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Agenda 01/24/2012 Item #16B11/24/2012 Item 16.8.1. EXECUTIVE SUNMIARY n Recommendation for the Community Redevelopment Agency (CRA) to approve an Extension and First Amendment to Lease Agreement with Budget Rent A Car System, Inc., permitting them to continue operating an existing business on CRA owned property located at 1933 and 1%5 Tamiami Trail OBJECTIVE: Recommendation for the Community Redevelopment Agency (CRA) to approve an Extension and First Amendment to. Lease Agreement with Budget Rent A Car System, Inc., permitting them to continue operating an existing business on CRA owned property located at 1933 and 1965 Tamiami Trail. 10-1 CONM RA ON: On July 28, 2009 the 'Community Redevelopment Agency approved the purchase of commercial properties located within the Gateway mini - triangle. Four (4) of the properties have tenants and existing leases. The lease with one of the tenants (Budget Rent A Car System, Inc.) is scheduled to expire on January 31, 2012. The existing lease allows for renewal option, however the tenant does not desire to exercise the option and desires to amend the lease to extend the expiration date and reduce the monthly rent rate to reflect'the decline and weakness of the current real estate market. The Bayshore/Gateway Triangle local advisory board and staff concurs that the decline and weakness of the real estate market warrants an adjustment in the rent rate and the adjustment is necessary to keep the tenant at the location. The proposed lease term extends the lease from January 31, 2012 to January 31, 2015 with a provision for (1) one (2) two year Tease extension. Commencing on January 31, 2012, the rent rate would be reduced from $7,000 per month to $5,000.00 per month, plus sales tax and increase by 3.0% each year thereafter. If the 2015 extension option is exercised a new rental rate would be negotiated at that time. Public notice was provided in accordance with Florida Statute 163.380 in the Naples Daily News, legal advertisement section. FISCAL ,,,_PACT: The revenues from the Lease will be utilized to service a portion of the Bayshore/Gateway Triangle CPA debt. LEGAL CONSIDERATIONS: This item is legally sufficient for. Board consideration. A majority vote is required. JW GROWTH MAN„AGEMN s There is no impact on the County's long -range planning effort $ErQh=N"T1QN: That the Collier County Community Redevelopment Agency Board approve the Extension and First Amendment to Lease Agreement with Budget Rent A Car System, Inc., and authorize the Chairman to execute same. PREPARED BY: Jean Jaur&n, Project Manager Bayshore/Gateway Triangle CRA Packet Page -1500- COLLIER COUNTY Board of County Commissioners Item Number: 16.13.1. 1/24/2012 Item 16.6.1. Item Summary: Recommendation for the Community Redevelopment Agency (CRA) to approve an Extension and First Amendment to Lease Agreement with Budget Rent A Car System, Inc., permitting them to continue operating an existing business on CRA owned property located at 1933 and 1965 Tamiami Trail. Meeting Date: 1/24/2012 Prepared By Name: jourdan_j Title: Project Manager, 1/6/2012 11:29:14 AM Submitted by Title: Project Manager, Name: jourdan_j 1/6/2012 11:29:15 AM Approved By Name: JacksonDavid Title: Executive Director, CRA, Date: 1/6/2012 3:02:29 PM Name: WrightJeff Title: Assistant County Attorney,County Attorney Date: 1/12/2012 8:17:32 AM Name: KlatzkowJeff Title: County Attorney, Date: 1/13/2012 4:44:45 PM Name: FinnEd Date: 1/13/2012 6:16:54 PM Packet Page -1501- Name: OchsLeo Title: County Manager Date: 1/16/2012 4:02:14 PM Packet Page -1502- 1/24/2012 Item 16.6.1. 1/24/2012 Item 16.13.1. EXTENSION AND FIRST AMENDMENT TO LEASE AGREEMENT THIS EXTENSION AND FIRST AMENDMENT TO LEASE AGREEMENT entered into this day of , 2012, between COLLIER COUNTY COMMUNITY REDEVELOPMENT AGENCY (hereinafter referred to as "Landlord "), as assigned, and BUDGET RENT A CAR SYSTEM, INC. (hereinafter referred to as "Tenant "). WITNESSETH In consideration of the mutual covenants contained herein, and other valuable consideration, the parties agree as follows: WHEREAS, C.C. Investments LLC, the former owner of property depicted in the attached survey, Exhibit A ( "Premises "), and Tenant have previously entered into a Lease Agreement dated October 7, 2008 and a letter of Agreement dated February 4, 2009 (collectively "Lease ") which are, attached as Exhibit B; and WHEREAS, on September 16, 2009, the Landlord acquired the property subject to the Lease Agreement and entered into an Assignment of Lease, dated September 14, 2009, attached as Exhibit C; and WHEREAS, Landlord and Tenant desire to extend the Term of the Lease Agreement from January 31, 2011 to February 1, 2015 ( "Extension Term ") and reduce the monthly rent; and WHEREAS, Landlord and Tenant desire to provide for an option to renew the Lease Agreement for one, two (2) -year period beyond the Extension Term subject to the conditions set forth herein; and WHEREAS, the Landlord and Tenant also desire to amend other provisions of the Lease Agreement in the manner set forth below. NOW THEREFORE, in consideration of the covenants and conditions set forth herein, together with Ten Dollars ($10.00) and other valuable consideration, the Lease Agreement is amended as follows: 1. The Term of the Lease as set forth in Section 1.02 (f) is hereby extended to January 31, 2015. 2. The Renewal Option set forth in Section 1.02 (g) and Section 1.05 of the Lease Agreement are amended provide for one, two (2) -year extension, which if exercised as provided for herein commence on February 1, 2015, subject to paragraph 2 (c) below. To exercise this Option, Tenant shall continue be required to serve written notice to Landlord ninety (90) days prior to the expiration of the Extension Term. The parties acknowledge that Landlord intends to sell the real property to a third party for redevelopment purposes. In order to facilitate Landlord's goals, the parties hereby agree to the terms and conditions set forth as follows: Packet Page -1503- 1/24/2012 Item 16.6.1. a) In the event Landlord determines that a sale of the Premises is likely to occur within the foreseeable future and Landlord desires that the Tenant vacate the Premises on the expiration of the Extension Term, Landlord shall notify the Tenant in writing no less than one hundred and eighty (180) days prior to the termination date of the Extension Term and Tenant shall at the end of the Extension Term vacate the premises. If Landlord serves Tenant with the aforesaid notice, the Lease shall terminate on the scheduled expiration date of January 31, 2015 unless otherwise agreed to by the parties in writing or as provided for in Section 2(b) below. b) If the Landlord serves Tenant with notice as provided for in Section 2(a) above and, during the 180 day period contained in Section 2(a), Tenant locates alternate premises before the expiration of the Extension Term, February 1, 2015, Tenant may proceed to vacate the Premises prior to the expiration of the Extension Term and thereupon, Tenant shall have no liability for rents due and payable after Tenant vacates the Premises and, if applicable, Tenant shall receive a refund of any prepaid rents. c) The Renewal Option is available to Tenant provided the Premises remains unsold prior to Tenant exercising Renewal Option, Landlord shall notify the Tenant in writing no later than one hundred and eighty (180) days prior to the Lease Termination Date and Landlord and Tenant shall sign a second amendment to the Lease Agreement granting the Tenant an additional two (2) -year Extension Term subject to the terms and conditions of the Lease Agreement, as amended, and subject to re- negotiated monthly rent, not to exceed fair market value. 3. Commencing on February 1, 2012, rent as set forth in Section 1.02 (h) of the Lease shall be modified to $5,000 per month, plus sales tax, and on February 1, 2013, the rent shall increase to $5,150.00 per month, plus sales tax, on February 1, 2014, the rent shall increase to $5,304.50 per month, plus sales tax. 4. Section 1.06, Termination/Relocation Rights, is deleted in its entirety. 5. The first paragraph of Section 8.05, Hold Harmless, is amended as follows ant the balance of Section 8.05 remains in full force and effect. Tenant shall save and hold harmless, indemnify and defend Landlord from any and all liabilities, claims, losses, or damages arising out of, or alleged to arise out of, or indirectly connected any operations of the Tenant under this Lease, and/or arising out of the presence at the place of business, or improvements thereto, of any agent, guest, customer, supplier, contractor or subcontractor of Tenant. The amounts of insurance maintained by the Tenant shall not be deemed a limitation on Tenant's agreement to indemnify Landlord. If Tenant becomes liable for any of the same in an amount in excess of the insurance, Tenant shall indemnify Landlord for the whole thereof. 6. Section 15.07 is deleted in its entirety. 7. Except as expressly provided herein, the Lease Agreement dated October 7, 2008, and the Letter of Agreement dated February 3, 2009 remains in full force and effect according to Packet Page -1504- 1/24/2012 Item 16.6.1. the terms and conditions contained therein, and said terms and conditions are applicable hereto except as expressly provided otherwise herein. IN WITNESS WHEREOF, the Landlord and Tenant have hereto executed this Extension and First Amendment to Lease Agreement the day and year first above written. AS TO LANDLORD: ATTEST: DWIGHT E. BROCK, Clerk , Deputy Clerk AS TO TENANT: w,WitnesS (Signature) - (Pript Name) Witness (Signature) . : 71�njl (-� J (Print Name) Approval for form and legal Sufficiency: Assistant County Attorney COLLIER COUNTY COMMUNITY REDEVELOPMENT AGENCY JIM COLETTA, CHAIRMAN BUDGET NT A CAR SYSTEM, INC. t By: . Wit` k Name: r^. ,. , 1:'� Title: 3 Packet Page -1505- the terms and conditions contained therein, and said terms and conditions are applicable hereto except as expressly provided otherwise herein. IN WITNESS WHEREOF, the Landlord and Tenant have hereto executed this Extension and First Amendment to Lease Agreement the day and year first above written. AS TO LANDLORD: ATTEST: COLLIER COUNTY COMMUNITY DWIGHT E. BROCK, Clerk REDEVELOPMENT AGENCY By: By. Deputy Clerk JIM COLETTA, CHAIRMAN AS TO TENANT: Witness (Signature) (Print Name) Witness (Signature) (Print Name) Approval for form and legal Sufficiency: Jeff Wriaht 'iitm Assistant County Attorney BUDGET RENT A CAR SYSTEM, INC. By: Name: Title: 3 Packet Page -1506- 1/24/2012 Item 16.13.1. qis e A t , iF ,t 1/24/2012 Item 16.13.1. 91; Cz C w � xam C� tea �R1 s f f 83 w , Ion all all i 4 $ for as +..e... [ On L $ wr q 0 & WOW g INC. narsa.