06/10/1992
ADDENDUM TO LEASE AGREEMENT
THIS addendum, made and entered into this 10th day of
June , 1992, to amend paragraph Two (2) and to add
paragraph Thirty (30) and Thirty-one (31) to that certain Lease
Agreement for Hangar Space entered into on the 16th day of May,
1978, by and between MONROE COUNTY, a political subdivision of
the State of Florida, hereinafter referred to as the LESSOR, and
FRED CABANAS, assignee of the subject Lease pursuant to an
Assignment of Lease dated December 19, 1988, and hereinafter re-
ferred to as the LESSEE.
Said paragraph Two (2) is herein amended to read as follows:
2. RENTAL The Lessee covenants and agrees to pay the
Lessor as rent for said property during the remaining term of
this lease, TWO HUNDRED FIFTY ($250) DOLLARS per month, and the
Lessee agrees to pay on or before the fifth (5th) day of each
month following the last day of each calendar month throughout
the leasehold term.
Said Paragraphs Thirty (30) and Thirty-one (31) are an
addendum to said Lease Agreement for Hangar Space and shall read
as follows:
30. EXTENSION OF LEASE AGREEMENT Said Lease Agreement
between Lessor and Lessee shall be extended for an additional
Five-year period. The additional Five-year extension is to
commence on October 22, 1994. The base rental fee will be FOUR
HUNDRED ($400) DOLLARS per month, or fair market value, whichever
is less, and will be adjusted annually in accordance with the
official U.S. Government Consumer Price Index (CPI) and applied
annually on the anniversary date of this Lease Agreement.
31.
OPTIONS FOR EXTENSION OF LEASE
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Lessee shall have the
option to renew said Lease Agreement after the firs t Five-year
extension, which terminates on October 22, 1999, for an addition-
al Five-year term to commence on October 22, 1999, and ~xpires on
October 22, 2004. At the commencement of said additional Five-
year term, commencing on October 22, 1999, the base rental fee in
effect shall be adjusted to reflect the fair market rental value
of the subject property as determined by the Lessor. Said value
will be adjusted annually in accordance with the official (CPI)
and applied annually on the anniversary date of the Lease
Agreement.
All other provisions of said Lease Agreement are to remain
in full force and effect.
Any provisions in the original Lease Agreement that are in
conflict with this Addendum are hereby rescinded.
IN WITNESS WHEREOF, the party of the parties hereto have
caused this Addendum to Lease Agreement to be executed as of the
day and year first above written.
(SEAL)
Attest: DANNY KOLHAGE, Clerk
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