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<br /> <br /> <br /> <br /> <br /> based on time remaining and/or property remaining under this Lease, of any rentals paid to the <br /> <br /> date of termination. <br /> <br /> 12. In the event LESSEE shall keep each and every agreement contained herein and <br /> <br /> do and perform all the obligations required of him hereunder during the primary term of this <br /> <br /> Lease, an option is hereby given and granted to LESSEE to renew and extend this Lease for a <br /> <br /> period of five (5) years from and after the expiration of this agreement, for and in consideration <br /> <br /> of the sum of Sixteen Thousand Two Hundred Fifty and no/100 Dollars ($16,250.00), payable in <br /> <br /> equal annual installments of $3,275.00 each, the first of which will be due and payable on or <br /> <br /> before the 1 st day of, April 2014, with a like payment being due and payable on or before the 1 st <br /> <br /> day of April of each year thereafter during the term of said option. Said option may be exercised <br /> <br /> by Lessee's giving notice in writing of Lessee's intention to renew said lease on or before the 1 st <br /> <br /> day of January, 2014. <br /> <br /> 13. The terms of this Lease are binding on, and the benefits herein inure to, the heirs, <br /> <br /> administrators, and executors of LESSEE. This Lease may not be assigned without the express <br /> <br /> written approval of LESSOR. <br /> <br /> EXECUTED on the dates shown in acknowledgments below. <br /> <br /> CITY OF PARIS, LESSOR <br /> <br /> <br /> By: <br /> Kevin Carruth, City Manager <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> HAY LEASE AGREEMENT - Page 5 <br />