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HomeMy WebLinkAboutRES IDC 2014-001GRAPEVINE INDUSTRIAL DEVELOPMENT CORPORATION RESOLUTION NO. IDC2014-01 A RESOLUTION APPROVING AN ASSIGNMENT OF SUBTENANT LEASES; A MEMORANDUM OF ASSIGNMENT OF AGREEMENT OF LEASE, AND AN ASSIGNMENT OF AGREEMENT OF LEASE AND PROJECT AND BILL OF SALE BETWEEN GRAPEVINE INDUSTRIAL DEVELOPMENT CORPORATION (GIDC) A CORPORATION CREATED AND EXISTING PURSUANT TO THE DEVELOPMENT CORPORATION ACT OF 1979, AS AMENDED, BY THE STATE OF TEXAS, AND CAE SIMUFLITE, INC., A DELAWARE CORPORATION (FORMERLY KNOWN AS SIMUFLITE TRAINING INTERNATIONAL, INC.) AUTHORIZING AND DIRECTING THE PRESIDENT OR THE VICE PRESIDENT TO EXECUTE THREE (3) DOCUMENTS ON BEHALF OF THE GIDC AND TO EXECUTE ANY AND ALL DOCUMENTS NECESSARY TO CLOSE AND FINALIZE THE TRANSACTION AS APPROVED AS NECESSARY BY THE GIDC'S GENERAL COUNSEL. BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE GRAPEVINE INDUSTRIAL DEVELOPMENT CORPORATION: SECTION 1. THAT the Board of Directors after careful consideration and review, and after receiving a briefing from the GIDC's, General Counsel, does hereby approve and authorize the President and/or the Vice President, if the President is not available to execute same, to execute the following documents between Grapevine Industrial Development Corporation and CAE SimuFlite, Inc.: A. Assignment of Subtenant Leases; B. Memorandum of Assignment of Agreement of Lease; and C. Assignment of Agreement of Lease and Project and Bill of Sale. SECTION 2. THAT the President and/or Vice President are authorized and directed to execute all documents deemed necessary for execution by the General Counsel to finalize and close the transaction. PASSED AND APPROVED BY THE GRAPEVINE INDUSTRIAL DEVELOPMENT CORPORATION on this the 7th day of October, 2014. William D. Tate, President ATTEST: C. Shane Wilbanks, Secretary/Treasurer APPROVED AS TO FORM: John F. Boyle, Jr., neral Coun 1 H:\Boyle-Lowry\Grapevine\gv-industrial development corporation\gv-idc resolution.docx -2- ASSIGNMENT OF SUBTENANT LEASES THIS ASSIGNMENT OF SUBTENANT LEASES (this "Assignment") is made as of the day of October, 2014, by and between GRAPEVINE INDUSTRIAL DEVELOPMENT CORPORATION, a corporation created and existing pursuant to the provisions of the Development Corporation Act of 1979, as amended, of the State of Texas ("Assignor"), and CAE SIMUFLITE INC., a Delaware corporation ("Assignee"). RECITALS: A. Reference is made to the following documents: 1. The Agreement of Lease (the "Original Lease"), dated as of November 16, 1982, between Dallas -Fort Worth Regional Airport Board (now known as Dallas -Fort Worth International Airport Board) (the `Board") and SimuFlite Training International Inc. (the "Original Lessee"), pursuant to which the Board agreed to lease to the Original Lessee that certain property located in Tarrant County, Texas, at the Dallas -Fort Worth Airport, as more specifically described on Exhibit A attached hereto and made a part hereof (the "Original Premises"), to be used for the construction and operation of a flight training facility, which Original Lease has been amended by (i) that certain letter dated December 2, 1982 by the Original Lessee to the Board (the "First Amendment"), (ii) that certain Amendment to Lease, Sublease and Sub -Lease dated as of November 30, 1982 (the "Second Amendment") and (iii) that certain Third Amendment to Agreement of Lease dated as of February 22, 1999 (the "Third Amendment"), pursuant to which the Board agreed to lease to the Assignor, as successor to the Original Lessee, certain additional property located in Tarrant County, Texas, at the Dallas -Fort Worth Airport, as more specifically described on Exhibit B attached hereto and made a part hereof (the "Additional Land," together with the Original Premises, the "Property") (the Original Lease, as amended by the First Amendment, the Second Amendment and the Third Amendment, as further amended or otherwise modified from time to time, the "Ground Lease"); 2. The Memorandum of Agreement of Lease between the Board and the Original Lessee filed in the Official Public Records of Tarrant County, Texas (the "Land Records"), in Volume 7493 at Page 29, to effect record notice of the existence of the Original Lease, as amended by the First Amendment; 3. The Assignment of Lease, dated as of March 1, 1983, filed in the Land Records in Volume 7493 at Page 25, pursuant to which the rights of Original Lessee under the Ground Lease were assigned to the Assignor; 4. The Memorandum of Amended Agreement of Lease, dated as of February 22, 1999, between the Board and the Assignor filed in the Land Records in Volume 13676 at Page 336, to effect record notice of the Original Lease, as amended by the First Amendment, the Second Amendment and the Third Amendment; 5. The Lease and Sublease Agreement, dated as of March 1, 1983, between the Assignor and The Singer Company (predecessor in interest to Assignee) (the "Original