HANGAR LEASE AGREEMENT

BETWEEN

CASPER/NATRONA COUNTY INTERNATIONAL AIRPORT

AND

JOHN L. BAYS

1814 FAIRVIEW AVENUE

CASPER, WY 82604

TABLE OF CONTENTS

ARTICLE PAGE NO.

1 General Agreement 3

2 Term 3

3 Fees and Rentals 3

4 Rights and Privileges of Lessee 4

5 Rights and Privileges of Lessor 4

6 Obligations of Lessee 5

7 Insurance 8

8 Indemnification and Hold Harmless 8

9 Subleases; Responsibility for Sublessees 8

10 Defaults and Remedies 8

11 Additional Termination Rights 10

12 Cancellation by Lessee 10

13 Waiver of Subrogation 10

14 Remedies Cumulative; No Waiver 11

15 Damage to Property of Lessee and Others 11

16 Damage to Leased Premises and Property by Lessee and Others 11

17 Lessor Representative 11

18 Subordination 11

19 Governing Law; Venue for Disputes 11

20 Counterparts 12

21 Severability 12

22 Independence of Contract 12

23 Survival of Obligations/Successors and Assigns Bound 12

24 Entire Agreement 12

25 No Assignment 12

26 Holdover Possession of Leased Premises by Lessee 12

27 Paragraph Headings 13

28 Notices 13

29 Exhibits 13

ii

HANGAR LEASE AGREEMENT

- John L. Bays -

Article 1

General Agreement

THIS AGREEMENT made and entered into this 1st day of September, 2008, by and between the Board of Trustees of Casper/Natrona County International Airport, County of Natrona, State of Wyoming, a corporate body, hereinafter referred to as the "LESSOR", and John L. Bays, hereinafter referred to as the "LESSEE".

PRELIMINARY RECITALS

WHEREAS, the Lessor is the owner and operator of Casper/Natrona County International Airport, an airport situated in Casper, Wyoming (the "Airport"); and

WHEREAS, Lessee desires to lease from Lessor a hangar unit approximately One Thousand Five (1,005) square feet in size hereinafter referred to as the "Leased Premises", and described as follows:

Hangar Unit 1 located at 8276 Fuller Street, Casper, Wyoming, 82604, as shown on Exhibit "A" attached hereto and made part hereof. Said Leased Premises to be used for:

1. Inside storage of aircraft owned by Lessee; and

2. Associated and related materials storage.

WHEREAS, Lessor deems it advantageous to the operation of its Airport to grant the Lessee use of the Leased Premises with the rights and privileges as herein set forth.

NOW, THEREFORE, for and in consideration of the rents, fees, covenants, and agreements contained herein, and for other good and valuable consideration, it is mutually agreed and understood between the Lessor and the Lessee the following.

Article 2

Term

The term of this Agreement shall be for a period of one (1) year commencing in full force and effect on the 1st day of September, 2008, through the 31st day of August, 2009.

Article 3

Fees and Rentals

From and after the effective date hereof, the Lessee agrees to pay to the Lessor for the rights and privileges herein provided the following rentals and fees.

Rent for the Leased Premises shall be One Hundred Twenty Six dollars per month ($126.00), payable in advance on the first day of each month.

No demand for rent or fees need at any time be given, and it shall be the duty of Lessee to pay all monies when due. Payments received later than these dates are subject to interest in the amount of 1½% per month. Lessee agrees to pay a $25.00 late fee if rent is not received within five (5) days after the date due and an additional $25.00 if rent is not received within ten (10) days after the date due. Should a check from the Lessee be dishonored or returned by Lessor’s bank for any reason, Lessor shall be entitled to apply, in addition to the above assessments, a service charge of fifty dollars ($50.00) for each such occurrence; however, the failure of Lessor to enforce timely payment of the rent shall not be deemed in any way to be a waiver of any terms and provisions of this Hangar Lease Agreement.

