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Dec 19 2002 2:35PM PB SMITH RTTY 903?859073 Larry Schenk, Esq. December 19, 2002 Page 2 underwriter permits, following the period of redemption arising from the SheriWs tax sale. Title to the Property will be conveyed to the Purchaser at Closing by Special Warranty Deed executed and delivered by Lamar County, as Trustee for the Taxing Entities. The Purchaser must enter into a Contract with the Taxing Entities regarding the Property prior to December 31, 2002, for tax related purposes. The Contract that is contemplated will provide for a period of due diligence to the Purchaser for it to exmnine the condition of the present improvements and assure itself that the structure of the improvements is such that the renovation project can be completed for the Purchaser's budgeted costs. Assuming that the conditions of title and of the improvements are acceptable to the Purchaser, the Purchaser contemplates closing the actual purchase and paying the purchase price to the Taxing Entities on or about April 1, 2003 (the "Closing"). Prior to Closing (during the term of the Contract of Purchase), the Purchaser will require (a) access to the Property to accomplish the clean-up o fdebris within the theater, so that it may be safely shown to the investors in the purchasing entity and (b) that utilities be turned on and operating at Purchaser's direction to the utility companies and expense, so that Purchaser will be able to assess the needs, renovations and repaks at the Property with regard to utilities. The following "bullet points" outline the Purchaser's concept for the Grand Theater, which is tentatively scheduled to be named "The Paris Grand:" Keep as much of the original decor as possible and make very few structural changes. Modernize everything, but keep the old theater alive with a 1940's feel. The main use of the building will be for THE PARIS GRAND SUPPER CLUB THE PARIS GRAND SPORTS CLUB THeE PARIS GRAND COFFEE HOUSE & ICE CREAM PARLOR PARIS HISTORICAL DISPLAYS SHOPPING WITH SMALL STORES, BOUTIQUE The Supper Club will be in the main theater. Decor will be elegant 1940's with leather booths (facing the stage) and soft lighting. Provide entertainment and events i.e., bands, plays, old movies. Semi-Formal; Traditional American & European Menu; Full Bar & Wine List; Dance Floor. Also make the facility available to companies, churches and organizations to use for conferences, seminars, etc. The Sports Club will be located behind the big screen with a private side entrance. Casual elegance. Bar, booth and table seating. Several TV's; Billiards; Traditional Popcorn Machine; Casual Dining. The Coffee House & Ice Cream Parlor will be upstairs next to the second theater with a private entrance which is totally separate from all other entrances. This facility will be NON-