EAST177572040.3 Sublease"), as amended by the Second Amendment and the Second Amendment to Lease and Sublease Agreement, dated as of February 22, 1999 (the "1999 Sublease Amendment") (the Original Sublease, as amended by the Second Amendment and the 1999 Sublease Amendment and as further amended or otherwise modified from time to time, the "Sublease"), pursuant to which Assignor agreed to lease the Property to the Assignee (all capitalized terms used herein, but not defined herein, shall have the same meanings as set forth in the Sublease); and 6. The Memorandum of Amended Lease and Sublease Agreement, dated as of February 22, 1999, recorded in the Land Records in Volume 13676 at Page 337 to effect record notice of the Original Sublease, as amended by the 1999 Sublease Amendment. B. Pursuant to Section 11 of the Sublease, the Assignee has exercised its option to purchase the Project (as defined in the Sublease) and all of the Assignor's rights under the Ground Lease; C. Pursuant to the terms of an Assignment of Agreement of Lease and Project and Bill of Sale, dated on or about even date herewith, between the Assignor and the Assignee, the Assignor has assigned, transferred and conveyed to the Assignee (1) all of Assignor's right, title and interest in,.under and to (a) the Project (as defined in the Sublease), (b) all improvements constructed on the Property, (c) any and all of the furniture, fixtures, equipment, interior appliances, machines, apparatus, supplies and all other personal property of every nature and description and all replacements thereof now owned by the Assignor and located in or on the Property, and (d) any and all intangible property related to the Property, including without limitation any and all plans and specifications and other architectural and engineering drawings for the Property and improvements located on the Property, warranties, contract rights related to the construction, operation, ownership, or management of the Property and the improvements thereon (but excluding the Assignor's obligations under the contracts), and governmental permits, approvals, certificates of occupancy and other licenses to the extent assignable (collectively, the "Project") and (2) all of the Assignor's rights under the Ground Lease. C. Assignor desires to enter into this Assignment to confirm the assignment, transfer and conveyance, and to assign, transfer and convey, to Assignee all of Assignor's right, title, and interest in, to, and under all subleases, occupancy agreements, rental agreements, concession agreements and licenses of all or any part of the Property to which the Assignor is a party (the "Leases") and all security deposits under the Leases (the "Security Deposits"). NOW, THEREFORE, WITNESSETH, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Assignment. Assignor does hereby assign, transfer and convey to Assignee from and after the date hereof all of Assignor's right, title and interest in, to and under the Leases and the Security Deposits. 2. Successors. This Assignment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 3. Applicable Law. This Assignment shall be interpreted and construed in accordance with the laws of the State of Texas. EAST\77572040.3 4. Counterparts. This Assignment may be executed in counterparts and shall have the same force and effect as if all parties executed one document. A facsimile or telecopy of a signed counterpart of this Assignment shall be effective as an original signed copy of this Assignment. [signatures on next page] EAST\77572040.3 WITNESS the execution of this Assignment, under seal, in any number of counterparts as of the date set forth above. WITNESS: WITNESS: EAST\77572040.3 ASSIGNOR: GRAPEVINE INDUSTRIAL DEVELOPMENT CORPORATION (Seal) Name: Title: ASSIGNEE: CAE SIMUFLITE INC., a Delaware corporation IS Name: Title: (Seal) STATE OF } COUNTY OF ) Personally appeared before me , a Notary Public, , with whom I am personally acquainted (or proved to me on the basis of satisfactory evidence), and who acknowledged that he/she executed the within instrument for the purposes therein contained, and who further acknowledged that he/she is the of GRAPEVINE INDUSTRIAL DEVELOPMENT CORPORATION, a corporation created and existing pursuant to the provisions of the Development Corporation Act of 1979, as amended, of the State of Texas, and he/she as such officer executed the foregoing instrument for the purposes therein contained, by signing in the capacity hereinabove set forth. WITNESS my hand, at office, this day of , 2014. Notary Public My Commission Expires: EASTM572040.3 STATE OF Personally appeared before me , a Notary Public, , with whom I am personally acquainted (or proved to me on the basis of satisfactory evidence), and who acknowledged that he/she executed the within instrument for the purposes therein contained, and who further acknowledged that he/she is the of CAE SIMUFLITE INC., a Delaware corporation, and he/she as such officer executed the