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<br />LEASE AGREEMENT <br /> <br />STATE OF TEXAS ~ <br />COUNTY OF LAMAR ~ <br /> <br />KNOW ALL MEN BY THESE PRESENTS: <br /> <br />This Lease Agreement is made and entered into this 11th day of March, 2002, by and <br /> <br />between PARIS JUNIOR COLLEGE, acting by and through its Vice President of the Board of <br /> <br />Regents, duly authorized, hereinafter referred to as "PJC," and the CITY OF PARIS, PARIS, <br /> <br />TEXAS, a municipal corporation, acting by and through its Mayor, duly authorized, hereinafter <br /> <br />referred to as "CITY." <br /> <br />WITNESSETH <br /> <br />For and in consideration ofthe improvement ofthe leased property, a general description of <br /> <br />which is attached hereto as Exhibit A, hereinafter referred to as the "property," and the maintenance <br /> <br />of the improvements on the leased property, PJC does hereby lease, rent, and let unto CITY the <br /> <br />property described in said Exhibit A, attached hereto and made a part hereof for all legal purposes. <br /> <br />For and in return for such consideration, the parties agree as follows: <br /> <br />1. Purpose. The purpose ofthe lease is to establish a multi-purpose sports complex. <br /> <br />2. <br /> <br />Term. The term ofthis lease shall begin <br /> <br />, 2002, and shall extend for a period <br /> <br />of twenty-five (25) years, or for so long as the property shall continue to be used for public <br /> <br />recreational purposes, including, but not limited to, use as a multi-purpose sports complex, park, or <br /> <br />other similar facility. In the event the term of this contract shall end because the property has been <br /> <br />abandoned by the CITY for such public recreational purposes as described herein, the property will <br /> <br />revert to PJC along with any and all improvements thereon. <br /> <br />EXHIBIT A <br />-1- <br />