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2. AGREEMENT TO EXTENT OF USE. This lease is given to the Lessee to use or occupy the leased premises only
<br /> for those activities specified herein. The Lessee shall not(i)change or add to the approved use of the leased premises as
<br /> defined herein(e.g.,from commercial to multi-family residential, from temporary mooring to rental of wet slips, from rental of
<br /> wet slips to contractual agreement with third party for docking of cruise ships,from rental of recreational pleasure craft to
<br /> rental or temporary mooring of charter/tour boats,from loading/offloading commercial to rental of wet slips,etc.);(ii)change
<br /> activities in any manner that may have an environmental impact that was not considered in the original authorization or
<br /> regulatory permit;or(iii)change the type of use of the riparian uplands or as permitted by the Lessee's interest in the riparian
<br /> upland property that is more particularly described in Attachment B without first obtaining a regulatory per-mit/modified
<br /> permit,if applicable,the Lessor's written authorization in the form of a modified lease,the payment of additional fees,if
<br /> applicable,and,if applicable,the removal of any structures which may no longer qualify for authorization under the modified
<br /> lease. If at any time during the lease term this lease no longer satisfies the requirements of subparagraph 18-21.011(1)(b)7.,
<br /> Florida Administrative Code,for a fee waived lease,the Lessee shall be required to pay an annual lease fee in accordance with
<br /> Rule 18-21.011,Florida Administrative Code,and if applicable,remove any structures which may no longer qualify for
<br /> authorization under this lease.
<br /> 3. SUBMITTING ANNUAL CERTIFIED FINANCIAL RECORDS. Within 30 days after each anniversary of the
<br /> effective date of this lease,the Lessee shall submit annual certified financial records of income and expenses to the State of
<br /> Florida Department of Environmental Protection,Division of State Lands,Bureau of Public Land Administration,3900
<br /> Commonwealth Blvd,MS 130,Tallahassee,FL 32399. "Income"is defined in subsection 18-21 003(31),Florida
<br /> Administrative Code. The submitted financial records shall be certified by a certified public accountant.
<br /> 4 EXAMINATION OF LESSEE'S RECORDS: The Lessor is hereby specifically authorized and empowered to
<br /> examine,for the term of this lease including any renewals,plus three(3)additional years,at all reasonable hours,the books,
<br /> records,contracts,and other documents confirming and pertaining to the computation of annual lease payments as specified in
<br /> paragraph two(2)above.
<br /> 5.MAINTENANCE OF LESSEE'S RECORDS: The Lessee shall maintain separate accounting records for:
<br /> (i) gross revenue derived directly from the use of the leased premises,(ii)the gross revenue derived indirectly from the use of
<br /> the leased premises,and(iii)all other gross revenue derived from the Lessee's operations on the riparian upland property The
<br /> Lessee shall secure,maintain and keep all records for the term of this lease and any renewals plus three(3)additional years.
<br /> This period shall be extended for an additional two(2)years upon request for examination of all records and accounts for lease
<br /> verification purposes by the Lessor.
<br /> 6. PROPERTY RIGHTS: The Lessee shall make no claim of title or interest to said lands hereinbefore described by
<br /> reason of the occupancy or use thereof,and all title and interest to said land hereinbefore described is vested in the Lessor.
<br /> The Lessee is prohibited from including,or making any claim that purports to include,said lands described or the Lessee's
<br /> leasehold interest in said lands into any form of private ownership,including but not limited to any form of condominium or
<br /> cooperative ownership. The Lessee is further prohibited from making any claim,including any advertisement,that said land,
<br /> or the use thereof,may be purchased,sold,or re-sold.
<br /> 7. INTEREST IN RIPARIAN UPLAND PROPERTY: During the term of this lease,the Lessee shall maintain
<br /> satisfactory evidence of sufficient upland interest as required by paragraph 18-21 004(3)(b),Florida Administrative Code,in the
<br /> riparian upland property that is more particularly described in Attachment B and by reference made a part hereof together with
<br /> the riparian rights appurtenant thereto. If such interest is terminated or the Lessor determines that such interest did not exist on
<br /> the effective date of this lease,this lease may be terminated at the option of the Lessor. If the Lessor terminates this lease,the
<br /> Lessee agrees not to assert a claim or defense against the Lessor ansing out of this lease. Prior to sale and/or termination of the
<br /> Lessee's interest to the riparian upland property,the Lessee shall inform any potential buyer or transferee of the Lessee's interest
<br /> in the riparian upland property and the existence of this lease and all its terms and conditions and shall complete and execute
<br /> any documents required by the Lessor to effect an assignment of this lease,if consented to by the Lessor. Failure to do so will
<br /> not relieve the Lessee from responsibility for full compliance with the terms and conditions of this lease which include,but are
<br /> not limited to,payment of all fees and/or penalty assessments incurred prior to such act.
<br /> Page 2 of 18 Pages
<br /> Sovereignty Submerged Lands Lease No 310008014
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