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Home My WebLink About2004 LeaseAIRPORT NON-AVIATION LEASE AGREEMENT THIS LEASE, made and entered into thi� (�" day of January, 2004, by and between the CITY OF SEBASTIAN, a municipal corporation existing under the laws of the State of Florida, (hereinafter referred to as the "Landlord"), and Steven Phillipson, whose mailing address is 415 Live Oak Drive, Vero Beach, Florida, 32963 (hereinafter referred to as the "Tenant"). The Landlord and the Tenant are sometimes collectively referred to herein as the "parties". WITNESSETH: WHEREAS, the Landlord is the owner of certain property located in the County of Indian River, Florida; and WHEREAS, said property constitutes a portion of the Sebastian Municipal Airport (hereinafter referred to as the "Airport"); and WHEREAS, said property is available for aviation and industrial use for those activities consistent with or in support of aviation activity; and WHEREAS, the Tenant desires to undertake general commercial/industrial activities at Sebastian Municipal Airport and lease the said property from the Landlord; and WHEREAS, the Landlord has agreed to lease such property to the Tenant subject to certain terms and conditions, and to that end as set forth hereinafter; NOW, THEREFORE, in consideration of the mutual covenants hereinafter provided, the receipt and sufficiency of which are hereby acknowledged, the parties have agreed as follows: ARTICLE I. LEASED PREMISES Subject to the terms and conditions set forth in this Lease, Landlord hereby demises and leases to Tenant and Tenant hereby leases from Landlord, that certain land, and any buildings, structures, fixtures, fences, utility installations, parking facilities, landscaping and irrigation systems currently existing or hereafter located thereon at Sebastian Municipal Airport, as more particularly described on Exhibit "A" hereto ("Premises"). Tenant shall cause a survey to be undertaken at its expense ("Survey"). Based upon the Survey a legal description will be attached, as Exhibit "A-I" to this Lease and the size of the Premises and annual rent will be adjusted if necessary. Tenant hereby leases the Premises subject to, and Tenant hereby agrees to comply with: (i) all applicable building codes, zoning regulations, and municipal, county, state and federal laws, ordinances and regulations governing or regulating the Premises or its uses, (ii) all covenants, easements and restrictions of record, (iii) Rules and Regulations, of Sebastian Municipal Airport, as the same may be amended from time to time ("Field Rules"), (iv) Development Standards attached hereto as Exhibit `B" ("Development Standards"), and (v) the Sebastian Municipal Airport Master Plan dated 2002, as the same may be amended from time to time (the "Master Plan"). 1.1 Condition of Premises. Except as agreed to in Paragraph 1.2 herein, Tenant accepts the Premises "AS-IS". Tenant acknowledges that Landlord has made no representations or warranties relating to the suitability of the Premises for any particular use, unless otherwise expressly provided in this Lease, Landlord shall have no obligation whatsoever to repair, maintain, renovate or otherwise incur any cost or expense with respect to the Premises. (a) Tenant shall not permit any unlawful nuisance, waste or injury on the Premises. Tenant agrees to surrender the Premises upon the expiration of this Lease, or earlier termination hereof in a condition substantially similar to the condition of the Premises on the Commencement Date, ordinary wear and tear accepted. (b) Tenant shall have the right to terminate this Lease within forty-five (45) days from the Effective Date of this Lease if Tenant is unable to obtain a title insurance policy due to outstanding liens and/or encumbrances on the Premises, the reverter rights of the federal government under the original deed to the City of Sebastian accepted. 1.2 Construction of Improvements by Landlord. Landlord, at its own cost, agrees to provide a public access roadway, waterlines and electricity up to the right-of-way adjacent to the Premises no later than the Commencement Date. 1.3 Construction of Improvements by Tenant. Tenant shall have sole responsibility for construction of the remaining Improvements within the Premises. Any construction by Tenant on the Premises shall be in accordance with local building and land development. 2 � 1.4 Quiet Enjoyment. Landlord agrees that, subject to Tenant's performance of the terms and conditions of this Lease, Tenant shall peaceably and quietly have, hold and enjoy the Premises in accordance with the terms and conditions of this Lease. 1.5 Permitted uses. The Tenant agrees that the leased premises shall be used exclusively for the purposes of constructing and operating a multi-purpose commercial facility for mini-storage, outside storage and related functions, as well as a retail landscape supply for the sale of mulch, stone and other raw landscape materials. Any use of the leased premises other than those specifically stated above are expressly prohibited without the express written consent of the Landlord. Such consent may be withheld by the Landlord for any reason. The Tenant agrees that no use of the leased premises will be conducted in such a manner as to constitute a nuisance or a hazard and that, in connection with the use of the leased premises, the Tenant will observe and comply with all applicable laws, ordinances, orders and regulations prescribed by lawful authorities having jurisdiction over the leased premises. 1.6 Si na e. The Tenant shall have the right to erect and maintain such sign or signs on the premises as may be permitted by applicable law and the Development Standards; provided, however, the Landlord must approve any such signs in writing prior to erection. The Landlord may impose any reasonable restrictions as, in the sole discretion of the Landlord, are deemed necessary. Property signage for this parcel must be designed and located as outlined in Exhibit B. ARTICLE II. TERM OF LEASE The Effective Date of this Lease Agreement is as first set forth above in the Preamble. The initial Term of the Leasehold hereunder shall run for a period of thirty (30) years from said Effective Date, unless sooner terminated in accordance with the terms and provisions hereof. 3 2.1 O�tional Extension. The appraisal conducted for Landlord during the twenty-fifth year of the Term in accordance with Paragraph 3.3, shall also include a separate valuation of the Premises including all Improvements constructed thereupon, unless this requirement and the Option to Extend is waived in writing by Tenant. 2.2 Tenant Options. Within fifteen (15) days after delivery to Tenant of the appraisal, Tenant may exercise one of the following three options: A. Accept the rent valuation therein and offer in writing to enter a non- assignable, nonrenewable lease extension agreement for up to ten (10) additional years in accordance with the provisions herein except applying a new base Annual Rent amount equal to ten percent (10%) of the value established in said appraisaL This Extension Agreement shall be substantially in the form attached hereto as Exhibit "D". B. Give notice of its intent to commission a second appraisal by a certified real estate appraiser to be completed within forty-five (45) days. 1. If said appraisal results in a valuation of the Premises and Improvements within ten percent (10%) of the initial appraisal, the figures shall be averaged. 2. If a disparity of greater than ten percent (10%) results, the respective appraisers shall confer and attempt to negotiate a compromise valuation. 3. If no compromise results, said appraisers shall jointly submit the name of a qualified appraiser to the parties who shall then jointly commission an appraisal therefrom. Said appraisal value will be used to establish the rental amount if it falls between the values of the first two appraisals. If the value thereof falls outside the range of the first two appraisals, the relevant value shall be derived from averaging the three appraisals. 