Okaloosa County BOCC — March 15, 2016 — Surfside Ventures Amendment

SIXTH AMENDMENT TO PUBLIC PARK LEASE BETWEEN OKALOOSA COUNTY AND SURFSIDE VENTURES, INC. This SIXTH AMENDMENT TO PUBLIC PARK LEASE (the “Sixth Amendment”) is hereby entered into between the Board of County Commissioners of Okaloosa County (the “County”) and Surfside Ventures, Inc. (“Surfside”). WHEREAS, the County, and Paradise Parks, Inc., the predecessor to Surfside, entered into a Public Park Lease on May 5, 1992, as recorded in Official Records Book 1729, at Page 490 (hereafter called the “Initial Lease”); and WHEREAS, the Initial Lease was amended pursuant to certain agreement dated March 2, 1993, and recorded in Official Records Book 1730, at Page 335 (the “First Amendment”); and WHEREAS, on June 23, 1998, the Initial Lease was amended which approved the transfer of the leasehold interest from Paradise to Surfside Ventures, Inc., and agreed in consideration for Surfside maintaining the lake property commonly known as Kiwanis Club of Fort Walton Beach Lake, to extent the Initial Lease for a period of thirty (30) years commencing December 1, 1992 as set forth in Minute Book 42, at Page 19 of the Official Minutes of the Board of County Commissioners of Okaloosa County (the “Second Amendment”). Under the Second Amendment, the Initial lease, as amended, would terminate on November 30, 2022; and WHEREAS, the Initial Lease was subsequently amended by an “Amendment to Public Park Lease” which was executed by the County on March 21, 2000 and by Surfside on April 19, 2000 (the “Third Amendment™). The Third Amendment is recorded in Official Record Book 2253, at Page 1153 of the Official Records of Okaloosa County, Florida. The Third Amendment, among other things, modified the Initial Lease as to the rent amounts, extended the Initial Lease for a terms of thirty (30) years beginning January 1, 1999, provided the approved development plans to construct space for the Okaloosa County Sheriff’s Department and Okaloosa County Emergency Medical Services Substation or other uses, set forth the responsibility for the provision of lifeguard services and required the provision of maintenance services; and WHEREAS, the Initial Lease, as amended was approve by the Board of County Commissioners at its meeting held on October 17, 2000 and recorded in Minute Book 44, at Page 394 of the Official Minutes of the Board of County Commissioners of Okaloosa County which reduced the gross square footage of space at the Okaloosa Island Boardwalk by 2500 square feet (the “Fourth Amendment”); and WHEREAS, the Initial Lease was amended by the approval of an “Agreement and Stipulation” on November 25, 2001 which is recorded in Official Record Book 2328, at Page 2747 of the Official Records of Okaloosa County, Florida (the “Fifth Amendment”). The Fifth Amendment modified the time period for the construction of the substation and modified the rent that the County would pay for that space; and WHEREAS, the parties desire to amend the Initial Lease, as amended, to provide an additional extension of time for the expiration of the Initial Lease, as amended, and to modify the rental rates to more closely address the market value of the leasehold interests granted hereunder. NOW THEREFORE, the County and Surfside do agree to amend the Initial Lease, as subsequently amended, to provide as follows: Section 1. Section 2 of the Initial Lease is hereby amended to read as follows in its entirety: Section 2. TERM: The term of this lease shall be extended for an additional ten (10) years beyond the expiration of the Initial Lease, as amended by the Third Amendment. The term of the lease granted by the Third Amendment extended the Initial Lease from January 1, 1999 and would expire on December 31, 2029. That term is now further extended for the period of January 1, 2030 and will expire on December 31, 2039. Section 2. Section 3 of the Initial Lease, as previously amended, is further amended to read as follows in its entirety: Section 3. RENT: Surfside shall pay