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LEASE AGREEMENT <br />STATE OF TEXAS ) <br />KNOW ALL MEN BY THESE PRESENTS: <br />COUNTY OF LAMAR ) <br />LEASE AGREEMENT BETWEEN THE CITY OF PARIS, a municipal <br />corporation, acting by and through the City Manager, MIKE MALONE, <br />duly authorized, hereinafter referred to as Lessor, and ERIC S. <br />CLIFFORD, of Lamar County, Texas, hereinafter referred to as <br />Lessee, <br />W I T N E S S E T H <br />For and in consideration of the payment of the sum of <br />TWELVE THOUSAND AND N01100 DOLLARS ($12,000.00), payable to the <br />CITY OF PARIS, a municipal corporation, as follows: $100.00 on <br />or before November 1, 1998, with a like payment on or before the <br />1st day of each month thereafter during the remainder of the term <br />hereof, said CITY OF PARIS does hereby lease, rent and let unto <br />ERIC S. CLIFFORD that portion of Cox Field property described in <br />Exhibit "A ", attached hereto and made a part hereof for all legal <br />purposes. <br />The term of this lease is for Twenty -Five (25) years, <br />beginning on the 1st day of November, 1988 and ending on the 30th <br />day of October, 2013. <br />It is further agreed to by Lessor and Lessee that Lessee <br />shall have the option to renew such lease for an addition period <br />of ten (10) years, the rental for the renewal to be based on the <br />fair market value at the time of renewal, being the approximate <br />date of November, 2013. <br />IN CONSIDERATION HEREOF, it is mutually agreed by and <br />between Lessor and Lessees: <br />1. That Lessees pay to Lessor, or order, at the City Hall <br />in the City of Paris, the agreed rental in advance, promptly and <br />