Common use of Improvements to the Property Clause in Contracts

Improvements to the Property. Tenant shall be responsible for the administration of the design, development and construction of the Improvements. The Improvements shall consist of no less than five (5) aviation hangars and related improvements on the Phase I Property, and if Tenant exercises the Expansion Option, no less than five (5) aviation hangars and related improvements on the Phase II Property (collectively, the “Facility”). Tenant shall have a period of 24 months following the Effective Date (subject to Force Majeure) for Completion of Construction (as the term is defined in the Prime Lease) of the Improvements on the Phase I Property (the “Phase I Improvements”). Promptly upon receipt of the building permit, but in no event beyond the deadline set forth in Schedule 1.05.2, Tenant shall promptly commence and diligently pursue construction of the Phase I Improvements without undue delay. On a semiannual basis, Tenant shall provide Landlord with a construction status report. Tenant will comply with all Applicable Laws pertaining to the construction of the Improvements, inclusive of the Facility, including by way of example and not limitation, the Miami-Dade County Aviation Department requirements and the FAA rules and regulations. Tenant commits that the amounts expended in connection with the Phase I Improvements will be no less than $8,500,000.00, which costs and expenses may include, without limitation, the following: all capital contributions, mortgage contributions, if any, fees paid to architects, engineers and consultants, cost of construction, costs of construction bonds, development fees, interest paid during construction, legal fees directly related to this Lease and the Improvements, impact fees, concurrency fees, and grant monies, but expressly excluding the cost of equipment, trade fixtures or movable furnishings. If Tenant exercises the Expansion Option, Tenant shall have a period of 48 months following the Effective Date (subject to Force Majeure) for Completion of Construction (as the term is defined in the Prime Lease) of the Improvements on the Phase II Property (the “Phase II Improvements”). Tenant commits that the amounts expended in connection with the Phase II Improvements will be no less than $6,000,000.00, which costs and expenses may include, without limitation, the following: all capital contributions, mortgage contributions, if any, fees paid to architects, engineers and consultants, cost of construction, costs of construction bonds, development fees, interest paid during construction, legal fees directly related to this Lease and the Improvements, impact fees, concurrency fees, and grant monies, but expressly excluding the cost of equipment, trade fixtures or movable furnishings. Tenant shall submit to the Landlord for its approval, such approval not to be unreasonably withheld, conditioned or delayed, a site plan and complete plans and specifications for the Improvements described on Exhibit “B” (collectively the “Tenant’s Plans”), provided that it shall be reasonable for Landlord to withhold its consent if the site plan does not provide access from the Phase II Property to the westerm boundary of the Bravo taxiway in the event Tenant does not exercise the Expansion Option. Such access shall be available to Landlord its successors and assigns, agents, contractors, sublessees, licenses and invitees on a non-exclusive basis available 24 hours a day/7 day a week/365(366) days a year, and be configured to allow for the unhampered movement of an aircraft equal to the size of The Bombardier Global 7000, or any iteration of same. Tenant’s Plans shall be certified by an architect or engineer licensed to practice in the State of Florida. Landlord agrees to review and approve Tenant’s Plans in a timely manner. If Landlord fails to respond within ten (10) days, then Tenant shall provide a written reminder notice to Landlord which shall specify that Landlord has an additional five (5) Business Days to approve and/or disapprove Tenant’s Plans, which reminder notice shall include a legend at the top of the first page in a type face twice the size than that used elsewhere in the reminder notice indicating that Landlord is to provide its response within five (5) Business Days of its receipt of the reminder notice. If Landlord fails to respond to Tenant within said five (5)-Business Day period, then Tenant’s Plans shall be deemed approved. In the event of a disapproval, Landlord shall specify with particularity the reasons for such disapproval. In such case, Tenant shall as expeditiously as is reasonable given the circumstances, address the grounds for disapproval by revising Tenant’s Plans. Any resubmission shall be subject to review and approval in accordance with the procedure hereinabove provided for an original submission. Approval by Landlord of Tenant’s Plans shall not be a representation or warranty of Landlord that such plans are adequate for any use, purpose, or condition, or that said plans comply with any applicable code, but shall merely be the consent of Landlord to the performance of the work as shown in Tenant’s Plans. Landlord shall reasonably cooperate with Tenant in connection with the construction of the Improvements, including, but not limited to, by executing any permit applications if required by applicable law. Within twenty (20) days following the Completion of Construction of the Improvements, Tenant shall deliver to each of MDAD and Landlord, one complete set of “as built” drawings, including all pertinent shop and working drawings, copies of warranties, guarantees and manuals, and copies of all release of contractor liens.

