ASSIGMENT OF LEASE
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ASS
OF LEASE
'11\1. Asre_t. ..de this ?-({ day of February I 1970.
by and betve. CLEAlWATBll FLUS COMPAJIY I IHC. I a Florida corpora-
tion, hereafter known a. A..ipor. and CLBAllWATBIl GOLF-PARK, IHC..
a Florida corporatioll. h.....ft.r known a. Assip.e.
WITNESSETH :
WBEl.EAS I an option alre~t was executed between AS8ipor
and the Duval Land CoIIpIlY. lac. I a Florida corporation I on 31m.
10, 1969; and
WHDBAS, Duval Land COIIpaDY, Inc. baa .s.iped all it.
rllht, title and tnter..t to ..id option alr...-nt to Cl..rwater
in u.. in whole or in part .a an air park, tOletber with all
iaproVdleDt8 tlae....._. ..... action beina 8ubj act to approval by
the Clty of ct..nahr a. ber.1D&fter provided.
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2. A..i_1' Irant. to As.ipee all exi.tlDs arran.....
_nt. and cOIl1:ract. A":J.anor ha. with teD&llta. customer., or
client.. relative to the c:urna.t operatiOll of 88id air park by
ASlipor. .uch Irant beeoailla effective OIl the date of as.umption
of po.....ion .8 here.fter provided. It Is specifically provided
that A..lp1Ol" ., C01I.ttnue work be baa 1n prolr... relative to
repair and overbaul of airplane., and that A'llpor .hall have a
period of 8ixty (60) dar. f~ the execution of thi, a..isnment.
wherein he .y devot.hi. _tire atteation to .uch repair and
overhaul. Durinc ..1d pe1:iod of time, A..:I.por will not be
required to parfon _relutt.. in or around the air park other
than his own particular r,,1Ilr_nt8 to coaplet. the work h. has
loh.duled. That alth..p A.sipor i. Iranted auty (60) days to
complete work in '&,oar.... he will mab every .ffort to CO'IIlplete
..iel work in a shorter pe1'104 of time.
3 . A.slaaor 8lr..s if he should enaale in a llke
business et\terprt..., ill ...taber part of PiIlellal County. that he
wl11 not att..,t to lure _way '1:'eleDt custOM."S MW ulll1& the
faeilltl.. of the Cl..~ate~ Alr Park.
4. In additlon to a'li~t of 1eal8 currently held by
As.lgnor to A..i...., A..~r lurther convey. all of his rilbt.
title and inter.at 1a the,fol1ow1D& property:
A. .tAl1iaChal_ra . Jr. It tractor and mower.
B. All' P.,..k. BullY (postal cart used for runabout
aacl \Moater cart).
C. Deaka. ........ aad chairl in office (it is
to be specifically noted that fllinS cabinets
and the COD.tents th.reof are not conveyed by
the A..ipor).
D. ....11tle ~'. tiedown., miscellaneous fittin.s
....11 attachDaat. to the realty 1Dstal1ed by
A..tpor..
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A..ipor doe. ..t comr.,. any 8hop equipmeDt. tools.
airc:raft. or intere.t ill the ...1lQOr. A..ipe. -sree. that at
the time of takilll po.....4-. the .a. and oil on h&nd will be
iaventoried and A..i..... rill pay to A..ignor the invoice price
ther.for UpoD pre..tat1cnl Ity A..ipor of paid invoic.. .bowiDJ
t.b4t the supplier baa .... ,.id for such 1 t_..
s. A..ilDOr _rna~. alld covenant a that there are no
clai.., Ii.... or uapa" ob11a..t1ooa ...;bl.t the taqlble or in-
tana1bl. ....ts be1D& ~.7.d by Aa.iaDer to A.alloe.. A..isnor
coveunt. and waft'&Dta that tb City of Clearwater baa no rental
olatma ...taat A..iIao~ tor auy r..t due eke City of CI.arwat.r
by ...!por aDd A"laDeS!' M. _ ...1.... of any other claim by
tbe City of Clearwateraaa-...t A..1p.or .rleillg out of tbe lea..-
hold a8r.~t between .A..Jaaor .Ild tb. City of Clearwater. A..aipor
OOVft&Dt. that abould "-1:'. b. Afty outataadilaa Ob11S&tion. or juds-
menta asabat Aa.ipor for any elata, either now or in the future,
.I.:blat the aaai.,... pnperty owed by or re....ltiq from action of
the A..ipor, _lob oltlqatloa. jud.~t. 01' claim. A..lane. i.
