourth day of
August, 2015 (the "Effective Date") at Denton, Texas, by and between the City of Denton,
Texas, a municipal corporation, hereinafter referred to as "Lessor and BAM Denton
Management Ventures, LLC, a Texas limited liability company, hereinafter referred to as
"Lessee".
WITNESSETH:
WHEREAS, Lessor now owns, controls and operates the Denton Enterprise Airport
(the "Airport") in the City of Denton, County of Denton, State of Texas; and
WHEREAS, Lessee is the current lessee pursuant to that certain Consent of Sale
Agreement dated October 29, 2014 for fixed base operations dated December 15, 2004 as
zpproved • Ordinance 2004-3 80 (the "Existing Lease"); and
WHEREAS, Lessee and Lessor desire to enter into this Lease Agreement (sometimes
called this "Lease Agreemenf', "Agreement", or "Lease") in order to extend and p. .d.
the Existing Lease subject to the terms and conditions contained in this Agreement; and
WHEREAS, pursuant to this Agreement Lessee is leasing the original 9.1 acres of
land as approved by City of Denton City Council Resolution R2001-063 dated October 16,
2001 and as described in Attachment "B" attached hereto and made a part hereof by
reference, and, Parcels A and B as described in Attachment "A" attached hereto and made a
part hereof by reference; and
WHEREAS, pursuant to this Agreement Lessee is also granted a lease of Parcels C
and D as described in Attachment "C" attached hereto and made a part hereof by reference;
and
WHEREAS, pursuant to this Agreement Lessee is leasing 2.519 acres of land as
approved by City of Denton City Council Ordinance 2005-376 dated December 13, 2005 as
subsequently amended and as described in Attachment "E" attached hereto and made a pari
hereof by reference; and
-47HEREAS, pursuant to this Agreement Lessee is leasing 21,842 square feet of land
as approved by City of Denton City Council Ordinance 2007-063 dated March 27, 2007 as
described in Attachment "F" attached hereto and made a part hereof by reference; and
WHEREAS, pursuant to this Agre ea
ement Lessee is lsing 1.338 acres of land as
approved • City of Denton City Council Ordinance 2010-194 dated August 17, 2010 as
,iescribed in Attachment "G" attached hereto and made a part hereof by reference;
A. PRINCIPLES OF OPERATIONS. The right to conduct aeronautical and related
activities • ftirnishing services to the public granted to Lessee subject • Lessee
,. s,
thereof; 1. To fumish said services on a fair, equal and not unjustly discriminatory basis
to all users and
2. To charge fair, reasonable and not unjustly discriminatory prices for each unh
or service; provided, that Lessee may be allowed to make reasonable and
nondiscriminatory discounts, rebates, or other similar types of price reductions
1 volume purchasers.
li.GY1 -DISCRIMINATION: Less for - • •>
covenant successors, and assigns, as a part of the consideration hereof, does hereby
and agree as a covenant land
1. • person on ! ! race, *i1 color, or national origin
be excluded from participation in, denied the benefits of, or be otherwise
subjected to discrimination in the use of said facilities;
2. In the construction of any • 1 on, over, • '' under such land and thii
furnishing of services thereon, no person on the grounds of race, religion,
color, sex, or national origin shall be excluded from participation in, denied
the benefits of, or otherwise be subjected to discrimination;
understood by Lessee that no right or privilege has been granted which would operate to
prevent any person, firm or corporation operating aircraft on the Airport from performinV
any services on its own aircraft with its own regular employees (including, but not limited
1 maintenance and repair) may •! to perform.
D. NON-EXC ' LUSIVE RIGHT. It is understood and agreed that nothing herein
contained shall be construed to the r ! I f Appendix 1349.
1. Lessor reserves the right to further develop or improve the landing area of the
Airport as it sees fit, regardless of the desires or views of Lessee, and without
interference or 1 '.
2. Lessor shall be obligated to maintain and keep in good repair the landing are,?
of the Airport and all publicly owned facilities of the Airport, together with the
right to direct and control all activities of Lessee in this regard.
3. During time of war or national emergency, Lessor shall have the right to lease
the landing area or any part thereof to the United States Government for
military or naval use, and, if such lease is executed, the provisions of this
instrument insofar as they are inconsistent with the provisions of the lease to
the Government, shall be suspended.
5. This Lease Agreement shall be subordinate to the provisions of any existing or
future agreement between Lessor and the United States or agency thereof,
relative to the operation or r of f! -..