foregoing instrument for the purposes therein contained, by signing in the capacity hereinabove set forth. WITNESS my hand, at office, this day of , 2014. Notary Public My Commission Expires: EAST\77572040.3 [Original Premises] ALL THAT CERTAIN TRACT OF LAND BEING 9.19 ACRES, MORE OR LESS, SITUATED IN THE COUNTY OF TARRANT, STATE OF TEXAS, AND WITHIN THE BOUNDARY OF DALLAS -FORT WORTH AIRPORT, MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE AIRPORT REFERENCE POINT WHICH IS LOCATED AT TEXAS LAMBERT COORDINATES OF NORTH 447,856.04 AND EAST 2,140,991.46 AND IS THE BASIS OF A PLANE GRID ESTABLISHED FOR THE DALLAS -FORT WORTH AIRPORT; THENCE WEST A DISTANCE OF 5,905.05 FEET FROM SAID AIRPORT REFERENCE POINT TO A POINT; THENCE SOUTH A DISTANCE OF 5,672.27 FEET TO THE TRUE POINT OF BEGINNING, COORDINATES NORTH 442,183.77 AND EAST 2,135,086.41; THENCE NORTH 89° 43' 05" WEST 670 FEET; THENCE NORTH 596.70 FEET; THENCE EAST 667.89 FEET; THENCE SOUTH 00° 12'04" EAST 600 FEET TO THE TRUE POINT OF BEGINNING AND CONTAINING 400,256.77 SQUARE FEET OR 9.19 ACRES, MORE OR LESS. ALL BEARINGS ARE BASED ON, A PLANE GRID ESTABLISHED FOR THE DALLAS -FORT WORTH AIRPORT AND ARE NOT TRUE BEARINGS. BEING AND INTENDED TO BE THE SAME PROPERTY AS DESCRIBED IN THE MEMORANDUM OF GROUND LEASE BY AND BETWEEN DALLAS -FORT WORTH REGIONAL AIRPORT BOARD, AS LESSOR, AND SIMUFLITE TRAINING INTERNATIONAL, INC., AS LESSEE, RECORDED IN VOLUME 7493, AT PAGE 29 OF THE DEED RECORDS OF TARRANT COUNTY, TEXAS. ALSO BEING DESCRIBED BY SURVEY OF CARTER & BURGESS, INC. DATED APRIL 12, 1983, AS FOLLOWS: ALL OF THAT CERTAIN 9.19 ACRE TRACT OF LAND SITUATED IN THE JAMES CATE SURVEY, ABSTRACT NUMBER 314, TARRANT COUNTY, TEXAS AND BEING A PORTION OF THE CERTAIN TRACT OF LAND CONVEYED TO THE CITY OF FORT WORTH, AS RECORDED IN VOLUME 4623, PAGE 402, TARRANT COUNTY DEED RECORDS. EAST\77572040.3 [Additional Land] BEING A 5.90 ACRE TRACT OF LAND SITUATED IN THE JAMES CATE SURVEY, ABSTRAT NUMBER 314, TARRANT COUNTY, TEXAS, SAID 5.90 ACRE TRACT OF LAND BEING A PART OF THAT PARTICULAR 31.62 ACRE TRACT OF LAND DESCRIBED IN DEED FROM GEORGE H. LOGAN, JR. AND WIFE ERMA LOGAN TO THE CITY OF FORT WORTH DATED MAY 1, 1968 AS RECORDED IN VOLUME 4623, PAGE 402 OF THE DEED RECORDS OF TARRANT COUINTY, TEXAS (DRCCT), AND ALSO BEING A PART OF THAT CERTAIN 9.516 ACRE TRACT OF LAND DESCRIBED IN DEED FROM BERT H. GIBBS AND KATHRYN GIBBS TO THE CITY OF FORT WORTH DATED JULY 27, 1973 AS RECORDED IN VOLUME 5506, PAGE 298, DRTCT, THE SAME 9.516 ACRE TRACT OF LAND BEING DESCRIBED IN DEED FROM BOBBIE H. CHERRY TO THE CITY OF FORT WORTH DATED JULY 21, 1973 AS RECORDED IN VOLUME 5506, PAGE 302, DRTCT, SAID 5.90 ACRE TRACT BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT A 5/8 INCH IRON ROD CAPPED "CARTER & BURGESS" FOUND FOR THE SOUTHWEST CORNER OF TRACT 30 (DFW SURFACE 88 COORDINATE, NORTHING 1007703.28, EASTING 410150.45), KNOWN AS THE TRAINING FACILITY FLIGHT SIMULATOR, DFW AIRPORT LEASE NUMBER 23554 — H, SAID IRON ROD BEING IN THE NORTH RIGHT-OF-WAY LINE OF GLADE ROAD (150 FOOT R.O.W.) FROM WHICH A 5/8 INCH IRON ROD CAPPED "CARTER & BURGESS" FOUND FOR THE POINT OF ITERSECTION (DFW SURFACE COORDINATE, NORTHING 1007706.48, EASTING 410820.49) OF THE NORTH LINE OF SAID GLADE ROAD AND THE WEST LINE OF WEST AIRFIELD DRIVE(150 FOOT R.O.W.) BEARS NORTH 89°43'34" EAST, 670.04 FEET: THENCE SOUTH 89043'34" WEST, ALONG AND WITH THE NORTH LINE OF SAID GLADE ROAD, A DISTANCE OF 431.55 FEET TO A 5/8 INCH IRON ROD CAPPED "DFW BOUNDARY" SET FOR THE SOUTHWEST CORNER OF THE HEREIN DESCRIBED TRACT: THENCE LEAVING THE NORTH RIGHT-OF-WAY LINE OF SAID GLADE ROAD, OVER AND ACROSS THE SAID 31.62 ACRE CITY OF FORT WORTH TRACT AND THE 9.516 ACRE CITY OF FORT WORTH TRACT, THE FOLLOWING COURSES: NORTH 00030'59" WEST, A DISTANCE OF 594.44 FEET TO A 5/8 INCH IRON ROD CAPPED "DFW BOUNDARY" SET FOR THE NORTHWEST CORNER OF THE HEREIN DESCRIBED TRACT: -1- EAST\77572040.3 NORTH 89025'58" EAST, A DISTRANCT OF 431.55 FEET TO THE NORTHEAST CORNER OF THE HEREIN DESCRIBERD TRACT, SAID CORNER ALSO BEING THE NORTHWEST CORNER OF SAID TRACT 30 FROM WHICH A 5/8 INCH IRON ROD CAPPED "CARTER & BURGESS" BEARS NORTH 67003'54" WEST, 0.36 FEET: THENCE SOUTH 00030'59" EAST, ALONG AND WITH THE WEST LINE OF SAID TRACT 30, A DISTANCE OF 596.65 FEEET TO THE POINT OF BEGINNING AND CONTAINING 5.90 ACRES OF LAND, MORE OR LESS. -2- EAST\77572040.3 Recording Requested By And When Recorded, Mail To: DLA Piper LLP (US) 6225 Smith Avenue Baltimore, Maryland 21209 Attention: Leeann K. Kelly -Judd, Esquire Space Above This Line For Recorder's Use MEMORANDUM OF ASSIGNMENT OF AGREEMENT OF LEASE THIS MEMORANDUM OF ASSIGNMENT OF AGREEMENT OF LEASE (this "Memorandum") is made as of October 2014 (the "Effective Date") among GRAPEVINE INDUSTRIAL DEVELOPMENT CORPORATION, a corporation created and existing pursuant to the provisions of the Development Corporation Act of 1979, as amended, of the State of Texas ("Assignor"), and CAE SIMUFLITE INC., a Delaware