The implementation of the interest provision shall not preclude the Lessor from terminating this Agreement for default in the payment of rentals as specified in Article 10, Defaults and Remedies.

Article 4

Rights and Privileges of Lessee

Subject to the terms and conditions hereinafter set forth, the Lessee is hereby given the following rights and privileges.

4.1 Leased Premises Use - Lessee has the right to use the Leased Premises for the storage of aircraft owned by Lessee as well as associated and related materials storage. The Lessee shall not engage in any other business, operation, or activity without the written consent of the Lessor. Lessee may request in writing the use of the hangar for other storage. In the event that Lessor grants such storage, it will be contingent upon the need for hangar space for the storage of aircraft at the Airport. The Lessee understands that a violation of this paragraph is a material default and breach of this Agreement that gives the Lessor the rights set forth in Article 10, Defaults and Remedies.

4.2 Ingress and Egress - Subject to rules and regulations governing the use of the Airport as may be established by the Airport Manager, the Lessee shall have the right of ingress and egress to and from the Leased Premises.

4.3 Quiet Enjoyment - The Lessor covenants that upon paying the rent and performing the covenants and conditions herein contained, the Lessee shall peacefully and quietly have, hold, and enjoy the Leased Premises for the term of this Agreement. The Lessee agrees that temporary inconveniences, such as noise, disturbances, traffic detours and the like, caused by or associated with the construction of Airport improvements or Airport events shall not constitute a breach of quite enjoyment of the Leased Premises. Further, the Lessee understands that access to the Leased Premises may be obstructed or prevented during and after snow events. The Lessee further agrees not to disturb Lessor or any other tenant of the Airport by creating or permitting any disturbance or other unusual noise or other undesirable condition on or about the Airport.

Article 5

Rights and Privileges of Lessor

In addition to other rights and privileges, the Lessor has the following rights and privileges:

5.1 Airport Development - The Lessor has the right, but shall not be obligated to Lessee, to develop or improve the landing areas and other portions of the Airport as it sees fit, regardless of the desires or views of the Lessee, and without interference or hindrance. In the event that Lessor makes improvements which benefit Lessee, Lessee agrees to negotiate with Lessor fair and reasonable modifications to the Fees and Rentals as specified in Article 3, or the establishment of new fees as the case may be.

5.2 Aerial Approaches - The Lessor has the right to take any action it considers necessary to protect the aerial approaches and transition surfaces of the Airport against obstruction, together with the right to prevent the Lessee or sub-lessees from erecting or permitting to be erected any building or other structure on the Airport, which, in the opinion of the Airport Board of Trustees would limit the usefulness of the Airport or constitute a hazard to aircraft.

5.3 War, National Emergency, Riot, or Natural Disaster - During time of war, national emergency, riot or natural disaster, the Lessor shall have the right to lease the entire Airport or any part thereof to the United States or State of Wyoming for military or National Guard use and, in such event, the provisions of this Agreement, insofar as they are inconsistent with the provisions of any lease to any such unit of government, shall be suspended for the term of such government lease.

5.4 Access to Leased Premises - To the extent necessary to protect the rights and interests of the Lessor, or to investigate compliance with the terms of this Agreement, the Airport Manager or his designee shall at any and all times have the right to inspect the Leased Premises, including all buildings, structures, and improvements erected thereon.

5.5 Unrestricted Right of Flight - The Lessor, for the use and benefit of the public, has a free and unrestricted right of flight for the passage of aircraft in the airspace above the surface of the Leased Premises, together with the right to cause in said airspace such noise as may be inherent in the operation of aircraft, now known or hereafter used for navigation of or flight in the air, using said airspace or landing at, taking off from, or operating on or about the Airport.

5.6 Government Use of Airport - This Agreement shall be subordinate to the provisions of any existing or future agreement between the Lessor and the United States Government, relative to the operation or maintenance of the Airport, the execution of which has been, or may be required as a condition precedent to the expenditure of federal funds for the development of the Airport.

