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LEASE AGREEMENT <br />STATE OF TEXAS § <br />§ <br />COUNTY OF LAMAR § <br />This Lease Agreement is made and entered into by and between the City of Paris, Texas, a <br />home-rule municipal corporation (hereinafter "LESSOR") and Carey Eatherly, an individual, <br />(hereinafter "LESSEE"). <br />RECITALS <br />WHEREAS, LESSOR is the owner of approximately 684.8 acres of land in the southeast <br />quadrant of the City known as Cox Field Airport (hereinafter "Airport Property"); and <br />WHEREAS, LESSEE has leased a 684.8 acre tract out of the Airport Property from the <br />City of Paris for livestock grazing for the last 20 years; and <br />WHEREAS, The renewal options under the original lease agreement between LESSOR <br />and LESSEE have expired and the Parties mutually desire to enter into a new lease agreement. <br />NOW, THEREFORE, in consideration of the rents to be paid in accordance with this <br />agreement, the mutual promises contained herein and other good and valuable consideration, the <br />receipt and sufficiency of which is hereby acknowledged the LESSOR and LESSEE agree as <br />follows: <br />1. DEFINITIONS <br />Sec. 1.1. Airport Property. Approximately 684.8 acres located in the southeast quadrant of the <br />City of Paris, Lamar County, Texas which was conveyed to the City by the United States of <br />America following World War II. <br />Sec. 1.2. LESSOR. The City of Paris, Texas a home-rule municipal corporation and body <br />politic incorporated under the laws of the State of Texas. <br />Page 1 of 10 <br />\ qc) <br />