corporation (formerly known as SimuFlite Training International, Inc.) ("Assignee"), with respect to the following facts: A. The Dallas -Fort Worth International Airport Board (formerly known as the Dallas -Fort Worth Regional Airport Board) (the "Board") is the lessor and Assignor, as successor by assignment from SimuFlite Training International, Inc. (the "Original Lessee"), is the lessee under that certain Agreement of Lease, dated as of November 16, 1982, between Dallas -Fort Worth Regional Airport Board and SimuFlite Training International Inc. (the "Original Lease"), pursuant to which the Board agreed to lease to the Original Lessee that certain property located in Tarrant County, Texas, at Dallas -Fort Worth Airport, as more specifically described on Exhibit A attached hereto and made a part hereof (the "Original Premises"), as amended by (i) that certain letter dated December 2, 1982 by the Original Lessee to the Board (the "First Amendment"), (ii) that certain Amendment to Lease, Sublease and Sub - Lease dated as of November 30, 1982 (the "Second Amendment") and (iii) that certain Third Amendment to Agreement of Lease dated as of February 22, 1999 (the "Third Amendment"), pursuant to which the Board agreed to lease to the Assignor, as successor to the Original Lessee, certain additional property located in Tarrant County, Texas, at the Dallas -Fort Worth Airport, as more specifically described on Exhibit B attached hereto and made a part hereof (the "Additional Land," together with the Original Premises, the "Property") (the Original Lease, as amended by the First Amendment, the Second Amendment and the Third Amendment, the "Ground Lease"). B. The Memorandum of Agreement of Lease between Dallas -Fort Worth Regional Airport Board (now known as Dallas -Fort Worth International Airport Board) and SimuFlite Training International Inc. was recorded among the Official Public Records of Tarrant County, Texas (the "Land Records") at Volume 7493, Page 29, to effect record notice of the Original Lease as amended by the First Amendment. EAST\76670458.4 C. The Memorandum of Amended Agreement of Lease, dated as of February 22, 1999, between the Board and Assignor was filed in the Land Records in Volume 13676 at Page 336, to effect record notice of the Original Lease, as amended by the First Amendment, the Second Amendment and the Third Amendment. D. Pursuant to that certain Assignment of Agreement of Lease and Project and Bill of Sale, dated on or about even date herewith, between Assignor and Assignee (the "Assignment of the Ground Lease"), Assignor assigned, transferred, set over and conveyed to Assignee, and its successors and assigns, all of Assignor's right, title and interest in and to the Ground Lease, the Property, the Project (as defined in the Assignment of the Ground Lease), and all easements, covenants, and other rights appurtenant to the Property, to have and to hold the same unto Assignee and its successors and assigns. E. Assignor and Assignee now desire to record this Memorandum to effect record notice of the Assignment of Ground Lease. NOW, THEREFORE, the parties hereto have entered into this Memorandum which constitutes a memorandum of that certain unrecorded Assignment of the Ground Lease, all the terms and conditions of which are hereby made a part hereof with the same force and effect as though fully set forth herein. This Memorandum may be executed in counterparts, each of which shall be an original and all of which counterparts taken together shall constitute one and the same instrument. [Signature Page Follows] EAST\76670458.4 2 IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed, under seal, effective as of the Effective Date. WITNESS: WITNESS: ASSIGNOR: GRAPEVINE INDUSTRIAL DEVELOPMENT CORPORATION LN Name: Title: ASSIGNEE: (Seal) CAE SIMUFLITE, INC., a Delaware corporation 1.2 Name: Title: Signature Page to Memorandum of Assignment of Agreement of Lease EAST\76670458.4 (Seal) 10 Personally appeared before me , a Notary Public, , with whom I am personally acquainted (or proved to me on the basis of satisfactory evidence), and who acknowledged that he/she executed the within instrument for the purposes therein contained, and who further acknowledged that he/she is the of GRAPEVINE INDUSTRIAL DEVELOPMENT CORPORATION, a corporation created and existing pursuant to the provisions of the Development Corporation Act of 1979, as amended, of the State of Texas, and he/she as such officer or duly authorized representative executed the foregoing instrument for the purposes therein contained, by signing in the capacity hereinabove set forth. WITNESS my hand, at office, this day of , 2014. Notary Public My Commission Expires: Signature Page to Memorandum of Assignment of Agreement of Lease EAST\76670458.4 STATE OF ) COUNTY OF ) Personally appeared before me , a Notary Public, , with whom I am personally acquainted (or proved to me on the basis of satisfactory evidence), and who acknowledged that he/she executed