Attached files

file filename
EX-32.1 - EX-32.1 - FEDEX CORPfdx-ex321_9.htm
10-Q - 10-Q - FEDEX CORPfdx-10q_20170831.htm
EX-32.2 - EX-32.2 - FEDEX CORPfdx-ex322_18.htm
EX-31.2 - EX-31.2 - FEDEX CORPfdx-ex312_24.htm
EX-31.1 - EX-31.1 - FEDEX CORPfdx-ex311_10.htm
EX-15.1 - EX-15.1 - FEDEX CORPfdx-ex151_388.htm
EX-12.1 - EX-12.1 - FEDEX CORPfdx-ex121_389.htm
EX-10.10 - EX-10.10 - FEDEX CORPd639674dex1010.htm
EX-10.8 - EX-10.8 - FEDEX CORPd639674dex108.htm
EX-10.7 - EX-10.7 - FEDEX CORPd639674dex107.htm
EX-10.6 - EX-10.6 - FEDEX CORPd639674dex106.htm
EX-10.5 - EX-10.5 - FEDEX CORPd639674dex105.htm
EX-10.4 - EX-10.4 - FEDEX CORPd639674dex104.htm
EX-10.3 - EX-10.3 - FEDEX CORPd639674dex103.htm
EX-10.2 - EX-10.2 - FEDEX CORPd639674dex102.htm
EX-10.1 - EX-10.1 - FEDEX CORPd639674dex101.htm

Exhibit 10.9

 

 

NINTH AMENDMENT

to the

COMPOSITE LEASE AGREEMENT

By and Between

MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY

and

FEDERAL EXPRESS CORPORATION

Effective as of September 1, 2017

 

 


NINTH AMENDMENT

TO THE COMPOSITE LEASE AGREEMENT

This NINTH Amendment is made and entered into as of the 14th day of August 2017, by and between MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY (herein referred to as “Authority”), a body politic and corporate, organized and existing under the laws of the State of Tennessee, and FEDERAL EXPRESS CORPORATION (herein referred to as “Tenant”), a corporation duly organized and existing under the laws of the State of Delaware.

W I T N E S S E T H:

WHEREAS Authority and Tenant executed an instrument entitled “Composite Lease Agreement” with an effective date of January 1, 2007 (that instrument, as previously amended by First Amendment to the Composite Lease Agreement intended to be effective as of September 1, 2008; by Second Amendment to the Composite Lease Agreement intended to be effective as of June 1, 2009; by Third Amendment to the Composite Lease Agreement intended to be effective as of July 1, 2009; by Fourth Amendment to the Composite Lease Agreement intended to be effective as of December 15, 2011; by Fifth Amendment to the Composite Lease Agreement intended to be effective as of January 1, 2013; by Sixth Amendment to the Composite Lease intended to be effective July 1, 2014; by Seventh Amendment to the Composite Lease intended to be effective April 1, 2016; by Eighth Amendment to the Composite lease intended to be effective April 1, 2017; collectively referred to herein as the “Composite Lease Agreement”); and

WHEREAS Authority and Tenant intended the Composite Lease Agreement to represent each of 23 separate lease agreements between the parties (later increased to 31) and showed the differences among the 23 (later 31 leases) by attaching to the Composite Lease Agreement as EXHIBIT “A”, a schedule that identified each parcel of real property Authority leased to Tenant, the portion of the Term (as defined in the Composite Lease Agreement) during which the lease of each parcel will be in effect, and the rent that Tenant pays to Authority for each parcel; and

WHEREAS the parties wish to amend the Composite Lease Agreement to add 72,172 square feet of unimproved ground (2860 Southwide Drive) as Parcel 32 to be used as GSE storage, effective September 1, 2017.


NOW, THEREFORE, for and in consideration of the promises, covenants and agreements hereinafter contained to be kept and performed by the parties hereto and upon the provisions and conditions hereinafter set forth, Authority and Tenant do hereby covenant and agree as follows:

SECTION 1. Definitions. Except as otherwise provided herein, and unless the context shall clearly require otherwise, all words and terms used in this Ninth Amendment that are defined in the Composite Lease Agreement, the Special Facility Ground Lease Agreement and the Special Facility Lease Agreement shall have the respective meanings given to them in each agreement for all purposes of this Ninth Amendment.

SECTION 2. Modification of Composite Lease and Applicable Rent. The parties amend the Composite Lease Agreement to reflect the addition of Parcel 32 as described in the attached survey and legal description and shown on EXHIBIT “B”. As of the Effective Date, the parties incorporate the attached survey and legal description of Parcel 32 to be part of EXHIBIT “B” to the Composite Lease Agreement and the parties substitute the table attached to this Amendment for the table included as part of EXHIBIT “A” to the Composite Lease Agreement. The substitution of that table will accomplish the following:

(a) Effective on the earlier of the Parcel 32 “Substantial Completion Date” (as defined in Section 4 below) or February 1, 2018, the annual rent will be increased by an amount equal to the product achieved by multiplying the area of Parcel 32 as follows:

 

            Unimproved                

Location

   Sq. Ft      Ground Rate      Annual      Monthly  

Airfield/NW of MSCAA Admin Bldg

     72,172      $ 0.2077      $ 14,990.12      $ 1249.18  

(b) The rent, as adjusted in accordance with the foregoing, will continue to be subject to adjustment in accordance with the terms of Section 2.03(a)(i) of the Composite Lease Agreement.

