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<br /> <br />BOWERS FIELD KITTITAS COUNTY AIRPORT <br /> <br /> <br /> <br />LESSEE INITIAL__________ LESSOR INIT IAL__________ <br /> <br /> PAGE 4 <br />the Premises. Notwithstanding the foregoing, LESSOR acknowledges and accepts <br />that LESSEE will obtain private and/or public grant funding that may require the filing <br />of encumbrances against the Acquired Improvements and the Facility. <br /> <br /> <br />3.5 PAST DUE AMOUNTS. <br /> <br />If LESSEE fails to pay when due any amount required to be paid by LESSEE under <br />this LEASE, such unpaid amount shall bear interest at the rate of twelve percent <br />(12%) per annum from the due date of such amount to the date of payment in full. <br /> <br />3.6 PERSONAL PROPERTY TAXES <br /> <br />Lessee shall pay all personal property taxes assessed to the Leasehold <br />improvements on the Premises. <br /> <br />3.7 PRORATION OF TAXES <br /> <br />If the Term shall expire on any date other than the last of a tax fiscal year, the amount <br />payable by the Lessee during the tax fiscal year in which such termination occurs <br />shall be prorated on the basis which the number of days from the commencement <br />of said tax fiscal year to and including said termination date bears to 365. A similar <br />proration shall be made for the tax fiscal year in which the Term Commences. <br /> <br />4. CONTINGENCIES. <br /> <br />4.1 DUE DILIGENCE CONTINGENCY. <br /> <br />LESSEE’s obligation to lease the Premises under this Lease is contingent on and <br />subject to LESSEE’s determination that the conditions and features of the Premises <br />are acceptable to LESSEE, in LESSEE’s sole and absolute discretion (the “Due <br />Diligence Contingency”). In making said determination, LESSEE shall have the <br />right, at LESSEE’s expense, to inspect, review, and investigate the Premises and its <br />conditions and features. Said inspection, review, and investigation may include, <br />without limitation, (a) hazardous waste inspection (including borings for water and <br />soil sampling); (b) engineering, geotechnical, and soil studies; (c) utility, zoning, and <br />other development studies; (d) economic feasibility of operating facilities on the <br />Premises for LESSEE’s intended uses; (e) a survey of the Premises; (f) title review; <br />(g) contacting any or all state, county, and city agencies, as well as all water, sewer, <br />and other special districts, in which the Premises is located (if any); and (h) such <br />other due diligence as may be deemed reasonably necessary by LESSEE in <br />determining whether the Premises is suitable for LESSEE’s intended uses. <br /> <br />LESSEE intends to obtain a Phase I Environmental Site Assessment (a “Phase I <br />ESA”) for the Premises. If the Phase I ESA indicates that hazardous substances <br />may be located on the Premises or if the Phase I ESA recommends further