Article 6

Obligations of Lessee

Except as otherwise specifically provided herein, the Lessee shall have the following obligations.

6.1 Condition of Leased Premises – The Lessee shall use the Leased Premises in its present condition and, without expense to the Lessor, will maintain any installations thereon.

6.2 Maintenance, Exterior Storage, and Housekeeping - Lessee shall at its sole expense, keep, maintain, and repair the Leased Premises, any improvements thereto, and all equipment and buildings in a presentable and operable condition, consistent with good business practices, and in a manner to preserve and protect the general appearance and value of other premises in the immediate vicinity. This shall include, but not be limited to: roof, exterior painting, all doors, paved areas, and lighting on and in the Leased Premises. Lessor shall be responsible for major building structure repair or replacement (exclusive of negligent damage caused by Lessee) to include ballasts, HVAC, plumbing, electrical systems, and roof. At the end of the Agreement, Lessee shall surrender the Leased Premises in good condition, normal wear and tear aside.

Lessee further agrees that there will be no outside storage of equipment, materials, or supplies on the Leased Premises, and will remove at its expense all trash and garbage and not deposit the same on any part of the Airport except temporarily in conjunction with collection or removal.

In the event Lessee does not keep the Leased Premises in a presentable condition, the Lessor has the right to issue a written notice to remedy the condition forthwith. Should Lessee fail to perform satisfactorily within ten (10) days of such notification, or show cause for extension of said time period, the Lessor shall have the right to perform, or have performed by an outside contractor the necessary work without liability, and Lessee agrees to pay the Lessor one hundred twenty five percent (125%) of such expenses within fifteen (15) days upon invoice receipt.

6.4 Additions or Alterations – The Lessee is prohibited from making alterations, attaching external fixtures, or making other changes to the Leased Premises unless approved in advance in writing by the Airport Manager. All such changes to become part of the realty upon which they were constructed.

6.5 Signage and Illumination – Lessee shall not paint upon, attach, exhibit or display in or about said Leased Premises any sign without the written consent of the Airport Manager first obtained regarding the nature and construction of said sign.

6.6 Utilities – The Lessee agrees to provide its own connections with utilities and to make separate arrangements with the agencies responsible for these utilities. The Lessee shall pay for all utility service supplied to the Leased Premises, and if required by the utility agencies as a condition of providing the services, the Lessee will install and pay for standard metering devices for the measurement of such services. In the event it shall become necessary to make utility service or facility changes, the Lessee will either make such changes and installations, at its expense, as directed and required by the utility organizations, or pay the utility organization for such changes made. The Lessor shall have the right, without cost to Lessee, to install and maintain in, on or across the Leased Premises, sewer, water, gas, electric, and telephone lines, electric substations, or other installations necessary to the operation of the Airport, or to service other tenants of the Lessor; provided, however, that the Lessor shall carry out such work and locate any above-ground structures in a manner so as not to unreasonably interfere with Lessee's use of the Leased Premises.

6.7 Discrimination – The Lessee, for itself, its personal representatives, successors in interest, and assigns, as a part of the consideration thereof, does hereby covenant and agree that a) no person on the grounds of race, sex, color, physical handicap, or national origin shall be excluded from participation in, denied the benefits of, or otherwise subjected to discrimination in the use of said facilities, b) that in the construction of any improvements on, over, or under such land and the furnishings of services, thereon, no person on the grounds of race, sex, color, physical handicap, or national origin shall be excluded from participation in, denied the benefits of, or otherwise be subjected to discrimination, and c) that the Lessee shall use the Leased Premises in compliance with all other requirements imposed by or pursuant to Title 49, Code of Federal Regulations, Department of Transportation, Subtitle A, Office of the Secretary, Part 21, Nondiscrimination in Federally-Assisted programs of the Department of Transportation-Effectuation of Title VI of the Civil Rights Act of 1964, and as said Regulations may be amended.