Lessor, for and in consideration of the covenants and agreements herein contained, to
be kept by Lessee, and subject to the conditions contained herein, does hereby demise and
lease unto Lessee-. and Lessee does herebri lease from Lessor, for the lease tenn described in
Article III, the following described land situated in the City of Denton, Denton County,
A. Land. The same 9.1 acre tract or parcel of land leased to Lessee under the Existing
Lease, together with improvements thereon, which property is more particularly described
in Attachment `B" attached hereto and incorporated herein by reference (the "Existing
Parcel "); and, Parcels A and B as shown in Attachment "A" attached hereto and
incorporated herein by reference; and, Parcels C and D as described in Attachment "C"
attached hereto and incorporated herein by reference; and, the tract as shown in Attachment
"B" attached hereto and incorporated herein by reference; and, the tract as shown in
Attachment "F" attached hereto and incorporated herein by reference; and, the tract as
shown in Attachment "G" attached hereto and incorporated herein by reference, all of the
Attachments "A — F" which are referenced herein as the "Leased Premises ", together with
the right of ingress and egress to the Leased Premises; and the right in common with
others so authorized of passage upon the Airport property generally, subject to reasonable
regulations by the City of Denton and such rights shall extend to Lessee's employees,
passengers, patrons and invitees. For purposes of this Agreement, the term "Leased
Premises" shall include leasehold improvements constructed by the Lessee, but not
including certain easements or property owned and /or controlled by the Lessor.
B. Use of Fuel Farm. Subject to the requirements of V.B.I., Lessee shall have the
right of ingress and egress and use of the fuel farm which is located on property that is
particularly described in Attachment "D" attached hereto and made a part hereof by
reference (the "Fuel Farm "). Lessee may in its discretion provide for the installation of one
additional 12,000 gallon above ground fuel facility at the Fuel Farm.
C.IMPROVEMENTS PROVIDED BY LESSOR: The only improvements provided by
Lessor, except as set forth in Article II.F. "Access to Utilities" below, shall be as follows:
Lessor shall continue to maintain the FBO Apron as depicted on Attachment `B" (the "FBO
Apron "). All maintenance costs for the FBO Apron under $2,000.00 shall be borne by
Lessor. For maintenance costs of $2,000.00 or over the cost of materials will be shared 50-
50 with the Lessor being responsible for 100% of the labor costs.
The term "Lessor improvements" shall mean those things on or adjacent to the Leased
Premises belonging to, constructed by, or to be constructed by the Lessor. Unless otherwise
noted herein, all Lessor improvements are and will remain the property of Lessor. All
Lessor improvements must be described in detail above, or above referenced and attached to
this Agreement in an exhibit approved by Lessor.
D. 1M:I1Rt.)VEM17WrS PROVIDED BY LESSEE,
1. Construction of Upgrades. ades. The following improvements are currently located on the
Existing Parcel: Six buildings as more particularly described in Attachment `B"
attached hereto and made a part hereof by references (the "Existing
Improvements "). The Lessee shall have the right to renovate Building 2 as described
AIRPORT LEASE AGREEMENT BAM DENTON MANAGEMENT VENTURES - Page 4
in Attachment `B" hereto and which is owned by the City of Denton provided the
changes to Building 2 shall be approved by Lessor prior to any rehabilitation.
2. Construction of Parcel D Improvements. On Parcel D as shown on Attachment
"C" hereto, Lessee shall construct a commercial hangar /office facility of not less than
10,000 square feet with a minimum door height of 28 feet and a minimum door width of 90
feet, minimum aircraft staging apron of 9,000 square feet and appropriate taxiway access to
Taxiway H ( "Parcel D Improvements "). Construction of Parcel D Improvements shall be
commenced no later than 360 days after the Effective Date of this Agreement and
completed no later than 540 days after the Effective Date (the "Construction Period ").
Construction of Parcel D Improvements are considered commenced upon issuance of a
building permit and construction of any portion of the hangar /office facility. Construction
of Parcel D Improvements are considered complete upon the issuance of a certificate of
occupancy for the entire hangar /office facility.