r,.quired to pay. then A..ipee ba. the I'llbt. after notic. and
c1eM:nd upon A..1por. to Mti.". Mid clalm or alabaa and the
_ta expeacled. lay A..1p.. iD aatl.faction of .ald clam or
claw .ball .. a ohal'l_ due A..i.p. fl'_ A..1p.or. A..ipor
further cov_t. and _ft..,. A..ipee "1' 1'.11' upon the Motters
s.t forth in thi. par~ph in clet.mi1l1a.a whether it i.nee....ry
for A..tp.. .to 0011I17 ~it~,~'" rloriclaBulk Sale. Statut.. 'l11at
.bould A..i.... dec1de to ooapl,. with th. provisions of the Florida
Bulk Sal.. Statut.. A........!' .p..' to provlde the nee....ry infor-
matlon to A..lane. for ....1~. with the Florida Bulk S.l..
Statut..
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6. 'ftaat u.,.. the .,tual .lpial of this Alreement.
A..lpee sball. at It. 0Nll ......, make application to the City
of Clearwater for acceptanc... a subatitute Leasor for Assignor by
the City of Cleawater ad thil ..r....t i. continlent upon
aceeptance by the City ofCl.arwat.r of A.sip.. .. a sub.titute
Le..or for A..lIDor by the City of Clearwater, such acceptance by
the City of Cl..rwa~.r to be .ffected OIl or before March 1. 1970.
Upon approval by the City of Cl"l'W&ter .. herein provided, A..ilDor
coveunt.i:.,aDd air... ,*t it baa DO further claim with the City of
Clul'WII.ter &rld baa no 6art~r elaf.ma alain.t the City of Clearwater
relative to the f!Opert,. 1....d 'by A..ipor irOlD the City of C1-.r-
water and that A.-.,,_I' 1l'elu.qui.he.. diacbar.e.. waive., and
foqiv.. any po..ible olea that A..1por .Y have again.t the
City of Cl..water.
7 . In eonalcl.rat1on of the ...ta-at from A..lanor to
A.sipee, and the other cov.-..nt. and alr_nta contained herein.
A..lgnee air... to pay to A..lpor the total .UID of $60,000 in
cash. paid in the fol1Mq Mmter:
<a> $3,000 in ca.h heretofore paid. receipt of
wbkh i. b.eby ae""led.ed $3.000
(b) Cheek f~ A..ilD.. to A..ignor on
clo.tq..57,OOO '7..000
(~) Total ...1.. paid to A..lanor by
A.sllne. $60,000
Th. pay&IeDt pr09:1... in it_ (1)>), i. to be held ln ..crow
peDdtD. approval ~ lb. City Gf Clearwater of A.slan.. a. substitute
1...orfor A.sipo!' by the City of C1..nater as hereinabove provided.
If, for al\Y r.sOll t the City of Clearwater do.. not approve A..lpe.
.. substitute Le..or for A..i_r, on or before Karch 1, 1970. then
thi. a..i......t sball .. cOD.f....red null and void aDd of DO further
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.ffect. in which .... tbe ..crow ".Dt i. authoriaed to return to
Asslp.. the cheek for ..lft7-sev_ TbouMDd ($57,000) Dollars and
the Three Thou...d ($3 ,000) Doll.~a already received .. Item <a)
shall be retaiaecl by 1.'.1..1' a1\4 that 8&ld ..$3,000 ahall be
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forfeited by As.tan...
8. It i. .....117 ....eel bet;ween the partie. that time
ls the ..aeno. of dd..ooratract. and that all COV8DAlDta and alree-
_ata btltrein ccmhtMdliball e.'nd to t and be obllptory upon II
the sucee..ora and ...ip. of t. respective partie..
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III WI'l'REIS WQJtIOrth. partie. hereto have cau.ed the.e
pre...ts to 'be 81paed at ct.-lWater. P1Della. County. Florida.
the day and year fll'.t henbat.ove written.
Cl..EAKWATD. FLYING COMPANY, IHC.
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AmSTt-
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~_.-" ClA....fl",- r rl '
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(Corporate Seal)
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Pre.. deat '
By:
IHC.
r rate Seal)
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