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affording the Tenant two (2) thirty (30) year options to renew and a third option for nine (9) year term. Section 2. Earlv Termination. This Lease can be terminated without financial costs to either the Landlord or Tenant by providing thirty (30) days notice to either party if Tenant is not able to hire an "Acceptable Vendor" as defined in Article VIII to operate the Aquatic Center as described in Exhibit "C", and/or if Tenant fails to obtain the appropriate funding on its construction financing for the construction of the Aquatic Center. Tenant shall have retained an Acceptable Vendor and obtain financing for the Aquatic Center within six months from the date of approval of this Lease by the City Commission. Section 3. Access to Premises. Subject to Tenant performing its obligations under this Lease, including payment of Rent hereunder, Landlord grants Tenant the non-exclusive right of reasonable ingress to egress from the Premises over Landlord's Property for itself and its officers, employees, agents, subtenants, invitees, vendors, and contractors. Tenant's right of access is subject to rules and regulations adopted by the City or other Governmental Authority. Tenant shall not interfere with or impair the use of the park and parking garage by the general public. Section 4. City's Use of Aquatic Center. Landlord shall have the right to use those portions of Tenant's Improvements described as ballroom or banquet facilities for City's sponsored events nine (9) times during each calendar year; provided forty five (45) days notice is provided to Tenant. Landlord shall be obligated to use catering services as designated by Tenant or Vendor. Section 5. Use of Premises. Tenant, at Tenant's sole expense, is authorized to develop, finance, construct, manage, maintain and operate an Aquatic Center and retail stores as described in Exhibit "C". Tenant may not use the Premises for any other purpose without prior written consent of the Landlord, which Landlord may grant or withhold in its sole and absolute discretion. ARTICLE II Rent Section 1. Rent. Commencing upon year five (5) of the lease ("Base Year") the Tenant covenants with respect to the Premises to pay Landlord a net annual rental each "Lease Year" (as hereinafter defined), over and above the other additional payments to be made by Tenant as hereinafter provided, in an amount equal to Three Hundred Twenty Four Thousand Dollars ($324,000.00 (Said net annual rental being hereinafter sometimes called "Basic Rent"), payable in advance in quarterly installments on the first day of each quarter of the Lease Year during the Term hereof to Landlord at 18070 Collins Avenue, Sunny Isles Beach, FI 33160 or at such other place as Landlord may from time to time direct by written notice to Tenant. If the obligation to pay Basic Rent commences on a date other than the first day of the quarter or the Lease is terminated before the end of a the quarter during a Lease Year, the Basic Rent for such Lease Year shall be proportionately reduced. For purposes of this Lease, "Lease Year" shall mean the twelve (12) month period from January I through December 31 of any year during the Term, 3 U:\City Attorney\HANS\2010 Documents\4m Investors\GROUND LEASE WORKING DRAFT 11.16.IO.doc