1989-037-RES WHEREAS, THE RED RIVER VALLEY FAIR ASSOCIATION REQUESTED CITY COUNCIL

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drainage ditch, 460 feet to said point of begin- ning. THENCE North 880 30' West 287 feet to a point; THENCE THENCE point, same Street, N.E.; THENCE in a Southerly direction with the East Margin of 6th St., N.E., 16 feet to a point; THENCE South 880 30' East 477 feet to a point; THENCE South 10 30' East, 200 feet to a point; THENCE South 880 30' East 297 feet to a point in the center line of a drainage ditch; THENCE North 20 00' West with the center line of the drainage ditch 300 feet more or less to the place of beginning, containing 2.19 acres of land more or less. South 10 30' West 84 feet to a point~ North 880 30' West 477 feet to a being in the East Margin of 6th The term of this lease is ten (10) years, beginning on the 1st day of January, 1987, and ending the 31st day of December 1996. IN CONSIDERATION of the leasing and letting of said premises and the use and occupancy thereof by Lessee, Lessee agrees to effect and perform repairs to existing buildings, structures and other improvements and to make additional improvements on the leased premises to the extent of ten per cent (10%) of its annual gross receipts, Lessee hereby agreeing to expend for such purposes the sum herein set out during each year of this agreement, the total amount to be expended by Lessee for such purposes during the term of this lease to be not less than ten per cent (10%) of its total gross receipts for the ten year period coveTf'!d by this agreement; provided however, that in the event Lessee expends in excess of ten per cent of its gross receipts during anyone year hereof for such purposes, such excess may be credited on the total amount to be expended by Lessee hereunder. The term "gross receipts" shall mean the total receipts of Lessee from all sources by reason of the use of