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<br />Lease Agreement <br /> <br />This Lease Agreement ("Lease") is made and entered into January 1, 2008, by and between the City of <br />La Porte, Texas (herein known as "Landlord") and Economic Alliance Houston Port Region (Tenant"). <br /> <br />Landlord is the owner of land and improvements situated thereon commonly known and numbered as <br />908 West Main Street, La Porte, Texas 77571 ("Leased Premises") and legally described as follows: <br />Block 52, Lots 20 and 21, town of La Porte. <br /> <br />Landlord desires to lease the Leased Premises to Tenant, and Tenant desires to lease the Leased <br />Premises from Landlord for the term, at the rental and upon the covenants, conditions and provisions <br />herein set forth. <br /> <br />THEREFORE, in consideration of the mutual promises herein, contained and other good and valuable <br />consideration, it is agreed: <br /> <br />1. Term. <br /> <br />A. Landlord hereby leases the Leased Premises to Tenant, and Tenant hereby leases the same <br />from Landlord, for an "Initial Term" beginning January 1, 2008 and ending March 31, 2018. <br />Landlord shall use its best efforts to give Tenant possession as nearly as possible at the <br />beginning of the Lease term. If Landlord is unable to timely provide the Leased Premises, rent <br />shall abate for the period of delay, provided that Landlord shall not be liable or responsible for <br />any claims, damages, or liabilities in connection therewith or by reason thereof. <br /> <br />B. After review by the Landlord, the Tenant shall have the option to renew the Lease Agreement <br />for an additional ten (10) year term, upon the expiration of the Initial Term, provided that Tenant <br />provides Landlord with ninety (90) days prior written notice thereof. The failure to furnish said <br />ninety (90) days written notice shall cause this Lease Agreement to automatically expire at the <br />end of the Initial Term. <br /> <br />C. Tenant shall have the right to terminate and exit the Lease Agreement after the first three (3) <br />years of the Initial Term, by providing ninety (90) days prior written notice to Landlord. Tenant's <br />right to terminate the Lease Agreement after the first three years of the Initial Terms is subject to <br />Landlord's ability to relet the Leased Premises with a replacement tenant, agreeable to both <br />Landlord and Tenant. <br /> <br />2. Rental. <br /> <br />A. Tenant shall pay without demand to Landlord during the Initial Term rental of $20,000 per <br />year, prorated at $1,667.00 per month; provided however, that Landlord shall not collect monthly <br />rental as provided herein, but will provide the Leased Premises in consideration for, and in lieu of, <br />the $20,000.00 annual fee for membership in the Economic Alliance Houston Port Region. <br />Membership privileges for Landlord shall continue on a reoccurring annual basis, coterminous <br />with the lease term established in this section, so long as the Lease Agreement is in effect. <br />However, in the event that the Economic Alliance Houston Port Region should adjust its yearly <br />city membership fee, the yearly rental established herein shall be adjusted accordingly, to equal <br />the amount of the revised membership fee. This Agreement terminates and supersedes all prior <br />understandings or agreements or contracts on the membership subject matter hereof. <br /> <br />B. The rental for any renewal lease term, if created as permitted under this Lease, shall be in <br />the amounts established by the Parties, pursuant to Section 2 A of this Agreement. <br /> <br />1 <br />