January 22, 1998
Xxxxx Xxxxxx
Xxxxxx Cane Company
0000 Xxxxx Xxxx Xxxx
Xxxxxxxx, Xxxxxxxxx 00000
Dear Xxxxx:
By mutual agreement, the agriculture lease dated January 1, 1988 and
expired on December 31, 1997 is extended for an additional five years with a
five year renewal option, exercised by written agreement of both parties by
January 1, 2002, one year prior to the expiration of the first five year
period. All terms remain the same, except Section 2, to be revised to
reflect most current values of planted acreage in sugar cane as follows:
Compensation for the difference in acreage should be determined by a
mutually agreed upon 3rd party knowledgeable of such values of sugar cane.
As per the lease agreement, please forward to this office, current
Certificate of Insurance for proof of Workers' Compensation and General
Liability Insurance in the amount of $1,000,000.00, with Sterling Sugars,
Inc. named as additional insured.
Sincerely,
Xxxxx X. Xxxxxxxx
President
Agreed:/s/ Xxxxx X. Xxxxxxxx
---------------------------
Sterling Sugars, Inc.
Agreed:/s/ Xxxxx Xxxxxx
---------------------------
Xxxxxx Cane Company
IV-8 -34-