the within instrument for the purposes therein contained, and who further acknowledged that he/she is the of CAE SIMUFLITE INC., a Delaware corporation, and he/she as such officer or duly authorized representative executed the foregoing instrument for the purposes therein contained, by signing in the capacity hereinabove set forth. WITNESS my hand, at office, this day of , 2014. Notary Public Signature Page to Memorandum of Assignment of Agreement of Lease EAST\76670458.4 LEGAL DESCRIPTION ALL THAT CERTAIN TRACT OF LAND BEING 9.19 ACRES, MORE OR LESS, SITUATED IN THE COUNTY OF TARRANT, STATE OF TEXAS, AND WITHIN THE BOUNDARY OF DALLAS -FORT WORTH AIRPORT, MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE AIRPORT REFERENCE POINT WHICH IS LOCATED AT TEXAS LAMBERT COORDINATES OF NORTH 447,856.04 AND EAST 2,140,991.46 AND IS THE BASIS OF A PLANE GRID ESTABLISHED FOR THE DALLAS -FORT WORTH AIRPORT; THENCE WEST A DISTANCE OF 5,905.05 FEET FROM SAID AIRPORT REFERENCE POINT TO A POINT; THENCE SOUTH A DISTANCE OF 5,672.27 FEET TO THE TRUE POINT OF BEGINNING, COORDINATES NORTH 442,183.77 AND EAST 2,135,086.41; THENCE NORTH 89° 43' 05" WEST 670 FEET; THENCE NORTH 596.70 FEET; THENCE EAST 667.89 FEET; THENCE SOUTH 00° 12' 04" EAST 600 FEET TO THE TRUE POINT OF BEGINNING AND CONTAINING 400,256.77 SQUARE FEET OR 9.19 ACRES, MORE OR LESS. ALL BEARINGS ARE BASED ON, A PLANE GRID ESTABLISHED FOR THE DALLAS -FORT WORTH AIRPORT AND ARE NOT TRUE BEARINGS. BEING AND INTENDED TO BE THE SAME PROPERTY AS DESCRIBED IN THE MEMORANDUM OF GROUND LEASE BY AND BETWEEN DALLAS -FORT WORTH REGIONAL AIRPORT BOARD, AS LESSOR, AND SIMUFLITE TRAINING INTERNATIONAL, INC., AS LESSEE, RECORDED IN VOLUME 7493, AT PAGE 29 OF THE DEED RECORDS OF TARRANT COUNTY, TEXAS. ALSO BEING DESCRIBED BY SURVEY OF CARTER & BURGESS, INC. DATED APRIL 12, 1983, AS FOLLOWS: ALL OF THAT CERTAIN 9.19 ACRE TRACT OF LAND SITUATED IN THE JAMES CATE SURVEY, ABSTRACT NUMBER 314, TARRANT COUNTY, TEXAS AND BEING A PORTION OF THE CERTAIN TRACT OF LAND CONVEYED TO THE CITY OF FORT WORTH, AS RECORDED IN VOLUME 4623, PAGE 402, TARRANT COUNTY DEED RECORDS. EAST\76670458.4 [Additional Land] BEING A 5.90 ACRE TRACT OF LAND SITUATED IN THE JAMES CATE SURVEY, ABSTRAT NUMBER 314, TARRANT COUNTY, TEXAS, SAID 5.90 ACRE TRACT OF LAND BEING A PART OF THAT PARTICULAR 31.62 ACRE TRACT OF LAND DESCRIBED IN DEED FROM GEORGE H. LOGAN, JR. AND WIFE ERMA LOGAN TO THE CITY OF FORT WORTH DATED MAY 1, 1968 AS RECORDED IN VOLUME 4623, PAGE 402 OF THE DEED RECORDS OF TARRANT COUINTY, TEXAS (DRCCT), AND ALSO BEING A PART OF THAT CERTAIN 9.516 ACRE TRACT OF LAND DESCRIBED IN DEED FROM BERT H. GIBBS AND KATHRYN GIBBS TO THE CITY OF FORT WORTH DATED JULY 27, 1973 AS RECORDED IN VOLUME 5506, PAGE 298, DRTCT, THE SAME 9.516 ACRE TRACT OF LAND BEING DESCRIBED IN DEED FROM BOBBIE H. CHERRY TO THE CITY OF FORT WORTH DATED JULY 21, 1973 AS RECORDED IN VOLUME 5506, PAGE 302, DRTCT, SAID 5.90 ACRE TRACT BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT A 5/8 INCH IRON ROD CAPPED "CARTER & BURGESS" FOUND FOR THE SOUTHWEST CORNER OF TRACT 30 (DFW SURFACE 88 COORDINATE, NORTHING 1007703.28, EASTING 410150.45), KNOWN AS THE TRAINING FACILITY FLIGHT SIMULATOR, DFW AIRPORT LEASE NUMBER 23554 - H, SAID IRON ROD BEING IN THE NORTH RIGHT-OF-WAY LINE OF GLADE ROAD (150 FOOT R.O.W.) FROM WHICH A 5/8 INCH IRON ROD CAPPED "CARTER & BURGESS" FOUND FOR THE POINT OF ITERSECTION (DFW SURFACE COORDINATE, NORTHING 1007706.48, FASTING 410820.49) OF THE NORTH LINE OF SAID GLADE ROAD AND THE WEST LINE OF WEST AIRFIELD DRIVE(150 FOOT R.O.W.) BEARS NORTH 89°43'34" EAST, 670.04 FEET: THENCE SOUTH 89043'34" WEST, ALONG AND WITH THE NORTH LINE OF SAID GLADE ROAD, A DISTANCE OF 431.55 FEET TO A 5/8 INCH IRON ROD CAPPED "DFW BOUNDARY" SET FOR THE SOUTHWEST CORNER OF THE HEREIN DESCRIBED TRACT: THENCE LEAVING THE NORTH RIGHT-OF-WAY LINE OF SAID GLADE ROAD, OVER AND ACROSS THE SAID 31.62 ACRE CITY OF FORT WORTH TRACT AND THE 9.516 ACRE CITY OF FORT WORTH TRACT, THE FOLLOWING COURSES: NORTH 00030'59" WEST, A DISTANCE OF 594.44 FEET TO A 5/8 INCH IRON ROD CAPPED "DFW BOUNDARY" SET FOR THE NORTHWEST CORNER OF THE HEREIN DESCRIBED TRACT: EAST\76670458.4 NORTH 89025'58" EAST, A DISTRANCT OF 431.55 FEET TO THE NORTHEAST CORNER OF THE HEREIN DESCRIBERD TRACT, SAID CORNER ALSO BEING THE NORTHWEST CORNER OF SAID TRACT 30 FROM WHICH A 5/8 INCH IRON ROD CAPPED "CARTER & BURGESS" BEARS NORTH 67003'54" WEST, 0.36 FEET: THENCE SOUTH 00030'59" EAST, ALONG AND WITH THE WEST LINE OF SAID TRACT 30, A DISTANCE OF 596.65 FEEET TO THE POINT OF BEGINNING AND CONTAINING 5.90 ACRES OF LAND, MORE OR LESS. EAST\76670458.4 ASSIGNMENT OF AGREEMENT OF LEASE AND PROJECT AND BILL OF SALE THIS ASSIGNMENT OF AGREEMENT OF LEASE AND PROJECT AND BILL OF SALE (this "Assignment") is executed as of this day of October, 2014 by GRAPEVINE INDUSTRIAL DEVELOPMENT CORPORATION, a corporation created and existing pursuant to the provisions of the Development Corporation Act of 