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n: 003. term of this Lease. In the event that final termination of said Lease occurs during the first option, there.•sliall.,;. be no payment due LESSEES. however, the City of Paris may agree to give LESSEES nangar space of equal quality, size and usefulness, and LESSEES are granted the right to lease" such :.� -A substitute space for FIVE (5) years at a rental based on either $.06 per square foot 'or the market value at the time of such termination, whichever is greater, payable to the CITY ) ' ;'At PARIS, a municipal corporation, payable as aforesaid. In the event that final termination of said Lease occurs during the second option; there shall`.:- be no payment due LESSEES. however, the City of Paris may agree to give LESSEES hangar, space of equal quality, size and usefulness, and LESSEES are granted the right to lease such'; ,4 substitute space for FIVE (5) years, at a rental based on either $.06 per square foot or the fair, market value at the time of such termination, whichever is greater, payable as aforesaid. ' 20. The terms of this Lease are binding on, and the benefits herein inure to, the heirs; administrators and executors of LESSEES. Al EXECUTED ON the dates shown in acknowledgments below. CITY Or P RXS, LESSOR: By: ,�r� Michael E. Malone, City Manager ATTEST: r�•!'Ir Mattie Cunningham, City Clerk APPROVED S TO FORM: ;. f. I . IIa n 'ity Attorneys STATE OF TEXAS :Ila:• 1 COUNTY OF•LAMAR ) �` BEFORE ME, the undersigned authority, on this day personally appeared MICIIAEL MALONE, City Manager of the City of Paris, Paris, Texas, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he. executed. the same for the purposes and consideration therein expressed and in the capacity therein stated. ; •1 Lease Agreement - page 7• i . : 11