�e..y�,pawor ,�� OS -119 Packet Page -1507- EXHIBIT LEASE AGREEMENT ARTICLE I - BASIC LEASE PROVISIONS 1/24/2012 Item 16.6.1. r SECTION 1.01. This Lease ( "Lease ") is dated the day of oe-fro 'R 7TH/ 2008, by and between C.C. Investments, LLC, (Landlord), and Budget Rent A Car System, Inc., ('Tenant "). ' r" SECTION 1.02. SUMMARY OF PROVISIONS. The following Lease provisions are an integral part of this Lease, are referred to in other sections hereof and are set forth in this section for the convenience of the parties. Each reference in this Lease to a Basic Lease Provision shall be construed to incorporate all of the terms set forth herein (a) Landlord: C.C. Investments, LLC 380 101h Street South Suite 103 Naples, Florida 34102 239 -285 -5008- phone 239 - 263 -1906- facsimile mkc0crnaoles.com- email (b) Tenant: Budget Rent A Car System, Inc. (c) Tenant's Address: 6 Sylvan Way Parsippany, NJ 07054 Attn.: Properties - Department (d) Location Address: Part of 1933 and 1965 Tamiami Trail, Naples, Florida 33980 (e) Premises: Entire office building estimated to be 1128 square feet. 0.98 acres and all parking spaces depicted in the survey as Exhibit "A ". (f) Term: Commencing on November 1, 2008 through and including December 31, 2011 subject to the following conditions being met: 1. Tenant is able to operate its business with all necessary business licenses and permits and conditions having been met by Landlord or Tenant; and 2. Receipt of all governmental Approvals (defined below), permits, and licenses, including but not limited to a special use /conditional use permit which shall be in writing and recorded; and 3. Landlord shall have satisfied all of the conditions of the Collier County Conditional Use Permit issued by the County, which conditions or requirements inciude'but are not limited to: installing a curb cut, closing off the west entrance onto US 41,and landscaping to block off the south entrance per the Collier County Department of Transportation requirements; any other landscaping, paving or Packet Page -1508- 1/24/2012 Item 16.6.1. other requirements or conditions imposed as a condition to the Approvals for Tenant to operate and open for Its business (collectively referred to as "Conditions "). The conditional use permit issued by Collier County shall be attached hereto and incorporated by reference as Exhibit E. Landlord responsible, at its sole cost and expense, for satisfying all the Conditions required by Collier County pursuant to the Conditional Use Permit and the Approvals. All paving, closing off the entrance to US 41, and any and all curb cuts imposed or required by the Approval process must be acceptable to Tenant, in its sole discretion, both as to the location /placement and size. If any of the foregoing conditions or Conditions are not met or Tenant is unable to secure all governmental approvals, permits, licenses, including the special use permit and occupancy permit ( "Approvals") for any reason whatsoever or the costs /conditions associated with Approval are cost prohibitive to Tenant as determined by Tenant in its sole discretion or the costs /condition associated with the Approvals will restrict Tenant's use of the Premises as determined by Tenant in its sole discretion, Tenant shall notify Landlord in writing of same and shall be entitled to cancel this Lease and shall thereupon be released and discharged of its obligations hereunder. If the Lease does not commence on November 1, 2008 because the conditions, Conditions or Approvals are not satisfied by November 1, 2008, the Commencement Date shall be the date Tenant is lawfully permitted to conduct its business with the Approvals having been granted. To the extent the lease commences on a day other than the first day of the month, then the first lease year (a period of twelve (12) consecutive full calendar months) shall commence upon the first day of the calendar month next following the date of the commencement of the term hereof. Each succeeding Lease year shall commence upon the anniversary date of the first lease year. (g) Renewal: One (1), Three (3) year option to extend the Lease. Rent for the first renewal term, if exercised, shall be $7,245.00 per month for the 1st year, $7,498.58 per month for the 2nd year, and $7,761.03 per month for the 3`d year. (h) Rent: Rent shall commence January 1, 2009, subject to the Landlord having completed all the Conditions required by the Conditional Use Permit, having completed and passed all final inspections by November 30, 2008 so that Tenant may open by January 1, 2008. ( "Rent Commencement Date "). To the extent that Tenant is unable to open or operate because Landlord has not fulfilled the requirements or Conditions of Conditional Use Permit or completed and passed all final inspections, the Rent Commencement Date shall be postponed on a per diem basis until such time as Landlord has fully satisfied Collier County's conditional use requirements. 2 Packet Page -1509- r . A 1/24/2012 Item 16.6.1. other requirements or conditions imposed as a condition to the Approvals for Tenant to operate and open for Its business (collectively referred to as "Conditions "). The conditional use permit issued by Collier County shall be attached hereto and incorporated by reference as Exhibit E. Landlord responsible, at its sole cost and expense, for satisfying all the Conditions required by Collier County pursuant to the Conditional Use Permit and the Approvals. All paving, closing off the entrance to US 41, and any and all curb cuts imposed or required by the Approval process must be acceptable to Tenant, in its sole discretion, both as to the location /placement and size. If any of the foregoing conditions or Conditions are not met or Tenant is unable to secure all governmental approvals, permits, licenses, including the special use permit and occupancy permit ( "Approvals") for any reason whatsoever or the costs /conditions associated with Approval are cost prohibitive to Tenant as determined by Tenant in its sole discretion or the costs /condition associated with the Approvals will restrict Tenant's use of the Premises as determined by Tenant in its sole discretion, Tenant shall notify Landlord in writing of same and shall be entitled to cancel this Lease and shall thereupon be released and discharged of its obligations hereunder. If the Lease does not commence on November 1, 2008 because the conditions, Conditions or Approvals are not satisfied by November 1, 2008, the Commencement Date shall be the date Tenant is lawfully permitted to conduct its business with the Approvals having been granted. To the extent the lease commences on a day other than the first day of the month, then the first lease year (a period of twelve (12) consecutive full calendar months) shall commence upon the first day of the calendar month next following the date of the commencement of the term hereof. Each succeeding Lease year shall commence upon the anniversary date of the first lease year. (g) Renewal: One (1), Three (3) year option to extend the Lease. Rent for the first renewal term, if exercised, shall be $7,245.00 per month for the 1st year, $7,498.58 per month for the 2nd year, and $7,761.03 per month for the 3`d year. (h) Rent: Rent shall commence January 1, 2009, subject to the Landlord having completed all the Conditions required by the Conditional Use Permit, having completed and passed all final inspections by November 30, 2008 so that Tenant may open by January 1, 2008. ( "Rent Commencement Date "). To the extent that Tenant is unable to open or operate because Landlord has not fulfilled the requirements or Conditions of Conditional Use Permit or completed and passed all final inspections, the Rent Commencement Date shall be postponed on a per diem basis until such time as Landlord has fully satisfied Collier County's conditional use requirements. 2 Packet Page -1509- 1/24/2012 Item 16.B.1. Commencing on the Rent Commencement Date, monthly rent shall be $6,000 for year 1, then $7,000.00 per month for the 2nd and 3rd lease years Any rent for less than a full calendar month shall be equitably prorated on a per diem basis. (1) Security Deposit: None. (j) Tenant's Use: Motor vehicle leasing and rental business, washing and associate uses as more particularly set forth below. SECTION 1.03. PREMISES. In consideration of the rents, covenants and agreements hereinafter contained, Landlord hereby leases to Tenant and Tenant hereby leases from Landlord, those certain premises containing approximately 1128 square foot building and 0.98 acres of land comprising part of 1933 and 1965 Tamiami Trail, Naples, Florida 33980, together with all available parking areas depicted in survey of Premises for Tenant's exclusive use (hereinafter "Premises "). A copy of the survey of the Premises is attached hereto and incorporated by reference as Exhibit "A ". SECTION 1.04. TERM. The Term of this Lease shall be for a period of three (3) years and two (2) months as set forth In Section 1.02(f) subject to the Conditions and Approvals in Section 1.02 being met. SECTION 1.05. RENEWAL OPTIONS. (a) Provided Tenant is not in default under the terms of this Lease Agreement Tenant shall have the right and option to renew the Term of this Lease Agreement for one (1) additional Three (3) year period upon the same terms and conditions as are herein set forth. Tenant may exercise this option by serving written notice to Landlord given ninety (90) days prior to the expiration of the applicable Term. if so exercised by Tenant, rent during the First Option Term (12/1111- 11/30/14) shall be $7,245.00 per month for the 15` year, $7,498.58 per month for the 2nd year, and $7,761.03 per month for the 3rd year. SECTION 1.06. TERMINATION /RELOCATION RIGHTS. A) Subject to the terms and conditions set forth below, if Landlord elects to redevelop the Landlord's entire property, which includes the section of the Premises (as depicted on Exhibit B attached hereto and Incorporated by reference) and parcels which are not demised to Tenant hereunder for the purpose of developing a strip mall, then Landlord shall do the following: (1) Notify Tenant in writing no later March 31, 2013 during the first option period of its intention and provide Tenant with a proposed set of plans: (2) Landlord's written notice and plans shall offer Tenant the right to relocate Tenant inside the strip mall to a comparable space with comparable parking and parking in the same proximity to the proposed new location as the proximity of the parking to the Premises, such proposed new location shall be depicted on Landlord's plans; (a) the build -out of the proposed new location shall be performed by Landlord at Its sole cost and expense with the space built out comparable to the current premises, which 3 Packet Page -1510- 1/24/2012 Item 16.13.1. M1' shall included a finished space with Flooring, painting, electrical, data lines, counters and the