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<br />or any portion thereof, for the above specified purposes. <br /> <br /> <br />In the event this option is exercised by the CITY, the <br /> <br /> <br />unearned portion of the rental payment shall be refunded to <br /> <br />CLEMENT. <br /> <br /> <br />22. In the event CLEMENT shall keep each and every <br /> <br />agreement contained herein and do and perform all the <br /> <br /> <br />obligations required of CLEMENT hereunder during the term of <br /> <br /> <br />this lease, an option is hereby given and granted to CLEMENT <br /> <br /> <br />to renew and extend this lease for an additional period of <br /> <br /> <br />five (5) years from and after the expiration of this agree- <br /> <br /> <br />ment, for and in consideration of the sum of $7,500.00 <br /> <br /> <br />payable in equal annual installments of $1,500.00 each, the <br /> <br /> <br />first of which will be due and payable on or before August <br /> <br /> <br />1, 1993, with a like payment being due and payable on or <br /> <br /> <br />before the 1st day of August of each year thereafter during <br /> <br /> <br />the term of said five year option period. Said option may"'" <br /> <br />be exercised by CLEMENT's giving notice in writing of <br /> <br /> <br />CLEMENT's intention to renew said lease on or before the 1st <br /> <br /> <br />day of March, 1993. <br /> <br /> <br />Executed on this 21st day of July, 1988. <br /> <br />." <br /> <br />CITY OF PARIS <br /> <br />BY: <br />Eric S. Clifford, Mayor <br /> <br />ATTEST: <br /> <br />Mattie Cunningham, City Clerk <br />APPROVED AS TO FORM: <br /> <br />Kyle Clement, LESSEE <br />