4 Within thirty days of establishment of a rental value as set forth above, Tenant may exercise either option contained in subparagraphs A and C hereof. C. Give notice of its intent to allow the lease to expire at the end of the thirty-year term. 2.3 Landlord Options. If Landlord does not accept an offer to enter into a renewed lease, the lease shall expire at the end of the thirty-year term, but the rent for the final three years of the lease shall be waived as additional consideration to Tenant for relinquishing ownership of all site improvements thereafter. 2.4 Automatic Increases durin� Extension. During the term of any extension pursuant to this Article, on each anniversary of the Effective Date, this Annual Rent shall be increased by three percent (3%) annually as set forth below. However, there shall be no further appraisal adjustments through the remainder of the Term. ARTICLE III RENT The parties agree that the Rent payable by the Tenant during the Term of this Lease shall be as follows: 3.1 Annual Rent. Tenant shall pay to the Landlord annual rent for the Premises (hereinafter referred to as the "Annual Rent") for each twelve (12) month period or portion thereof during the Initial Term and any Extension Term of this Lease, beginning with the first day of the month in which a Certificate of Occupancy is issued for improvements to the Premises, or January 1, 2005, which ever occurs first, in the amount detailed below, which Annual Rent shall be thereafter payable on a quarterly basis on or before the first day of each third calendar month (or partial calendar month) thereafter, in amounts equal to one-fourth (1/4) of the Annual Rent then due, plus any sales or rent taxes due on that installment, in advance, in lawful money of the United States, without deduction or set-off, at the Finance Department office of the Landlord. Annual Rent for a partial month during the Term of this Lease shall be prorated based on the number of days in such month. 3.2 Calculation of Annual Rent and Fees. Beginning with the Commencement Date, Annual Rent shall be paid in the amount of ten cents (10¢) per square foot for the Premises. E Until completion of the required survey, the rent shall be based upon a 3-acre parcel and adjustments shall be made following receipt of the survey to reconcile past rent with the exact land area. The parties recognize that the purchasing power of the United States dollar is evidenced by the United States Department of Labor, Bureau of Labar Statistics, and Index of Consumer Prices. Beginning twelve (12) months from the Effective Date of this agreement and every twelve (12) month period after for the term of this agreement, Annual Rent shall be increased by three percent (3%). 3.3 Sales Tax. In addition to the rental amount, the Tenant shall pay Florida sales tax, as applicable. 3.4 Time of the Essence. The Tenant agrees promptly to perform, comply with and abide by this Lease, and agrees that timely payment is of the very nature and essence hereof. In the event that any rental payment due hereunder shall not be paid within five days of when due, Tenant shall pay Landlord a late payment fee of 5% of the amount of such late Rental Payment. This charge shall be considered additional rent and not interest. 3.5 Interest on Amounts Due. Any installment of Annual Rent, Rent, or other amounts due from Tenant under this Lease, that is not received within ten (10) business days after it is due, shall bear interest from the date when the same was due until paid by Tenant at the interest rate of eighteen percent (18%) per annum. ARTICLE IV. IMPROVEMENTS TO THE PREMISES 4.1 Improvements. All engineering and design plans for improvements developed by Tenant and any substantive deviations therefrom must be approved in writing by Landlord, which approval shall not be unreasonably withheld. No building or other structure shall in any way curtail the use of the airport facilities in their usual operations, and all structures must be approved, in writing, by the FDOT and the Federal Aviation Administration ("FAA") prior to commencement of any construction. The Tenant covenants and agrees that all such construction shall be in accordance with the Development Standards, local and state codes, � regulations and requirements as well as in accordance with all requirements of the FAA and FDOT. 4.2 Construction Risks. The Tenant shall indemnify, defend and hold the Landlord harmless from any claims, losses, damages or liens arising out of the construction of any such buildings or structures. 4.3 Confirmation of Ownership. At the end of the Term or earlier termination of this Lease, for any reason, the Tenant shall, at Landlord's request, execute any and all documents of transfer which Landlord deems necessary to perfect title to said improvements. The Tenant agrees that all improvements shall, upon the termination of this Lease for any reason, be free and clear of all encumbrances, liens, and title defects of any kind. ARTICLE V. REPAIRS AND ALTERATIONS The Landlord shall not be obligated to maintain or repair the leased premises or any improvements located thereon or any part thereof during the lease term or any renewal thereof. The Tenant agrees, at its sole cost and expense, to maintain all of the improvements, including, but not limited to, buildings (and all parts thereo fl and the parking and service areas located on the leased premises in a good state of maintenance and repair and to keep the leased premises in a clean, neat and orderly condition in accordance with local ordinances, including but not limited to the Sebastian Land Development Code, the Development Standards, and all other community standards ordinances. It is an express condition of this Lease that the leased premises be kept in an attractive and clean manner at all times. Upon obtaining the prior written consent of the Landlord, which consent may not be unreasonably withheld, the Tenant, at its sole cost and expense, may erect such additional improvements on the leased premises as it deems appropriate and may make such alterations ar major renovations to the existing improvements as it deems appropriate, provided, however, that such alterations or renovations shall not disturb the structural integrity of such existing improvements, and provided that the alterations or renovations shall comply with all applicable governmental regulations. 7 The Tenant shall indemnify, defend and hold the Landlord harmless from any claims, losses, damages or liens arising out of or in any way connected with such additions or renovations. ARTICLE VI. UTILITIES The Tenant shall be responsible for all costs of electricity, lights, water, sewer, heat, janitor service, refuse storage and removal, or any other utility or service consumed in connection with the leased premises. The Landlord shall have no liability for the failure to procure, or the interruption of, any such services or utilities. ARTICLE VII. TAXES 7.1 Property Taxes and Assessment. The Tenant shall pay when due during the Lease term all ad valorem taxes, assessments (including, without limitation, stormwater utility charges) or any other governmental charge levied or assessed against the leased premises (including the Tenant's leasehold by the appropriate govemmental authorities), together with all ad valorem taxes assessment or other governmental charge levied against any stock of merchandise, furniture, furnishings, equipment and other property located in, or upon the leased premises. All shall be paid by the Tenant on a timely basis and receipts therefore shall be provided to the Landlord upon request. 