OFFER RENEWAL OPTION OF LEASE TERMS TO AEROPORT HOBBY SHOPPE, DBA MINOT AVIATION, FOR LOT 1 BLOCK 1, MINOT INTERNATIONAL AIRPORT, SECOND ADDITION
Minot Aviation is has been a longstanding tenant at the Minot International Airport (MOT) and is currently in a ground lease agreement with MOT. Minot Aviation has submitted a request to renew the lease for an additional year, per the terms of the lease agreement. The renewal option of the original lease states, “Unless CITY has notified the LESSEE in writing at least one hundred twenty (120) days prior to the expiration of the Base Term or the previously renewed term that it elects not to renew or extend this Agreement, LESSEE and CITY agree, that upon the prior mutual agreement of land rental rates, that LESSEE may be granted an OPTION TO RENEW THIS AGREEMENT ON A YEAR-TO-YEAR BASIS… The parties must mutually agree to the land rental rate and execute the Renewal Option a minimum of ninety (90) days prior to the expiration of the Base Term.”
1. Approve renewal option of lease terms to Aeroport Hobby Shoppe, dba Minot Aviation, owned by Stewart Lucke and Eva Lucke; and
2. Authorize the Mayor to sign any applicable documentation.