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11. That the LESSOR may, without penalty and at its sole option, and following thirty <br />(30) days written notice, terminate this Lease as to the entire tract, or any part thereof, which may <br />be necessary, in the event the LESSOR desires to use the property, or any portion thereof, for <br />n ecessary municipal functions. LESSEE shall receive a pro rata reimbursement, based on time <br />remaining and/or property remaining under this Lease, of any rentals paid to the date of termination. <br />12. In the event LESSEE shall keep each and every agreement contained herein and <br />do and perform all the obligations required of him hereunder during the primary term of this <br />Lease, an option is hereby given and granted to LESSEE to renew and extend this Lease for a <br />period of five (5) years from and after the expiration of this agreement, for and in consideration <br />of the sum of Six Thousand Eight Hundred and no/100 Dollars ($6,800.00), payable in equal annual <br />installments of $1,360.00 each, the first of which will be due and payable on or before the 1st day of, <br />January 2008, with a like payment being due and payable on or before the 1st day of January of each <br />year thereafter during the term of said option. Said option may be exercised by Lessee's giving notice <br />in writing of Lessee's intention to renew said lease on or before the 31st day of December, 2007. <br />13. The terms of this Lease are binding on, and the benefits herein inure to, the heirs, <br />administrators, and executors of LESSEE. This Lease may not be assigned without the express <br />written approval of LESSOR. <br />EXECUTED <br /> on the dates shown in acknowledgments below. <br />CITY OF PARIS, LESSOR <br />By: ____________________________________ <br />Michael J. Pfiester, Mayor <br />HAY LEASE AGREEMENT - Page 5 <br />