like in place and in tact; (b) Landlord shall be solely responsible for all costs and expenses incurred (directly or indirectly) in connection the relocation, including, but not limited to, making the proposed new location comparable to the Premises with improvements comparable to those in the original Premises and in quantity and quality to those in the original Premises; build -out of the proposed new location, costs of improvements, moving costs, stationary costs, telephone and datalines, counter (which may to the extent possible be relocated to the proposed new premises), costs for door lettering, telephone and data lines to be installed, transferred and set up; new faces on pylon sign or credit towards monument or existing signage to be relocated; reasonable quantities of new stationery; changes to directory assistance and such similar listing in all mediums employed by Tenant; Tenant's furniture, trade fixtures, back wail signs, computer and data equipment, personal property all set up in the proposed new space; (c) The new location has similar square footage as contemplated by this Lease and frontage along Tamiami Trail, Naples Florida; (iv) Landlord shall obtain, at Its sole cost and expense, and prior to the relocation, all necessary business license(s), zoning approvals, variances, building permits, special use permits, conditional use permits or a certificate of occupancy necessary for Tenant's use ( "Approvals "), including the right to rent trucks at the proposed new location. (d) Tenant shall be permitted to remain at the Premises until such approvals have been issued for Tenant's occupancy at the new proposed space. (e)Tenant shall have the sole right to consent or reject the relocation. If Tenant rejects the relocation, Landlord may terminate the Lease as provided for in (b) below. (f) Tenant would not be expected to move unless and until all Approvals which were previously granted are issued for the proposed new premises and the proposed new premises are ready for Tenant's use and occupancy and business. n (g) If Tenant relocates, each and every condition of this lease shall remain in full force and effect, except rent which must be mutually agreed upon by the parties. Rent and all financial amounts paid by Tenant to Landlord for the' proposed new space shall be reduced from the rents provided for herein and under all circumstances shall be discounted from the then current fair market value for such space. The term shall remain the same unless extended by the parties in writing. The parties shall memorialize their intent and agreement with regard to the new Premises by executing an amendment to the Lease. (2) If the parties are unable to agree on the relocation and the terms and conditions of same within two hundred and ten (210) days of receipt of Landlord's proposal to develop /construct the strip mall, (a) Tenant shall have the right to terminate the Lease upon written notice to Landlord and the termination would be effective as of November 30, 2014. (b) Landlord shall have the right to terminate the Lease provided Landlord has satisfied all of the foregoing conditions precedent as outlined in (a) above, Landlord shall have the right to terminate this Lease by serving written notice to Tenant and the terminate would be effective as of November 30, 2014. If the Lease is terminated, Landlord shall reimburse Tenant the cost of any unamortized Improvements or costs made by Tenant during the term, provided Landlord has given his prior approval to Tenant to make said improvement or Incur such costs, if any. (B) Subject to the terms and conditions set forth below, Landlord shall have the ability, at any time during term of this Lease or the first renewal term, subject to paragraph C below, to construct a roadway that connects Tamiami Trail and Davis Boulevard; and it is contemplated that such roadway may require Landlord to utilize a ten foot (10') strip of land along the left side of the Premises and a 55 x 84 x 115 segment of land in the rear of the premises. The rear portion to be utilized is depicted on Exhibit B, shown as the cross - hatched green portion of the premises. The ten foot (10') strip of land along the left side of the premises is depicted on Exhibit B, shown as the cross - hatched yellow portion of the premises -'� attached hereto and incorporated by reference. Landlord may do so provided the following conditions are met: 4 Packet Page -1511- IN 1/24/2012 Item 16.6.1. i I i—� (1) Landlord shall provide Tenant with at least one hundred and twenty (120) days written notice of its right to commence construction of the roadway and Landlord will provide Tenant with a set of plan; however, in each and every Instance, notice must be serve upon Tenant prior to September 30, 2010 for the initial term and prior to September 30, 2013 in the first option term; and (2) Tenant agrees that the curb cut and ingress and egress access to Tamlami Trail will be closed and that all access to the Premises will be through the roadway; and (3) Tenant shall agree to all proposed ingress and egress between Tamlami Trail and David Boulevard; and (3) Landlord shall pay all costs and expenses of building the roadway, blocking the entrance and any other conditions or requirements required per the Collier County Department of Transportation, Collier County or any other governmental body, agency, official or political subdivision; and (4) Rather than provide Tenant with a rent reduction for the land subject to the construction of the roadway, Landlord shall reduce Tenant's share of the real estate taxes set forth in Section 15.06 and insurance as set forth in Section 8.03 in proportion to the portion of the Premises taken to construct the roadway; and (5) Landlord will send Tenant a written proposal prior to constructing the parking setting forth the proposed new parking lot layout, which will serve as the basis for a reduction in Tenant's share of the real estate taxes as set forth in Section 15.06 and insurance as set forth in Section 8.03 consistent with paragraph (B)(4) above. The parking layout and proposal shall be approved by Tenant and Landlord in writing and shall set forth Tenant's reduced percentage of real estate taxes. This arrangement has been agreed to between the parties in lieu of a reduction in Tenant's base rent and it is of the utmost importance that Landlord provide Tenant with the same number of parking spaces as prior to the construction of the roadway whether such parking spaces are located on the Premises or adjacent thereto (as approved by Tenant) and that such parking shall be paved and striped in accordance with local and governmental building codes; In no event shall Tenant's parking be less than 31 spaces as indicated on the Site Plan submitted with Tenant's Conditional Use Permit application, attached as Exhibit C.; and 6) Landlord understands that such roadway construction will alter Tenant's parking as approved in the Conditional Use Permit issued by Collier County. Thus, Landlord shall obtain written pre - approval from Collier County allowing the change In Tenants parking and obtain, if necessary, at landlord's sole cost and expense an amended Conditional Use Permit for Tenant's use and occupancy of the altered premises. However, in no event shall Tenant's parking be less than 31 parking spaces. In the event Collier County approves the change in Tenant's parking, but allows less than Tenant's required 31 parking spaces, Tenant shall have the right to deny approval of such taking of land and roadway construction and Landlord shall be precluded from moving forward with the roadway construction. (6) Landlord's construction of such roadway is expressly conditioned upon Tenant consenting to the Landlord's roadway proposal, which consent shall not be unreasonably withheld or delayed, if Tenant does not issue its consent to the Landlord's roadway proposal, Landlord shall not proceed with such roadway. (C) The rights set forth in paragraph A above shall be exercisable only during the first option period and the rights set forth in Paragraph B shall be exercisable during the initial term or first option term. 5 Packet Page -1512- 1/24/2012 Item 16.6.1. Thereafter, Landlord's rights as set forth in this Section 1.06 shall lapse unless extended by the parties as i agreed to in writing. (D) The rights granted to Landlord pursuant to paragraphs A and B above shall in no event unreasonably Interfere with Tenant's use and enjoyment of the Premises and Landlord shall expressly require Its contractors, subcontractors, employees and agents to not unreasonably Interfere with Tenant's use and enjoyment of the Premises. (E) As set forth In Section 1.02(f), if the Lease does not commence on October 1, 2008, the dates for the first and second option renewal term, the dates to exercise such renewal options, and the dates Landlord must notify Tenant shall all be adjusted accordingly, to afford the same notice periods to the parties. SECTION 1.07. RENTAL PAYMENTS. Subject to the provisions of this Lease Agreement, Tenant agrees to pay Landlord during the Term, in advance on the first day of each calendar month all rental payments. Payments of rent shall be made by check to the order of the Landlord and forwarded by ordinary mail to the address set forth in Section 1.02(a) or to such other address as the Landlord may designate in writing. Any rent for less than a full calendar month during the first or last month of the lease Term will be equitably prorated on a per diem basis. ARTICLE 11- USE 11—N SECTION 2.01. USE. Landlord acknowledges and consents to Tenant's use and occupancy of the Premises for the operation of a motor vehicle leasing and rental business, including, but not limited to, washing Tenant's motor vehicles, cleaning of interiors of motor vehicles, outside storage and display of Tenant's motor vehicles, overnight parking of Tenant's motor vehicles, the sale of moving supplies, boxes and tape and all uses incidental and necessary to the foregoing including mechanical servicing and repair of Tenant's motor vehicles, unless Landlord gives its advance written consent for another use. Tenant shall have the right to use this location as an agency operator location. The term "motor vehicles" as used herein shall include, but not be limited to, cars, vans, cargo vans, trucks and sports utility vehicles and any ancillary equipment, trailers or services. SECTION 2.02. USE REQUIREMENTS. In addition to the Conditions and Approvals set forth in Section 1.02(f) above, in the event that local ordinances or regulations preclude, or substantially impede, restrict, or prohibit Tenant's use of the Premises or Tenant is unable to secure necessary business license(s), zoning approvals, variances, building permits, special use permits, conditional use permits or a certificate of occupancy or such approvals are cost prohibitive, Tenant may, at Tenant's option, terminate this Lease Agreement by giving ten (10) days written notice to Landlord in which event the rental payments shall be prorated as of the day specified in said notice and Tenant shall thereupon be released and discharged from the performance of all covenants, terms and conditions of this Lease Agreement. Tenant is under no duty, nor is Tenant obligated to exhaust all legal and /or administrative avenues to fully comply with such requirements. 