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t 0 <br />space for TEN (10) years for THMTY TWO THOUSAND FOUR HUNDRED AND N01100 <br />DOLLARS ($32,100.00), payable as aforesaid. <br />In the event that final termination of said Lease occurs during the second option, there shall <br />be no payment due LESSEE. However, the City of Paris may agree to give I.PSSEE hangar space <br />of equal quality, size and usefulness, and LESSEE are granted the: right to Iease such substitute <br />space for TEN (lo) years, at a rental rate to be based on either $.06 per square foot or the fair <br />market value at the time of the exercising of the option, whichever is greater. <br />2o. The terms of this Lease are binding on, and the benefits herein inure to, the heirs, <br />administrators and executors of LESSEE. <br />MCUTED ON the dates shown In acknowledgments below. <br />CITY OF PARIS, PARIS, TEXAS, <br />LESSOR: <br />Michael H. Malone, City Manager <br />ATTEST: <br />Mattie, Cuptlinoam, City Clerk <br />A]PIPROVBD A TO b'ORK: <br />T. K. `aynes, Ci Attorney <br />LESS <br />'ffby M Adams <br />STATE OF TEXAS ) <br />1 <br />COUNTY OF LAMAR ) <br />BFI!! 0" IYii, the undersigned authority, on this day personally appeared Michael E. <br />Malone, City Manager of the City of Paris, Paris, Texas, known to me to be the person whose <br />name is subscribed to the foregoing instrument, and acknowledged to me that he executed the same <br />for the purposes and consideration therein expressed and in the capacity therein stated. <br />Gr N UNDER 1KY HAND AM SEAL OF OFMCE this the 9th day of March, 1998. <br />ALICE Nl, PINA00 Notary Public, State of Texas <br />Nwefory P10C. state 01 taws <br />t N`° $If coM.'dislon Ey91fes01•2940 Ltase Agreement - pap 7 <br />