Exhibit 10.3
SECOND AMENDMENT
to the
COMPOSITE LEASE AGREEMENT
By and Between
MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY
and
FEDERAL EXPRESS CORPORATION
Effective as of June 1, 2009
SECOND AMENDMENT
TO THE COMPOSITE LEASE AGREEMENT
This Second Amendment, effective on the 1stof June, 2009 (the “Effective Date”), by and between MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY (herein referred to as “Authority”), a body politic and corporate, organized and existing under the laws of the State of Tennessee, and FEDERAL EXPRESS CORPORATION (herein referred to as “Tenant”), a corporation duly organized and existing under the laws of the State of Delaware and qualified to do business in the State of Tennessee (Authority and Tenant are collectively referred to as “Parties”).
W I T N E S S E T H:
WHEREAS Authority and Tenant executed an instrument entitled “Composite Lease Agreement” with an effective date of January 1, 2007 (that instrument, as previously amended by First Amendment to the Composite Lease Agreement intended to be effective as of September 1, 2008, being herein called the “Composite Lease Agreement”); and
WHEREAS Authority and Tenant intended the Composite Lease Agreement to represent each of 23 separate lease agreements (later increased to 24) between the Parties and showed the differences among the 23 (later 24) leases by attaching a schedule as Exhibit A to the Composite Lease Agreement that identified each parcel of real property Authority leased to Tenant, the portion of the Term (as defined in the Composite Lease Agreement) during which the lease of each parcel lease will be in effect, and the rent that Tenant pays to Authority for each parcel; and
WHEREAS one of the parcels included in the Composite Lease Agreement was “Parcel 10” (herein so called); and
WHEREAS Authority now desires to use the property known as Parcel 10, and more particularly described and depicted in the attached Exhibit “A”, incorporated by reference herein, for construction activities related to the reconstruction of the eastern segments of Taxiways Alpha and Victor beginning May 1, 2010, and ending approximately December 31, 2011; and
WHEREAS Authority and Tenant have agreed that, during the foregoing construction period, Parcel 10 will be removed from the Leased Premises and the rent due to the Authority for Parcel 10 will be adjusted accordingly;
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NOW, THEREFORE, for and in consideration of the promises, covenants and agreements hereinafter contained to be kept and performed by the parties hereto and upon the provisions and conditions hereinafter set forth, Authority and Tenant do hereby covenant and agree as follows:
SECTION 1Definitions.Except as otherwise provided herein, and unless the context clearly requires otherwise, all words and terms used in this Second Amendment that are defined in the Composite Lease Agreement will have, for all purposes of this Second Amendment, the respective meanings given to them in the Composite Lease Agreement.
SECTION 2Term. The term (“Term”) of this Second Amendment commences on May 1, 2010 (the “Commencement Date”), and expires on December 31, 2011.
SECTION 3Rental Rate.
a. The Parties acknowledge and agree that the current rent for Parcel 10 is Three Thousand One Hundred Thirty-Two Dollars and Twenty-Four Cents ($3,132.24) per month.
b. The Parties further agree that on May 1, 2010, and continuing throughout the Term, Parcel 10 will not be a part of the Leased Premises and Tenant shall not be obligated to pay rent for Parcel 10, and the rent payable for the Leased Premises will be reduced by Three Thousand One Hundred Thirty-Two Dollars and Twenty-Four Cents ($3,132.24) each month during the Term.
c. The Parties acknowledge and agree that the above does not in any way affect Tenant’s obligation to pay Authority all other rent due under the Composite Lease Agreement. Rental rates are subject to increase or decrease annually in accordance with the rental rate provisions set forth in the Composite Lease Agreement.
d. Upon the expiration of the Term, Parcel 10 will again become part of the Leased Premises automatically and without any further action on the part of Authority or Tenant, and the rent payable for the Leased Premises will be increased by Three Thousand One Hundred Thirty-Two Dollars and Twenty-Four Cents ($3,132.24) per month as that amount would have been adjusted in accordance with the terms of the Composite Lease Agreement if Parcel 10 had remained part of the Leased Premises throughout the Term.
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SECTION 4Use.
a. During the Term, Authority and its designee may use Parcel 10 solely for construction-related activities incident to the reconstruction of certain taxiways, including, but not limited to, a staging area, batch plant, setting up of temporary trailers or similar temporary storage structures, the parking of contractor vehicles and construction equipment, storage of materials, and office space. Authority agrees to notify Tenant in writing if Authority intends to change its use of Parcel 10.
b. Authority agrees not to use Parcel 10 in any way that:
| | (i) | | constitutes the commission of waste, the maintenance of a nuisance, or the breach of any restriction or obligation set forth in the Composite Lease Agreement; or |
| |
| | (ii) | | involves the use, sale or introduction onto the premises of any hazardous or toxic substances. |
SECTION 5Removal of Equipment Beginning May 1, 2010, Authority shall remove from Parcel 10, and properly dispose of, the trailers and kiosks presently located on Parcel 10 at Authority’s sole expense. Authority shall also remove from Parcel 10 the crew steps, tires and other personal property currently located on Parcel 10 (the “Tenant’s Equipment”) and shall store the Tenant’s Equipment on other property that Authority owns at the Memphis International Airport (the “Airport”) and that is not leased to Tenant, all at Authority’s sole expense. Prior to the expiration of the Term or any earlier termination of this Second Amendment, Authority shall return the Tenant’s Equipment to Parcel 10 at Authority’s sole expense. If, at any time during the Term, Tenant requires any of the Tenant’s Equipment for use in Tenant’s operations, Authority shall allow Tenant access to the site where Authority has stored Tenant’s Equipment so that Tenant, at Tenant’s sole expense, may remove whatever portion of the Tenant’s Equipment that Tenant may require. Authority may store the Tenant’s Equipment in the open and will have no liability for deterioration of the Tenant’s Equipment that occurs as a result of its exposure to the elements. Authority must, however, repair at its expense any damage that occurs to any of the Tenant’s Equipment during the Term as a result of the fault or negligent act of any person that has access to the Tenant’s Equipment during the Term.
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SECTION 6Construction of Improvements/Alterations. The Composite Lease Agreement obligates Tenant to keep the Leased Premises in good order and repair, ordinary wear and tear excepted. The Parties understand and agree that Tenant shall not be held responsible for any wear and tear or damage to Parcel 10 that occurs during the Term. Upon the expiration of the Term or any earlier termination of this Second Amendment, Authority shall deliver possession of Parcel 10 to Tenant in the condition that existed on the Commencement Date, except for reasonable wear and tear, alterations and improvements that Authority makes to Parcel 10, but that Tenant does not require Authority to remove, and damage that does not occur as a result of the negligence or willful misconduct of Authority or any of its employees, agents, contractors or other invitees.
