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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 18-21.011(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(32), 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 the 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 /> 8. ASSIGNMENT OF LEASE: This lease shall not be assigned or otherwise transferred without prior written consent of
<br /> the Lessor or its duly authorized agent. Such assignment or other transfer shall be subject to the terms,conditions and provisions
<br /> of this lease,current management standards and applicable laws,rules and regulations in effect at that time. Any assignment or
<br /> other transfer without prior written consent of the Lessor shall be null and void and without legal effect.
<br /> Page 2 of 13 Pages
<br /> Sovereignty Submerged Lands Lease No. 310025634
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