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A TRUE COPY <br />CERTIFICATION ON LAST PAGE <br />;.R. SN11TH, CLERK <br />ATTAC HMENT B <br />"RUE COPY <br />T'FiCATION ON LAST PAGE <br />-!!'H. CLERK <br />STANDARD LEASE PROVISIONS FOR AIRPORT TENANTS <br />(Effective Date - February 19 2016) <br />1. OWNERSHIP HELD BY LANDLORD: The TENANT is granted a leasehold in <br />government property at the Vero Beach Regional Airport ("Airport") under this Lease <br />Agreement with the land, buildings, and other improvements being retained by <br />LANDLORD as a leased fee. All building and other improvements to real property <br />(including those built or otherwise added by TENANT) shall be owned by LANDLORD <br />from the outset and remain government property throughout the term of this Lease <br />Agreement. LANDLORD'S retained interest does not diminish or abridge any leasehold <br />interest conveyed to TENANT hereunder. <br />2. RENTAL ADJUSTMENT: <br />(a) Annual Rental Adjustment: Beginning on October 1 st of the year following <br />the year in which the Lease Agreement is executed, and annually on each October 1st <br />thereafter, including the renewal term pursuant to an option exercised under the Lease <br />Agreement, if any, the rent shall be adjusted in accordance with the percentage change <br />in the index known at the time the Lease Agreement is executed as the "United States <br />Bureau of Labor Statistics Consumer Price Index (CPI) for All Urban Consumers," using <br />the July to July report. This adjustment shall be referred to as "the CPI adjustment." If <br />the CPI ceases to be published, the successor index shall be used. In no event shall <br />the rental rate be less than the rental rate set for the previous year of the Lease <br />Agreement. <br />(b) Option to Renew Rental Adjustment: If TENANT exercises an option to <br />renew, if applicable, in addition to Paragraph (a) above, the portion of TENANT'S rent <br />Page 4 of 38 <br />N:\Client Docs\Airport\Attachment B Q016.Pebruazy_16.ATTACHNENT B.docx <br />