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SUBLEASE AGREEMENT <br />THIS SUBLEASE is made at Paris, Texas, between RED RIVER <br />VALLEY FAIR ASSOCIATION, INC., a Texas corporation, called <br />Sublessor in this agreement, and PARIS RODEO AND HORSE CLUB, a <br />Texas corporation, called Sublessee in this agreement. <br />DEMISE AND DESCRIPTION OF PROPERTY <br />In consideration of the mutual covenants and agreements set <br />forth in this sublease, and other good and valuable consideration, <br />Sublessor leases to Sublessee and Sublessee leases from Sublessor <br />the property, referred to as the subleased premises in this <br />agreement, located in Lamar County, Texas, described as being a <br />4.979 acre tract of land in the Reding Russell Survey, Abstract No. <br />786,in the City of Paris, Lamar County, Texas as further described <br />in the survey attached hereto as Exhibit "A". <br />ARTICLE l. TERM <br />Terms of Sublease <br />#1.01. The term of this sublease shall be for a period of ten <br />years, beginning on the lst day of May, 2011 and ending on May l, <br />2021, unless sooner terminated as provided in this sublease. <br />However, this sublease shall terminate earlier in the event of the <br />termination of lease agreements between the CITY OF PARIS, a <br />municipal corporation, as Lessor, and RED RIVER VALLEY FAIR <br />ASSOCIATION, INC., a Texas corporation, as Lessee, leasing the <br />property described above, referred to as the Main Lease in this <br />agreement. <br />OPTION TO EXTEND TERM <br />#1.02. Sublessee has the right to extend this sublease beyond <br />the expiration date provided in #1.01. on the following terms and <br />conditions: <br />a. Should Sublessee fully and faithfully perform the terms <br />and conditions of this sublease, Sublessee may extend the term of <br />this lease for a period of five years, with the extended term to <br />begin on the day following the expiration date of the sublease term <br />specified in #1.01. Provided, however, that if at the date of the <br />expiration of the original term, Sublessee is in default beyond any <br />grace period provided in this sublease in the performance of any of <br />the terms or provisions of this sublease, the remaining option <br />4 <br />