6 Packet Page -1513- 1/24/2012 Item 16.6.1. Landlord further agrees without limiting Tenant's right to so terminate this Lease Agreement, that in the event any of the uses outlined in Article 2 hereof are or become substantially impeded, restricted or prohibited, Tenant shall have the right at Its option and at any time prior to Tenant's exercise of its right to terminate this Lease Agreement, to make any application prescribed by any governmental authority to permit or restore these uses or to contest the validity of any statute, ordinance, regulation or court decision impeding these uses at Tenant's own expense. Landlord further agrees that if Tenant desires to make application or contest the validity of any statute, ordinance, regulation or court decision or execute and record any memorandum of lease, that Tenant, may but shall In no event be required to do so at the Tenant's own expense, except as hereinbefore provided, and as Landlord further agrees that If any provision of law, act, rule, code, regulation, ordinance, or other provision of any state, municipal or other governmental department, division, bureau or agency shall require that the owner of the Premises join in, consent to, execute or institute any action, proceeding, or application that Landlord will give his consent thereto and Tenant may In its name, In Landlord's name or in both names, institute such actions or proceedings and make such applications as Tenant shall require for its enjoyment and use of the Premises, provided such action or proceedings shall be undertaken at Tenant's sole expense unless otherwise agreed to by the Landlord. ARTICLE III - POSSESSION SECTION 3.01. POSSESSION AND FAILURE TO DELIVER POSSESSION. Landlord warrants and represents that the Premises shall be free of any and all occupancies as of the Commencement Date. If the Landlord is unable to deliver possession of the Premises to the Tenant with all requirements and Conditions of the Conditional Use Permit, including but not limited to those set forth in Section 1.02(f), having been satisfied and final inspections passed and completed by December 31, 2008 so that Tenant may open no later than January 1, 2009, or if the fence in the rear of the Premises is not removed by October 1, 2008, or If the Premises are not delivered free of all occupancies, then, in addition to any other rights available to Tenant at law or in equity, Tenant's responsibility for rent shall abate proportionately or Tenant may, at its option, cancel this Lease without incurring any liability hereunder. SECTION 3.02. QUIET ENJOYMENT. Landlord warrants that it has good and marketable title to the leased Premises and that it has the right to lease the Premises to Tenant. If Tenant is not in default and subject to the Lease terms, Landlord warrants that Tenant's peaceable and quiet enjoyment of the Premises shall not be disturbed by anyone during the Lease Term, any Renewal Term and any period of holding over without any hindrance or molestation by Landlord or any person claiming lawfully under Landlord, subject however, to the terms of this Lease Agreement. SECTION 3.04. NON - COMPETITION. The Landlord covenants and agrees that it will not, during the Term of this Lease, lease or permit the leasing of any part of the Premises, or to be used as a motor vehicle rental business or for any other use permitted to Tenant by the terms of this Lease. 1/24/2012 Item 16.6.1. li ARTICLE IV - CONDUCT OF BUSINESS BY TENANT SECTION 4.01. COMPLIANCE WITH LAWS. (a) Following the Commencement Date and subject to Section 4.01 (b). below, Tenant, at Its sole cost and expense, but only insofar as the same apply to Tenant's specific use and occupancy of Premises, or any improvements or alterations constructed by Tenant or arise from Tenant's negligent acts or omissions, shall comply and shall cause the Premises to be in compliance with all applicable statues, laws, ordinances, rules, orders and regulations of every kind and nature now or hereinafter affecting said Premises or any part thereof. (b) Landlord warrants that as of the Commencement Date that the Premises in its current state and not as occupied by Tenant and its business, the Premises complies with all applicable federal, state, local or municipal laws, ordinances, codes, directions, guidelines, rules and regulations of the health officer, fire marshal, building inspector or other proper officials of the governmental agencies having jurisdiction or governmental subdivisions, including but not limited to ADA (as defined below) and the Premises is free of conditions that would render it unsafe for occupation and use. Landlord shall indemnify and hold harmless Tenant from and against any and all claims, causes of action, demands, costs and expenses (including reasonable attorney's fees) damages and liability of any kind or nature arising out of the failure to comply with all applicable laws, ordinances, codes, directions, guidelines, rules and regulations of the health officer, fire marshal, building inspector or other proper officials of the governmental agencies having jurisdiction or the unsafe condition(s) where such violation and /or non - compliance and /or unsafe condition(s) existed on or before the Commencement Date. ARTICLE V - ALTERATIONS AND SIGNS SECTION 5.01. TENANT ALTERATIONS. Tenant shall be permitted to make or cause to be made any alterations, additions or improvements to the Premises, or install or cause to be installed any exterior signs, floor covering, interior or exterior lighting, plumbing fixtures, shades, canopies or awnings or make any changes to the store front, mechanical, electrical or sprinkler systems without the prior written approval of Landlord, unless the cost of such alteration, addition or improvement exceeds $500,000. In cases where the cost of additions or improvements to the Premises exceeds $500,000 Tenant shall secure the Landlord's prior written approval, which shall not be unreasonably withheld or delayed. SECTION 5.02. SIGNS. Landlord agrees that Tenant shall have the right to make, place, install or display any signs, lights, lettering or painting for purposes of advertising any business lawfully conducted in the Premises in accordance with Collier County, Florida codes. Specifically, Tenant shall be granted the exclusive use to install its signage on the 8' x 8' pole sign outside the Premises as depicted in a rendering prepared by R &W Signs, Inc. The exact location, size and appearance of any of such advertising shall be determined solely by Tenant, except that it shall comply with all applicable provisions of the building codes and zoning regulations and other applicable provisions of the law. Tenant shall 8 Packet Page -1515- 1/24/2012 Item 16.13.1. have the right and option of repainting, repairing and removing any of such advertising at any time and from time to time. Tenant shall, at no additional cost to Tenant, have the right to use a full panel on both sides of all monument signs existing as of the Commencement Date designating the Premises. After all Tenant's on Davis Boulevard have utilized .a reasonable and proportionate amount of space on the Davis Boulevard sign per the Collier County sign code, if there is available space on the Davis Boulevard sign, Landlord will use its best efforts to provide Tenant with visibility for any such signage on Davis Boulevard consistent with this paragraph. Landlord will use its best efforts to provide Tenant with visibility for any such signage on Davis Boulevard consistent with this paragraph. SECTION 5.03. INDEMNITY AGAINST LIENS. if any mechanic's or other lien is filed against any part of the Premises by reason of any labor, material or service furnished to Tenant or for any change, alteration addition or repair to the Premises made by Tenant, Tenant shall cause such lien to be released of record by payment, bond or otherwise as allowed by law, at Tenant's expense, within twenty (20) days after the filing thereof. Tenant shall, at its expense, defend any proceeding for the enforcement of any such lien, discharge any judgment thereon and hold harmless Landlord from all losses and expenses resulting therefrom, including reasonable counsel fees and other expenses incurred by Landlord, If Landlord elects to defend such proceeding. SECTION 5.04. REMOVAL BY TENANT. All furnishings, trade fixtures, equipment, machinery, face plate sign (except sign monument is owned by Landlord) and personal property erected or installed In the Premises by Tenant shall remain the property of Tenant during the Term of this Lease. Upon termination of this Lease Agreement, Tenant shall remove all of its furnishings, trade fixtures, signs, equipment, and personal property installed in the Premises by it and shall repair any excessive or unreasonable damages caused by such removal, excepting damage caused by Casualty (as defined below), damage caused by fire, damage covered by insurance, damage for which it was Landlord's responsibility to insure, or damage caused by Acts of God. All other improvements, additions or alterations made to the property by Tenant shall remain with the Premises and shall become property of the Landlord upon termination of this Lease without compensation paid to Tenant. ARTICLE VI - MAINTENANCE OF PREMISES SECTION 6.01. OBLIGATIONS FOR MAINTENANCE. (a) Landlord warrants that the premises are in sound condition both structurally and mechanically, in compliance with applicable laws, rules, codes, statutes, regulations, and guidelines /guidance, including ADA (defined below) and free of asbestos and other Hazardous Material. Landlord warrants that as of the commencement of the Term hereof the Heating Ventilation and Cooling Systems ( "HVAC "), plumbing, septic (if applicable) and electrical services located on the Premises, and all electrical wiring and conduit shall be in a state of repair and in working order and comply in all respects with all applicable 9 Packet Page -1516- 1/24/2012 item 16.B.1. governmental laws, rules, codes, statutes, regulations and guidance /guidelines and the Premises shall be delivered to Tenant in broom dean condition. In addition, the Landlord warrants that the roof does not leak and all water /sewer connections were made prior to the Commencement Date. In the event the Premises do not conform