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ACCESS ROAD EXTENSION DEVELOPMENT AGREEMENT Between the City of Paris, Texas and LT Wings, LLC This Access Road Extension Development Agreement (the "Agreement") is entered into by and between the City of Paris, Texas, a Texas Home Rule Municipal Corporation ("City") and LT Wings, LLC ("Developer") for the extension of an Access Road at the City's Cox Field airport in Paris, Lamar County, Texas. WITNESSETH: I. Effective Date 1.1 This Agreement shall take effect upon the last date of execution hereof. II. Recitals 2.1 The Recitals set forth herein are a part of the terms of this Agreement for all purposes. 2.2 The City owns a municipal airport known as Cox Field (the "Airport") located in Paris, Lamar County, Texas. 2.3 Developer wishes to build multiple hangars at Cox Field. The proposed hangar locations (See Exhibit A) do not have a vehicle access road to access the hangars. 2.4 Developer wishes to construct an Access Road (the "Improvements") to facilitate aircraft access to the proposed hangar at its sole expense, and, once complete, dedicate said Improvements to the City for future maintenance. 2.5 The City Council of the City of Paris has found that the construction of the Access Road fulfills a public purpose in that it will support the construction of Developer's hangars as well as facilitate additional development at the Airport at no cost to the City except as set forth Paragraph V hereinbelow. III. Consideration 3.1 Developer: Developer, at Developer's sole cost, will develop and construct the Improvements to all Federal Aviation Administration ("FAA") and Texas Department of Transportation Aviation Division ("TxDOT") standards and requirements and dedicate same, upon completion, to City. 3.2 City: City grants Developer the right to develop and construct the Improvements, and upon completion and all necessary and required inspections to determine that the Improvements meet all requirements and specifications, will accept the dedication and thereafter be responsible for maintaining the Improvements.