HomeMy WebLinkAboutGarrett Corporation
Augusta Richmond GA
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STATE OF GEORGIA )
RICHMOND COUNTY)
AMENDMENT TO LEASE AGREEMENTS
DATED JULY 15, 1976 AND OCTOBER 1,1996
AND LEASE AGREEMENT
WHEREAS, a Lease Agreement was made and entered into on July 15,
1976, by and between the Augusta Aviation Commission, an instrumentality of The City
of Augusta, Georgia, and The Garrett Corporation, which Lease Agreement was amended
thereafter to extend the term to December 31, 1997 and to provide for an option to extend
said Lease through December 31, 2007, and for other purposes (hereinafter collectively
referred to as Lease I); and
WHEREAS, The Garrett Corporation by letter dated June 3, 1996
exercised its option to extend the Lease through December 31, 2007, for the rental
amounts set forth in said Lease I; and
WHEREAS, a Lease Agreement was made and entered into as of October
1, 1996, by and between Augusta, Georgia, acting by and through the Augusta Aviation
Commission, an instrumentality of the Augusta-Richmond County Commission, as
"Lessor", and UNC/CFC Acquisition Company d/b/a GARRETT AVIATION
SERVICES, as ''Lessee'' (hereinafter referred to as Lease II); and
WHEREAS, UNC/CFC Acquisition d/b/a Garrett Aviation Services
succeeded to the rights and liabilities of The Garrett Corporation~ and
WHEREAS, UNC/CFC Acquisition Company has been acquired and
succeeded by GE Engine Services-Corporate Aviation, Inc" a Delaware corporation,
which does business as Garrett Aviation Services; and
WHEREAS, Augusta, Georgia, acting by and through the Augusta
Aviation Commission, and Garrett Aviation Services desire to amend said Lease I and II
so as to extend the term of said Leases; and
WHEREAS, Augusta, Georgia, acting by and through the Augusta
Aviation Commission, an instrumentality of the Augusta-Richmond County Commission,
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Georgia, as "Lessor" and GE Engine Services-Corporate Aviation, Inc., d/b/a Garrett
A viation Services, a Delaware corporation, as "Lessee" (hereinafter referred to as
"GARRETT" or "Lessee"), desire to enter into a new lease to provide for the lease and
construction of certain additional improvements on property heretofore leased to Lessee,
as hereinafter amended, and to provide to GARRETT an option and right of first refusal
to lease certain other properties;
NOW, THEREFORE, for and in consideration of the promises and the
mutual covenants hereinafter set forth, and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as
follows:
1. Premises. Lessor, duly authorized, does hereby lease unto Lessee, and the
Lessee does hereby lease and obtain for the purposes herein set forth from the Lessor, for
Lessee's exclusive use, the premises described in Lease I and Lease II and further
described as an 11.23 acre parcel on a survey prepared by William R. Gore, and dated
October 26, 2000, attached hereto as Exhibit "A", together with the Hangar Expansion
and the Testing Facility to be constructed on said premises pursuant to this Agreement.
2, Term, Lessor hereby rents, leases and lets unto Lessee, and Lessee hereby
rents and leases from Lessor, for the rental and upon and subject to the tem1S and
conditions set forth herein, the real property described as an 11.23 acre parcel, as set
forth on Exhibit "A", together with all improvements located thereon, the Hangar
Expansion and the Testing Facility to be constructed, and all easements, rights of way
and appurtenances pertaining thereto (collectively, the "Leased Premises") for a term of
ten (10) years, through December 15,2010. This Lease shall create a usufruct only and
not an estate for years, In addition, Lessor hereby grants Lessee the right and option to
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extend the term of this lease for an additional period of ten (10) years ("Extension
Term"), such Extension Term, if exercised, to run from December 16,2010 through and
including December 15, 2020. Lessee may exercise its right and option to extend the
term for the Extension Term by giving Lessor written notice not later than June 15,2010,
The rent payable during the Extension Term shall be as provided in Section 5d. below,
3. Hangar Expansion.
a, Lessee, with permISSIOn of Lessor, constructed in 2000 upon the
Leased Premises an expansion of the hangar as shown and depicted on Exhibit "B"
attached hereto (hereinafter "Hangar Expansion"), at a construction cost of Four Hundred
Fifty Thousand, Six Hundred Ninety-five Dollars ($450,695)
b. On or before December 31, 2000, Lessor shall reimburse Lessee said
sum of Four Hundred Fifty Thousand, Six Hundred Ninety-five Dollars ($450,695).
4. Construction of Test Facilitv.
a, Lessee shall construct a Testing Facility on the Leased Premises. The
Testing Facility shall consist of a new Turbo Fan Engine Testing Facility, including a
building approximately two hundred twenty-five (225) feet by one hundred (100) feet,
together with ancillary equipment, which design and specifications are hereby approved
as a part of this Agreement and are attached as Exhibit "c" ("Testing Facility").
b. Upon substantial completion of the Testing Facility, Lessor agrees to
reimburse Lessee for all reasonable direct Construction Costs (as hereinafter defined).
Lessor shall reimburse Lessee within thirty (30) days after receipt from Lessee of a
detailed account of such costs of construction and expenses, including any costs of
architectural and engineering fees paid by Lessee, regardless of whether such costs were
paid prior to the date of this Agreement.
