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<br />SUBLEASE AGREEMENT <br /> <br />THIS SUBLEASE is made at Paris, Texas, between RED RIVER <br />VALLEY FAIR ASSOCIATION, INC., a Texas corporation, called <br />Sublessor in this agreement, and PARIS RODEO AND HORSE CLUB, a <br />Texas corporation, called Sublessee in this agreement. <br /> <br />DEMISE AND DESCRIPTION OF PROPERTY <br />In consideration of the mutual covenants and agreements set <br />forth in this sublease, and other good and valuable consideration, <br />Sublessor leases to Sublessee and Sublessee leases from Sublessor <br />the property, referred to as the subleased premises in this <br />agreement, located in Lamar County, Texas, described as follows: <br /> <br />BEGINNING at the Northwest corner of 6th Street and Clement <br />Road. <br />THENCE down the North edge of the extension of Clement Road <br />inside the property known as the Fair Grounds, belonging to the <br />City of Paris, and to Lessor, south along west side of 6th to a <br />point 600 feet; <br />THENCE in line with existing fence, <br />THENCE West to creek running North and South through Fair <br />Grounds property 389 feet; <br />THENCE North along the east edge of creek running North and <br />South through the Fair Grounds property 610 feet; <br />THENCE East along the West boundary line of Clement Road to <br />the corner of Clement Road and 6th street N.E. 315 feet; <br />SAVE AND EXCEPT that area which is west of the creek that runs <br />North and South from Center Street to Clement Road. <br /> <br />ARTICLE 1. TERM <br /> <br />Terms of Sublease <br /> <br />#1.01. The term of this sublease shall be for a period of <br />five years, beginning on the 1st day of May, 2006 and ending on May <br />1, 2011, unless sooner terminated as provided in this sublease. <br />However, this sublease shall terminate earlier in the event of the <br />termination of lease agreements between the CITY OF PARIS, a <br />municipal corporation, as Lessor, and RED RIVER VALLEY FAIR <br />ASSOCIATION, INC., a Texas corporation, as Lessee, leasing the <br />property described above, referred to as the Main Lease in this <br />agreement. <br /> <br />OPTION TO EXTEND TERM <br /> <br />#1.02. Sublessee has the right to extend this sublease beyond <br />the expiration date provided in #1.01. on the following terms and <br />4 <br />