Authority may remove any fencing currently installed on Parcel 10 without consent from Tenant; prior to the expiration of the Term or any earlier termination of this Second Amendment, however, Authority must re-install any fencing it removes at the locations where presently installed.
Authority further agrees that Parcel 10 will be free from construction or other debris and all construction related materials will be removed before Parcel 10 is returned to Tenant.
SECTION 7Remainder of Composite Lease Agreement in Effect. All other terms, provisions, conditions, covenants and agreements of the Composite Lease Agreement shall continue in full force and effect.
SECTION 8Effective Date of this Second Amendment.This Second Amendment shall become effective June 1, 2009.
IN WITNESS WHEREOF, the Parties have caused their duly authorized representatives to execute this Second Amendment to the Composite Lease Agreement.
| | | | | | | | | |
| MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY | | | | FEDERAL EXPRESS CORPORATION |
| | | | | | | | | |
| By: | | /s/ SCOTT A. BROCKMAN | | | | By: | /s/ WILEY JOHNSON, JR. |
| | | | | | | | |
| | | Title: EVP/COO | | | | | Title: | Managing Director, Real Estate and
Airport Development |
| | | | | | | | | |
| Date: March 30, 2010 | | | | Date: March 24, 2010 |
| | | | | | | | | |
| Approved as to Form and Legality: | | | | | | |
MSCAA Board Secretary
| | | | | | |
| /s/ SARA L. HALL | | | | | | |
| | | | | | | |
| Sara L. Hall, Vice President & General Counsel | | | | | | |
Date: March 29, 2010
5
EXHIBIT A to
SECOND AMENDMENT
to the
COMPOSITE LEASE AGREEMENT
By and Between
MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY
and
FEDERAL EXPRESS CORPORATION
Effective as of June 1, 2009
Parcel 10 Legal Description
Parcel 10
Supplemental Agreement 16, Parcel 22A
March 7, 2007
Description of a ground lease area being a portion of the Memphis-Shelby County Airport Authority Property as recorded in Special Warranty Deed F5-5925, Parcel 1; located on the south east corner of Tchulahoma & Knight Arnold Road in Memphis, Shelby County, Tennessee.
Commencing at the intersection of the east right-of-way line of Tchulahoma Road (106 foot right of-way) and the south right-of-way line of Knight Arnold Road (80 foot right-of-way), Thence northeastwardly along the south right-of-way line of Knight Arnold Road, North 63 degrees 57 minutes 58 seconds east, a tangent distance of 44.72 feet to theTRUE POINT OF BEGINNINGof the following lease area, Thence North 63 degrees 57 minutes 58 seconds East, a distance of 47.03 feet to a point of curve, Thence along a curve to the right having a radius of 960.00 feet with an arc distance of 470.59 feet and a chord of North 78 degrees 0 minutes 33 seconds East, a chord distance of 465.89 feet to a point of compound curve, Thence along a curve to the right having a radius of 23.19 feet with an arc distance of 37.35 feet and a chord of South 41 degrees 48 minutes 54 seconds East, a chord distance of 33.44 feet to a point of tangency located in the west right-of-way line of Linda Road, Thence southwestwardly along the west line of Linda Road (50 feet right-of-way), South 4 degree 19 minutes 6 seconds West, a distance of 309.31 feet to the southeast corner of said lease area, Thence North 85 degrees 14 minutes 39 seconds West, a distance of 422.13 feet to the southwest corner of said lease area located in the east right-of-way line of Tchulahoma Road, Thence northwestwardly along said east right-of-way line, North 31 degrees 8 minutes 19 seconds West, a distance of 142.84 feet to a point of curve, Thence along a curve to the right having a radius of 40.00 feet with an arc distance of 67.28 feet and a chord of North 17 degrees 2 minutes 57 seconds East, a chord distance of 59.63 feet to the point of beginning and containing approximately 140,617 square feet or 3,214 acres by calculation.
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THIRD AMENDMENT
to the
COMPOSITE LEASE AGREEMENT
By and Between
MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY
and
FEDERAL EXPRESS CORPORATION
Effective as of July 1, 2009
8
THIRD AMENDMENT
TO THE COMPOSITE LEASE AGREEMENT
This Third Amendment, effective on the 1stday of July, 2009 (the “Effective Date”), by and between MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY (herein referred to as “Authority”), a body politic and corporate, organized and existing under the laws of the State of Tennessee, and FEDERAL EXPRESS CORPORATION (herein referred to as “Tenant”), a corporation duly organized and existing under the laws of the State of Delaware and qualified to do business in the State of Tennessee (Authority and Tenant are collectively referred to as “Parties”.),
W I T N E S S E T H:
WHEREAS Authority and Tenant executed an instrument entitled “Composite Lease Agreement” with an effective date of January 1, 2007 (that instrument, as previously amended by First Amendment to the Composite Lease Agreement intended to be effective as of September 1, 2008, and by Second Amendment to the Composite Lease Agreement intended to be effective as of June 1, 2009, being herein called the “Composite Lease Agreement”); and
WHEREAS Authority and Tenant intended the Composite Lease Agreement to represent each of 23 separate lease agreements between the Parties (later increased to 24) and showed the differences among the 23 (later 24) leases by attaching a schedule as Exhibit A to the Composite Lease Agreement that identified each parcel of real property Authority leased to Tenant, the portion of the Term (as defined in the Composite Lease Agreement) during which the lease of each parcel will be in effect, and the rent that Tenant pays to Authority for each parcel; and
WHEREAS Parcel 2, as described and depicted in the Composite Lease Agreement, includes buildings designated as Hangars 21, 22, 23, 24, 25 and 27 and land on which a building designated as Hangar 26 previously stood; and
WHEREAS, prior to the parties’ execution of the Composite Lease Agreement, Tenant removed Hangar 26 with the Authority’s consent, but the rent established in the Composite Lease Agreement for Parcel 2 inadvertently did not reflect the earlier removal of that building; and
WHEREAS Tenant now intends with the Authority’s consent to remove Hangars 21, 22 and 23 from Parcel 2, to construct a new hangar (the “Replacement Hangar”) whose footprint will have an area of approximately 35,419 square feet on the land where Hangars 21, 22 and 23 now stand, and to renovate Hangars 24, 25 and 27; and
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WHEREAS the parties wish to amend the Composite Lease Agreement to reflect these changes and to modify the rent owed by Tenant accordingly;
NOW, THEREFORE, for and in consideration of the promises, covenants and agreements hereinafter contained to be kept and performed by the parties hereto and upon the provisions and conditions hereinafter set forth, Authority and Tenant do hereby covenant and agree as follows:
SECTION 1.Definitions.Except as otherwise provided herein, and unless the context shall clearly require otherwise, all words and terms used in this Third Amendment that are defined in the Composite Lease Agreement shall, for all purposes of this Third Amendment, have the respective meanings given to them in the Composite Lease Agreement.