1979, as amended, of the State of Texas (the "Assignor"), in favor of CAE SIMUFLITE INC., a Delaware corporation (formerly known as SimuFlite Training International, Inc.) (the "Assignee"). RECITALS: A. Reference is made to the following documents: 1. The Agreement of Lease (the "Original Lease"), dated as of November 16, 1982, between Dallas -Fort Worth Regional Airport Board (now known as Dallas -Fort Worth International Airport Board) (the "Board") and SimuFlite Training International Inc. (the "Original Lessee"), pursuant to which the Board agreed to lease to the Original Lessee that certain property located in Tarrant County, Texas, at the Dallas -Fort Worth Airport, as more specifically described on Exhibit A attached hereto and made a part hereof (the "Original Premises"), to be used for the construction and operation of a flight training facility, which Original Lease has been amended by (i) that certain letter dated December 2, 1982 by the Original Lessee to the Board (the "First Amendment"), (ii) that certain Amendment to Lease, Sublease and Sub -Lease dated as of November 30, 1982 (the "Second Amendment") and (iii) that certain Third Amendment to Agreement of Lease dated as of February 22, 1999 (the "Third Amendment"), pursuant to which the Board agreed to lease to the Assignor, as successor to the Original Lessee, certain additional property located in Tarrant County, Texas, at the Dallas -Fort Worth Airport, as more specifically described on Exhibit B attached hereto and made a part hereof (the "Additional Land," together with the Original Premises, the "Property") (the Original Lease, as amended by the First Amendment, the Second Amendment and the Third Amendment, as further amended or otherwise modified from time to time, the "Ground Lease"); 2. The Memorandum of Agreement of Lease between the Board and the Original Lessee filed in the Official Public Records of Tarrant County, Texas (the "Land Records"), in Volume 7493 at Page 29, to effect record notice of the existence of the Original Lease, as amended by the First Amendment; 3. The Assignment of Lease, dated as of March 1, 1983, filed in the Land Records in Volume 7493 at Page 25, pursuant to which the rights of Original Lessee under the Ground Lease were assigned to the Assignor; EAST\74842627.7 4. The Memorandum of Amended Agreement of Lease, dated as of February 22, 1999, between the Board and the Assignor filed in the Land Records in Volume 13676 at Page 336, to effect record notice of the Original Lease, as amended by the First Amendment, the Second Amendment and the Third Amendment; 5. The Lease and Sublease Agreement, dated as of March 1, 1983, between the Assignor and The Singer Company (as predecessor in interest to the Assignee) (the "Original Sublease"), as amended by the Second Amendment; 6. The Assignment and Assumption Agreement, dated as of June 28, 1991, between BiCoastal Corporation, a Delaware corporation (formerly known as The Singer Company) (`Bicoastal"), as assignor, and Southern Air Transport, Inc., a Florida corporation ("SAT"), as assignee, pursuant to which all of BiCoastal's right, title and interest in, to under the Original Sublease were assigned to SAT; 7. The Second Amendment to Lease and Sublease Agreement, dated as of February 22, 1999, between the Assignor and the Assignee (as successor in interest to SAT pursuant to certain mergers, assignments and transfers) (the "1999 Sublease Amendment") (the Original Sublease, as amended by the Second Amendment and the 1999 Sublease Amendment and as further amended or otherwise modified from time to time, the "Sublease"), pursuant to which Sublease, the Assignor agreed to lease the Property to the Assignee (all capitalized terms used herein, but not defined herein, shall have the same meanings as set forth in the Sublease); and 8. The Memorandum of Amended Lease and Sublease Agreement, dated as of February 22, 1999, recorded in the Land Records in Volume 13676 at Page 337 to effect record notice of the Sublease, as amended by the 1999 Sublease Amendment, and the rights of SimuFlite Training International, Inc., a Delaware corporation (now known as CAE SimuFlite Inc.), as Tenant thereunder and in regard to the Property. B. Pursuant to Section 11 of the Sublease, the Assignee has exercised its option to purchase the Project (as defined in the Sublease) and all of the Assignor's rights under the Ground Lease; C. The parties hereto desire to enter into this Assignment to assign, transfer and convey to the Assignee (1) all of the Assignor's right, title and interest in, under and to (a) the Project (as defined in the Sublease), (b) all buildings and improvements constructed on the Property, (c) any and all of the furniture, fixtures, equipment, interior appliances, machines, apparatus, supplies and all other personal property of every nature and description and all replacements thereof now owned by the Assignor and located in or on the Property, and (d) any and all intangible property