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LEASE AGREEMENT <br /> <br />COUNTY OF LAMAR ) <br /> ) KNOW ALL MEN BY THESE PRESENTS: <br />STATE OF TEXAS ) <br /> <br /> THIS LEASE AGREEMENT is made this 26th day of March, 2001, by and between the <br />CITY OF PARIS, PARIS, TEXAS, a municipal corporation, acting by and through its City Manager, <br />Michael E. Malone, duly authorized, hereinafter referred to as LESSOR, and JIMMY D. SMYERS, <br />P. O. Box 95, Powderly, Lamar County, Texas, hereinafter referred to as LESSEE. <br /> <br /> WlTNESSETH <br /> <br /> For and in consideration of the payment of the monthly rental, due on or before the 1 st day <br />of each month, to the LESSOR, and each month thereafter, as follows: $875.00 per month, plus <br />utilities, said LESSOR does lease, rent, and let unto LESSEE that portion of Cox Field property <br />known as Hangar H, described in Exhibit "A", attached hereto and made a part hereof for all legal <br />purposes, hereinafter referred to as the property or premise. <br /> <br /> The term of this Lease is for TEN years, beginning on the 1 st day of May, 2001, and ending <br />on the 30th day of April, 2011. <br /> <br /> The rent established herein shall be subject to increase annually, in May of each year, in the <br />percentage amount of increase in the Consumer Price Index for All Urban Consumers (CPI-U United <br />States City Average [1982-84=100%]) above the rate for January 2000, which shall be determined <br />to equal 168.7. <br /> <br /> In determining the annual rate increase, the LESSEE shall, by or before March 1 of each year, <br />provide written notice to the LESSOR of the amount of the CPI increase (including appropriate <br />documentation thereof) and the LES SEE's calculation of the new monthly rental based on said <br /> <br />EXHIBIT A Lease Agreement - Page 1 <br /> <br /> <br />