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1 AMENDMENT NO. 1 TO THE LEASE BETWEEN THE TOWN OF WICKENBURG AND QUADAIR, LLC This Amendment is entered into by and between the Town of Wickenburg, Arizona, a municipal corporation (the “Landlord”), whose address for purposes of notice is 155 North Tegner Street, Suite A, Wickenburg, Arizona 85390 and QuadAir, LLC (the “Tenant”), whose address for purposes of notice is c/o Adam Jones, 3250 Maverick Road, Wickenburg, Arizona 85390 (collectively, “the Parties”). RECITALS: A. Landlord and Tenant entered into a Lease on July 30, 2004, for a twenty (20) year term commencing January 1, 2006. The Lease pertains to the lease of one (1) parcel of land located at the Wickenburg Municipal Airport for the construction and use of aircraft hangars (the “Premises”). The terms of the Lease are incorporated herein by reference. B. The Lease is set to expire on December 31, 2025. Tenant has elected to exercise its option to renew the Lease for one additional twenty (20) year term, pursuant to Paragraph 3.2 of the Lease. C. Additionally, in consideration for the changes made to Paragraph 6.5 below, the lease will be extended for an additional two (2) years and will now expire on December 31, 2047, with no further option to renew. D. Paragraph 5.1 of the Lease provides that rent may be adjusted periodically to reflect changes in market conditions; however, no rent adjustment occurred during the initial twenty (20) year term of the Lease. E. In recognition of the significant passage of time and the need to align with current market rates, the Parties agree to adjust the rent for the renewal term to a fair market rental rate. F. Accordingly, Landlord and Tenant desire to amend the Lease to extend the term and establish the adjusted rental rate for the renewal period. AGREEMENT: NOW, THEREFORE, in consideration of the foregoing, the following mutual covenants and conditions, and other good and valuable consideration, the receipt and sufficiency of which are acknowledged by the Parties, the Landlord and Tenant agree as follows: 2 1. The Parties agree to replace Paragraph 3.2 of the Lease with a new Paragraph 3.2 to read as follows: 3.2 Tenant previously held an option under the Lease to renew for an additional twenty (20) year term. In consideration of the amendments contained herein, that option is hereby modified to provide for a single twenty-two (22) year renewal term, and Tenant has exercised said option. The Lease term is therefore extended and shall run from January 1, 2026 through December 31, 2047, unless sooner terminated as provided herein. Tenant shall have no further option to renew. 2. The Parties agree to replace Paragraph 5.1 of the Lease with a new Paragraph 5.1 to read as follows: 5.1 The Tenant shall pay, without notice and free from all claims, the monthly rent in the amount of $500.00 for the ground that is leased from the Town of Wickenburg as described in Exhibit "A". This amount may be adjusted periodically but not more often than once every two years to reflect changes in the market. This monthly rental rate was derived by applying a per square foot rental fee of $.05 (five) cents/square foot/per month to the Tenant's hangar size of 10,000 square feet. 3. The Parties agree to replace Paragraph 6.5 of the Lease with a new Paragraph 6.5 to read as follows: 6.5 All improvements and modifications made by Tenant which become fixtures to the Premises, including hangars, shall become the property of Landlord, at no cost to Landlord, upon the expiration or termination of this Lease, free of any security, interest, or claims of any kind from or through Tenant, or in the alternative, Lessor may require Lessee to remove the hangars, at Lessee’s expense. If removal is required, Tenant shall thereafter supply Landlord with copies of any environmental tests or reports generated in connection with such removal together with the certification from a licensed engineer demonstrating that the Premises are free of contamination from any and all hazardous materials on the property or which may have escaped from equipment on the property. 4. Effect of Amendment. In all other respects, the Lease is affirmed and ratified and, except as expressly modified herein, all terms and conditions of the Agreement shall remain in full force and effect. 5. Non-Default. By executing this Amendment, the Landlord and Tenant both affirmatively assert that (i) neither party is currently in default, nor has it been in default at any time prior to this Amendment, under any of the terms or conditions of the Lease and (ii) any and all claims, known and unknown, relating to the Agreement and existing on or before the date of this Amendment are forever waived. 3 6. Conflict of Interest. This Amendment and the Lease may be cancelled by the Town of Wickenburg pursuant to A.R.S. § 38-511. IN WITNESS WHEREOF, the Parties have executed this Amendment to the Lease as of the date last written below. Landlord: Tenant: TOWN OF WICKENBURG, ARIZONA, QUADAIR, LLC, an Arizona a municipal corporation limited liability company By_____________________________ By________________________________ BG Bratcher, Mayor Its________________________________ Date____________________________ Date______________________________ Wickenburg Town Hall Adam Jones, 155 North Tegner, Suite A 3250 Maverick Road Wickenburg, Arizona 85390 Wickenburg, Arizona 85390 ATTEST: ___________________________ Amy Brown, MMC, Town Clerk APPROVED AS TO FORM: ____________________________ Trish Stuhan, Town Attorney Pierce Coleman PLLC