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THIS LEASE AGREEMENT made and entered into this day of <br /> 2013, by and between the City of SUNNY ISLES BEACH, a municipal corporation of the State <br /> of Florida (hereinafter referred to as "CITY") and NEWPORT OPERATING CORPORATION <br /> AND DR. ROBERT CORNFELD, (hereinafter referred to as "LESSEE"). <br /> WITNESSETH: <br /> WHEREAS, pursuant to Letter Agreement dated November 25, 2008, the City and <br /> NEWPORT OPERATING CORPORATION AND DR. ROBERT CORNFELD entered into a <br /> partnership agreement to rebuild the historic Newport Fishing Pier; and <br /> WHEREAS, the parties wish to amend the terms of the Letter Agreement, to provide the <br /> LESSEE with the exclusive right to operate the Pier, to offer for sale and sell food, beverages <br /> and other related ancillary products on the premises. <br /> NOW THEREFORE, in consideration of the premises and mutual covenants hereinafter <br /> contained to be observed and performed, the parties hereto do hereby covenant and agree as <br /> follows: <br /> 1. DESCRIPTION OF THE PIER, RESTAURANT FACILITIES, AND BAIT SHOP: <br /> For and in consideration of the mutual promises herein contained, the LESSEE agrees to <br /> assume full management, operation and maintenance of the Pier, its restaurant facilities, and <br /> bait shop, located at 16501 Collins Avenue, Sunny Isles Beach, Florida, which is owned by the <br /> CITY (hereinafter referred to as the "AREA"). Said AREA includes the Fishing Pier, a 5000 <br /> square feet restaurant area, and a bait shop. LESSEE accepts the AREA and all fixtures, <br /> improvements and equipment as is at the time of the delivery of the premises to LESSEE. <br /> 2. USE OF PIER, RESTAURANT FACILITIES, AND BAIT SHOP <br /> (a) LESSEE shall have the exclusive right to regulate entrance to the Pier, the <br /> restaurant facilities, and other facilities. LESSEE shall charge a fee of no more than $5 Dollars <br /> 2 <br />