1690 RES CITY COUNCIL LEASED AREA KNOWN AS FAIR GROUNDS TO RED RIVER VALLEY EXPOSITION

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BEGNNING at a point in the center line of a drainage ditch, said ditch being located bctween 1-Iickory Street and Clement Road, and the beginning point being West 260 feet from the Southwest Corner of the intersection of Fitzhugh Avenue and Clement Road (the Northeast Corner oE Block 256) and also being S 2° 00 E along the centerline of a drainabe ditch; TI IENCI? North 88 ° 30' West 2$7 feet to a point; THENCE South 1° 30` West 84 feet to a point; TI-IENCE North 88 ° 30' West 477 feet to a point, same being in the East Margin of 6th Street, N. E. ; TI-IENCE in a Southerly direction with the East Margin of bth St. , N. E. 16 feet to a point; THENCE South 88 ° 30' East 477 feet to a point; THENCE South 1° 30' East 200 feet to a point; THENCE South 88 ° 30' East 297 feet to a point in the center line of a drainage ditch; THENCE North 2° 00' West with the center line of the drainage ditch 300 feet more or less to the place of beginning, containing 2. 19 acres of land more or less. 'Ihe term of this lease is ten (10) years, beginning on the lst day of July, 1975 and ending the 30th day of June, 1985. IN CONSIDERATION of the leasing and letting of said premises and the use and occupancy thereof by Lessee, Lessee agrees to effect and perform repairs to existing bui.ldings, structures and other im- provements and to make additional improvements on the leased pre - mises to the extent of ten per cent (10%) of i.ts annual gross re- ceipts, Lessee hereby agreeing to expend for such purposas the sum herein set out during each year of this agreement, the total amount to be expended by Lessee for such purposes during the term of this lease to be not less than ten per cent (10%) of its total gross re- ceipts for the ten year period covered by this agreement; provided 11owever, that iri the event Lessee expends in excess oi ten per cent of i.ts gross receipts cluring any one year hereof for sucll purpases, such excess may be credited on the total amount to be expended b_y Lessee her.eunder. 'Ihe term "gross receipts" shall mean the total re::eipts of Lessee fr•om all sources by reason of ttie use of tlie rentec3 pr_emises.