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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 and as conditioned by the permit(s) referenced in paragraph 1 of this lease. The Lessee
<br />shall not (i) change or add to the approved use of the leased premises as defined herein (e.g., from commercial to multi -family
<br />residential, from temporary mooring to rental of wet slips, from rental of wet slips to contractual agreement with third party for
<br />docking of cruise ships, from rental of recreational pleasure craft to rental or temporary mooring of charter/tour boats, from
<br />loading/offloading commercial to rental of wet slips, etc.); (ii) change activities in any manner that may have an environmental
<br />impact that was not considered in the original authorization or regulatory permit; or (iii) change the type of use of the riparian
<br />uplands or as permitted by the Lessee's interest in the riparian upland property that is more particularly described in
<br />Attachment B without first obtaining a regulatory permit/modified permit, if applicable, the Lessor's written authorization
<br />in the form of a modified lease, the payment of additional fees, if applicable, and, if applicable, the removal of any structures
<br />which may no longer qualify for authorization under the modified lease. If at any time during the lease term this lease no
<br />longer satisfies the requirements of subparagraph 18-21.011(1)(b)7., Florida Administrative Code, for a fee waived lease, the
<br />Lessee shall be required to pay an annual lease fee in accordance with Rule 18-21.011, Florida Administrative Code, and if
<br />applicable, remove any structures which may no longer qualify for 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 herebyspecifically 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
<br />with the riparian rights appurtenant thereto. If such interest is terminated or the Lessor determines that such interest did not exist
<br />on 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 arising out of this lease. Prior to sale and/or termination of the
<br />Lessee's interest in 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 13 Pages
<br />Sovereignty Submerged Lands Lease No. 310025634
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