related to the Property, including without limitation any and all plans and specifications and other architectural and engineering drawings for the Property and improvements located on the Property, warranties, contract rights related to the construction, operation, ownership, or management of the Property and the improvements thereon (but excluding the Assignor's obligations under the contracts), and governmental permits, approvals, certificates of occupancy and other licenses to the extent assignable (collectively, the "Project") and (2) all of the Assignor's rights under the Ground Lease. -2- EAST\74842627.7 NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Assignor and the Assignee agree as follows: 1. The Assignor hereby assigns, transfers, sets over and conveys to the Assignee, and its successors and assigns, all of the Assignor's right, title and interest in and to the Ground Lease, the Project, the Property, and all easements, covenants, and other rights appurtenant to the Property, to have and to hold the same unto the Assignee, and its successors and assigns, from and after the date hereof 2. As of the date hereof, the Assignor represents and warrants that (a) the Ground Lease is in full force and effect and is enforceable in accordance with its terms, and (b) the Assignee is the current tenant under the Sublease and no other entity or person has any rights, title or interest under the Sublease other than the Assignor and the Assignee. 3. The Assignor represents and agrees that (a) there are currently no defaults, breaches, delinquencies, events of default or events which with the passage of time or the giving of notice, or both, will constitute an event of default by the Assignor, or, to the Assignor's knowledge, any other party under the Ground Lease or any contract relating to the Property or the Project to which the Assignor is a party and (b) that the Project and the Assignor's rights under the Ground Lease are free and clean of all liens and security interests. 4. The Assignor shall not take any action or omit to take any action or make any agreements which would violate or be inconsistent with the terms of this Assignment or which would have the effect of impairing the position or interests of the Assignee, and its successors and assigns, with respect to the Property or the Project or under the Ground Lease. 5. Each of the Assignor and the Assignee agree to execute, acknowledge (where appropriate) and deliver such other or further instruments of transfer, conveyance or assignment as the other party may reasonably require to confirm the foregoing, or as may be otherwise reasonably requested by the Assignee or the Assignor to carry out the intent and purposes hereof. For avoidance of doubt, the term "Property" as used herein is intended to include the "Premises" as defined in the Ground Lease. 6. This Assignment and all rights and obligations hereunder, including matters of construction, validity and performance shall be governed by the laws of the State of Texas without regard to principles of choice of law. 7. All the covenants, agreements, obligations and representations of the Assignor herein contained shall be binding upon the Assignor, and its successors and assigns, for the benefit of the Assignee, and its successors or assigns. 8. This Assignment may be executed in counterparts and each shall be effective as an original, and a copy, facsimile or telecopy of this executed Assignment shall be effective as an original. In making proof of this Assignment, it shall not be necessary to produce more than one counterpart, copy, facsimile, or telecopy of this executed Assignment. 9. THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY OF ALL CLAIMS OF ANY KIND ARISING UNDER THIS ASSIGNMENT. THE PARTIES HERETO -3- EAST174842627.7 ACKNOWLEDGE THAT THIS IS A WAIVER OF A LEGAL RIGHT AND THAT THE PARTIES HERETO MAKE THIS WAIVER VOLUNTARILY AND KNOWINGLY AFTER CONSULTATION WITH COUNSEL OF ITS CHOICE. THE PARTIES HERETO AGREE THAT ALL SUCH CLAIMS SHALL BE TRIED BEFORE A JUDGE OF A COURT HAVING JURISDICTION, WITHOUT A JURY. [Remainder of page left blank intentionally] -4- EAST\74842627.7 WITNESS the execution of this Assignment, under seal, in any number of counterparts as of the date set forth above. ASSIGNOR: WITNESS: GRAPEVINE INDUSTRIAL DEVELOPMENT CORPORATION By: (Seal) Name: Title: ASSIGNEE: WITNESS: CAE SIMUFLITE INC., a Delaware corporation By: (Seal) Name: Title: EAST\74842627.7 / 1' 1 Personally appeared before me , a Notary Public, , with whom I am personally acquainted (or proved to me on the basis of satisfactory evidence), and who acknowledged that he/she executed the within instrument for the purposes therein contained, and who further acknowledged that he/she is the of GRAPEVINE INDUSTRIAL DEVELOPMENT CORPORATION, a corporation created and existing pursuant to the provisions of the Development Corporation Act of 1979, as amended, of the State of Texas, and he/she as such officer executed