Notwithstanding anything contained in this Lease Agreement to the contrary, a
failure to complete the Parcel D Improvements within the Construction Period may, at
the sole option and discretion of the Lessor, result in the immediate termination and
cancellation of this Lease Agreement only as to Parcel D upon 30 days written notice
of cancellation to Lessee. In such case Lessee's rights under the Lease Agreement as
to Parcel D will immediately cease and be forfeited, and all of Parcel D Improvements
shall immediately become the property of Lessor at no cost, expense or other
compensation paid by Lessor to Lessee; and Lessee shall immediately vacate the
Parcel D. In such case this Lease Agreement will remain in force and effect as to all
other parcels and tracts described in Attachments A — G of this Agreement.
E. EASEMENTS. Lessor and Lessee by mutual agreement may establish, on the
Leased Premises, easements for public access on roads and taxiways.
F. ACCESS TO UTILITIES. Lessor represents that there are water, sewer and 3-
phase electricity lines within close proximity to the Leased Premises available to "tap -in" by
Lessee, and that the same are sufficient for usual and customary service on the Leased
Premises.
III. TERM
The term of this Lease Agreement shall be for a period of forty (40) years, com-
mencing on the 1 st day of September, 2015 and continuing through the 31 st day of August,
2055, unless earlier terminated or reduced under the provisions of the Lease Agreement (the
"Lease Term "). Lessee has the option to extend this lease under terms as provided in
Section VIII, C, 2 of this Agreement. The rental and terms to be negotiated for the option
term shall be reasonable and consistent with the then value, rentals and terms of similar
property on the Airport.
rM M 07 M1 M M M =I
Lessee covenants and agrees to pay Lessor, as consideration for this Lease Agreement-,
the following payments, rentals and fees:
f011L S=;"C a-&J.111 per sqL&-UC0 I 1 *1 - "I IS
area as described in Attachments "A - B" and Attachments "D - G" to this
Agreement. Monthly rental shall be 1/12th of the annual rent. However,
beginning August 1, 2017 the Original Rent will be adjusted in accordance with
Section
Notwithstanding the foregoing, the annual lease rental will be reduced by the current lease
rate per square foot, as adjusted by the CPI-U referenced in Section W.C., times the number
of square feet comprising all easements established in accordance with Section II.E..
B. LESSOR IMPROVEMENTS RENTALS. NONE: There are • Lessor
improvements on the Leased Premises.
Fort Worth Bureau of Labor Statistics bears to the May 2015 index, which was 218.484
(1982 -84 = 100). Each rental adjustment, if any, shall occur on the 16th day of June,
beginning 2017, and every second year thereafter on such date.
The adjustments in the yearly rent shall be determined by multiplying the Original
Rent by a fraction, the numerator of which is the index number for the last month prior to
the adjustment, and the denominator of which is the index number applicable at the
execution of this Lease Agreement. If the product of this multiplication is greater than
the Original Rent, Lessee shall pay this greater amount as the yearly rent until the time of
the next rental adjustment as called for in this section. If the product of this multiplication
is less than the Original Rent there shall be no adjustment in the annual rent at that time,
and Lessee shall pay the previous year's annual rent until the time of the next rental
adjustment as called for in this section. In no event shall any rental adjustment called for
in this section result in an annual rent less than the previous year's annual rent. The
adjustment shall be limited so that the annual rental payment determined for any given
two -year period shall not exceed the annual rental payment calculated for the previous
CPI adjustment by more than twenty percent (20 %) percent.
If the consumer price index for all urban consumers (CPI -U) for the Dallas -Fort
Worth geographical region, as compiled by the U.S. Department of Labor, Bureau of Labor
Statistics, is discontinued during the Lease Term, the remaining rental adjustments called
for in this section shall be made using the formula set forth above, but by substituting the
index numbers for the Consumer Price Index - Seasonally Adjusted U.S. City Average For
All Items For All Urban Consumers (CPI -U) for the index numbers for the CPI -U
applicable to the Dallas -Fort Worth geographical region. If both the CPI -U for the Dallas -
Fort Worth geographical region and the U.S. City Average are discontinued during the
Lease Term, the remaining rental adjustments called for in this section shall be made using
the statistics of the Bureau of Labor Statistics of the United States Department of Labor that
are most nearly comparable to the CPI -U applicable to the Dallas -Fort Worth geographical
region. If the Bureau of Labor Statistics of the United States Department of Labor ceases to
exist or ceases to publish statistics concerning the purchasing power of the consumer dollar
during the Lease Term, the remaining rental adjustments called for in this section shall be
made using the most nearly comparable statistics published by a recognized financial
authority selected by Lessor.
