<PAGE>
 
                                                                   EXHIBIT 10.29

                                  EXHIBIT "A"

                                   L E A S E
                                   ---------

     THIS LEASE, made and entered into at Fort Lauderdale, Florida, this 10th
day of February, 1965, by and between NANCY H. NEWELL and JANE H. TUBBS joined
by their respective spouses, hereinafter referred to as "LESSORS", and
LIGHTHOUSE POINT CONSTRUCTION CORP., hereinafter referred to as "LESSEE".

     W I T N E S S E T H:

     That in consideration of the covenants and agreements hereinafter mentioned
and to be performed by the respective parties hereto, and the payment of the
rental hereinafter designated to be paid by the Lessee in accordance with the
provisions of this lease, the Lessors have leased, rented, let and demised, and
by these presents do lease, rent, let and demise unto said Lessee, its
successors and assigns, the following described property situated in Broward
County, Florida:

           Lots Fourteen (14), Fifteen (15), and Sixteen (16) in Block Thirteen
     (13), of POMPANO BY THE SEA, according to the plat thereof, recording in
     Plat Book 1, page 22, of the public records of Broward County, Florida.

           ALSO, begin at the intersection of the center line of Alta Avenue
     with a Westerly extension of the North boundary of Lot 16, Block 13, as
     shown on the plat of POMPANO BY THE SEA, as recorded in Plat Book 1, page
     22, of the public records of Broward County, Florida; thence Westerly along
     said Westerly extension of the North boundary line of said Lot 16 a
     distance of 15.91 feet; thence Southerly making an included angle of
     104(degrees) 14' 30" a distance of 123.76 feet; thence Easterly with an
     included angle of 75(degrees) 45' 30" a distance of 45.64 feet to the
     center line of Alta Avenue; thence North along said center line to the
     point of beginning.

     TO HAVE AND TO HOLD the above described premises together with all and 
singular the tenements, hereditaments
<PAGE>
 
and appurtenances thereunto belonging, or in anywise incident or appertaining, 
together with rents, issues and profits thereof (save and except the rents and 
other amounts due to Lessors by Lessee herein) unto said Lessee for the term of 
Ninety-Nine (99) years, as hereinafter defined.

          THE TERMS, CONDITIONS AND COVENANTS OF THIS LEASE

ARE AS FOLLOWS:

          1.  Term. This lease shall begin at 12:00 o'clock noon on the 1st day
              ----
of March, A.D., 1965, and continue for Ninety-Nine (99) years thereafter, up to
12:00 o'clock noon on March 1, 2064, unless sooner terminated as herein
provided.


            
          2.  Possession. Possession of the leased premises will be 
              ----------
delivered to Lessee on the date above mentioned for this lease to begin.

          3. Title, Survey. The Lessors covenant that they have lawful title to
             -------------
said premises, free and clear of all liens, mortgages, and encumbrances and have
full authority to make this lease on the terms herein set forth. Lessors have
furnished to the Lessee an abstract of title covering the leased premises
continued to Lessee has made such examination of said abstract as it desires and
will accept the title to the premises in its present condition. Lessee will, at
its own expense, procure a survey of the leased premises, if it desires such
survey.

           4. Rental. Lessee hereby covenants with Lessors to pay to Lessors at
              ------
such place as they from time to time designate in writing the following sums of
money as rent for the use of the leased premises:

               Sixteen Thousand Dollars ($16,000.00) per year, payable on March
               1st of each year of the term hereof.

                                      -2-
<PAGE>
 
Upon the execution hereof, Lessee has paid to Lessors the entire rent for the 
period of March 1, 1965 to February 28, 1966. The rent provided hereby shall be 
subject to adjustment in accordance with paragraph 28 hereof.

          5.  Improvements.               Lessee agrees that if it constructs
              ------------
improvements on the demised premises they shall be completed free from all 
mechanic's or other liens and claims of all persons furnishing materials, 
equipment, services or labor in connection with the construction of said 
improvements.

                                          Lessee agrees that if it shall 
construct a building upon the demised lands, same will be of good quality 
construction and of design and appearance in keeping with the locality and 
location of the demised premises, and in conformance with all laws, ordinances, 
building codes, and regulations applicable thereto but not to give to Lessors 
the right otherwise to restrict the Lessee.

          6.  Insurance.                  Nothing herein shall limit or restrict
              ---------
the rights of a mortgagee under paragraph 17 hereof, to insurance coverage 
and/or the proceeds thereof. Lessee agrees to maintain, at its cost, at all
times during the term of this lease, including the period of construction of
said building and improvements, with insurance companies qualified to do
business in Florida, fire and extended coverage insurance upon the leased
premises, in an amount equal to the full insurable value. Such policies shall be
so drawn and shall contain such provisions as will protect both Lessors and
Lessee, as their respective interests appear in addition to protecting any
mortgage under paragraph 17 hereof. Subject to requirements of said mortgagee,
all policies of insurance or certificates thereof, as provided for in this
paragraph, shall be delivered to Lessors herein and will be renewed from time to
time by

                                      -3-

<PAGE>
 
Lessee so that at all times the insurance protection herein provided shall 
continuously exist; and evidence of each renewal shall be submitted to Lessors 
at least twenty (20) days prior to the expiration of each policy.

