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EXHIBIT 1 <br />(County Lease) <br />y. KITTITAS rv. jNTY AIRPORT <br />DEPARTMENT OF PUBLIC WORKS <br />LEASE <br />THIS LEASE made and entered into this 27th day of October, 1998, by and <br />between Kittitas County, a municipal corporation in the State of Washington, hereirarter <br />referred to as the LESSOR, and MIDSTATE AVIATION, INC., a Washington corporation, <br />hereinafter referred to as the LESSEE. <br />WITNESSETH: <br />The Lessor hereby agrees to lease to the Lessee, and the Lessee hereby <br />agrees to lease from the Lessor, the real property described as follows: <br />See Exhibit "A' attached hereto. <br />Containing 95,396 square feet, more or less <br />This lease is made in accordance with RCW 36.34, <br />TERM: The term of this lease shall be for twenty-five (25) years and will commence <br />on the 1st day of November, 1998, and terminate on the last day of October, 2023, Except <br />as provided hereunder. <br />RENT: Rent shall be paid in advance on a monthly basis, with the firs; Payment due <br />on or before the 1st day of November of each year beginning with November 1. 1998, and <br />continuing thereafter until termination of this lease. The rental for each year s'nall be = <br />follows: <br />11101/96 — 10/31/04 <br />Land lease rate - 95,396 sq feet @ 6 cents or sq ft = $ 5.724 per year <br />11 /01198 — 1 0/31104 <br />Main hangar building lease rate @ S2.00 per sq It = $40,000 per yea - <br />11101198 -10131/04 (6,534sgft) <br />Land lease for Moe building site @ 6 cent pr sq ft = $ 392 per year <br />INVESTMENT CREDIT (20 YEARS) <br />11/01/98-10/31199 <br />= [5 10,000] <br />11/01/99 -10/31/00 <br />= [310,000] <br />11/01100-10/31/01 <br />= [$ 7,5001 <br />111/01/01 - 10/31/18 <br />= [S 7,5001per ve=r <br />MOSTATE AVIATION LEASE <br />Page 16 of 33 <br />PACE 1 <br />