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LEASE
<br />THIS LEASE, dated for convenience as of June 1, 1988, but
<br />effective as of the last (by date) of the acknowledgments appearing at the
<br />end hereof (the "Lease", which term sometimes is referred to in this
<br />document by use of such words as "hereto", "hereby", "herein", "hereof",
<br />"herewith", "hereunder" or other descriptive words or phrases having
<br />similar import), between INDIAN RIVER, COUNTY, FLORIDA (the "County"), a
<br />political subdivision of the State of Florida (the "State"), as lessor,
<br />and INDIAN RIVER COUNTY, FLORIDA SOLID WASTE DISPOSAL DISTRICT (the
<br />"District"), a dependent special district created by the County pursuant
<br />to Section 125.01(5)(a), Florida Statutes (1987), as lessee.
<br />WITNESSETH:
<br />WHEREAS, The District was organized and is existing as a
<br />dependent special district of the County under Ordinance No. 87-67, as
<br />amended, of the County; and
<br />WHEREAS, The County and the District have determined that the
<br />County, as lessor, shall lease to the District, as lessee, all land of the
<br />County used or useful in connection with the solid waste disposal system
<br />of the County, together with the existing landfill, solid waste transfer
<br />stations, buildings, structures and improvements and other tenements,
<br />hereditaments and appurtenant facilities and property, real, personal or
<br />mixed, now or hereafter located thereon or appurtenant thereto, together
<br />with all vehicles, machinery and equipment used or useful in connection
<br />with the operation thereof (the "Leased Premises"), for a single lease
<br />rental payment (hereinafter mentioned and defined as the "Lease Rental")
<br />payable upon delivery hereof, in the amount herein specified, for a term
<br />beginning the first day of June, 1988, and ending the second day of June,
<br />2002; Subject, however, to extension or termination as herein provided;
<br />and
<br />WHEREAS, The County and the District have determined that the
<br />District shall provide the financing required to provide funds to the
<br />District necessary for application for and toward the Project (hereinafter
<br />defined) by issuance and sale of $8,240,000 aggregate principal amount of
<br />Solid Waste Disposal System Revenue Bonds, Series 1988, to be dated as of
<br />June 1, 1988 (the "Series of 1988 Bonds"), to be issued and to be secured
<br />under Resolution No. 88-1 of the District, as amended (the "Resolution");
<br />and
<br />WHEREAS, The District has determined to issue the Series of 1988
<br />Bonds to provide funds required for the following: (1) to pay a portion
<br />of the costs and expenses of the closure of the existing landfill that is
<br />a part of the Leased Premises, acquiring and/or constructing additional
<br />land, equipment, additions and improvements to the Leased Premises and
<br />related real and personal property; (2) to fund a portion of a debt
<br />service reserve fund required for the Series of 1988 Bonds; and (3) the
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