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501100 DOLLARS ($10,483.50) per year with the first rental payment being due on or before <br />May 15, 2012 and subsequent rental payrnents being due and payable on the anniversary date of <br />the lease agreement each year during the term of this agreement or any extensions thereof. Lease <br />payments shall be made timely to the City of Paris Finance Department, 135 1 s` St. SE, Paris, <br />Texas 75460. <br />Sec. 4.2 As further consideration for this Lease Agreement, LESSEE shall expend no less than <br />$3,494.00 each year toward replacement of the existing perimeter fence surrounding the Leased <br />Property. LESSEE will remove and properly dispose of old fence and replace it with new 5-wire <br />all metal barbed wire fencing and posts. LESSEE shall provide annual reports to LESSOR on or <br />before the anniversary date of this Lease Agreement detailing the section of perimeter fence that <br />has been replaced and providing a summary of improvements made and receipts for materials <br />used. LESSEE shall obtain necessary permits for fence repair from the City Building Official <br />prior to commencing work on this project. <br />Sec. 4.3 Upon completion of the perimeter fence replacement, the rent due under this Lease <br />Agreement shall automatically increase from $15.00 dollars per acre to $20.00 per acre for the <br />Leased Premises for the remainder of the lease term. <br />5. TERMINATION FOR CONVENIENCE <br />Sec. 51. LESSOR may at its option terminate this lease as to the entire Premises, or any part <br />thereof, which may be necessary, in the event LESSOR desires to use the Premises, or any portion <br />thereof, far airport expansion, such as an extension of runways or taxiways or the development of <br />other airport facilities. LESSOR may also terminate this lease, at its option, or any part thereof <br />should LESSOR decide to develop or sell any or part of the Leased Premises for residential, <br />commercial, ore residential development In the event of either of the above contingencies the <br />Page 3 of 11 <br />