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0510 0 D.. FIRST AMENDMENT OF LICENSE AGREEMENT 17 A FOR USE OF COUNTY PROPERTY d.0 ( a - 0 % R THIS FIRST AMENDMENT is entered into as of the 1st day of May, 2012 , to that certain License Agreement for use of County Property , between INDIAN RIVER COUNTY , a political subdivision of the State of Florida, 1801 27`h Street, Vero Beach, FL 32960 ("COUNTY" ) and SEA OAKS PROPERTY OWNERS ASSOCIATION, INC . , a Florida not- for-profit corporation, 8811 Highway AIA , Vero Beach, FL 32963 (" SOPOA") . WHEREAS , on January 5 , 2010 , the parties entered into that certain License Agreement for use of County Property (" License Agreement") authorizing SOPOA to use certain real property described therein for limited purposes and for a time period ending on January 4 , 2015 ; and WHEREAS , for a variety of reasons , SOPOA has requested a ten ( 10) year extension of the License Agreement , which COUNTY is willing to grant, subject to the terms of this First Amendment, NOW , THEREFORE , in exchange for the mutual undertakings set forth herein, and other good and valuable consideration , the receipt and adequacy of which is hereby acknowledged , the parties agree , as follows : 1 . Recitals . The above recitals are true and correct and are incorporated herein . 2 . Extension . The term of the License Agreement is hereby extended to January 4 , 2025 . This extension is in lieu of and in replacement of the five (5 ) year option set forth in paragraph 1 of the License Agreement , which option is hereby eliminated . 3 . Termination . The License Agreement may be terminated at any time by either party upon one year written notice of termination to the other . This provision shall replace the second sentence of paragraph I of the License Agreement . 4 . Special Termination Provision - Annexation . Notwithstanding any other language set forth in the License Agreement, in the event that all or a portion of the Sea Oaks development is annexed into Indian River Shores , Florida, or any other municipality , the License Agreement shall automatically terminate one ( 1 ) year after the date of annexation . 5 . License Fee. Effective January 5 , 2015 , and on each January 5 thereafter for the duration of the License Agreement , the license fee set forth in paragraph 6 of the License Agreement shall be adjusted to reflect changes in the consumer price index for all urban consumers for the South, all items , 1982 - 84 equals 100 , as published by the U . S . Department of Labor, Bureau of Labor Statistics (" CPI") . The first CPI adjustment shall be effective on January 5 , 2015 and shall be based on the CPI increase , if any , for the five year period from October 2009 through October 2014 . Subsequent annual adjustments shall be based on the CPI increase , if any , for the twelve ( 12 ) month October to October period preceding the effective date C: An vineu,sand .Servings'Su/xudl7lLnca/ Sellingsi7'ontwaryInternet IWes lConlenf. Outlook 2U47 /;7.11)1hcense dgrerment (/St .4mdnipdoer Page 1 of 2