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<br />ASSIGNMENT OF LEASES
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<br />THE STATE OF TEXAS X
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<br />COUNTY OF HARRIS X
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<br />KNOW ALL MEN BY THESE PRESENTS:
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<br />WHEREAS, by Lease Agreement dated January 1, 1966, between
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<br />the City of La Porte, Lessor, and Hou-Port Aviation, Inc., a
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<br />Texas corporation, successor to Bayport Aviation; Inc., Lessee,
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<br />Lessor granted to Lessee the option (which may be exercised any
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<br />time on or before Decernber 31, 1985) to lease from Lessor, not
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<br />to exceed twenty (20) acres, from the then remaining unleased
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<br />portion of the City of La Porte Municipal Airport at an annual
<br />. rental of Four Hundred Thirty-five Dollars and Sixty Cents
<br />($435.60) per acre leased, sUbject to the terms and provisions
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<br />therein contained; and
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<br />WHEREAS, by Agreement dated January 15, 1966, by and between
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<br />the City of La Porte, Lessor, and Hou-Port Aviation, Inc., a
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<br />Texas corporation, successor to Bayport Aviation, Inc., Lessee,
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<br />Lessor granted to Lessee the option, to become Lessor's assignee
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<br />of certain third party Lease Agreements; and
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<br />WHEREAS, the City of La Porte, as Lessor, has entered into
<br />an Agreement of Lease dated July 1, 1972, with Gulf Central
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<br />Aviation, Inc., Lessee, as authorized by City of La Porte Ordi-
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<br />nance No. 932, for the lease of 3.00 acres of land at the City
<br />of La Porte Municipal Airport; and
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<br />WHEREAS, the City of La Porte, as Lessor, has entered into
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<br />an Agreernent of Lease dated January 1, 1977, with Gregory
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<br />Aviation, a co-partnership, composed of Robert A. Gregory and
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<br />James M. Williams, Lessee, for the lease of 3.315 acres at the
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<br />City of La Porte Municipal Airport; and
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<br />WHEREAS, Bayport Aviation, Inc., by letter dated Novernber 26,
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<br />1976, has exercised its above-described options, as to said
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<br />property and as to said leases:
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<br />NOW, THEREFORE, KNOW ALL MEN BY THESE PRESENTS, that the City of
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<br />La Porte, a municipal corporation, Lessor under the two above-
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