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LONG TERM LEASE
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THIS LEASE, made and entered into this 23rd day of
May, 1973, by and between GULF ATLANTIC INVESTMENTS OF FORT
PIERCE, INC., a Florida corporation, hereinafter called the
"Lessor" and ISLAND HOUSE OWNERS ASSOCIATION, INC., a Florida
corporation not for profit, hereinafter called the "Lessee";
which terms "Lessor" and "Lessee" will be deemed to extend
to and ir,clude the successors and assigns of the said parties;
and ATLANTIC CONDOMINIUMS, INCORPORATED, a Florida corporation,
in its capacity as Owner and Developer of real property herein-
after described, its successors and assigns, hereinafter called
the "Developer";
W I T N E S S E T H:
WHEREAS, the Lessor is the owner of a parcel of land
in St. Lucie County, Florida, as more fully described in
Exhibit A attached hereto and by this reference made a part
hereof, and .
WHEREAS, Atlantic Condominiums, Incorporated, a Florida -
corporation, hereinafter called the "Developer", is the legal
and/or equitable owner of the parcel of land situate in St.
Lucie County, Florida, as more particularly described in
Exhibit B attached hereto and by this reference made a part
hereof, and
WHEREAS, the Developer intends to develop the parcel of
land described in Exhibit B and will submit a part thereof,
or all of said land, to the eondominium form of ownership,
and
WHEREAS, it is anticipated that the Developer will
establish three (3) separate condominiums, denominated Island
House Condominiums, Phase I, Phase II and Phase III, upon the
j parcel of land described.in Exhibit B and that each of said
~ three separate condominiums will include more than one apartment
~ building, and
WHEREAS, the Lessee was organized for the purpose of
operating said three condominiums, denominated Island House
~ Condominiums, Phase I, Phase II and Phase III, and -
WHEREAS, the Developer will offer the apartments contained
within the condominium apartment buildings comprising the three
separate condominiums for sale and the Owners thereof (including
the Developer) will be unit owners and members of the Lessee
corporation, and
WHEREAS, the Lessor will construct certain recreational
facilities upon the parcel of land described in Exhi.bit A,
as hereinafter set forth, which said parcel of land is
contiguous to the parcel owned by the Developer described
~ in Exhibit B, as hereinafter set forth, and
~ WHEREAS, the Lessor and the Lessee desire to provide
~ for the use of said recreational facilities by the Lessee
' and by the owners of such condominium apartments, tenants
of such owners, and their visitors and guests.
NOW, THEREFORE, in consideration of the mutual covenants ~
~ herein contained, it is agreed as follows:
~ 1'H!S INSTRUMENT PREPARED BY: ~
~ Frank H. Fee, III, Esquire, Of EXHIBIT "F" ~
F38, Parker & Fee, P A. FEE. PARKER & FEE. P.A. n/~~ ~f~~~
First Federal Buiidi~g ATTORNEVS AT LAW ~u~
Fort Pierce, Florida 3345Q POST OFFICE BOX
FORT PIERCE. FLORIDA 33450
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