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space for TEN (10) years for THIRTY-TWO THOUSAND FOUR HUNDRED AND NO/100 <br />DOLLARS ($32,400.00), payable as aforesaid. <br />In the event that fmal termination of said Lease occurs during the second option, there shall <br />be no payment due LESSEE. However, the Ciry of Paris may aRree to give LESSEE hangar space <br />of equal quality, size and usefulness, and LESSEE are granted the right to lease such substitute <br />space for TEN (10) years, at a rental rate to be based on either $.06 per square foot or the fair <br />niarket value at the time of the exercisin; of the option, whichever is greater. <br />20. The terms of this Lease are binding on, and the benefits herein inure to, the heirs, <br />administrators and executors of LESSEE. <br />EXECtiTED ON the dates shown in acknowledgments below. <br />CITY OF PARIS, PARIS, TEXAS, <br />LESSOR: <br />By: eo~ <br />Michael E. Malone, City Manager <br />ATTEST: <br />Nlattie Cunningham, Ciry Clerk <br />APPROVED A TO FORM: <br />T. K. aynes, Ci Attorney <br />STATE OF TEXAS <br />COUNTY OF LAMAR <br />, <br />LESSEE <br />~ <br />by R c Adams <br />BEFORE ME, the undersigned authority, on this day personally appeared Michael E. <br />Malone, City Manager of the City of Paris, Paris, Texas, known to me to be the person whose <br />name is subscribed to the fore-oin- instrument, and acknowledged to me that he executed the same <br />for the purposes and consideration therein expressed and in the capacity therein stated. <br />GIVEN iJNDER MY I3AND AND SEAL OF OFFICE this the 9th day of March, 1998. <br /> <br />_ <br />~a~v~.,~ ALICE M. PINALTO Notary Public, State of Texas <br />JO1° ~'~.e~n_ <br />Nolary Puhlic,StateoiTexas <br />Lease AQreement - page 7 <br />M., Commission Expires 01•29-00 <br />