7.2 Partial Year. If the Term of this Lease expires or is earlier terminated prior to the close of the tax year for which any such tax is payable, or if the Term of this Lease commences on a date other than the first day of such tax year, Tenant shall be responsible for paying a percentage of the tax calculated by dividing the number of days that this Lease was in effect during such tax year by the total number of days that the Premises was leased to tenants (excluding any tenant engaging in a use of the Premises which results in the Premises being exempt from taxation) during such tax year. If this Lease is in effect for a period less than any entire period for which an assessment other than a tax is imposed, Tenant shall pay a percentage of the assessment calculated by dividing the number of days this Lease was in effect during that assessment period by the total number of days in the assessment period. E:3 7.3 Delayed Pavment. In the event Tenant fails to pay such taxes and assessments when due, Tenant shall be obligated to pay all resulting interest and penalties on such delinquent taxes and assessments. Tenant may exercise any rights provided by law to contest or pay under protest any taxes and shall not thereby be deemed in default under this Lease, provided that such contest or payment under protest does not result in the imposition of a lien for delinquent taxes on the Premises or any Improvements, and Tenant promptly pays all taxes and assessments (and any interest and penalties with respect thereto) ultimately determined to be due. No provision of this Lease shall be construed as a release or waiver on the part of Landlord of the right to assess, levy or collect any license, personal property, intangible, occupation or other tax which they, or either of them, may lawfully assess, levy or collect on the business or property of Tenant. Tenant's obligations under this Article shall survive the expiration or earlier termination of the term of this Lease. 7.4 PaYtnent of Sales Tax. Tenant shall be liable, at its sole expense, for any sales, use or similar taxes with respect to all Annual Rent, Rent, and other payments made or received by Tenant pursuant to this Lease. Tenant shall indemnify, defend and hold Landlord completely harmless from and against any liability, including any interest and penalties, which might arise in connection with Tenant's failure to timely remit any such taxes. ARTICLE VIII. INSURANCE Tenant must provide insurance coverage meeting or exceeding the requirements herein. 8.1 Hazard Insurance. Tenant shall at its sole expense, obtain and maintain throughout the Term of this Lease, property insurance on and for all Improvements, equipment, furnishings and other personal property now or hereafter erected, installed or used at the Premises, on a replacement cost basis (without deduction for depreciation), for the beneiit of Landlord and Tenant as their interests may appear, with such coverage, in such form, and with such company or companies as Landlard shall approve in writing, including coverage for damage by fire, the elements or other casualty with standard extended endorsements. Tenant, on behalf of itself and its insurance carriers, hereby waives any and all rights of recovery which it may have against Landlord or any other party who it is required to 9 indemnify in accordance with the provisions of this Lease, for any loss of or damage to property it may suffer as a result of any fire or other peril insured under an insurance policy which it is required to obtain hereunder. 8.2 Liability Insurance. Tenant shall, at its sole expense, obtain and maintain throughout the Term of this Lease, automobile liability insurance on all automobiles used in connection with its operations at the Premises, environmental contamination remediation coverage, and commercial general liability insurance protecting the Landlord and Tenant (including, without limitation, all members of the governing board of Landlord), officers, agents and employees of each, from and against any and all liabilities arising out of or relating to Tenant's Permitted Uses, or the conduct of its operations on the Premises, in the amount of not less than $1,000,000 (or such greater amount as may be maintained by Tenant from time to time) per occurrence, with no self-insured retention or deductible amount, in such form, and with such company or companies as Landlord shall approve in writing, which approval shall not be unreasonably withheld. Such insurance shall include contractual liability coverage for Tenant's covenants to indemnify the Landlord and the other parties as required under this Lease and shall provide that it is primary insurance as respects any other valid and collectible insurance the Landlord or any of the other additional insured may possess, including any self- insured retention or deductible any of them may have, and that any other insurance carried by any of them shall be considered excess insurance only. 8.3 Soverei�n Immunitv. The coverage limits of Paragraph 8.2 shall be adjusted proportionally to any increases in the limits of the sovereign immunity waivers provided Landlord under law; however, nothing in this paragraph shall be construed as a waiver by Landlord of the protections of sovereign immunity. 8.4 Workers' Compensation. Tenant shall keep in force, at its sole expense, workers' compensation or similar insurance affording the required statutory coverage and requisite statutory limits. Tenant shall also maintain throughout the term of this Lease employer's liability insurance with limits of liability of not less than $500,000 for each of the "each accident," "disease policy limit," and "disease each employee coverage," or a self insured program with comparable coverage. Such workers' compensation and employer's liability insurance or self-insured program shall contain a waiver of any right of subrogation against Landlord. 10 8.5 Certificates of Insurance. Within thirty (30) days after the Effective Date of this Lease, and within thirty (30) days after the expiration of any policy or policies provided by Tenant hereunder or construction of new improvements requiring coverage, Tenant shall furnish an original certificate of insurance to Landlord evidencing such coverage, naming the Landlord as an additional insured under the policies required by this Article, and confirming that the policy or policies will not be canceled or modified nor the limits thereunder decreased without thirty (30) days' prior written notice thereof to Landlord. Tenant shall also provide Landlord with copies of endorsements and other evidence of the coverage set forth in the certificate of insurance as Landlord reasonably may request. If Tenant fails to comply with the terms of this Article, Landlord, shall have the right, but not the obligation, to cause insurance as referenced herein to be issued, and in such event Tenant shall pay the premium for such insurance upon Landlord's demand. Landlord shall have the right, exercisable on ninety (90) days' prior written notice to Tenant, to require Tenant, from time to time to reasonably increase the monetary limits or coverage provided by such policy or policies. ARTICLE IX. DESTRUCTION OF IMPROVEMENTS Damage to the Improvements shall not cause an abatement of Tenant's obligation to pay Annual Rent to Landlord, or to make any other payments required to be made by Tenant under this Lease. 9.1 Partial Destruction. In the event that less than 80% of the principle building/improvements at the Premises is damaged or destroyed by fire or other casualty, the provisions of this paragraph shall apply. (a) Tenant shall give prompt written notice thereof to Landlord, and Tenant, at its own expense, shall promptly repair, replace and rebuild the same, at least to the same extent as to the value and as nearly as practical to the character of the Improvements existing immediately prior to such time. (b) Upon receipt by Tenant and the Landlord of the proceeds of any property or builder's risk insurance policy or policies, Tenant and the Landlord shall deposit same in an interest-bearing escrow account to pay for the cost of such repair, replacement and rebuilding. 