AGREEMENT
THIS AGREEMENT, Made and entered into by and between DAYTONA BEACH RACING
AND RECREATIONAL FACILITIES DISTRICT, created by Chapter 31343, Special Laws
of Florida, 1955 (hereinafter sometimes called the "District"), and XXXX
FRANCE RACING, INC. to be hereafter known as DAYTONA INTERNATIONAL SPEEDWAY
CORPORATION, a corporation organized and existing under and pursuant to the
laws of the State of Florida, having its principal office in the City of
Daytona Beach, County of Volusia, State of Florida (hereinafter sometimes
called the "Corporation"), WITNESSETH:
WHEREAS, the District was created and established by Chapter 313432,
Special Laws of Florida, 1955, for the purpose of providing racing and
recreational facilities within the territorial limits of the District; and,
WHEREAS, the District holds a lease for a term of years covering and/or
owns the lands in Volusia County, Florida, more particularly described
hereinafter; and
WHEREAS, the District has determined that the acquisition and
construction of a motor vehicular speedway establishment and the operation
thereon and thereat of motor vehicular races, exhibitions, exhibits, and other
activities and displays of a historical, scientific, educational, and
recreational nature will serve a public purpose by providing an educational
and recreational facility and attraction to the citizens of and visitors to
the City of Daytona Beach and Volusia County, and by aiding the development of
the area contiguous to the lands aforementioned as a vacation resort through
the attraction of a large number of visitors to the area;
NOW, THEREFORE, for and in consideration of the sum of One ($1.00) Dollar
in hand paid this date by each of the parties hereto to the other, and other
good and valuable considerations, receipt whereof is hereby acknowledged by
both parties, and in consideration of the mutual covenants and promises herein
contained, the parties agree as follows:
The lessor does hereby demise and sub-let and lease unto the lessee, all
the following described premises situated and being in Volusia County,
Florida, to-wit:
Parcel 1: A portion of fractional Section 23 and a portion of Section
39, otherwise known as the Xxxxxx Xxxxxxxx Grant, all being and lying within
Township 15 South, Range 32 East, Public Land Surveys of Volusia County,
Florida, being more particularly described as follows;
Beginning at the intersection of the Westerly line of the said Xxxxxx
Xxxxxxxx Xxxxx (Section 00, Xxxxxxxx 00 Xxxxx, Xxxxx 32 East) with the
Southerly right of way line of the Daytona Beach-DeLand Highway, known as U.S.
Route 92; thence South 24 degrees 58' East along the said Westerly line of the
Xxxxxx Xxxxxxxx Grant, a distance of 3160.42 feet to a point; thence South 24
degrees 38' East and still along the Westerly line of the said Xxxxxx Xxxxxxxx
Xxxxx, a distance of 459.58 feet to a point; thence North 65 degrees 22' East
a distance of 2687.7 feet to a point; thence North 11 degrees 45' 30" East a
distance of 2347.25 feet to a point; thence due North a distance of 606.36
feet; thence North 10 degrees 38' West a distance of 1745.6 feet to a point in
the Southerly right of way line of the aforesaid Daytona Beach-DeLand (U.S.
92) Highway; thence South 67 degrees 48' 30" West a distance of 2890.4 feet
along the Southerly right xx xxx xxxx xx X.X. Xxxxx 00 to a point; thence
Counterclockwise along the arc of a circle and along the Southerly right of
way line of Daytona Beach-DeLand Highway a distance of 2036.96 feet to the
point of beginning, excepting therefrom the following described property now
occupied by the low frequency radio range station: Beginning at a point in
the South line of aforesaid U.S. 92 at a point which is 934 feet on a bearing
of South 67 degrees 48' 30" West of the Northeasterly corner of the above
described property; thence South 22 degrees 11' 30" East a distance of 440
feet; thence South 87 degrees 56'30" West a distance of 319.5 feet; thence
North 22 degrees 11' 30" West a distance of 330 feet; thence North 67 degrees
48' 30" East a distance of 300 feet to the point of beginning, it being the
intention to describe a tract of land comprising an area of approximately 374
acres, more or less.
