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LEASE AGREEMENT <br />STATE OF TEXAS § <br />COUNTY OF LAMAR § <br />KNOW ALL MEN BY THESE PRESENTS: <br />This Lease Agreementis made and entered into this l lth day ofMarch, 2002, by and between <br />PARIS JLJNIOR COLLEGE, acting by and through its Vice President of the Board of Regents, duly <br />authorized, hereinafter referred to as "PJC," and the CITY OF PARIS, PARIS, TEXAS, a municipal <br />corporation, acting by and through its Mayor, duly authorized, hereinafter referred to as "CITY." <br />WITNESSETH <br />For and in consideration of the improvement of the leased property, a general description of <br />which is attached hereto as Exhibit A, hereinafter referred to as the "property," and the maintenance <br />of the improvements on the leased property, PJC does hereby lease, rent, and let unto CITY the <br />property described in said Exhibit A, attached hereto and made a part hereof for all legal purposes. <br />For and in return for such consideration, the parties agree as follows: <br />1. Purpose. The purpose of the lease is to establish a multi-purpose sports complex. <br />2. Term. The term of this lease shall begin , 2002, and shall extend for a period <br />of twenty-five (25) years, or for so long as the property shall continue to be used for public <br />recreational purposes, including, but not limited to, use as a multi-purpose sports compley, park, or <br />other similar facility. In the event the term of this contract shall end because the property has been <br />abandoned by the CITY for such public recreational purposes as described herein, the property will <br />revert to PJC along with any and all improvements thereon. <br />EXHIBIT A <br />-1- <br />