- 2010

During the normally scheduled Work Day a Board Meeting was held, the sole purpose of which was to approve a change in the Hangar Lease Agreement from individual hangar lessees to a condominium association of the hangar owners. Those Board members present were: R. Peebles, G. Lingle, B. Thompson, and B. Bunten.

That condominium association is to be known as the Lakeway Airpark Hangar Condominium. The Airpark’s attorney, James H. Keahey, is revising the Lease Agreement to reflect that change, as well as to put the Lease Agreement into a form that is used as the standard in Texas. There are no changes of substance in the Lease Agreement; the economic and other terms of use are to remain the same as those previously approved by the Board, and accepted by the Hangar ground lessees.

Mr. Bunten indicated that he believed the change to the condominium association was a benefit to the Airpark, in that the Airpark could now look to one payment from the association, rather than individual payments from the hangar owners. In effect the hangar owners must now ensure that all owners make timely payment.

The change in the Lease Agreement was unanimously approved.