PARCEL 2: A portion of Government Xxx 0, Xxxxxxx 00, Xxxxxxxx 00 Xxxxx,
Xxxxx 32 East, Volusia County, Florida, being more particularly described as
follows: Beginning at a point on the Westerly line of the Xxxxxx Xxxxxxxx
Grant, being Section 39, Township 15 South, Range 32 East, said point being
located a distance of 1066.71 feet South 24 degrees 57' 55" East of an
intersection with the southerly right-of-way line of U. S. Highway #92; thence
South 13 degrees 35' 35" West a distance of 500 feet to a point; thence South
25 degrees 08' 20" West a distance of 581.23 feet to a point; thence North 89
degrees 54' 30" East a distance of 835.0 feet to a point on the West line of
the aforesaid Xxxxxx Xxxxxxxx Xxxxx; thence North 24 degrees 57' 55" West
along the West line of the aforesaid Xxxxxx Xxxxxxxx grant, a distance of 1115
feet to the place of beginning, the above circumscribed property comprising an
areas of 9.06 acres, and being no nearer than 65' from the Odds Board of
Volusia County Kennel Club at its nearest point.
PARCEL 3: A portion of Xxx 0, Xxxxxxxxxx Xxxxxxx 23; a portion of Lots 1
and 2, Fractional Section 26, and a portion of Section 22, all being in
Township 15 South, Range 32 East, Public Land Surveys of Volusia County,
Florida, and being more particularly described as follows:
Beginning at a point in the Westerly line of the Xxxxxx Xxxxxxxx Xxxxx,
being otherwise known as section 39 in said Township 15 South, Range 32 East,
said point being marked with a concrete monument and being the Southeast
corner of said Fractional Sections 23 and the Northeast corner of said
Fractional Section 26; thence from said point of beginning, go South 24
degrees 38' East a distance of 459.58 feet to a point; thence South 71 degrees
58' 30" West a distance of 1560.0 feet to a point; thence North 24 degrees 38'
West a distance of 1742 feet to a point; thence North 89 degrees 54' 30" West
a distance of 335.7 feet to a point on the right of way line of the Daytona
Beach-DeLand Highway; thence North 25 degrees 00' 30" East and along the
Easterly right of way line of the Daytona Beach-DeLand Highway a distance of
225.33 feet to a point; thence South 89 degrees 54' 30" East along the
Southerly boundary of land owned by the Volusia County Kennel Club, a distance
of 1844.6 feet to a point in the Westerly line of the Xxxxxx Xxxxxxxx Xxxxx;
thence South 24 degrees 58' East along the Westerly line of the Xxxxxx
Xxxxxxxx Grant a distance of 978.71 feet to the point of beginning.
TO HAVE AND TO HOLD the same, with all rights, privileges, easements and
appurtenances thereunto attaching and belonging unto the said Corporation for
and during the term of fifty (50) years, commencing on the 8th day of
November, A.D. 1957, the said Corporation, its successors and assigns paying
rent therefor and yielding possession thereof as hereinafter provided.
RENT
Said Corporation in consideration of the leasing of the said premises does
hereby covenant and agree to pay rent to the District as follows: The sum of
Twelve Thousand Five Hundred ($12,500.00) Dollars at the expiration of one
year after date hereof; the sum of Sixteen Thousand ($16,000.00) Dollars at
the expiration of two years after date hereof, the sum of Sixteen Thousand
($16,000.00) Dollars at the expiration of three years after date hereof; the
sum of Eleven Thousand ($11,000.00) Dollars at the expiration of four years
after date hereof; the sum of Eleven Thousand ($11,000.00) Dollars at the
expiration of five years after date hereof; the sum of Six Thousand
($6,000.00) Dollars at the expiration of six years after date hereof and a
like sum upon the anniversary date of said payment for each year for a period
of nine (9) years thereafter; the sum of Seven Thousand Five Hundred
($7,500.00) Dollars on the 8th day of November, 1973, and a like sum upon the
anniversary date of said payment each year for a period of 19 years after the
date thereof; and the sum of Ten Thousand ($10,000.00) Dollars on the 8th day
of November, 1993, and a like sum upon the anniversary date of said payment
for each year for a period of 14 years after date thereof.