11 Tenant shall receive and hold such proceeds (and any interest earned thereon) in trust for such work, and Tenant shall distribute such proceeds (and any interest earned thereon during construction) solely to pay the cost of such work. If the amount of such insurance proceeds (together with the interest earned thereon) is insufficient to pay the costs of the necessary repair, replacement or rebuilding of such damaged improvements, Tenant shall pay any additional sums required, and if the amount of such insurance proceeds (together with the interest earned thereon) is in excess of the costs thereof; the amount of such excess shall be retained by Tenant. 9.2 Total Destruction. In the event more than 80% of the principal improvement erected on the Premises is destroyed by fire or other casualty, the Tenant, at its option, may cause said improvements to be replaced or said damage to be repaired as rapidly as practicable. The Landlord may abate the Tenant's rent for the period of time more than 80% of the principal building, if any, is unusable. (a) In the event the Tenant elects to repair and/or replace the building and other improvements on the leased premises, the provisions of Paragraph 9.1(b) shall apply. (b) If the Tenant, under its option, elects not to repair and/or replace the building and improvements upon the leased premises, the Tenant shall, at its sole expense, remove all remaining portions of the damaged or destroyed building and improvements and all rubble or debris resulting therefrom. Thereafter, the Lease shall be terminated and the Landlord shall be entitled to any of the insurance proceeds on account of such damage and/or destruction and, after payment of any outstanding mortgages attached to and occasioned by construction of said improvements, such proceeds to be the sole property of the Landlord. ARTICLE X. INDEMNIFICATION Tenant shall indemnify, defend and hold completely harmless Landlord and, to the extent required by the Grant, the granting agencies, from and against any and all liabilities (including, but not limited to, liability with respect to any Hazardous Substances and liability under the Comprehensive Environmental Response, Compensation and Liability Act, as it may be amended from time to time {"CERCLA"}, and any other Environmental Law), losses, 12 suits, claims, demands, judgments, fines, damages, penalties, costs and expenses (including all costs for investigation and defense thereof, including but not limited to court costs, reasonable expert fees and reasonable attorneys' fees and costs, including fees and charges for the services of paralegals or other personnel working under the supervision of such attorneys {"Attorneys' Fees"}) which may be incurred by, charged to or recovered from any of the foregoing: (i) by reason or on account of damage to or destruction of any property of Landlord, or any property of, injury to or death to any person resulting from or arising out of the use, occupancy or maintenance of the Premises or any Improvements, or the Tenant's operations thereon, or the acts or omissions of Tenant's officers, employees, agents, contractors, subcontractors, licensees ar invitees, regardless of where the damage, destruction, injury or death occurred, except to the extent that such liability, loss, suit, claim, demand, judgment, fine, damage, penalty, cost or expense was proximately caused by the person to be indemnified hereunder, (ii) arising out of the failure of Tenant to keep, observe or perform any of the covenants or agreements in this Lease to be kept, observed or performed by Tenant, or (iii) imposed on or assessed against the Landlord by reason of or arising out of any act or omission on the part of Tenant, any subtenant or any other person acting by, through or for Tenant or any subtenant of Tenant. Landlord agrees to give Tenant reasonable notice of any suit or claim for which indemnification will be sought by it hereunder, to allow Tenant or its insurer to compromise and defend the same to the extent of its interest and to reasonably cooperate with the defense of any such suit or claim. In carrying out its obligations hereunder, Tenant shall use counsel reasonably acceptable to the Landlord. The provisions of this Article shall survive the expiration or earlier termination of this Lease with respect to any acts or omissions occurring during the term of this Lease. ARTICLE XI. ENVIRONMENTAL MATTERS 11.1 Compliance. Tenant shall comply with all "Environmental Laws", which are defined as all applicable federal, state and local statutes, laws, ordinances, regulations, administrative rulings, orders and requirements pertaining to the protection of the environment, including but not limited to, the Landlord's rules and regulations, and including, 13 but not limited to those regulating the use, storage, handling and disposal of any contaminant, toxic or hazardous waste, or any other substance the removal of which is required or the use of which is restricted, prohibited or penalized under any federal, state or local statute, law, ardinance, regulation, rule or judicial or administrative order with respect to environmental conditions, health, or safety, including, without limitation, asbestos or petroleum products ("Hazardous Substances"). 11.2 Use Limitations. Further, during the Term of this Lease, neither Tenant nor any agent or party acting at the direction or with the consent of Tenant shall use, store, handle or dispose of by any means any Hazardous Substances at the Premises. 11.3 Audit by Landlord. Upon reasonable notice to Tenant, the Landlord may conduct or cause to be conducted through a third party that it selects, an environmental audit or other investigation of Tenant's operations to determine whether Tenant has breached its obligations under subparagraph (a) above. Tenant shall pay all costs associated with said investigation and if such investigation shall disclose any such breach by Tenant, and shall immediately remediate any contamination resulting from the same. 11.4 Final Audit. Within thirty (30) days prior to the expiration or termination of this Lease, Tenant shall commence a Phase I Environmental Assessment ("Phase I-EA") in accordance with ASTM Standard ASTM E-1527, or such other commonly recognized standard as may be in effect at that time, on the Premises. If the Phase I-EA reveals any areas of environmental concern that, in the Landlord's reasonable discretion, warrant further investigation, Tenant shall commence an appropriate Phase II Environmental Assessment ("Phase II-EA") including sampling and analysis of soil and groundwater necessary to determine whether or not contamination has occurred. Copies of the EAs shall be provided to the Landlord upon completion and shall be certified to be for the benefit of the Landlord by the environmental consultant performing the EA. Tenant shall promptly undertake and pursue diligently to completion any remedial measures indicated by the above-described environmental assessments. 11.5 Presumptions. Notwithstanding any other provision hereof Tenant does not undertake any obligation to remediate, or to take any other action with respect to any environmental condition not attributable to actions at the Premises (or elsewhere at the Airport) by Tenant, its officers, employees, agents, contractors, subcontractors, licensees or 14 invitees. However, it is agreed that Tenant will pay for a Level I environmental assessment of the premises prior to construction. In the event that said assessment reveals conditions that mandate a Level II or further assessment, payment for such further studies shall be the responsibility of the Landlord. After construction commences, the presence of any Hazardous Material on the Premises shall raise the presumption that Tenant is the cause of such presence and any flumes emanating from the Premises. 