977 RES CITY COUNCIL ON 14TH DAY OF NOVEMBER 1957 EXECUTED WRITTEN LEASE

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There is also included in the above Tract B a strip lying immediately West of and adjacent to the above tract and being a strip 25 feet wide and running the entire dis- tance of the above tract or 97 feet North and South and extending West to the East Curb Line of 1 st St., N. W. That in the event the exercise to purchase Tract B is exercised by the City of Paris, the 25 foot strip above will be conveyed by special warranty deed because of a cloud upon said 25 feet due to a prior dedi- cation for street purposes of a portion of the 25 feet. for a period of five (5) years, and in which lease the City of Paris ob- ta,ined an option to purchase the above described tracts of lancl, for the sum of $15, 000. 00, at any tixne during the five-year period of said lease; and, WHER.EAS, the City of Paris has been using such properties for an off-street metered parking lot, and whereas, it is desirable to con- tinue to do` so, and is to the interest^ of the City of Paris to purchase said lots, and which lots are the only properties avaiia,ble for such pur- poses; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, That the City Manager, H. C. Kennemer, be, and he is hereby authorized and directed to exercise 'said option, and to pay to the lessor in said lease the sum of $15, 1000. 00, payable $5, 000. 00 in cash, and to borrow the suzn of $10, 000. 00, payable $5, 000. 00 annually, from The Liberty National Bank in Paris, secured by a vendor=s lien on the property. The City M'Sa,nager is hereby authorized and directed to execute all the necessary loan papers in order to consummate said deal. Passed and adopted this l lth day of September, A. D. , 1961. s ~ . ~ . Ma yo r ATTEST: A City Clerk APPROVED AS TO FORM: r City Attorne .