the foregoing instrument for the purposes therein contained, by signing in the capacity hereinabove set forth. WITNESS my hand, at office, this day of , 2014. Notary Public My Commission Expires: EAST\74842627.7 Ma COUNTY OF Personally appeared before me , a Notary Public, , with whom I am personally acquainted (or proved to me on the basis of satisfactory evidence), and who acknowledged that he/she executed the within instrument for the purposes therein contained, and who further acknowledged that he/she is the of CAE SIMUFLITE INC., a Delaware corporation, and he/she as such officer executed the foregoing instrument for the purposes therein contained, by signing in the capacity hereinabove set forth. WITNESS my hand, at office, this day of , 2014. Notary Public My Commission Expires: EAST174842627.7 10,14,01 [Original Premises] ALL THAT CERTAIN TRACT OF LAND BEING 9.19 ACRES, MORE OR LESS, SITUATED IN THE COUNTY OF TARRANT, STATE OF TEXAS, AND WITHIN THE BOUNDARY OF DALLAS -FORT WORTH AIRPORT, MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE AIRPORT REFERENCE POINT WHICH IS LOCATED AT TEXAS LAMBERT COORDINATES OF NORTH 447,856.04 AND EAST 2,140,991.46 AND IS THE BASIS OF A PLANE GRID ESTABLISHED FOR THE DALLAS -FORT WORTH AIRPORT; THENCE WEST A DISTANCE OF 5,905.05 FEET FROM SAID AIRPORT REFERENCE POINT TO A POINT; THENCE SOUTH A DISTANCE OF 5,672.27 FEET TO THE TRUE POINT OF BEGINNING, COORDINATES NORTH 442,183.77 AND EAST 2,135,086.41; THENCE NORTH 89° 43' 05" WEST 670 FEET; THENCE NORTH 596.70 FEET; THENCE EAST 667.89 FEET; THENCE SOUTH 00° 12'04" EAST 600 FEET TO THE TRUE POINT OF BEGINNING AND CONTAINING 400,256.77 SQUARE FEET OR 9.19 ACRES, MORE OR LESS. ALL BEARINGS ARE BASED ON, A PLANE GRID ESTABLISHED FOR THE DALLAS -FORT WORTH AIRPORT AND ARE NOT TRUE BEARINGS. BEING AND INTENDED TO BE THE SAME PROPERTY AS DESCRIBED IN THE MEMORANDUM OF GROUND LEASE BY AND BETWEEN DALLAS -FORT WORTH REGIONAL AIRPORT BOARD, AS LESSOR, AND SIMUFLITE TRAINING INTERNATIONAL, INC., AS LESSEE, RECORDED IN VOLUME 7493, AT PAGE 29 OF THE DEED RECORDS OF TARRANT COUNTY, TEXAS. ALSO BEING DESCRIBED BY SURVEY OF CARTER & BURGESS, INC. DATED APRIL 12, 1983, AS FOLLOWS: ALL OF THAT CERTAIN 9.19 ACRE TRACT OF LAND SITUATED IN THE JAMES CATE SURVEY, ABSTRACT NUMBER 314, TARRANT COUNTY, TEXAS AND BEING A PORTION OF THE CERTAIN TRACT OF LAND CONVEYED TO THE CITY OF FORT WORTH, AS RECORDED IN VOLUME 4623, PAGE 402, TARRANT COUNTY DEED RECORDS. EAST\74842627.7 [Additional Land] BEING A 5.90 ACRE TRACT OF LAND SITUATED IN THE JAMES CATE SURVEY, ABSTRAT NUMBER 314, TARRANT COUNTY, TEXAS, SAID 5.90 ACRE TRACT OF LAND BEING A PART OF THAT PARTICULAR 31.62 ACRE TRACT OF LAND DESCRIBED IN DEED FROM GEORGE H. LOGAN, JR. AND WIFE ERMA LOGAN TO THE CITY OF FORT WORTH DATED MAY 1, 1968 AS RECORDED IN VOLUME 4623, PAGE 402 OF THE DEED RECORDS OF TARRANT COUINTY, TEXAS (DRCCT), AND ALSO BEING A PART OF THAT CERTAIN 9.516 ACRE TRACT OF LAND DESCRIBED IN DEED FROM BERT H. GIBBS AND KATHRYN GIBBS TO THE CITY OF FORT WORTH DATED JULY 27, 1973 AS RECORDED IN VOLUME 5506, PAGE 298, DRTCT, THE SAME 9.516 ACRE TRACT OF LAND BEING DESCRIBED IN DEED FROM BOBBIE H. CHERRY TO THE CITY OF FORT WORTH DATED JULY 21, 1973 AS RECORDED IN VOLUME 5506, PAGE 302, DRTCT, SAID 5.90 ACRE TRACT BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT A 5/8 INCH IRON ROD CAPPED "CARTER & BURGESS" FOUND FOR THE SOUTHWEST CORNER OF TRACT 30 (DFW SURFACE 88 COORDINATE, NORTHING 1007703.28, EASTING 410150.45), KNOWN AS THE TRAINING FACILITY FLIGHT SIMULATOR, DFW AIRPORT LEASE NUMBER 23554 — H, SAID IRON ROD BEING IN THE NORTH RIGHT-OF-WAY LINE OF GLADE ROAD (150 FOOT R.O.W.) FROM WHICH A 5/8 INCH IRON ROD CAPPED "CARTER & BURGESS" FOUND FOR THE POINT OF ITERSECTION (DFW SURFACE COORDINATE, NORTHING 1007706.48, EASTING 410820.49) OF THE NORTH LINE OF SAID GLADE ROAD AND THE WEST LINE OF WEST AIRFIELD DRIVE(150 FOOT R.O.W.) BEARS NORTH 89°43'34" EAST, 670.04 FEET: THENCE SOUTH 89043'34" WEST, ALONG AND WITH THE NORTH LINE OF SAID GLADE ROAD, A DISTANCE OF 431.55 FEET TO A 5/8 INCH IRON ROD CAPPED "DFW BOUNDARY" SET FOR THE SOUTHWEST CORNER OF THE HEREIN DESCRIBED TRACT: THENCE LEAVING THE NORTH RIGHT-OF-WAY LINE OF SAID GLADE ROAD, OVER AND ACROSS THE SAID 31.62 ACRE CITY OF FORT WORTH TRACT AND THE 9.516 ACRE CITY OF FORT WORTH TRACT, THE FOLLOWING COURSES: NORTH 00030'59" WEST, A DISTANCE OF 594.44 FEET TO A 5/8 INCH IRON ROD CAPPED "DFW BOUNDARY" SET FOR THE NORTHWEST CORNER OF THE HEREIN DESCRIBED TRACT: EASn74842627.7 NORTH 89025'58" EAST, A DISTRANCT OF 431.55 FEET TO THE NORTHEAST CORNER OF THE HEREIN DESCRIBERD TRACT, SAID CORNER ALSO BEING THE NORTHWEST CORNER OF SAID TRACT 30 FROM WHICH A 5/8 INCH IRON ROD CAPPED "CARTER & BURGESS" BEARS NORTH 67003'54" WEST, 0.36 FEET: THENCE SOUTH 00030'59" EAST, ALONG AND WITH THE WEST LINE OF SAID TRACT 30, A DISTANCE OF 596.65 FEEET TO THE POINT OF BEGINNING AND CONTAINING 5.90 ACRES OF LAND, MORE OR LESS. -2- EAST\74842627.7