     In the event of loss, and subject to the right of the mortgagee pursuant to
the standard policies of insurance approved for Florida, the proceeds collected 
from such insurance and available to Lessors and/or Lessee shall be paid over to
the FIRST NATIONAL BANK IN FORT LAUDERDALE, Fort Lauderdale, Florida, as 
Trustee, or to such other trustee as Lessors and Lessee may from time to time 
designate, in writing, it being understood, however, that all such amounts shall
be available to Lessee, providing there shall be no default by it in any of the 
terms, covenants or provisions of this lease, for the reconstruction or repair, 
as the case may be, of any such buildings, or building or improvements, damaged 
or destroyed by fire or other casualty, and shall be paid out by said Trustee 
from time to time as the work of reconstruction or repairs shall progress, on 
bona fide architect's or contractor's certificates, showing application of the 
amount paid for such repair or reconstruction; provided, however, that it first 
be made to appear to the satisfaction of the Trustee that any amount necessary 
for the reconstruction or repair of any of the buildings or improvements, so 
damaged or destroyed, which may be in excess of the amount received upon such 
policies, has been provided by Lessee for such purpose and its application to 
such purpose assured. In the event there shall be at any time any excess 
remaining with the Trustee from the proceeds of such insurance policies, after 
the repair or reconstruction of any such buildings, or improvements, to a 
condition equal to the former condition thereof, then, if there be at that time 
no default on the part of the Lessee in the performance of the covenants and 
conditions hereof, any such amount

                                      -4-
<PAGE>
 
so held by the Trustee shall be paid by it to the Lessee. Lessee will also 
maintain in the same manner, at its cost, during the term of this lease,
Owners', Landlords' and Tenants' Public Liability and Elevator Insurance, if
there is an elevator, in an amount not less than One Hundred Thousand
($100,000.00) Dollars coverage for one person, and not less than Three Hundred
Thousand ($300,000.00) Dollars coverage for more than one person.

      7. Maintenance and Repair of Property. The Lessee agrees that it will, at 
         ----------------------------------
its own expense, keep and maintain the buildings and improvements which may at 
any time be situated on said demised premises during the term of this lease and 
all appurtenances thereunto belonging to or appertaining, including, but not 
limited to, all fire escapes, elevators, sidewalks, steps, including both the 
interior and exterior of the buildings, in good and substantial condition and 
repair and in a clean and sanitary condition, and will use, keep and maintain 
such premises and improvements thereon as well as the sidewalks and streets in 
front of and around such building, in conformity to and in compliance with all 
existing and future statutes, laws, orders, ordinances, ruling, and regulations 
applicable thereto, of the City of Pompano Beach, County of Broward, State of 
Florida, of the United States, and of any other lawful authority having 
jurisdiction thereof, and will protect and indemnify forever, save and keep 
harmless the Lessors from and against any loss, costs, damages and expenses 
occasioned by or arising out of any breach or default in the performance and 
observance of any provisions, conditions, covenants and stipulations in this 
lease contained, or occasioned or arising by or out of any accident or injury or
damage to any person whomsoever or whatsoever happening, or done in or about or 
upon the said premises or due directly or indirectly to the construction, 
tenancy, use or occupation of said premises, or upon the sidewalks or streets 
adjoining the same by the Lessee or any person or persons

                                      -5-
<PAGE>
 
occupying, holding or claiming, by, through or under it.

          8.  Taxes.                   As part consideration for this lease
              -----
and in addition to the rent hereinbefore provided, the Lessee shall, after
January 1, 1965 and during the entire term of this lease, pay to the Public
Officers charged with the collection thereof, promptly as the same become due,
and not later than thirty (30) days before any penalty is added thereto or
imposed thereon because of nonpayment, all taxes, assessments, levies, licenses,
excises, franchises, imposts, penalties and charges, general and special,
ordinary and extraordinary of whatever name, nature and kind, which are now, or
may hereafter be, levied, assessed, charged or imposed which are or may become a
lien; (whether by Federal, State, City, County, or other Public Authority) upon
this lease, the above described premises, the use or occupation thereof, the
buildings and improvements now or hereafter situated thereon, or upon the Owners
or occupants in respect thereof.

                                       As to the taxes and assessments, the
Lessee shall, fifteen (15) days before any penalty is added thereto or imposed
thereon, furnish to the Lessors, for inspection and such use as may be proper in
protecting the estate and interest of the Lessors in said premises, receipts
from the pertinent Governmental bodies, showing that said taxes have been paid.

                                       All property taxes and assessments 
levied against the leased premises for the year 1965 shall be pro-rated as of 
March 1, 1965. The Lessee will pay any assessment against said lands resulting 
from the installation of sewers by the City of Pompano Beach, and will reimburse
Lessors for the groin assessment against the lands ($5,653.78) heretofore paid 
by Lessors. Such reimbursement shall be made immediately upon the completion of 
any future improvement on

                                      -6-
<PAGE>
 
the demised lands. An and all other pending or certified liens or assessments on
said lands at time of execution hereof shall be paid by Lessors.

                                         If the Lessee shall in good faith
desire to contest the validity of such taxes, assessments or other charges
covered by this paragraph or section of this lease, it shall have the right to
do so, provided it shall, if taxes become delinquent thereby, give to the
Lessors a bond in twice the amount involved, conditioned upon the payment of
such taxes, assessments or charges in case the Lessee is defeated in such
contest, or if it shall deposit with the Lessors a sum of money equal to One
Hundred Twenty (120%) per cent of such charge. However, in the event of such
contest, no sales of the property shall ever be permitted to take place.

          9.  Utility Charges.           The Lessee agrees and covenants to pay
              ---------------
all utility charges, including but not limited thereto, water, gas and 
electricity used on or about the said premises, and to pay the same monthly or 
as they shall become due.

         10.  Compliance with Regulations of Public Bodies.
              --------------------------------------------
The Lessee covenants and agrees that it will, at its own cost, make such
improvements on the premises and perform such acts and do such things as shall
be lawfully required by any public body having jurisdiction over said property,
in order to comply with sanitary requirements, fire hazard requirements, zoning
requirements, setback requirements, and other similar requirements designed
to protect the public.

