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0916 <br />11. That the LESSOR may, at its option, terminate this Lease as to the entire tract, or <br />any part thereof, which may be necessary, in the event the LESSOR desires to use the property, <br />a .' <br />or any portion thereof, for necessary municipal functions,. <br />12. In the event LESSEE shall keep each and every agreement contained herein and do <br />and perform all the obligations required of him hereunder during the primary term of this Lease, <br />an option is hereby given and granted to LESSEE to renew and extend this Lease for a period of <br />'i , . <br />five (5) years from and after the expiration of this agreement, for and in consideration of the sum <br />of Seven Thousand Five Hundred and no /100 Dollars ($7,500.00), payable in equal annual <br />`` ' <br />installments of $1,500.00 each, the first of which will be due and payable on or before the 1st day <br />;. IR <br />of May, 2002, with a like payment being due and payable on or before the lst day of May of each <br />year thereafter during the term of said option. Said option may be exercised by Lessee's giving <br />notice in writing of Lessee's intention to renew said lease on or before the 31st day of January, . <br />2002. <br />13. The terms of this Lease are binding on, and the benefits herein inure to, the heirs, <br />administrators, and executors of LESSEE. <br />EXECUTED on the dates shown in acknowledgments below. <br />CITY OF PARIS, LESSOR <br />By: <br />Eric S. Clifford, Mayor <br />ATTEST: <br />Mattie Cunningham, City Clerk <br />APPROVED AS TO FORM: <br />111i <br />• <br />1- <br />f <br />T. K. Haynes, City Attorney <br />' <br />LESSEE <br />Buddy Kilpatrick <br />4' <br />yy� <br />iii <br />4 I} <br />' <br />n4 <br />HAY LEASE AGREEMENT - Page 4 <br />'ity <br />