SECTION 3. Improvements by Tenant

 

  (a)

Effective September 1, 2017, Authority hereby grants to Tenant for use by Tenant and its servants, agents, employees and independent contractors working on or in connection with Tenant’s alterations of the improvements located on Parcel 32 making it suitable for ground service equipment use (Tenant’s alteration work on Parcel 32 as outlined in Section 4(b) below are both referred to herein as


  (“Tenant’s Work”) all necessary or appropriate rights of reasonable access, ingress and egress to and from Parcel 32, and the right to do all such other things as may be incidental to Tenant’s Work. Tenant shall obtain, at Tenant’s sole expense, all certificates and approvals relating to Tenant’s Work. As part of Tenant’s Work on Parcel 32, Tenant shall make at least, all improvements to Parcel 32 as listed below and shown on “EXHIBIT C” at no cost to Authority.

 

  i. Asphalt Paving

 

  ii. Lighting

 

  iii. Install Guard Shack with Electrical Power

(b) Effective September 1, 2017, Authority hereby grants to Tenant for use by Tenant and its servants, agents, employees and independent contractors working on or in connection with Tenant’s Work all necessary or appropriate rights of reasonable access, ingress and egress to and from Parcel 32, and the right to do all such other things as may be incidental to Tenant’s Work. Tenant shall obtain, at Tenant’s sole expense, all certificates and approvals relating to Tenant’s Work.

(c) The Substantial Completion Date shall be defined as that date on which Tenant has commenced beneficial use of Parcel 32. Tenant’s Work and related activity during the period before the Substantial Completion Date shall not be considered the commencement of beneficial use of the premises by Tenant. However, the terms and conditions of the Composite Lease, including, without limitation, the commercial liability insurance provisions shall apply to and be effective during such period of occupancy or access to the premises by Tenant, except for Tenant’s obligation to pay rent as provided in Section 2.03. Authority shall provide for a policy of special form property insurance from April 1, 2017 until the Substantial Completion Date of improvements to Parcel 32 at no cost to Tenant. Tenant’s obligation to provide for builder’s risk coverage covering the premises and improvements on Parcel 32 shall commence on September 1, 2017 and will be required until the Substantial Completion Date of improvements to Parcel 32. All building materials used during renovations must be asbestos-free and Tenant shall provide a Contractor’s Asbestos Free Affidavit within 30 days of the Substantial Completion Date of Parcel 32.


SECTION 5. Improvements by Authority Prior to September 1, 2017, Authority shall not make any improvements to Parcel 32 as shown on “EXHIBIT B”. As part of its work under this Section, Tenant shall (remain in compliance with all applicable Environmental Laws and (ii) undertake in compliance with the rules and regulations of any Governmental Authority having jurisdiction over the Parcel 32 all required cleanup activities with respect to environmental conditions caused by, arising out of or resulting from its use of Parcel 32.

SECTION 6. Remainder of Composite Lease in Effect. All other terms, provisions, conditions, covenants and agreements of the Composite Lease shall continue in full force and effect.

SECTION 7. Effective Dates of this Ninth Amendment. This Ninth Amendment shall become effective as of September 1, 2017.

EXHIBIT “A”, EXHIBIT “B” and EXHIBIT “C” , attached hereto, shall be incorporated herein by reference.


IN WITNESS WHEREOF, the parties have caused their duly authorized representatives to execute this Ninth Amendment to the Composite Lease Agreement.

 

MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY     FEDERAL EXPRESS CORPORATION
By:  

/s/ Scott A. Brockman

    By:  

/s/ Donald C. Colvin

Scott A. Brockman, A.A.E. President     Title:   Vice President Properties & Facilities
and Chief Executive Officer     Date:   08/09/2017

 

Approved as to Content:

By:  

/s/ Forrest B. Artz

Forrest B. Artz
Vice President of Finance and Administration/CFO

 

Approved as to Form and Legality:

/s/ Christy L. Kinard

Christy L. Kinard
General Counsel
Reviewed and Approved:

/s/ Angela Washington

Director of Properties


APPROVED:

                    MSCAA

                     FEDEX

EXHIBIT A to the Composite Lease Agreement as amended by the Ninth Amendment effective September 1, 2017.

 

     FEDEX                                   EFFECTIVE      2012     2013     2014     2015-17     2018  
PARCEL   LEASE                     EFFECTIVE       SQUARE      DATE      EFFECTIVE SEPTEMBER 2012      EFFECTIVE July 1, 2013     EFFECTIVE July 1, 2014     EFFECTIVE April 1, 2015     EFFECTIVE September 1, 2018  
NUMBER     NUMBER       SUPPLEMENTAL     USE OR LOCATION     PARCEL ID     DATE     FEET     RATE      RATES       MONTHLY       ANNUAL       ESCALATION (3)      RATES       MONTHLY       ANNUAL       RATES       MONTHLY       ANNUAL       RATES       MONTHLY       ANNUAL        RATE S      MONTHLY       ANNUAL   
1     07-0958     N/A   TAXIWAY N   N/A     2/1/2009       100,035     $ 0.1906     $ 0.1906     $ 1,588.89     $ 19,066.67     CPI OR 13%   $ 0.2077     $ 1,731.41     $ 20,776.95     $ 0.2077     $ 1,731.41     $ 20,776.95     $ 0.21     $ 1,731.41     $ 20,776.95     $ 0.21     $ 1,731.41     $ 20,776.95  
                                                                                                                                                                         
