1988-030-RES WHEREAS, the City Council of the City of Paris, did in Resolution No. 88-024 on March 14, 1988, approve

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LEASE AGREEMENT STATE OF TEXAS COUNTY OF LAMAR ~ ~ KNOW ALL MEN BY THESE PRESENTS: That the CITY OF PARIS, a municipal corporation, of the County of Lamar and State of Texas, hereinafter called Lessor, for and in consideration of the sum of TWO THOUSAND FOUR HUNDRED AND NO/100 DOLLARS ($2,400.00) cash to it in hand paid by B. J. FAIN, hereinafter called Lessee, the receipt of which is hereby acknowledged, and in consideration of a like payment of $2,400.00 each year, said $2,400.00 to be due on or before June 1st of each year, has bargained and sold, and does by these presents bargain and sell unto the said B. J. FAIN, all the grasses and hay now standing and growing and to be grown, and the right to cut and bale the same, for a period of five (5) years, beginning June 1, 1988, upon all that certain tract of land of the City of Paris, situated in Lamar County, Texas, and known as the Lake Gibbons property, consisting of approximately 635 acres of land, including the lake thereon situated, and Lessor for the same consideration further leases for grazing purposes that City owned property South of F.M. Road 2820, being approximately 60 acres. Said City does hereby further grant and sell unto the said B. J. FAIN the right of ingress and egress to and from said property at any time during the period of this lease for the purposes of cutting, mowing, baling, removing, inspecting, improving or fertilizing such lands and for the purpose of grazing said lands. Said City does hereby recognize Lessee's property rights in and to such fences purchased from Morrison George. Lessee agrees to hold Lessor harmless from any liability claim resulting from Lessee or Lessee's agents or employees actions of whatever nature. It is understood, agreed and provided that the CITY OF PARIS shall not be liable or responsible to the said B. J. FAIN for damages or loss of any kind whatsoever concerning the hay and grasses grown and to be grown on said premises, but the said B. J. FAIN assumes all risks incident to and connected with the same. Lessee agrees to pursue good land management practices with regard to the leased premises. In the event that Lessee shall keep each and every agreement contained herein and do and perform all the obligations required of Lessee hereunder during the term of this lease, an option is hereby given and granted to Lessee to renew and extend this lease for an additional period of five (5) years from and after the expiration of this agreement, for and in consideration of the sum of $12,000.00, payable in equal annual installments of $2,400.00 each, the first of which will be due and payable on or before June 1. 1993. with a like navment bein2 due and