Laserfiche WebLink
SUBLEASE AGREEMENT <br />Sublease Number 4490-01 <br />THIS SUBLEASE AGREEMENT ("Sublease") by and between Indian River County, <br />Florida, a political subdivision of the State of Florida, whose address is 1840 25th Street, <br />Vero Beach, Florida ("County"), and Airmasters Radio Control Club, Inc., a Florida non- <br />profit corporation, whose address is Post Office Box 701147, Vero Beach, FL Attn: <br />President ("Airmasters" or Tenant"), is dated December 13, 2005, but shall take effect <br />upon receipt of approval by the Board of Trustees of the Internal Improvement Trust Fund <br />of the State of Florida on this 13 day of December 20 05 ("Effective Date"). <br />BACKGROUND RECITALS: <br />A. The parties acknowledge that title to the North County Regional Park premises <br />("North' County Premises") is held by the Board of Trustees of the Internal Improvement <br />Trust Fund of the State of Florida ("Board of Trustees") and is currently managed by Indian <br />River County, Florida under Board of Trustees' Lease Number 4490. <br />B. The County as Licensor entered an annual License Agreement with Airmasters <br />as Licensee effective November 12, 2002, for the use of a portion of the North County <br />Premises more specifically described in Exhibit "A" attached hereto and made a part <br />hereof ("Subleased Premises") and that License Agreement has been renewed annually; <br />and <br />C. Airmasters now operates and proposes to continue to operate and maintain a <br />radio control model airplane flying facility on the North County Premises that will provide a <br />recreational facility for the citizens of Indian River County and serve a legitimate public <br />purpose; and <br />D. The Board of Trustees, has previously provided written approval of the former <br />License Agreement and has now provided written approval of the Sublease and the <br />leasehold estate granted herein; and <br />E. Airmasters has asked the County to enter into a sublease agreement with a 20 - <br />year term that will allow Airmasters to maximize the value of the capital investments in the <br />Subleased Premises. heretofore made by Airmasters; and <br />F. In accordance with the request of Airmasters, the County desires to grant a <br />subleasehold estate in the Subleased Premises to, and enter into a 20 -year sublease <br />with, Airmasters as Tenant; and <br />G. On the Effective Date of this Sublease, the License Agreement shall be deemed <br />terminated. <br />154 <br />