D. OTHER PAYMENT5.30 LESSOR.
1. Hangar and Tie -Down Fees. Lessee shall pay Lessor a percentage of all hangar
and tie -down rentals and fees collected by Lessee from persons renting facilities rendered to
Denton County Appraisal District as part of Lessee's Fixed Base Operator (FBO) service on
the Leased Premises. Such fees shall be equal to:
a. 11% of all hangar and tie -down fees through November 30, 2019.
b. 12% of all hangar and tie -down fees beginning December 1, 2019 through the
end of the Lease Term.
All such fees shall be paid monthly to Lessor on or before the 15 th day of each month
during the Lease Term. The fees shall be accompanied by records showing the date ant
location on the Airport where the aircraft was hangared or parked and the tail number, or
side number, of the aircraft.
NO=
Lessee shall pay Lessor a fuel flow fee for use of the Fuel Farm equal to 7% of
the wholesale price per gallon of all fuel used by Lessee through June 30, 2019.
Thereafter, through the end of the Lease Term an adjustment will be made based on a
market analysis as of June 30, 2019.
A.USE OF LEASED PREMISES. Lessee is granted the non-exclusive privilege to
engage in or provide the following on the Leased Premises:
2. The sale of aircraft fuels, lubricants, and propellants within the leased area w54
at such other areas that may be designated by the Airport Manager.
3. The storing of aircraft in hangars or on tie down areas owned or operated by
Lessees.
-4. The sale of said fuels, lubricants, and propellants shall include the right to use
vehicles necessary for the servicing of aircraft.
5. The operation of a business of buying and selling, or renting new and uKT�
aircraft, aircraft parts, and accessories therefore, and aviation equipment of all
descriptions either at retail, wholesale, or as a dealer.
f. The operation and sale of aerial survey, photograph, mapping, and spraying
services. (However, spraying services shall at all times comply with
applicable local, state, and national regulations pertaining to aerial spraying.)
ME=
The operation of schools for the instruction of the general public in flying,
navigation, mechanics, aerial survey, photography, aircraft design and/or
training of the general public in any art, science, craft, or skill pertaining
directly or indirectly to aircraft.
10. The sale through coin operated vending machines of tobacco, confections, and
refreshments and the maintenance on the leased premises of appropriate
facilities therefore.
way contributing to air transportation or aerial navigation, as long as such
activity in no way or • " any approved g . 1 aids
that , exist now or at ., Airport.
commission 12. Ten years after the Effective Date of this Lease Agreement Lessee will begin
to pay a commission fee to Lessor for car rentals based on the then existing
market ! airports.
13. The general use, in common others authorized 1 1• so, of all public
airport facilities and improvements which are now or may hereafter be
connected with or appurtenant to said Airport, except as hereinafter provided.
1 services, including •' 1
1 freight, and providing ! . 1 equipment, aircraft .. and other
services for persons, or air carriers.
1 1 1, f1 i ', -• � - 1 1! � •R 1 i i 1,
R 1 1 1 • �, • . 1 � 1 ..
shall Lessee . the Airport Manager 1 «,..• current mailing address,
shall telephone number(s) and contacts where he can be reached in an emergency.
Lessee file with the Airport Manager 1 keep current f list of its tenants
and 1
Lessee shall require its employees and sub-lessees (and sub-lessee's invitees) to
abide by the terms of this Agreement. Lessee agrees it shall promptly correct or remedy
any breaches of any rules, regulations, terrns, conditions or covenants by its employees or
1
Ram provide . R • 1 and assistance ! aircraft,
including parking, storage and tie-down service, to both based and itinerant
aircraft upon or within facilities leased to Lessee or other areas designated by
the Lessor, at during the ReR . 1 Hours of R. 1
3. Pilot Lounge: To provide a pilot lounge area, informational services, Ri
telephone service connections to the Flight Service Station at least during the
Required 'R 1 of Operation.
4. Hours of Operatio : FBO will be open 6 a.m. to 10 p.m. Monday through
However, Friday; 7:00 a.m. to 7:00 p.m. Saturday and Sunday, 365 days of the year.
! on ! ! holidays: r Thanksgiving,
Christmas, New Year's Day, and 4th of July. Such hours of operations are
herein called the "Required Hours of Operation".