11.6 Continuing Obli ag tion. The provisions of this Article shall survive the expiration ar earlier termination of the Term of this Agreement. ARTICLE XII PREVENTION OF USE If, after the effective date of this Lease, the Tenant is precluded or prevented from using the leased premises for those primary purposes identified in Article IV of this Lease, by reason of any zoning law, ordinance or regulation of any Landlord having jurisdiction over the leased premises and such prohibition shall continue for a period in excess of ninety (90) consecutive days, the Tenant may terminate this Lease by giving Landlord fifteen (15) days notice in writing. The parties acknowledge that the provisions of this paragraph are entered into in lieu of all other legal remedies and procedures available to the Tenant concerning a change to the allowed uses of the Premises during the term of the lease, including an action in inverse condemnation, and all other such remedies are hereby specifically waived by the Tenant. ARTICLE XIII. EMINENT DOMAIN If all or any part of the leased premises shall be taken under a power of eminent domain by another governmental agency, all of the compensation or proceeds awarded for the taking of the land, building and/or improvements on the leased premises shall belong to the Landlord without reduction for the Leasehold interest of Tenant, subject to payment of any mortgage attached to and occasioned by construction of said improvements if the Improvements are not reconstructed. It is understood and agreed that all condemnation proceeds for any Partial Taking of the Premises shall be held in trust and used for the repair and reconstruction of the Premises and replacement of the Improvements, with any portion of 15 such proceeds not needed for such repair, reconstruction and replacement to be retained by Landlord. 13.1 Effect upon Term. Upon a Taking of the entire Premises, Tenant's interest in this Lease shall continue until the Taking is completed by deed, contract or final order of condemnation, unless otherwise specified by court order. If the Taking is of substantially all of the Premises, Tenant may, by notice to Landlord within ninety (90) days after Tenant receives notice of the Taking, elect to treat the taking in accordance with the preceding sentence. If Tenant does not so notify Landlord, this Lease shall remain in full force and effect covering the balance of the Premises not so taken, except that the Rent payable hereunder by Tenant shall be equitably adjusted (a "Partial Taking"). 13.2 Temporary Takin�s. Upon any Taking of the temporary use of all or any part of the Premises or Improvements, or both, neither the Term nor the Rent shall be reduced or affected in any way and Tenant shall be entitled to any award for the use or estate taken. 13.3 Option to Terminate. If either a temporary or partial taking is to such an extent that it is impracticable for the Tenant to continue the operation of its business on the leased premises, the Lease, at the option of either party, may be terminated. 13.4 Reservation of Rights. Nothing herein shall prevent the Landlord and/or the Tenant from seeking any and all damages sustained from the condemning agency by reason of the exercise of the power of eminent domain, specifically including the right of Tenant to claim business damages. ARTICLE XIV. GOVERNMENT SEIZURE In the event the United States Government, or any agency or subdivision thereof, at any time during the term of this Lease takes over the Airport which results in the Tenant being unable to operate under the terms of the Lease, then the Lease may be extended upon mutual agreement of the Tenant and the Landlord for an additional period equal to the time the Tenant has been deprived of the value of this Lease. If the duration of the seizure exceeds ninety (90) consecutive days, either party, at its sole discretion, may terminate this Lease. 16 ARTICLE XVI. DEFAULT The occurrence of any of the following shall constitute an event of default (an "Event of Default") by Tenant under this Lease: (i) the failure of Tenant to make any payment of Annual Rent, or any other payment required to be made by Tenant hereunder when due which failure is not remedied within ten (10) days following receipt of written notice from Landlord; (ii) the failure of Tenant to keep, observe or perform any other material covenant or agreement herein, and the continued failure to observe or perform any such covenant or agreement after a period of fifteen (15) days after written demand; (iii) commencement by or against the Tenant of an insolvency or bankruptcy proceeding, including, without limitation, a proceeding for liquidation, reorganization or for the readjustment of its indebtedness, or the insolvency of the Tenant, or an assignment or arrangement for the benefit of its creditors or the appointment of a receiver, trustee or custodian, provided, however, that any of the foregoing set forth in this subsection which is commenced by a person other than Tenant shall not constitute an Event of Default if it is discharged within sixty (60) days following receipt of written notice from Landlord; or (iv) the placement of any lien upon the Premises or any Improvements (excluding liens for taxes which are not delinquent and Mortgages permitted hereunder) which is not discharged of record by payment or bond within fifteen (15) days following receipt of written notice from Landlord, or any levy under any such lien 16.1 Remedies for Default. Upon the occurrence of an Event of Default, the Landlord may in its sole discretion pursue any of the following remedies, or such other remedies as may be available to the Landlord at law or in equity: (a) Landlord may terminate the Lease and re-enter and repossess the Premises; or (b) Landlord may, without terminating this Lease, terminate Tenant's right to possession of the Premises, retake possession of the Premises, and recover immediately from the Tenant damages calculated as follows: (i) all unpaid Annual Rent and other payments due from Tenant that had been earned at the time of termination of Tenant's right to possession, together with, (ii) the amount by which the unpaid Annual Rent and other payments due from Tenant earned after the date of termination of Tenant's right to possession 17 of the Premises until the time of award exceeds the amount of the loss of Annual Rent and other payments due from Tenant that Tenant proves has been or could have reasonably been avoided, together with, (iii) the worth, at the time of the award, of the amount by which the unpaid Annual Rent and other payments due from Tenant for the balance of the Term after the time of award exceeds the amount of the loss of Annual Rent and other payments due from Tenant that Tenant proves could reasonably be avoided. (For purposes of this subparagraph {iii}, the worth, at the time of award, of such amount shall be determined by discounting such amount in accordance with accepted financial practice to its present worth at a rate of interest of four percent {4%} per year.) For purposes of the calculation of damages described above, and in subsection (c) below, payments other than Annual Rent due from Tenant after the termination of Tenant's right to possession of the Premises shall be based upon the average of such payments payable during the thirty-six (36) month period prior to the termination of possession (or, if shorter, the prior period of the Term of the Lease). Upon entry of judgment for such damages, as described above, this Lease shall be deemed to be terminated; or (c) Landlord may, without terminating this Lease, terminate Tenant's right to possession of the Premises, retake possession of the Premises and re-let the Premises, or any part or parts thereof for the account of Tenant for a term which may, at Landlord's option, be less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease. In such event Tenant shall pay to Landlord any deficiency between the Annual Rent and other charges herein reserved and the net amount of the rents and other charges collected on account of any other lease of the Premises for each month of the period that would otherwise have constituted the balance of the Term of this Lease. Landlord may recover such deficiency from Tenant at the time each payment becomes due under the Lease, or, at Landlord's option, upon the expiration of the Term of this Lease. 