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<br />e <br /> <br />LEASE TERM SHEET <br /> <br />The following summarizes the proposed terms and conditions of the Lease between the <br />City of Sunny Isles Beach, as Lessor, and 4M Investors, LLC, as Lessee of the land more <br />particularly described in Exhibit "A" attached hereto consisting of an approximate one <br />(1) acre site in the City of Sunny Isles Beach, Florida (the "Premises"). <br /> <br />1. Use of Property. The Lessee shall use the Property for the construction, <br />development and operation of an aquarium and related facilities including but <br />not limited to, a restaurant food, gift concessions, meeting rooms and patty <br />facilities (the "Aquarium"). The Aquarium will be open to the public and will <br />be used to promote tourism for the City of Sunny Isles Beach. <br /> <br />2. Construction. The Lessee shall be responsible for the construction of the <br />Aquarium at its own cost and expense. <br /> <br />3. Lease Term. The term of the Lease shall be for 99 years. <br /> <br />4. Rent. <br /> <br />a. For the first four years of the Lease no rent shall be payable. <br /> <br />e <br /> <br />b. Thereafter, the Base Rent shall be adjusted by an amount based on the <br />Consumer Price Index Increase over the base year. The base year shall be <br />the fifth year of the Lease term. The South Florida Consumer Price Index <br />of Miami-Fort Lauderdale shall be used in making the rental adjustments. <br /> <br />c. All rent shall be paid in quarter alIDual installments. <br /> <br />5. Real Estate Taxes. The Lease shall provide that the Lessee shall not be <br />responsible for the payment of any real estate taxes for the Propeliy or any <br />improvements thereon, unless required by law of the State of Florida. The <br />Lessor shall cooperate with the Lessee in any negotiations or requests or <br />application to exempt the Property and any improvements thereon from the <br />payment of real estate taxes. <br /> <br />6. Parking. The Lessor shall build an adjacent parking structure at Lessor's sole <br />cost and expense and provide adequate parking for the Aquarium. The Lessor <br />may charge visitors to the Aquarium a reasonable charge for parking which is <br />consistent with parking charges in the City of Sunny Isles Beach. <br /> <br />7. Subleases Concessions. The Lessee shall be permitted to sublease and/or grant <br />concessions for the use of portions of the improvements for uses related to the <br />Aquarium and all income derived therefrom shall be retained by the Lessee. <br /> <br />. <br /> <br />K:\DOCS\1466\O07\31 E7263.DOC <br /> <br />1 <br />