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c, For purposes of this Paragraph, the terms "costs of construction" and
"Construction Costs" shall include:
1. all sums paid by the Lessee for labor, materials, utilities,
equipment and equipment rental, permits, licenses, and services utilized or provided in
the construction of the Testing Facility pursuant to above-referenced plans and
specifications; and
n. all sums paid by the Lessor or by Lessee for architectural
and engineering services heretofore or hereafter provided in the design of said Testing
Facility or in connection with supervision of the construction of the same together with
any and all other services reasonably required to be provided by the architect or engineer
employed by Lessee in connection with the construction of said Testing Facility,
including specifically but not exclusively, the solicitation and evaluation of bids for such
construction and the obtaining of the necessary certificate of occupancy; and
Ill. any other fees and expenses reasonably required to be paid
by Lessee in connection with the completion of construction of said Testing Facility; and
IV, costs incurred or to be incurred by the Augusta Aviation
Commission in arranging for the financing of such improvements.
d, Said Construction Costs, exclusive of interest, shall not exceed Two
Million Six Hundred Thousand and noll 00 Dollars ($2,600,000.00) without the mutual
written consent of the parties hereto. In the event that Lessee in good faith concludes that
the cost of construction will exceed Two Million Six Hundred Thousand and nollOO
Dollars ($2,600,000,00), the parties hereto shall confer with the architect and agree upon
reasonable modifications to the plans and specifications which will reduce the
Construction Costs so as to not exceed such maximum limit set forth herein without
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unreasonably restricting the ability of the Lessee to utilize said Testing Facility for the
purposes intended by Lessee,
e. The sum of the rental for Lease I and II and the financing of the cost
of the Hangar Expansion and the Construction Costs for the Testing Facility shall be the
basis for the computation of the rental payments to begin January 1, 2001.
5. Rental.
a. Basic Rent. Beginning January 1, 2001, Lessee agrees to pay to the
Trustee under the Indenture of Trust dated as of December 1, 2000 ("Trust Indenture") between
Augusta, Georgia and The Bank of New York, as Trustee and Paying Agent relating to
$3,110,000 aggregate principal amount of the Lessor's Special Facility Airport Revenue Bonds
(Garrett Aviation Services Project), Series 2000 (the "Series 2000 Bonds") as Basic Rent for the
Leased Premises a sum equal to:
1. Payments due on the Series 2000 Bonds, as follows: (A) an
amount equal to the interest on the Series 2000 Bonds, payable on each June 1 and
December 1, commencing June 1, 2001 through December 1, 2010, and on any date on
which the principal of the Bonds is declared due and payable under the terms of the Trust
Indenture; and (B) an amount equal to the principal of the Series 2000 Bonds, payable on
the maturity date of the Series 2000 Bonds (i.e. December 1, 2010) and on any date on
which the principal of the Bonds is declared due and payable under the terms of the Trust
Indenture;
11. All annual fees and expenses of the Trustee and Paying
Agent as provided for in the Trust Indenture;
Ill, Any amounts due and payable in the event of an
Extraordinary Optional Redemption or Special Mandatory Redemption as such terms are
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defined in the Trust Indenture, on or prior to the applicable redemption date under the
Trust Indenture; and
IV, All sums necessary to indemnify and save the Trustee
harmless against any liabilities, not arising from the Trustee's own default or gross
negligence or bad faith, which Trustee may incur in the exercise and performance of its
rights, powers, trusts, and duties and obligations hereunder including, without limitation,
fees and expenses incurred in any litigation or the settlement thereof, judgments,
penalties, fines, damages, assessments, indemnities or contributions and reasonable fees
and expenses of attorney, auditors and consultants.
Payments of Basic Rent shall be made by the Lessee by 12:00 p.m., New York time, on the date
due in immediately available funds.
b, Additional Rental. Beginning January 1, 2001, Lessee agrees to pay as
Additional Rent to Lessor for the Leased Premises the sum of
l. Twenty-three Thousand, One Hundred Eighty-six and
03/100 Dollars ($23,186.03) per month beginning January 1,2001, which monthly rental
shall continue through December 31,2005.
11. Twenty-Five Thousand Five Hundred Four and 63/100
Dollars ($25,504.63) per month beginning January 1, 2006, which monthly rental shall
continue through December 31, 2010.
c. In addition, upon the closing of the Series 2000 Bonds,
Lessee shall make a one-time lease payment equal to the anlOunt of the issuance costs for
the Series 2000 Bonds in excess of that allowed to be financed under the Internal
Revenue Service Tax Code.
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d. If Lessee exercises its right and option to extend the term
for an additional ten (10) years pursuant to the provisions of Section 2 above, then the
rental payable during such Extension Teml shall be as follows:
I. if Lessee elects, and subject In all respects to the
agreement, authorization and approval of Lessor to refinance the unpaid principal balance
of the Series 2000 Bonds issued to finance the original construction of the Hangar
Expansion and Testing Facility as described above (hereinafter together with issuance
costs called the "Refinanced Indebtedness") through a new refinancing revenue bond
issuance, a sum equal to: (A) the payments of principal and interest on the Refinanced
Indebtedness sufficient to amortize the Refinanced Indebtedness in equal semi-annual
payments over the Extension Term, such Refinanced Indebtedness to bear interest at the
true interest cost at the time of the closing of the financing of the Refinanced
Indebtedness plus twenty-five (25) basis points; plus (B) the sum of Twenty-Eight
Thousand Fifty-Five and 10/1 00 Dollars ($28,055.10) per month during the first through
fifth years of the Extension Term and the sum of Thirty Thousand Eight Hundred Sixty
and 61/100 Dollars ($30,860,61) per month during the sixth through tenth years of the
Extension Term; plus (C) a one-time lease payment equal to the amount, if any, of the
issuance costs of the Refinanced Indebtedness in excess of that allowed to be financed
under the Intemal Revenue Service Tax Code; or,
11. if Lessee elects, or if Lessor does not agree, or is not
authorized or approved, to refinance the principal balance of the Series 2000 Bonds,
then: (A) on or before the commencement of the Extension Term, Lessee shall pay to
Lessor a sum equal to the remaining outstanding principal balance of the Series 2000
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Bonds; and (B) the rental payable during the Extension Term shall be equal to the fair
market rental value of the Leased Premises as of the date of exercise ("Exercise Date")
by Lessee of its option to extend the term pursuant to Section 2 above ("Fair Market
