FIRST AMENDMENT TO_RIVERSIDE MUNICIPAL AIRPORT LEASE
RIVERSIDE AIR SERVICE, INC.
Ground Lease for Gemende Tie-Down Hangar Development
THIS FIRST AMENDMENT TO RIVERSIDE MUNICIPAL AIRPORT LEASE ("First Amendment") is dated and entered into as of the
Amedive ate a by and entered into of OF RIVERSIDE, a Califomia chatter city 023 municipal corporation ("Lessor"), and RIVERSIDE AIR SERVICE, INC., a California corporation ("Lessee"), with reference to the following facts.
RECITALS
Lessor and Lessee entered into that certain Riverside Municipal Airport Lease dated as of September 1, 2021 ("Lease").
B. Lessor and Lessee desire to amend the Lease to extend the Design Phase to July 30, 2023 with an option to extend the Design Phase for an additional three months.
AGREEMENT
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Lessor and Lessee agree as follows:
Term. Section 3, Term, is amended in its entirety as follows:
This Lease agreement shall be for an initial term of thirty-five (35) years beginning upon the commencement of the Construction Phase defined in section 4(b) unless this Lease is earlier terminated pursuant to the provisions herein. This Lease may be extended by written agreement of the parties for one (1) additional ten (10) year period. Rental payments due during any extended period, will be renegotiated prior to the commencement of each extended period.
2. RENT. Section 4, Subparagraph (a), titled Design Phase is hereby amended to extend the Design Phase through December 31, 2023. With City approval, Lessee may extend the Design Phase for an additional three (3) months, provided that Lessee gives thirty (30) days' written notice to the Airport Manager.
3. All terms and conditions of the Lease not inconsistent with this First Amendment, shall remain in full force and effect and are incorporated herein by this reference as if set forth in full.
(Signatures on following page)
1 IN WITNESS WHEREOF, Lessor and Lessee have executed this First Amendment as of the date set forth above.
"Lessor". "Lessee":
CITY OF RIVERSIDE, a California RIVERSIDE AIR SERVICE, INC., a California charter city and municipal corporation corporation
By: By:
City Manager Name: CHAD . L. DAVIES
Its: ProsinaT
Attested to:
By:_
Donesia Gause
City Clerk
Approved as to form:
By: Venth Beaune/for
Ruthann M. Salera
Deputy City Attorney
CERTIFIED AS TO FUNDS AVAILABILITY:
Kirth
BY: _
ASSISTANT CHIEF FINANCIAL OFFICER
CA 21-0418.1
3/1/2023 RMS
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