SECTION 2.Authority Consent. Authority consents to the demolition of Hangars 21, 22 and 23, the construction of the Replacement Hangar and the renovation of Hangars 24, 25 and 27 in accordance with the drawings and specifications described inExhibit A attached to this Amendment. Authority consents to any revision of those drawings and specifications that Tenant causes to be made so long as the revision does not result in either a material reduction in the size of the Replacement Hangar or a reduction in the estimated cost of the demolition, construction and renovation depicted in those drawings and specifications.
SECTION 3.Modification of Composite Lease and Applicable Rent.The Parties amend the Composite Lease Agreement to reflect the removal of Hangar 26, the removal of Hangars 21, 22 and 23 in preparation for the building of the Replacement Hangar, and renovation of Hangars 24, 25 and 27. As of the Effective Date, the Parties substitute the table attached to this Amendment for the table included as part of Exhibit “A” to the Composite Lease Agreement. The substitution of that Exhibit will accomplish the following:
(a) Effective as of July 1, 2009, the annual rent for Parcel 2 will be reduced by $15,870.00 to reflect the removal of Hangar 26. Because the execution of this Third Amendment is occurring after July 1, 2009, the Effective Date, Tenant has overpaid rent for Parcel 2 in the amount of $1,322.50 per month since the Effective Date. Accordingly, Tenant will receive a credit against the installment of rent next becoming due under the terms of the Composite Lease Agreement after the date the Parties execute and deliver this Third Amendment (as distinguished from its Effective Date) in the aggregate amount of the overpayment.
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(b) Effective as of the later to occur of August 1, 2010, or the date on which Tenant substantially completes the construction of the Replacement Hangar and Tenant’s beneficial occupancy of the Replacement Hangar begins, the annual rent for Parcel 2 will be reduced by $44,246.00. The areas of the footprints of Hangars 21, 22 and 23 are 10,000 square feet, 7,000 square feet and 13,000 square feet respectively. Before this Amendment becomes effective, the portion of the Parcel 2 rent allocable to that 30,000 square feet of building space and the land underlying it is $50,917.00. At the rate that the Parties are currently using for the calculation of that portion of the rent payable under the terms of the Composite Lease Agreement that is allocable to unimproved land, the annual rent for the approximately 35,000 square feet of land that will underlie the Replacement Hangar would be $6,671.00. As a result, the rent reduction described above in this Subsection 3(b) will be the net amount after deducting $50,917.00 and adding $6,671.00.
(c) Effective as of the later to occur of August 1, 2010, or the date on which Tenant substantially completes the renovation of Hangar 24, 25 and 27 and Tenant’s beneficial occupancy of those Hangars begins, the annual rent for Parcel 2 will be reduced by $23,458.05. Before this Amendment becomes effective, the portion of the Parcel 2 rent allocable to Hangars 24, 25 and 27 is $78,193.49. The rent reduction described above in this Subsection 3(c) represents a thirty-percent reduction in that portion of the Parcel 2 rent allocable to Hangars 24, 25 and 27, which reduction the Authority is offering in order to induce Tenant to make the renovations to Hangars 24, 25 and 27.
The Parcel 2 rent, as adjusted in accordance with the foregoing, will continue to be subject to adjustment in accordance with the terms of Section 2.03(a)(i) of the Composite Lease Agreement.
SECTION 4.Remainder of Composite Lease in Effect.All other terms, provisions, conditions, covenants and agreements of the Composite Lease shall continue in full force and effect.
SECTION 5.Effective Dates of this Third Amendment.This Third Amendment becomes effective as of July 1, 2009.
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IN WITNESS WHEREOF, the Parties have caused their duly authorized representatives to execute this Third Amendment to the Composite Lease Agreement.
| | | | | | | | | |
| MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY | | | | FEDERAL EXPRESS CORPORATION |
| | | | | | | | | |
| By: | | /s/ LARRY D. COX | | | | By: | /s/ WILEY JOHNSON, JR. |
| | | | | | | | |
| | | Title: President | | | | | Title: | Managing Director, Real Estate and
Airport Development |
| | | | | | | | | |
| Date: April 27, 2010 | | | | Date: April 27, 2010 |
| | | | | | | | | |
| Approved as to Form and Legality: | | | | | | |
MSCAA Board Secretary
| | | | | | |
| /s/ SARA L. HALL | | | | | | |
| | | | | | | |
| Sara L. Hall, Vice President & General Counsel | | | | | | |
Date: April 27, 2010
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EXHIBIT A to
THIRD AMENDMENT
to the
COMPOSITE LEASE AGREEMENT
By and Between
MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY
and
FEDERAL EXPRESS CORPORATION
Effective as of July 1, 2009
Project Manual entitled “Hangar 21, 2457 Democrat Road; Modifications to Hangar 24 — 2443A Democrat Road, Feeder OPS — 2443B Democrat Road, Hangar 25 — 2443C Democrat Road, Hangar 27 — 2439 Democrat Road, Memphis HUB, Memphis International Airport, Memphis, Tennessee,” prepared by Renaissance Group and dated February 15, 2010.
