1703 RES RED RIVER VALLEY EXPOSITION REQUESTED CITY COUNCIL OF COP TO SUBORDINATE LANDLORD'S LIEN

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EXPOSTTION, INC. as much as but not more than Twenty-five thousand ($25,000.00) Dollars to finance the construction of the above mentioned livestock exhibition building, the land- lord's lien it has and will hold against said building by virtue of the lease agreement aforementioned, so that the Security Agreement to be executed by RED RIVER VALLEY EXPOSITION, YNG. to said lender to finance the constructian of the livestock exhibition building will be a first and prior lien thereon securing the payment not only of said original indebtedness but also all renewals and extensions thereof, partial or other- wise; further agreeing that the livestock exhibition building to be so constructed and all furniture, furnishings, fixtures and equipment at any time placed therein or affixed thereto shall not be integrated into the real estate but will remain personal property so long as any portion of the loan for the construction of said building remains unpaid. Should RED RIVER VALLEY EXPOSITION, INC. default in the payment of the indebtedness contempalted to be created by it in f avor of THE FIRST NATIONAL BANK OF PARIS for the purpose aforementioned, and if said lender should institute foreclosure or repossession proceedings, said lender may dismantle said building and/or remove it and its said con- tents from the above described tract of land caithout thereby incurxing any kind of obligation to the CITY OF PARIS (unless it should, having received ten days prior notice of said intended removal or dismangling, elect to and within a reasonable time thereafter pay THE FIRST NATIONAL BANK OF PARIS the full amount then owing to it by RED RIVER VALLEY EXPOSITION, INC., principal, interest, court costs, and attorney's fee§, if any). Notice of acceptance hereof by OF PARIS THE FIFST NATIONAL BANK is expressly Ic - 3 -