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NOW , THEREFORE , in consideration of the mutual covenants contained herein, <br /> and other good and valuable consideration, the receipt and sufficiency of which are <br /> hereby acknowledged , Landlord and Tenant agree as follows : <br /> WITNESSETH : <br /> 1 . RECITATIONS. The foregoing " WHEREAS " clauses are hereby adopted and <br /> incorporated herein . <br /> 2 . LEASED PROPERTY. <br /> Landlord hereby leases to Tenant that certain real property located in the 1200 block on <br /> the south side of 16'h Street, Vero Beach , Indian River County , Florida, consisting of <br /> 69 , 870 square feet of land , as more particularly described in Exhibit A attached hereto <br /> and incorporated herein, hereinafter " Premises . " <br /> 3 . RESERVATION OF ACCESS EASEMENT . <br /> Landlord reserves a non-exclusive right of access , "Access Easement," over the westerly <br /> 40 feet +/- of the Premises to access Landlord ' s adjacent facilities as depicted in Exhibit <br /> B attached hereto and incorporated herein . <br /> 4 . TERM , OPTION TO RENEW. <br /> ( a) The initial term of this Agreement shall be forty (40 ) years , commencing <br /> onMail 77 2013 , and terminating on2053 . <br /> (b) This Agreement may be renewed for Lee additional ten ( 10 ) year terms at the <br /> conclusion of the initial term and each of the two successive terms ; provided , however, <br /> that Tenant is not in default hereunder, and provided that both parties agree to <br />such <br /> renewal in writing at least sixty days prior to the termination of the initial term and the <br /> termination of each successive term . <br /> 5 . RENT. <br /> During the term ( s ) of this Agreement , Tenant shall pay Landlord rent in the amount of <br /> twenty- five ($ 25 . 00 ) dollars per year upon execution of this Agreement and thereafter <br /> annually on or before the anniversary of the execution date of this Agreement . In addition <br /> to the above rental payments , Tenant shall pay all applicable taxes , fees , and assessments , <br /> if any . Such rental payments shall be subject to adjustment for any renewal terms by <br /> agreement of the parties . <br /> 6 . TERMINATION OF AGREEMENT BY TENANT . <br /> Tenant may terminate this Agreement at any time by providing sixty days written notice . <br /> CADocuments and Settings0reemanUcal Settings\Temporary Internet Files\OLK69\Transit Hub lease 4 11 2013 . doc 2 <br />