06/25/1928 Board of Public Works Minutes

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Yonday, June 25th., 1928. between- Wm. I1. second party. L E A S E. Tnis indenture, made this I5th. , -day of February, I928, by and Yatthews first party, and St. Joseph Talley Aviation Club, Inc., WITN'ESSETH: That the first Tarty for and in consideration of the covenants and agreements hereinafter mentioned to be kept and performed by the second party, has this day demised and leased to the said second -arty the following described real estate located in St. Joseph County, Indiana, to -wit: The South East quarter of Section fifteen, township thirty eigh N.R.3east. Also the east half of the south west quarter of Section fifteen, twonship thirty-eight, N. R. 3 east, to be occupied as and for landing field or air port and club house purposes and all other purposes necessary or incidental there to, to have and to hold same unto the second party from the first day of March 1928 until the 28th. , day of February 1930 and the said second party in consideration of said demise covenants and agrees with the said first party as follows: FIRST:- To pay as rent for the said premises the total sum of 1,500.00 payable as follows, to -wit: 300.00 to be paid when lease is signed 1800.00 400.00 June Ist. , I928. on the fist day of March I929. 8ECOND:- The said second party agrees that it has examined the premises and accepted said p-emi ses in their present condition and repair. T74IRD: - The said second party agrees to repaift all windows in the dwelling house located in the said premises and to keep the same in good repair during the life of this lease. FOURTH:- It is agreed by and between the parties hereto that the said second party may use all buildings on said premises other than the dwelling house for hangers and may make such alterations, changes and repairs as the said second -arty deem necessary, for its own purposes. Party of the second part agrees to pay increase in taxes caused' by the impoovements made by party of second` past. The said second party further agrees to keep said building other than the dwelling house in a state of repair as good as the said buildings are now. j! And further agrees that all improvements made on said buildings are to be left for the said first party herein. The said second pa rt furhter _ y a green to keep the fences in.,a state of repair as good as it finds said fences at the execution- of thi s lease. 'he said second party further agrees to keep the premises mowed and the fence rows mowed according to the laws governing such premises. It is especially understood and agreed by and between the pa,rtieg her -to that the said first party hereby extends to the second party an option to renew this lease for a further -eriod of three years from the date of its expiration provided the said second u� rty notifiet the said first party cf its option to renew said lease -in writing at least ninety days before the expiration of this lease,, Said notification to be mailed to the address of the said first -arty. 1 - All terms of this lease are to remain and govern the parti es for the new term excepting the amount of rent to be paid by the second- party to the first Tarty. It being agreed by and between the -parties at this time that the rent for the new terms is to be as follows: $900.00 payable Ist., of 71areh I930. I000.00 payable Ist. , of :arch I93I. I000.00 payable Ist. , of March I932. it It is further especially understood by and between the parties hereto, that the said first rarty hereby extends to the said second Tarty an option to purchase said premises herein demised for a consideration equal to a price per acre that the said surrounding property is worth at the time the option is exercised by the said second party it being the intention of the Tarties hereto that the said purchase price is to be x=zkx#x A price equal to the Tnarket price of surrounding land ,i used for agricultural purposes. The terms of said sale to be at lease I0% of the tots purchase price to be paid at the rime th= option is exercised. Deferred payments to bear interest at the rate of 7% and to be at lease I% of the balance unpaid per month. It being understood rhat the said second -party herein may elect to purchase said premises at anytime during the life of this lease or during the l! extended term If the said second party so elects to extend this lease. h It is further understood and agreed by and between the parties hereto that in case said -fir ern.ises shall be rendered untentable for any reason what - Leven the said second party may at its optio7j terminate this leas or cause the said first party to make said premises tentable within a reasonable time and continue- said lease. • 0 • 7 • • •