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51bi661
LEASE AGREEMENT
THIS INDENTURE OF LEASE, made and entered into this N~7~ day of February,
1981, by and between: YOON KAP KWON and IN SUN KWON, his wife, of 1750 Lullaby Ter-
race, Port Saint Lucie, Florida, 33452, Parties of the First Part, hereinafter ref-
ferred to as LESSOR, and TREASURE COAST OIL,INC., a Florida corporation, authorized
to and doing business in the State of Florida, having its principal place of business
at 911 North Second Street, Fort Pierce, Florida, 33454, Party of the Second Part,
hereinafter referred to as LESSEE,
WITNESSETH:
ARTICLE I.
PREMISES:
That Lessor, for and in consideration of the rents, covenants, and agreements
hereinafter mentioned, reserved and conditioned, on the part of Lessee to be main-
tained, paid, kept and performed, has rented, and leased, and by these presents does
hereby rent and lease unto Lessee the following dESCribed real estate, to-wit:
A portion of Tract "F" in Port Saint Lucie, Section 9, Plat Book 12,Page
39-A, which portion is at the Southwest cor~er of said Tract "F", front-
ing 200 feet on Port Saint Lucie Boulevard, extending Northerly along Cameo
Boulevard, a distance of 217.8 feet, and containing one acre, together with
all appurtenances thereunto belonging; and all easements in adjoining and ad-
jacent land, used or reasonably required for tne installation, maintenance,op-
eration and service of sewer, water, gas, power and other utility lines and for
driveways and approaches to all abutting highways for the use and benefit of
the above desr_ribed parcel of real estate.
And, tv induce Lessee to accept this lease and to exercise thereafter any purchase
refusal option, which may be herein contained, Lessor makes the fallorving repre-
sentations, ~ach of which shall be construed to be material in its nature, upon which
Lessee shall be entitled to rely:
(a)That the premises abut a minimum of 200 feet on the Northerly side of Port
Saint Lucie Bouievard, and abut a minimum of 218 feet~on the East side of Cameo Boule-
va rd ;
(b)That the premises contain not less than 43,600 squar~ feet;
(c)That all of Lessee's improvements(described below)to be constructed on this
property, will lie wholly within the boundaries of said above described premises:
A convenience store and motor fuel facility
A four(4)bay service center facility
That, to induce Lessor;to accept and enter into this lease, Lessee agrees to con-
struct the aforementioned four(4)bay service center facility on the demised pre-
mises, at a cost not to exceed the sum of $65,000. In the event'the proposed costs
of such project as it relates to the service center facility, exceed the sum of
$65,000, then in such event, Lessee agrees to finance any excess over the proposed
565,000, up to ~20,000, for a period of ten years, at the carmercial mortgage in-
terest rate in effect at the time of the loan at the Sun Bank of Saint Luci~e County,
Florida. In the event such loan is effectuated, Lessor shall have the privilege of
prepayment without per~alty. Lessor and Lessee hereby agree to mutual~y make appli-
cation to finance the construction of all improvements, and Lessor further agrees
to subordinate to a first mortgage for construction of the improvements on the de-
mised premises. Said subordination amount not tQ exceed the st of coi~struction of
the improvements on the demised premises.
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S R LESSEE
Page ? of 9 pages. ~
LESSO
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