Drawings entitled “Construction Documents for the New Construction of FedEx Corporate Aviation Hangar 21, Memphis International Airport, 2457 Democrat Road, Memphis, Tennessee, and Modifications to Hangar 24- 2443A Democrat Road, Feeder OPS — 2443B Democrat Road, Hangar 25 — 2443C Democrat Road, Hangar 27 — 2439 Democrat Road”, prepared by Renaissance Group, Chad Stewart & Associates, Thompson Engineers, and Engineering Design Consultants, dated February 15, 2010, most recently revised April 1, 2010, and consisting of the following sheets:
| | | |
| G0.1 | | COVER SHEET |
| | | |
| CIVIL |
| C1.1 | | DEMOLITION PLAN |
| C2.1 | | SITE PLAN |
| C2.2 | | FENCE PLAN |
| C2.3 | | JOINT & SLAB LAYOUT PLAN |
| C3.1 | | GRADING & DRAINAGE PLAN |
| C4.1 | | EROSION CONTROL & SWPPP PLAN — PHASE 1 |
| C4.2 | | EROSION CONTROL & SWPPP PLAN — PHASE 2 |
| C5.1 | | UTILITY PLAN |
| C5.2 | | FIBER OPTIC PLAN |
| C6.1 | | PLAN & PROFILE OFFSTREET DRAINAGE |
| C7.1 | | JOINT, SLAB & PAVING DETAILS |
| C7.2 | | FENCE & SITE DETAILS |
| C7.3 | | SITE DETAILS |
| C7.4 | | SITE DETAILS |
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| | | |
| ARCHITECTURAL |
| D1.1 | | DEMOLITION PLAN |
| A1.1 | | SITE PLAN |
| A2.1 | | OVERALL FLOOR PLAN |
| A2.2A | | FLOOR PLAN — AREA A |
| A2.2B | | FLOOR PLAN — AREA B |
| A2.3 | | OVERALL REFLECTED CEILING PLAN |
| A2.4A | | REFLECTED CEILING PLAN — AREA A |
| A2.4B | | REFLECTED CEILING PLAN — AREA B |
| A2.5 | | ROOF PLAN |
| A3.1 | | EXTERIOR ELEVATIONS |
| A3.2 | | EXTERIOR ELEVATIONS |
| A4.1 | | BUILDING SECTIONS |
| A4.2 | | WALL SECTIONS |
| A4.3 | | WALL SECTIONS & DETAILS |
| A5.1 | | ENLARGED PLANS |
| A6.1 | | DOOR SCHEDULE & DETAILS |
| | | |
| STRUCTURAL |
| S1.1 | | GENERAL NOTES |
| S1.2 | | GENERAL DETAILS |
| S2.1 | | FOUNDATION PLAN — AREA A |
| S2.2 | | FOUNDATION PLAN — AREA B |
| S3.1 | | DOOR FRAMING PLAN |
| S3.2 | | MEZZANINE FRAMING PLAN |
| S3.3 | | ROOF FRAMING PLAN — AREA A |
| S3.4 | | ROOF FRAMING PLAN — AREA B |
| S4.1 | | FOUNDATION SECTIONS |
| S4.2 | | FOUNDATION SECTIONS |
| S5.1 | | FRAMING SECTIONS |
| S5.2 | | FRAMING SECTIONS |
| S5.3 | | FRAMING SECTIONS |
| S5.4 | | BUILDING SECTION |
| | | |
| FIRE PROTECTION |
| FPPM1.0 | | DIVISION 1500 STANDARD SYMBOLS DRAWING |
| FPPM1.1 | | SITE PLAN — FIRE PROTECTION & PLUMBING |
| FP1.1A | | FLOOR PLAN AREA A — FIRE PROTECTION |
| FP1.1B | | FLOOR PLAN AREA B — FIRE PROTECTION |
| FP1.3 | | ENLARGED FLOOR PLAN HANGAR 21 FIRE PROTECTION ROOM — FIRE PROTECTION |
| | | |
| PLUMBING |
| P1.1A | | FLOOR PLAN AREA A — PLUMBING |
| P1.1B | | FLOOR PLAN AREA B — PLUMBING |
| P2.1 | | SCHEDULES & RISER — PLUMBING |
| P3.1 | | DETAILS — PLUMBING |
| P3.2 | | DETAILS — PLUMBING |
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| | | |
| MECHANICAL | | |
| M1.1A | | FLOOR PLAN AREA A — HVAC |
| M1.1B | | FLOOR PLAN AREA B — HVAC |
| M2.1 | | SCHEDULES — HVAC |
| M3.1 | | DETAILS — HVAC |
| M3.2 | | DETAILS — HVAC |
| M3.3 | | DETAILS — HVAC |
| M3.4 | | DETAILS — HVAC |
| M3.5 | | DETAILS — HVAC |
| M3.6 | | DETAILS — HVAC |
| M3.7 | | DETAILS — HVAC |
| M3.8 | | DETAILS — HVAC |
| | | |
| ELECTRICAL |
| E0.1 | | SITE PLAN — HANGAR 21 ELECTRICAL |
| E1.1 | | PARTIAL 1ST FLOOR PLAN — AREA A — HANGAR 21 LIGHTING |
| E1.2 | | PARTIAL 1ST FLOOR PLAN — AREA B — HANGAR 21 LIGHTING |
| E2.1 | | PARTIAL 1ST FLOOR PLAN — AREA A — HANGAR 21 ELECTRICAL |
| E2.2 | | PARTIAL 1ST FLOOR PLAN — AREA B — HANGAR 21 ELECTRICAL |
| E2.3 | | PARTIAL FLOOR PLANS — HANGAR 21 ELECTRICAL |
| E2.4 | | ROOF PLAN — HANGAR 21 LIGHTNING PROTECTION |
| E3.1 | | PARTIAL 1ST FLOOR PLAN — AREA A — HANGAR 21 ACCESS CONTROL & CCTV |
| E3.2 | | PARTIAL 1ST FLOOR PLAN — AREA B — HANGAR 21 ACCESS CONTROL & CCTV |
| E4.1 | | PARTIAL 1ST FLOOR PLAN — AREA A — HANGAR 21 LEGEND & FIXTURE SCHEDULE |
| E4.2 | | PARTIAL 1ST FLOOR PLAN — AREA A — HANGAR 21 LEGEND & FIXTURE SCHEDULE |
| E4.3 | | PARTIAL 1ST FLOOR PLAN — AREA A — HANGAR 21 LEGEND & FIXTURE SCHEDULE |
| E5.1 | | ONE LINE POWER DIAGRAM |
| E5.2 | | PANELBOARD SCHEDULES |
| E5.3 | | PANELBOARD SCHEDULES |
| E5.4 | | GROUNDING DETAILS |
| E5.5 | | INSTALLATION DETAILS |
| E5.6 | | INSTALLATION DETAILS |
| E5.7 | | HEAT TRACING DETAILS |
| E5.8 | | HEAT TRACING DETAILS AND GROUNDING DETAIL |
| E5.9 | | ELECTRICAL INSTALLATION DETAILS |
| E5.10 | | ELECTRICAL INSTALLATION DETAILS |
| E5.11 | | INTERCOM INSTALLATION DETAILS |
