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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 and Ryan Eatherly <br />1825 N. Collegiate Drive, Paris, Texas 75462, (hereinafter collectively "LESSEE"). <br />RECITALS <br />WHEREAS, LESSOR is the owner of approximately 1552 acres of land in the southeast <br />quadrant of the City of Paris near US 271 and FM 1508, Paris, Lamar County, Texas (hereinafter <br />the "Airport Property") <br />WHEREAS, LESSEE has leased a 698.9 acre tract out of the Airport Property from the <br />City of Paris far livestock grazing for the last 20 years ("Leased Property"); 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 1552.97 acres located in the southeast quadrant of <br />the City of Paris, Lamar County, Texas which was conveyed to the City by the United States of <br />America following World War II. <br />Page 1 of 11 t~'' 611 ~ ' 1 <br />i ^ i <br />1"~ <br />