2011-072 RES AGREEMENT BETWEEN CITY OF PARIS AND DAISY FARMS

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Agreement for the Sale and Deliverv of Treated Water to Daisv Farms, LLC STATE OF TEXA5 § § COUNTY OF LAMAR § THIS AGREEMENT (this "Agreement") entered into by and between the City of Paris ("Paris"), a home rule municipal corporation, and Daisy Farms, LLC ("Daisy Farms"), a Texas Limited Liability Company with business offices located at 2625 Texas 286 Loop, Paris, Texas, hereinafter collectively referred to as the "Parties," evidences a binding agreement between the Parties regarding the sale and delivery of treated water and shall be effective as of June 1, 2011. For good and valuable consideration and in consideration of the agreements contained in this Agreement, the adequacy, receipt, and sufficiency of which are acknowledged, the Parties hereby agree as follows: Recitals WHEREAS, at the present time, Paris has available a supply of Raw Water from which it can provide Treated Water, and it owns, operates, and maintains facilities for storing, treating and transmitting Treated Water; and WHEREAS, it is deemed to be in the best interest of both Paris and Daisy Farms that the Parties enter into a mutually satisfactory agreement by means of which Daisy Farms may obtain Treated Water from Paris for its dairy farm operations in Lamar County, Texas; and WHEREAS, the Parties have received appropriate approval from the Lamar County Water Supply District and the Texas Commission on Environmental Quality for Paris to provide Treated Water service to Daisy Farms; and WHEREAS, in consideration of Daisy Farms' commitment to build a dairy farm in Lamar County, Texas and create a requisite number of new jobs at the dairy farm in Lamar County, Texas, Daisy Farms has entered into an Economic Incentive Agreement with the Paris Economic Development Corporation; and WHEREAS, Paris and Daisy Farms concur that the terms, conditions and considerations stated herein are fair, just and reasonable and will mutually benefit the Parties and serve the public interest; and NOW, THEREFORE, in consideration of the covenants, conditions and undertakings hereinafter described, and subject to each and every term and condition of this Agreement, the Parties contract, covenant and agree as follows: ARTICLE 1 Findings and Purpose 1.1 Recitals. The recitals hereinabove set forth are incorporated herein for all purposes and are found to be true and correct. 1.2 No Grant of Equity or Ownership. Unless otherwise stated, no provision of this Agreement shall be construed to create any type of joint or equity ownership of any property or any partnership or Page 1 of 23