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Page 6 of 29 Section 2.03. Option to Renew'. The Dodgers shall have four (4) successive options to renew this Agreement for a Renewal Term. The Dodgers shall exercise their right and option for each Renewal Term by serving written notice upon the County of their election to exercise each said option at least one (1) year before the expiration of the then -current Term. If the Dodgers fail to provide such notice within the aforementioned time, then the Dodgers' right and option to renew shall continue in full force until the County notifies the Dodgers that the renewal notice has not been received and the Dodgers fail to exercise their renewal rights within sixty (60) days after receipt of the County's notice, it being the intention of the parties that the Dodgers shall not lose any renewal right through inadvertence. Each Renewal Term shall be upon the same terms and conditions as the Initial Term. Section 2.04. Rent. The Dodgers shall pay to the County the sum of One Dollar (S1.00) per Lease Year as rent payable in advance. Section 2.05. Option to Purchase. As provided in the deed to the County from the Dodgers for the Land and Existing Facilities, if, at any time during the Term, the County offers to sell the Facility, the Dodgers shall have a right of first refusal to purchase the Facility for the lowest purchase price which the County would accept from any third party. The County shall not sell the Facility to any third party during the Term until the Dodgers have been given written notice of the purchase price and an opportunity to purchase the Facility for such price. In addition, immediately following the date on which the Bonds have been paid and retired and continuing until the expiration or earlier termination of the Term, if the Dodgers are still in possession of the Facility, then the Dodgers shall have the option to purchase the Facility at the Facility's then fair market value, whether or rm the County desires or has offered to sell the Facility to a third party_ The then fair market value of the Facility shall be calculated in accordance with the provisions set forth in Section 10.07, below_ ARTICLE IIi DODGERS' USE OF THE FACILITY Section 3.01. 1 ease and Grant of Management Rights with Respect to the Facility. The County hereby leases to the Dodgers, and the Dodgers hereby lease from the County, the Facility. Except as otherwise provided in this agreement, the Dodgers shall have the exclusive right to use, manage, and operate the Facility at their sole discretion in accordance with the terms and purposes of this agreement. During the Term, the County shall not lease to or grant to any person other than the Dodgers, the right to use, manage. or operate the Facility, subject to the provisions of Section 6.04, below. Section 3 02 The Dodgers' Rights and Obligations. Except as specifically provided in this Agreement, the Dodgers shall be exclusively responsible for managing. operating. and maintaining the Facilitv at their sole discretion and expense during the Term in accordance with the Maintenance Standards The Dodiers shall not cause, permit, or sutler am• waste or damage. disfigurement, or :v s -a c� cn J N Pace 6 of 27 https:Hori.indian-river.org///DocumentIGetDocumentForPrintPNG/?request=AQAA ANC... 5/25/2021