          11.  Lawful Use of Premises.   Lessee further covenants and agrees
               ----------------------
that said premises and all buildings and improvements thereon, during the term
of this lease, shall
 
                                      -7-
<PAGE>
 
be used only and exclusively for lawful purposes, and that said Lessee will not 
use or suffer anyone to use said premises or buildings for any purpose in 
violation of the laws of the United States, the State of Florida, Broward 
County, Florida, or the ordinances and regulations of the City of Pompano Beach,
Florida.  Said Lessee covenants and agrees to save said Lessors harmless from 
every such violation.

     12.  Inspection of Premises.     The Lessee agrees and covenants that the 
          ----------------------
Lessors, or their agents, at all reasonable times and during all reasonable 
hours, shall have free access to said demised premises and to any buildings or 
structures that may at any time be thereon, or any part thereof, for the purpose
of examining or inspecting the condition of the same or of exercising any right
or power reserved to the Lessors under the terms and provisions of this
indenture, providing, however, that Lessors shall not abuse this privilege and
shall not harass the Lessee.

     13.  Liens Created by Lessee.    The Lessee covenants and agrees that it 
          -----------------------
has no power to incur any indebtedness giving a right to a lien of any kind or 
character upon the right, title and interest of Lessors in and to the land 
covered by this lease, and that no person shall ever be entitled to any lien 
directly or indirectly derived through or under it, or its agents or servants, 
or on account of any act or remission of said Lessee, which lien shall be 
superior to the lien in this lease reserved to the Lessors upon the leased 
premises.  All persons contracting with said Lessee, or furnishing materials or 
labor to said Lessee, or to his agents or servants, as well as all persons 
whomsoever, shall be bound by this provision of this lease.  Should any such 
lien be filed, Lessee shall, within fifteen (15) days, discharge the same by 
paying the same or by filing of a bond or otherwise, as permitted by law.

                                      -8-
<PAGE>
 
     14.  Indemnification Against Claims.                Lessee shall indemnify
          ------------------------------
and save harmless the said Lessors from and against any and all claims, suits,
actions, damages, and/or causes of actions arising during the term of this
lease, for any personal injury, loss of life and/or damage to property sustained
in, or about, the demised premises, or the buildings and improvements thereof,
or the appurtenances thereto, or upon the adjacent sidewalks, or streets, and
from and against all costs, counsel fees, expenses, and liabilities incurred in
and about any such claim, the investigation thereof, or the defense of any
action, or proceedings, brought thereon, and from and against any orders,
judgments and/or decrees, which may be entered therein.

     15.  Indemnification Against Costs and Charges.     In the event the
          -----------------------------------------
Lessors are compelled to incur any expense in collecting any sum of money due
under this lease for rent, or otherwise, or, in the event suit shall be brought
by the Lessors for the purpose of evicting or ejecting the Lessee from the
leased premises, or if suit be brought by the Lessors for the purpose of
compelling the payment of any other sum which should be paid by the Lessee under
the terms hereof, or for the purpose of enforcing performance by the Lessee of
any of the several agreements, and conditions and covenants herein contained,
the Lessee covenants and agrees to pay to Lessors all expenses and costs of
litigation, including a reasonable attorney's fee for the Lessors' attorney,
provided such suit terminates in favor of the Lessors. Any sum due under the
terms and provisions of this paragraph shall constitute a lien against the
interest of the Lessee in the premises and their property thereon to the same
extent and on the same conditions as delinquent rent would constitute a lien
upon said premises and property.

     16.  Acceptance of Premises.                        It is further
          ----------------------

                                      -9-
<PAGE>
 
covenanted and agreed that the Lessee, in acquiring this lease, has done so as 
the result of a personal inspection of the premises by its duly authorized 
representatives, and that no oral representations of any kind or nature 
whatsoever have been made by the Lessors, and that only the terms of this lease 
are to be binding upon the Lessors and the Lessee.

     17.  Subordination.  If, during the term of this lease, the Lessee desires 
          -------------
to finance the improvements to be constructed upon the leased premises, the
Lessors agree to subordinate their entire interest in the above described land
to a recognized lending institution which is commonly used in Dade or Broward
County, Florida (defined for purposes hereof as a state or national bank,
savings and loan association or major insurance company) to allow the Lessee to
place a construction mortgage and/or a permanent mortgage to construct the
improvements thereon. Lessors shall not be required to sign the promissory nor
mortgage note or notes secured by said mortgage or mortgages; or in any way to
become personally liable for payment of said mortgage or mortgages or for said
note or notes; and the said mortgages shall contain a provision reciting that
the Lessors join in the execution thereof only for the purpose of making said
premises subject to the lien of said mortgages, providing, however, that:

     (a)  The proceeds of said mortgage loan or loans shall be disbursed in 
     accordance with the procedure customarily followed by the lending
     institution.

     (b)  Each of said mortgage indebtednesses shall be liquidated within a 
     period not to exceed twenty-one (21) years and may be amortized over such
     period.

                          Lessors agree that they will execute any such mortgage
or mortgages, and any and all other documents and instruments necessary to be
executed

                                     -10-
<PAGE>
 
by them by the institutional lender, subject to the provisions of this lease, 
and agree that inasmuch as the procurement of said mortgage and its proceeds are
material, that they will execute said mortgage or mortgages and such other 
documents as may be presented to them, without undue delay. If Lessee desires a 
second subordination of title by Lessors, the provisions of Paragraph 29 shall 
govern.

