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<br />-~- <br /> <br />/ <br />\. <br /> <br />, <br />I <br /> <br />"!;.. <br /> <br />OPTION AGREEMENT <br /> <br />COUNTY OF LAMAR <br /> <br />~ <br />~ <br />~ <br /> <br />KNOW ALL MEN BY THESE PRESENTS: <br /> <br />STATE OF TEXAS <br /> <br />THIS AGREEMENT is made this 10th day of May, 1999, by and between the CITY OF <br /> <br />PARTS, PARIS, TEXAS, a municipal corporation, acting by and through its Mayor, Charles H. <br /> <br />Neeley, duly authorized. hereinafter referred to as CITY, and MIKE LANE, 2630 FM 79, Paris, <br /> <br />Lamar County. Texas, hereinafter referred to as LANE. <br /> <br />w r T N E SSE T H: <br /> <br />WHEREAS, the City of Paris owns, controls. manages, and operates Lake Crook Park, <br /> <br />hereinafter referred to as "Park"; and, <br /> <br />WHEREAS, Mike Lane has requested use of Park for the purpose of sponsoring drag boat <br /> <br />races over the 4th of July weekend of each year; and, <br /> <br />WHEREAS, the City of Paris did heretofore, on the 10th day of May, 1999, accept bids for <br /> <br />such use, and Mike Lane was the best bidder; therefore, he should be awarded such bid and granted <br /> <br />such use; NOW, THEREFORE, <br /> <br />For and in consideration of the mutual covenants and agreements hereinafter contained. the <br /> <br />parties hereto agree as follows: <br /> <br />I. This agreement shall be for a period of FIVE (5) years, which shall include the years 2000, <br /> <br />2001,2002,2003, and 2004. It is further agreed to by CITY and LANE that LANE shall <br /> <br />have the right to renew such Agreement for an additional period of FIVE (5) years. The. <br /> <br />granting of said Agreement is subject to the requirements set forth in paragraph 10. <br /> <br />;~ <br />"/ <br /> <br />2. CITY does hereby grant to LANE the exclusive use of Lake Crook for the purpose of <br /> <br />sponsoring drag boat races and related activities, subject to reasonable inspections and access <br /> <br />EXHIBIT A 1 <br />