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<br />permitted to sublease any or all portions of the premises described in Attached Exhibit" A" for <br />private hangar space and for aeronautical activities for which sublessee holds a permit issued by <br />the City of Paris in accordance with Article II of Chapter 6 of the Code of Ordinances of the <br />City of Paris. <br /> <br /> <br />8. That, if in the course of using such premises for the permitted purposes, LESSEE <br /> <br /> <br />desires to build, at his own expense, a hangar building and apron in pursuit of such uses, <br /> <br /> <br />LESSEE will be so permitted upon application and approval for building permit or permits from <br /> <br /> <br />the City of Paris, of aU steel construction, similar in appearance and construction to the existing <br /> <br /> <br />enclosed hangars in accordance with the floor plan described in Exhibit B, attached hereto and <br /> <br /> <br />made a part hereof for all legal purposes, and such structure will not violate any of the rules or <br /> <br /> <br />regulations of the City of Paris or the Federal Aviation Administration. It being agreed and <br /> <br /> <br />understood that LESSEE shall be responsible for electric utilities furnished to the hangar building <br /> <br />during the term of this Lease. In the event of a termination of this Lease by the City of Paris, <br /> <br />as permitted herein during the first TWENTY-FIVE (25) years of said Lease, the City of Paris <br /> <br />will be obligated to pay to LESSEE 1/25th of the original cost of said hangar and apron, <br /> <br />multiplied by the number of years remaining in the first TWENTY-FIVE (25) years of this <br /> <br />Lease, which ends October 14, 2020. In the event that final termination of said Lease occurs <br /> <br />during the final TEN (10) years of said Lease, there shall be no payment due LESSEE. In the <br /> <br />alternative, in lieu of payment for termination during the first TWENTY -FIVE (25) years of the <br /> <br />term of this Lease, the City of Paris may agree to give LESSEE hangar space of equal quality, <br /> <br />size and usefulness, at no expense to LESSEE, for the remainder of the first TWENTY -FIVE <br /> <br />(25) years of the term of this Lease, and, in such event, LESSEE is granted the right to lease <br /> <br />such substitute space for TEN (10) years for THIRTY THOUSAND AND NO/100 DOLLARS <br /> <br />($30,000.00), payable as aforesaid, and an additional option term of TEN (10) years, at a rental <br /> <br />rate to be based on fair market value as aforesaid. In the event that LESSOR terminates the <br /> <br />Lease, LESSOR will make available any other suitable hanger space at the termination of any <br />