Improvements to the Property. Tenant 4.1 It is herby agreed, that all of the improvements, if and when carried out in the Property by the Lessee, shall be responsible for the administration Lessee's full responsibility and he shall bare the expenses of such improvements, all subject to the provisions of the designLeases. However, development and construction it herby agreed, subject to this section, the Lessor shall participate in financing some of the Improvements. The Improvements shall consist of no less than five (5) aviation hangars and related fixed improvements on in the Phase I Property conducted by the Lessee in updating the kitchenette in the Property, the shower in the Property and the restrooms at the entrance to the Property, if Tenant exercises the Expansion Optionwork shall be completed by June 30, no less than five 2010 (5together, hereinafter: the "Improvements and Updating Work"), in the amount of up to 60,000 NIS only (hereinafter: "Lessor's Participation") aviation hangars and related improvements on all subject to this section 4. For the Phase II Property (collectivelyavoidance of doubt, the “Facility”). Tenant amount of the Lessor's Participation shall have a period of 24 months following the Effective Date (subject not be linked to Force Majeure) for Completion of Construction (as the term is defined CPI. 4.2 The Lessor's Participation in the Prime Lease) cost of the Improvements on the Phase I Property (the “Phase I Improvements”). Promptly upon receipt of the building permitand Updating Work, but in no event beyond the deadline set forth in Schedule 1.05.2as mentioned above, Tenant shall promptly commence and diligently pursue construction of the Phase I Improvements without undue delay. On a semiannual basis, Tenant shall provide Landlord with a construction status report. Tenant will comply with all Applicable Laws pertaining apply only to the construction of the Improvements, inclusive of the Facility, including by way of example Improvements and not limitation, the Miami-Dade County Aviation Department requirements and the FAA rules and regulations. Tenant commits that the amounts expended in connection with the Phase I Improvements will be no less than $8,500,000.00, which costs and expenses may include, without limitation, the following: all capital contributions, mortgage contributions, if any, fees paid to architects, engineers and consultants, cost of construction, costs of construction bonds, development fees, interest paid during construction, legal fees directly related to this Lease and the Improvements, impact fees, concurrency fees, and grant monies, but expressly excluding the cost of equipment, trade fixtures or movable furnishings. If Tenant exercises the Expansion Option, Tenant shall have a period of 48 months following the Effective Date (subject to Force Majeure) for Completion of Construction (as the term is defined in the Prime Lease) of the Improvements on the Phase II Property (the “Phase II Improvements”). Tenant commits that the amounts expended in connection with the Phase II Improvements will be no less than $6,000,000.00, which costs and expenses may include, without limitation, the following: all capital contributions, mortgage contributions, if any, fees paid to architects, engineers and consultants, cost of construction, costs of construction bonds, development fees, interest paid during construction, legal fees directly related to this Lease and the Improvements, impact fees, concurrency fees, and grant monies, but expressly excluding the cost of equipment, trade fixtures or movable furnishings. Tenant shall submit to the Landlord for its approval, such approval not to be unreasonably withheld, conditioned or delayed, a site plan and complete plans and specifications for the Improvements described on Exhibit “B” (collectively the “Tenant’s Plans”), provided that it shall be reasonable for Landlord to withhold its consent if the site plan does not provide access from the Phase II Property to the westerm boundary of the Bravo taxiway in the event Tenant does not exercise the Expansion Option. Such access shall be available to Landlord its successors and assigns, agents, contractors, sublessees, licenses and invitees on a non-exclusive basis available 24 hours a day/7 day a week/365(366) days a year, and be configured to allow for the unhampered movement of an aircraft equal to the size of The Bombardier Global 7000, or any iteration of same. Tenant’s Plans shall be certified by an architect or engineer licensed to practice in the State of Florida. Landlord agrees to review and approve Tenant’s Plans in a timely manner. If Landlord fails to respond within ten (10) days, then Tenant shall provide a written reminder notice to Landlord which shall specify that Landlord has an additional five (5) Business Days to approve and/or disapprove Tenant’s Plans, which reminder notice shall include a legend at the top of the first page in a type face twice the size than that used elsewhere in the reminder notice indicating that Landlord is to provide its response within five (5) Business Days of its receipt of the reminder notice. If Landlord fails to respond to Tenant within said five (5)-Business Day period, then Tenant’s Plans shall be deemed approved. In the event of a disapproval, Landlord shall specify with particularity the reasons for such disapproval. In such case, Tenant shall as expeditiously as is reasonable given the circumstances, address the grounds for disapproval by revising Tenant’s Plans. Any resubmission shall be subject to review and approval Updating Work conducted in accordance with the procedure hereinabove provided Leases and this agreement, shall remain in the Property. For the avoidance of doubt, the following shall be included in the expenses to be paid by Lessor as part of the Improvements and Updating Work, pursuant to this section 4 above: expenses relating to electricity work, payments to the architect, air conditioning advisors, electricity, health and fire inspection, safety consultant and constructors (hereinafter: the "Fixed Adjustments Work"). No additional payment shall be paid by the Lessor for an original submission. Approval by Landlord additional advisors or expenses relating to portable equipment such as furniture, kitchen equipment, computer equipment, communications equipment etc. 4.3 For the avoidance of Tenant’s Plans shall doubt, the Lessor's Participation may be lower than the actual costs of the Fixed Adjustments Work, or equal to it, and in the event that the cost of the Lessor's Participation would be higher than the Fixed Adjustments Work, the Lessee will not be a representation or warranty entitled to any payment and/or refund between the difference of Landlord that such plans are adequate for any usethe actual cost of the Fixed Adjustments Work and the amount of the Lessor's Participation, purpose, or condition, or that said plans comply with any applicable code, but as detailed above and/or financing and/or equipment in the amount of the difference mentioned above. 4.4 The Lessor shall merely be the consent of Landlord pay to the performance Lessee the amount of the work as shown Lessor's Participation upon display of a final tax invoice for the cost of the Fixed Adjustments Work, within 60 days of receipt. It is clear and agreed that the payment of Israeli Value Added Tax ("VAT") of the Lessor's Participation in Tenant’s Plans. Landlord shall reasonably cooperate the costs of the Fixed Adjustments Work, will be paid on the proper date in accordance with Tenant in connection applicable law to VAT, and not together with the construction payment of the Improvements, including, but not limited to, by executing any permit applications if required by applicable law. Within twenty (20) days following Lessor's Participation in the Completion of Construction cost of the Improvements, Tenant shall deliver to each of MDAD and Landlord, one complete set of “as built” drawings, including all pertinent shop and working drawings, copies of warranties, guarantees and manuals, and copies of all release of contractor liensFixed Adjustments Work.