| | | |
| HANGAR 24, 25, AND 27 DOCUMENTS |
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| | | |
| ARCHITECTURAL |
| A1.1 | | SITE PLAN |
| A2.1.24 | | EXISTING FLOOR PLAN — HANGAR 24 |
| A2.2.24 | | EXISTING ROOF PLAN — HANGAR 24 |
| A3.1.24 | | EXISTING ELEVATIONS — HANGAR 24 |
| A2.1.25 | | EXISTING FLOOR PLAN — HANGAR 25 |
| A2.2.25 | | EXISTING ROOF PLAN — HANGAR 25 |
| A3.1.25 | | EXISTING ELEVATIONS — HANGAR 25 |
| A2.1.27 | | EXISTING FLOOR PLAN — HANGAR 27 |
| A2.2.27 | | EXISTING ROOF PLAN — HANGAR 27 |
| A3.1.27 | | EXISTING ELEVATIONS — HANGAR 27 |
| | | |
| FIRE PROTECTION |
| FP1.2A | | EXISTING STORAGE HANGARS — AREA A — FIRE PROTECTION |
| FP1.2B | | EXISTING STORAGE HANGARS — AREA B — FIRE PROTECTION |
| | | |
| PLUMBING |
| P1.1 | | FLOOR PLAN — PLUMBING |
| | | |
| MECHANICAL |
| M1.1 | | FLOOR PLAN — HVAC |
| M2.1 | | HVAC SCHEDULES AND DETAILS |
| | | |
| ELECTRICAL |
| E0.1 | | SITE PLAN — ELECTRICAL |
| E1.1 | | FLOOR PLAN — DEMOLITION |
| E2.1 | | FLOOR PLAN — ELECTRICAL |
| E2.2 | | PARTIAL FLOOR PLAN — ELECTRICAL |
| E2.3 | | FLOOR PLAN — ELECTRICAL |
| E2.4 | | FLOOR PLAN HANGAR 24 — ELECTRICAL |
| E2.5 | | FLOOR PLAN FEEDER CITY — ELECTRICAL |
| E3.1 | | LEGEND AND SCHEDULES |
| E4.1 | | ONE-LINE DIAGRAM — DEMOLITION |
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FEDERAL EXPRESS CORPORATION
2003 CORPORATE AVENUE-B3
MEMPHIS, TN 38132
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | SUMMARY | | | | | | | | | | |
| | | FEDEX | | | | | | | | | | | | EFFECTIVE | | | EFFECTIVE DATES | | | 2008 | | 2009 | | | | |
| PARCEL | | LEASE | | | | | | EFFECTIVE | | SQUARE | | | DATE | | | Billing from 2007 forward | | | EFFECTIVE JULY 2008 | | | 7/1/2008(3) | | EFFECTIVE JULY 2009 | | | 7/01/2013(3) | |
| NUMBER | | NUMBER | | SUPPLEMENTAL | | USE OR LOCATION | | DATE | | FEET | | | RATE | | | MONTHLY | | | ANNUAL | | | RATES | | | MONTHLY | | | ANNUAL | | | ESCALATION | | RATES | | | MONTHLY | | | ANNUAL | | | ESCALATION | |
1 | | 07-0958 | | N/A | | TAXIWAY N | | 2/1/2009 | | | 100,035 | | | $ | 0.1906 | | | $ | 1,588.89 | | | $ | 19,066.67 | | | | N/A | | | | N/A | | | | N/A | | | N/A | | $ | 0.1906 | | | $ | 1,588.89 | | | $ | 19,066.67 | | | CPI OR 13% |
2 | | 07-0959 | | SUPPLEMENTAL 26 | | AMR FACILITIES/LANDLOCKED PARCELS | | 1/1/2007 | | | 1,082,446 | | | Varies | | | $ | 30,869.35 | | | $ | 370,432.20 | | | Varies | | | $ | 35,497.91 | | | $ | 425,974.92 | | | 15 | % | Varies (1) | | $ | 34,175.41 | | | $ | 410,104.92 | | | CPI OR 13% |
3 | | 07-0960 | | SUPPLEMENTALS | | WEST RAMP | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 18, 19, 20, 21, 22 & 23 | | UNIMPROVED GROUND | | 1/1/2007 | | | 3,111,647 | | | $ | 0.1525 | | | $ | 39,543.85 | | | $ | 474,526.17 | | | $ | 0.1906 | | | $ | 49,423.33 | | | $ | 593,079.92 | | | N/A | | $ | 0.1906 | | | $ | 49,423.33 | | | $ | 593,079.92 | | | CPI OR 13% |
| | | | | 22, 24 & 25 | | UNIMPROVED GROUND | | 1/1/2007 | | | 914,283 | | | $ | 0.1525 | | | $ | 11,619.01 | | | $ | 139,428.16 | | | $ | 0.1906 | | | $ | 14,521.86 | | | $ | 174,262.34 | | | N/A | | $ | 0.1906 | | | $ | 14,521.86 | | | $ | 174,262.34 | | | CPI OR 13% |
4 | | 07-0961 | | N/A | | TAXIWAY C | | 2/1/2009 | | | 731,098 | | | $ | 0.2400 | | | $ | 14,621.96 | | | $ | 175,463.52 | | | | N/A | | | | N/A | | | | N/A | | | N/A | | $ | 0.2400 | | | $ | 14,621.96 | | | $ | 175,463.52 | | | CPI OR 13% |
5 | | 07-0962 | | SUPPLEMENTAL 13 | | UNIMPROVED APRON/GRACELAND RAMP | | 1/1/2007 | | | 515,496 | | | $ | 0.1525 | | | $ | 6,551.10 | | | $ | 78,613.14 | | | $ | 0.1906 | | | $ | 8,187.79 | | | $ | 98,253.48 | | | N/A | | $ | 0.1906 | | | $ | 8,187.79 | | | $ | 98,253.48 | | | CPI OR 13% |
| | | | | SUPPLEMENTAL 17 | | UNIMPROVED APRON/SIERRA RAMP | | 1/1/2007 | | | | | | $ | 0.1525 | | | | | | | | | | | | | | | | | | | | | | | N/A | | | | | | | | | | | | | | CPI OR 13% |
6 | | 07-0963 | | AGREEMENT #92-0833 | | IRS/AOD | | 1/1/2007 | | | 2,248,286 | | | | N/A | (6) | | $ | 125,000.00 | | | $ | 1,500,000.00 | | | | N/A | (6) | | $ | 125,000.00 | | | $ | 1,500,000.00 | | | N/A | (6) | | N/A | (6) | | $ | 125,000.00 | | | $ | 1,500,000.00 | | | | 15% | (7) |
7 | | 07-0964 | | SOUTHWIDE #90-0242 | | GRAEBER ASSIGNMENT | | 1/1/2007 | | | 427,030 | | | | N/A | (6) | | $ | 2,506.15 | | | $ | 30,073.80 | | | | N/A | (6) | | $ | 2,506.15 | | | $ | 30,073.80 | | | N/A | (6) | | N/A | (6) | | $ | 2,506.15 | | | $ | 30,073.80 | | | CPI OR 13% |