Rent"). Fair Market Rent shall be as mutually agreed by Lessor and Lessee by no later
than thirty (30) days after the Exercise Date. If Lessor and Lessee cannot agree to the
Fair Market Rent within the aforesaid thirty day period, then the Fair Market Rent shall
be fixed by appraisal pursuant to the following procedure. In the event Lessor and Lessee
agree on a Fair Market Rent, such agreement shall be reduced to a written form and when
executed and delivered by both parties will be binding on Lessor and Lessee. If Lessee
has exercised the renewal option pursuant to Section 2 and no agreement has been
reached by the parties with respect to the Fair Market Rent within thirty (30) days after
the Exercise Date, both parties shall appoint an independent Qualified Appraiser (as
defined below) no later than forty (40) days following the Exercise Date. Each Qualified
Appraiser shall arrive at a determination of Fair Market Rent and submit their
determination to Lessor and Lessee within thirty (30) days after the appointment of the
Qualified Appraisers. If only one (1) appraisal is submitted within the requisite time
period, it shall be deemed the Fair Market Rent. If both appraisals are submitted within
such time period, and if the two (2) appraisals so submitted differ by less than five (5%)
percent, the average of the two shall be the Fair Market Rent. If such appraisals are five
(5%) percent or more apart, the two Qualified Appraisers shall promptly select a third
Qualified Appraiser. Within thirty (30) days of the selection of the third Qualified
Appraiser, each Qualified Appraiser shall submit his or her appraisal of the Fair Market
Rent. In the event the third appraisal shall be greater than the average of the first two (2)
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appraisals of Lessor and Lessee, then the Fair Market Rent shall be the average of the two
(2) highest appraisals. In the event such third appraisal shall be lower than the average of
the first two (2) appraisals, then the Fair Market Rent shall be the average of the two (2)
lowest appraisals. The Qualified Appraisers shall submit their final determination to
Lessor and Lessee within such thirty (30) days period, and upon such submission the Fair
Market Rent so determined shall be binding upon Lessor and Lessee, In the event either
party fails to name a Qualified Appraiser when required hereunder, the Fair Market Rent
shall be determined by the Qualified Appraiser selected by the other party. Each party to
this Lease shall pay all fees of any Qualified Appraiser selected by it and any fees of a
third Qualified Appraiser shall be shared equally by each party hereto. As used herein
the term "Qualified Appraiser" shall refer to an independent MAl appraiser, having not
less than ten (10) years experience appraising commercial and industrial properties in the
area where the Premises are located.
e. Monthly payments of Additional Rent shall be made no
later than the tenth (10th) day of the month for the month in which said rental is due.
f. In the event that General Electric Company, as Guarantor
under a Corporate Guaranty Agreement dated December 1, 2000, pays Lessee's
obligations hereunder, the Lessee shall receive a credit against the amount due hereunder
in the amount so paid by the Guarantor, provided that such payment is accompanied by
written notice to the Lessor identifying which payments the Guarantor is making on
behalf of the Lessee,
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6. Option to Lease Additional Land.
a. Lessor does hereby grant to Lessee the right to lease an additional
parcel of 10 acres, identified and described on said survey attached as Exhibit "A"
(Option Property).Said option shall be for a initial period of two (2) years from the date
hereof, at an option cost to Lessee of Ten Thousand Dollars ($10,000.00) annually,
payable in advance. The first payment ofTen Thousand Dollars ($10,000.00) shall be due
upon execution of this Agreement, and the second annual payment shall be due one year
thereafter.
b. Upon the expiration of the initial two (2) year option period,
GARRETT shall have the option of reserving a right of first refusal for an additional two
(2) years to lease the Option Property. Said option shall be at an annual cost of Ten
Thousand Dollars ($10,000.00), payable in advance as above provided. Said option to
reserve a right of first refusal shall expire if not exercised at least three (3) months before
the end of the initial two (2) year option period provided for in subparagraph (a) above.
c. Each option provided for herein shall be exercised by giving written
notice to the Augusta Aviation Commission in writing, as provided in paragraph 26
hereof.
d. The refusal option specified in subparagraph (b) above is granted upon
the express condition that the same shall be void and of no force and effect if Lessor and
Lessee, despite diligent, good faith efforts, do not consummate the leasing of the Option
Property within the two year refusal option period.
e. Lessor agrees that should it desire to lease the Option Property to
anyone other than GARRETT and should it receive a bona fide offer acceptable to Lessor
to lease same, before it enters into any lease or contract therefor, will notify Lessee of the
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terms and provisions of such offer and does grant to Lessee an option to lease the Option
Property upon the same terms and provisions as such offer might contain. The notice of
an offer and the notice of the exercise of an option shall be in writing as provided in
paragraph 26 hereof. Time shall be of the essence of such option and Lessee must
exercise any such option within forty-five (45) days of the date of the notice. Should
Lessee exercise its option to lease the Option Property, the annual option payments made
by Lessee shall be credited against the Additional Rent due from Lessee under this
Agreement.
f. Further, GARRETT shall have a right of first refusal during the
term of this Agreement to lease the area currently used by the Augusta Regional Airport
for its maintenance buildings, which is contiguous to the Leased Premises ("Maintenance
Property"), should the Augusta Regional Airport cease to use this area and elect to offer
the area for lease to another party. Lessor agrees, before it enters into any lease or
contract therefor, it will notify Lessee of the terms and provisions of such offer and does
grant to Lessee an option to lease said property upon the sanle terms and provisions as
such offer might contain. The notice of an offer and the notice of the exercise of an
option shall be in writing and as provided for in paragraph 26 hereof. Time shall be of the
essence of such option and Lessee must exercise any such option within forty-five (45)
days of the date of the notice.
g. At any time after execution of this Agreement, GARRETT shall have
the right, at its expense, to do an environmental assessment of the Option Property and,
provided the Augusta Regional Airport has vacated the Maintenance Property, the
Maintenance Property, to enable GARRETT to ascertain the environmental condition of
each of those properties before exercising any of its rights under this Paragraph 6. Copies
of all results of the environmental assessments shall be furnished by GARRETT to the
Augusta Regional Airport Director.
