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LEASE AGREEMENT <br /> <br /> This agreement is made and entered into by and between Red <br />River Valley Fair Association, Inc., a non-profit organization, <br />hereinafter referred to as Lessor, and American Legion Post #199, <br />a non-profit organization, hereinafter referred to as Lessee. <br /> <br /> For and in consideration of the mutual promises herein <br />expressed the Lessor and Lessee do hereby agree to the following: <br /> <br /> WITNESSETH: <br /> <br />I. PURPOSE OF LEASE: <br /> The Lessee wishes to lease from the Lessor certain space to <br />conduct bingo operations licensed by the State of Texas only. <br /> <br />II. PREMISES: <br /> Lessor agrees to lease and the Lessee agrees to lease from the <br />Lessor the following described property, all the floor area in Big <br />Time Bingo Building on the property, located at 1875 Fitzhugh <br />Street, Paris, Lamar County, Texas for the (2) two bingo occasions <br />per week as designated on the Lessee's Texas Bingo license. <br /> <br />III. DUTIES OF LESSOR: <br /> Lessor shall provide parking facilities, equipment and <br />utilities. <br /> <br />IV. TERM: <br /> The term of this lease shall be for a period from the 1st day <br />of June 2003 to the 2nd day of June, 2004. <br /> <br />V. CONSIDERATION: <br /> The Lessee shall pay the Lessor the amount of $250.00 <br />per whole session (Bingo occasion). The consideration for the <br />lease of this building shall be due and payable monthly. The first <br />payment will be due and payable monthly after the execution of this <br />lease, with rent payments being due and payable monthly each and <br />every month thereafter, during the term of this lease. Total rental <br />for any month may not in any case exceed $600.00 per bingo occasion <br />actually conducted by lessee during that month. <br /> <br /> Lessee shall make payment to the Lessor at: <br /> <br /> Red River Valley Fair Association, Inc. <br /> 570 East Center Street <br /> Paris, Texas 75460 <br /> <br />VI. REPRESENTATIONS OF LESSEE; <br /> The Lessor agrees and acknowledges that Lessee is a nOn-profit <br />organization as that term is defined under the governing of the <br />bingo statutes in the State of Texas and that the Lessee holds a <br />valid license to conduct bingo within the State of Texas issued by <br />the Texas Lottery Commission of the State of Texas. It shall be <br /> <br /> EXHIBIT <br /> <br /> <br />