8 | | 07-0965 | | SOUTHWIDE ASGMT. #80-0223 | | EQUITABLE LIFE | | 1/1/2007 | | | 451,370 | | | | N/A | (6) | | $ | 2,340.16 | | | $ | 28,081.92 | | | | N/A | (6) | | $ | 2,340.16 | | | $ | 28,081.92 | | | N/A | (6) | | N/A | (6) | | $ | 2,340.16 | | | $ | 28,081.92 | | | CPI OR 13% |
9 | | 07-0966 | | SUPPLEMENTAL 15 (INTERNATIONAL PARK) | | FEDEX PARKING - TCHULAHOMA | | 1/1/2007 | | | 833,458 | | | $ | 0.2673 | | | $ | 18,565.28 | | | $ | 222,783.32 | | | $ | 0.2673 | | | $ | 18,565.28 | | | $ | 222,783.32 | | | N/A | | $ | 0.2673 | | | $ | 18,565.28 | | | $ | 222,783.32 | | | CPI OR 13% |
10 | | 07-0967 | | SUPPLEMENTAL 16 (INTERNATIONAL PARK) | | FEDEX CONSTRUCTION STORAGE AREA | | 1/1/2007(2) | | | 140,617 | | | $ | 0.2673 | | | $ | 3,132.24 | | | $ | 37,586.92 | | | $ | 0.2673 | | | $ | 3,132.24 | | | $ | 37,586.92 | | | N/A | | $ | 0.2673 | | | $ | 3,132.24 | | | $ | 37,586.92 | | | CPI OR 13% |
11 | | 07-0968 | | SUPPLEMENTAL 13 | | UNIMPROVED GROUND/GSE STORAGE | | 1/1/2007 | | | 187,217 | | | $ | 0.1525 | | | $ | 2,379.22 | | | $ | 28,550.59 | | | $ | 0.1906 | | | $ | 2,973.63 | | | $ | 35,683.56 | | | N/A | | $ | 0.1906 | | | $ | 2,973.63 | | | $ | 35,683.56 | | | CPI OR 13% |
12 | | 07-0969 | | SUPPLEMENTAL 27 | | A-380 GSE STORAGE | | 12/01/07 | | | 187,618 | | | $ | 0.1525 | | | $ | 2,384.31 | | | $ | 28,611.75 | | | $ | 0.1525 | | | $ | 2,384.31 | | | $ | 28,611.75 | | | N/A | | $ | 0.1525 | | | $ | 2,384.31 | | | $ | 28,611.75 | | | CPI OR 13% |
13 | | 07-0970 | | SUPPLEMENTAL 23 | | A-380 RAMP | | 1/1/2007 | | | 1,897,879 | | | $ | 0.1220 | | | $ | 19,295.10 | | | $ | 231,541.24 | | | $ | 0.1220 | | | $ | 19,295.10 | | | $ | 231,541.24 | | | N/A | | $ | 0.1220 | | | $ | 19,295.10 | | | $ | 231,541.24 | | | CPI OR 13% |
| | | | | SUPPLEMENTAL 25 | | A-380 GSE RAMP | | 1/1/2007 | | | 319,113 | | | $ | 0.1525 | | | $ | 4,055.39 | | | $ | 48,664.73 | | | $ | 0.1906 | | | $ | 5,068.58 | | | $ | 60,822.94 | | | N/A | | $ | 0.1906 | | | $ | 5,068.58 | | | $ | 60,822.94 | | | CPI OR 13% |
14 | | 07-0971 | | SUPPLEMENTAL 14 | | UNIMPROVED APRON/DE-ICING EQUIPMENT STORAGE | | 1/1/2007 | | | 428,616 | | | $ | 0.1525 | | | $ | 5,447.00 | | | $ | 65,363.94 | | | $ | 0.1906 | | | $ | 6,807.85 | | | $ | 81,694.21 | | | N/A | | $ | 0.1906 | | | $ | 6,807.85 | | | $ | 81,694.21 | | | CPI OR 13% |
15 | | 07-0972 | | N/A | | SPRANKLE ROAD | | 1/1/2007 | | | 200,695 | | | $ | 0.0000 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.0000 | | | $ | 0.00 | | | $ | 0.00 | | | N/A | | $ | 0.0000 | | | $ | 0.00 | | | $ | 0.00 | | | | N/A | |
16 | | 07-0973 | | N/A | | REPUBLIC ROAD | | 1/1/2007 | | | 113,179 | | | $ | 0.0000 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.0000 | | | $ | 0.00 | | | $ | 0.00 | | | N/A | | $ | 0.0000 | | | $ | 0.00 | | | $ | 0.00 | | | | N/A | |
17 | | 07-0974 | | SUPPLEMENTALS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 1 Parcel 1, 2, 3, 4, 6 & 9 (UNIMP GROUND) | | | | 1/1/2007 | | | 1,662,877 | | | $ | 0.1525 | | | $ | 21,132.40 | | | $ | 253,588.74 | | | $ | 0.1906 | | | $ | 26,412.03 | | | $ | 316,944.36 | | | N/A | | $ | 0.1906 | | | $ | 26,412.03 | | | $ | 316,944.36 | | | CPI OR 13% |
| | | | | 1 Parcel 1, 2, 7, 9 (IMP APRON) | | | | 1/1/2007 | | | 1,908,290 | | | $ | 0.1906 | | | $ | 30,310.01 | | | $ | 363,720.07 | | | $ | 0.2383 | | | $ | 37,895.46 | | | $ | 454,745.51 | | | N/A | | $ | 0.2383 | | | $ | 37,895.46 | | | $ | 454,745.51 | | | CPI OR 13% |
| | | | | Parcel 5 (INTERNATIONAL PARK) | | | | 1/1/2007 | | | 24,000 | | | $ | 0.2673 | | | $ | 534.60 | | | $ | 6,415.20 | | | $ | 0.3341 | | | $ | 668.25 | | | $ | 8,019.00 | | | 25 | % | $ | 0.3341 | | | $ | 668.25 | | | $ | 8,019.00 | | | CPI OR 13% |
| | | | | 1 Parcel 8 (INTERNATIONAL PARK) | | FUEL TANKS | | 1/1/2007 | | | 247,254 | | | $ | 0.2673 | | | $ | 5,507.58 | | | $ | 66,090.99 | | | $ | 0.3341 | | | $ | 6,884.48 | | | $ | 82,613.74 | | | 25 | % | $ | 0.3341 | | | $ | 6,884.48 | | | $ | 82,613.74 | | | CPI OR 13% |
| | | | | 1 & 8 Parcel 12 (INETRNATIONAL PARK) | | ARTC TRAINING BUILDING | | 1/1/2007 | | | 117,915 | | | $ | 0.2673 | | | $ | 2,626.56 | | | $ | 31,518.68 | | | $ | 0.3341 | | | $ | 3,283.20 | | | $ | 39,398.35 | | | 25 | % | $ | 0.3341 | | | $ | 3,283.20 | | | $ | 39,398.35 | | | CPI OR 13% |