     18.  Assignment of Lessee's Interest.     Lessee's interest in this lease 
          -------------------------------
shall be freely transferable and assignable, provided that at the time of such
transfer and assignment and as often as the same may be made, there has been no
default by the Lessee hereunder and this lease is in good standing and provided 
further that said assignment is evidenced by an instrument in writing, which, 
among other things, shall provide that the assignee shall expressly accept and 
assume all the terms and covenants in this lease agreement contained, to be kept
and performed by the Lessee, duly executed and acknowledged by both assignors
and assignee and duly recorded in the office of the Clerk of the Circuit Court
of Broward County, Florida, and a duplicate original of said instrument of
assignment is immediately forwarded to the Lessors by Registered Mail; provided,
however, in no event shall any such assignment release the Lessee from any of
its obligations hereunder without the written consent of the Lessors. No
assignment shall be made of this lease as to less than all of the property, but
this provision shall not prevent sub-letting of portions of the improvements
herein authorized on said premises.

     19.  Transfer of Lessors' Interest.       Lessors shall have the right to
          -----------------------------
sell, mortgage, or otherwise dispose of, the underlying fee in this property,
subject to the terms and conditions of this lease and shall have the right to
mortgage or

                                     -11-
<PAGE>
 
assign to others their right to receive money and other things of value accruing
to them by reason of this lease.

     20.  Bankruptcy of Lessee.   Should the Lessee, at any time during the term
          --------------------
of this lease, suffer or permit an involuntary or voluntary, petition in
bankruptcy to be filed against it, or to make any assignment for the benefit of
its creditors, or should a receiver or trustee be appointed for the Lessee's
property and said appointment not vacated within sixty (60) days thereafter, or
should the Lessee's leasehold interest be levied on and the lien thereof not
discharged within sixty (60) days after said levy has been made, then, in such
event, and upon the happening of either or any of said events, the Lessors shall
have the right, at their election, to consider the same a default on the part of
the Lessee of the terms and provisions hereof, and the Lessors may then declare
a forfeiture of this lease. This paragraph is in furtherance, and not a
limitation, of the powers herein conferred upon the Lessors.

     21.  Forfeiture.             If the Lessee shall fail to keep and perform 
          ----------
any of the covenants, conditions and agreements herein provided to be performed
by said Lessee, and such default shall continue for a period of sixty (60) days
from the date of Lessors' giving to Lessee, written notice, as hereinafter
provided, of the existence of such breach, the Lessors shall have the right to
treat such default as intentional, inexcusable, and thereupon at the expiration
of the sixty day period after notice to Lessee as above provided, the Lessors,
by notice in writing transmitted to the Lessee as herein provided for, may at
their option declare this lease ended and without further force and effect.
Thereupon, the Lessors are authorized to re-enter and re-possess the leased
premises and the buildings and improvements thereon, either with or without
legal process,

                                     -12-
<PAGE>
 
and the Lessee does in such event hereby waive any demand for possession of said
property and agrees to surrender and deliver up said leased premises and 
property peaceably to said Lessors.  In the event of such forfeiture the Lessee 
shall have no claim whatsoever against the Lessors.

     22.  Lessee Not Agent.     Nothing herein contained shall authorize the 
          ----------------
Lessee to do any act or make any contract which in any manner shall affect the
estate or interest of the Lessors in said premises, or in the buildings or
improvements now or hereafter situated thereon.

     23.  Non-Waiver.           The waiver of any breach of any covenant, 
          ----------
condition, or stipulation herein contained, shall not be taken to be a waiver of
any subsequent breach of the same, or any other covenant, condition or
stipulation, and the acceptance of rent during any period in which the Lessee
may be in default shall not be deemed to be a waiver of such default.

     24.  Applicable Statutes.  The Lessee recognizes the validity and 
          -------------------
applicability of the summary remedies provided by the statutes of the State of
Florida for the protection of Landlords and the enforcement of Landlords' right,
and nothing herein contained shall be construed as limiting in any way such
rights accruing by virtue of such statutes.

                                (a) The remedies herein provided for the Lessors
are cumulative and shall be in addition to all other remedies now or hereinafter
existing, whether by statute, at law, or in equity.

     25.  Notice.               That notices, demand and communications 
          ------
hereunder to the Lessee or to the Lessors shall be served, or given, by United
States Registered




                                     -13-
<PAGE>
 
Mail, return receipt requested, and if intended for the Lessee, the same shall 
be addressed to the Lessee, at the leased premises, and if intended for the 
Lessors, the same to be addressed to Lessors at:

                  2450 Southeast 7th Drive
                  Pompano Beach, Florida,

in writing, or to such other addresses as are hereafter designated by either 
party, or their successors in interest, sent by United States Registered Mail, 
as aforesaid, to such designated addresses.

     26.  Time is of the Essence.   Time of performance by the Lessee of each 
          ----------------------
and every provision and covenant herein contained is and shall be forever
construed as of the very essence of this lease.

     27.  Eminent Domain.           In event of taking of any portion or all of 
          --------------
said lands, the Lessors shall receive all sums awarded for the taking of the fee
title to the lands and the Lessee shall receive all sums paid for damage to all 
improvements and to the leasehold interest of the Lessee in said premises and 
improvements thereon.

     28.  Rental Adjustment.        Lessors and Lessee hereby covenant and 
          -----------------
agree that the rental payments provided for in Paragraph 4 above shall be 
adjusted higher or lower at five year intervals commencing March 1, 1970 and 
continuing each five years throughout the lease term.  The adjustment to the 
rent to be made, and, therefore, the annual rent for each five year period 
commencing March 1, 1970 shall be determined by multiplying the basic annual 
rental provided for in Paragraph 4 above by a fraction, the numerator of which 
shall be the Index Figure indicated for the month of December preceding each 
such March 1st, commencing with December, 1969, as shall be

                                     -14-
<PAGE>
 
shown by the Consumers' Price Index - the United States City Average All Items 
and Commodity Groups, issued by the Bureau of Labor Statistics for the United 
States Department of Labor, and the denominator of which shall be the Basic 
Standard Index Figure of such Price Index for the month of December, 1964. The 
product of such multiplication shall be the amount of the annual rental payments
to be made hereafter for the succeeding five year period until the next 
computation provided for hereunder shall be made.