! jjr I r 1
addresses, 1. Address. Lessee shall file with the Airport Manager and keep current its
mailing 1' and contacts `` reached in
an
Lessee shall • with the Airport . rg_ and keep current r list of
tenants and sub
shall 3. Conduct. Lessee shall contractually require its employees and sublessees (and
sublessee's invitees) to abide by the terms of this Lease Agreement. Lessee
promptly enf! ! r of r default of such
connection 4. Utilities, Taxes and - Fees. Lessee shall meet all expenses and payments in
., . of r . 1 Premises and the rights and privileges
herein granted, including the timely payment of utilities, taxes, permit fees,
license fees and assessments lawfully levied or assessed.
shall 5. Laws. Lessee o 1 and future federal, state and local
rules and regulations apply to the conduct of business
contemplated, including rules, regulations and ordinances promulgated by
Lessor, and Lessee shall keep in effect and post in a prominent place all
necessary and/or `1: 1 licenses or permits.
AIRPORT LEASE AGREEMENT ENT BAM DENTON MANAGEMENT VENTURES - Page 12
10. Quit Possession. . quit possession of '. '! Premises at tim
1 1....... the Lease or any + or 1 thereof, or
!I eton omaton oLe Ag ! 1. _ 1 .,
�' 1 ! .11 1 11 1 . '! !!- 1�
1, _ ..e ten.' 1 .1 '. . • .,a .1 .li.
!. _ MRIF ' 1 !
16. Charges by Lessee: The Lessee agrees to furnish all services on a fair, equffl
and not unjustly discriminatory basis to all users thereof, and to charge
AIRPORT LEASE AGREEMENT BAM DENTON MANAGEMEMI'VENTURES - Page 15
reasonable, and not unjustly discriminatory prices for each unit or service,
provided, however, that the Lessee may be allowed to make reasonable and
nondiscriminatory discounts, rebates, or other similar types • price
reductions to volume purchasers.
17. Propegy Appearance: Lessee shall at its sole cost and expense keep and
maintain the Leased Premises and all improvements, additions or alterations
thereto, equipment and landscaping constructed or installed upon the Leased
Premises, in first-class condition, which condition shall at all times be based on
a standard of care reflecting prudent property management.
. ...... .................. . . ............ ......... R
A. PEACEFUL ENJOYMENT. Upon • payment of all rent, fees, and performance
of the covenants and agreements • the part of Lessee to be performed hereunder, Lessee
shall peaceably hold and enjoy the Leased Premises and all rights and privileges herein
granted.
B. COMPLIANCE. Lessor warrants and represents that in the establishment,
construction and operation • the Airport, that Lessor has heretofore and at this time is
complying with all existing rules, regulations, and criteria distributed by the Federal
It is expressly understood and agreed by and between Lessor and Lessee that this
Lease Agreement f to the following f,.. f conditions.
including A. REQUIREMENTS: Before commencing the construction of any additional
improvements on the Leased Premises the Parcel A Improvements
Additional Lease Improvements"), Lessee shall submit:
1. Documentation, specifications, or design work, to be approved by the Lessor,
which shall establish + t the improvements t!' be built or ! upon
Leased Premises are in conformance overall r • ' color,
! design, appearance and structure of the program by •'
on Airport.
No later than 30 days after completion of the Additional Lease Improvements, Lessee
shall submit to Lessor detailed as built plans of the Additional Lease Irnprovements and
documentary evidence acceptable to Lessor evidencing the total cost to construct the Lease
Improvements ("Cost to Construct Lease Improvements").
1. Removal of Buildings. No building or permanent fixture may be removed
from the Leased Premises except as provided in this Agreement.
OAMIMTW-�
(i) if Lessee is not then in default hereunder, Lessee shall have the right to
remove all personal property and trade fixtures owned by Lessee from thc-
Leased Premises, but Lessee shall be required to repair any damage to the
Leased Premises caused by such removal in a good and workmanliki;
manner and at Lessee's sole cost and expense; and
Upon such expiration • earlier termination, Lessee shall deliver the
Leased Premises to Lessor in good condition, reasonable wear and tear
excepted, and shall, at Lessor's request, execute a recordable instrument
evidencing the termination of this Agreement, expressly stating the
termination • expiration date thereof.
