Exhibit 10i
LEASE FOR PASTURAGE, GRAZING AND HUNTING
This pasturage, grazing and hunting lease made this July 1, 2002,
between ROLLINS CONTINENTAL, INC., herein referred to as Lessor, and ROLLINS
RANCH, a Division of LOR, Inc., herein referred to as Lessee.
I.
Lessor hereby leases to Lessee the land of Lessor located in the State
of Florida and described on Exhibit A attached hereto. This lease commences as
of July 1, 2002, and is for a term of five (5) years ending on June 30, 2007,
and it will automatically renew thereafter each year on the anniversary date for
a one year period, or until this lease is terminated earlier on the terms and
conditions set forth herein.
Il.
Lessee shall pay to Lessor an annual rental rate of One Hundred Thirty-One
Thousand Nine Hundred Thirty-Eight and 60/100 Dollars ($131,938.50) per year, or
a fraction thereof in the event this lease is terminated earlier, payable on or
before the end of each annual period of this lease. The foregoing rental rate
has been calculated at the rate of Fifteen and 00/100 Dollars ($15.00)(1) per
acre for each acre of the foregoing described property to wit: Eight thousand,
seven hundred ninety-five and nine-tenths (8,795.9) acres.
(1) Per Doane's Agricultural Report newsletter - Copyrighted in 2000.
In addition to the above mentioned rent, Lessee is responsible to
fertilize, lime, maintain the pasture land, as well as to maintain the fences.
III.
The premises subject to this lease shall be used by the Lessee soley
and exclusively for pasturage, grazing of cattle, and hunting. There shall be no
limit to the number of cows which the Lessee may pasture and graze on the
premises. Lessee shall not permit others to use the land for pasturage and
grazing.
lV.
Lessee shall not construct any improvements on the premises without
owner's prior written consent other than those used incidental to pasturage,
grazing of cattle and hunting, nor shall Lessee remove any fences upon the
leased premises without the prior written consent of Lessor.
V.
Lessee accepts the property "as is" in its present condition and shall
be responsible for all the maintenance of fences and gates enclosing the leased
premises and shall keep the same in as good repair as the commencement date of
this lease, normal wear and tear excepted.
VI.
Lessor shall be responsible for the payment of all taxes relating to
the leased property. Lessor shall have no responsibility or liability for the
health or safety of the cattle grazing and pasturing on the property and shall
not incur any responsibility or liability in the event of the death or disease
of any of the animals being pastured or grazed. Lessee shall indemnify Lessor
against all liability, costs and expenses as a result of loss or damage to
property or injuries or death to persons arising from the use of the premises by
the Lessee.
VII.
Notwithstanding anything herein to the contrary, this lease may be
terminated by either party hereto upon ninety (90) days written notice.
VIII.
This lease shall inure to the benefit of and be binding upon the
heirs, executors, successors and assigns of the parties hereto. Lessee shall
have the right to sublease the hunting rights on all or any part of the leased
premises. Lessor will be held harmless for any accidents, injuries or damage
related to the sublease.
IX
Upon the termination of this lease, Lessee shall vacate the leased
premises and remove all cattle from such premises.
IN WITNESS WHEREOF, the parties have hereunto set their hands and affixed their
seals the day and year first written above.
ROLLINS CONTINENTAL, INC.
By /s/ Gary W. Rollins
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Gary W. Rollins, President
ROLLINS RANCH, a division of LOR, Inc.
By /s/ R. Randall Rollins
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R. Randall Rollins, President