                                  Lessors may provide for substitute Index
having the same intent in the event basic Index is discontinued or converted.

     29.  In the event Lessee requests Lessors to subordinate their fee title a 
second time, Lessors need only agree to such subordination (1) if the lease is 
in good standing; (2) the handling of the mortgage funds are the same as 
provided in Paragraph 17 hereof, (3) the mortgage does not exceed 75% of the 
value of the land and improvements thereon or to be constructed thereon, and (4)
the normal and equal amortization of such mortgage shall require that same be 
satisfied prior to the expiration of the term of this lease. In the event the 
parties cannot agree upon the value of the land and improvements same shall be 
arrived at by arbitration in accordance with the Florida Arbitration Code.

     30. Right of First Refusal.  In the event Lessors desire to sell the 
         ----------------------
demised premises during the term of this lease Lessee shall have the right of 
first refusal provided notice of intention to exercise this right is served in 
writing upon Lessors within fifteen (15) days from date Lessors present to
Lessee a bona fide contract of sale. Provided timely notice is given as
aforesaid Lessee may purchase the property upon the same terms and conditions as
set forth in said bona fide offer.

     31. Final Repository.        This instrument
         ----------------

                                     -15-

<PAGE>
 
constitutes the final repository of the agreement between the parties relating 
thereto.

                    Reference herein to Lessors shall include their successors 
in interest and assigns, and bind them, and likewise, reference herein to Lessee
shall include and bind its successors in interest and assigns.

     IN WITNESS WHEREOF, the Lessors have hereunto set their hands and seals and
Lessee has caused this instrument to be signed, the day and year above written.


Signed in the presence of:

/s/ A. Earl Staub                            /s/ Nancy H. Newell
-----------------------------------          -----------------------------------
                                             NANCY H. NEWELL

/s/ Grace T. Staub
-----------------------------------


/s/ A. Earl Staub                            /s/ [Signature Illegible]
-----------------------------------          -----------------------------------
                                             SPOUSE

/s/ Grace T. Staub
-----------------------------------

/s/ A. Earl Staub                            /s/ Jane H. Tubbs
-----------------------------------          -----------------------------------
                                             JANE H. TUBBS
/s/ Grace T. Staub
-----------------------------------

/s/ A. Earl Staub                            /s/ [Signature Illegible]
-----------------------------------          -----------------------------------
                                             SPOUSE

/s/ Grace T. Staub
-----------------------------------                        [SEAL]


                                             LIGHTHOUSE POINT CONSTRUCTION CO.

/s/ [Signature Illegible]                    By /s/ [Signature Illegible]
-----------------------------------          -----------------------------------

/s/ Dee J. Erickson
-----------------------------------

/s/ [Signature Illegible]
-----------------------------------          Attest:

/s/ Dee J. Erickson                          /s/ [Signature Illegible]
-----------------------------------          -----------------------------------

                                     -16-
<PAGE>
 
                           FIRST AMENDMENT TO LEASE
                           ------------------------

     THIS FIRST AMENDMENT TO LEASE is made and entered into this _____ day of 
__________, 1992, NANCY H. NEWELL, ELAINE NEWELL FISCHER, DORIS JANE TUBBS, as 
Personal Representatives of the Estate of Jane H. Tubbs, DORIS JANE TUBBS and 
JOSEPH D. TUBBS (hereinafter collectively referred to as "Lessors") and Del-Aire
Management Co., Inc., a Florida corporation (hereinafter referred to as 
"Lessee"). 


                                   RECITALS
                                   --------

     A.   On or about February 10, 1965, Nancy H. Newell and Jane H. Tubbs, as 
Lessors, entered into a lease agreement with Lighthouse Point Construction 
Corp., as Lessee, of certain property described therein (the "Lease").

     B.   This lease was recorded in the Public Records of Broward County, 
Florida in Official Records Book 2973 at Page 677 and was re-recorded in the 
Public Records of Broward County, Florida in Official Records Book 3069 at Page 
186.

     C.   By a series of mesne assignments, title to the leasehold interest was 
transferred to Lucaya Palm-Aire, Inc., a Florida corporation.

     D.   Lessee herein acquired title to the leasehold interest from Lucaya 
Palm-Aire, Inc. by virtue of foreclosure proceedings and foreclosure sale 
evidenced by a Certificate of Title issued by the Clerk of the Circuit Court of 
the 17th Judicial Circuit in and for Broward County, Florida said Certificate of
Title bearing the date of December 3, 1991 and recorded in OR Book 19975, Page
616 of the Public Records of Broward County Florida.

     E.   Lessor and Lessee have discovered that an error may have been made in 
the legal description set forth in the lease in 

<PAGE>
 
that the lease may not fully describe all of the property leased to the Lessee.

