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FEB 1 1984 so" 6 PAGE Q <br />4) Termination of Right of First Refusal. Once a contract has been presented <br />to the County under the right of first refusal, the County shall have 45 days to <br />either: (1) enter into with the City a substantially similar contract, as to price and <br />length of lease, or, (2) enter into a long-term lease (long-term being defined as any <br />period greater than 20 years), under a lease which provides that the annual lease <br />payment will be 100 of the fair market value of the leased land and which provides <br />that the fair market t,alue shall be adjusted annually using either the CPI Index or <br />a new property appraisal. The CPI Index shall be used unless the City chooses to <br />provide a new appraisal at the City's expense. Failure to enter into a contract <br />with the City within the 45 day period shall terminate the County's right of first <br />refusal to the land specified in the third -party contract. <br />5) Third party contracts for less than entire Airport Land. Should the City <br />accept an offer for less than the entire Airport Land and should the County not <br />excercise its right of first refusal, then, except when paragraph 6 below is <br />pertinent, the right of first refusal for the remainder of the Airport Land shall <br />remain intact for the remainder of the term of this agreement. <br />6) Contiguous Land. Should the County fail to exercise its right of first <br />refusal for a portion of the Airport Land, which, once leased to a third -party, <br />would separate the remainder of the Airport Land from the property owned by the <br />County for the criminal justice complex such that the Airport Land and the County <br />owned land are no longer contiguous, then the right of first refusal for the <br />remainder of the Airport Land shall terminate immediately. <br />IN WITNESS WHEREOF the undersigned City and County have caused this <br />agreement to be executed by their respective officers. <br />WITNESSES: CITY OF VERO BEACH, FLORIDA <br />�1 " , a - �Ij, - ,-, <br />N. <br />Charles P. Vitunac <br />City Attorney <br />-2- <br />Dorothy M Cain <br />Mayor <br />�f? <br />John Little t <br />City Manager <br />Richard Breen <br />Airport Director <br />_I <br />