11 - COX FIELD AGRICULTURE LEASE

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AGRICULTURAL LEASE THE STATE OF TEXAS § § KNOW ALL MEN BY THESE PRESENTS COUNTY OF LAMAR § THAT THE CITY OF PARIS (hereinafter referred to as "Landlord "), of P.O. Box 9037, Paris, Texas, and Carey Eatherly & Ryan Eatherly (hereinafter referred to as "Tenant ") of Paris, Texas, hereby enter into this Agreement to establish the basis on which Tenant shall utilize the real property (hereinafter referred to as "Leased Land ") presently owned by landlord and described in Exhibit A, being approximately 350 tillable acres of land in and around the runways and taxiways of Cox Field in Lamar County, Texas. Said Leased Land shall be utilized solely for growing hay; 1. Term: This lease shall be for an initial period of five (5) years beginning January 1, 2016 and ending December 31, 2020, and shall continue in force and effect from year to year thereafter, unless or until terminated according to the provisions hereof. Tenant shall promptly deliver possession of the Leased Land upon any termination, or partial termination of this Lease. This lease may be extended by Tenant for an additional five (5) year period, provided all requirements of this lease have been met; Tenant owes no taxes, fees or penalties to the City of Paris; and Tenant makes known its desire to extend the lease by no later than June 30, 2020. 2. Rental: In lieu of monetary lease payments to Landlord, Tenant shall perform certain tasks as described herein below. 3. Standards of Performance for Tenant: a. During the term of this lease, Tenant shall, over time, make a reasonable effort to convert vegetation to a monoculture of Bermuda grass in order to provide a more uniform appearance and improve the quality of baled hay; remove woody vegetation from infield fence rows using both chemical and mechanical applications; and shall also complete appropriate chemical applications on at least an annual basis. b. At Tenant's option, Tenant shall mow or cause to be mowed, and /or bale or cause to be baled, a portion of Leased Land as indicated on Exhibit A, a minimum of two (2) times per year, but not less than each time hay is cut and baled. Finished cut surface shall be no more than four inches (4 ") in height. c. Baled hay shall not be left in such a position as to pose any kind of threat or obstacle to taxiing, landing, or departing aircraft, or be visible from the airport terminal or entrance. Bales shall be removed from the airport's infield within one (1) week of cutting, weather permitting, and in no case left on Leased Land thirty (30) days after baling.