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KITTITAS COUNTY AIRPORT <br />mi DEPARTMENT OF PUBLIC WORKS <br />THIS LEASE made and entered into this 1st day of June, 2010, by and between <br />Kittitas County, a municipal corporation in the State of Washington, hereinafter referred <br />to as the LESSOR, and Carrera Hangars LP, a limited partnership formed in the State <br />of Washington, hereinafter referred to as the LESSEE. <br />WITNESSETH: <br />The Lessor hereby agrees to lease to the Lessee, and the Lessee hereby agrees to <br />lease from the Lessor, the following described real property: <br />(Property Description) <br />Containing 19,800 sq ft, or 0.455 acres more or less. <br />This lease is made in accordance with Chapter 36.34 RCW. This lease is subject to the <br />provisions of Chapter 59.12 RCW as currently existing of hereafter amended. <br />1. TERM: The term of this lease shall be for forty (40) years and will commence on the <br />1"day of June, 2010. <br />2. RENT: Rent shall be paid in advance on an annual basis, with the first payment <br />due on or before the 1st day of June of each year and continuing thereafter until <br />termination of this lease. The rental for each year shall be as follows: <br />Rental Periods <br />06/01 /2010— 05/31 /2015 <br />06/01/2015 - 05/31/2020 <br />06/01 /2020 - 05/31 /2025 <br />06/01/2025 - 05/31/2030 <br />06/01 /2030 - 05/31 /2035 <br />06/01 /2035 - 05/31 /2040 <br />06/01 /2040 - 05/31 /2045 <br />06/01 /2045 - 05/31 /2050 <br />06/31 /2050 <br />PAGE I <br />Annual <br />$2,376.00 (12 cents per sq/ft) <br />To be determined under Paragraph 4 <br />To be determined under Paragraph 4 <br />To be determined under Paragraph 4 <br />To be determined under Paragraph 4 <br />To be determined under Paragraph 4 <br />To be determined under Paragraph 4 <br />To be determined under Paragraph 4 <br />Lease Termination <br />