In the absence of any default on the part of the Corporation, the
Corporation shall have the right at any time during the term hereof, to extend
this lease and sub-lease for a further term of 25 years, from, to-wit: the
8th day of November, 2007, to and including the 7th day of November, 2032,
paying therefor a yearly rental of Twenty Thousand ($20,000.00) Dollars a year
beginning the 8th day of November, 2008, and payable on the 8th day of
November of each year thereafter during the said term as extended. Written
notice of the Corporation's election to exercise the option to extend the
lease and sub-lease as aforesaid shall be served upon the District on or
before the 1st day of May, 2007, otherwise this option shall be deemed to be
waived. In the event the Corporation elects to exercise the option to extend
the term of this lease and sub-lease all other terms, conditions, covenants,
and provisions hereof, be and the same shall remain in full force and effect
for and during said term as extended.
SECTION II.
CONSTRUCTION
The Corporation covenants and agrees to and with the District to
construct, erect and complete at its own cost and expense within five years
from the date hereof a racing facility complete with two and one-half mile
paved race course, and grandstands, permanent and/or temporary, having a
seating capacity of not less than 10,000, and to this end the District shall
within 90 days after request therefor by the Corporation remove all buildings
and structures now existing upon the premises at its own cost and expense.
The District further agrees that the Corporation or its tenants may erect,
construct, and maintain other and additional structures and improvements upon
said premises from time to time as the Corporation shall determine to be
necessary or desirable without securing the consent of the District, so long
as said improvements are of such nature as are not contrary to law, and so
long as the design and construction complies with all valid rules and
regulations of the City of Daytona Beach, County of Volusia, State of Florida,
and U.S. Government acting through the Civil Aeronautics Authority. The
Corporation agrees that it will provide adequate crash rails, and incorporate
into the race course and grandstands such equipment as may be reasonably
necessary or required to protect the patrons of the Facility against injury.
TAXES
(a) The District covenants and agrees that it will hold the
Corporation harmless from any and all liability for real property taxes, if
any, assessed, levied or imposed upon or with respect to the lands herein let
and demised to the Corporation. Any and all other taxes lawfully imposed on
the Corporation by virtue of its use of the demised lands shall be paid by the
Corporation.
(b) It is expressly agreed, however, that the Corporation shall
not be required to pay, discharge or remove any tax (including penalties and
interest) assessment, tax lien, forfeiture, or other imposition or charge upon
or against the Corporation made by reason of or because of the Corporation's
use of the improvements at any time made to, on and at the demised premises so
long as the Corporation shall in good faith contest the same or the validity
thereof by appropriate legal proceedings which shall operate to prevent the
collection of the tax, assessment, forfeiture, lien, or imposition so
contested or the sale of any such improvements, or any part thereof, to
satisfy the same.
(c) Any proceeding or proceedings for contesting the validity of
the amount of taxes, assessments or other public charges, or to recover back
any tax assessment or other imposition, paid by the Corporation, may be
brought by the Corporation in the name of the District or in the name of the
Corporation or both, as the Corporation may deem advisable; provided, however,
if any such proceedings be brought in the name of the District, the
Corporation shall indemnify and save harmless the District against any and all
loss, costs, or expenses of any kind that may be imposed upon the District in
connection therewith. The Corporation shall be entitled to any refund of any
taxes, assessments or other public charges or impositions, and penalties and
interest thereon which have been paid by the Corporation, or paid by the
District and for which the District has been fully reimbursed including
interest thereon to the date of reimbursement. If the Corporation shall
default in the payment of any taxes, assessments, or public charges above
required to be paid by the Corporation, then the District after reasonable
notice to the Corporation, shall have the right to pay the same together with
any penalties and interest in which event the amount so paid by the District
shall be added to the next installment of rental required to be paid the
District hereunder together with interest on any such amounts so paid at the
rate of 6% per annum.
USE
(A) The Corporation covenants and agrees that it will not use or
permit the premises in question to be used in any manner which might
constitute an airport hazard or serious interference with the operation and
development of the Daytona Beach Municipal Airport, and that it will not erect
or permit to be erected on the premises any structure which might constitute
an airport hazard, or hazard to the taking off or landing of aircraft at the
Daytona Beach Municipal Airport. The Corporation is cognizant of and familiar
with the provisions of Resolution #55-154, reserving and dedicating a right of
flight over and across the premises for the use and benefit of those members
of the public who use the Daytona Beach Municipal Airport for landing or
taking off of aircraft and this lease is executed with full knowledge and
subject to such reservation and dedication.