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7. Interest; Attorney's Fees. Any Additional Rent or other payment required
to be paid by Lessee to Lessor hereunder (except Basic Rent), if not paid within 5 days of
the due date, shall bear interest from the date the same became due until the date payment
is received by Lessor at the rate of 1.5% per month (18% per annum). If Lessee fails to
pay any Additional Rent or any other payment required to be paid by Lessee to Lessor
hereunder (except Basic Rent) and the same is collected through the services of an
attorney at law, Lessee shall pay to Lessor attorneys' fees in the amount of 15% of the
total amount due from Lessee and all reasonable expenses of litigation.
8, Utilities, Lessee shall pay all charges for electricity, gas, water, telephone,
sewer service, sewer treatment, telephone and any other communication or utility service
used in or rendered or supplied to the Leased Premises throughout the term of this
Agreement and shall indemnify Lessor and hold it forever harmless against any and all
liability or damages related thereto.
9, Use of the Premises.
a, At all times during the Lease Term, Lessee shall have the right to
conduct a commercial aviation business in upon the premises using the trade names
"AiResearch Aviation Company", "The Garrett Corporation," or any combination
thereof, and any other trade name owned by Lessee, its subsidiaries, or divisions, and for
the following purposes:
b, The sale of aircraft, aircraft parts, supplies and equipment of every
kind and character, and any other items incidental to aviation, except the sale of aviation
fuels, it being expressly understood that no aviation gasoline or turbine fuels shall be
stored or brought upon the Leased Premises for either use or resale by Lessee or its
customers, guests, or patrons, other than fuels purchased from Lessor for Lessee's sole
use (subject to the provisions of Section 10 hereof).
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c. The servicing, repair, storage, maintenance, testing, and modification
of aircraft and aircraft parts and aircraft engines owned by Lessee and its customers.
d. The conduct of charter, cargo, and passenger services, provided that
such activities do not result in Lessee being deemed to be or classified as a "Common
Carrier" as defined by the Civil Aeronautics Board.
e. The conduct of training schools relating to any and all phases of
aviation.
f. Any other activities incidental to Lessee's aviation business,
10. Storage and Sale of Gasoline and Fuels,
a, It is understood and agreed by the parties hereto that Lessor has
reserved unto itself exclusive control of the storage and sale of all aviation gasolines and
fuels on or about Augusta Regional Airport, except as specifically provided for herein,
b. Until such time as the Testing Facility is completed and in use,
GARRETT shall buy fuel from Lessor at Lessor's cost per gallon plus eighty (80~) cents
per gallon.
c. Upon completion of the Testing Facility, fuel for the Testing Facility
shall be sold to GARRETT at Cost to the Augusta Regional Airport, and GARRETT
shall pay to Lessor a fuel flowage fee of eighteen (l8~) cents per gallon, to be billed
monthly.
d. "Cost" shall mean the amount the Augusta Regional Airport pays for
the fuel from the distributor, plus applicable tax. In the event that GARRETT produces a
certificate that it is exempt from tax for fuel used in the Testing Facility, no tax shall be
charged to GARRETT. Documentation of the cost of the fuel shall be provided to
GARRETT, upon request.
e. GARRETT shall at its sole expense install a fuel tank on the Leased
Premises for its use solely in connection with the Testing Facility. All such fuel shall
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only be used in the Testing Facility and shall not be placed in any aircraft or used for any
other purpose. The following provisions shall govern the sale, delivery, and use of such
fuel, to wit:
1. All fuel for the Testing Facility shall be delivered by the
distributor directly to GARRETT pursuant to an order for such fuel made solely by
personnel of the Augusta Regional Airport.
11. The Testing Facility tank shall be locked and unlocked by
personnel of the Augusta Regional Airport to insure that only fuel deliveries ordered by
Augusta Regional Airport personnel are placed in the tank;
111. A separate metering device shall be installed at
GARRETT's expense between the tank and all user points, available for reading by
personnel of Augusta Regional Airport at regular intervals, to document the fuel flowing
from the tank to the Test Facility;
IV, GARRETT shall be responsible for all costs related to the
installation and maintenance of the tank and all associated equipment; and
v, The tank shall be of sufficient size (with a minimum size of
1 0,000 gallons) to allow for the delivery of a full load in addition to whatever minimum
storage might remain in the tank.
f. A handling charge shall be charged to GARRETT for all co-mingled
fuel placed in the tank for the Test Facility, as provided in paragraph (g) hereof.
g. For the defueling and refueling of aircraft and the handling of co-
mingled fuel, GARRETT shall be charged at the rate of $52.00 per hour, to include both
labor and all equipment charges (including fuel for the vehicles and maintenance costs),
billable at one-half hour increments except for after-hours (2200 - 0600 Daily) and
Augusta-Richmond County holidays, which shall be billed at $66.00 per hour with a four
(4) hour minimum, plus thirty (30) minute increments. This charge shall be assessed
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each time fuel is being moved, but not sold. This rate shall be increased annually
beginning in January 2001, and each January thereafter, at three percent (3%) per year.
h. A work order in substantially the form of Exhibit "D" shall be used to
record the time for which GARRETT will be charged, beginning when a refueling truck
is dispatched to an aircraft on behalf of GARRETT and ending at the time that the
refueling truck leaves the aircraft. A GARRETT representative will sign this work order
and a copy will be provided simultaneously to such representative,
1. A fuel discount/commission program shall be provided for
maintenance customers of GARRETT, GARRETT shall receive no discount/commission
on the first 300,000 gallons of fuel annually, computed on fuel sales for its maintenance
customers processed for payment through a GARRETT work order; thereafter a five
percent (5%) discount/commission until such time as maintenance customers usage
exceeds 500,000 gallons annual usage; and thereafter, the same discount/commission for
such sales for its maintenance customers as Augusta Regional Airport's most favored
base customers,
J. Whenever requested by Lessor or Garrett, a meeting (or schedule of
periodic meetings) of representatives of GARRETT with the Airport Director and Fuel
Subcommittee of the Augusta Aviation Commission shall be held to discuss any
unresolved issues between the parties and to improve communication between the parties.