| | | | | 1 & 8 Parcel 11 (INTERNATIONAL PARK) | | GAS STATION | | 1/1/2007 | | | 45,359 | | | $ | 0.2673 | | | $ | 1,010.37 | | | $ | 12,124.46 | | | $ | 0.3341 | | | $ | 1,262.96 | | | $ | 15,155.58 | | | 25 | % | $ | 0.3341 | | | $ | 1,262.96 | | | $ | 15,155.58 | | | CPI OR 13% |
| | | | | 8 Parcel 9 (INTERNATIONAL PARK) | | SOUTH RAMP, COURTYARD, SOUTHGATES | | 1/1/2007 | | | 1,586,172 | | | $ | 0.2673 | | | $ | 35,331.98 | | | $ | 423,983.78 | | | $ | 0.3341 | | | $ | 44,164.98 | | | $ | 529,979.72 | | | 25 | % | $ | 0.3341 | | | $ | 44,164.98 | | | $ | 529,979.72 | | | CPI OR 13% |
| | | | | Parcel 10 (INTERNATIONAL PARK) | | SOUTHEASTERN RAMP, NORTH SECONDARY, | | 1/1/2007 | | | 70,200 | | | $ | 0.2673 | | | $ | 1,563.71 | | | $ | 18,764.46 | | | $ | 0.3341 | | | $ | 1,954.63 | | | $ | 23,455.58 | | | 25 | % | $ | 0.3341 | | | $ | 1,954.63 | | | $ | 23,455.58 | | | CPI OR 13% |
| | | | | Parcel 17 (INTERNATIONAL PARK) | | NORTH INPUT, PRIMARY SORT, | | 1/1/2007 | | | 4,333,659 | | | $ | 0.2673 | | | $ | 96,532.25 | | | $ | 1,158,387.05 | | | $ | 0.3341 | | | $ | 120,665.32 | | | $ | 1,447,983.81 | | | 25 | % | $ | 0.3341 | | | $ | 120,665.32 | | | $ | 1,447,983.81 | | | CPI OR 13% |
| | | | | | | SMALL PACKAGE SORT SYSTEM, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | INTERNATIONAL INPUT, HEAVY WEIGHT, EAST RAMP | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | TAB-LINE MAINTENANCE | | 1/1/2007 | | | 556,334 | | | $ | 0.2673 | | | $ | 12,392.34 | | | $ | 148,708.08 | | | $ | 0.3341 | | | $ | 15,490.42 | | | $ | 185,885.10 | | | 25 | % | $ | 0.3341 | | | $ | 15,490.42 | | | $ | 185,885.10 | | | CPI OR 13% |
| | | | | 10 Parcel 27A (IMP APRON) | | PARCEL 27A | | 1/1/2007 | | | 487,512 | | | $ | 0.1906 | | | $ | 7,743.32 | | | $ | 92,919.79 | | | $ | 0.2383 | | | $ | 9,681.18 | | | $ | 116,174.11 | | | N/A | | $ | 0.2383 | | | $ | 9,681.18 | | | $ | 116,174.11 | | | CPI OR 13% |
| | | | | 11 Parcel A & B West (UNIMP GROUND) | | NORTH RAMP | | 1/1/2007 | | | 527,676 | | | $ | 0.1525 | | | $ | 6,705.88 | | | $ | 80,470.59 | | | $ | 0.1906 | | | $ | 8,381.25 | | | $ | 100,575.05 | | | N/A | | $ | 0.1906 | | | $ | 8,381.25 | | | $ | 100,575.05 | | | CPI OR 13% |
| | | | | 5 Parcel 16 (INTERNATIONAL PARK) | | | | 1/1/2007 | | | 796,312 | | | $ | 0.2673 | | | $ | 17,737.85 | | | $ | 212,854.20 | | | $ | 0.3341 | | | $ | 22,172.31 | | | $ | 266,067.75 | | | 25 | % | $ | 0.3341 | | | $ | 22,172.31 | | | $ | 266,067.75 | | | CPI OR 13% |
| | | | | 23 | | GRAEBER ASSIGNMENT/TRUCKING OPERATION | | 1/1/2007 | | | 261,460 | | | $ | 0.1029 | | | $ | 2,242.02 | | | $ | 26,904.25 | | | $ | 0.1286 | | | $ | 2,802.53 | | | $ | 33,630.32 | | | 25 | % | $ | 0.1286 | | | $ | 2,802.53 | | | $ | 33,630.32 | | | CPI OR 13% |
| | | | | SUPPLEMENTAL 9 (INTERNATIONAL PARK) | | PARKING AREA | | 1/1/2007 | | | 18,933 | | | $ | 0.2673 | | | $ | 421.73 | | | $ | 5,060.79 | | | $ | 0.3341 | | | $ | 527.17 | | | $ | 6,325.99 | | | 25 | % | $ | 0.3341 | | | $ | 527.17 | | | $ | 6,325.99 | | | CPI OR 13% |
17
FEDERAL EXPRESS CORPORATION
2003 CORPORATE AVENUE-B3
MEMPHIS, TN 38132
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| | | | | | | | | | | | | | | | | | | SUMMARY | | | | | | | | | | |
| | | FEDEX | | | | | | | | | | | | EFFECTIVE | | | EFFECTIVE DATES | | | 2008 | | 2009 | | | | |
| PARCEL | | LEASE | | | | | | EFFECTIVE | | SQUARE | | | DATE | | | Billing from 2007 forward | | | EFFECTIVE JULY 2008 | | | 7/1/2008 (3) | | EFFECTIVE JULY 2009 | | | 7/01/2013 (3) | |
| NUMBER | | NUMBER | | SUPPLEMENTAL | | USE OR LOCATION | | DATE | | FEET | | | RATE | | | MONTHLY | | | ANNUAL | | | RATES | | | MONTHLY | | | ANNUAL | | | ESCALATION | | RATES | | | MONTHLY | | | ANNUAL | | | ESCALATION | |
18 | | 07-0975 | | SUPPLEMENTAL 8 (INTERNATIONAL PARK) | | DC-10 HANGAR (LAND) | | 1/1/2007 | | | 552,730 | | | $ | 0.2673 | | | $ | 12,312.06 | | | $ | 147,744.73 | | | $ | 0.2673 | | | $ | 12,312.06 | | | $ | 147,744.73 | | | N/A | | $ | 0.2673 | | | $ | 12,312.06 | | | $ | 147,744.73 | | | CPI OR 13 | % |
18A | | 07-0976 | | BUILDING HAVING AN AREA OF 72,378 SQ FT & OTHER IMPROVEMENTS | | DC-10 HANGAR (BUILDING) | | 9/1/2012 (4) | | | 72,378 | | | $ | 1.2600 | | | $ | 7,599.69 | | | $ | 91,196.28 | | | | N/A | | | | N/A | | | | N/A | | | N/A | | | N/A | | | | N/A | | | | N/A | | | CPI OR 13 | % |
| | | | | CONSTRUCTED ON PARCEL 18 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
