Okaloosa County BOCC — January 8, 2013 — Signature Page_Letter of Payment Proposal_Remodel Estimate for Regal Capital_MSA — reading text

BE IT APPROVED by the BOARD OF COUNTY COMMISSIONERS, OKALOOSA COUNTY, FLORIDA that Don Amunds, Chairman of the Board of County Commissioners Okaloosa County, Florida, be authorized to sign this signature page in approval of the following AGREEMENT FOR ARRANGEMENT OF PAYMENT BY Regal Capital, LLC with regards to their assumption of the Miracle Strip Aviation back rent debt as owed to the County in the amount of $485,382.00 APPROVED THIS DAY OF _ February, 2013. BOARD OF COUNTY COMMISSIONERS OKALOOSA COUNTY, FLORIDA Don Amunds CHAIRMAN ATTESTS: CLERK OF CIRCUIT COURT OKALOOSA COUNTY, FLORIDA GARY J. STANFORD DEPUTY CLERK Regal Capital, LLC MEMBERS: 9171 Ashbury Lane Jack Simmons Gulfport Mississippi 39503 Phil Ward Michael J. Stenson Deputy Airport Director 1701 State Rd. 85 N. Eglin AFB, FL 32542-1498 Dear Mr. Stenson, Please allow this letter to reconfirm our agreement concerning Regal Capital's (Regal) assumption of the lease of Miracle Strip Aviation and more specifically the arrangement for payment of Miracle Strip Aviation’s back rent debt to the County in the amount of $485,382.00. It is understood and agreed that: 1. Regal shall have a credit against the back rent debt in the amount of $207,500.00 for < renovations to the terminal building and other miscellaneous improvements. In this an regard, please find attached hereto a brief outline of the construction budget. We will furnish you with the actual amount upon completion. 2. Regal will make a good faith reduction of the back rent note in the cash amount of $100,000.00 upon the approval of transfer of lease from Miracle Strip Aviation to Regal. 3. The balance of the note ($177,882.00) will be amortized over five (5) years and will bear interest @ 4% with monthly payments of $3,275.97. 4. The note will begin with the first installment of principal and interest, which will be due ninety (90) days after the acceptance and execution of the new lease. 5. Atthe same time the County Commission approves the transfer of the lease from Miracle Strip Aviation to Regal, we would like approval to lease the maintenance hangar to a third party maintenance operation with all the required certificates. 6. New lease payments will begin upon final approval by the County Commission of the lease and full lease execution. Kindest Regards, Ward Phone (Jack) 228 323 6399 Phone (Phil) 228 806 8207 e-mail: planoaks@aol.com Grande Pointe Development, LLC REGAL CAPITAL FBO REMODEL ESTIMATE FEBRUARY 1, 2013 EXTERIOR Painting $ 12,500 Stucco Work $ 17,500 Lighting $ 10,000 New Automatic Sliding Doors $ 30,000 INTERIOR Flooring $ 50,000 Trim & Carpentry $ 10,000 Lighting $ 15,000 Painting $ 15,000 Bathroom Renovation $ 30,000 New Partitions & Doors $ 17,500 TOTAL $ 207,500 331] Guif Breeze Parkway, #306 ° Gulf Breeze, FL 32563 Telephone: 850-585-6280 ° Email: bjkeliey1997@yahoo.com