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<br />FIRST AMENDED <br />LEASE AGREEMENT <br /> <br />COUNTY OF LAMAR <br /> <br />) <br />) <br />) <br /> <br />KNOW ALL MEN BY THESE PRESENTS: <br /> <br />STATE OF TEXAS <br /> <br />THIS LEASE AGREEMENT is made this 12th day of February, 1996, by and between <br /> <br />the CITY OF PARIS, PARIS, TEXAS, a municipal corporation, acting by and through its City <br /> <br />Manager, Michael E. Malone, duly authorized, hereinafter referred to as LESSOR, and BILLY <br /> <br />W. WINTERS and DONNA J. WINTERS, 1825 F.M. Road 195, Paris, Lamar County, Texas, <br /> <br />hereinafter referred to as LESSEES. <br /> <br />WITNESSETH <br /> <br />For and in consideration of the construction of hangar at Cox Field Airport, the CITY <br /> <br />OF PARIS does hereby lease, rent and let unto BILLY W. WINTERS and DONNA J. <br /> <br />WINTERS, that portion of Cox Field property described in Exhibit "A", attached hereto and <br /> <br />made a part hereof for aHlegal purposes. <br /> <br />The term of this Lease is for THIRTY-FIVE (35) years, beginning on the 1st day of <br /> <br />March, 1996, and ending on the 28th day of February, 2031. <br /> <br />It is further agreed to by LESSOR and LESSEES that LESSEES shaH have the option <br /> <br />to renew such Lease for an additional period of TEN (10) years, the rental for the renewal to <br /> <br />be in the sum of THIRTY-THREE THOUSAND SIX HUNDRED AND NO/100 DOLLARS <br /> <br />($33,600.00), payable to the CITY OF PARIS, a municipal corporation, as foHows: $280.00 <br /> <br />on or before March 1, 2031, with a like payment on or before the 1st day of each month <br /> <br />thereafter during the remainder of the term of the first option, which ends February 28, 2041. <br /> <br />The granting of said first option is subject to the requirements set forth in paragraph 18. <br /> <br />It is further agreed to by LESSOR and LESSEES that LESSEES shaH have a second <br /> <br />option to renew such Lease for a period of TEN (10) years, the rental for the second renewal <br /> <br />to be based on either $.06 per square foot or the fair market value at the time of the exercising <br /> <br />of such second option, whichever is greater, payable to the City of Paris, a municipal <br />