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1997-036-RES WHEREAS, CITY COUNCIL DID HERETOFORE ON THE 14TH DAY OF OCTOBER 1996
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1997-036-RES WHEREAS, CITY COUNCIL DID HERETOFORE ON THE 14TH DAY OF OCTOBER 1996
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CITY CLERK
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<br />11, That the LESSOR may, at its option, terminate this Lease as to the entire tract, or <br /> <br />any part thereof, which may be necessary, in the event the LESSOR desires to use the property, <br /> <br />or any portion thereof, for necessary municipal functions" <br /> <br />12, In the event LESSEE shall keep each and every agreement contained herein and do <br /> <br />and perform all the obligations required of him hereunder during the primary term of this Lease, <br /> <br />an option is hereby given and granted to LESSEE to renew and extend this Lease for a period of <br /> <br />five (5) years from and after the expiration of this agreement, for and in consideration of the sum <br /> <br />of Seven Thousand Five Hundred and no/lOa Dollars ($7,500.00), payable in equal annual <br /> <br />installments of $1,500.00 each, the first of which will be due and payable on or before the 1st day <br /> <br />of May, 2002, with a like payment being due and payable on or before the 1 st day of May of each <br /> <br />year thereafter during the term of said option. Said option may be exercised by Lessee's giving <br /> <br />notice in writing of Lessee's intention to renew said lease on or before the 31st day of January, <br /> <br />2002, <br /> <br />13. The terms of this Lease are binding on, and the benefits herein inure to, the heirs, <br /> <br />administrators, and executors of LESSEE. <br /> <br />EXECUTED on the dates shown in acknowledgments below, <br /> <br />CITY OF PARIS, LESSOR <br /> <br />By: <br /> <br />Eric S, Clifford, Mayor <br /> <br />ATTEST: <br /> <br />Mattie Cunningham, City Clerk <br /> <br />APPROVED AS TO FORM: <br /> <br />I~ <br />I <br />'~ <br /> <br />T. K, Haynes, City Attorney <br /> <br />I" <br /> <br />LESSEE <br />
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