3. The Lessor Iraprovements, if any, shall remain the property of Lessor at all
times during and after the expiration or earlier termination of this Lease
Agreement.
mm�`� Sffi
Any person, corporation or institution that lends money to Lessee for construction
of any hangar, structure, building or improvement and retains a security interest in said
hangar, structure, building or improvement shall, upon default of Lessee's obligations to
said mortgagee, have the right to enter upon the Leased Premises and operate or manage
said hangar, structure, building or improvement according to the terms of this Lease
AIRPORT LEASE AGRE EMENT BAM DENTON MANAGEMENT VENTURES -- Page 19
Mffmfflx���
0 1 Lei 9
A. REQUIRED INSURANCE: Regardless of the actives contemplated under this
Lease Agreement, Lessee shall maintain continuously in effect at all times during the term
of this agreement, at Lessee's sole expense, the following minimum insurance coverages:
U All risk property insurance on a replacement cost basis covering loss or damage to
all facilities used by the Lessee, either as a part of this agreement or erected by &i
Lessee subsequent ! this agreement. !. no circumstances shall the Lessor !
liable for any damages to fixtures, merchandise or other personal property of thi
Lessee or its tenants.
Owned Autos and Hired
For operation in aircraft movement areas the limit of liability shall be $100,000
per occurrence.
For other operations the limit of liability shall be consistent with the amount set
by
B. ADDITIONAL COVERAGES: In addition to e above referenced coverages,
L 'ollowing required if the activity or ►• or • ► -►
AIRPORT LEASE AGREEMENT BAM DENTON MANAGEMENT VENTURES - Page 21
individuals notwithstanding the fact that they may, from time to time, permit
the storage of non-owned aircraft in the hangar space and charge a fee for the
storage of such aircraft so long as such use is in the nature of a rent-sharing
agreement rather than a commercial aircraft storage business.
C. COVERAGE REQUIREMENTS: All insurance coverages shall comply with the
following requirements:
� � ! �
� � r � r � � i � ', 1 1 ' � � . ,
City Manager
City of Denton
,2-U-E M--,Kinney
Denton, Texas 76201
Fax No.940.349.855196
r R4
E. HEADINGS. The headings used in this Lease Agreement are intended for
convenience of reference only and do not define or limit the scope or meaning of any
provision of this Agreement.
G.
• WAIVER. N1 waiver by Lessor 1 r Lessee 1 f any default 1 r breach 1 f
covenant or term of this Lease Agreement may be treated as a waiver of any subsequent
default or breach of the same or any other covenant or term of this Lease Agreement.
H. NO AGENCY. During all times that this Lease Agreement is in effect, the parties
agree that Lessee is and shall not be deemed an agent or employee of the Lessor.
I. FORCE MAJEURE. None of the Parties shall be in default or otherwise liable for
any delay in or failure of performance under this Lease Agreement if such delay or failure
arises by any reason beyond their reasonable control, including any act of God, any acts of
the common enemy or terrorism, the elements, earthquakes, floods, fires, epidemics, riots,
failures or delay in transportation or communications. However, lack of funds shall not be
deemed to be a reason beyond a Party's reasonable control. The Parties will promptly inform
and consult with each other as to any of the above causes, which in their judgment may or
could be the cause of a delay in the performance of this Lease Agreement.
J. SUPERCEDES EXISTING LEASE. This Lease Agreement supercedes and takes
the place of the Existing Lease as approved by City of Denton Ordinance 2004 -380 in its
entirety.
IN WITNESS WHEREOF, the parties have executed this Lease Agreement as of the
Effective Date first above written.
CITY OF DENTON, TEXAS, LESSOR
Gf MQ L fb " <C. C ,CvG`11B1!,1A,, CITY MANAGER
ATTEST:
APPROVED AS TO LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
BY:
tz� --- —1-------------
AIRPORT LEASE AGREEMENT BAM DENTON MANAGEMENT VENTURES - Page 25
BAM Denton Management Ventures, L.L.C.,
a Texas Limited Liability Company
BY:
. ............
DAMON WARD, t:
THE STATE OF TEXAS §
*810,12 1`Z81 "PzKoWl
This j i�istrunient was acknowledged bef'ore ine oti the day of 2015, by
George C. Caiiipbell, City Managet- of [lie City of 1)enton, Texall, on behalf ofsaid
municipality.
JANE E, RJ(.�d1ARJ)S()N
- S
Notary Nzific, state of ro
,xas
My Cornm�sdon �:�Xpkes NO"i'ARY PUBLIC, STATE OF TEXAS
Wine 27, 20 117
THE STATE OF TEXAS §
COUNTY OF DENTON
AIRPORT LEASE AGREEMENT BAM DENTON MANAGEMENT VENTURES - Page 26