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<br />SUBLEASE AGREEMENT <br /> <br />THIS SUBLEASE is made at Paris, Texas, between RED <br />RIVER VALLEY FAIR ASSOCIATION, INC., a Texas corporation, <br />called Sublessor in this agreement, and PARIS RODEO AND <br />HORSE CLUB, a Texas corporation, called Sublessee in this <br />agreement. <br /> <br />DEMISE AND DESCRIPTION OF PROPERTY <br /> <br />In consideration of the mutual covenants and agreements <br />set forth in this sublease, and other good and valuable <br />consideration, Sublessor leases to Sublessee and Sublessee <br />leases from Sublessor the property, referred to as the <br />subleased premises in this agreement, located in Lamar <br />County, Texas, described as follows: <br /> <br />BEGINNING at a point at the marker of Center Street and <br />3rd Street N.E.; <br />THENCE down the North edge of the extension of Center <br />Street inside the property known as the Fair Grounds, <br />belonging to the City of Paris, and to Lessor, East 496 feet <br />to a point on a line with electric light poles; <br />THENCE North on a line with said electric light poles <br />348 feet; <br />THENCE East 222 feet to the West edge of a street <br />running North and South through the Fair Grounds propertYi <br />THENCE North along the West boundary line of said <br />street to Clement Roadi <br />THENCE West along the South boundary line of Clement <br />Road to the corner of Clement Road and 3rd St., N.E. <br />THENCE South along the East boundary line of 3rd St., <br />N.E., to the place of beginning <br />SAVE AND EXCEPT a sheet iron structure known as the hog <br />barn, which lies immediately East of the horse barni and <br />SAVE AND EXCEPT that area which is west of the creek <br />that runs north and south from Center Street to Clement <br />Road. <br /> <br />ARTICLE I. TERM <br /> <br />Term of Sublease <br /> <br /># 1.01. The term of this sublease shall be for a <br />period of five years, beginning on May 13, 1991 and ending <br />on May 12, 1996, unless sooner terminated as provided in <br />this sublease. However, this sublease shall terminate <br />earlier in the event of the termination of lease agreements <br />between the CITY OF PARIS, a municipal corporation, as <br />Lessor, and RED RIVER VALLEY FAIR ASSOCIATION, INC., a Texas <br />corporation, as Lessee, leasing the property described <br />above, referred to as the Main Lease in this agreement. <br /> <br />I <br />