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Sec. 1.2. Leased Property. Approximately 698.9 acres of land out of the Airport Property in the <br />City of Paris, Lamar County, Texas as further depicted in the Aerial Map of the Airport Property <br />Exhibit "A" attached hereto and incorporated herein by reference. <br />Sec. 1.3. 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 />Sec. 1.4. LESSEE Carey Eatherly and Ryan Eatherly, 1825 N. Collegiate Drive, Paris, Texas <br />75462. <br />Sec. 1.5. Premises. Approximately 698.9 acres of land out of the Airport Property in the City <br />of Paris, Lamar County, Texas as further depicted in the Aerial Map of the Airport Property <br />Exhibit "A" attached hereto and incorporated herein by reference. <br />2. LEASE <br />Sec. 2.1. In consideration of the annual rental payment hereinafter provided in Section 4.1, and <br />other good and valuable consideration provided herein, LESSOR does hereby agree to lease <br />demise and let unto LESSEE the Premises described in Exhibit "A" attached hereto for livestock <br />grazmg. <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 twelve (12) months prior to the expiration of the <br />initial term of this Lease, the parties to this agreement may mutually agree to renew and extend this <br />Lease for an additional ten (10) year term. <br />4. RENT <br />Sec. 41 LESSEE agrees to pay LESSOR as rent for the premises described in this Lease <br />Agreement TEN THOUSAND FOUR HUNDRED EIGHTY THREE DOLLARS AND <br />Page 2 of 11 <br />