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Sec. 1.3. LESSEE Carey Eatherly <br />Sec. 1.4. Premises. Approximately 684.8 acres of land out of the Airport Property in the City <br />of Paris, Lamar County, Texas as further described and/or depicted in Exhibit "A" attached hereto <br />and incorporated herein by reference. <br />2. LEASE <br />Sec. 21. In consideration of the annual rental payment hereinafter provided in Section 4.1, <br />LESSOR does hereby agree to lease demise and let unto LESSEE the Premises described in <br />Exhibit "A" attached hereto for livestock grazing, hay bailing. <br />3. TERM <br />Sec. 3.1 The initial term of this Lease shall be for a period of twenty (20) years beginning on May <br />15, 2012 and ending on May 14, 2032. Within six months prior to the expiration of the initial <br />term of this Lease, the parties to this agreement may mutually agree to renew and extend this Lease <br />for an additional ten (10) year term. <br />4. RENT <br />Sec. 4.1 LESSEE agrees to pay LESSOR as rent for the premises described in this Lease <br />Agreement THIRTEEN THOUSAND SIX HUNDRED NINETY SIX DOLLARS AND <br />NO/100 ($13696.00) per year with the first rental payment being due on or before May 15, 2012 <br />and subsequent rental payments being due and payable on the anniversary date of the lease <br />agreement each year during the term of this agreement or any extensions thereo£ Lease payments <br />shall be made timely to the City of Paris Finance Department, 135 1 S' St. SE; Paris, Texas 75460. <br />Page 2 of 10 <br />lq~ <br />