23-Approving and accepting an assignment between the City of Paris and Toby Adams

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