2003-049-RES AWARDING LEASE ON PROPERTY AT LOTS 6 & 7, BLOCK 251A

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~ THREE THOUSAND SIX HUNDRED AND NOll 00 DOLLARS ($3,600.00), payable to the CITY OF PARIS, a municipal corporation, as follows: $300.00 on or before February 15, 2004, with a like payment on or before the 15th day of each month thereafter during the remainder of the term of the first option, which ends February 14, 2005. The granting of said first option is subject to the requirements set forth in paragraph 9 and the right to terminate by either party set forth in paragraph 10. lt is further agreed to by LESSOR and LESSEE that LESSEE shall have a second option to renew such Lease for an additional period of one (1) year, the rental for the second renewal to be in the sum of THREE THOUSAND NINE HUNDRED AND NOll 00 DOLLARS ($3,900.00), payable to the CITY OF PARIS, a municipal corporation, as follows: $325.00 on or before Februaryl5, 2005, with a like payment on or before the 15th day of each month thereafter during the remainder of the term of the second option, which ends February 14,2006. The granting of said second option is subject to the requirements set forth in paragraph 9 and the right to terminate by either party set forth in paragraph 10. lt is further agreed to by LESSOR and LESSEE that LESSEE shall have a third option to renew such Lease for an additional period of one (1) year, the rental for the third renewal to be in the sum of FOUR THOUSAND TWO HUNDRED AND NOll 00 DOLLARS ($4,200.00), payable to the CITY OF PARIS, a municipal corporation, as follows: $350.00 on or before February 15, 2006, with a like payment on or before the 15th day of each month thereafter during the remainder of the term of the third option, which ends February 14, 2007. The granting of said third option is subject to the requirements set forth in paragraph 9 and the right to terminate by either party set forth in paragraph 10. Lease A2reement...Page 2