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EXHIBIT 1 <br />(County Lease) <br />}-...., <br />KlnITAs'~ J'NTY AIRPORT <br />DEPARTMENT OF PUBLIC WORKS <br />LEASE <br />. i <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, hereinaner <br />referred to as the LESSOR, and MIDSTATE AVIATION, INC., a Washington corporation, <br />hereinafter referred to as the LESSEE. <br />WIT N E SSE T H: <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 fol!ows: <br />See Exhibit 'W attached hereto. <br />Containing 95,396 square feet, more or less <br />This lease is made in accordance with RCW 36.34. <br />lE;B.M: The term of this lease shall be for twenty-five (25) years and will commence <br />on the 1 st 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 first payment due <br />on or before the 1st day of November oi each year beginning with November 1, 1998, and <br />continuing thereafter until termination of this lease. The rental for each year shall be as <br />foliows: <br />11/01/98 -10/31/04 <br />Land lease rate -95,396 sq feet @ 6 cents pr sq ft == $ 5.724 per ye2f <br />11101/98 -1 0/31/04 <br />Main hangar building iease rate @ S2.00 per sq ft = $40,000 per y,,2r <br />11/01/98 -10/31104. (6,534 sq ftl <br />l.and lease for Moe building site @ 6 cent pr sq ft "-$ 392 per yea <br />INVESTMENT CREDIT (20 YEARS) <br />11/01/98 -1 0131199 <br />11/01199 -10131/00 <br />11101100 -1 0131/01 <br />11/01/01 -10/31/18 <br />MIOSTATE AVIATION LEASE <br />Page 1601'33 <br />[$ 10,000J <br />[$ 10,000] <br />== ($ 7,500] <br />[$ 7,500] per ye2r <br />PAGE 1