TO THE COMPOSITE LEASE AGREEMENT
This TWELFTH Amendment is made and entered into as of the 9th day of April 2019, 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 a Composite Lease Agreement, effective January 1, 2007 which was modified by First Amendment effective September 1, 2008; a Second Amendment effective June 1, 2009; a Third Amendment effective July 1, 2009; a Fourth Amendment effective 15, 2011; a Fifth Amendment effective January 1, 2013; a Sixth Amendment effective July 1, 2014; a Seventh Amendment effective April 1, 2016; an Eighth Amendment effective April 1, 2017; a Ninth Amendment effective September 1, 2017; a Tenth Amendment effective May 1, 2018; an Eleventh Amendment effective December 1, 2018; collectively referred to herein as the Composite Lease Agreement; and,
WHEREAS, a schedule identifying each parcel of real property the Authority leases to Tenant is attached to the Composite Lease Agreement as EXHIBIT A, and the schedule states a portion of the Term (identified in the Composite Lease Agreement) during which the lease of each parcel will be in effect, and the rent that Tenant is subject to pay Authority for each parcel; and,
WHEREAS, the parties wish to amend the Composite Lease Agreement to add a total of 18,276 square feet of unimproved land owned by Authority to be used for glycol tank storage, more particularly identified as Parcel 35 and named in EXHIBIT B, which is attached hereto and incorporated by reference, thereby creating an annual increase of $4,145.00 for the rental cost of this unimproved land (Parcel 35), effective October 1, 2019.
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Composite Lease Agreement Twelfth Amendment
Federal Express Corporation
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