Okaloosa County BOCC — November 15, 2016 — Ground Buy Down Program Lease Form

Destin Executive Airport Hangar Lease Tiered Buy Down Option Program Lessee Block Lot Lease # The Okaloosa County Board of County Commissioners approved a Tiered Buy Down Program for any Destin Executive Airport hangar lease with a Board approved ground lease rate greater than $1.50 per square foot. The program allows a lessee to reduce their Board approved rate to the $1.50 appraisal rate. This will be retroactive to October 1, 2016 with a flat fee based on the number of years remaining on the current lease term. All other terms and conditions of the lease remain unchanged with the exception of the Care of Premises which will also be updated. Current Board Approved Ground Rate: Date Approved: Current Escalated Rate: Date Escalated: Remaining Lease Term: Expiration Date: Opt In -Please check and initial this box if you elect the buy down option Init:________ described above. This signed form must be returned with your fee in the amount of ________ no later than January 17, 2017. Once signed form and payment are received, we will begin the lease amendment process. All lessees electing this option will be required to sign an amendment to their current lease and this will be presented to the Okaloosa County Board of County Commissioners for approval. The program is expected to be completed by March 7, 2017. Opt Out -Please check and initial this box if you elect to remain at your Init:________ current rate. I understand my Board Approved ground lease rate will remain at its current rate of ________ and will continue to escalate annually per the terms in the agreement. Print Name Signature Date If you have chosen to Opt In, please return this form and your fee (check) in the amount of __________ no later than January 17, 2017 to begin the agreement amendment process. Please remember that you will be required to sign an amendment to your current lease and return for Board Approval. The new rate is not effective until your amendment is approved by the Okaloosa County Board of County Commissioners. We expect this process to be completed by March 7th, 2017. Buy Down Option Forms not returned by January 17, 2017 will automatically be considered as an Opt Out to this program. In addition, Buy Down Option Forms that indicate Opt In that are not returned with the fee by January 17, 2017 will not be processed and will automatically will be Opted Out.