2     07-0959     SUPPLEMENTAL 26   AMR FACILITIES/LANDLOCKED PARCELS   A -G     1/1/2007       1,082,446       Varies  (1)      Varies  (1)    $ 28,533.41     $ 342,400.87     CPI OR 13%     Varies  (1)    $ 31,092.85     $ 373,114.23      
Varies
 
(1) 
  $ 31,092.85     $ 373,114.23      
Varies
 
(1) 
  $ 31,092.85     $ 373,114.23      
Varies
 
(1) 
  $ 31,092.85     $ 373,114.23  
            N/A 5th Amendment to Composite Lease   UNIMPROVED GROUND         11/1/2013 (9)      44,344     $ 0.2077       N/A       N/A       N/A     CPI OR 13%     0.2077  (9)      N/A       N/A     $ 0.2077     $ 767.52     $ 9,210.25     $ 0.21     $ 767.52     $ 9,210.25     $ 0.21     $ 767.52     $ 9,210.25  
                                                                                                                                                                         
3           SUPPLEMENTALS   WEST RAMP                                                                                                                                                        
    07-0960     18, 19, 20, 21, 22 & 23   UNIMPROVED GROUND   N/A     1/1/2007       3,111,647     $ 0.1525     $ 0.1906     $ 49,423.33     $ 593,079.92     CPI OR 13%   $ 0.2077     $ 53,856.60     $ 646,279.19     $ 0.2077     $ 53,856.60     $ 646,279.19     $ 0.21     $ 53,856.60     $ 646,279.19     $ 0.21     $ 53,856.60     $ 646,279.19  
      22, 24 & 25   UNIMPROVED GROUND   N/A     1/1/2007       914,283     $ 0.1525     $ 0.1906     $ 14,521.86     $ 174,262.34     CPI OR 13%   $ 0.2077     $ 15,824.47     $ 189,893.67     $ 0.2077     $ 15,824.47     $ 189,893.67     $ 0.21     $ 15,824.47     $ 189,893.67     $ 0.21     $ 15,824.47     $ 189,893.67  
            N/A 5th Amendment to Composite Lease   UNIMPROVED GROUND         11/1/2013 (9)      2,744     $ 0.2077       N/A       N/A       N/A     CPI OR 13%     N/A       N/A       N/A     $ 0.2077     $ 47.49     $ 569.92     $ 0.21     $ 47.49     $ 569.92     $ 0.21     $ 47.49     $ 569.92  
                                                                                                                                                                         
4     07-0961     N/A   TAXIWAY C   N/A     2/1/2009       731,098     $ 0.2400       $0.2400     $ 14,621.96     $ 175,463.52     CPI OR 13%   $ 0.2615     $ 15,933.55     $ 191,202.60     $ 0.2615     $ 15,933.55     $ 191,202.60     $ 0.26     $ 15,933.55     $ 191,202.60     $ 0.26     $ 15,933.55     $ 191,202.60  
                                                                                                                                                                         
5     07-0962     SUPPLEMENTAL 13   UNIMPROVED APRON/GRACELAND RAMP   33     1/1/2007       515,496     $ 0.1525       $0.1906     $ 8,187.79     $ 98,253.48     CPI OR 13%   $ 0.2077     $ 8,922.24     $ 107,066.88     $ 0.2077     $ 8,922.24     $ 107,066.88     $ 0.21     $ 8,922.24     $ 107,066.88     $ 0.21     $ 8,922.24     $ 107,066.88  
            SUPPLEMENTAL 17   UNIMPROVED APRON/SIERRA RAMP   37     1/1/2007       $ 0.1525           CPI OR 13%                                                            
                                                                                                                                                                         
6     07-0963     AGREEMENT #92-0833   IRS/AOD   N/A     1/1/2007       2,248,286       N/A (6)      N/A (6)     $ 125,000.00     $ 1,500,000.00     15%(7)     N/A (6)    $ 143,750.00     $ 1,725,000.00       N/A (6)    $ 143,750.00     $ 1,725,000.00       N/A (6)    $ 143,750.00     $ 1,725,000.00       N/A (6)    $ 143,750.00     $ 1,725,000.00  
                                                                                                                                                                         
7     07-0964     SOUTHWIDE #90-0242   GRAEBER ASSIGNMENT   23     1/1/2007       427,030       N/A (6)      N/A (6)     $ 2,506.15     $ 30,073.80     CPI OR 13%     N/A (6)    $ 2,730.95     $ 32,771.42       N/A (6)    $ 2,730.95     $ 32,771.42       N/A (6)    $ 2,730.95     $ 32,771.42       N/A (6)    $ 2,730.95     $ 32,771.42  
                                                                                                                                                                         
