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<br />term of this Lease. <br /> <br />In the event that final termination of said Lease occurs during the first option, there shall <br /> <br />be no payment due LESSEES. However, the City of Paris may agree to give LESSEES hangar <br /> <br />space of equal quality, size and usefulness, and LESSEES are granted the right to lease such <br /> <br />substitute space for FIVE (5) years at a rental based on either $.06 per square foot or the fair <br /> <br />market value at the time of such termination, whichever is greater, payable to the CITY OF <br /> <br />PARIS, a municipal corporation, payable as aforesaid. <br /> <br />In the event that final termination of said Lease occurs during the second option, there shall <br /> <br />be no payment due LESSEES. However, the City of Paris may agree to give LESSEES hangar <br /> <br />space of equal quality, size and usefulness, and LESSEES are granted the right to lease such <br /> <br />substitute space for FIVE (5) years, at a rental based on either $.06 per square foot or the fair <br /> <br />market value at the time of such termination, whichever is greater, payable as aforesaid. <br /> <br />20. The terms of this Lease are binding on, and the benefits herein inure to, the heirs, <br /> <br />administrators and executors of LESSEES. <br /> <br />EXECUTED ON the dates shown in acknowledgments below. <br /> <br />CITY OF PARIS, LESSOR: <br /> <br />By: <br /> <br />Michael E. Malone, City Manager <br /> <br />ATTEST: <br /> <br />, <br /> <br />Mattie Cunningham, City Clerk <br /> <br />APPROVED AS TO FORM: <br /> <br />T. K. Haynes, City Attorney <br /> <br />STATE OF TEXAS ) <br />) <br />COUNTY OF LAMAR ) <br /> <br />BEFORE ME, the undersigned authority, on this day personally appeared MICHAEL E. <br />MALONE, City Manager of the City of Paris, Paris, Texas, known to me to be the person whose <br />name is subscribed to the foregoing instrument, and acknowledged to me that he executed the <br />same for the purposes and consideration therein expressed and in the capacity therein stated. <br /> <br />Lease Agreement - page 7 <br /> <br />I, <br /> <br />~ <br />