18 Irrespective of the exercise of either of the above-referenced options, Landlord shall have the right to recover all unpaid Annual Rent, and other payments earned by Landlord prior to the date of termination of possession or of the Lease, and all of Landlord's costs, charges and expenses, including reasonable Attorneys' Fees, incurred in connection with the recovery of sums due under this Lease, or due to the breach of any covenant or agreement of Tenant contained in this Lease, including any costs and expenses of re-letting the Premises, such as all necessary repairs and renovations, all brokerage fees and Attorneys' Fees. Landlord will have the right at any time following an Event of Default to elect to terminate the Lease. No action taken by Landlord pursuant to this Article shall be deemed to terminate this Lease unless written notice of termination is given by Landlord to Tenant. 16.2 Remedies Non-exclusive. The rights and remedies given to Landlord by this Lease shall not be exclusive, and in addition thereto, Landlord shall have such other rights and may pursue such other remedies as are provided by law or in equity. All such rights and remedies shall be deemed to be cumulative, and the exercise of one such right or remedy by Landlord shall not impair its standing to exercise any other right or remedy. 16.3 Waiver of Statutory Requirements. Tenant hereby expressly waives any notices of default not specifically provided far herein, including, without limitation, the notice requirements provided for in Chapter 83, Florida Statutes, and all rights of redemption, if any, granted under present or future law in the event Tenant shall be evicted or dispossessed for any cause, or in the event Landlord shall obtain possession of the Premises by virtue of the provisions of this Agreement or otherwise. 16.4 Advances Bv Landlord. The Landlord shall have the option, without waiving or impairing any of its rights hereunder, to pay any sum or perform any act required of the Tenant, and the amount of and the value thereof, together with interest thereon, shall be secured by this Lease, and shall be promptly due and payable to the Landlord. If Landlord has paid any sums of money or incurred any obligation or expense for which Tenant is obligated to pay or reimburse Landlord, or if Landlord is required or elects to do so because of the failure of Tenant to perform any of the terms or conditions of this Lease, then the same shall be deemed Rent and shall be paid to Landlord in accordance with Article III herein. 16.5 Non-Waiver By Landlord. No waiver of any covenant or condition or of the breach of any covenant or condition of this Lease shall constitute a waiver of any subsequent 19 breach of such covenant or condition or justify or authorize the non-observance on any other occasion of the same or of any other covenant or condition hereof. The acceptance of Annual Rent, Rent or other payments from Tenant by Landlord at any time when Tenant is in default under this Lease shall not be construed as a waiver of such default or of Landlord's right to exercise any remedy arising out of such default, nor shall any waiver or indulgence granted by Landlord to Tenant be taken as an estoppel against Landlord, it being expressly understood that Landlord may at any time thereafter, if such default continues, exercise any such remedy in the manner hereinbefore provided or as otherwise provided by law or in equity. 16.6 Landlord's Lien. In the event of the Tenant's breach of any of the provisions of this Lease, the Landlord shall thereupon have a lien upon all revenues, income, rents, earnings and profits from the leased premises as additional security to the Landlord for the Tenant's faithful performance of each of the terms and provisions hereof, and to secure payment of all sums owing to the Landlord hereunder. Such liens shall be superior in dignity to the rights of the Tenant and any of its creditors or assignees or any trustee or receiver appointed far the Tenant's property, or any other person claiming under the Tenant. Upon the Landlord's termination of the Tenant's rights under this Lease by reason of the Tenant's default, all such revenues, income, rents, earnings and profits derived or accruing from the leased premises from the date of such termination by the Landlord shall constitute the property of the Landlord, and the same is hereby declared to be a trust fund for the exclusive benefit of the Landlord and shall not constitute any asset of the Tenant or any trustee or receiver appointed for the Tenant's property. The provisions of this paragraph shall be effective without the Landlord's re-entry upon the leased premises or repossession thereof, and without any judicial determination that the Tenant's interest under said lease has been terminated. 20 ARTICLE XVII LEASEHOLD ENCUMBRANCES Landlord will not subordinate its interest in the Premises or in this Lease to any Mortgage. ARTICLE XVII. NOTICES Any notice, report, statement, approval, consent designation, demand or request to be given and any option or election to be exercised by a party under the provisions of this Lease shall be effective only when made in writing and delivered (or mailed by registered or certified mail with postage prepaid) to the other party at the address given below: Landlord: City of Sebastian Attn: City Manager 1225 Main Street Sebastian, FL 32958 Tenant: Steven Philipson 415 Live Oak Drive Vero Beach, FL 32963 provided, however, that either party may designate a different representative or address from time to time by giving to the other party notice in writing of the change. Rental payments to the Landlord shall be made by the Tenant at an address to be furnished to the Tenant. ARTICLE XVIII. RIGHT TO INSPECT The Landlord may enter the leased premises upon reasonable notice: (a) To inspect or protect the leased premises or any improvement to a property location thereon; (b) To determine whether the Tenant is complying with the applicable laws, orders or regulations of any lawful Landlord having jurisdiction over the leased premises or any business conducted therein; 21 (c) To exhibit the leased premises to any prospective purchaser or tenant during the final sixty (60) days of the lease term, or at any time after either party has notified the other that the Lease will be terminated for any reason; or (d) To retrieve stored data from required security installments. No authorized entry by the Landlord shall constitute an eviction of the Tenant or a deprivation of its rights or alter the obligation of the Landlord or create any right in the Landlord adverse to the interest of the Tenant hereunder. ARTICLE XIX. REMOVAL OF FIXTURES At the expiration of the Lease, any and all trade equipment, signs and personal property, used by the Tenant in the operation of its business, on the leased premises shall remain the Tenant's sole property and the Tenant shall have the right to remove the same provided any damages in removal are repaired by the Tenant at Tenant's sole cost. However, any such property remaining on the Leased Premises more than fifteen days after said expiration shall be deemed the property of Landlord. Fixtures shall not be removed and are considered the property of Landlord. A fixture shall be defined as an article which was a chattel, but which, by being physically annexed or affixed to the realty by the Tenant and becoming incapable of being removed without structural or functional damage to the realty, becomes a part and parcel of it. Non-fixture personally owned by the Tenant at the expiration of the term or earlier termination of this Lease, for any reason, shall continue to be owned by Tenant and, at its option, may remove all such personally, provided the Tenant is not then in default of any covenant or condition of this Lease, otherwise all such property shall remain on the leased premises until the damages suffered by the Landlord from any such default have been ascertained and compensated. Any damage to the leased premises caused by the removal by Tenant of any such personally shall be repaired by Tenant forthwith at its expense. 