09-22-08 Special Called Regular Meeting of the La Porte Development Corporation Board of Directors

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NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE REAL PROPERTY RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER. LEASE ARTICLE 1. DEFINITIONS Defined terms used in this Lease have the meanings assigned below. Other terms may be defined in connection with their use. Section 1.1 Landlord: East A Developments, L.P., a Texas limited partnership. Section 1.2 Tenant: La Porte Economic Development Corporation, a Texas non-profit corporation Section 1.3 Tenant's Address: 604 W _ Fairmont Parkway, La Porte, Texas 77571 Section 1.4 Premises: Landlord's land in Harris County, Texas, consisting of the South seven (7) feet of Lot 9, all of Lot 10, the West fifty-six and four tenths (56.4) feet of Lots 11, 12 and 13 of Block 198 of the TOWN OF LA PORTE, as recorded in the Map Records of Harris County, Texas Volume 8, Page 16. Section 1.5 Landlord's Address: 1001 Usener, Houston, Texas 77009 Section 1.6 Rent. Rent consists of the following components: 1.6.1 Base Rent: The'amount determined as follows: - 1.6.1.1 $5,200.00 per month during months 1 through 36 of the Term; and 1.6.2 Additional Rent, consisting of the following: 1.6.2.1 Taxes, Insurance Costs, and Maintenance Costs; 1.6.2.2 Other Periodic Charges (if applicable); and 1.6.2.3 Other charges designated in this Lease as Additional Rent. Base Rent during any option period will be determined in accordance with Section 1.14. Section 1.7 Permitted Use: any retail, educational, restaurant, museum, office, or municipal use. Section 1.8 Security Deposit: The sum of $5,200.00 which Tenant agrees to deposit with Landlord within thirty (30) days of the execution of this Lease. Section 1.9 THIS LEASE IS NOTBINOING UPON LANDLORD UNTil LANDLORD HAS SIGNED THIS LEASE AND THE FUll AMOUNT OF THE SECURITY DEPOSIT HAS BEEN DEPOSITED WITH LANDLORD; BUT THIS LEASE IS BINDING UPON TENANT IMMEDIATELY UPON TENANT'S SIGNATURE HERETO. Section 1.10 Term: 1.10.1 Commencement Date: The date upon which Landlord tenders the Premises to Tenant. The Term will commence on the Commencement Date and will continue for a period of 36 calendar months thereafter. The Term may be extended by the parties upon mutual written agreement. 1.10.2 If the Commencement Date is not the first day of a calendar month, the partial period between the Com mencement Date and the first day of the next succeeding calendar month shall be added to the Term so that the Term ends on the last day of a calendar month. Rent for such partial calendar month shall be prorated on a daily basis. 1.10.3 A Lease Yearcommences on the first day of the first full calendar month within the Term and ends on the last day o.f the twelfth calendar month thereafter; except that if there is a partial month a1 the beginning of the Term. the first Lease Year will include such partial calendar month (and therefore will be longer than twelve [12] months). Each subsequent Lease Year begins the day following the expiration of the prior Lease Year. The last Lease Year may contain less than 12 calendar months if number of months in the Term is not an exact multiple of 12. Section 1.11 Projected Tender Date: December 1, 2008. Section 1.12 Number Of Renewal Options: Three (3). Section 1.13 Renewal Term Duration: Twelve (12) months. Section 1.14 Renewal Rental Rate: The amount determined as follows: 1.14.1 $5,460.00 per month during the first exercise of a Renewal Option (if applicable); 1.14.2 $5,720.00 per month during the second exercise of a Renewal Option (if applicable); 1.14.3 $5,980.00 per month during the third exercise of a Renewal Option (if applicable). Section 1.1.5 Date of this Lease or Date hereof means the date that the latest of the following has occurred: (I) Landlord and Tenant have each signed this Lease; or (ii) Tenant has paid the Security Deposit to Landlord. Section 1.16 Addenda: The following Addenda is attached to this Lease and incorporated by reference: Rules and Regulations Section 2.1 Landlord. Section ~.2 If Tenant performs all its covenants and agreements, Tenant will have peaceful and quiet possession o~ the ~remises. during the Term, subject to this Lease and any mortgages, leases and other matters to which thiS Lease IS or becomes subordinate. ARTICLE 2. GRANTING CLAUSE AND QUIET POSSESSION Landlord hereby leases the Premises to Tenant, and Tenant hereby leases the Premises from Page-1- ~