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LEASE AGREEMENT <br />THIS LEASE AGREEMENT ("Lease") dated as of November 19, 2002, <br />("Effective Date") between the BOARD OF COUNTY COMMISSIONERS OF INDIAN <br />RIVER COUNTY, FLORIDA, a political subdivision of the State of Florida (hereinafter <br />called the "Landlord") and Gifford Youth Activity Center, Inc., a Florida not for profit <br />corporation (hereinafter called the 'Tenant'). <br />BACKGROUND RECITALS <br />A. Indian River County is authorized pursuant to Section 125.38, Florida Statutes, <br />to lease real property owned by Indian River County to not for profit <br />organizations organized for the purposes of promoting community interest and <br />welfare. <br />B. On January 6, 1998, the Indian River County Board of County Commissioners as <br />landlord entered into a lease agreement with Progressive Civic League of <br />Gifford, Florida, Inc. as tenant for the Gifford Youth Activities Center (hereinafter <br />the "Progressive Lease"). <br />C. The Progressive Lease had a twenty-year term ending January 6, 2012. <br />D. Thereafter, an entity known as the Gifford Youth Activity Center, Inc, was <br />incorporated as a Florida not for profit corporation on December 27, 2001 and <br />organized exclusively for religious, charitable, scientific, literary, and educational <br />purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code <br />of 1986. <br />E. The Progressive Civic League of Florida, Inc. and the Gifford Youth Activity <br />Center, Inc. have agreed that the purposes of the Gifford Youth Activity Center <br />would now be best served by being under the auspices of the Gifford Youth <br />Activity Center, Inc. <br />F. On April 9, 2002, the Indian River County Board of County Commissioners <br />considered a request made by the Gifford Youth Activity Center, Inc. to become <br />the tenant of the Gifford Youth Activity Center either by the assignment of the <br />Progressive Lease or pursuant to a new lease. <br />G. The Indian River County Board of County Commissioners directed that: (i) a new <br />lease, having the Gifford Youth Activity Center, Inc. as tenant, be prepared for <br />the Gifford Youth Activity Center; and (ii) the Progressive Lease be terminated <br />as of the effective date of the new lease. <br />H. Landlord desires to lease the Leased Premises (as such term is hereinafter <br />defined) to Tenant on the terms and conditions set forth herein and Tenant <br />desires to lease the Leased Premises from Landlord on the terms and 'conditions <br />set forth herein. <br />160 <br />