8     07-0965     SOUTHWIDE ASGMT. #80-0223   EQUITABLE LIFE   24     1/1/2007       451,370       N/A (6)      N/A (6)     $ 2,340.16     $ 28,081.92     CPI OR 13%     N/A (6)    $ 2,550.07     $ 30,600.87       N/A (6)    $ 2,550.07     $ 30,600.87       N/A (6)    $ 2,550.07     $ 30,600.87       N/A (6)    $ 2,550.07     $ 30,600.87  
                                                                                                                                                                         
9     07-0966     SUPPLEMENTAL 15 (INTERNATIONAL PARK)   FEDEX PARKING - TCHULAHOMA   21     1/1/2007       833,458     $ 0.2673       $0.2673     $ 18,565.28     $ 222,783.32     CPI OR 13%   $ 0.2913     $ 20,230.58     $ 242,766.99     $ 0.2913     $ 20,230.58     $ 242,766.99     $ 0.29     $ 20,230.58     $ 242,766.99     $ 0.29     $ 20,230.58     $ 242,766.99  
                                                                                                                                                                         
10     07-0967     SUPPLEMENTAL 16 (INTERNATIONAL PARK)   FEDEX CONSTRUCTION STORAGE AREA   22A     1/1/2007 (2)      140,617     $ 0.2673       $0.2673     $ 3,132.24     $ 37,586.92     CPI OR 13%   $ 0.2913     $ 3,413.21     $ 40,958.47     $ 0.2913     $ 3,413.21     $ 40,958.47     $ 0.29     $ 3,413.21     $ 40,958.47     $ 0.29     $ 3,413.21     $ 40,958.47  
                                                                                                                                                                         
11     07-0968     SUPPLEMENTAL 13   UNIMPROVED GROUND/GSE STORAGE   36     1/1/2007       187,217     $ 0.1525       $0.1906     $ 2,973.63     $ 35,683.56     CPI OR 13%   $ 0.2077     $ 3,240.36     $ 38,884.38     $ 0.2077     $ 3,240.36     $ 38,884.38     $ 0.21     $ 3,240.36     $ 38,884.38     $ 0.21     $ 3,240.36     $ 38,884.38  
                                                                                                                                                                         
12     07-0969     SUPPLEMENTAL 27   A-380 GSE STORAGE   N/A     12/01/07       187,618     $ 0.1525       $0.1525     $ 2,384.31     $ 28,611.75     CPI OR 13%   $ 0.1662     $ 2,598.18     $ 31,178.22     $ 0.1662     $ 2,598.18     $ 31,178.22     $ 0.17     $ 2,598.18     $ 31,178.22     $ 0.17     $ 2,598.18     $ 31,178.22  
                                                                                                                                                                         
13     07-0970     SUPPLEMENTAL 23   A-380 RAMP   N/A     1/1/2007       1,897,879     $ 0.1220       $0.1220       #REF!       #REF!     CPI OR 13%   $ 0.1329     $ 21,025.87     $ 252,310.49     $ 0.1329     $ 21,025.87     $ 252,310.49     $ 0.13     $ 21,025.87     $ 252,310.49     $ 0.13     $ 21,025.87     $ 252,310.49  
    SUPPLEMENTAL 25   A-380 GSE RAMP   N/A     1/1/2007       319,113     $ 0.1525       $0.1906       #REF!       #REF!     CPI OR 13%   $ 0.2077     $ 5,523.23     $ 66,278.76     $ 0.2077     $ 5,523.23     $ 66,278.76     $ 0.21     $ 5,523.23     $ 66,278.76     $ 0.21     $ 5,523.23     $ 66,278.76  
                                                                                                                                                                         
14     07-0971     SUPPLEMENTAL 14   UNIMPROVED APRON/DE-ICING EQUIPMENT STORAGE   34     1/1/2007       428,616     $ 0.1525       $0.1906       #REF!       #REF!     CPI OR 13%   $ 0.2077     $ 7,418.52     $ 89,022.18     $ 0.2077     $ 7,418.52     $ 89,022.18     $ 0.21     $ 7,418.52     $ 89,022.18     $ 0.21     $ 7,418.52     $ 89,022.18  
                                                                                                                                                                         
15     07-0972     N/A   SPRANKLE ROAD   N/A     1/1/2007       200,695     $ 0.0000       $0.0000     $ 0.0000     $ 0.0000     N/A   $ 0.0000     $ 0.0000     $ 0.0000     $ 0.0000     $ 0.0000     $ 0.0000     $ 0.0000     $ 0.0000     $ 0.0000     $ 0.0000     $ 0.0000     $ 0.0000  
16     07-0973     N/A   REPUBLIC ROAD   N/A     1/1/2007       113,179     $ 0.0000       $0.0000     $ 0.0000     $ 0.0000     N/A   $ 0.0000     $ 0.0000     $ 0.0000     $ 0.0000     $ 0.0000     $ 0.0000     $ 0.0000     $ 0.0000     $ 0.0000     $ 0.0000     $ 0.0000     $ 0.0000  
                                                                                                                                                                         