to said codes and /or warranties, Tenant malt notify Landlord of the nonconformity and if Landlord fails to remedy any nonconformity within ten (10) days after receipt of Tenant's notice, Tenant may without further notice correct the nonconformity and offset and deduct the cost of such correction from any rent due or thereafter to become due to Landlord hereunder. If Landlord and Tenant fail to remedy the nonconformity as set forth herein, Tenant shall have the right to terminate this Lease. Landlord warrants that the HVAC is in good working order and Landlord agrees to pass along to Tenant any warranties on the roof, heating, air conditioning and HVAC, If any. (b) Tenant shall keep and maintain In good order, condition, and repair, excluding replacements, the Premises, Including doors, door checks, windows, window frames, plate glass, plumbing and sewage facilities within the Premises; maintain the heating, ventilation, air conditioning, located in the Premises, Tenant shall also be responsible for obtaining a quarterly HVAC maintenance contract to maintain the heating, air conditioning, ventilation, system(s). Landlord shall bear the responsibility for repairing the heating, air conditioning and ventilation system (HVAC) or replacing the HVAC once during the term if the system is too old to repair. Tenant shall also be responsible to maintain the lawn and landscaping to the extent same exists. Further, Landlord agrees to transfer its warranty for the HVAC to the Tenant. Tenant is also responsible for clogged toilets caused by Tenant's use, except under no circumstances shall Tenant be responsible for sewer main or other plumbing problems. Tenant's responsibility for outdoor lighting shall be limited to bulb replacement; all other electrical outdoor lighting shall be the Landlord's responsibility. (c) Landlord shall keep and maintain in good order, condition, and repair, including replacement of parts and equipment, if necessary, all plumbing and sewage facilities outside the Premises including free flow up to the main sewer line; replacement of heating, ventilation, plumbing, hot water heater, air conditioning and electrical systems and replacement of the sprinkler systems. Landlord shall be responsible for all structural repairs or replacements to the Premises ( "Structural" meaning exterior walls, roof, foundation, support members, septic system, exterior water /sewer mains and similar items) all of which replacements and repairs shall remain the Landlord's sole responsibility. Landlord shall be responsible for outside lighting (except light bulb replacement) and drainage. Landlord shall be responsible for repairs to the HVAC. Landlord shall be responsible for replacement of the HVAC once during the term. If Landlord replaces the HVAC during the term, Tenant shall be responsible for any subsequent replacements during the term If necessary. Landlord also warrants that as of the Commencement Date all outdoor lighting is in good working order. If Landlord refuses or neglects to commence and to complete repairs promptly and adequately, Tenant may, but shall not be required to do so, make and complete said repairs and Tenant may set -off the cost of said repairs against any rentals due to Landlord. 10 Packet Page -1517- 1/24/2012 Item 16.6.1. i , � l (d) Tenant shall not be obligated to repair or maintain the parking lot and Tenant's sole responsibility for the parking lot is for normal wear and tear, except that it is expressly agreed between the parties that Tenant's obligation for normal wear and tear shall be limited to repairing any pot holes It shall cause to the parking lot. Tenant shall under no circumstances be responsible for seal coating, asphalting or replacement of the parking lot. Tenant's obligation for normal wear and tear shall be capped at $1,000 per lease year; however, if the cost associated with a repair exceeds $1,000 per lease year, Landlord shall contribute another $1,000 to said repair. Repairs in excess of $2,000 per lease year shall be discussed and mutually agreed to between the parties, but neither party has an obligation to undertake or expend more than $1,000 per tease year. In addition to the foregoing, Landlord shall be responsible for repairs and or replacements (1) caused by unforeseen events, Including but not limited to, damage caused by underground sewer and utility lines which cause damage or sink holes in, on, under, or to the parking lot To the extent consistent with this Section 6.01(d), Tenant in its sole discretion may elect to notify the Landlord to undertake the repair, replacement or maintenance or Tenant may undertake the repair and abate its rental obligation in proportion to the cost incurred. SECTION 6.02. TRASH. Tenant shall keep the Premises orderly, neat, safe, clean and free from rubbish and dirt at all times. Tenant will be responsible for trash removal service. SECTION 6.03. EMERGENCY REPAIRS. it is expressly understood that in the event any emergency repair is required that is Landlord's responsibility pursuant to this Lease, Tenant shall have the right to Immediately make such repair, but must first attempt to contact Landlord and if unavailable, then proceed to fix the matter and, to deduct the costs thereof from any rent due or thereafter to become due to Landlord. ARTICLE VII - UTILITIES SECTION 7.01. UTILITIES. Landlord warrants that as of the Commencement Date, the Premises shall be separately metered and that all necessary utility connections have been made. Tenant shall, at its own expense pay for heat, air conditioning, ventilation, electric, gas, water, and sewer service used upon or furnished to the Premises. SECTION 7.02. DISCONTINUANCE AND INTERRUPTION OF UTILITY SERVICES. Landlord shall not be liable to Tenant for damages or otherwise if any utility shall become unavailable from any public utility company, public authority or any other person or entity, supplying or distributing such utility or for any interruption in a utility service including, without limitation, any heating, ventilation or air conditioning caused by the making of any necessary repairs or improvements or by any cause beyond Landlord's reasonable control, and the same will not constitute or be construed as a termination of this Lease or as a constructive or other eviction of Tenant. Packet Page -1518- 1/24/2012 Item 16.13.1. Notwithstanding the foregoing provisions of this section, if such utility interruption is caused wholly or in part by the negligent or willful act or omission of the Landlord, its customers, authorized agents, servants, employees, contractors or licensees, and lasts more than one (1) business day, Tenant's rent shall abate until such services are restored. Tenant shall have the option to cancel this Lease should the interruption, for which the Landlord is responsible as described above, continue for more than five (5) consecutive business days. ARTICLE Vlll - INSURANCE AND LIABILITY SECTION 8.01. TENANT'S LIABILITY INSURANCE. Tenant shall, during the entire Term hereof, keep In full force and effect, a policy of comprehensive general liability insurance with respect to the Premises, and the business operated by Tenant and any subtenants in the Premises, in which the single combined limits of such policy shall not be less than an aggregate of one million dollars ($1,000,000.00) and which shall name the landlord as an additional insured. A Certificate of Insurance naming the Landlord as an additional insured shall be delivered to Landlord. SECTION 8.02. RATE INCREASE. Tenant shall not carry any stock of goods or do anything in or about said Premises which will in any way increase the insurance rates on said Premises. SECTION 8.03. LANDLORD'S INSURANCE. Landlord shall, at Tenant's sole cost and expense, during the entire Term hereof, keep in full force and effect fire and extended insurance coverage for full replacement value of the Premises and improvements. In the event of a fire or other Casualty the insurance proceeds shall be used to restore the Premises unless this lease is terminated as provided in this paragraph. Tenant shall be named as an additional insured under any of the Landlord's insurance policies. Upon Landlord's receipt of the insurance bill, Landlord shall provide Tenant with a copy of the bill and evidence of payment. Within thirty (30) days of Tenant's receipt of the copy of the insurance bill and evidence of payment, Tenant shall reimburse the Landlord for Its share of the insurance bill, excluding Interest and late fees. The insurance bill is currently estimated at $3,500.00 annually. In furtherance of Section 1.06 and 1.07, Tenant's obligation pursuant to this Section shall be reduced if Landlord develops the strip mail or roadway and such reduction shall be in proportion to the property taken by Landlord in connection with the development. SECTION 8.04. WAIVER OF SUBROGATION. Anything in this Lease to the contrary notwithstanding, Landlord and Tenant each hereby waives any and all rights of recovery, claim, action or cause of action against the other for any loss or damage that may occur to the Premises or any improvements thereto, or any personal property of Landlord or Tenant, arising from any cause that (a) would be insured against under the terms of any property insurance required to be carried hereunder; or (b) is insured against under the terms of any property insurance actually carried, regardless of whether the same is required • 1'7 Packet Page -1519- 1/24/2012 Item 16.6.1. i hereunder. The foregoing waiver shall apply regardless of the cause or origin of such claim, including but not limited to the negligence of a party, or such party's agents, officers, employees or contractors. The foregoing waiver shall not apply if it would have the effect, but only to the extent of such effect, of Invalidating any insurance coverage of Landlord or Tenant. The foregoing waiver shall not apply if it would have the effect, but only to the extent of such effect, of invalidating any insurance coverage of Landlord or Tenant. SECTION 8.05. HOLD HARMLESS. Tenant agrees to defend, indemnify and hold harmless Landlord from and against any and all claims, causes, actions, demands, damages and liability of any kind or nature for Injury to the property of others and personal injury or death of persons caused by, arising out of or in connection with Tenant's use of the Premises or any part thereof caused wholly or in part by any act or omission of Tenant, Its customers, authorized agents, servants, employees, contractors or licensees, except that In no event shall Tenant indemnify or hold harmless Landlord against any claim, demand or damage arising out of the negligence of the Landlord, its agents, employees or invitees or with regard to items for which Landlord shall indemnify Tenant. Landlord agrees to defend, indemnify