(B) The Corporation will comply with all applicable laws,
ordinances, and regulations of duly constituted public authorities applicable
to the Corporation. The Corporation shall, however, have the right to
contest, by appropriate legal proceedings, without cost or expense to the
District, the validity of any such law, ordinance or regulation, and the
Corporation may postpone compliance therewith until the final determination of
any court proceedings, if, in the opinion of counsel selected by the
Corporation and approved by the District, there is no possibility that the
demised premises or any part thereof will be lost or forfeited or otherwise
imperiled during the pendency of such proceedings. All such proceedings shall
be prosecuted with all due diligence and dispatch. The District agrees to
execute and deliver any papers, documents, or other instruments which may be
necessary or proper to permit the Corporation to make any such contest. If as
a result of such contest the District shall suffer any penalty or additional
expense in any way which would have been avoided by compliance with such law,
ordinance, order, rule, regulation or requirement of the nature aforesaid,
then this Corporation shall pay to the District upon demand the amount
thereof.
(C) The Corporation agrees to hold the District financially
harmless (a) from the consequences of any violation of such laws, ordinances,
or regulations and (b) from all claims or damage on account of injuries, death
or property damage resulting from such violation. The Corporation further
agrees that it will not permit any unlawful occupation, business or trade to
be conducted on the demised property or any use to be made thereof contrary to
law, ordinance, or regulation as aforesaid with respect thereto.
(D) The Corporation will not at any time permit any mechanic's,
laborer's or materialman's lien to stand against the demised property for any
labor or material furnished to the Corporation or claimed to have been
furnished to the Corporation or to the Corporation's agents, contractors, or
tenants in connection with work of any character performed or claimed to have
been performed on the demised property by or at the direction or sufferance of
the Corporation; provided, however, that the Corporation shall have the right
to contest the validity or amount of any such lien or claimed lien, upon
giving to the District such reasonable security as may be demanded by the
District to insure payment thereof and to prevent any sale, foreclosure, or
forfeiture of the demised property by reason of such non-payment, provided
such security shall not exceed one and one-half times the amount of such lien
or claimed lien. On final determination of the lien or claim for lien the
Corporation will immediately pay any final judgment rendered with all proper
costs and charges and shall have the lien released or judgment satisfied at
the Corporation's own expenses.
LIABILITY
The Corporation agrees to maintain public liability insurance with a
responsible company or companies approved by the District protecting the
District and the Corporation from liability in the amount satisfactory to the
District but not to exceed the sum of $100,000.00 for injury, sickness, or
death to any one person and not to exceed the sum of $1,000,000.00 for injury,
sickness or death, or property damage claims arising out of any one accident
occurring on or about the demised premises or any part thereof, when racing
events are being conducted, and upon request the Corporation will deliver to
the District evidence of such insurance.
DEFAULT
It is further covenanted and agreed by and between the parties hereto
that in the event default shall be made by said Corporation, its successors or
assigns, in the payment of any rent herein provided for upon the day when the
same shall become due and payable, and such default shall continue for thirty
days after notice in writing given by said District, its successors or
assigns, to said Corporation; or in the event said Corporation, its successors
or assigns, shall fail to pay any of the taxes and assessments as hereinbefore
provided to be paid within the time provided by law, said District, its
successors or assigns, agents, or attorneys, may at its option, after ninety
(90) days' notice in writing given to said Corporation, its successors or
assigns, declare this lease canceled and the term thereof ended, and may
enter upon said premises, with or without process of law, and take possession
thereof, with any and all buildings or improvements which may have been
erected thereon, the Corporation hereby waiving any demand for possession
thereof, and all buildings, fixtures and improvements then situated on said
premises shall be and become the property of the District, its successors or
assigns.
EMINENT DOMAIN
The District shall at all times retain fee simple title to the demised
premises and leasehold unless the same shall be taken by eminent domain
proceedings for other public use by higher governmental authority. It is
agreed that if at any time during the continuance of this lease and sub-lease
such taking of the entire property shall occur, the District shall be entitled
to receive so much of the award given therefor, which shall not be in excess
of the sum of One Hundred Twenty Thousand ($120,000.00) Dollars, which is the
agreed value of the land at the present date.
It is agreed that if at any time during the continuance of this lease and
sub-lease such taking of a portion of the property herein demised shall occur,
the award shall be apportioned between the parties ratably upon the same basis
set forth in the plan specified in the case of taking of the entire property.
