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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 for
<br />those activities specified herein. The Lessee shall not (i) change or add to the approved use of the leased premises as defined
<br />herein (e.g., from commercial to multi -family residential, from temporary mooring to rental of wet slips, from rental of wet slips
<br />to contractual agreement with third party for docking of cruise ships, from rental of recreational pleasure craft to rental or
<br />temporary mooring of charter/tour boats, from loading/offloading commercial to rental of wet slips, etc.); (ii) change activities
<br />in any manner that may have an environmental impact that was not considered in the original authorization or regulatory permit;
<br />or (iii) change the type of use of the riparian uplands or as permitted by the Lessee's interest in the riparian upland property that
<br />is more particularly described in Attachment B without first obtaining a regulatory permit/modified permit, if applicable, the
<br />Lessor's written authorization in the form of a modified lease, the payment of additional fees, if applicable, and, if applicable,
<br />the removal of any structures which may no longer qualify for authorization under the modified lease. If at,any time during the
<br />lease term this lease no longer satisfies the requirements of subparagraph 18-21.01 l(1)(b)7., Florida Administrative Code, for a
<br />fee waived lease, the Lessee shall be required to pay an annual lease fee in accordance with Rule 18-21.011, Florida
<br />Administrative Code, and if 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: For purposes of this lease, the Lessor is hereby specifically authorized
<br />and empowered to examine, for the term of this lease including any extensions thereto plus three (3) additional years, at all
<br />reasonable hours, the books, records, contracts, and other documents ,confirming and pertaining to the computation of annual
<br />lease payments as specified in paragraph two (2) above.
<br />5. MAINTENANCE OF LESSEE'S RECORDS: The Lessee shall maintain separate accounting records for: (i) the gross
<br />revenue derived directly from the use of the leased premises, (ii) the gross revenue derived indirectly from the use of the leased
<br />premises, and (iii) all other gross revenue derived from the Lessee's operations on the riparian upland property. The Lessee shall
<br />secure, maintain and keep all records for the entire term of this lease plus three (3) additional years. This period shall be extended
<br />for an additional two (2) years upon request for examination of all records and accounts for lease verification purposes by the
<br />Lessor.
<br />6. PROPERTY RIGHTS: The Lessee shall make no claim of title or interest to said lands hereinbefore described by reason
<br />of the occupancy or use thereof, and all title and interest to said land hereinbefore described is vested in the Lessor. The Lessee
<br />is prohibited from including, or making any claim that purports to include, said lands described or the Lessee's leasehold interest
<br />in said lands into any form of private ownership, including but not limited to any form of condominium or cooperative ownership.
<br />The Lessee is further prohibited from making any claim, including any advertisement, that said land, or the use thereof, may be
<br />purchased, sold, or re -sold.
<br />7. INTEREST IN RIPARIAN UPLAND PROPERTY: During toe term of this lease, the Lessee shall maintain satisfactory
<br />evidence of sufficient upland interest as required by paragraph 18-21.004(3)(b), Florida Administrative Code, in the riparian upland
<br />property that is more particularly described in Attachment B and by reference made a part hereof together with the riparian rights
<br />appurtenant thereto. If such interest is terminated or the Lessor determines that such interest did not exist on the effective date of
<br />this lease, this lease may be terminated at the option of the Lessor. If the Lessor terminates this lease, the Lessee agrees not to assert
<br />a claim or defense against the Lessor arising out of this lease. Prior to sale and/or termination of the Lessee's interest in the riparian
<br />upland property, the Lessee shall inform any potential buyer or transferee of the Lessee's interest in the riparian upland property
<br />and the existence of this lease and all its terms and conditions and shall complete and execute any documents required by the
<br />Lessor to effect an assignment of this lease, if consented to by the Lessor. Failure to do so will not relieve the Lessee from
<br />responsibility for full compliance with the terms and conditions of this lease which include, but are not limited to, payment of all
<br />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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