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AGREEMENT
<br />STATE OF TEXAS I
<br />COUNTY OF LAMAR X
<br />WHEREAS, on the 9th day of February, 1981, a Lease
<br />Agreement was made and entered into by and between the CITY
<br />OF PARIS, a municipal corporation, of Paris, Texas, as
<br />awner and Lessor, and RED RIVER VALLEY EXPOSITION, INC,, a
<br />corporation, as Lessee, covering the property and premises
<br />in Lamar County, Texas commonly known as the Fair Grounds
<br />and being described in Exhibit A attached hereto and in-
<br />corporated herein for all purposes; and,
<br />WHEREAS, Red River Valley Exposition, Inc., is arrang-
<br />ing for the construction and erection of an addition to the
<br />livestock exhibition building now located on this property,
<br />the construction and erection of which will have to be financed
<br />and the debt secured by a security agreerient and deed of trust
<br />on and against the existing livestock exhibition building and
<br />the improvements to be made, and in order to obtain such
<br />financing it is required by the lender that the City of Paris
<br />subordinate its landlord's lien created by the execution of
<br />the afarementioned security agreement and deed of trust; and,
<br />WHEREAS, the construction of these initial improve-
<br />ments to the livestock exhibition building will be of
<br />substantial value and benefit to the City of Paris and its
<br />residents; NOW, THEREFORE,
<br />KNOW ALL MEN BY THESE PRESENTS: That the City of Paris,
<br />pursuant to a duly adopted resolution of the City of Paris,
<br />acting by and through its duly authorized Mayor, Michael
<br />E. Malone, and attested by the City Clerk, H. C. Greene,
<br />has and does hereby subordinate in favor of First City
<br />National Bank of Paris, a banking corporation of Paris,
<br />Texas, in consideration of its lending Red River Valley
<br />Exposition, Inc., as much as but not more than THIRTY
<br />THOUSAND DOLLARS ($30,000.00), to finance said construction
<br />of certain improvements and additions to rhe livestock
<br />exhibition building, the Landlord's lien it has and will
<br />hold against the buildings and improvements on the property
<br />by virtue of its Lease Agreement aforementioned, so that
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<br />the security agreement and deed of trust to be secured by
<br />Red River Valley Exposition, Inc., to this lender to finance
<br />the construction of the improvements and additions to the
<br />livestock exhibition building will be a first and prior
<br />lien thereon securing the payment not only of the original
<br />indebtedness but also all renewals and extensions thereof,
<br />nartial or otherwise; further agreeing that the existing
<br />livestock exhibition building and the improvements and
<br />additions to be made and all furniture, furnishings, fixtures
<br />and equipment at any time placed thereon or affixed thereto
<br />snall not be integrated into the real estate but will remain
<br />personal property so long as any portion of the loan for the
<br />construction of these improvements remain unpaid,
<br />Should Red River Valley Exposition, Inc,R default in
<br />payment of the indebtedness contemplated to be created by
<br />EXHIBIT A
<br />TO
<br />RESOLUTION N0. 2088
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