22 ARTICLE XX. AIRPORT-RELATED RESTRICTIONS The Tenant acknowledges that the Landlord is required by law to operate under an Airport Master Plan and the Tenant covenants that he will use the leased premises consistent with the Airport Master Plan. The Tenant expressly agrees for itself, its successors and assigns, to restrict the height of structures, objects of natural growth and other obstructions on the leased premises to such a height so as to comply with all Federal Aviation Regulations, State laws and local ordinances, rules and regulations now existing and hereinafter promulgated. The Tenant expressly agrees for itself, its successors and assigns, to prevent any use of the leased premises that would interfere with or adversely affect the operation or maintenance of the Airport or otherwise constitute an airport hazard. The Tenant covenants and acknowledges that the use of the leased premises as proposed by the Tenant does not interfere with or adversely affect the operation or maintenance of the Airport or otherwise constitute an Airport hazard. The Landlord reserves unto itself, its successors and assigns, for the use and benefit of the public, a right of flight for the passage of aircraft in the airspace above the surface of the leased premises, together with the right to cause in such airspace such noise as may be inherent in the operation of aircraft, now known or hereafter used, for navigation or flight in the airspace, and for use of said airspace for landing on, taking off from, or operating on the Airport. ARTICLE XXI. NONDISCRIMINATION The Tenant for itself, its personal representatives, successors in interest and assigns, as part of the consideration hereof, does hereby covenant and agree as a covenant running with the land that (i) no person on the grounds of religion, gender, marital status, race, color or national origin shall be excluded from participation in, denied the benefits of, or be otherwise subject to discrimination in the use of the Tenant's facilities; (ii) that in the construction of any improvements on, over or under the leased premises and the furnishing of services thereon, no person on the grounds of religion, gender, marital status, race, color or national origin shall be excluded from participation in, denied the benefits of, or otherwise be subjected to discrimination; (iii) that the Tenant shall use the premises in compliance with all other 23 requirements imposed by or pursuant to Title 49, Code of Federal Regulations, Department of Transportation, Subtitle A, Office of the Secretary, Part 21, Nondiscrimination in Federally Assisted Programs of the Department of Transportation - Effectuation of Title VI of the Civil Rights Act of 1964. In the event of the breach of any of the above non- discrimination covenants, the Landlord shall promptly notify the Tenant, in writing, of such breach and the Tenant shall immediately commence curative action. Such action by the Tenant shall be diligently pursued to its conclusion, and if the Tenant shall then fail to commence or diligently pursue action to cure said breach, the Landlord shall then have the right to terminate this Lease and to re-enter and repossess said land and improvements thereon. ARTICLE XXII. ASSIGNMENT AND SUBLETTING Tenant shall not assign this Lease or sublet the leased premises or any portion thereof, or otherwise transfer any right or interest hereunder without the prior written consent of the Landlord, which consent may not be unreasonably withheld. If the Landlord consents, in writing, to the assignment, subletting or other transfer of any right or interest hereunder by the Tenant, such approval shall be limited to the particular instance specified in the written consent and the Tenant shall not be relieved of any duty, obligation or liability under the provisions of its Lease. ARTICLE XXIII. MISCELLANEOUS 23.1 Binding Effect. The terms and provisions of this Lease shall be binding on the parties hereto and their respective heirs, successors, assigns and personal representatives, and the terms of any Addendum attached hereto are incorporated herein. It is acknowledged that the validity of said lease is subject to its approval by the Federal Aviation Administration. 23.2 Applicable Law/Venue. In the event of litigation arising out of this writing, venue shall be in Indian River County, Florida and the terms of this Lease shall be construed and enforced according to the laws of the State of Florida except to the extent provided by Federal law. THE PARTIES HERETO SPECIFICALLY WAIVE THE RIGHT TO TRIAL BY JURY 1N ANY SUCH LEGAL PROCEEDING. 24 23.3 Attorneys Fees. In any action arising out of the enforcement of this writing, the prevailing party shall be entitled to an award of reasonable attorneys fees and costs, both at trial and all appellate levels, based upon the prevailing rates of private attorneys in the venue. 23.4 Identity of Interest. The execution of this Lease or the performance of any act pursuant to the provisions hereof shall not be deemed or construed to have the effect of creating between the Landlord and the Tenant the relationship of principal and agent or of a partnership or of a joint venture and the relationship between them shall be and remain only that of landlord and tenant. Each party covenants and agrees that it has no power to incur any indebtedness giving a right to a lien of any kind or character upon the right, title and interest of the other party in and to the property covered by this Lease, and that no third person shall ever be entitled to any lien, directly or indirectly, derived through or under the other party, or its agents or servants, or on account of any act of omission of said other party. All persons contracting with the Tenant or furnishing materials or labor to said Tenant, or to its agents or servants, as well as all persons whomsoever, shall be bound by this provision of this Lease. Should any such lien be filed, the Tenant shall discharge the same by payrnent or by filing a bond, or otherwise, as permitted by law. The Tenant shall not be deemed to be the agent of the Landlord so as to confer upon a laborer bestowing labor upon the leased premises, a mechanic's lien upon the Landlord's estate under the provisions of the Florida Statutes, or any subsequent revisions thereof. 23.5 Entire Agreement. This Lease contains all of the understandings by and between the parties hereto relative to the leasing of the premises herein described, and all prior or contemporaneous agreements relative thereto have been merged herein or are voided by this instrument, which may be amended, modified, altered, changed, revoked or rescinded in whole or in part only by an instrument in writing signed by each of the parties hereto. 25 TN WITNESS WHEREOF, the parties hereto have set their hands and seals the day and year first above written. ATTEST: Sally A. City Cle /��.� CMC Approved as to Form and Legality for Reliance by the City of Sebastian only: �,., � � � ",—� Rich Stringer, City Atto �y �D�4`. By: CITY OF SEBASTIAN A�tunicipal Corporation City Manager Corporate Seal: 26 Exhibit "D" Page 1 of 2 LEASE EXTENSION AGREEMENT THIS LEASE EXTENSION AGREEMENT, made and entered into this day of , 2029, by and between the CITY OF SEBASTIAN, a municipal corporation existing under the laws of the State of Florida, (hereinafter referred to as the "Landlord"), and **** (hereinafter referred to as the "Tenant") provides that IN AND FOR CONSIDERATION of compliance with the terms of that certain LEASE AGREEMENT between the parties dated January�, 2004, and the mutual covenants hereinafter provided, the receipt and sufficiency of which are hereby acknowledged, the parties have agreed as follows: L The Leasehold of the afore-mentioned Lease Agreement is hereby extended for an additional ten years from the date of the expiration of its Initial Term. 2. The Annual Rent for the first year of said extension shall be $**,***. Each year on the anniversary of the Effective Date, this Annual Rent shall be increased three percent (3%) above the existing amount. There shall be no appraisal adjustments during this extended term. 3. The Leasehold shall terminate at the end of this extended term and Tenant shall surrender possession of the Premises. 