     NOW, THEREFORE, for good and valuable consideration, the receipt and 
sufficiency of which is hereby acknowledged by both parties, Lessor and Lessee 
agree as follows:

     1.   In order to correct a scivener's or surveyor's error in the legal 
description set forth in the Lease, the parties hereto acknowledge and agree 
that the property which is and has been subject to the lease since its inception
is properly described as follows:

     Lots 14, 15 and 16, Block 13, of POMPANO BY THE SEA, according to the plat 
thereof, as recorded in Plat Book 1, Page 22, of the public records of Broward 
County, Florida,

     TOGETHER WITH that portion of the East one half of Alta Avenue, lying West 
of and adjacent to Lots 14, 15 and 16 in said Block 13,

     TOGETHER WITH the following described property:

     Begin at the Intersection of the Center Line of Alta Avenue with a Westerly
Extension of the North Boundary of Lot 16, Block 13, as shown on the plat of 
POMPANO BY THE SEA, as recorded in Plat Book 1, Page 22, of the public records 
of Broward County, Florida; thence Westerly along said westerly extension of the
North boundary line of said Lot 16, a distance of 15.91 feet, to the East right 
of way line of State Road A-1-A, (North Ocean Blvd.), thence Southerly, making 
an included angle of 104 degrees 14' 30", a distance of 123.76 feet, along the 
East right of way line of State Road A-1-A (North Ocean Blvd.) thence Easterly 
with an included angle of 75 degrees 45' 30", a distance of 45.64 feet, to the 
Center Line of Alta Avenue, a distance of 120.0 feet, more or less, to the POINT
OF BEGINNING.

     Said Property lying and being in the City of Pompano Beach, Broward County,
Florida.

     2.   The Lessors hereby certify that none of them reside on the property 
described herein and that the property described herein does not constitute the 
homestead property of any of the Lessors.

                                      -2-

<PAGE>
 
     IN WITNESS WHEREOF the parties have executed this Amendment the day and 
first above written.


/s/ Christine A. Sackett                /s/ Nancy H. Newell
-----------------------------------     -----------------------------------
Witness                                 Nancy H. Newell
Printed Name: Christine A. Sackett      Date of Execution: 2-19-92
              ---------------------                        ----------------
                                        Address: 1818 Edgemere Dr.
                                                 --------------------------
/s/ Karen S. Baumgartner                Rochester, NY 14612
-----------------------------------     -----------------------------------
Witness 
Printed Name: Karen S. Baumgartner



/s/ Christine A. Sackett                /s/ Elaine Newell Fischer
-----------------------------------     -----------------------------------
Witness                                 Elaine Newell Fischer
Printed Name: Christine A. Sackett      Date of Execution: 2-14-92
              ---------------------                        ----------------
                                        Address: 628 [ILLEGIBLE]
                                                 --------------------------
/s/ Karen S. Baumgartner                Rochester, NY 14612
-----------------------------------     -----------------------------------
Witness 
Printed Name: Karen S. Baumgartner


                                        ESTATE OF JANE H. TUBBS

/s/ Christine A. Sackett                /s/ Doris J. Tubbs
-----------------------------------     -----------------------------------
Witness                                 By: Doris J. Tubbs, Personal
Printed Name: Christine A. Sackett      Representative
              ---------------------     Date of Execution: [ILLEGIBLE]     
                                                           ----------------
                                        Address: [ILLEGIBLE]               
/s/ Karen S. Baumgartner                         --------------------------
-----------------------------------     [ILLEGIBLE]                        
Witness                                 ----------------------------------- 
Printed Name: Karen S. Baumgartner



/s/ Christine A. Sackett                /s/ Doris Jane Tubbs
-----------------------------------     -----------------------------------
Witness                                 Doris Jane Tubbs
Printed Name: Christine A. Sackett      Date of Execution: [ILLEGIBLE]
              ---------------------                        ----------------
                                        Address: 2422 EXECUTIVE DR.
                                                 --------------------------
/s/ Karen S. Baumgartner                [ILLEGIBLE]
-----------------------------------     -----------------------------------
Witness 
Printed Name: Karen S. Baumgartner


                                        /s/ Nancy H. Newell AS ATTORNEY IN FACT
/s/ Christine A. Sackett                FOR JOSEPH D. TUBBS
-----------------------------------     -----------------------------------
Witness                                 Nancy H. Newell as attorney-
Printed Name: Christine A. Sackett      in-fact for Joseph D. Tubbs
              ---------------------     Date of Execution: 2-14-92         
                                                           ----------------
                                        Address: 1818 EDGEMERE DR.
/s/ Karen S. Baumgartner                         --------------------------
-----------------------------------     Rochester, NY 14612                
Witness                                 ----------------------------------- 
Printed Name: Karen S. Baumgartner



                                        DEL-AIRE MANAGEMENT CO., INC.
/s/ Lee C. Summers                      /s/ Domenick Greco
-----------------------------------     -----------------------------------
Witness                                 Domenick Greco, President
Printed Name: Lee C. Summers            Date of Execution: 2-27-92
              ---------------------                        ----------------
                                        Address: 4541 White Cedar
                                                 --------------------------
/s/ Morton J. Berman                    Delray Beach, FL
-----------------------------------     -----------------------------------
Witness 
Printed Name: Morton J. Berman    

                                      -3-

<PAGE>
 
STATE OF NEW YORK
COUNTY OF MONROE
          ------

     I HEREBY CERTIFY that on this day, before me, an officer duly authorized in
the State aforesaid and in the County aforesaid to take acknowledgments, 
personally appeared NANCY H. NEWELL to me known to be the person described in 
and who executed the foregoing instrument and she acknowledged before me that 
she executed the same.

     WITNESS my hand and official seal in the County and State last aforesaid 
this 14th day of February, 1992.
     ----        --------
                                 /s/ Charlene C. Sherwood
                                 ------------------------
                                 Notary Public
                                 Printed Name:  Charlene C. Sherwood
                                                --------------------
                                 My Commission Expires:  Feb. 3, 1994

STATE OF NEW YORK
COUNTY OF MONROE
          ------

     I HEREBY CERTIFY that on this day, before me, an officer duly authorized in
the State aforesaid and in the County aforesaid to take acknowledgments, 
personally appeared ELAINE NEWELL FISCHER to me known to be the person described
in and who executed the foregoing instrument and she acknowledged before me that
she executed the same.

