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Prepared by: ~EN KINGREE, ATTORNEY AT LAW
1$1(' FI RST NATIONAL BANK TOWER 249823
ATLANTA, GEORGIA 30303
OUTDOOR RESORTS AT NETTLES ISLAND, INC.,
A CONDOMINIUrI
PROPERTY LEASE ~ '
i
THIS LEASE is made and entered into on this ~ da~y of
~ , 19~ by and between OUTDOOR RESORTS AT
NETTLES ISLAND, INC., A CONDOMINIl~1, a Florida corporation not for
profit, here~nafter referred to as "Lessor", and OUTDOOR RESORTS ~
, OF AMERICA, INC., a Tennessee corporation, hereinafter referred to
as "Lessee". -
WHERfAS, the Lessor desires to provide for the installation
and operation of a snack bar restaurant, private lounge and miniature
golf course in and adjacent to its recreation building for the benefit
and enjoyment of its members, guests and renters of the individual
lots, and
NHEREAS, the Lessor, being a non-profit association of lot
owners in the Condominium known as Outdoor Resorts at t~ettles Islana,
Inc. does nat have the necessary capital, experience or knowledge to
construct and operate these proposed facilities, and
WNEREAS, Outdoor Resorts of America, Inc. has agreed to
constru~t and operate these facilities, leasing a portion of the
comrqn use area owned by the Lessor for this purpose,
The Lessor and the Lessee, each in co~sideratioR of the
agreements to be performed by ~he other, hereby agree as follows:
1. RECREATION BUILDING AND PROPERTY LEASE. Upon terms
and conditions herein set forth and in considerat~on of the prompt
and continuous performance by Lessee of each and every one of its
covenants and promises herein made, the Lessor does let, lease, and
demise unto the Lessee, and the Lessee does hereby lease the following
described prope~ties, lying and being situated in St. Lucie County,
Florida, to wit:
BaoKz1~ P~z9~s