4. All other terms and provisions of the Lease Agreement shall remain in full force and effect unless application of the same shall lead to a ludicrous result. AGREED to on the date first set forth above. 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PHONE: f772) 770-9622 I'Al: (772) 77(1-9496 E-MAIL: sbsengCgate.net ADDENDUM TO AIRPORT NON-AVIATION LEASE AGREEMENT OPTION TO RENT ADDITIONAL ACREAGE THIS ADDENDUM/OPTION AGREEMENT, made and entered into this ��day of January, 2004, by and between the CITY OF SEBASTIAN, a municipal corporation existing under the laws of the State of Florida (hereinafter referred to as the "Landlord"), and STEVEN PHILIPSON, whose mailing address is 415 Live Oak Drive, Vero Beach, FL 32963 (hereinafter referred to as the "Tenant"). The Landlord and the Tenant are sometimes collectively referred to herein as the "parties". WITNESSETH: WHEREAS, The Landlord is the owner of certain property located in the County of Indian River, Florida; and WHEREAS, said property constitutes a portion of the Sebastian Municipal Airport (hereinafter referred to as the "Airport"); and WHEREAS, said property is available for aviation and industrial use for those activities consistent with or in support of aviation activity; and WHEREAS, the Tenant desires to undertake general commercial/industrial activities at Sebastian Municipal Airport and lease the said property from the Landlord; and WHEREAS, the parties have entered into that certain Airport Non-Aviation Lease Agreement on the��day of January, 2004; and WHEREAS, the Landlord has agreed to grant an option to lease such additional property as hereinafter described to the Tenant subject to those same certain terms and conditions as described in that Airport Non-Aviation Lease Agreement; Page -1- NOW THEREFORE, in consideration of the mutual covenants provided in that certain Airport Non-Aviation Lease Agreement, the receipt and sufficiency of which are hereby again acknowledged, the parties have further agreed as follows: ARTICLE I INTEGRATION INTO AIRPORT NON-AVIATION LEASE AGREEMENT The parties agree that this option agreement shall be integrated into and made a part of that Airport Non-Aviation Lease Agreement executed on the date listed above. The Airport Non-Aviation Lease Agreement shall be considered to have been executed prior to this Agreement, regardless and irrespective of the dates such Agreements were actually executed. All of the terms and conditions in that Airport Non-Aviation Lease Agreement are hereby incorporated into this Option Agreement. Any term or condition not addressed in this Option Agreement shall be supplied from that Airport Non-Aviation Lease Agreement. The parties enter into this Agreement in recognition of and notwithstanding Section 23.5 Entire Agreement of the Airport Non-Aviation Lease Agreement. Page -2- ARTICLE II ADDITIONAL PREMISES Landlord grants to Tenant the option to lease up to and including five acres of additional land. The additional optioned five acres shall be fully contiguous to the approximately three acres described in Exhibit "A" to that certain Airport Non-Aviation Lease Agreement as depicted in the sketch attached hereto as an Exhibit. Tenant may exercise his option to lease such additional lands in whole or in part, but any such option must be for land lying fully contiguous to the northernmost boundary of the Leased Premises (including any lands added thereto by partial exercise of an option hereto) and the new northern boundary of the Leased Premises as expanded thereafter must run from roughly perpendicular from Roseland Road to Airport Drive West. ARTICLE III TERM OF OPTION The term of the option shall be for three years beginning on the date of the execution of this Agreement. The election or non-election to lease any or all parts of the above-referenced five acres shall not cause this option to terminate sooner than three years. For example, Tenant may exercise his right to lease an additional one (1) acre in year one of the option, then thereafter elect to lease another additional one (1) acre in the second year of the option, and then thereafter elect to lease another additional acre in the third year of the option; however, nothing herein shall be construed to mean that Tenant shall have the right to make any election later than the expiration of the three-year period, nor for a cumulative total of land greater than five acres. Page -3- On the anniversary date of the execution of this Agreement, Tenant shall either pay the annual installment of the option price as set forth below, or give Notice of Terminatio� of the option. Failure to pay the amount due within fifteen (15) days of said anniversary date shall be deemed a termination of the option by Tenant. ARTICLE IV NOTICE OF ELECTION If Tenant desires to make an election or partial election, he shall provide notice as follows: At any time during the option period, Tenant shall cause to be delivered a Notice of Election to Landlord. Such notice shall follow the procedure provided in that certain Airport Non-Aviation Lease Agreement. Such notice shall contain a description of the additional land to be leased, and the date from which such lease shall commence; provided, however, that such commencement date shall be no later than the end of the three year period of the option. ARTICLE V OPTION PRICE Tenant shall pay to Landlord, in the manner described in that certain Airport Non- Aviation Lease Agreement, the following amounts per year for each remaining, but un-leased, acre or portion of an acre covered under this Option Agreement: First year Five hundred dollars ($500.00) Second year Seven hundred fifty dollars ($750) Third year One thousand dollars ($1000). Page -4- ARTICLE VI RENT FOR ADDITIONAL OPTIONED LAND The rent for any lease(s) of any portion of the additional five acres covered in this Option Agreement shall be made in the same amount and manner, and according to the same formula, as described for the original Leased Premises in that certain Airport Non-Aviation Lease Agreement. However, if Tenant makes the election to lease additional land under this Option Agreement, he shall receive as against his initial rent payments, a pro-rata credit for the amount of that option payment for that year which pertains to the additional land elected to be leased. For example, if at the end of the ninth month of the first year of the option, Tenant elects to lease an additional one (1) acre of land, then such future rent payment shall be calculated as described in that certain Airport Non-Aviation Lease Agreement, less that one hundred twenty- five dollars ($125) for the one-fourth pro-rata share of the amount already paid to the Landlord during the first year to secure the option on that acre. Such credit shall apply to the first rent payment in the full amount of the pro-rata option payment for that additional acreage, and then to subsequent rental payments until credit is given for the entire credited option payment as pertains to that particular now-leased acreage. Page -5- IN WITNESS WHEREOF, the parties hereto have set their hands and seals the day and year first above written. ATTEST: `� - � � �r — `— �:�� Sally A. Mai , CMC City Cler Approved as to Form and Legality for Reliance by the City of Sebastian only: ,�� `� Rich Stringer, City At�o ey �} teven P illipson CITY OF SEBASTIAN A M ' ipal Corporation f. � By: � Terrenc `. oore, Ci y anager Page -6-