and hold harmless Tenant from and against any and all claims, causes, actions, costs and expenses of any kind (including without limitation, reasonable attorney's fees, expert's fees and consultant's fees) demands, losses, obligations, penalties, litigation, suits, proceedings, damages and liability of any kind or nature which may at any time be imposed upon, incurred by or awarded against Tenant for injury to the property of others and personal injury or death of persons caused by, arising from, out of or in connection with (including those incidental thereto) (a) by any act or omission caused wholly or in part of Landlord, its customers, authorized agents, servants, employees, contractors or licensees. or (b) any Hazardous Materials, mold and /or vapor intrusions on, in or affecting the land or any part thereof that were present on, in, under, about, at or under the land prior to the Commencement Date of this Lease and /or noted in the Site Assessment report conducted by Tenant's consultant (See Exhibit C attached hereto and incorporated by reference), or that were brought upon the land by Landlord or its agents or contractors or prior occupants or tenants of the Premises. Landlord further agrees to indemnify, hold harmless and defend Tenant from and against all liabilities, claims, penalties, fines, forfeitures, suits and the costs and expenses incident thereto resulting from fire, explosion, leakage or any other hazard or event incident to the presence of above ground or underground storage tanks, hydraulic lifts, pollutants, contaminants, vapor intrusion, hazardous substances or wastes, or releases of environmental pollutants in, on, at or from the property that destroy or damage any property, cause death or bodily injury to any person, or contaminate or adversely affect groundwater, surface water, soil or air, unless any such condition was caused solely by the Tenant's negligence. Landlord shall be responsible for the investigation, handling, removal and treatment of any Hazardous Materials on, in, about or under the land that are not caused by the acts or omissions of Tenant, its employees, agents or contractors. .111 Packet Page -1520- 1/24/2012 Item 16.6.1. As used herein, the term "Hazardous Material" means (a) any hazardous or toxic substance, material or waste, solid, liquid, or gaseous waste, substance or emission or any combination thereof, which may (i) cause or significantly contribute to an Increase in mortality or in serious illness, or (ii) pose the risk of a substantial present or potential hazard to human health, to the Premises, environment or otherwise to animal or plant life, and shall Include, without limitation, hazardous substances, materials, wastes or toxic substances, described, (a) defined or listed in the United States Department of Transportation Hazardous Materials Table (49 CFR 172.101 as may be amended or supplemented), the Resource Conservation and Recovery Act of 1976, as amended from time to time, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, the Toxic Substances Control Act, as amended from time to time, Hazardous Materials Transportation Act, as amended from time to time, the Environmental Protection Agency as hazardous substances (40 CFR Part 302 as may be amended or supplemented), or any other applicable federal, state or local Laws, and /or (b) vapor intrusion, substances, materials and wastes that are or become regulated under any applicable local, state or federal law, rule, regulation or guideline, or (c) oil or other petroleum products. ARTICLE IX - ATTORNMENT, SUBORDINATION AND NON- DISTURBANCE AGREEMENT n SECTION 9.01. SUBORDINATION. Tenant agrees that this Lease shall, at the request of the Landlord, be subordinate to any future first mortgage or deeds of trust that may be placed upon said Premises and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, replacements and extensions thereof, provided the mortgagee or trustee named in said mortgage or trust shall agree to recognize the Lease of Tenant in the event of foreclosure if Tenant is not in default. Tenant agrees, that upon the request of Landlord, any mortgagee, or any trustee, it shall execute whatever instruments may be required to carry out the intent of this section provided, however, that said instruments do not materially Increase the obligations or materially and adversely affect the rights of Tenant under this Lease. SECTION 9.03 NON - DISTURBANCE. Landlord agrees that it will obtain a Non- Disturbance Agreement for this lease from any present or future mortgagees of the Premises. ARTICLE X - CONDEMNATION SECTION 10.01. ENTIRE TAKING. In the event the entire Premises or the portions of the Premises (including Tenant's parking or any portions thereof) required for reasonable access to, or the reasonable use of, the Premises are taken or condemned by eminent domain at any time during the Term hereof or any Renewal Term, with or without litigation, the parties agree that the rent shall be prorated to the effective date of such taking and this Lease shall automatically cease and terminate on the earlier of the date title vests, or the date Tenant is dispossessed by the condemning authority and rental payments shall be prorated until the termination of the Lease Agreement as provided pursuant to this Section. The 1A Packet Page -1521- 1/24/2012 Item 16.6.1. Landlord, as owner of the fee, shall be entitled to the full and complete award made In such condemnation proceeding, but Tenant may prosecute a clalm(s) for any improvements it has made upon the Premises and nothing therein shall be construed as barring or preventing either party from prosecuting their rights, whether together or independently, in whatever manner they shall deem best. SECTION 10.02. PARTIAL TAKING. in the event the Premises (including Tenant's parking or portions thereof) shall be only partially taken in condemnation, and If in the reasonable business judgment of Tenant the balance of the Premises (including the balance 'of Tenant's parking or portions thereof) remaining after such partial taking renders it difficult or economically unfeasible for Tenant to continue operating from said remainder, then In such event, Tenant may terminate this Lease upon thirty (30) days prior written notice to Landlord. If Tenant exercises its right to terminate the Lease Agreement pursuant to this Section, rent due hereunder shall be prorated to the date specified in such notice. If Tenant does not terminate this Lease Agreement as provided above, this Lease Agreement shall continue In full force as to the remaining portion of the Premises and rent shall abate for the balance of the term remaining after such partial taking in the proportion that the area of the premises taken bears to the usable area of the premises immediately prior to the taking. The parties may prosecute whatever rights are available to them in connection with such partial taking. SECTION 10.03. REPAIRS. In the event this Lease continues as provided above, Landlord shall, at its own expense, promptly repair and restore the Premises, insofar as possible, to the condition that existed immediately prior to the taking. ARTICLE XI - DAMAGE AND DESTRUCTION BY FIRE OR OTHER CASUALTY SECTION 11.01. LANDLORD'S REPAIRS. If the Premises or any part thereof or any building or equipment thereon shall be damaged or destroyed by casualty or other cause (collectively "Casualty "), Landlord shall promptly repair, restore and rebuild all such damage, upon the same location, containing as much floor space and to substantially the same specifications as existed immediately before the damage or destruction occurred. at Landlord's its own expense. This repair and restoration shall be made within one hundred twenty (120) days from the Casualty date. If the Premises are not restored within the aforesaid time period, Tenant shall have the right to terminate the Lease and be discharged from its obligations pursuant to this Lease as of the date of the Casualty. SECTION 11.02. ABATEMENT OF RENT. If such damage or destruction renders the Premises untenable in whole or in part, Tenant's rent shall abate in proportion to the part of the Premises damaged or destroyed from the date of damage or destruction until the date of completion of restoration obligations on the part of Landlord in accordance with Section 11.01 above. 15 Packet Page -1522- 1/24/2012 Item 16.13.1. SECTION 11.03. TERMINATION. if the Premises are damaged or destroyed to such an extent as to require the substantial rebuilding of the Premises, Landlord or Tenant may elect to terminate this Lease Agreement by written notice to the other party given within thirty (30) days of the Casualty date. As used In this Section, substantial rebuilding is defined as "expenditure of fifty percent (50 %) or more of the j replacement cost of the Premises." SECTION 14.04. DEFINITION OF CASUALTY. The term "Casualty" as used in this Lease shall mean fire, hurricane, flood, tornado, rain, wind, elements or other acts of God, regardless of whether the same reasonably could be foreseen; riot, civil commotion, or other acts of a public enemy, and the theft, vandalism, or other criminal or tortious acts of third parties. ARTICLE XII - DEFAULT AND REMEDIES SECTION 12.01. TENANT'S DEFAULT. Each of the following constitutes a material default by Tenant: a) Tenant's failure to pay rent or additional rent within ten (10) days after Tenant receives written notice from Landlord of Tenant's failure to pay such rent or additional rent; b) Tenant's failure to perform or observe any other Tenant obligation after a period of thirty (30) business days or the additional time, if any, that is reasonably necessary to promptly and diligently cure the failure, but in no case later than ninety (90) days except If such �-. delay is outside Tenant's control or subject to events of force majuere, after it receives written notice from Landlord setting forth in reasonable detail the nature and extent of the failure and identifying the applicable Lease provision(s). C) Tenant uses the Premises for any purpose in contravention of the uses expressly authorized herein. d) The estate created In Tenant hereby is taken in execution or by other process of law, or all or a substantial part of the assets of Tenant is placed in the hands of a liquidator, receiver or trustee (and such liquidation, receivership or trusteeship is involuntary and is not vacated within thirty (30) days), or Tenant makes an assignment for the benefit of creditors or is adjudicated bankrupt, or Tenant institutes any proceedings under any federal or state insolvency or bankruptcy law as the same now exists or under any amendment thereof which may hereafter be enacted, or under any other acts relating to the subject of bankruptcy wherein the Tenant seeks to be adjudicated bankrupt or to be