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MINUTES OF THE FAIRGROUNDS COMMITTEE OF THE CITY OF PARIS May 20, 1991 The Fairgrounds Committee of the City of Paris met Monday, May 20, 1991, 6:00 P. M., Council Chambers, City Hall, Paris, Texas. Chairman Billy Joe Burnett called the meeting to order with the following members present: Councilman Jim Bell, and Councilwoman Smith. Also present was City Manager, Michael E. Malone, City Attorney, T. K. Haynes, and City Clerk, Mattie Cunningham. Chairman Burnett announced the first item on the agenda was discussion of lease agreement between the Red River Valley Fair Association and the Paris Rodeo and Horse Club. Chairman Burnett called the Committee's attention to Article 2 Rent, Gross Receipts Defined, and Statement of Gross Receipts of the lease agreement between the Red River Valley Fair Association and the Paris Rodeo and Horse Club. Chairman Burnett stated he did not have a problem with this section of the lease, but would like to see an addendum incorporating this article into the lease agreement between the City of Paris and Red River Valley Fair Association. City Manager Malone read Article 2 for the benefit of the Committee and for those in the audience as follows: ARTICLE 2. RENT Consideration If 2.1. Sublessee agrees to make improvements on the subleased premises to the extent of ten per cent (10 %) of it annual gross receipts. Sublessee agrees and covenants that it will expend during each year for such purpose ten per cent (10 %) of its total gross receipts for the five year term of this sublease. However, in the event Sublessee expends in excess of ten per cent (10 %) during any one year hereof for such purpose, such excess may be credited on the total amount to be expended by Sublessee hereunder. GROSS RECEIPTS DEFINED #2.02 The term "gross receipts" as used in this sublease means all sums of money received by Sublessee from all business conducted on or from the subleased premises by Sublessee and all others, whether such money be evidenced by check, credit, charge, exchange, or otherwise. a. The term "gross receipts" includes, but is not limited to, the following: i. The amounts received from the sale of merchandise or services sold or performed in, on, or from the subleased premises. ii. Proceeds from rentals of the premises.