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I 8.I.b I <br /> CITY CONTRACT NO. 1990-029CA1 <br /> AMENDMENT TO LEASE AGREEMENT #1990-029C <br /> THIS Amendment to Lease Agreement (City Contract No.1990-029) is <br /> made this 28h day of November, 2017, between the City of Prescott, a <br /> municipal corporation of the State of Arizona, also referred to as "Lessor" in this <br /> document, and JDS Family Limited Partnership, also referred to as "Lessee" in <br /> this document: ;, <br /> w <br /> C <br /> WHEREAS, historically, the Assignor acquired ownership of a hangar cv <br /> it <br /> under a Lease Agreement between the City and Arizona Flight School Inc., dated a <br /> to <br /> April 13, 1990 (City Contract No. 1990-029). The Lease was amended January CC <br /> 24, 1995, and assigned o Arizona Pacific Aviation, Inc. (City Contract No. 1990- 0_1 <br /> 029A) The Lease was further amended on July 30, 1996 (City Contract No. 0 <br /> 1990-029AS). The Lease was assigned from Arizona Pacific Aviation, Inc., to N. <br /> Rittaire, LLC, on July 22, 1997. (City Contract No. 1990-029A1). The Lease was ti <br /> amended on May 11, 1999. (City Contract No. 1990-029B).City Contract No. <br /> 1990-029, along with all subsequent amendments are collectively referred to as <br /> the "Lease Agreement" in this document; and, g <br /> a <br /> WHEREAS, on November 28, 2017, the City consented to an assignment g <br /> a <br /> of the Lease Agreement from Rittaire, LLC, to JDS Family Limited Partnership; <br /> and, a <br /> U <br /> N <br /> WHEREAS, the parties now wish to amend Paragraph 3(a) of the original o <br /> Lease Agreement (City Contract No. 1990-029), which reflects JDS Family a, <br /> Limited Partnership, desire to extend the lease term by and additional (15) years o <br /> and reflects the City's desire to permit the extension of the term of the lease; z <br /> 15 <br /> tv <br /> WHEREAS, Paragraph 3(a) was amended previously in City Contract No. o <br /> 1990-029A; and, <br /> o <br /> WHEREAS, the City's Real Property Specialist has opined that the City is <br /> currently receiving fair market rent for this facility and the Lease Agreement ' <br /> contains annual inflation adjustments. g <br /> a <br /> r <br /> NOW, THEREFORE: a <br /> SECTION 1. Paragraph 3(a) of the Lease Agreement shall be amended to read <br /> as follows: <br /> "The term of this Lease Agreement shall expire on April 12, 2055."" <br /> SECTION 2. All other terms and conditions of the Lease Agreement (City <br /> Contract No. 1990-029, as amended) shall remain in full force and effect. <br /> I Packet Pg. 129 I <br />