In the event that they are unable to agree upon the proper proportion of said
award to which they are entitled, the entire controversy shall be submitted to
a board of arbitration of one arbitrator appointed by each of the parties, and
in the event that the said arbitrators are unable to agree then they shall
submit the controversy to a third arbitrator, and in that event the parties
hereto shall be bound by the decision of a majority of said arbitrators. The
arbitration contemplated by this paragraph shall be had within thirty days
after the confirmation of said award, and in the event that either party shall
fail to name his arbitrator within said thirty day period, the arbitration
shall proceed with a single arbitrator.
WAIVER OF BREACH
No waiver of any breach of any covenant, condition or stipulation
hereunder shall be taken to be a waiver of any succeeding breach of the same
covenant, condition or stipulation.
DESTRUCTION OF IMPROVEMENTS
No damage to or destruction of any building or structure on the premises
by fire or other casualty shall be taken to entitle the Corporation to
surrender possession of the demised premises or termination of this Lease, nor
shall the damage to or destruction of any building or structure on said
premises by fire or other casualty entitle the Corporation to any abatement of
the rent stated in this Lease, it being understood and the Corporation
covenanting and agreeing at all times notwithstanding the condition of said
Facility to continue to pay rent to the District as herein provided.
The Corporation shall have the right and privilege of maintaining fire
and other such insurance coverage for and covering improvements installed on
and at the demised premises as it may deem necessary and desirable at its own
expense and the proceeds of any such insurance so carried or maintained by the
Corporation shall be and remain the sole property of the Corporation.
RESERVATION
The District reserves for the use and benefit of the United States
Government, with respect to said premises, all right and interest of the
United States Government to all uranium, thorium and other materials
determined pursuant to section 5(b)(1) of the Atomic Energy Act of 1946 (60
Stat. 761) to be particularly essential to the production of fissionable
materials.
GENERAL
(A) The Corporation, paying the rent hereby reserved and observing
and performing the several covenants and stipulations herein on its part
contained, shall peaceably hold and enjoy the demised premises during the said
term without any interruption by the District or any person likely claiming
under it.
(B) The covenants and agreements herein contained shall apply to
and bind and inure to the benefit of the successors and assigns of the
respective parties.
(C) The District is responsible for rental payments required to be
paid the City of Daytona Beach, a municipal corporation of the State of
Florida, in accordance with the Lease it holds covering a part of the demised
property and any real property taxes assessed against the demised premises and
if the District shall fail or refuse to pay any such rental or taxes before
the same shall become delinquent, then the Corporation shall have the right
and option to pay same and to deduct any sums so expended from any rent
thereafter to become due the District, pursuant to the terms hereof.
(D) The Corporation may assign this Lease and sub-lease and sub-
let any part of the demised property; provided, however, that in the event of
any such assignment or sub-letting, the Corporation shall remain primarily
responsible for the full and faithful performance of all of the terms,
conditions, and covenants hereof on its part to be done and performed.
(E) The District may terminate this lease at the end of the 20th
year of the term herein granted, or at the end of any succeeding 10th year
period hereof, upon giving notice to the Corporation of its intention so to
do, at least 180 days prior to the end of such 20th year or succeeding 10th
year period. In such event, the District shall pay to the Corporation as full
compensation for all of its interest in this lease and in the property
comprising the facility, a sum of money, in cash, equal to 10 times the gross
income to the Corporation from all activities conducted on or at the facility
during the last preceding full fiscal year that the Corporation operated said
facility, prior to the giving of notice as aforesaid. Upon the making of such
payment, all rights of the Corporation under this lease shall be terminated.
Any termination of the Corporation's interest in accordance with this
provision of this lease shall be subject to any and all sub-leases made by the
Corporation and then existing and the rights of those claiming by, though or
under the Corporation by assignment, franchise, sub-lease or otherwise, which
has not been in existence for a period of twenty (20) years, and provided that
same may be terminated by the District when any such sub-lease, assignment,
franchise, or the like shall have been in force for a full twenty (20) year
period.
DISTRICT USE
(A) The District shall have the right to use the grandstands,
parking area and race course, or race courses, including but not restricted to
the area within the race course or race courses, for all proper public uses
and purposes for periods aggregating at least three months in each fiscal year
hereafter and during the term of this agreement, on dates and for terms when
the facility or any such part thereof desired by the District is not being
used by the Corporation, and the use of any such part of the facility on any
such date or for any such term does not unreasonably interfere with or
conflict with the Corporation's plans therefor or use thereof.
