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IE STATE OF TEXAS COUNTY OF LAMAR LEASE AGREEMENT THIS LEASE AGREEMENT(LEASI.) for the letting of real property is executed in duplicate originals by the RED RIVER VALLEY FAIR ASSOCIATION, A CORPORATION (Lessor), and the LAMAR COUNTY YOUNG FARMER CHAPTER (Lessee), on the 1st day of December, 1992. The leased premises known to all as the Yount; Farmer Tractor Pull Grounds, said property owned by the City of Paris and located on land also known as the Lamar County Fair Grounds, more fully described and' drawn in Exhibit "A" attached and made a part of this LEASE AGREEMENT. The term of this LEASE AGREEMENT is for ^_ _ beginning upon execution of this LEASE AGREEMENT and ending In conaiderat.Lon of the leasing; and letting of said premises and the use and occupancy thereof by Lessee, Lessee agrees to effect and perform repairs to existing buildings, structures, and other improvements and to make additional improvement oil the leased premises to the extent of five (5) percent of its total gross receipts for the term gf'this lease; provided however, that in the event Lessee expends in excess of five percent of its gross receipts during any one year hereof for such purposes, such excess may be credited on the total amount to be expended by Lessee hereunder. The term "gross receipts" shall mean the total receipts of Lessee from all sources by reason of the use of the leased premises. In consideration whereof, it is mutually agreed by and between Lessor and Lessee, (l.) that Lessee will, at its sole cost and expense, effect repai`*rs to all existing buildings and, structures on the leased premises, as speedily as it can finance same, so that same will be safe and suitable for the purposes for which they may be used by Lessee, and will keep and maintain.same ,in good, safe and sanitary condition; (2) that Lessee, for the benefit of Lessor, if available will keep all permanent buildings and other insurable improvements on the leased premises insured against loss by fire, lightning, and all risks included in the term "extended coverage" carried with a respuns'ible company; (3) that Lessee will pay for all lights, water, heat, and /or other utilities used'by it on the leased premises; (4) that all buildings, structures, additions, fixtures, and improvements made upon the leased property are the property of the Lessee; (5) that upon the termination of this LEASE by either party, the Lessee will have 130 days to remove any and all improvements and Lessee will return the property to.its original, un— improved condition, as it was received prior to the 25th day of July, 1985, with the nxe- ention that i.(!sc:eo will not remove boundary line fencing; (G)