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LICENSE AGREEMENT <br />'1111S LICENSE AGREEMENT entered into this day of <br />, 1982, by and between NORTH BEACH WATER <br />COMPANY, a Florida corporation (hereinafter referred to as <br />"Licensee"), and SENTINEL COMMUNITIES, INC., a Florida <br />corporation and VERO BEACH ASSOCIATES, LTD., a Florida limited <br />partnership, d/b/a FLORIDA COMMUNITIES LAND DEVELOPMENT CO., and <br />FLORIDA LAND COMPANY, a Florida corporation (hereinafter referred <br />to as "Licensor"). <br />WHEREAS, Licensee is a Florida corporation organized for the <br />purpose of developing a reverse osmosis water system in Indian <br />River County servicing a franchise territory as is more <br />specifically described in Indian River County Resolution No. <br />82-59 ; and <br />" <br />WHEREAS, Licensor is the owner of fee siwiple title in and to <br />that certain real property described on Exhibit A attached hereto <br />U which property will comprise the reverse osmosis water plant site <br />m <br />Wand access road --way to same; and <br />6 WHEREAS, Licensor has agreed to grant a license to Licensee <br />0 <br />i <br />granting Licensee the right to use the real property of Licensor <br />a <br />0 pursuant to the terms and provisions set forth below. <br />0 <br />U IT IS THEREFORE AGREED AS FOLLOWS: <br />Z <br />0 <br />1. For and in consideration of the sum of TEN DOLLARS <br />($10.00) and other valuable considerations, Licensor grants to <br />Licensee an exclusive license to possess, occupy and use the <br />property described on Exhibit A attached hereto for the purpose <br />of installing and constructing thereon a reverse osmosis water <br />treatment plant and associated facilities and for the further <br />purpose of providing access thereto. <br />2. Said license shall commence with the execution of this <br />License Agreement and shall terminate at such time as said <br />property is no longer utilized for the purpose of maintaining and <br />operating a reverse osmosis water treatment system and associated <br />facilities thereon. <br />3. There shall be paid to the Licensor, an annual license <br />fee which fee shall be equal to fifteen percent (15%) of the <br />market value of the property as determined by MAI appraisal, said <br />1 <br />