FURTHER REDUCED
BY 4 +/-ACRES ON APRIL 23, 2009. COMMENCING ON MAY 1, 2009 AND CONTINUING UNTIL
THE AS BUILT SURVEY IS COMPLETED AND THE ADJUSTMENT TO THE INITIAL GROUND RENT
IS CALCULATED, THE INITIAL GROUND RENT SHALL BE BASED UPON 112 ACRES (BEING THE
116 ACRES REFERENCED IN SECTION 5 ABOVE LESS THE 4+/- ACRES OF TRACT 2
SURRENDERED BACK TO THE PORTS BY THIS SEVENTH AMENDMENT).
UPON COMPLETION OF
THE AS BUILT SURVEY, THE PORTS WILL CALCULATE THE ACTUAL INITIAL GROUND RENT
THAT SHOULD HAVE BEEN PAID SINCE OCTOBER 31, 2006 BASED UPON THE ACTUAL ACREAGE
OCCUPIED BY LESSEE AS SUCH ACREAGE
2
HAS CHANGED AS SET FORTH ABOVE (THE "TRUE UP RENT").
THE INITIAL GROUND RENT
THAT HAS BEEN PAID BASED UPON THE 116 ACRES THRU MAY 1, 2009 AND 112 ACRES
THEREAFTER SHALL BE SUBTRACTED FROM THE TRUE UP RENT AND THE DIFFERENCE, IF ANY,
SHALL BE PAID BY LESSEE WITHIN 30 DAYS OF RECEIPT OF THE INVOICE FROM THE
PORTS.
IN THE EVENT THAT THE RESULT OF THE TRUE UP RENT COMPARISON IS A
NEGATIVE AMOUNT, SUCH THAT LESSEE HAS OVERPAID BASED ON ACTUAL ACREAGE OCCUPIED,
THEN THE PORT SHALL ISSUE A CREDIT TO LESSEE ON THE NEXT MONTH'S RENT DUE.
7.
LESSEE HEREBY RELEASES AND SURRENDERS BACK TO THE PORTS TRACT 2,
AND THE PORTS HEREBY ACCEPT TRACT 2 AND THE SAME IS HEREBY REMOVED AND DELETED
FROM THE DEMISED PREMISES.
8.
GUARANTOR HEREBY CONSENTS TO THE AMENDMENTS TO THE LEASE MADE BY
THIS SEVENTH AMENDMENT AND AGREES THAT SUCH AMENDMENTS SHALL NOT AFFECT, IMPAIR,
DISCHARGE, RELIEVE OR RELEASE GUARANTOR OF ITS OBLIGATIONS UNDER THE TERMS OF
THE LEASE GUARANTY, AND THAT SUCH LEASE GUARANTY SHALL BE DEEMED TO REFERENCE
THE LEASE AS AMENDED HEREBY.
9.
THE PORTS AND LESSEE AGREE THAT THE ABOVE AND FOREGOING RECITALS
ARE TRUE, CORRECT AND COMPLETE AND ARE HEREBY INCORPORATED AND MADE A PART OF
THIS SEVENTH AMENDMENT AS IF COMPLETELY AND FULLY SET FORTH HEREIN.
CAPITALIZED
TERMS USED IN THIS SEVENTH AMENDMENT WITHOUT DEFINITION SHALL HAVE THE MEANINGS
SET FORTH IN THE LEASE AS PREVIOUSLY AMENDED, EXCEPT THAT ANY INTERNAL
REFERENCES IN THE LEASE TO THE WORD "LEASE" SHALL MEAN THE LEASE, AS PREVIOUSLY
AND HEREBY AMENDED, WHEREVER THE CONTEXT SO REQUIRES IN ORDER TO GIVE MEANING TO
THIS SEVENTH AMENDMENT.
10.
THIS SEVENTH AMENDMENT SHALL BE INCORPORATED INTO AND MADE A PART
OF THE LEASE AND ALL PROVISIONS THEREOF NOT EXPRESSLY MODIFIED OR AMENDED HEREBY
SHALL REMAIN IN FULL FORCE AND EFFECT.
NOTHING CONTAINED IN THIS SEVENTH
AMENDMENT (EXCEPT, AS APPLICABLE, FOR THE SPECIFIC AMENDMENTS TO THE LEASE SET
FORTH IN THIS SEVENTH AMENDMENT) SHALL RELEASE OR RELIEVE LESSEE OR PORTS FROM
THEIR RESPECTIVE OBLIGATIONS OR LIABILITIES UNDER THE LEASE ACCRUING PRIOR TO
THE DATE HEREOF.
11.
EXCEPT AS EXPRESSLY AMENDED AND MODIFIED BY THIS SEVENTH AMENDMENT
AND SUBJECT TO SECTION 12 BELOW, THE LEASE SHALL OTHERWISE REMAIN IN FULL FORCE
AND EFFECT, THE PARTIES HERETO HEREBY RATIFYING AND CONFIRMING THE SAME.
THIS
SEVENTH AMENDMENT,