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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 /> Raver 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 /> i <br />