First_Amendment_to_Airport_Property_Lease_Agreement_with_Exhibit (PE - GH1) - CLEAN PAGES.pdf
Extracted text (via pymupdf)
5981 characters
Page 1 of 4 FIRST AMENDMENT TO AIRPORT PROPERTY LEASE AGREEMENT This First Amendment to Airport Property Lease Agreement (“First Amendment”) is effective as of October 21, 2025 (“Effective Date”), by and between the City of Buckeye, an Arizona municipal corporation (“Lessor”) and GH1, LLC (DBA Aerosecure), an Arizona limited liability company (“Lessee”). Lessor and Lessee may be referred to jointly as “Parties” and each separately may be referred to as a “Party”. Lessor and Lessee entered into that certain Airport Property Lease Agreement dated December 27, 2022 (the “Airport Lease”) regarding the leased premises located at 3000 South Palo Verde Road and known as the Community Hangar, as set forth in Exhibit A attached to the Airport Lease (the “Hangar”) and, at Lessee’s option, approximately 4,000 square feet of Airport ground space at a location to be agreed upon by the Parties (the “Maintenance Space”) (together, the Hangar and Maintenance Space are the “Premises”). The Airport Lease recited the square footage of hangar space as approximately 11,717 square feet; however, the hangar space is slightly larger, approximately 11,942 square feet. For good and valuable consideration, Lessor and Lessee agree as follows: 1. Hangar. In addition to the approximately 11,942 square feet (“sq. ft.”) of hangar space, as of the Effective Date hereof, the Hangar shall include the adjacent Office Area, comprised of approximately 1,501 sq. ft., as depicted on Exhibit “1” attached hereto and incorporated herein by this reference. The total Hangar square footage is 13,433 sq. ft. 2. Base Rent. Section 4.1 of the Airport Lease is hereby amended, so that after amendment it shall read as follows: 4.1 Base Rent. Lessee agrees to pay Lessor Forty-Four Thousand Three Hundred Twenty-Eight and 00/100 Dollars ($44,328.00) per year (approximately $0.275/sq. ft. per month, or $3.30/sq. ft. per year) for the Hangar (the “Base Rent”), payable in equal monthly installments of $3,694.08. Lessee may exercise the option to also lease the Maintenance Space for $1,100.00 per year (approximately $0.275 per square foot per year), in which case the Base Rent will be $3,785.75 per month. Lessor will abate only the portion of the Base Rent attributable to the Office Area (1,501 sq. ft.), until a certificate of occupancy has been issued for the Office Area, after which the full amount of the Base Rent for both the Office Area (1,501 sq. ft.) and the hangar space (11,942 sq. ft.) shall be payable in advance and without any prior demand therefor and without any abatement or deductions or set-offs whatsoever, and tendered in lawful currency of the United States, either by check or electronic-transfer. Prior to the Effective Date hereof, a certificate of occupancy was issued to Lessee for the hangar space (11,942 sq. ft.). From the Effective Date of the Page 2 of 4 Airport Lease through the Effective Date of this First Amendment, all abatement of rent for the hangar space has lapsed, and there is no outstanding rent-abatement applicable to the hangar space. Lessee shall pay rent for the hangar space (11,942 sq. ft.) from the Effective Date hereof as and when due, irrespective of the certificate of occupancy status for the Office Area. 3. Notices. Section 20.1 of the Airport Lease is hereby amended, so that after amendment it shall read as follows: 20.1 All notices required or permitted under this Lease shall not be effective unless personally delivered or mailed by certified mail, return receipt requested, postage prepaid, or by reputable commercial overnight courier service, to the following addresses: TO LESSOR: City of Buckeye 945 North 215th Avenue, Suite 137 Buckeye, AZ 85326 Attn: Scott Gray, Aviation Director Telephone: (623) 349-6885 TO LESSEE: Aerosecure 3000 South Palo Verde Rd Buckeye AZ 85326 Attn: Richard Snider, Member 4. Except as amended in this First Amendment, all provisions of the Original Lease shall remain in full force and effect. In the event of any conflict or discrepancy between the terms of (i) this First Amendment and (ii) the Original Lease, the documents shall govern in that order. Each reference in the Airport Lease to itself shall be deemed also to refer to this First Amendment. 5. This First Amendment may be executed in duplicate counterparts, each of which will be deemed an original. Signed electronic, scanned, or facsimile copies of this this First Amendment will legally bind the Parties to the same extent as originals. 6. This First Amendment will be binding on and inure to the benefit of the Parties herein, their heirs, executors, administrators, successors-in-interest and assigns. END OF PAGE Page 3 of 4 DATED this day of , 2025. EXECUTED to be effective on the date specified above. LESSOR CITY OF BUCKEYE An Arizona municipal corporation _____________________________ Doug Sandstrom, City Manager ATTEST: ___________________________ Lucinda J. Aja, City Clerk APPROVED AS TO FORM: _____________________________ K. Scott McCoy, City Attorney Acknowledgement STATE OF ARIZONA ) ) ss. COUNTY OF MARICOPA ) This instrument was acknowledged before me on ______________, 2025, by Doug Sandstrom, City Manager of the CITY OF BUCKEYE, an Arizona municipal corporation, on behalf of the City of Buckeye. ____________________________________ Notary Public in and for the State of Arizona My Commission Expires: [ADDITIONAL SIGNATURE ON FOLLOWING PAGE] EXHIBIT “1” TO FIRST AMENDMENT TO AIRPORT PROPERTY LEASE AGREEMENT (hangar space and office space) Common Hangar Area: 13,433 SF (including Office Space) Hangar Area: 11,941.67 SF Office Area: 1,501.33 SF