     WITNESS my hand and official seal in the County and State last aforesaid 
this 14th day of February, 1992.
     ----        --------
                                 /s/ Charlene C. Sherwood
                                 ------------------------
                                 Notary Public
                                 Printed Name:  Charlene C. Sherwood
                                                --------------------
                                 My Commission Expires:  Feb. 3, 1994

STATE OF NEW YORK
COUNTY OF MONROE
          ------

     I HEREBY CERTIFY that on this day, before me, an officer duly authorized in
the State aforesaid and in the County aforesaid to take acknowledgments, 
personally appeared DORIS JANE TUBBS as Personal Representative of the ESTATE OF
JANE H. TUBBS, to me known to be the person described in and who executed the 
foregoing instrument and she acknowledged before me that she executed the same.

     WITNESS my hand and official seal in the County and State last aforesaid 
this 14th day of February, 1992.
     ----        --------
                                 /s/ Charlene C. Sherwood
                                 ------------------------
                                 Notary Public
                                 Printed Name:  Charlene C. Sherwood
                                                --------------------
                                 My Commission Expires:  Feb. 3, 1994

                                     - 4 -
<PAGE>
 
STATE OF NEW YORK
COUNTY OF MONROE
          ------

     I HEREBY CERTIFY that on this day, before me, an officer duly authorized in
the State aforesaid and in the County aforesaid to take acknowledgments, 
personally appeared DORIS JANE TUBBS, to me known to be the person described in 
and who executed the foregoing instrument and she acknowledged before me that 
she executed the same.

     WITNESS my hand and official seal in the County and State last aforesaid 
this 14th day of February, 1992.

                                /s/ Charlene C. Sherwood
                                -----------------------------
                                Notary Public
                                Printed Name: Charlene C. Sherwood
                                              --------------------
                                My Commission Expires:  Feb. 3, 1994


STATE OF NEW YORK
COUNTY OF MONROE
          ------

     I HEREBY CERTIFY that on this day, before me, an officer duly authorized in
the State aforesaid and in the County aforesaid to take acknowledgments,
personally appeared NANCY H. NEWELL, as attorney-in-fact for JOSEPH D. TUBBS, to
me known to be the person described in and who executed the foregoing instrument
and she acknowledged before me that she executed the same.

     WITNESS my hand and official seal in the County and State last aforesaid 
this 14th day of February, 1992.

                                /s/ Charlene C. Sherwood
                                -----------------------------
                                Notary Public
                                Printed Name: Charlene C. Sherwood
                                              --------------------
                                My Commission Expires:  Feb. 3, 1994

STATE OF FLORIDA
COUNTY OF PALM BEACH
          ----------

     I HEREBY CERTIFY that on this day, before me, an officer duly authorized in
the State aforesaid and in the County aforesaid to take acknowledgments,
personally appeared DOMENICK GRECO, as President of Del-Aire Management Co.,
Inc. to me known to be the person described in and who executed the foregoing
instrument and he acknowledged before me that he executed the same.

     WITNESS my hand and official seal in the County and State last aforesaid 
this ____ day of February, 1992.

                                /s/ Susan M. Margolies
                                ----------------------
                                Notary Public
                                Printed Name: Susan M. Margolies
                                              ------------------
                                My Commission Expires:  July 15, 1995


                                      -5-
<PAGE>
 
                              ASSIGNMENT OF LEASE
                              -------------------
     DEL-AIRE MANAGEMENT CO., INC., a Florida corporation, hereinafter referred
to as "Assignor", does hereby assign, transfer and set over to LUCAYA BEACH
HOTEL CORPORATION, a Florida corporation, hereinafter referred to as "Assignee",
whose address is 1200 N. Ocean Blvd., Pompano Beach, Florida 33062, all of the
right, title and interest of the Assignor in and to that certain Lease in the
real property described therein, which Lease is dated February 10, 1965 and
recorded March 4, 1965, in Official Records Book 2973, at Pages 677 through 693
of the Public Records of Broward County, Florida, wherein Nancy H. Newell, and
Jane H. Tubbs, joined by their respective spouses, are Lessors, and Lighthouse
Point Construction Corp., is Lessee which Lease by Mesne Assignment and
Certificate of Title was assigned to Assignor. The real property which is the
subject of such Lease is situate in Broward County, Florida and is described as
follows: 8330011400

      Lots Fourteen (14), Fifteen (15) and Sixteen (16) in Block Thirteen (13)
      of POMPANO BY THE SEA, as recorded in Plat Book 1, Page 22 of the Public
      Records of Broward County, Florida;

      TOGETHER WITH that portion of the East one-half of Alta Avenue, lying West
      of and adjacent to Lots 14, 15 and 16, in said Block 13.

      TOGETHER WITH the following described property:

      Begin at the intersection of the Center Line of Alta Avenue with a
      Westerly extension of the North boundary of Lot 16, Block 13 as shown on
      the Plat of POMPANO BY THE SEA, as recorded in Plat Book 1, Page 22 of the
      Public Records of Broward County, Florida; thence Westerly along said
      Westerly extension of the North boundary line of said Lot 16 a distance of
      15.91 feet; thence Southerly, making an included angle of 104 degrees,
      14', 30" a distance of 123.76 feet; thence Easterly with an included angle
      of 75 degrees, 45', 30" a distance of 45.64 feet to the Center Line of
      Alta Avenue; thence North along said Center Line a distance of 120.0 feet
      more or less to the point of beginning.

      Except as otherwise set forth in the letter from Lessors dated February
12, 1992 the Assignee does expressly accept and assume all of the terms,
covenants and conditions in such Lease Agreement to be kept and performed by the
Lessee and the Assignee has executed this instrument and caused it to be
acknowledged as


<PAGE>
 
evidence of its acceptance and assumption.