discharged of its debts, or any involuntary proceeding is filed against Tenant or any under any such insolvency or bankruptcy law. SECTION 12.02. LANDLORD'S REMEDIES. In addition to the remedies given to Landlord in this Lease Agreement or under the law, upon any event constituting Tenant's default, Landlord may: a) Terminate this Lease through summary proceedings or similar process of law. Landlord ^ shall be entitled to recover from Tenant all reasonable damages directly incurred by Landlord by reason of Tenant's default, including, but not limited to, the reasonable cost 16 Packet Page -1523- 1/24/2012 Item 16.6.1. i of recovering possession of the Premises, reasonable expenses of reletting, excluding renovation and alteration of the Premises, reasonable attorneys' fees, and that reasonable portion of any leasing commission paid by Landlord and applicable to the unexpired term of this Lease. Unpaid installments of rent or other sums shall bear interest from the date due at the maximum legal rate not to exceed seven percent; or b) Maintain Tenant's right to possession, in which case this Lease shall continue in effect whether or not Tenant shall have abandoned the Premises and whether or not the Premises are relet. In such event, Landlord shall be entitled to enforce all of Landlord's rights and remedies under this Lease, Including the right to recover the rent and any other charges and adjustments as they become due hereunder; or c) Pursue any other remedy now or hereafter available to Landlord under the laws of judicial decisions of the State of Florida, excluding those which would have the effect of accelerating rent or liquidated damages. SECTION 12.03. MITIGATION. Landlord shall make a good faith effort to mitigate its damages by making reasonable efforts to relet the Premises on reasonable terms. Landlord may relet the Premises for a shorter or longer period of time than the Lease Term and make any necessary repairs or alterations. SECTION 12.04. LANDLORD'S DEFAULT. Landlord's failure to perform or observe any of Its Lease obligations, for a period of thirty (30) business days after receiving written notice from Tenant shall be deemed a default of the provision(s) containing the obligation(s). Without further notice the Tenant may terminate this Lease unless such default is cured within thirty (30) days after Landlord's receipt of such notice or, if the default is of such a nature that It cannot be cured within such period, Landlord takes the necessary steps to cure such default and thereafter diligently pursues to cure the default. if Landlord commits a default, Tenant may pursue any remedies given In this Lease or under the law. ARTICLE XIII — ASSIGNMENT AND SUBLETTING SECTION 13.01. Except as noted in Section 13.03, Tenant may not assign this Lease, in whole or in part, without obtaining the prior written consent of Landlord, which consent shall not be unreasonably withheld or delayed. SECTION 13.02. Tenant or Its assignee shall have and is hereby given the right to sublet the Premises subject to all of the rent terms and conditions of this Lease without the Landlord's prior written consent. it Is specifically understood and agreed that any such subletting shall not relieve Tenant of the obligations hereunder specifically including the payment of all monies due under the Lease. SECTION 13.03. Notwithstanding the provisions of Sections 13.01 and 13.02, Tenant shall be permitted to assign or sublease, either in whole or in part, to an affiliate or subsidiary of Tenant or to any acquirer of all or any material portion of the business, assets, ownership interests, or to any other business without the Landlord's prior written consent. 17 Packet Page -1524- 1/24/2012 Item 16.13.1. SECTION 13.04. Notwithstariding the foregoing provisions of Article 13 or as otherwise provided for in this Lease, in the event Tenant assigns or sublets the Premises, either in whole or in part, the assignee or sublessee's use may be any other lawful purpose and shall not be restricted to the uses as set forth herein. ARTICLE XIV - GOVERNING LAW SECTION 14.01. GOVERNING LAW. This Lease shall be governed by and Interpreted in accordance with the laws of the state in which the Premises are located. SECTION 14.02. SEVERABILITY. If any provision of the Lease Is Illegal, invalid or unenforceable under present or future laws effective during the Term of this Lease, then the remainder of this Lease shall continue in effect and be enforceable to the fullest extent permitted by law. ARTICLE XV - MISCELLANEOUS SECTION 15.01. LANDLORD'S RIGHT OF RE -ENTRY AND INSPECTION. Tenant covenants and agrees that Landlord, or Landlord's agents or representatives shall have the right to enter upon the Premises upon reasonable notice and at all reasonable times for the purposes of examining or inspecting the Premises; for the purpose of making repairs required herein. SECTION 15.02. AMERICANS WITH DISABILITIES ACT. Landlord warrants that the Premises as will be utilized by the Tenant, Its agents, employees, servants, licensees and invitees complies with the Americans with Disabilities Act of 1990 ( "ADA "), 42 U.S.C., Section 1201, at sea. Any improvements required by ADA shall be made at Landlord's own expense. Any improvements made by Tenant shall be done in compliance with ADA. Landlord shall indemnify, defend and hold harmless Tenant against and from any and all claims, causes; actions, demands, damages and liability of any kind or nature, by, or on behalf of, any person, firm, corporation or association arising from any alleged violation of ADA, except as such allegations pertain to Tenant's improvements; and from all costs, attorney fees, expenses and liabilities incurred in the defense of any such claim or any action or proceeding brought thereon. SECTION 15.03. CONSENT. Whenever in this Lease Landlord reserves or is given the right and power to give or withhold its consent to any action on the part of Tenant, such right.and power shall not be exhausted by Its exercise on one or more occasions, but shall be a continuing right and power for the full Term of this Lease. SECTION 15.04. CUMULATIVE REMEDIES. No remedy or election given by any provision of this Lease shall be deemed exclusive unless so expressly Indicated, but each shall, wherever possible, be 18 Packet Page -1525- 1/24/2012 Item 16.6.1. i i i cumulative and in addition to Al other rights and remedies available elsewhere in this Lease or at law or equity. SECTION 15.05.. Intentionally deleted. SECTION 15.06. TAXES. During the Term, Landlord shall be responsible for the payment of all real estate taxes, assessments and other governmental charges levied or assessed against the Premises. In addition, Tenant shall be responsible for payment of all sales and excise taxes imposed by law on the rental payments to be made hereunder. Upon Landlord's receipt of the real estate tax bill, Landlord shall provide Tenant with a copy of the real estate tax bill. Within thirty (30) days of Tenant's receipt of the copy of the tax bill and evidence of Landlord's payment, Tenant shall reimburse the Landlord for its share of the tax bill, excluding interest and late charges. The entire real estate tax bill is currently estimated at $10,955.75 annually. Tenant's share of the real estate tax bill Is 100 %, The Landlord warrants that the real estate tax bill consists only of the Premises demised to Tenant hereunder and does not include other parcels which are not demised to Tenant hereunder. A true and exact copy of the real estate tax bill is attached hereto as Exhibit D. In furtherance of Section 1.06 and 1.07, Tenant's obligation pursuant to this Section shall be reduced if Landlord develops the strip mail or roadway and such reduction shall be In proportion to the property taken by Landlord In connection with the development. SECTION 15.07. BROKERS COMMISSIONS. The Landlord shall be responsible for the payment of any and all real estate brokerage commissions, fees or similar charges incurred In connection with the negotiation and execution of this Lease. The Tenant shall not be liable for any real estate brokerage fees or.commissions due to any person for either the initial Term of this agreement or any renewal thereof. SECTION 15.08. REMOVAL OF UNDERGROUND TANK(S) AND WARRANTY. Landlord warrants that no underground or above ground fuel storage tanks existed in, on, under, at or about the Premised prior to the Commencement Date. Landlord warrants that no teak, spill, release, discharge, omission or deposit of any Hazardous Material has occurred at the Premises at anytime prior to the execution date of this Lease, that the building, soil, ground water and soil vapor on or under the Premises is free of Hazardous Materials as of the execution date of this Lease and as of the day of delivery of the Premises to Tenant and that Landlord is not aware of any facts or circumstances which would give rise or may give rise to the existence of a leak, spill, release, discharge, omission or deposit of any Hazardous Material upon the Premises. SECTION 15.09. ENTIRE AGREEMENT. Tenant acknowledges and agrees that it has not relied upon any statements, representations, agreements or warranties except as are expressed in this Lease. No amendment or modification of the Lease shall be valid or binding unless expressed in writing and 19 Packet Page -1526- 1/24/2012 Item 16.6.1. executed by Landlord and Tenant in the same manner as the execution of this Lease. The right to Indemnification, payment of damages or any other remedy based on representations, warranties, covenants or any other obligations under this Lease will not be affected by any investigation conducted with respect to such matters by Tenant nor any knowledge acquired by It (or capable of being acquired by It) at any time, whether before or after the execution and delivery of this Lease or the Commencement Date. SECTION 15.10. NOTICES. Any notice required to be given under this Lease shall be sent by overnight mail or certified mail, return receipt requested, post prepaid and shall be addressed to the addresses set forth in 1.02(a) and (c) hereof or at such other address designated by written notice. SECTION 15.11. Intentionally deleted. SECTION 15.12. BINDING ON SUCCESSORS. All of the covenants, agreements, provisions and conditions of this Lease Agreement shall inure to the benefit of and be binding upon the parties hereto, their successors, legal representatives and assigns. SECTION 15.13. CAPTIONS. The captions used in this Lease are inserted as a matter of convenience only, in no way define, limit or describe the scope of this Lease or the intentions of the parties hereto, and shall not in any way affect the Interpretation or construction of this Lease. SECTION 15.14. GENDER AND NUMBER. Words of any gender in this Lease shall be held to include any other gender, and words in the singular shall be held to include the plural, and vice versa, as the context permits or requires. SECTION 15.15. APPROVALS, Whenever Landlord's approval or consent is required herein, such approval or consent shall not be unreasonably withheld or delayed. SECTION 15.16. NO WAIVER. A waiver by Landlord or Tenant of any breach of any provision of this Lease Agreement shall not be deemed a waiver of any breach of any other provision hereof or of any subsequent breach by Tenant or Landlord of the same or any other provision, SECTION 15.17. HOLDOVER. If Tenant holds over after the Term with the consent, express or implied, of Landlord, such holding over shall be construed to be a tenancy from month -to -month only, and Tenant shall pay the rent, additional rent and other sums as herein required for such further time as Tenant continues its occupancy. 