11. Alterations, Additions and Changes, Lessee shall not, without the prior
written consent of Lessor, which consent shall not unreasonably be withheld or delayed,
make any alterations, changes or additions, structural or otherwise, in or upon any part of
the Leased Premises or erect any exterior signs on the Leased Premises.
12. Repairs and Maintenance. Lessee shall be solely responsible for
maintaining the Leased Premises including specifically but not exclusively the roof,
paving, structures, heating, air conditioning and plumbing and electrical facilities located
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therein in good working condition and state of repair at all times during the Lease Term,
At the end of the Lease Term, said Leased Premises shall be returned by Lessee to Lessor
in the condition they were in on the date of commencement of the lease, fair wear and
tear excepted, including any environmental remediation which may be required because
of Lessee's activities on the Leased Premises.
13. Title to Equipment and Improvements. It is mutually understood and
agreed that all buildings and structures and all other improvements of a pern1anent
character now or hereafter constructed or installed upon or included as a part of the
Leased Premises by Lessor or Lessee, including all plumbing, heating, and air
conditioning equipment and other fixtures affixed thereto, shall be and remain the
property of the Lessor and that fee simple title to the same shall be vested in Lessor;
provided, however, all movable equipment, fixtures, and other property brought or
installed upon the Leased Premises by Lessee shall remain the property of the Lessee,
Prior to or within forty-five (45) days after the expiration of the term of this Lease,
Lessee may remove all or any part of its said property from the Leased Premises provided
that the Lessee shall repair and restore any damage to the Leased Premises occasioned by
such removal. If at the expiration of said forty-five (45) days such equipment, fixtures or
other property have not been removed from the Leased Premises, same shall become the
property of Lessor.
14. Inspection bv Lessor. Lessor, its authorized officers, employees, agents or
representatives shall have the right to enter upon the Premises to make inspections during
regular business hours when a representative of the Lessee is present, or at any time in
case of an emergency to determine whether Lessee has complied with and is complying
with the terms and conditions of this Agreement; provided, however, that said inspection
shall in no event unduly disrupt or interfere with the operation of Lessee,
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15, Rules and Regulations.
a. Lessee agrees that use of the Leased Premises and that its operations in
and upon the Leased Premises shall be conducted in compliance with all local, state and
federal laws, including but not limited to those of, or administered by, the Federal
Aviation Administration or its successor, rules and regulations of the Airport, the
ordinances and Code of Augusta-Richmond County, the rules and regulations of the
Augusta-Richmond County Commission, and all rules and regulations of Lessor. The
Manager of Augusta Regional Airport will at all times be in full and complete charge of
said Airport.
b. Lessee further agrees to endeavor to conduct its business in such a
manner as will develop and maintain the good will and active interest of the general
public,
c. Lessee specifically agrees that its operations shall be conducted in
compliance with all federal, state and local environmental laws, rules and regulations
(collectively, "Environmental Laws"), and agrees to indemnify and hold harmless the
Augusta Aviation Commission, Augusta, Georgia, the Augusta-Richmond County
Commission, and its elected officials, officers, agents, employees and representatives,
from and against any claims, actions, demands or liabilities (collectively, "Liabilities") to
the extent such Liabilities are caused by Lessee's failure to comply with Environmental
Laws, Lessee's obligations hereunder shall include, without limitation, and whether
foreseeable or unforeseeable, all costs of any required repair, cleanup or remediation of
the Leased Premises or the Testing Facility necessary to comply with Environmental
Laws, provided such repair, cleanup or remediation is required because of Lessee's
failure to comply with Environmental Laws.
16. Use of Landing Areas. It is expressly understood and agreed by the
parties hereto that the use of all landing areas at Augusta Regional Airport shall be open
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at all times to all persons, firms, and corporations desiring to use same, provided only that
such use shall be in accordance with the rules and regulations of the United States
Government, Federal Aviation Administration, the laws of the State of Georgia and the
rules and regulations of Lessor. Any access to the landing areas from the Leased
Premises shall be provided and maintained by Lessor in accordance with Federal
Aviation Administration standards,
17, Parking. Lessee's employees, patrons, and suppliers shall have the right to
use in common with others the existing public automobile parking areas in the general
vicinity of the Lessee's Leased Premises and designated by the Lessor as public parking.
18. No Exclusive Rights. It is understood and agreed by the parties hereto that
nothing herein contained shall be construed to grant or authorize the granting of any
exclusive right within the meaning of Section 303 of the Civil Aeronautics Act, as
amended, In the event of any conflict between the provisions of this paragraph and the
provisions of any other paragraph of this agreement, the terms of this paragraph shall
control.
