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CHARLES W.OROENNERT <br />VICE PRESIDENT AND TREASURER <br />City of Batesville <br />Batesville <br />Arkansas <br />Re: Lease dated January <br />Arkansas Industrial <br />Company <br />Gentlemen: <br />EMERSON ELECTRIC CO. <br />8000 W. FLORISSANT <br />P. O. BOX 4100 <br />ST. LOUIS, MO. 63136 <br />July 30, 1981 <br />27, 1961 between Independence County, <br />Development Corporation and White -Rodgers <br />The terms of the Lease dated January 27, 1961 between Independence <br />County, Arkansas Industrial Development Corporation and White -Rodgers <br />Company provide that upon expiration of the initial lease term on <br />August 14, 1981 the Lessee has the option of renewing the Lease for <br />five successive terms of 10 years each. <br />Please accept this letter as formal notice of our intention to exercise <br />the option to renew the Lease for 10 years through August 14, 1991 as <br />provided in Section 2301 of the Lease. Since there are no longer any <br />bonds outstanding and the Trust Indenture has therefore terminated, <br />,;futurej'. rental payments will be sent directly to the City of Batesville. <br />Rental payments of $5,000 per year, payable in monthly installments of <br />$416.67, will begin on August 14, 1981. Additional "rentals will be <br />paid as provided in Section 2301 of the Lease. <br />Please acknowledge receipt of this letter exercising our renewal option <br />by signing the enclosed copy and returning it to me at your earliest <br />convenience. <br />Very truly yours, <br />EMERSON ELEC RIC CO. <br />EMERSON <br />Charles W. Groennert <br />Vice President and Treasurer <br />CWG/ds <br />Encl. <br />Received by <br />Date <br />