Ex-10.5 Termination of Lease dated January 4, 2007



 





Exhibit 10.5




TERMINATION OF LEASE




     THIS TERMINATION OF LEASE (this “Termination”) is made as of the 4th day of
January, 2007, by and between 7007 Palmetto Investments, LLC, a Florida limited liability
company (“Landlord”), and SBS Miami Broadcast Center, Inc., a Delaware corporation (“Tenant”).



RECITALS:




     A. Pursuant to that certain Lease, dated as of October 25, 2006 (the “Lease”), Landlord has
leased to Tenant and Tenant has leased from Landlord that property and the improvements situate
thereon at 7007 N.W. 77th Avenue, Miami, Florida, together with a parcel of vacant
land adjacent to, all as more particularly described in the Lease (the “Premises”).



     B. Landlord and Tenant desire hereby to terminate the Lease upon the terms, covenants,
conditions and provisions hereinafter set forth.



     NOW, THEREFORE, in consideration of the sum of TEN & NO/100 DOLLARS ($10.00) and other good
and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged,
Landlord and Tenant hereby agree as follows:



     1. Incorporation of Recitals. The foregoing Recitals are true and correct and are
incorporated herein by this reference, as if set forth in their entirety.



     2. Termination. The parties hereby terminate the Lease as of January 4, 2007 (the
“Termination Date”). As of the Termination Date the Lease shall be null and void and of no further
force and effect, and neither party shall have any further rights, liabilities or obligation
thereunder (except as specified in this Termination Agreement).



     3. Mutual Release. In consideration of the mutual agreements and covenants contained
herein, each of Landlord and Tenant mutually release the other from any and all loss, cost, damage,
expense, claim or charge, arising out of or in any way connected with the Lease, including, without
limitation any default by Tenant under the Lease.



     4. Authority of Tenant. Tenant represents and warrants to Landlord that Tenant has
full right, power and authority to execute, deliver and perform this Termination Agreement, that
the person executing this Termination Agreement on behalf of Tenant has full right, power and
authority to bind Tenant to the terms and conditions of this Termination Agreement and that all
necessary corporate action has been taken by Tenant to duly authorize the execution, delivery and
performance of this Termination Agreement. The person executing this Termination Agreement on
behalf of Tenant represents to Landlord that he or she has full right, power and authority to bind
Lessee to the terms and conditions of this Termination Agreement.



     5. Authority of Landlord. Landlord represents and warrants to Tenant that Landlord
has full right, power and authority to execute, deliver and perform this Termination Agreement,
that the person executing this Termination Agreement on behalf of Landlord has full right, power
and authority to bind Landlord to the terms and conditions of this Termination Agreement and



 









 





that all necessary corporate action has been taken by Landlord to duly authorize the
execution, delivery and performance of this Termination Agreement. The person executing this
Termination Agreement on behalf of Landlord represents to Tenant that he or she has full right,
power and authority to bind Lessor to the terms and conditions of this Termination Agreement.



     IN WITNESS WHEREOF, the parties have duly executed this Termination Agreement on the day and
year set forth below.





Signed, sealed and delivered in the

presence of:




 




 




 






			
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LANDLORD:




 




7007 Palmetto Investments, LLC,

a Florida limited liability company




By: Jose I. Juncadella, P.A., a Florida

professional association, Manager




By: /s/ Jose I. Juncadella

 

Jose I. Juncadella, President





			
	Dated:	 	January 4, 2007

 






TENANT:




SBS Miami Broadcast Center, Inc., a

Delaware corporation




By: /s/ Joseph A. Garcia

 






			
	Print Name:	 	Joseph A. Garcia

 







			
	Its:	 	EVP/CFO/Secretary

 







			
	Dated:	 	January 4, 2007