17     07-0974     SUPPLEMENTALS       0                                                                                                                                                    
    1 Parcel 1, 2, 3, 4, 6 & 9 (UNIMP GROUND)       1,2,3,4,6,9     1/1/2007       1,662,877     $ 0.1525       $0.1906       #REF!       #REF!     CPI OR 13%   $ 0.2077     $ 28,781.19     $ 345,374.26     $ 0.2077     $ 28,781.19     $ 345,374.26     $ 0.21     $ 28,781.19     $ 345,374.26     $ 0.21     $ 28,781.19     $ 345,374.26  
    1 Parcel 1, 2, 7, 9 (IMP APRON)       1,2,7,9     1/1/2007       1,908,290     $ 0.1906       $0.2383       #REF!       #REF!     CPI OR 13%   $ 0.2597     $ 41,294.68     $ 495,536.18     $ 0.2597     $ 41,294.68     $ 495,536.18     $ 0.26     $ 41,294.68     $ 495,536.18     $ 0.26     $ 41,294.68     $ 495,536.18  
    Parcel 5 (INTERNATIONAL PARK)       5     1/1/2007       24,000     $ 0.2673       $0.3341       #REF!       #REF!     CPI OR 13%   $ 0.3641     $ 728.14     $ 8,737.65     $ 0.3641     $ 728.14     $ 8,737.65     $ 0.36     $ 728.14     $ 8,737.65     $ 0.36     $ 728.14     $ 8,737.65  
    1 Parcel 8 (INTERNATIONAL PARK)   FUEL TANKS   8     1/1/2007       247,254     $ 0.2673       $0.3341       #REF!       #REF!     CPI OR 13%   $ 0.3641     $ 7,501.45     $ 90,017.46     $ 0.3641     $ 7,501.45     $ 90,017.46     $ 0.36     $ 7,501.45     $ 90,017.46     $ 0.36     $ 7,501.45     $ 90,017.46  
    1 & 8 Parcel 12 (INETRNATIONAL PARK)   ARTC TRAINING BUILDING   12     1/1/2007       117,915     $ 0.2673       $0.3341       #REF!       #REF!     CPI OR 13%   $ 0.3641     $ 3,577.43     $ 42,929.17     $ 0.3641     $ 3,577.43     $ 42,929.17     $ 0.36     $ 3,577.43     $ 42,929.17     $ 0.36     $ 3,577.43     $ 42,929.17  
    1 & 8 Parcel 11 (INTERNATIONAL PARK)   GAS STATION   11     1/1/2007       45,359     $ 0.2673       $0.3341       #REF!       #REF!     CPI OR 13%   $ 0.3641     $ 1,376.15     $ 16,513.80     $ 0.3641     $ 1,376.15     $ 16,513.80     $ 0.36     $ 1,376.15     $ 16,513.80     $ 0.36     $ 1,376.15     $ 16,513.80  
    8 Parcel 9 (INTERNATIONAL PARK)   SOUTH RAMP, COURTYARD, SOUTHGATES   9, 10, 17     1/1/2007       1,586,172     $ 0.2673       $0.3341       #REF!       #REF!     CPI OR 13%   $ 0.3641     $ 48,122.97     $ 577,475.69     $ 0.3641     $ 48,122.97     $ 577,475.69     $ 0.36     $ 48,122.97     $ 577,475.69     $ 0.36     $ 48,122.97     $ 577,475.69  
    Parcel 10 (INTERNATIONAL PARK)   SOUTHEASTERN RAMP, NORTH SECONDARY,         1/1/2007       70,200     $ 0.2673       $0.3341       #REF!       #REF!     CPI OR 13%   $ 0.3641     $ 2,129.80     $ 25,557.63     $ 0.3641     $ 2,129.80     $ 25,557.63     $ 0.36     $ 2,129.80     $ 25,557.63     $ 0.36     $ 2,129.80     $ 25,557.63  
    Parcel 17 (INTERNATIONAL PARK)   NORTH INPUT, PRIMARY SORT,   17     1/1/2007       4,333,659     $ 0.2673       $0.3341       #REF!       #REF!     CPI OR 13%   $ 0.3641     $ 131,479.16     $ 1,577,749.90     $ 0.3641     $ 131,479.16     $ 1,577,749.90     $ 0.36     $ 131,479.16     $ 1,577,749.90     $ 0.36     $ 131,479.16     $ 1,577,749.90  
        SMALL PACKAGE SORT SYSTEM,                                                                                                                                                        
        INTERNATIONAL INPUT, HEAVY WEIGHT, EAST RAMP                                                                                                                                                        
        TAB-LINE MAINTENANCE   14     1/1/2007       556,334     $ 0.2673       $0.3341       #REF!       #REF!     CPI OR 13%   $ 0.3641     $ 16,878.65     $ 202,543.84     $ 0.3641     $ 16,880.10     $ 202,561.21     $ 0.30     $ 14,099.88     $ 169,198.54     $ 0.30     $ 14,099.88     $ 169,198.54  
    10 Parcel 27A (IMP APRON)   PARCEL 27A   27     1/1/2007       487,512     $ 0.1906       $0.2383       #REF!       #REF!     CPI OR 13%   $ 0.2597     $ 10,549.58     $ 126,594.93     $ 0.2597     $ 10,549.58     $ 126,594.93     $ 0.26     $ 10,549.58     $ 126,594.93     $ 0.26     $ 10,549.58     $ 126,594.93  
    11 Parcel A & B West (UNIMP GROUND)   NORTH RAMP   27A & 27B     1/1/2007       527,676     $ 0.1525       $0.1906       #REF!       #REF!     CPI OR 13%   $ 0.2077     $ 9,133.05     $ 109,596.63     $ 0.2077     $ 9,133.05     $ 109,596.63     $ 0.21     $ 9,133.05     $ 109,596.63     $ 0.21     $ 9,133.05     $ 109,596.63  
    5 Parcel 16 (INTERNATIONAL PARK)       16     1/1/2007       796,312     $ 0.2673       $0.3341       #REF!       #REF!     CPI OR 13%   $ 0.3641     $ 24,159.36     $ 289,912.33     $ 0.3641     $ 24,159.36     $ 289,912.33     $ 0.36     $ 24,159.36     $ 289,912.33     $ 0.36     $ 24,159.36     $ 289,912.33  
    23   GRAEBER ASSIGNMENT/TRUCKING OPERATION         1/1/2007       261,460     $ 0.1029       $0.1286       #REF!       #REF!     CPI OR 13%   $ 0.1401     $ 3,053.32     $ 36,639.83     $ 0.1401     $ 3,053.32     $ 36,639.83     $ 0.14     $ 3,053.32     $ 36,639.83     $ 0.14     $ 3,053.32     $ 36,639.83  
    SUPPLEMENTAL 9 (INTERNATIONAL PARK)   PARKING AREA   25     1/1/2007       18,933     $ 0.2673       $0.3341       #REF!       #REF!     CPI OR 13%   $ 0.3641     $ 574.41     $ 6,892.91     $ 0.3641     $ 574.41     $ 6,892.91     $ 0.36     $ 574.41     $ 6,892.91     $ 0.36     $ 574.41     $ 6,892.91  
                                                                                                                                                                         
