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3-11-21 Page 3 of 5 <br /> <br /> <br />4.1 Leases with primary terms of more than five years – the number and length of <br />options to extend should be negotiable <br />4.2 T-hangar leases – options to extend 3-5 years negotiable <br />4.3 50-year leases have no options to extend <br /> <br />5. Right to Release – For expiring leases where no options to extend remain, the tenant <br />should have the first right to enter into a new lease at then current rent, terms and conditions if <br />the county elects to relet the property <br /> <br />6. Disposition of Tenant Improvements at Lease Termination <br />6.1 County has the right to purchase improvements at their then fair market value as <br />mutually agreed or per appraisal <br />6.2 In the event the county elects to purchase, tenant has first right to lease the <br />property and improvements if the county elects to relet the property <br />6.3 In the event the county does not elect to purchase, tenant <br />• May sell improvements to a party holding a new lease on the property as <br />granted by the county <br />• May be required to remove the improvements and restore the land <br />• May surrender the improvements to the county <br />6.4 In the event of lease termination due to tenant’s default, all improvements revert <br />to county <br /> <br />7. Assignment of Leases <br />7.1 With the county’s consent, all leases other than month-to-month are assignable <br />and tenant improvements may be sold subject to conditions <br />7.2 The proposed assignee/purchaser must meet all county requirements then existing <br />for a new tenant and assume the existing lease as tenant <br />7.3 Upon county approval of assignee, existing tenant is released from all further <br />obligations under the lease, not including any damages or lease violations <br />occurring during the existing tenant’s tenancy for which liability remains <br />7.4 Sub-tenancies and rentals are allowed so long as all lease terms are complied with <br />and the prime tenant remains fully liable under the lease, including for all actions <br />of sub-tenant or renter <br /> <br />8. Assignment of Lease to Secure Financial Obligation <br />8.1 With the county’s consent, the lease may be assigned to secure the tenant’s <br />construction or remodeling of county approved improvements, subject to <br />conditions <br />8.2 Only the tenant’s leasehold interest shall be encumbered and only one such <br />encumbrance shall be allowed to exist at any point in time <br />8.3 The encumbrance shall specifically be subordinate to all interests of the county <br />which shall have no financial obligations to the lienholder <br />8.4 The lienholder shall maintain direct contact with the county and provide the <br />county with copies of all notices or documents of tenant’s default on the loan <br />8.5 Lienholder must accept all lease terms and confirm that the loan terms do not <br />conflict with the lease