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4. The aforesaid Lease Agreement is hereby modified
to read as follows:
I.
PREMISES LEASED
Lessor hereby leases unto Lessee the following. described
premises located in St. Lucie County, Florida, more particularly
described as follows, to wit:
The South 500 feet of CORAL COVE BEACH, SECTION ONE,
lying Easterly of the East right of way line of State Road•
A-1-A, said South 500 feet being also described as
- Tracts C, D, E, F and the South 1/2 of G, CORAL COVE
BEACH, SECTION ONE, as per plat thereof as recorded
in Plat Book 11, Pages 30A and 30B, of the Public Records
of St. Lucie County, Florida, containing approximately
9.6b2 acres, together with the right to the unobstructed
use of the Atlantic Ocean water front which comprises
the-East boundary thereof subject to the rights, if any,
of the public and all state and governmental agencies to
said water front.
II
TERM
The.term of this Lease is hereby modified to run for
a period of sixty (60) years commencing on the ~ day
of ~ PR 1980 , and ending on the ~ day
of /~~~'l~- 2040, unless otherwise extended or
modified by the parties in writing..
III
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RENT
The rent due hereunder shall be payable in advance -
without demand at such place or places as may be designated
from time to time by the Lessor in annual installments, as
follows:
Two Hundred Thousand Dollars ($200,000.00) for the
first year hereunder, receipt of which is hereby acknowledged
by Lessor.
One Hundred Thousand Dollars-($100,000.00) for
u each of the next four (4) succeeding years thereafter.
Thereafter, the annual rental shall be adjusted at
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~ five (5) year intervals, the first of which will occur five
(5) years from the date hereof and every five (5) years
thereafter, by increasing the annual payment for such five
(5) years by fifteen percent (15%) of what the annual payments
were for the preceeding five (5) year period (excluding from
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