18     07-0975     SUPPLEMENTAL 8 (INTERNATIONAL PARK)   DC-10 HANGAR (LAND)   15     1/1/2007       552,730     $ 0.2673     $ 0.2673       #REF!       #REF!     CPI OR 13%   $ 0.2913     $ 13,416.45     $ 160,997.43     $ 0.2913     $ 13,416.45     $ 160,997.43     $ 0.29     $ 13,416.45     $ 160,997.43     $ 0.29     $ 13,416.45     $ 160,997.43  
18A     07-0976     BUILDING HAVING AN AREA OF 72,378 SQ FT & OTHER IMPROVEMENTS   DC-10 HANGAR (BUILDING)         9/1/2012(4)       72,378     $ 1.2600       $1.2600     $ 7,599.69     $ 91,196.28     CPI OR 13%   $ 1.3730     $ 8,281.38     $ 99,376.59     $ 1.3730     $ 8,281.38     $ 99,376.59     $ 1.37     $ 8,281.38     $ 99,376.59     $ 1.37     $ 8,281.38     $ 99,376.59  
            CONSTRUCTED ON PARCEL 18                                                                                                                                                            
19     07-0977     SUPPLEMENTAL 8 (INTERNATIONAL PARK)   ENGINE SHOP   13 & 18     1/1/2007       418,016     $ 0.2673       $0.2673       #REF!       #REF!     CPI OR 13%   $ 0.2913     $ 10,146.53     $ 121,758.37     $ 0.2913     $ 10,146.53     $ 121,758.37     $ 0.29     $ 10,146.53     $ 121,758.37     $ 0.29     $ 10,146.53     $ 121,758.37  
                                                                                                                                                                         
20     07-0978     SUPPLEMENTAL 27   WEST SIDE OF TANG   N/A     3/1/2008       108,051     $ 0.1525       $0.1525       #REF!       #REF!     CPI OR 13%   $ 0.1662     $ 1,496.32     $ 17,955.83     $ 0.1662     $ 1,496.32     $ 17,955.83     $ 0.17     $ 1,496.32     $ 17,955.83     $ 0.17     $ 1,496.32     $ 17,955.83  
                                                                                                                                                                         
21     07-0979     SUPPLEMENTAL 7   DEMOCRAT VEHICLE PARKING   19     1/1/2007       1,812,363     $ 0.1525       $0.1906       #REF!       #REF!     CPI OR 13%   $ 0.2077     $ 31,368.50     $ 376,422.03     $ 0.2077     $ 31,368.50     $ 376,422.03     $ 0.21     $ 31,368.50     $ 376,422.03     $ 0.21     $ 31,368.50     $ 376,422.03  
22     07-0980     SUPPLEMENTAL 9   DEMOCRAT VEHICLE PARKING   20     1/1/2007       491,127     $ 0.1525       $0.1906       #REF!       #REF!     CPI OR 13%   $ 0.2077     $ 8,500.46     $ 102,005.52     $ 0.2077     $ 8,500.46     $ 102,005.52     $ 0.21     $ 8,500.46     $ 102,005.52     $ 0.21     $ 8,500.46     $ 102,005.52  
                                                                                                                                                                         
23     07-0981     N/A   TAXIWAY SIERRA         2/1/2009       248,711     $ 0.2400       $0.2400       #REF!       #REF!     CPI OR 13%   $ 0.2615     $ 5,420.41     $ 65,044.89     $ 0.2615     $ 5,420.41     $ 65,044.89     $ 0.26     $ 5,420.41     $ 65,044.89     $ 0.26     $ 5,420.41     $ 65,044.89  
                                                                                                                                                                         
