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acknowledged and confessed by each of the parties hereto, the parties hereto have agreed and, intending to
<br />be legally bound, do hereby agree as follows:
<br />ARTICLE 1. Grant, Term of LEASE, and Certain Definitions
<br />1.1. Leasng,Clause. CITY does hereby LEASE, demise and let unto PROJECT, and PROJECT does hereby
<br />take and LEASE from CITY, the Leased Premises, to have and to hold the Leased Premises, together with
<br />all the rights, privileges, easements and appurtenances belonging to or in any way pertaining to the Leased
<br />Premises, for the Tenn and subject to the provisions hereinafter provided.
<br />1.2. Term. The term of this LEASE shall become effective upon its execution by both parties hereto (the
<br />Effective Date). Recognizing the need of PROJECT to invest and reinvest in the leased facilities, and to
<br />consider long-term professional services agreements and programming for the promotion of the Theater,
<br />this Agreement shall remain in full force and effect for a period of fifty (50) years, unless earlier terminated
<br />in accordance with the provisions of this LEASE, or is extended as provided herein below,
<br />1.3. Definitions,. The following terms shall have the meaning set forth.
<br />Commence mentwof Onerations. The date PROJECT commences normal business operations, including but
<br />not limited to opening an office, hosting or allowing performances, meetings, exhibits, or conducting other
<br />activities in the Theater.
<br />Fpr ce_MaJeure. Any unforeseeable causes beyond a Party's control and without such Party's fault or
<br />negligence, including, but not limited to, acts of God, acts of the public enemy, acts of the federal
<br />government, acts of the other party, fires, floods, epidemics, quarantine restrictions, strikes, lockouts, freight
<br />embargoes, and unusually severe weather or unforeseen environmental or archaeological conditions
<br />requiring investigation/mitigation by federal, state or local laws.
<br />Impositions. Taxes and assessments against the Leased Premises or PROJECT's interest therein that accrue
<br />during and are applicable to the Term.
<br />trnpj yement„s,. All buildings, structures, equipment, improvements, fixtures and related infrastructure
<br />from time to time connected, installed, or situated on the Leased Premises, including landscaping.
<br />Lease Year. Each successive twelve (12) -month period during the term from and including the Effective
<br />Date.
<br />Leased Premises. The Grand Theater, sometimes also referred to as the Theater, Improvements and Related
<br />Infrastructure, together with all other rights, privileges, easements and appurtenances benefiting, belonging
<br />to or in any way appertaining thereto, including, without limitation: (a) any and all rights, privileges,
<br />easements and appurtenances of CITY as the owner of fee simple title to the Land now or hereafter existing,
<br />(b) subsurface rights below the surface of the Land, (c) reversions which may hereafter accrue to CITY as
<br />owner of title to the land by reason of the closing of any adjacent street, sidewalk or alley or the abandonment
<br />of any rights by any governmental authority, (d) and any and all strips and gores relating to the land. Said
<br />Leased Premises are located at 21 Lamar Avenue, Paris, Texas 75460.
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