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M M M sewer system and the land upon which it is located and to continue to operate the sewer system under County control; and WHEREAS, the Corporation and County have agreed upon the terms and conditions to be contained in said lease; and WHEREAS, the Board of County Commissioners of Indian River County, Florida, for and on behalf of the County of Indian River, have authorized the Chairman of the Board to execute this Lease Agreement on behalf of the County; and WHEREAS, the Corporation has by resolution agreed to enter into this Lease Agreement. NOW, THEREFORE, for and in consideration of the mutual covenants and promises herein contained, it is agreed as follows: 1. The Corporation hereby leases to the County the Corporation's sewer system and all of its appurtenances including the land upon which it is situate being described as follows: The West 10.34 acres of Tract 3, Indian River Farms Subdivision, Section 14-33-39. 2. The term of this lease shall be for a term .of ten (10) years and may be cancelled sooner by the County upon 30 day written notice to the Corporation at its last known address. In the event that the County cancels this lease and returns the system to the Corporation, the system sAall be returned in the same operating conditions as delivered to the County less reasonable wear and tear and not in violation of any governmental regulations either County, State or Federal. In the event that the County cancels said lease and returns the system to the Corporation, the County shall, at the option of the Corporation, dismantle and remove the plant and bear the expense of all environmental testing which may be required by any governmental agency at the time that the County decommissions or removes the system from service. 3. The rent for the entire term shall be Five Hundred Dollars ($500.00) payable in.annual installments of Fifty Dollars ($50.00), the first annual payment in advance at the time the A U G 11989 989 476