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In the event that final termination of said Lease occurs during the second option, there <br />shall be no payment due LESSEES. However, the City of Paris may agree to give LESSEES <br />aq <br />�� NVO <br />hangar space of equal quality, size and usefulness, andf LESSEES are granted the right to lease <br />such substitute space for TEN (10) years, at a rental rate to be based on either $.06 per square <br />foot or the fair market value at the time of the exercising of the option, whichever is greater. <br />20. The terms of this Lease are binding on, and the benefits herein inure to, the heirs, <br />administrators and executors of LESSEES. <br />EXECUTED ON the dates shown in acknowledgements below. <br />ATTEST: <br />Mattie Cunningham, City Clerk <br />APPROVED AS TO FORM: <br />T. K. Haynes, City Attorney <br />STATE OF TEXAS ) <br />COUNTY OF LAMAR ) <br />CITY OF PARIS, LESSOR: <br />Michael E. Malone, City Manager <br />LESSEES <br />Billy W. Winters <br />Donna J. Winters <br />BEFORE ME, the undersigned authority, on this day personally appeared MICHAEL <br />E. MALONE, City Manager of the City of Paris, Paris, Texas, known to me to be the person <br />whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed <br />the same for the purposes and consideration therein expressed and in the capacity therein stated. <br />1996. <br />GIVEN UNDER MY HAND AND SEAL OF OFFICE this the day of February, <br />Notary Public, State of Texas <br />Lease Agreement - page 7 <br />w <br />