24     07-0982     N/A   SORT FACILITY         9/1/2009(5)       292,000     $ 1.2600       $1.2600     $ 30,660.00     $ 367,920.00     CPI OR 13%   $ 1.3730     $ 33,410.20     $ 400,922.42     $ 1.3730     $ 33,410.20     $ 400,922.42     $ 1.37     $ 33,410.20     $ 400,922.42     $ 1.37     $ 33,410.20     $ 400,922.42  
                                                                                                                                                                         
25     07-0983     N/A   DEMOCRAT PARKING AREA        
12/15/11
(8)
 
 
    36,128     $ 0.1906       $0.1906     $ 573.83     $ 6,885.99     CPI OR 13%   $ 0.2077     $ 625.31     $ 7,503.67     $ 0.2077     $ 625.31     $ 7,503.67     $ 0.21     $ 625.31     $ 7,503.67     $ 0.21     $ 625.31     $ 7,503.67  
26     07-0985     N/A   CORPORATE AVIATION HANGAR (BUILDING)         7/1/2014       35,070     $ 1.4238       N/A       N/A       N/A     CPI OR 13%     N/A       N/A       N/A     $ 1.4238     $ 4,161.06     $ 49,932.67     $ 1.42     $ 4,161.06     $ 49,932.67     $ 1.42     $ 4,161.06     $ 49,932.67  
                CORPORATE AVIATION HANGAR (LAND)         7/1/2014       161,334     $ 0.0000       N/A       N/A       N/A     N/A     N/A       N/A       N/A       N/A       N/A       N/A       N/A       N/A       N/A       N/A       N/A       N/A  
27     07-0984     N/A   HANGAR 11 (BUILDING)         7/1/2014       58,265     $ 1.4238       N/A       N/A       N/A     CPI OR 13%     N/A       N/A       N/A     $ 1.4238     $ 6,913.14     $ 82,957.71     $ 1.42     $ 6,913.14     $ 82,957.71     $ 1.42     $ 6,913.14     $ 82,957.71  
            N/A   HANGAR 12 (BUILDING)         7/1/2014       117,306     $ 1.4238       N/A       N/A       N/A     CPI OR 13%     N/A       N/A       N/A     $ 1.4238     $ 13,918.36     $ 167,020.28     $ 1.42     $ 13,918.36     $ 167,020.28     $ 1.42     $ 13,918.36     $ 167,020.28  
                HANGARS 11 AND 12 (LAND)         7/1/2014       1,290,083     $ 0.0000       N/A       N/A       N/A     N/A     N/A       N/A       N/A       N/A       N/A       N/A       N/A       N/A       N/A       N/A       N/A       N/A  
28     07-0986     N/A   EAST GSE RAMP        
7/1/2014
(10)
 
 
    1,000,681     $ 0.1741       N/A       N/A       N/A     CPI OR 13%     N/A       N/A       N/A     $ 0.1741     $ 14,518.21     $ 174,218.56     $ 0.17     $ 14,518.21     $ 174,218.56     $ 0.17     $ 14,518.21     $ 174,218.56  

Exhibit A

April 1, 2017

Ninth Amendment to Composite Lease Agreement


EXHIBIT A to the Composite Lease Agreement as amended by the Ninth Amendment effective September 1, 2017.

 

     FEDEX                                EFFECTIVE     2012     2013     2014     2015-17     2018  
PARCEL    LEASE                  EFFECTIVE     SQUARE     DATE     EFFECTIVE SEPTEMBER 2012     EFFECTIVE July 1, 2013     EFFECTIVE July 1, 2014     EFFECTIVE April 1, 2015     EFFECTIVE September 1, 2018  
NUMBER    NUMBER     SUPPLEMENTAL     USE OR LOCATION   PARCEL ID    DATE     FEET     RATE     RATES     MONTHLY     ANNUAL     ESCALATION (3)     RATES       MONTHLY     ANNUAL     RATES       MONTHLY     ANNUAL     RATES     MONTHLY     ANNUAL     RATES     MONTHLY     ANNUAL  
29       N/A   COLD CHAIN STORAGE PARKING         4/1/2016(11)       29,174     $ 0.2077       N/A       N/A       N/A     N/A     N/A       N/A       N/A                             $ 0.2077     $ 504.95     $ 6,059.44     $ 0.2077     $ 504.95     $ 6,059.44  
30       N/A   3505 TCHULAHOMA ROAD (BUILDING)         4/1/2017(13)       38,345     $ 2.8500                                                                                 $ 2.8500     $ 9,106.94     $ 109,283.25     $ 2.8500     $ 9,106.94     $ 109,283.25  
            3505 TCHULAHOMA ROAD (IMPROVED GROUND)         4/1/2017(13)       58,810     $ 0.2597                                                                                 $ 0.2597     $ 1,272.75     $ 15,272.96     $ 0.2597     $ 1,272.75     $ 15,272.96  
            3505 TCHULAHOMA ROAD (UNIMPROVED GROUND)         4/1/2017(13)       64,702     $ 0.2077                                                                                 $ 0.2077     $ 1,119.88     $ 13,438.61     $ 0.2077     $ 1,119.88     $ 13,438.61  
31       N/A   3318 WINCHESTER ROAD (BUILDING)         8/1/2017(12)       113,461     $ 2.8500                                                                                 $ 2.8500     $ 26,946.99     $ 323,363.85     $ 2.8500     $ 26,946.99     $ 323,363.85  
            3318 WINCHESTER ROAD (IMPROVED GROUND)         8/1/2017(12)       196,782     $ 0.2597                                                                                 $ 0.2597     $ 4,258.69     $ 51,104.29     $ 0.2597     $ 4,258.69     $ 51,104.29  
            3318 WINCHESTER ROAD (UNIMPROVED GROUND)         8/1/2017(12)       164,498     $ 0.2077                                                                                 $ 0.2077     $ 2,847.19     $ 34,166.23     $ 0.2077     $ 2,847.19     $ 34,166.23  
32       N/A   2860 SOUTHWIDE DR (UNIMPROVED GROUND) GSE Storage         09/01/2018(14)       72,172     $ 0.2077                                                                                                         $ 0.2077     $ 1,249.18     $ 14,990.12  
                                                                                                                                                                     