19. Indemnitv: Insurance. (a) Lessee agrees to indemnify and hold harmless
Lessor from any and all claims in any way related to or arising out of any failure of
Lessee to perform its obligations hereunder or related to or arising out of any damage or
injury to property or persons, occurring or allegedly occurring in, on or about the Leased
Premises during the period from the date of this agreement to the end of the Lease Tern1,
including reasonable attorney's fees and expenses of litigation incurred by Lessor in
connection therewith; provided that Lessee shall not be obligated to indemnify Lessor for
the negligent or intentional acts of Lessor or Lessor's officers, directors, agents,
employees, or contractors, Without limiting the foregoing, Lessee further agrees to
maintain at all times during said period, at Lessee's expense, comprehensive and general
public liability insurance coverage against claims for personal injury, death and/or
18
1217/00
property damage occurrmg in connection with the use and occupancy of the Leased
Premises or arising out of their ownership, improvement, repair or alteration of the
Leased Premises with limits of coverage of not less than $5,000,000.00 for personal
injury (including death) and property damage, combined single limit. The foregoing
insurance may be maintained under blanket policies, The indemnity obligations of
Lessee under this Paragraph 19 shall not apply to any claims arising out of or related to
violations of Environmental Laws, Landlord and Tenant hereby acknowledging that such
claims shall only be subject to indemnification under the provisions of Paragraph 15( c)
above.
20. Fire and Other Casualty.
a. Lessee shall purchase and maintain in effect during the term of this
Lease Agreement, and any extension or renewal of this Lease Agreement, policies of
insurance written by a company or companies qualified to do business in the State of
Georgia, providing insurance coverage against fire and extended coverage to all
alterations, modifications and improvements to the Leased Premises, which policies shall
be in an amount equal and sufficient, subject to approval by Lessor, to cover the full
replacement cost of improvements on or to the Leased premises. Lessee shall increase
the insurance coverage in an amount equal and sufficient to cover the replacement cost of
any additional alterations, modifications or improvements on the Leased Premises, in the
event additional alterations, modifications or improvements are made during the term, or
any extension or renewal, of this lease agreement.
b. All policies providing insurance coverage required to be maintained by
Lessee hereunder shall list the Augusta Aviation Commission, Augusta, Georgia, and the
Augusta-Richmond County Commission, Lessee and their officers, agents, members,
employees and successors as named insured, as their interests may appear, and shall be
issued by an insurance carrier or carriers licensed to do business in the State of Georgia
19
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and reasonably acceptable to Lessor. All such policies shall provide that no act or
omission of Lessee or its agents, servants, or employees shall in any way invalidate any
insurance coverage for the other named insured. No insurance policy providing any
insurance coverage required to be provided by Lessee hereunder shall be cancelable
without at least 15 days advance written notice to Lessor. All insurance required
hereunder may be maintained under blanket policies insuring other facilities of Lessee.
Lessee shall provide Lessor with a certificate of insurance evidencing the foregoing
insurance coverage upon request.
c. The cost of premiums for all policies of insurance required by this
Lease Agreement shall be paid by Lessee.
d. Lessee or its contractor shall furnish builders risk insurance during the
period of construction, as provided in Paragraph 4 hereof, which shall insure the
contractor, Lessor and Lessee, as their interests may appear.
e. If the improvements to be constructed on the Leased Premises shall be
damaged or destroyed by fire or other casualty, the same shall be repaired or replaced
utilizing the proceeds of the insurance coverage required to be maintained by Lessee
under the terms of this Agreement. In the event such damage or destruction renders the
Leased Premises untenable, the rent required to be paid hereunder shall nevertheless
continue to be paid by Lessee without intemlPtion during the period of repair or
replacement.
21. Assignment Subletting; No Waiver. Lessee shall not, without the prior
written consent of the Lessor, which consent shall not be umeasonably withheld or
delayed, assign this Lease or any interest thereunder, sublet the Leased Premises or any
part thereof or permit the use of the Leased Premises by any party other than Lessee.
Any consent by Lessor hereunder shall apply only to the specific transaction thereby
authorized and shall not be construed as a waiver of the duly of Lessee to obtain from
20
1217/00
Lessor consent to any other assignment, subletting or use, In the event Lessor should
grant such consent, all subtenants or assignees shall be liable directly to Lessor for all
obligations of Lessee hereunder, without, however, relieving Lessee from any liability
hereunder. Notwithstanding any provision contained herein to the contrary, Lessee shall
have the right, without first obtaining the consent of Lessor, to assign this Lease to, or
sublet the Leased Premises in one or more subleases to, or permit the use of the Leased
Premises by, any corporation, partnership or other business entity which (directly or
indirectly) controls or is controlled by Lessee or by General Electric Company. For
purposes of the preceding sentence, "control" means that Lessee or General Electric
Company has the power to vote (or direct the voting of) more than fifty percent (50%) of
the voting securities of the entity. Lessee shall provide Lessor with prompt written notice
of any assignment, sublease or use described in the immediately preceding two sentences
and any such assignment, sublease or use shall not release Lessee from its obligations
under this Lease,
22, Right of Entry of Lessor. Lessor reserves the right to enter upon the
Leased Premises at all reasonable times to inspect the property, to perform any work
made necessary by Lessee's default hereunder, to exhibit the property for sale, lease or
for the purpose of obtaining financing.
23. Taxes, Lessee shall pay all personal property taxes which may be
assessed against its equipment, merchandise, or other property located on or about the
Leased Premises and any franchise fees or other taxes or assessments which may be
imposed or assessed against Lessee or its leasehold interest.
