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LEASE AGREEMENT <br />COLNTY OF LAMAR ) <br />) KNOW ALL MEN BY THESE PRESENTS: <br />STATE OF TEXAS ) <br />THIS LEASE AGREEMENT is made this 9th day of March, 1998, by and between the <br />CITY OF PARIS, PARIS. TEXAS, a municipal corporaTion, acting by and through its City <br />Manager, Michael E. Malone, duly authorized, hereinafter referred to as LESSOR, and Toby Rex <br />Adams, 3680 Lamar Avenue, Paris, Lamar County, Texas 75462, hereinafter referred to as <br />LESSEE. <br />WITNESSETH <br />For and in consideration of the construction of hangar at Cox Field Airport, in accordance <br />with plans and specifications approved by the City Engineer of the City of Paris, the CITY OF <br />PARIS does hereby lease, rent and let unto Toby Rex Adams, a lot fronting 120 feet of the north <br />side of the proposed extension of East-WesC Taxi-way which will eventually terminal at FM 1508, <br />said lot being a portion of Cox Field property described in Exhibit "A", attached hereto and made <br />a part hereof for all legal purposes. <br />The term of this Lease is for THIRTY-FIVE (35) years, beginning on the lst Day of April, <br />1998, and ending on the 31st day of March, 2033. <br />It is further agreed to by LESSOR and LESSEE that LESSEE shall have the option to <br />renew such Lease for an additional period of TEN (10) years, the rental for the renewal to be in <br />the sum of THIRTY-TWO THOUSAND FOUR HUNDRED AND NOI100 DOLLARS <br />($32,400.00), payable to the CITY OF PARIS, a municipai corporation, as follows: $270.00 on <br />or before March l, 2033, with a like payment on or before the lst day of each month thereafter <br />during the remainder of the term of the first option, which ends March 31, 2043. The branting <br />of said first option is subject to the requirements set forth in paragraph 18. <br />It is furtber agreed to by LESSOR and LESSEE that LESSEE shall hav;, a second option <br />to renew such Lease for a period of TEN (10) years, the rental for the second renewal to be based <br />on either $.06 per square foot or the fair market value at the time of the exercising of such second <br />option, whichever is greater, payable to the Ciry of Paris, a municipal corporation, as follows: <br />The amount determined at the time of the exercising of the second option is payable on or before <br />Lease A~reement - page 1 <br />EXHIBfT-L <br />