Note 1:

                                                                                                                                                               

(a) Hangar 26 has been removed from Parcel 2 and, effective July 1, 2009, rent for Parcel 2 has been reduced by $1,322.50 per month, $15,870.00 per year.

    Totals     $ 781,847.02     $ 9,382,164.23             $ 822,174.25     $ 9,866,090.99       Totals     $ 865,451.42     $ 10,385,416.96       Totals     $ 866,700.59     $ 10,400,407.08  

(b) As of December 14, 2010, the date of Tenant’s beneficial occupancy of the Replacement Hangar, as defined in the Third Amendment to the Composite Lease Agreement, the annual rent will be reduced by $44,246.00 ($3,687.17 monthly). The rent rate for the 35,000 square foot Replacement Hangar will be $0.1906.

   

(c) As of December 14, 2010, the date of Tenant’s benefical occupancy of renovated Hangars 24, 25 and 27, the combined annual rent for these Hangars will be reduced by $23,458.05 (30% of $78,193.49).

 

Note 2: In accordance with the Second Amendment to the Composite Lease Agreement, Parcel 10 will not be part of the demised premises between May 1, 2010, and December 31, 2011, and no rent will be payable with respect to that Parcel during that time period.

 

Note 3: Refer to Section 2.03(a)(i) of the Composite Lease Agreement for a further description of the rent adjustment summarized in this column.

 

Note 4: The Effective Date is subject to the operation and effect of Section 1.04(b) of the Composite Lease Agreement. When the Effective Date occurs, the rent for Parcel 18A will be calculated based upon a rental rate of $1.26 per square foot of building footprint area.

 

Note 5: The Effective Date is subject to the operation and effect of Section 1.04(b) of the Composite Lease Agreement. When the Effective Date occurs, the rent for Parcel 24 will be calculated based upon a rental rate of $1.26 per square foot of building footprint area.

 

Note 6: For Parcels 6, 7, and 8, the monthly rent for each is an amount previously agreed upon by the Parties, and is not calculated on any applicable current rate.

 

Note 7: Section 2.03(a)(i) of the Composite Lease Agreement will govern the escalation of the rent for Parcel 6 beginning July 1, 2018.

 

Note 8: In accordance with the terms of the 4th Amendment to the Composite Lease, rent for Parcel 25 began to accrue March 1, 2012 at the rate of $0.1906

 

Note 9: In accordance with the terms of the 5th Amendment to the Composite Lease, rent for the unimproved property that the 5th Amendment adds to Parcels 2 and 3 will begin to accrue on November 1, 2013 at the July 1, 2013 rental rate for unimproved property. (See Notes 3 and 7)

 

Note 10: Rate agreed upon by the parties and as defined in the 6th Amendment to the Composite Lease

 

Note 11: Parcel 29 adds the lot used for Cold Chain Storage Parking effective April 1, 2015 and should be added.

 

Note 12: Parcel 30 adds the office building and warehouse at 3505 Tchulahoma Road effective April 1, 2017. Rent will begin to accrue on the earlier of the Parcel 30 Substantial Completion Date or April 1, 2018.

 

Note 13: Parcel 31 adds the maintenance facility at 3318 Winchester Road effective September 1, 2017. Rent will begin to accrue on the earlier of the Parcel 31 Substantial Completion Date or September 1, 2018.

 

Note 14: Parcel 32 adds GSE equipment and storage location at 2860 Southwide Dr. near the parcels 31 & 32. Rent commencing sooner of date of beneficial occupancy or Feburary 1, 2018.

 
                                             

RATE & RATE ESCALATION

      CURRENT RATES   7/1/2008     7/1/2013                                                                                                                                              

IMPROVED GROUND

      $0.2383   N/A     $0.2597                                                                                                                                              

UNIMPROVED GROUND

      $0.1906   N/A     $0.2077                                                                                                                                              


Exhibit B

Legal Description

 

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Exhibit B

Leased Premises/Unimproved Ground

 

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Exhibit C

Leasehold Improvements

 

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Unimproved Land Improvements/FedEx GSE MXT

 

a.      Asphalt Paving

 

b.      Lighting

 

c.      Install Guard Shack with Electrical Power