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{ AIRPORTKITTITAS COUNry 3 INTENT OF AGREEMENT: The intent of this agreement is to allow Lessee to develop what is now_b.are land into an upscate airiraft hangar complex. The hangars include the addition of all n"r"ttary infraStructure (access roads, taxiways, water, sewer, gas, telephone, "i..i, Urt'only to the extent required for such development, at the sole expense of Lesiee. Failure to commence the construction of the infrastructure required for Oevelopment within TEN (10) months from the effective date of this lease, or to complete the same within tlrree (3) years from lhe effective date of this lease, rnifi u" grounds for termination of thii Lease at the sole discretion of the Lessor. Lessee may develop all or any portion of the Agreement Property as prwided in the pf"t rrp it{acneO hereto as Exhibit A, subiect to the terms and conditions set forth elsewhere herein. ADJUSTMENT OF RENTAL: Pursuant to RCW 36.34.180 the rentalfor every ftve thereof, at the @mmencement of such period' shall 6e readjusted and fixed bythe Board of Coung Commissioners; (a) After the fifth year, thq Lessor shall have the right to readjust the rent on or before March 1st of the fifth, tenth, fifteenth, twentieth, twenty- fifth, thirtieth, and thirty-fifth years of this lease for each following five yeai period; and the increase shall BE THE CUMULATIVE EFFECT br rire cpt TNDEX oVER THE PREVIoUS FIVE YEARS. lt is agreed between LESSOR and LESSEE thatthe following CPI lndex will be used for future rental increases: "CPl - All Gities-All ltems Size Glass D Under 50,000." (b) lf there is a mathematicaldispute and the Lessee does not agree that ifi6 Cpf index, above listed, yields the rental rates for one of the subsequent five year terms, the Lessee may request arbitration. lf the Lessee elects to arbitrate, the Lessee shall select one arbitrator and the Lessor shall select one arbitrator and the two so chosen shall select a thhd arbitrator' The arbitrators shall have the authority to calculate the rentral rate for the next five years based upon the abovelisted CPI index, and both parties shall be 6ound by the decision of the arbitrators. The cost of arbitration shall be bome by the Lessee. LEASEHOLD TAX: ln addition to any rental herein provided, the Lessee shall pay ffiaseholdtaxassetforthbytheStateofWashingtoninChapter 01, t.*r of 1g7G, Second Executive Session (R.C.W. 82.29A1or as amended. The tax shall be due and payable at the same time the rentalcharged h-erein is due anO payaOle. Lessee shall neither suffer nor permit the attachment of any lien or other encumbrance on the ProPer$. 4. 5. ASSOCIATION LEASE PAGE 2