1994-051-RES WHEREAS, the City Council of the City of Paris has received from LARRY C. TOWNES to lease property at

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LEASE AGREEMENT COUNTY OF LAMAR } } STATE OF TEXAS } KNOW ALL MEN BY THESE PRESENTS: LEASE AGREEMENT BETWEEN THE CITY OF PARIS, a municipal corporation, acting by and through its City Manager, Michael E. Malone, duly authorized hereinafter referred to as LESSOR, and LARRY C. TOWNES, Route 2, Box 130, Detroit, Lamar County, Texas, hereinafter referred to as Lessee, WITNESSETH For and in consideration of the payment of the sum of FIFTY -FOUR THOUSAND AND NO/lOO DOLLARS ($54,000.00), payable to the CITY OF PARIS, a municipal corporation, as follows: $300.00 on or before May 1, 2034, with a like payment on or before the 1st day of each month thereafter during the remainder of the term hereof, said CITY OF PARIS does hereby lease, rent and let unto LARRY C. TOWNES, that portion of Cox Field property described in Exhibit "A", attached hereto and made a part hereof for all legal purposes. The term of this lease is for FIFTY-FIVE (55) years, beginning on the 1st day of May, 1994, and ending on the 30th day of April, 2049. It is further agreed to by LESSOR and LESSEE that LESSEE shall have the option to renew such Lease for an additional period of FIFTEEN (15) years, the rental for the renewal to be based on the fair market value at the time of renewal, being the approximate date of May 1, 2049, 2019. IN CONSIDERATION HEREOF, it is mutually agreed by and between LESSOR and LESSEE: 1. That LESSEE pay to LESSOR, or order, at the City Hall in the City of Paris, the agreed rental in advance, promptly and without neglect, default and delay. 2. That this lease is subject to all the terms, provisions and conditions of the deed of conveyance of such premises from the United States of America to the City of Paris, recorded