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NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the parties agree as follows: 1. BACKGROUND RECITALS. The Background Recitals are true and correct and form a material part of this Lease. 2. PROPERTY. The Landlord hereby leases to the Tenant, and Tenant hereby leases from Landlord the real property located in the County of Indian River, Florida, as more particularly described on Exhibit "1" attached hereto and by this reference incorporated herein in its entirety, together with the improvements, buildings, and facilities situated thereon (collectively referenced as the "Leased Premises"). Notwithstanding the foregoing, Landlord and Tenant acknowledge and agree that the building known as the "Gifford Aquatic Center" partially located on the Leased Premises is not a part of the leasehold estate granted under this Lease. 3. TERM. The initial term of this Lease shall be forty (40) years commencing November 19, 2002 and terminating on November 18,2042("Expiration Date"). 4. RENT. The rent for the Leased Premises shall be One Dollar (1.00) per year for each year of the term of this Lease, payable in advance on November 12 of each year of the term of this Lease . 5, USE OF LEASED PREMISES. During the term of this Lease, the Tenant shall use the Leased Premises for the public purposes provided by the Gifford Youth Activity Center, Inc, as the Gifford Youth Activities Center, which shall be opened to the public on a nondiscriminatory basis without regard to race, creed, handicap, or sex. 6. LEASED PREMISES LEASED "AS IS". Tenant agrees that the Leased Premises is being leased "as is" and that Landlord makes no warranty or guarantee of the condition of the Leased Premises or any of the improvements thereon. Tenant has examined the Leased Premises and has determined that the Leased Premises are suitable for Tenant's purposes. 7. COMPLIANCE WITH LAWS. Tenant shall comply with all of the laws, rules, ordinances, and regulations of the County, State and Federal Governments, and agencies regarding the use of the Leased Premises. 8. MAINTENANCE AND REPAIRS. The Tenant agrees to make any and all repairs and improvements to the Leased Premises and agrees to keep the Leased Premises in a safe, clean and attractive condition during the term of this Lease. Landlord agrees to mow grass and maintain the landscaping and shrubbery. Tenant agrees to maintain the automobile ,parking areas, driveways and the exterior of the building. Landlord's Renewal and Replacement Fund (see paragraph 13.13.), may be drawn upon for needed repairs with Board of County Commissioners' approval, but not for ordinary maintenance. Upon the expiration of the Lease, the Tenant shall surrender the Leased Premises quietly and peaceably in substantially the same condition as it was at the outset of this Lease, reasonable wear and tear and damage by the elements excepted. 2 161