I
AMENDMENT TO LEASE
THIS AMENDMENT is entered into by Mooney Aircraft
Corporation ("Mooney") and the undersigned landlord ("Landlord").
W I T N E 5 S E T H:
A. Landlord and Mooney have entered into the following
described Lease (the "Lease"):
That certain Lease, dated January 10, 1963, by and
between Landlord and Mooney, as amended by that certain
Amendment of Lease, dated August 27, 1973, by and
between Kerrville-Kerr County Joint Airport Board and
BAACT Corporation and by that certain Lease Amendment
dated December 13, 1966 betweeen Landlord and Mooney
Aircraft, Inc.
B. Landlord and Mooney desire to amend the Lease to
facilitate various financings by Mooney.
NOW, THEREFORE, for and in consideration of the mutual
covenants herein contained and other good and valuable .
consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree to amend the Lease
to provide the following, which shall amend the Lease to the
extent of any conflict with any term or provision of the Lease:
1. Mooney shall have the right to grant mortgages, deeds of
trust and collateral assignments (collectively, "Mortgages") to
any bank, insurance company or other lending institution, or any
governmental agency (collectively, "Mortgagee") covering Mooney's
leasehold interest created by, and Mooney's rights under, the
Lease, and in and to Mooney's leasehold improvements and
fixtures, and Mooney's furnishings, machinery or equipment
located therein or thereon (collectively, the "Collateral")
without any consent or approval by Landlord, upon such terms and
provisions, and pursuant to such deeds of trust, security
agreements, assignments and other documents, as Mortgagee shall
direct.
2. Landlord shall deliver notice to Mortgagee of any default
under the Lease and the exercise of any right or remedy
thereunder if Landlord has notice of Mortgagee's interest
therein. Mortgagee shall have the right, but not the obligation,
DLJIsc/11/84/Mooney/Amendment to Lease/RE8
obligation, to cure any such default or to perform any condition
or agreement to be performed thereunder by Mooney, or to exercise
any other right granted to Mooney under the Lease. Mortgagee
shall be given thirty (30) days after notice of any such default
to cure the same. Landlord agrees not to exercise any of its
rights to terminate the Lease or any of its remedies under the
Lease so long and only so long as (i) Mortgagee proceeds
reasonably with its remedies under the Mortgages with all due
diligence, (ii) Mortgagee timely pays rents and the other sums
due under the terms of the Lease which have accrued and which
shall become due and payable during said period of time; and
(iii) Mortgagee cures the default as and within the time limits
specified above or proceeds with due diligence to cure any
default which cannot be cured within said period.
3. Mortgagee may become the lessee under the Lease and may
succeed to the rights of the lessee thereunder, and may pursue
all rights and remedies under the Mortgages, by foreclosure or
otherwise, without any consent or approval by Landlord. In the
event Mortgagee shall, by foreclosure of the Mortgages or
otherwise, acquire or become the owner of Mooney's rights and
interests under the Lease, it is expressly agreed that Mortgagee
shall be obligated and liable under the Lease only during the
period of its occupancy of the premises covered by the Lease and
shall have no further obligation or liability under the Lease
subsequent to its assignment hereof or otherwise beyond the
period of its occupancy of said premises.
4. Upon request Landlord shall provide an estoppel letter as to
the status of the Lease to Mooney and Mortgagee.
5. If Mortgagee succeeds to the interest of Mooney under the
Lease, it shall be bound to all of the terms, covenants and
conditions set forth in the Lease from and after its succession
to such interest, and in connection with any foreclosure under
any of the Mortgages, or transfer in lieu thereof, or subsequent
thereto if Mortgagee, or any successor under the Mortgages
-2-
' DLJ/sc/11/84/Mooney/Amendment to Lease/RE8
succeeds to the rights of Mooney under the Lease, Mortgagee shall
be authorized and may assign, transfer or sublease the Lease to
any other party without the consent or approval of Landlord on
terms and provisions specified by Mortgagee.
6. Landlord expressly releases, waives and relinquishes any and
all rights to or claims under and to any and all statutory,
contractual or other landlord's liens or any other type of lien
covering any of the Collateral and any fixtures, equipment and
other property situated upon said premises.
IN WITNESS WHEREOF, the parties hereto have duly executed
this Amendment to Lease on this day of November, 1984.
KERRVILLE-KERR COUNTY JOINT
AIRPORT BOARD
By
Its:
CITY OF KERRVILLE
By:
Its:
COUNTY OF KERR
By:
Its: County Judge. Kerr County. Texas
GORDON S. MORRISS
MOONEY AIRCRAFT CORPORATION
By:
Its:
-3-
ORDER N0. 15817
APPROVAL OF AMENDMENTS TO LEASES BETWEEN CITY OF KERRVILLE
AND KERR COUNTY AND MOONEY AIRCRAFT CORPORATION
On this the 11th day of December 1984, upon motion made
by Commissioner Higgins, seconded by Commissioner Holland,
the Court unanimously approved Amendments to Leases between
the City of Kerrville and Kerr County and Mooney Aircraft
Corporation, subject to concurrence by the City of Kerrville,
as follows:
1. That certain Lease, dated January 10, 1963,
by and between the City of Kerrville and
Kerr County and Mooney Aircraft Corporation,
as amended by that certain Amendment of Lease,
dated August 27, 1973, by and between Kerrville-
Kerr County Joint Airport Board and BAACT
Corporation, and by that certain Lease Amend-
ment dated December 13, 1966 between the City
of Kerrville and Kerr County and Mooney Aircraft,
inc.
2. That certain City-County Mooney Airport Lease-
1982, by and between the City of Kerrville and
Kerr County and Mooney Aix craft Corporation.
ORDER N0. 15817
APPROVAL OF AMEi~IIx~ENTS TO LEASES
BETWEIIV CITY OF I~RRRVILLE & iZERR
COiAVI'Y & N%IONEY AIRCRAFT' CORPORATION
12-11-1984
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Vol. P, Page 584