Common use of Airport Development or Change of Use Clause in Contracts

Airport Development or Change of Use. The Lessor has the following rights: 1. To develop or improve the landing areas and other portions of the Airport as it sees fit in Lessor’s exclusive discretion, regardless of the desires or views of the Lessee, and without interference or hindrance. If the development of the Airport requires the land covered under this lease, the Lessor shall have the right to either: (a) Substitute another parcel of land for the Leased Premises, and relocate Lessee’s improvement(s) to that new parcel at no cost to the Lessee, or (b) Purchase Lessee’s hangar at its fair market value, as established by the City Assessor, and terminate this Agreement. In the event of a substitution and relocation or a hangar purchase and Agreement termination as permitted by this section, the Lessor shall have no liability to the Lessee for any loss, expense, damage or cost of any nature, except as defined herein. 2. To change the use of the lands within the Airport to other uses. If Lessor eliminates the Airport, Lessor shall have the obligation to purchase Lessee’s hangar at its fair market value, as established by the City Assessor, and terminate this Agreement.