Master Aircraft Renewal 2021

COW PRACT NO._2/-27/

TOWN OF WICKENBURG AND MASTER AIRCRAFT SERVICE, INC.
WICKENBURG MUNICIPAL AIRPORT
RENEWAL OF LEASE

This Renewal of Lease is dated January 19, 2021, between the TOWN OF
WICKENBURG, ARIZONA, a municipal corporation (Landlord) and MASTER AIRCRAFT
SERVICE, INC., an Arizona corporation (Tenant),

RECITALS

A. The Landlord is the owner and operator of the Wickenburg Municipal Aiport,
located at 3410 West Wickenburg Way, Wickenburg, Maricopa County, Arizona (the “Airport”).

B. The Tenant leased certain real property at the Airport, as shown in Exhibit A
attached hereto (the “Premises”), pursuant to the terms of a lease dated August 21, 2019 (the
“Lease”.

Cc. The Landlord and Tenant desire to renew the aforesaid Lease pursuant to its stated
terms, as amended herein.

NOW, THEREFORE, the parties agree as follows:

1. RENEWAL. The Lease of the Premises at the Airport is hereby renewed, subject
to the terms of this Renewal of Lease.

2. TERM. Paragraph 2, Term, of the Lease is hereby amended to read as follows:
The term of the Lease shall commence December 31, 2020 and expire on December 30, 2021. The
Lease may be renewed at the request of Tenant, in writing, and with Landlord's approval, for four
(4) additional one (1) year terms. The Town Manager shall have authority to approve the renewals
pursuant to this Section. Either party may terminate the Lease with 30 days prior written notice.

3. RENT. Paragraph 4, Rent, of the Lease is hereby amended to read as follows:

4.1 Base Rent. Lessee agrees to pay Lessor rent for the use of the Premises in
the amount of $916.00 per month (the "Base Rent"), which is due and payable on
the 15''day of each month. The Base Rent shall be payable in advance and without
prior demand and without any abatement, deductions or set-offs whatsoever, and
tendered in lawful currency of the United States, either by check or electronic
transfer. Lessee shall only pay for the premises as described above and depicted in
Exhibit A, as part of the rent to the Lessor. Lessee shall pay any other fees listed
in the Airport Schedule of Fees in Exhibit B of the Lease, as applicable, in addition
to the Base Rent.

4.2 CPl Increases. This paragraph is hereby repealed in its entirety.

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4. All other terms of the original Lease continue to apply unless expressly stated
herein.

IN WITNESS WHEREOF, the parties have executed this Renewal of Lease.
LANDLORD:

CITY O .ENBURG, ARIZONA,
i ation

By:

Nam: Ot eee
Date [> 16 - 2-1
TENANT:

MASTER AIRCRAFT SERVICE, INC.

anyArizona corporation

———_—_——_———— er —
Name: GUSTPY 4) Hauss. ee UP

Its: 162 EXC
Date: Bf

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Exhibit A
DESCRIPTION OF PREMISES

Hangars outlined in Red are the properties subject to this lease.

3959121