Bentonville Airport Advisory Board permits leasing space in Bentonville Airport to park an aircraft and the lessee requires Arkansas Bentonville Airport Land Lease Agreement to enter into a tenancy contract. However, such lease is available only upon the approval of the Chairman of the Advisory Board. The tenant must comply with the terms and conditions of the lease throughout the lease tenure. Please attach Exhibit A – Site Plan and Building Description to the lease agreement. Review this lease contract carefully. The tenant must remit the annual rent in advance computed on the base of the leased area in square feet. Please remember that the Mayor of the City of Bentonville signs this lease. The tenant must
- Pay taxes and applicable levies on time
- Maintain insurance throughout the lease period and the list City of Bentonville as additional insured
- Complete construction on the leased space within one year
- Subleasing or further assignment is prohibited
- Maintain the premises and use it only for the rightful purpose.
This land lease agreement requires signatures by the lessor, lessee, city clerk, Chairman of the Bentonville Airport Advisory Board, and a notary public of Arkansas State for its execution. The advisory board has the right to terminate this lease upon non-compliance with the terms and conditions.
How to fill Arkansas Bentonville Airport Land Lease Agreement
- Enter the date of execution of the land lease agreement in the required format.
- Enter the legal name of the tenant or lessee on the next line.
- Specify the area of the land in square feet.
- Continue by providing the description of the land or real property.
- Please provide information about the footprint.
- Enter the lease term in years followed by the date of commencement and date of termination on the respective lines.
- Continue by specifying the rent amount for every square foot in US dollar.
- Then specify the total area of the lease in square feet.
- Enter the month for reference for computing the CPI-U or the consumer price index and provide other relevant information on the respective lines. This information is necessary to compute the annual increase in rent. However, this annual increase in rent shall not exceed 2% as per the terms and conditions of the lease.
- Continue by providing information about the building in both spaces in section Time of Essence. This information must match with the particulars filed in exhibit A.
- The Mayor of the City of Bentonville, the tenant or lessee, the city clerk, and the Chairman of the Bentonville Airport Advisory Board must sign the land lease agreement before a notary public of Arkansas State to execute and enter into a legally binding contract.
- Please obtain notary acknowledgment. Required inputs are the date, seal, the signature of the notary public, and date of commission expiry.