OPTION TO LEASE AGREEMENT
This Option to Lease Agreement ("Agreement") is made and entered into
this 8th day of August, 1996, by and between the ARAPAHOE COUNTY PUBLIC AIRPORT
AUTHORITY ("Authority") and SWINGMASTER GOLF AT CENTENNIAL, LTD. ("Lessee").
"W I T N E S S E T H
WHEREAS, the Authority owns fee simple title to the real property
described in Exhibit A attached hereto and incorporated herein by reference
(the "Property"); and
WHEREAS, the Authority desires to lease the Property to Lessee and
Lessee desires to lease the Property from Authority for the purpose of a golf
course in accordance with Development Plans [Xxxxx] prepared and processed in
accordance with Authority's Development Guidelines [Xxxxx] ("Project"); and
WHEREAS, Lessee desires to have an option to lease the
Property until February 7, 1997; and
WHEREAS, the Authority is willing to enter into a option to lease the
Property in accordance with the terms and conditions set forth below.
1. Option Payment. Lessee shall pay to Authority, contemporaneous with
the execution of this Agreement an option payment of $1,825 representing $100
per acre per year for Lots N15 and N17, which consists of approximately 36.5
acres. In return for the payment, Lessee shall have the option to lease the
Property pursuant to the terms of the Ground Lease and Agreement, which is
attached hereto as Exhibit 1, commencing the date of this Agreement, and
terminating on February 7, 1997.
2. Commencement of Construction Activities. Lessee may not commence
any construction activities of any nature on the Property, including the
movement of soil, without the execution by Authority and Lessee, of the Ground
Lease and Agreement, attached hereto as Exhibit 1, or without the express
written authorization of the Authority's Executive Director.
DATED this 8th day of August, 1996.
THE ARAPAHOE COUNTY PUBLIC AIRPORT
AUTHORITY
ATTEST:
By ________________________________2
__________________________ Chairman Pro-Term
SWINGMASTER GOLF AT CENTENNIAL, LTD., a
Colorado limited partnership
ATTEST:
BY PINECREST ENTERPRISES, LTD., a Colorado
___________________________ corporation, General Partner
Secretary
By _________________________________
Xxxxxxx Xxxxxxx, President
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