24, Default.
a. The occurrence and continuance of any of the following events
shall constitute an Event of Default:
21
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1. failure by Lessee to pay any Basic Rent on the date such
Basic Rent payment is due;
11, failure by Lessee to pay any Additional Rent payment
under the Lease on the date such Additional Rent payment is due and payable; or
111. failure by Lessee to observe, perform, or keep any other
term, provision, covenant or condition of Paragraphs 9,12, 15a., 15c., 20e" or 23 herein
required to be observed, kept or performed by it, for more than 30 days after the Lessee
receives written notice of such default or, if such failure cannot reasonably be cured
within thirty days, failure by the Lessee to commerce to cure the same within 30 days
after receiving written notice; or
IV, default by the Lessee in the performance or observance of
any of the covenants, conditions or agreements of the Lessee contained in the Tax
Regulatory Agreement, and failure by the Lessee to remedy the same within such time as
shall prevent the interest on the Series 2000 Bonds from becoming included in gross
income of the holders thereof for Federal income tax purposes; or
v, the Lessee allows this Agreement to be taken under any
writ of execution; or
b. In addition to all other rights and remedies it may have, Lessor may
immediately terminate, or reenter and attempt to relet without terminating, this Lease
and remove all persons and property from the Lease Premises upon either or both of:
1. the occurrence of an Event of Default set forth in Paragraph
24 a. i.;
11. the occurrence of an Event of Default set forth in Paragraph
24 a. ii. and such Event of Default remains unremedied for ten (10) days after receiving
written notice,
22
12/7/00
c. In addition to all other rights and remedies it may have, Lessor may
reenter and attempt to relet without terminating, and remove all persons and property
from the Leased Premises upon the occurrence and continuance of an Event of Default
under Paragraph 24 a. iii. through v. Upon any such Event of Default, Lessor may
remove such property and store it in a public warehouse, or elsewhere, for Lessee's
account and at Lessee's expense, without service of notice or resort to legal process, and
without being deemed guilty of trespass or becoming liable for any resulting loss or
damage.
d. If Lessor (i) elects to reenter and attempt to relet, or (ii) takes
possession pursuant to legal proceedings or any notice provided by law, it may, from time
to time, make whatever alterations and repairs are required relative to all or part of the
Leased Premises for any term or terms (which may extend beyond the term of this lease),
at any rental or rentals, and upon any other terms and conditions Lessor deems advisable.
All rentals received by Lessor from each such reletting shall be applied, first, to the
payment of such reletting, including brokerage fee and attorney's fees; third, to the
payment of rent due and payable hereunder. If the rentals received from such reletting
during any month are less than those to be paid during that month by Lessee as
Additional Rent hereunder to Lessee, Lessee shall pay such deficiency to Lessor. Such
deficiency shall be calculated and paid monthly, No such reentry or taking possession of
the Leased premises by Lessor shall be construed to terminate this Lease unless the
ternlination thereof is ordered by a court of competent jurisdiction. In addition to all other
rights and remedies which Lessor may have at law, in equity or hereunder, Lessor may
recover from Lessee (i) all damages incurred by reason of such breach and (ii)
reasonable attorney's fees. All of the above amounts shall be immediately due and
payable from Lessee to Lessor.
23
1217/00
e. Lessee shall pay upon demand all of Lessor's charges and expenses
incurred in recovering all sum due hereunder, or arising out of the breach of any covenant
hereunder or for any other relief against Lessee, including reasonable attorney's fees and
expenses of litigation, the fees of counsel, agents, and others retained by other right and
remedies at law, in equity, or hereunder. If Lessor prevails in any action brought by it
against Lessee for relief hereunder, Lessee shall pay Lessor reasonable attorney's fees
and all court costs.
f. No waiver of any covenant or condition of this Lease or of the breach
thereof shall be deemed to constitute a waiver of any subsequent breach of such covenant
or condition, or to justify or authorize the nonobservance on any other occasion of the
same or any other covenant or condition hereof. No waiver or indulgence granted by
Lessor to Lessee shall be taken as an estoppel against Lessor. Lessor's acceptance of
rent, or its failure to promptly avail itself of any or all of its rights or remedies at any time
while Lessee is in default under any covenant or condition hereof, shall not be construed
as a waiver of such default.
g, Lessor's rights and remedies hereunder shall be deemed to be
cumulative and not exclusive of all other rights and remedies which it may have at law or
in equity (other than its right to terminate this Lease as specifically limited herein), and
Lessor may exercise any such right or remedy at anyone or more times without
impairing its standing to subsequently exercise any other right or remedy.
25. Quiet Enioyment, Ingress and Egress. Lessor covenants and warrants that
Lessee, so long as it shall pay the rentals herein stipulated and shall perform the duties
and obligations herein agreed to be performed by it, shall peaceably and quietly have,
hold and occupy and shall have the exclusive use and enjoyment of the Leased Premises
during the term of this Lease Agreement and any extensions thereof.
24
12/7/00
26. Notices. All notices, demands, and requests which mayor are required to
be given by either Lessor or Lessee to the other shall be in writing and shall be deemed to
have been properly given when sent postage pre-paid by registered or certified mail (with
return receipt requested) addressed as follows:
a. If intended for Lessee:
VICE PRESIDENT AND GENERAL MANAGER
GE ENGINE SERVICES--CORPORA TE A VIA TION, INC.
d/b/a GARRETT AVIATION SERVICES
AUGUSTA, GEORGIA 30906-1551.
With a copy to:
GENERAL ELECTRlC COMPANY
3135 EASTON TURNPIKE
FAIRFIELD, CT 06431
ATTENTION: VICE PRESIDENT AND TREASURER
TELECOPY NO, 203-373-3005
If intended for Lessor:
AUGUSTA A VIA TION COMMISSION
AUGUSTA REGIONAL AIRPORT
1501 AVIATION WAY
AUGUSTA, GEORGIA 30906-9600
With a copy to:
AUGUSTA, GEORGIA
C/O ADMINISTRATOR
530 GREENE STREET
AUGUSTA, GEORGIA 30911
Either party may change the address and name of addressee to which subsequent notices
are to be sent by notice to the other given as aforesaid.
27. Exculpation: Indemnity. Wherever in this Agreement Lessor's liability is
limited, modified or exculpated or Lessee agrees to indemnify or hold Lessor harmless or
have Lessor named as an additional insured, the term Lessor shall mean and include
25
1217/00
Augusta, Georgia, the Augusta Aviation Commission, the Augusta-Richmond County
Commission and their members, officers, agents, servants, employees and successors in
office.