20 Packet Page -1527- 1/24/2012 Item 16.13.1. SECTION 15.18. TIME OF ESSENCE. Time Is of the essence with regard to every provision of this Lease and the exhibits attached hereto. SECTION 15.19. COUNTERPARTS. This Lease may be executed in more than one counterpart, and each such counterpart shall be deemed to be an original document. SECTION 15.20. NO PRESUMPTION AGAINST DRAFTING PARTY. The parties acknowledge that each party and if it so chooses, its counsel, have reviewed and revised this Lease and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Lease or any amendments or exhibits hereto. SECTION 15.21. GO DARK. Tenant shall have the right, at any time, to vacate the Premises and to cease to conduct business In the Premises provided Tenant continues to pay Landlord the Base Rent and all other charges required to be paid by Tenant under this Lease. SECTION 15.22. INGRESS /EGRESS EASEMENT AND PARKING. Landlord hereby grants Tenant a license for ingress /egress over and upon the existing entry way and driveway of the Premises for purposes of Ingress /egress to the Premises form all pertinent trafFcways. Landlord shall maintain the area in good and useable condition and shall not permit such area to be blocked, impaired or obstructed at any time. - Tenant's rights under this section shall continue uninterruptedly for the duration of the Lease and dll extensions thereof. Tenant shall have the sole and exclusive use of all parking spaces located upon the Premises. Tenant acknowledges that per the requirements of Collier County, Florida's conditional permit that the east access point shall be closed. SECTION 15.23. SUBMISSION OF LEASE. The submission of this Lease shall have no force of effect, shall not constitute an offer for the leasing of the Premises, nor confer any rights or impose any obligation upon either party unless and until execution thereof by Landlord and Tenant and the unconditional delivery of a fully executed original thereof to Landlord and Tenant or their representatives. SIGNATURES ON NEXT PAGE 21 Packet Page -1528- 1/24/2012 Item 16.6.1. IN WITNESS WHEREOF, the Landlord and Tenant have executed this Lease Agreement, Tenant: BUDGET RENT A CAR SYSTEM, INC. Landlord: C.C. INVESTMENTS, LLC i/ By: By: Name: Robert 8outa Name: • iL/ Title: Senior Vice President of Properties Title: m6R And Facilities of Avis Budget Car Rental LLC, an authorized representative of Budget Rent A 9ar System, Inc. Date: Date: /0/07 12,poJ2_ 22 - Packet Page -1529- 1/24/2012 Item 16.6.1. 1 EXHIBIT-`'/ Baal Z jclr i�i t aXX tt l.tf.� 4 911; C. ,pit} t �� tit! bt S i • tat �� a / !_r• pp �� FBHa�oa n «��« U F a €_ ; a Ili 't I 9 � 'a X i � $ ;•: e$4k _ c ro7 .«ems'._... -...s ...mo.s .., �Afi05TINI W00D,INC •+ .. 70.�.....e«. OS -779 PacketPage -1530- 1/24/2012 Item 16.6.1. February 4, 2009 Vt— ia_a UPS C.C. Investments, LLC 380 10th Street South, Suite 103 Naples, FL 34012 Re: Budget Rent A Car System, Inc. Part of 19331965 Tamiami, Naples, FL Dear Sir /Madam: In response to your inquiry about the rent commencement date and our telephone call on this date, please be advised that Section 1.02(f) and Section 1.02(f) provide that the term and rent would commence after Tenant lawfully could operate, receipt of all permits, including the Conditional Use Permit ( "CUP ,,), the Landlord satisfied all of the conditions required by the CUP, all final inspections having been completed and passed so that Tenant may lawfully operate. In addition, the Lease provided for a three year and two month term because of the two months of free rent. This transmittal shall confirm the foregoing: 1. The Commencement Date was to be the date Budget was lawfully Permitted to conduct its business with all Approvals and Conditions having been satisfied. Our business license was not issued until January 9, 2009; 2. The landscaping, which is a condition of the CUP has not been completed; and 3. Collier's County inadvertently omitted from the resolution issuing the CUP the requirement that the South entrance be closed off. Despite the fact that the landscaping has not been completed and the City is not taking action at the present time with respect to the South entrance remaining open, Budget will agree to the following: 1. The rent commencement date is amended and shall commence on January 9, 2009; 2. The term of the Lease is amended to three (3) years and the term shall commence on January 9, 2009; 3. If Collier's County seeks to require the south east entrance be closed off, fl/ Packet Page -1531- 1/24/2012 Item 16.6.1. !a) Tenant shall have the immediate right, in its sole discretion, to terminate the Lease if Tenant cannot continue to operate during the time it takes the Landlord to satisfy this Collier's County or Tenant may suspend the Lease term and its obligations hereunder, which includes the right to abate rent on a per diem basis during the time it takes the Landlord to satisfy Collier's County; or (b) If Tenant can continue to operate while the Landlord undertakes to close off the south east entrance, Landlord shall complete the necessary actions to accomplish closing off the southeast entrance to the satisfaction of Collier's County within one hundred and eighty (180) days of being notified by Collier's County or Tenant shall have the right, in its sole discretion, to terminate the Lease. 4. Budget specifically reserves its right to terminate and cancel the Lease if Collier's County prohibits Budget from operating without the landscaping required as a condition of the CUP having been completed. 5. Pursuant to Section 1.06(E) which contemplated that the dates within the Lease may need to be adjusted, the following Lease dates and section of the Lease are amended as follows: Expiration: January 31, 201 (if exercised) I February 1, 2012 — January 31, 2015 In accordance with Section 1.06(A)(1) The Landlord must notify the Tenant in writing no later than June 30, 2013 of its intent to redevelop; in accordance with Section 1.06(A)(2) if the parties are unable to agree within two hundred and ten (210) days of the Landlord's proposal, and one of the parties elects to terminate the Lease pursuant to Section 9.06(A)(2), the effective date of the termination would be January 31, 2015, which is the end of the first option period. in accordance with Section 1.06(6)(1), the landlord is required to provide at least one hundred and twenty (120) days notice of its intent to construct the roadway, and notice pursuant to Section 1.06(B)(1) must be served upon Tenant by December 31, 2010 and December 31, 2013 . Kindly sign below indicating your consent and agreement to amend the Lease as set forth above. Thereafter, please return one (1) fully executed copies of this letter to my attention z� Packet Page -1532- 1/24/2012 Item 16.B.1. so that we may update our records. Receipt of a fully executed agreement will allow us to update our records and issue the rent payments so your prompt attention is appreciated. Should you have any questions, please feel free to contact the undersigned. Very truly yours, DONNA J. MACRI CC: Bob Annibale (via Email) AGREED & ACCEPTED BY C.C. INVESTMENTS, LLC: Name: � � �; ,a r-� 1Z Title: qtr+ Date: _ Z4 4e:a E T A CAR SYSTEM, INC.: J. Macri ut orized representative Date: _, 2;1( Packet Page -1533- c vj 1/24/2012 Item 16.6.1. BUDGET RENT A CAR SYSTEM, INC. UNANIMOUS WRITTEN CONSENT OF THE BOARD OF MANAGERS IN LIEU OF MEETING DATED AS OF DECEMBER 9, 2008 THE UNDERSIGNED, being all of the Board of Directors of Budget Rent A Car System, Inc., a Delaware company (hereinafter referred to as the "Company "), do hereby adopt the following resolutions with the same force and effect as if such resolutions were approved and adopted at a duly convened meeting of the Board of Directors of the Company. RESOLVED, that Donna Macri is duly authorized to execute on behalf of the Company, any and all airport leases (including amendments or renewals thereof) so long as the aggregate commitment under each such lease does not exceed five hundred thousand dollars ($500,000) and the term of each such lease is less than five (5) years; RESOLVED, that Josh Blum, David Stark. and Lorraine Tallarico are each duly authorized to execute on behalf of the Company, any and all airport lease renewals, airport lease amendments, and support facility leases so long as the aggregate commitment of each (1) lease subject to such amendment or renewal or (2) the support facility lease does not exceed one million dollars ($1,000,000) and the term is less than five (5) years; RESOLVED, that Brigit Campbell is hereby duly authorized to execute and issue checks and payments on behalf of the Company, related to business licenses and real estate tax payments so long as each check amount does not exceed $75,000; RESOLVED, that Michael Feeley is hereby duly authorized to execute and issue checks and payments on behalf of the Company, related to tank registrations so long as each check amount does not exceed $1,500; RESOLVED, that this consent may be signed in any number of counterparts, all of which when taken together will constitute but one and the same document. Packet Page -1534- 1/24/2012 Item 16.13.1. IN WI ESS WHEREOF, the undersigned have executed this written consent as of this - day of —�- r« / w Ronald L. David B. Wyshner Packet Page -1535- 1/24/2012 Item 16.B.1. AVIS BUDGET DOMESTIC CAR RENTAL OPERATIONS, SOUTHEAST AREA - CONTROLLED FLEET LOCAL MARKET RENTAL STATISTICS - SUMMARY YTD 9. 912011 TOTAL REVENU Wl I UA E (000's) (000's) Budget NP2 4125 NAPLES E 009BOS9610 413 (42) AVIS BUDGET DOMESTIC CAR RENTAL OPERATIONS SOUTHEAST AREA LOCAL MARKET RENTAL STATISTICS SUMMARY YTD 2010 TOTAL REVENU EDITDA E (000'x) (000's) Budget NP2 4125 NAPLES 009BOS9610 374 (14) AVIS BUDGET DOMESTIC CAR RENTAL OPERATIONS SOUTHEAST AREA LOCAL MARKET RENTAL STATISTICS - SUMMARY YTD 2009 TOTAL REVENU EDITDA E (000's) (000's) Budget NP2 4125 NAPLES 009BOS9610 547 2 Packet Page -1536-