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860 <br />LEASE AGREEMENT <br />This is a Lease Agreement between the CITY OF PARIS, a municipal corporation, <br />hereinafter referred to as LESSOR, and RED RIVER VALLEY FAIR ASSOCIATION, <br />.Y <br />1 <br />INC., a Texas corporation, hereinafter referred'to as LESSEE, executed in duplicate on this <br />the 10th day of March, 1997, WITNESSETH: <br />The leased premises consists of the following described property owned by Lessor in <br />Paris, Lamar County, Texas: <br />All that certain tract or parcel of land as described in Exhibit "A" attached hereto and <br />made a part hereof for all purposes. <br />The term of this lease shall be for thirty 30 years beginning on the 1st day of April, <br />1997, and ending the 31st day of March, 2027. <br />The consideration for this lease and the use and occupancy by Lessee shall be Lessee's ; <br />agreement to perform all necessary repairs to the existing buildings, structures and other <br />improvements on the leased premises and to make such additional improvements on the <br />leased premises to the extent of five per cent (5 %) of its annual gross receipts, Lessee hereby <br />agreeing to expend for such purposes the sum herein set out during each year of this <br />agreement, the total amount to be expended by Lessee for such purposes during the term of <br />this lease to be not less than five per cent (5 %) of its total gross receipts for the thirty (30) <br />year period covered by this agreement; provided however, that in the event Lessee expends <br />EXHIBIT <br />