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473 <br /> <br /> Forever Defend all ,and singular tile said premises unto the said MARK CUNNINGHAM, Iris heirs <br /> and assigns, against every person whomsoever lawfully claiming, or to claim the same, or any part <br /> thereof; title to the same. <br /> <br /> The further covenant, consideration and condition is that by July 7, 2000, grantee, <br /> <br /> MARK CUNNINGHAM, shall cause to be constructed to substantial completion, as determined by <br /> the Executive Director of the grantor, PARIS ECONOMIC DEVELOPMENT CORPORATION, <br /> a warehouse distribution facility on the subject parcel of land. This covenant, consideration and <br /> condition shall be binding upon grantee, his heirs, legal representatives and assigns until July 7, 2000, <br /> and in case of any violation thereof the title to said premises shall, without entry or suit, immediately <br /> revert to and vest in the grantor herein, his heirs or assigns, and the conveyance hereunder shall be <br /> null and void, and grantor, his beirs or assigns shall be entitled to immediate possession of such <br /> premises and the improvements thereon; and no act or omission upon the part of grantor herein, his <br /> <br />-- heirs or assigns, shall be a waiver of the operation or enforcement of such condition, provided, <br /> however, that such reversion shall not affect any mortgage or lien which may be in good faith existing <br /> upon said premises or upon any improvements thereon. Upon the snbstantial completion of the <br /> warehouse distribution faccility, if same is accomplished by July 7, 2000, then all of the above <br /> described real property shall vest in grantee in fee simple absolute. <br /> <br /> WITNESS my hand at Paris, Texas, this 7th day of July, 1999. <br /> <br /> Michael R. Rhodes, President <br /> <br /> STATE OF TEXAS } <br /> <br /> COUNTY OF LAMAR } <br /> <br /> BEFORE ME, the undersigned authority, on this day personally appeared Michael R. <br /> Rhodes, President of the Paris Economic Development Corporation, known to me to be the person <br /> whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed the <br /> same for the pnrposes and consideration therein expressed and in the capacity therein stated. <br /> <br /> GIVEN UNDER MY HAND AND SEAL OF OFFICE this 7th day of July, 1999. <br /> <br /> Notary Public, State of Texas <br /> <br /> <br />