The District shall have no right to use any such part of said
facility for such public uses and purposes on any date or during any period of
term when the facility or such part thereof is being used by the Corporation
under and pursuant to the terms hereof, even though the total use made of the
facility by the District during a particular fiscal year in the aggregate
totals less than three months. It is intended that during any and all periods
and terms when the Corporation is using the facility or any part thereof, the
Corporation shall have the full, exclusive and complete use of the part
thereof being used by the Corporation and of all rights, privileges, licenses
and other incidents appertaining thereto, of every kind and nature whatsoever.
It is further intended that at all times when the grandstands,
parking areas, and race course or courses or any part thereof is not being
utilized by the Corporation, such part or parts of the said facility as is
herein made available to the District, shall be available to the District for
all proper public uses and purposes, for periods totaling not more than three
months in each fiscal year.
The District shall not use nor permit any part of the facility to be
used for motorized races, motorized exhibits, motorized exhibitions and
displays, and motorized shows, including but not limited to motor vehicular
races, motor vehicular thrill shows and other motor vehicular attractions and
exhibitions, contests, demonstrations and events of like nature, of every kind
and description, excepting only that this prohibition shall not apply to
isolated attractions of a motorized nature operated as a side show and a part
of and in connection with circuses, carnivals, fairs and other such events of
a temporary nature only, and so long as the same are not the primary event or
attraction offered or staged.
The procedure to be followed by the District in scheduling the
dates, periods and terms when it shall have the use of the part or parts of
the facility hereinbefore enumerated and actual physical possession thereof or
any part thereof is as follows:
(1) That no attractions, exhibitions, or other events of any kind
or nature shall be staged or produced at or on the Facility by the District
on or before 18 months after the beginning of the first fiscal year of this
agreement without the written consent of the Corporation, it being the intent
and purpose of the parties hereto to give and grant the Corporation a
reasonable opportunity to stage and produce on and at the facility and as the
first event or attraction thereat, and for the grand opening thereof, a motor
vehicular racing event.
(2) On or before the expiration of the first fiscal year of this
agreement, the District shall furnish the Corporation a written schedule of
the dates and terms during which the District desires the use and physical
possession of those portions of the facility which it shall be entitled to use
for public purposes as aforesaid, for the second fiscal year. If the
aggregate of such dates and terms so certified to the Corporation does not
total 3 months then the District shall have the right and privilege of adding
additional dates and terms to any such schedule from time to time during the
second fiscal year, and so long as the total of such dates and terms, in the
aggregate, does not exceed a period of three months, and providing further,
that the Corporation is given 6 months notice in advance of the dates and term
or terms to be added to the said schedule as aforesaid from time to time.
(3) That after the first schedule of dates and terms when the
District is to have the use of parts of the facility is certified to the
Corporation as hereinbefore provided for, then and thereafter during the life
of this agreement, the District shall from time to time certify to the
Corporation the dates and terms on which the District desires to use parts of
the facility and when the District is to have actual physical possession of
such portions as it is entitled to use, thereof, during or for any particular
fiscal year, giving the Corporation 6 months notice in writing of any such
date or term and limiting the total of such dates or terms scheduled by the
District with the Corporation to a total of not more than 3 months during any
fiscal year.
(4) It is fully understood and agreed that any dates or uses
requested by the District which conflict with events or uses scheduled or
planned by the Corporation may be rejected by the Corporation by written
notice to the District given on or before the expiration of 3 months after
such request is received from the District.
(B) The District shall be responsible for the maintenance, repair
and replacement at its own expense of all parts of the facility authorized to
be used by it or its licensees under the prior provisions of this lease,
including all lands, buildings, structures, equipment and improvements of any
kind thereon or therein, during such periods of time as the District or its
licensees have actual physical possession of such parts. The District shall
make all repairs to such parts of the Facility, including all lands,
buildings, structures, equipment and improvements of any kind, both inside and
outside, during such periods of time as the District or its licensees have
actual physical possession of such parts, as are necessary to maintain them in
first class condition and working order and to restore them to the condition
in which they were at the time the physical possession thereof was given to
the District.
The District shall keep all of such parts of the facility, when in its
physical possession, in a safe, clean and sanitary condition, and shall comply
with all Federal, State, county or municipal requirements relating thereto.
