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<br />e <br /> <br />8. <br /> <br />Modifications to Improvements. The Lessee shall be permitted to modify and <br />renovate any improvements so long as such improvements or modifications <br />do not impair the value of the Aquarium and such modifications and <br />improvements are consistent with the principal use of an aquarium. <br /> <br />9. Approval of Sale. Any sale of the Aquarium by the Lessee shall require the <br />approval of the buyer by the Lessor, which approval shall not be unreasonably <br />withheld. <br /> <br />10. Due Diligence Period. The parties agree to finalize a binding lease and <br />development agreement within one hundred and twenty days (120) days from <br />the date of approval of the Lessee's proposal by the City Commission. The <br />parties may agree to extend the Due Diligence period for thirty (30) days. <br /> <br />11. Termination. The Lease is subject to termination by the City upon sixty (60) <br />day notice in the event of the Aquarium or project as contemplated is not <br />constructed or completed. <br /> <br />. <br /> <br />e <br /> <br />K:\DOCS\l466\OO7\31E7263.DOC <br /> <br />2 <br />