1998-010-COX FIELD LEASE AGREEMENT-BOB HAGGARD-PIERODACTYL

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LEASE AGREEMENT COUNTY OF LAMAR ) ) ) KNOW ALL MEN BY THESE PRESENTS: STATE OF TEXAS THIS LEASE AGREEMENT is made this 30th day of January, 1998, by and between the CITY OF PARIS, PARIS, TEXAS, a municipal corporation, acting by and through its City Manager, Michael E. Malone, duly authorized, hereinafter referred to as LESSOR, and PTERODACTYL L.L.C, a Limited Liability Company, by and through its Managers, BOBBY JOE HAGGARD and SARAH FRANCIS HAGGARD, 8121 Sapphire Bay Circle, Las Vegas, Nevada 89128, hereinafter referred to as LESSEE. WITNESSETH For and in consideration of the construction of hangar at Cox Field Airport, the CITY OF PARIS does hereby lease, rent and let unto PTERODACTYL L.L.C., that portion of Cox Field property described in Exhibit" A", attached hereto and made a part hereof for all legal purposes. The term of this Lease is for THIRTY-FIVE (35) years, beginning on the 1st day of February, 1998, and ending on the 31st day of January, 2033. It is further agreed to by LESSOR and LESSEE that LESSEE shall have the option to renew such Lease for an additional period of TEN (IO) years, the rental for the renewal to be in the sum of Thirty-Three Thousand Six Hundred and no/100 Dollars ($33,600.00), payable to the CITY OF PARIS, a municipal corporation, as follows: $280.00 on or before February 1, 2033, with a like payment on or before the 1st day of each month thereafter during the remainder of the term of the first option, which ends January 31, 2043. The granting of said first option is subject to the requirements set forth in paragraph 18. It is further agreed to by LESSOR and LESSEE that LESSEE shall have a second option to renew such Lease for a period of TEN (10) years, the rental for the second renewal to be based on either $.06 per square foot or the fair market value at the time of the exercising of such second option, whichever is greater, payable to the City of Paris, a municipal corporation, as follows: The amount determined at the time of the exercising of the second option is payable on or before the 1st day of February, 2043, with a like payment on or before the 1st day of each month thereafter during the remainder of the term of the second option, which ends January 31, 2053. Lell'le Al:I'eement - page 1 ',1 EXHIBIT A