19 | | 07-0977 | | SUPPLEMENTAL 8 (INTERNATIONAL PARK) | | ENGINE SHOP | | 1/1/2007 | | | 418,016 | | | $ | 0.2673 | | | $ | 9,311.31 | | | $ | 111,735.68 | | | $ | 0.2673 | | | $ | 9,311.31 | | | $ | 111,735.68 | | | N/A | | $ | 0.2673 | | | $ | 9,311.31 | | | $ | 111,735.68 | | | CPI OR 13 | % |
20 | | 07-0978 | | SUPPLEMENTAL 27 | | WEST SIDE OF TANG | | 3/1/2008 | | | 108,051 | | | $ | 0.1525 | | | $ | 1,373.15 | | | $ | 16,477.78 | | | $ | 0.1525 | | | $ | 1,373.15 | | | $ | 16,477.78 | | | N/A | | $ | 0.1525 | | | $ | 1,373.15 | | | $ | 16,477.78 | | | CPI OR 13 | % |
21 | | 07-0979 | | SUPPLEMENTAL 7 | | DEMOCRAT VEHICLE PARKING | | 1/1/2007 | | | 1,812,363 | | | $ | 0.1525 | | | $ | 23,032.11 | | | $ | 276,385.36 | | | $ | 0.1906 | | | $ | 28,786.37 | | | $ | 345,436.39 | | | N/A | | $ | 0.1906 | | | $ | 28,786.37 | | | $ | 345,436.39 | | | CPI OR 13 | % |
22 | | 07-0980 | | SUPPLEMENTAL 9 | | DEMOCRAT VEHICLE PARKING | | 1/1/2007 | | | 491,127 | | | $ | 0.1525 | | | $ | 6,241.41 | | | $ | 74,896.87 | | | $ | 0.1906 | | | $ | 7,800.73 | | | $ | 93,608.81 | | | N/A | | $ | 0.1906 | | | $ | 7,800.73 | | | $ | 93,608.81 | | | CPI OR 13 | % |
23 | | 07-0981 | | N/A | | TAXIWAY SIERRA | | 2/1/2009 | | | 248,711 | | | $ | 0.2400 | | | $ | 4,974.22 | | | $ | 59,690.64 | | | | N/A | | | | N/A | | | | N/A | | | N/A | | $ | 0.2400 | | | $ | 4,974.22 | | | $ | 59,690.64 | | | CPI OR 13 | % |
24 | | 07-0982 | | | | SORT FACILITY | | 9/01/2009(5) | | | 292,000 | | | $ | 1.2600 | | | $ | 30,660.00 | | | $ | 367,920.00 | | | | N/A | | | | N/A | | | | N/A | | | N/A | | $ | 1.2600 | | | | N/A | | | | N/A | | | CPI OR 13 | % |
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| Note 1: |
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| (a) | | Hangar 26 has been removed from Parcel 2 and, effective July 1, 2009, rent for Parcel 2 has been reduced by $1,322.50 per month, $15,870.00 per year. |
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| (b) | | As of the later to occur of August 1, 2010, or the date of Tenant’s beneficial occupancy of the Replacement Hangar, as defined in the Third Amendment to the Composite Lease Agreement, the annual rent will be reduced by $44,246.00 ($3,687.17 monthly). The rent rate for the 35,000 square foot Replacement Hangar will be $0.1906. |
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| (c) | | As of the later to occur of August 1, 2010, or Tenant’s beneficial occupancy of renovated Hangars 24, 25 and 27, the combined annual rent for these Hangars will be reduced by $23,458.05 (30% of $78,193.49). |
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| Note 2: | | In accordance with the Second Amendment to the Composite Lease Agreement, Parcel 10 will not be part of the demised premises between May 1, 2010, and December 31, 2011, and no rent will be payable with respect to that Parcel during that time period. |
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| Note 3: | | Refer to Section 2.03(a)(i) of the Composite Lease Agreement for a further description of the rent adjustment summarized in this column. |
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| Note 4: | | The Effective Date is subject to the operation and effect of Section 1.04(b) of the Composite Lease Agreement. When the Effective Date occurs, the rent for Parcel 18A will be calculated based upon a rental rate of $1.26 per square foot of building footprint area. |
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| Note 5: | | The Effective Date is subject to the operation and effect of Section 1.04(b) of the Composite Lease Agreement. When the Effective Date occurs, the rent for Parcel 24 will be calculated based upon a rental rate of $1.26 per square foot of building footprint area. |
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| Note 6: | | For Parcels 6, 7, and 8, the monthly rent for each is an amount previously agreed upon by the Parties, and is not calculated on any applicable current rate. |
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| Note 7: | | Section 2.03(a)(i) of the Composite Lease Agreement will govern the escalation of the rent for Parcel 6 beginning July 1, 2018. |
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| RATE & RATE ESCALATION | | CURRENT RATES | | | 7/1/2013 |
IMPROVED GROUND | | $ | 0.2383 | | | CPI-U |
UNIMPROVED GROUND | | $ | 0.1906 | | | CPI-U |
18
