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<br />'. <br /> <br />. <br /> <br />. <br /> <br />-.- <br /> <br />. <br /> <br />e <br /> <br />-11- <br />Any permanent improvements erected on the leased <br />premises by LESSEE shall be the property of LESSEE. It is <br />further agreed that LESSOR shall have a first option to purchase <br />said improvements from LESSEE. For the purpose of arriving at <br />the value of such improvements for sale purposes, LESSEE and <br />LESSOR shall each select an arbiter, and such two arbiters shall <br />select a third, and such three arbiters shall 0agree upon a <br />purchase-sale price for said improvements. If LESSOR does not <br />exercise its option to purchase said improvements, LESSEE shall <br />have the right to sell said improvements to other parties. Any <br />expenses incident ,to the conduct of such arbitration shall be <br />borne equally by LESSEE and LESSOR. <br />XXII. <br />LESSOR covenants that LESSOR has good right and lawful <br />authority to execute this Lease, that throughout the term hereof <br />LESSEE shall have, hold and enjoy peaceful and uninterrupted <br />possession of all of the Premises and Airport rights herein and <br />hereby leased and granted, subject always to the payment of the <br />rent and the performance of the covenants; as herein provided <br />to be paid and performed by'LESSEE. <br />:XXIII. <br />Notices provided for in this Lease shall be sufficient <br />if sent by registered mail, postage prepaid, addressed, if to <br />LESSOR, to the City of La Porte, Attention: Mayor, La Porte, <br />Texas; and,'i! to LESSEE, to Mr. A. W. Wadsworth, President, <br />Hou-Port Aviation, Inc., La Porte, Texas, or to such other <br />respective addresses as the parties may designate in writing <br />from time to time. <br /> <br />XXIV . <br />All references herein contained to LESSOR and to <br />LESSEE, shall be deemed to include the successors, assigns, and <br />legal representatives of each. <br />