The District shall inspect such parts of the facility to which it is to
be given physical possession, not less than 10 days before actual possession
thereof is to be given to the District under the terms hereof for any period
or term, and if any of such parts of the facility are found not to be in a
good state of repair, the District shall forthwith notify the Corporation in
writing of any and all defects complained of, and if such defects are not
forthwith remedied, the acceptance of possession by the District shall be made
subject to returning the property in the same condition as received, rather
than in first class working order and condition, as would otherwise be
required.
On or before 5 days after the end of each period or term during which
the District had physical possession of any parts of the facility, the
Corporation shall cause an inspection to be made of such parts of the facility
as have been surrendered and returned to it, and if any of such parts of the
facility are found not to be in a good state of repair, the Corporation shall
forthwith notify the District in writing of any and all defects complained of
and of the repairs or replacements reasonably necessary or required to place
such parts of the facility in first class condition and working order, and if
the District shall not have commenced the making of such repairs or
replacements within 5 days after delivery of such notice or shall not
thereafter continue the making of such repairs or replacements with all
expedition practicable, then and in that event the Corporation shall have the
right and privilege of making such repairs or replacements and the cost or
expense of making the same shall be deducted from the next installment of
rental required to be paid hereunder.
NOTICES
Any notice, demand, direction, request or other instrument authorized or
required by this agreement to be given or filed with the District or with the
Corporation shall be deemed to have been sufficiently given or filed for all
purposes of this agreement if and when sent by registered mail, postage
prepaid, return receipt requested:
To the District, if addressed to:
Daytona Beach Racing and Recreational Facilities District
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxx Xxxxx, Xxxxxxx
To the Corporation, if addressed to:
DAYTONA INTERNATIONAL SPEEDWAY CORPORATION
00 Xxxxx Xxxxxxxx Xxxxxx
Xxxxxxx Xxxxx, Xxxxxxx
or to such other addresses as may be designated in writing from time to time
by the District or the Corporation, respectively. Any rental payments
required to be paid by the Corporation may be paid by check.
SURRENDER
It is mutually covenanted and agreed that upon the termination of the
lease the said Corporation will peaceably and quietly deliver up the said
premises and all improvements thereon to the said District upon the prorata
adjustment of insurance, or other charges prepaid by the Corporation.
IN WITNESS WHEREOF, each of the parties hereto has caused this instrument
to be executed and the seal affixed by its proper officers after due corporate
authorization this 8th day of November, A. D. 1957.
In the presence of: DAYTONA BEACH RACING AND
RECREATIONAL FACILITIES DISTRICT
By: s/ J. Xxxxxx Xxxxx
Attest: s/ Xxxxxx X. Xxxx
Secretary
XXXX FRANCE RACING, INC.
By: s/ William X. X. Xxxxxx
Xxxxxx: x/ Xxxxx X. Xxxxxx
Secretary
STATE OF FLORIDA
COUNTY OF VOLUSIA
On this 8th day of November, 1957, before me, Xxxxx X. Xxxxx, a Notary
Public in and for the County and State aforesaid, personally appeared J.
Xxxxxx Xxxxx and Xxxxxx X. Xxxx, to me known and known to me to be the
Chairman and Secretary and Treasurer, respectively, of the Daytona Beach
Racing and Recreational District, and to me known to be the persons who
executed the foregoing instrument, and each acknowledged the execution thereof
to be his free act and deed and the free act and deed of said Daytona Beach
Racing and Recreational Facilities District, for the uses and purposes therein
mentioned.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my notarial
seal the day and year in the certificate first above written.
s/ Xxxxx X. Xxxxx
Notary Public, State of Florida
at Large, My Commission expires
0-00-00
XXXXX XX XXXXXXX
XXXXXX XX XXXXXXX
Xx this 8th day of November, 1957, before me, Xxxxx X. Xxxxx, a Notary
Public in and for the County and State aforesaid, personally appeared William
X. X. Xxxxxx xxx Xxxxx X. Xxxxxx, to me known and known to me to be the
President and Secretary respectively, of Xxxx France Racing, Inc., a
corporation organized and existing under the laws of the State of Florida, and
to me known to be the persons who executed the foregoing instrument, and each
acknowledged the execution thereof to be his free act and deed and the free
act and deed of said corporation, for the uses and purposes therein mentioned.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my notarial
seal the day and year in the certificate first above written.
s/ Xxxxx X. Xxxxx
Notary Public, State of Florida
at Large, My Commission expires
9-11-59
