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<br />LEASE AGREEMENT <br /> <br />COUNTY OF LAMAR ) <br />) <br />STATE OF TEXAS ) <br /> <br />KNOW ALL MEN BY THESE PRESENTS: <br /> <br />THIS LEASE AGREEMENT is made this 9th day of March, 1998, by and between the <br /> <br />CITY OF PARIS, PARIS, TEXAS, a municipal corporation, acting by and through its City <br /> <br />Manager, Michael E. Malone, duly authorized, hereinafter referred to as LESSOR, and Toby Rex <br /> <br />Adams, 3680 Lamar Avenue, Paris, Lamar County, Texas 75462, hereinafter referred to as <br /> <br />LESSEE. <br /> <br />WITNESSETH <br /> <br />For and in consideration of the construction of hangar at Cox Field Airport, in accordance <br /> <br />with plans and specifications approved by the City Engineer of the City of Paris, the CITY OF <br /> <br />PARIS does hereby lease, rent and let unto Toby Rex Adams, a lot fronting 120 feet of the north <br /> <br />side of the proposed extension of East-West Taxi-way which will eventually terminal at FM 1508, <br /> <br />said lot being a portion of Cox Field property described in Exhibit "A", attached hereto and made <br /> <br />a part hereof for all legal purposes. <br /> <br />The term of this Lease is for THIRTY-FIVE (35) years, beginning on the 1st Day of April, <br /> <br />1998, and ending on the 31st day of March, 2033. <br /> <br />It is further agreed to by LESSOR and LESSEE that LESSEE shall have the option to <br /> <br />renew such Lease for an additional period of TEN (10) years, the rental for the renewal to be in <br /> <br />the sum of THIRTY-TWO THOUSAND FOUR HUNDRED AND NOnOO DOLLARS <br /> <br />($32,400.00), payable to the CITY OF PARIS, a municipal corporation, as follows: $270.00 on <br /> <br />or before March 1, 2033, with a like payment on or before the 1st day of each month thereafter <br /> <br />during the remainder of the term of the first option, which ends March 31, 2043. The granting <br /> <br />of said first option is subject to the requirements set forth in paragraph 18. <br /> <br />It is further agreed to by LESSOR and LESSEE that LESSEE shall have a second option <br />