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MANAGEMENT AGREEMENT <br />1. Red River Valley Veterans Memorial, Inc ("Veterans Memorial") and the Love Civic Center <br />Governing Board ("Civic Center") enter into a Management Agreement whereby Veterans <br />Memorial will provide funding for the upkeep and maintenance of the Red River Valley Veterans <br />Memorial and Civic Center agrees to oversee and manage the upkeep and maintenance of the <br />Memarial Project with funding provided by Veterans Memorial. <br />2. The term of this Management Agreement shall commence when Veterans Memorial delivers <br />a letter to the Civic Center informing the Civic Center that the Memorial Project is complete and <br />formally requesting that Civic Center begin maintaining the grounds at the Memorial Park. The <br />term of the Management Agreement shall end upon the expiration or termination of the Lease <br />Agreement entered into between Veterans Memorial and the City of Paris for the Memorial Park <br />situated on a 0.9022 acre tract of land more particularly described in Exhibit "A" to the Lease <br />Agreement (hereinafter referred to as the "Land"). <br />3. Throughout the tertn of this Management Agreement, Civic Center shall keep the Land free <br />of litter, trash, tall grass and weeds and in good order and condition. <br />4. The executive board of Veterans Memorial shall meet at least annually with Civic Center <br />Board to discuss maintenance and upkeep of the Memorial Park and to make decisions about <br />necessary repairs and/or improvements. <br />5. Within 30 days following the completion of Phase I of the Red River Valley Veterans <br />Memorial Project, the Veterans Memorial shall establish and deposit a minimum amount of <br />TWENTY THOUSAND AND NO/DOLLARS ($20,000.00) into the Red River Valley Veterans <br />Memorial Perpetual Care Fund with a local bank in Paris, Texas to provide for the upkeep and <br />maintenance of the Red River Valley Veterans Memorial and to keep the Land and Premises clean, <br />free of trash, litter, tall grass and weeds and in overall good condition. <br />6. All maintenance, upkeep and repair of the Red River Valley Veterans Memorial shall be <br />funded through the Red River Valley Veterans Memorial Perpetual Care Fund. The executive <br />boards of Veterans Memorial and Civic Center shall designate and approve three officers from <br />Civic Center to have signatory authority to write checks and withdraw funds from the Red River <br />Red River Valley Veterans Memoria] Lease Page 13 of 16 <br />