     This Assignment shall become effective on the 26 day of February, 1992.
                                                   --        --------     -

     IN WITNESS WHEREOF, the Assignor and Assignee have executed and 
acknowledged this Assignment this 26th day of February, 1992.
                                  ----        --------     -

/s/ Lee C. Summers                      DEL-AIRE MANAGEMENT CO., INC.
-----------------------------------
Witness
Printed Name: Lee C. Summers


/s/ John Barba                          By: /s/ Domenick Greco, Pres
-----------------------------------        -------------------------------------
Witness                                    Printed Name: Domenick Greco, Pres.
Printed Name: John Barba


/s/ William Miller                      LUCAYA BEACH HOTEL CORPORATION
-----------------------------------
Witness
Printed Name: William Miller


/s/ [ILLEGIBLE]                         By: /s/ Romulo Bandeira De Souza G. Neto
-----------------------------------        -------------------------------------
Witness                                    Printed Name: 
Printed Name: [ILLEGIBLE]                  Romulo Bandeira De Souza G. Neto


STATE OF FLORIDA
COUNTY OF [ILLEGIBLE]
          -----------

     I HEREBY CERTIFY that on this day, before me, an officer duly authorized in
the State aforesaid and the County aforesaid to take acknowledgments, personally
appeared ROMULO BANDEIRA DE SOUZA G. NETO, as President of Lucaya Beach Hotel 
Corporation, to me known to be the person described in and who executed the 
foregoing instrument and he acknowledged before me that he executed the same on 
behalf of said corporation.

     WITNESS my hand and official seal in the County and State last aforesaid 
this [ILLEGIBLE] day of February, 1992.
     -----------        --------     -

                                        /s/ Douglas M. Bates
                                        -------------------------------------
                                        Notary Public
                                        Printed Name:
                                        My Commission Expires:

                                                      [SEAL OF DOUGLAS M. BATES]


STATE OF FLORIDA
COUNTY OF [ILLEGIBLE]
          -----------

     I HEREBY CERTIFY that on this day, before me, an officer duly authorized in
the State aforesaid and the County aforesaid to take acknowledgments, personally
appeared as Domenick Greco, Pres. of Del-Aire Management Co., Inc., to me known
to be the person described in and who executed the foregoing instrument and he
acknowledged before me that he executed the same.

     WITNESS my hand and official seal in the County and State last aforesaid 
this [ILLEGIBLE] day of February, 1992.
     -----------        --------     -

                                        /s/ Douglas M. Bates
                                        -------------------------------------
                                        Notary Public
                                        Printed Name:
                                        My Commission Expires:

                                                      [SEAL OF DOUGLAS M. BATES]

                                      -2-

<PAGE>
 
                            ACCEPTANCE BY ASSIGNEE
                            ----------------------

     LUCAYA BEACH HOTEL CORPORATION, does hereby accept the following Assignment
of the Lease and agrees to perform, conform with and abide by each condition and
covenant contained and set forth in the Lease herein assigned, and does hereby
agree to accept the foregoing Assignment of Lease and further agrees that all
notices to and under and pursuant to the Lease herein assigned should be sent to
him at 1200 N. Ocean Blvd., Pompano Beach, Florida 33062, Attn: Mr. Romulo De
Souza.

     IN WITNESS WHEREOF, the Assignees executed and acknowledged the acceptance
of Assignee this 26 day of [ILLEGIBLE], 1992
                 --        -----------     -

                                        LUCAYA BEACH HOTEL CORPORATION

                                        By: /s/ Romulo Bandeira De Souza G. Neto
                                            ------------------------------------
                                        Romulo Bandeira De Souza G. Neto
                                        President

STATE OF FLORIDA
COUNTY OF [ILLEGIBLE]
          -----------

     I HEREBY CERTIFY that on this day, before me, an officer duly authorized in
the State aforesaid and in the County aforesaid to take acknowledgements, 
personally appeared ROMULO BANDEIRA DE SOUZA G. NETO, President of Lucaya Beach 
Hotel Corporation, to me known to be the person described in and who executed 
the foregoing instrument and he acknowledged before me that he executed the same
on behalf of the corporation.

     WITNESS my hand and official seal in the County and State last aforesaid 
this [ILLEGIBLE] day of February, 1992.
     -----------        --------     -

                                        /s/ Douglas M. Bates
                                        ------------------------------------
                                        Notary Public
                                        Printed Name:
                                        My Commission Expires:

                                                      [SEAL OF DOUGLAS M. BATES]

Assignor's Identification No. 65-0262526
Parcel No. [ILLEGIBLE]

                                      -3-

<PAGE>
 
                               LEGAL DESCRIPTION
                               -----------------

     Lots 14, 15 and 16 in Block 13 of POMPANO BY THE SEA RESUBDIVISION,
     according to the Plat thereof, recorded in Plat Book 1, Page 22 of the
     Public Records of Broward County, Florida.

     TOGETHER WITH that portion of the East one-half of Alta Avenue, lying West
     of and adjacent to Lots 14, 15 and 16, in said Block 13.

     TOGETHER WITH the following described property:

     Begin at the intersection of the Center Line of Alta Avenue with a Westerly
     extension of the North boundary of Lot 16, Block 13 as shown on the Plat of
     POMPANO BY THE SEA, as recorded in Plat Book 1, Page 22 of the Public
     Records of Broward County, Florida; thence Westerly along said Westerly
     extension of the North boundary line of said Lot 16 a distance of 15.91
     feet; thence Southerly, making an included angle of 104 degrees, 14', 30" a
     distance of 123.76 feet; thence Easterly with an included angle of 75
     degrees, 45', 30" a distance of 45.64 feet to the Center Line of Alta
     Avenue; thence North along said Center Line a distance of 120.0 feet more
     or less to the point of beginning.

                                    - 20 -