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Florida East Coast RAI L W A Y , L . L . C . April 15 , 2005 Bruce Baker File : 226- 1 -0 Assistant Director INDIAN RIVER COUNTY PUBLIC WORKS Industrial Development & Real Estate Mr. Jim Davis, Director Indian River County Public Works 184025 1h Street Vero Beach, FL 32960 Dear Mr. Davis : The Indian RiverCount, Public Works (" IRCPRT") is currently a party to a Blanket License Agreement between the IRCPW and Florida East Coast Railway dated July 7, 1998 , (the "IRCPW ' s Agreement"), whereby certain portions of Railway ' s right-of-way are licensed to the IRCPW for 6 utility crossings . By letter dated March 21 , 2005 , we provided you a copy of the revised Schedule A to the IRCPW ' s Agreement reflecting the annual fee of $4 , 624 . 00 for the utility crossings based on the 2005 market rate . We also advised in that letter that to accommodate budgeting and other needs of city governments , as well as the Railway ' s administrative needs, utility licenses were being revised to provide for longer license terms and to tie future increases to a fixed rate . Proposed amendments to the IRCPW ' s Agreement to reflect these revisions were included in numbered paragraphs 1 , 2 and 3 of the March 21 , 2005 letter, for execution by the IRCPW . Based on requests and further review, the proposed amendments described at paragraphs 2 and 3 of the March 21 , 2005 , letter have been rewritten to add to and clarify the license cancellation provisions . The proposed amendments to the IRCPW ' s Agreement set forth in paragraphs 2 and 3 of the March 21 , 2005 letter are no longer applicable and are hereby withdrawn . There is no need to execute or return the March 21 , 2005 letter to us. To avoid confusion, all of the amendment provisions as revised are set forth below . Accordingly, upon execution of this letter agreement by the IRCPW , the IRCPW ' s Agreement is amended as follows : 1 . Paragraph 16 of the IRCPW ' s Agreement is hereby deleted in its entirety and replaced with the following : " 16 . Commencing with the initial term of this Agreement, Licensee shall pay in advance unto Railway for each year or fraction thereof, of the life of said crossing or other facilities , the applicable sums as listed on Schedule " A " attached hereto and :rade a part hereof. The applicable license fees listed on Schedule " A " shall be increased each year on the anniversary date of the Agreement, commencing on the anniversary date of the year 2006 , by the product of the annual fee in effect for the preceding year multiplied by one hundred percent ( 100%) of the percentage increase in the Consumer Price Index (CPI) , or 3 % whichever is greater . The base CPI will be the CPI for the month of the year preceding the effective anniversary date by ninety (90) days . The "CPI " shall mean the Consumer Price Index ( 1967 = 100 ), issued by the Bureau of Labor Statistics of the U . S . Department of Labor. No adjustment will be made for decreases in the CPI . " 2 . Paragraph 23 of the IRCPW ' s Agreement is hereby deleted in it entirety and replaced with the following : "23 . The licenses herein granted are subject to the needs and requirements of the Railway and Licensee shall, at the sole expense of Licensee , remove and/or relocate any existing crossings , appliances , fixtures or facilities upon sixty (60) days prior written notice to Licensee whenever, in the furtherance of its needs and requirements , Railway shall find such action necessary . Railway shall use good faith efforts to provide to Licensee a replacement location, on, over and across Railway property. Any appliances , fixtures , or facilities at the replacement location will be subject to this Agreement and Railway shall use good faith efforts to minimize the cost of and impact to Licensee of any such relocation. If no replacement location Ph: (904) 826-2269 9 Fax: (904) 826-2322 One Malaga Street • P. 0. Box 1048 • St. Augustine, FL • 32085- 1048