28, Covenants Bind and Benefit Successors and Assigns. The provisions of
this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns; provided, however, that no one shall
have any benefit or acquire any rights under this Agreement pursuant to any conveyance,
transfer, or assignment in violation of any of its provisions,
29, Governing Law. This Agreement shall be governed and interpreted by the
laws of the state of Georgia.
30, Venue. All claims, disputes and other matters in question between the
Lessor and the Lessee arising out of or relating to the Agreement, or the breach thereof,
shall be decided in the Superior Court of Riclmlond County, Georgia. The Lessee, by
executing this Agreement, specifically consents to venue in Richmond County and
Waives any right to contest the venue in the Superior Court of Richmond County,
Georgia.
31, Entire Agreement. This Agreement contains the entire agreement of the
parties, and no representations, inducements, promises or agreements, oral or otherwise,
between the parties not embodied herein shall be of any force or effect. No failure of
either party to exercise any power given it hereunder, or to insist upon strict compliance
by either party of any obligations hereunder, and no custom or practice of the parties at
variance with the terms hereof shall constitute a waiver of either party's right to demand
exact compliance with the terms hereof.
26
12ntOO
32, Approval by the Augusta-Richmond County Commission. The Augusta-
Richmond County Commission shall cause this agreement to be executed by its Mayor
for the purpose of acknowledging approval by the Augusta-Richmond County
Commission of said Agreement.
33, Amendment, This Lease may be amended at any time by written
agreement of the Lessor and the Lessee without the prior written consent of any holder of
the Series 2000 Bonds or the Trustee so long as the Amendment does not decrease the
obligations of the Lessee to pay Basic Rent under Paragraph 5a herein or the amendment
is otherwise authorized by Section12.4 of the Trust Indenture.
[SIGNATURES APPEAR ON FOLLOWING PAGE]
27
I2ntOO
IN WITNESS WHEREOF, the parties hereto have caused these
presents to be executed as of December 1,2000.
AUGUST A, GEORGIA
r By: ~yor
ATTEST:
AUGUSTA AVIATION COMMISSION
rf ~ 13, .f!L~
By: ~.
Title: e { ') I.... M .. "-
GE ENGINE SERVICES--CORPORATE
AVIATION, INC, d/b/a GARRETT AVIATION
SERVICES
!Jim ~
By:
As its: v:..f' ~ (3 ~~ ( J11.p A.1!?j'~/"
(SEAL)
28
12/7/00
EXHIBIT LIST
"A" Survey of Area Leased to Garrett Corp.
"B" Hangar Expansion
"C" Design and Specifications for Test Facility
"D" Work Order
29
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BY:
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BOUNDARY SURVEY ~ 10-26-00 I RE'-IS[O:
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GARRETT A VIA TION SCALE \'-200' JOB NO. 20193
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PROPERTY LOCATED AT BUSH FIELD MUNICIPAL AIRPORT
SHO~~NG LEAS[ liNES 200 0 200 400
COUNTY OF: I RICH~OND - ~ --- ~
STATE OF: GEORGIA GRAPHIC SCALE '-0200'
William R. Gore
PRorESSIONAl LAND SURVEYORS, INe,
1005 n,Ct.jETT ST, AUGUSTA. GEORGIA 3090~
TtL: (706) 738-8771 FAX: (706) 736-62~9
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Aircraft Fuel Service Record Instructions
NOTE 1. Normally use one line per service request. May perform both refuel and defuel services
on one service request but use a separate line for each service. Do not combine refuel
and defuel services on the same line,
2. When using more than one line, begin the service call on the first line (begin time) and
summarize the service call (end time and elapse time) on the last line,
Aircraft Identification,
1 a. Aircraft N-number.
1 b. Aircraft Type.
Service Reauest Infonnation.
NOTE Indicate the year at the top of the date column,
2a. Date of service. Use month/day format.
2b, Refuelldefuel truck number.
Texaco Fuel Service
NOTE Record meter readinos. Garrett representative should sign/initial the meter ticket.
3, Number of Texaco (clean) fuel gallons purchased.
Circulated Fuel Service. '
NOTE 1. Record meter readinos and stick readinos on the meter tickets, Garrett representative
should sign/initial the meter ticket.
2, Charge labor when circulating Garrett's fuel Le., for each refuel/defuel service involving
either vehicle 48nS or 95 and either an aircraft or the test cell. Do not charge labor when
refueling with .clean- Texaco fuel.
4a. Number of circulated (dirty) fuel gallons refueled,
4b, Number of circulated (dirty) fuel gallons defueled.
4c. Time began service. Time lineman departed operations,
4d, Time service ended, Time Garrett representative signed form and all paperwork completed.
4e. Elapsed time in hours and half hour increments,
4f, Refuel/defuel charges invoice number,
Service Authentication
Sa, Lineman's name, signifying all entries correct and accurate,
5b, Garrett representative's signature, signifying all line entries correct and accurate.
Settlement Infonnation.
6a. Total Texaco (clean) fuel gallons for payment Le., total gallons of Texaco (clean) fuel in the
column above. Fuel bill may be paid by the customer, put on a Garrett work order, or split
between the customer and a Garrett work order as long as the total fuel quantity is accounted for.
6b. Of total Texaco fuel gallons purchased, number of gallons charged to Garrett work order.
6c. Garrett work order number used for settlement.
6d. Of total Texaco fuel gallons purchased, number of gallons charged to customer.
6e. Customer methods of payment Le" cash, check, or credit caret
Garrett Aviation Fuel Certification.
NOTE After Aircraft Fuel Service Record is settled Garrett will make a copy of the Service Record.
7a. Date service record settled. Use month/day/year format.
7b, Garrett representative sign certification.
7c. Garrett representative's printed name. Must be legible,
7d. Date Garrett representative certifies aircraft fuel system.
12/01100
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