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~~ MEMORANDUM OF LEASE This Memorandum of Lease is made as of the 1st day of July, 1980 by and between Johr. Folsom and Sallie Folsom, husband and wife, (hereinafter collectively referred to as "Lessor"), and Bradley Enterprises, Inc., (hereinafter referred to as "Lessee"). 1. Creation of Leasehold. Lessor hereby does lease to Lessee, and Lessee hereby leases from Lessor, the real property described in Exhibit A attached hereto and incorporated herein by this reference, together with all improvements thereon and hereinafter called the leased premises. 2. Term. The effective date shall begin as of the date named above and the term of the lease shall be for `seven (7} years. 3. Renewal Option. Lessor grants to Lessee the option to renew this lease at the expiration of the initial term for two additional five year periods excercisable by written notice to Lessor at any time prior'~o ninety (90) days before said expiration. 4. Option to Purchase. Lessee shall have an option to purchase the leased premises between the fifth and sixth years of the initial term subject to certain terms and con- ditions as set forth in that certain lease agreement executed between the parties on July 1, 1980 which consists of thirteen pages including signatures. 5. Recording. This Diemorandum of Lease has been executed for purposes of recording and is a memorandum of a certain lease agreement executed July 1, 1980 between the parties and which consists of thirteen pages, including signatures, and which shall govern the rights and obligations of the parties with respect to the lease described herein. LESSOR: /;' ~"~~~~~ ~ OH,N~f`F!A~L-'SOJ.~'~~-,!, r.-+~..~ i S~XLLIE FOLSOM LESSEE: ATTEST: Secretary ~ BRADLEY ENTERPRISES, ZNC. ! f r' ~!,, ~RK DLE Presiden L